Revenue growth has shifted to a sharp contraction, with the most recent quarter reporting a 70.3% year-over-year decline to $7.9 million alongside a compressed 46.2% gross margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 67.43M | 86.21M | 83.79M | 73.91M | 75.6M | 59.83M | 44.64M | 61.53M | 73.33M | 79.55M | 71.53M | 70.44M | 49.6M | 54.99M | 53.36M | 35.82M | 48.97M | 51.65M | 51.57M | 73.58M | 71.88M | 40.44M | 21.47M | 7.1M | 4.05M | 6.98M | 9.93M | 11.04M | 9.04M | 8.89M | 0 |
| Revenue Growth % | -27.87% | 2.88% | 13.37% | -2.24% | 26.36% | 34.03% | -27.44% | -16.1% | -7.82% | 11.22% | 1.55% | 42.01% | -9.8% | 3.05% | 48.98% | -26.85% | -5.2% | 0.16% | -29.91% | 2.36% | 77.75% | 88.33% | 202.65% | 75.05% | -41.94% | -29.69% | -10.05% | 22.11% | 1.74% | - | - |
| Cost of Goods Sold | 20.64M | 22M | 12.03M | 10.48M | 30.24M | 15.93M | 8.3M | 22.7M | 29.92M | 36.67M | 21.36M | 23.72M | 20.42M | 28.78M | 25.64M | 20.83M | 29.26M | 35.18M | 32.77M | 35.78M | 27.69M | 13.85M | 4.06M | 2.81M | 1.84M | 3.38M | 6.55M | 8.76M | 6.4M | 5.8M | 0 |
| COGS % of Revenue | - | 25.51% | 14.36% | 14.18% | 40% | 26.62% | 18.59% | 36.9% | 40.8% | 46.09% | 29.87% | 33.68% | 41.18% | 52.35% | 48.04% | 58.16% | 59.74% | 68.11% | 63.54% | 48.63% | 38.53% | 34.26% | 18.9% | 39.56% | 45.42% | 48.45% | 65.95% | 79.32% | 70.83% | 65.27% | - |
| Gross Profit | 46.79M | 64.21M | 71.76M | 63.43M | 45.36M | 43.9M | 36.34M | 38.82M | 43.41M | 42.88M | 50.17M | 46.72M | 29.17M | 26.21M | 27.73M | 14.99M | 19.71M | 16.47M | 18.8M | 37.8M | 44.19M | 26.59M | 17.42M | 4.29M | 2.21M | 3.6M | 3.38M | 2.28M | 2.64M | 3.09M | 0 |
| Gross Margin % | 69.39% | 74.49% | 85.64% | 85.82% | 60% | 73.38% | 81.41% | 63.1% | 59.2% | 53.91% | 70.13% | 66.32% | 58.82% | 47.65% | 51.96% | 41.84% | 40.26% | 31.89% | 36.46% | 51.37% | 61.47% | 65.74% | 81.1% | 60.44% | 54.58% | 51.55% | 34.05% | 20.68% | 29.17% | 34.73% | - |
| Gross Profit Growth % | - | -10.52% | 13.13% | 39.85% | 3.31% | 20.81% | -6.39% | -10.56% | 1.22% | -14.51% | 7.38% | 60.12% | 11.33% | -5.49% | 84.99% | -23.97% | 19.68% | -12.4% | -50.25% | -14.47% | 66.21% | 52.66% | 306.1% | 93.87% | -38.53% | 6.45% | 48.07% | -13.42% | -14.54% | - | - |
| Operating Expenses | 55.6M | 70.91M | 77.27M | 73.83M | 58.01M | 51.68M | 44.39M | 46.56M | 48.88M | 47.12M | 51.02M | 44.57M | 26.68M | 26.19M | 34.26M | 20.68M | 23.4M | 21.46M | 24.76M | 38.62M | 42.56M | 26.47M | 12.69M | 3.41M | 2.17M | 3.92M | 3.4M | 3.84M | 2.13M | 2.15M | 11K |
| OpEx % of Revenue | - | 82.25% | 92.22% | 99.89% | 76.73% | 86.37% | 99.44% | 75.68% | 66.66% | 59.23% | 71.33% | 63.27% | 53.79% | 47.62% | 64.19% | 57.74% | 47.79% | 41.54% | 48.01% | 52.49% | 59.21% | 65.45% | 59.1% | 47.99% | 53.42% | 56.09% | 34.25% | 34.74% | 23.6% | 24.25% | - |
| Selling, General & Admin | 55.6M | 70.91M | 77.27M | 73.83M | 58.01M | 40.29M | 44.39M | 46.56M | 48.88M | 47.12M | 51.02M | 44.57M | 26.68M | 26.19M | 34.26M | 13.24M | 17.98M | 20.24M | 22.73M | 34.39M | 39.11M | 24.92M | 12.58M | 3.41M | 2.17M | 3.92M | 2.99M | 3.6M | 2.13M | 2.15M | 0 |
