Innovid Corp. (NYSE: CTV) shares were positive in the early afternoon Tuesday, as the company, an independent platform for the creation, delivery, measurement, and optimization of advertising across connected TV (CTV), linear TV, and digital, today announced financial results for the fourth fiscal quarter ended December 31, 2023.
Revenue increased to $38.6 million, reflecting year-over-year growth of 15%. CTV revenue, from Ad Serving and Personalization, increased to $14.2 million, up 14% year-over-year.
Measurement contributed $8.6 million, up 14% year-over-year, representing 22% of revenue. Net loss was $1.7 million, compared to a net loss of $3.4 million for the same period in 2022.
Adjusted EBITDA more than doubled to $8.3 million, compared to $3.0 million for the same period in 2022, representing a 21% Adjusted EBITDA margin.
"We're very proud to close out a transformational year at Innovid and exit 2023 with solid business momentum. We exceeded our revenue and Adjusted EBITDA guidance, demonstrated sequential improvement each quarter, and generated positive free cash flow for the year," said CEO Zvika Netter.
"We continue to sit in an excellent position as more CTV ad-supported platforms gain momentum and live sports rights shift to streaming. We remain dedicated to driving accelerated and profitable growth in our business and have a strong conviction in our massive market opportunity."
CTV shares captured six cents, or 3.5%, to $1.76.
