Inuvo Preliminary Third Quarter 2020 Revenue Totals $9.2 Million, Driven by Approximately 50% Sequential Revenue Growth from IntentKey
LITTLE ROCK, Ark., Oct. 09, 2020 (GLOBE NEWSWIRE) -- Inuvo, Inc. (NYSE AMERICAN: INUV) (“Inuvo” or the “Company”), a leading provider of marketing technology, powered by IntentKey™ artificial intelligence that serves brands and agencies, today announced preliminary unaudited revenues of $9.2 million for the third quarter ending September 30, 2020. Sequential growth was primarily attributable to the IntentKey where third quarter over second quarter 2020 growth in revenue is expected to exceed 50%.
The IntentKey, Inuvo’s proprietary machine-learning platform, and ValidClick, a marketing services business, are expected to account for roughly 32% and 68% of third quarter revenue respectively.
Richard Howe, CEO of Inuvo, commented, “At roughly 50% sequential and 15% year-over-year growth, the IntentKey is recovering faster than ValidClick where we expect roughly 10% sequential growth, while still down over 40% on a year-over-year basis. It’s an encouraging sign that both our product lines are expected to deliver sequential growth in the third quarter against a COVID-19 headwind that continues to impact marketing budgets.”
Mr. Howe added, “The performance of IntentKey client campaigns continued to look strong in Q3, including a connected TV test with a national client where performance beat the control group by a significant margin.”
At September 30, 2020 Inuvo had approximately $9.5 million in cash, positive net working capital of approximately $7.1 million and roughly $1.3 million in debt most of which the company expects to retire by year-end. The Company remains focused on growing its AI technology, the IntentKey, where there is believed to be a technological and competitive advantage.
The preliminary financial information in this press release has been prepared internally by management and has not been reviewed by our independent registered public accounting firm. There can be no assurance that actual results will not differ from the preliminary financial information presented herein and such changes could be material. This preliminary financial data should not be viewed as a substitute fr full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future period.
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