| SG&A % of Revenue | - | 82.25% | 92.22% | 99.89% | 76.73% | 67.35% | 99.44% | 75.68% | 66.66% | 59.23% | 71.33% | 63.27% | 53.79% | 47.62% | 64.19% | 36.96% | 36.73% | 39.19% | 44.07% | 46.74% | 54.41% | 61.63% | 58.6% | 47.99% | 53.42% | 56.09% | 30.09% | 32.57% | 23.6% | 24.25% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 720K | 0 | 720K | 660K | 0 | 0 | 0 | 0 | 18.19M | 7.45M | 5.42M | 1.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 1.61% | - | 0.98% | 0.83% | - | - | - | - | 34.09% | 20.79% | 11.06% | 2.35% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 11.38M | -720K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -75K | 0 | 0 | 0 | 24.76M | 38.62M | 42.56M | 26.47M | 0 | 0 | 0 | 0 | 3.4M | 3.84M | 0 | 0 | 11K |
| Operating Income | -8.81M | -6.7M | -5.51M | -10.39M | -12.65M | -7.77M | -8.05M | -7.74M | -5.47M | -4.24M | -857.17K | 2.15M | 2.5M | 16.91K | -6.53M | -5.7M | -3.69M | -4.98M | -46.16M | -823.32K | 1.63M | 117.62K | 4.72M | 883.46K | 46.76K | -316.86K | -20.58K | -1.55M | 504.01K | 931.21K | -11K |
| Operating Margin % | -13.06% | -7.77% | -6.58% | -14.06% | -16.73% | -12.99% | -18.03% | -12.58% | -7.46% | -5.33% | -1.2% | 3.05% | 5.03% | 0.03% | -12.23% | -15.9% | -7.53% | -9.65% | -89.5% | -1.12% | 2.26% | 0.29% | 22% | 12.45% | 1.15% | -4.54% | -0.21% | -14.06% | 5.58% | 10.48% | - |
| Operating Income Growth % | - | -21.44% | 46.94% | 17.84% | -62.79% | 3.45% | -4.01% | -41.46% | -29.13% | -394.24% | -139.92% | -14.02% | 14670.83% | 100.26% | -14.61% | -54.45% | 26% | 89.2% | -5506.3% | -150.62% | 1282.82% | -97.51% | 434.69% | 1789.43% | 114.76% | -1439.42% | 98.67% | -407.94% | -45.88% | 8567.12% | -1688.29% |
| EBITDA | -6.4M | -4.19M | -2.72M | -7.64M | -9.95M | -4.3M | -4.44M | -4.32M | -2.29M | -1.21M | 1.35M | 3.95M | 4.25M | 3.07M | 793.78K | -1.48M | 1.38M | 720.37K | -37.95M | 7.93M | 8.05M | 2.34M | 5.02M | 909.93K | 2.54M | 168.64K | 393.09K | -1.31M | 615.89K | 1.04M | -11K |
| EBITDA Margin % | -9.49% | -4.86% | -3.24% | -10.34% | -13.16% | -7.19% | -9.95% | -7.01% | -3.12% | -1.52% | 1.89% | 5.61% | 8.56% | 5.59% | 1.49% | -4.14% | 2.82% | 1.39% | -73.58% | 10.77% | 11.2% | 5.8% | 23.39% | 12.82% | 62.74% | 2.42% | 3.96% | -11.89% | 6.81% | 11.68% | - |
| EBITDA Growth % | -154.68% | -54.35% | 64.45% | 23.18% | -131.07% | 3.1% | -2.94% | -88.57% | -89.68% | -189.21% | -65.8% | -6.88% | 38.23% | 287.02% | 153.56% | -207.39% | 91.57% | 101.9% | -578.83% | -1.6% | 243.6% | -53.32% | 451.88% | -64.22% | 1407.87% | -57.1% | 129.96% | -313.02% | -40.67% | 9539.57% | -1688.29% |
| D&A (Non-Cash Add-back) | 2.41M | 2.5M | 2.8M | 2.75M | 2.7M | 3.47M | 3.61M | 3.42M | 3.18M | 3.03M | 2.21M | 1.81M | 1.75M | 3.06M | 7.32M | 4.21M | 5.07M | 5.7M | 8.21M | 8.75M | 6.43M | 2.23M | 297.96K | 26.47K | 2.5M | 485.5K | 413.67K | 240.07K | 111.88K | 106.95K | 0 |
