Innovid reports mixed Q1 earnings; initiates Q2 and updates FY23 outlook

May 09, 2023 8:08 AM ETInnovid Corp. (CTV), CTV.WSBy: Meghavi Singh, SA News Editor

Innovid press release (NYSE:CTV): Q1 GAAP EPS of -$0.06 misses by $0.01.
Revenue of $30.5M (+17.8% Y/Y) beats by $0.4M.
Adjusted EBITDA increased to $0.1 million, compared to $(3.0) million for the same period in 2022.
Cash and cash equivalents as of March 31, 2023 were $45.0 million.
Innovid is providing the following financial guidance for Q2 and full year 2023: Q2 2023 Revenue in a range between $31 million and $33 million vs. consensus of $31.95M.
Q2 2023 Adjusted EBITDA in a range between $0 and $2 million.
FY 2023 Revenue slightly higher than FY 2022 vs. consensus of $130.68M.
FY 2023 Adjusted EBITDA positive for the full year, Adjusted EBITDA margin of at least 5% for the full year.