| EBIT | -6.45M | -4.82M | -5.49M | -10.38M | -13.09M | -7.51M | -7.05M | -4.34M | -5.47M | -4.24M | -857.17K | 2.15M | 2.5M | 274.9K | -6.6M | -8.89M | -4.07M | -4.24M | -67.28M | -823.32K | 1.63M | 117.62K | 2.84M | 883.46K | 46.76K | -1.33M | -109.41K | -2.1M | 525.94K | 931.21K | 0 |
| Net Interest Income | -416.14K | -259.88K | -266.77K | -29.57K | -21.11K | -86.98K | -253.5K | -482.21K | -420.45K | -318.19K | -99.97K | -141.31K | -351.23K | -356.96K | -563.2K | -330.88K | -559.28K | -834.56K | -736.31K | -847.55K | -892.94K | -94.56K | -22.44K | -88.1K | -112.78K | -153.74K | -377.12K | 0 | -71.48K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.99K | 4.72K | 4.67K | 14.14K | 36.58K | 15.49K | 78.14K | 22.16K | 6.25K | 645 | 3.11K | 5.07K | 0 | 48 | 0 | 0 |
| Interest Expense | 416.14K | 259.88K | 266.77K | 29.57K | 21.11K | 86.98K | 253.5K | 482.21K | 420.45K | 318.19K | 99.97K | 141.31K | 351.23K | 356.96K | 563.2K | 335.87K | 564K | 839.45K | 750.45K | 884.13K | 908.44K | 172.7K | 44.6K | 94.35K | 113.43K | 156.85K | 382.19K | 0 | 71.53K | 0 | 0 |
| Other Income/Expense | 6.87M | 1.61M | -239.96K | -14.9K | -456.67K | 169.99K | 744.01K | 2.92M | -420.45K | -318.19K | -99.97K | -141.31K | -351.23K | -356.96K | -326.78K | -3.53M | -947.44K | -407.36K | -758.85K | -786.73K | -221.41K | -84.27K | 1.89M | -96.22K | -2.6M | -112.04K | -432.2K | -256.23K | -29.35K | 39.93K | 0 |
| Pretax Income | -1.94M | -5.08M | -5.75M | -10.41M | -13.11M | -7.6M | -7.3M | -4.82M | -5.89M | -4.55M | -957.13K | 2.01M | 2.15M | -340.05K | -7.17M | -9.23M | -4.64M | -7M | -46.92M | -1.61M | 1.41M | 33.35K | 4.73M | 787.24K | -2.55M | -311.83K | -539.97K | -1.83M | 452.75K | 971.14K | 0 |
| Pretax Margin % | -2.88% | -5.9% | -6.87% | -14.08% | -17.34% | -12.7% | -16.36% | -7.84% | -8.03% | -5.73% | -1.34% | 2.85% | 4.33% | -0.62% | -13.43% | -25.76% | -9.47% | -13.55% | -90.97% | -2.19% | 1.95% | 0.08% | 22.01% | 11.1% | -62.99% | -4.47% | -5.44% | -16.61% | 5.01% | 10.93% | - |
| Income Tax | 1 | 10.71K | 8.03K | -17.76K | 0 | 0 | 0 | -334.39K | 0 | -1.5M | -29.26K | -300.14K | 0 | -313.64K | -326.78K | 7.88K | 2.64K | -767.74K | -1.98M | -502.23K | 839.87K | 36.98K | 1.79M | -275.17K | -484.67K | -176.29K | -195.15K | -544.74K | 199.01K | 318.09K | 11K |
| Effective Tax Rate % | -0% | -0.21% | -0.14% | 0.17% | 0% | 0% | 0% | 6.93% | 0% | 32.89% | 3.06% | -14.96% | 0% | 92.23% | 4.56% | -0.09% | -0.06% | 10.97% | 4.22% | 31.19% | 59.77% | 110.86% | 37.79% | -34.95% | 18.98% | 56.53% | 36.14% | 29.71% | 43.96% | 32.75% | - |
| Net Income | -1.94M | -5.1M | -5.76M | -10.39M | -13.11M | -7.6M | -7.3M | -4.49M | -5.89M | -3.06M | -772.58K | 2.34M | 2.11M | 477.22K | -7.02M | -8.98M | -5.01M | -5.39M | -82.85M | -1.11M | 565.19K | -3.62K | 2.94M | 319.57K | -2.47M | -489.91K | 729.96K | -1.29M | 253.73K | 653.05K | -11K |
| Net Margin % | -2.88% | -5.91% | -6.88% | -14.06% | -17.34% | -12.7% | -16.36% | -7.29% | -8.03% | -3.84% | -1.08% | 3.32% | 4.24% | 0.87% | -13.16% | -25.06% | -10.22% | -10.44% | -160.65% | -1.51% | 0.79% | -0.01% | 13.69% | 4.5% | -60.91% | -7.02% | 7.35% | -11.67% | 2.81% | 7.35% | - |
| Net Income Growth % | 60.49% | 11.56% | 44.54% | 20.73% | -72.44% | -4.05% | -62.75% | 23.81% | -92.66% | -295.78% | -133.02% | 11.15% | 341.12% | 106.8% | 21.76% | -79.3% | 7.14% | 93.49% | -7378.64% | -296.01% | 15708.7% | -100.12% | 819.98% | 112.94% | -403.92% | -167.11% | 156.64% | -607.91% | -61.15% | 6037.93% | -1688.29% |
| Net Income (Continuing) | -1.94M | -5.1M | -5.76M | -10.39M | -13.11M | -7.6M | -7.3M | -4.49M | -5.89M | -3.06M | -927.87K | 2.31M | 2.15M | -26.41K | -6.84M | -9.23M | -4.64M | -5.08M | -44.94M | -1.11M | 565.19K | -3.62K | 2.94M | 1.06M | -2.07M | -937.83K | -346.45K | -1.6M | 265.04K | 653.05K | -11K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 155.29K | 33.97K | 0 | 503.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.13 | -0.35 | -0.41 | -0.79 | -1.09 | -0.65 | -0.94 | -0.11 | -0.19 | -0.11 | -0.03 | 0.10 | 0.09 | 0.02 | -0.33 | -0.96 | -0.59 | -0.81 | -12.45 | -0.17 | 0.20 | -0.00 | 0.60 | -0.40 | -1.51 | -0.33 | 0.70 | -1.31 | 0.30 | 1.00 | -0.05 |
| EPS Growth % | 62.49% | 14.63% | 48.1% | 27.52% | -67.69% | 30.85% | -754.55% | 42.11% | -72.73% | -251.44% | -131.3% | 11.11% | 350% | 106.06% | 65.63% | -62.71% | 27.16% | 93.49% | -7223.53% | -185% | - | -100.15% | 250% | 73.51% | -357.58% | -147.14% | 153.44% | -536.67% | -70% | 2056.95% | - |
| EPS (Basic) | - | -0.35 | -0.41 | -0.79 | -1.09 | -0.65 | -0.94 | -0.11 | -0.19 | -0.11 | -0.03 | 0.10 | 0.09 | 0.02 | -0.34 | -0.96 | -0.59 | -0.81 | -12.45 | -0.17 | 0.20 | -0.00 | 0.70 | -0.40 | -1.51 | -0.33 | 0.70 | -1.31 | 0.30 | 1.00 | -0.05 |
| Diluted Shares Outstanding | 14.9M | 14.63M | 14M | 13.11M | 11.98M | 11.76M | 7.75M | 4.05M | 3.1M | 2.82M | 2.47M | 2.45M | 2.41M | 2.33M | 2.1M | 936.4K | 849.63K | 667.93K | 665.49K | 671.23K | 487.22K | 394.67K | 295.67K | 205.99K | 164.02K | 147.53K | 108.6K | 98.09K | 82.74K | 63.77K | 21.52K |
| Basic Shares Outstanding | 14.74M | 14.63M | 14M | 13.11M | 11.98M | 11.76M | 7.75M | 4.05M | 3.1M | 2.78M | 2.47M | 2.42M | 2.35M | 2.33M | 2.07M | 936.4K | 849.63K | 667.93K | 665.49K | 671.23K | 487.22K | 394.67K | 253.43K | 205.99K | 164.02K | 147.53K | 108.6K | 98.09K | 82.74K | 63.77K | 21.52K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 15.45% | - |
Liquidity and Revenue Contraction
According to recent quarterly filings, Inuvo's revenue trajectory has shifted from growth to a sharp contraction, with the most recent period showing a 70.3% year-over-year decline to $7.9 million, suggesting that the company's legacy search-based business model is struggling to maintain its historical scale.
The significant deceleration in top-line performance indicates that the transition toward the IntentKey programmatic platform has not yet offset the erosion of the legacy search-syndication business. Investors should monitor whether this contraction represents a permanent loss of market share or a temporary strategic pivot away from lower-quality search traffic.
As reported in financial statements, Inuvo's gross margin has experienced significant compression, falling to 46.2% in 2026Q1 from a peak of 88.4% in 2024Q3, which highlights the sensitivity of the company's profitability to changes in its underlying revenue mix and traffic acquisition cost structures.
The sharp decline in gross margins suggests that the company may be forced to pay higher acquisition costs to secure traffic, or that the mix has shifted toward lower-margin segments. This volatility complicates the path to profitability, as the company requires high gross margins to cover its substantial fixed operating expenses.
Based on Inuvo's reported figures, the company continues to struggle with negative operating leverage, as evidenced by an operating margin of -49.0% in the most recent quarter, demonstrating that SG&A expenses remain disproportionately high relative to the company's current gross profit generation capacity.
The inability to scale operating income alongside revenue suggests that the company's cost structure is currently too rigid for its current revenue level. Without a significant increase in top-line volume or a reduction in overhead, the company may continue to face challenges in achieving sustainable operating profitability.
Financial disclosures reveal that Inuvo's net income has been highly inconsistent, with a reported $1.9 million profit in 2026Q1 contrasting with persistent losses in prior periods, suggesting that non-operating items or tax anomalies may be distorting the underlying quality of the company's reported earnings.
The reliance on non-operating gains to achieve positive net income warrants further investigation, as it does not reflect core operational health. Investors should be cautious of these fluctuations, as they may mask the ongoing cash burn associated with the company's primary business activities.
Data from recent SEC filings indicates that Inuvo's cash and equivalents have dwindled to $2.8 million, a level that appears insufficient to support continued operating losses, raising significant concerns regarding the company's ability to fund its operations without further dilutive financing or drastic cost reductions.
Short-sellers would likely focus on the combination of contracting revenue and a precarious cash position as evidence of a failing business model. The lack of a clear path to self-sustaining profitability suggests that the company remains highly dependent on external capital to survive, which poses a material risk to equity holders.
Quick answers to the most common questions about buying INUV stock.
For fiscal year 2025, Inuvo, Inc. (INUV) reported total revenue of $86.2M.
Inuvo, Inc. (INUV) reported a net loss of $5.1M for the fiscal year ending 2025.
Inuvo, Inc. (INUV) reported an operating income of $-6.7M, resulting in an operating profit margin of -7.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Inuvo, Inc. (INUV) generated $64.2M in gross profit for the year, representing a gross profit margin of 74.5%. This demonstrates the company's core pricing power and production efficiency.