Innodata Inc. (INOD) Stock Price & How to Invest
Short answer
You can invest in Innodata (INOD) by buying shares or fractional shares at any major broker, through an ETF that holds it, or as one holding in a thematic basket. The thesis is a picks-and-shovels bet on generative AI: Innodata supplies the training data, evaluation, and model-engineering services that big tech needs to build and refine AI systems, and its revenue has been growing fast as that spend ramps. The biggest risk is customer concentration, since a large share of revenue comes from a handful of big-tech accounts, against well-funded competition like Scale AI. Whether that profile fits your goals is a personal decision, not something this page recommends.
INOD stock price
As of 2026-06-26, Innodata Inc. (INOD) last closed at $73.90, up 51.4% over the past year. Over the past 52 weeks it has traded between $34.45 and $121.50.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Innodata Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Innodata Inc. (INOD) do?
Innodata is a data-engineering and AI-services company that provides the training data, data annotation, fine-tuning, evaluation, and safety or red-teaming work that organizations use to build and improve AI systems. Its customers include several of the largest technology companies, often described as building frontier generative-AI models, and Innodata positions itself less as a one-off data supplier and more as a lifecycle partner across model training, agentic AI, and emerging physical-AI workloads. The work blends software platforms with large pools of human expertise.
Founded in 1988, Innodata spent decades as a digital-data and content-services business before its work pivoted sharply toward AI data engineering as generative AI took off. That shift drove a step-change in growth: full-year 2025 revenue reached approximately $251.7 million, up about 48% year over year, and momentum continued into 2026. The company is listed on the Nasdaq under the ticker INOD and is classified as a mid-cap commercial-services name.
What's driving Innodata Inc. (INOD)?
Riding AI-data demand
Building and refining large AI models requires enormous volumes of curated, labeled, and evaluated data, plus ongoing safety and alignment work. Innodata sells exactly these services, positioning it as a picks-and-shovels supplier to the AI buildout rather than a bet on any single model. Management has pointed to demand across frontier model training, agentic AI, and physical AI.
Expanding the big-tech roster
Innodata has reported relationships with multiple big-tech customers and a pipeline of additional engagements, including newer accounts that started near zero and have scaled quickly. Aggregate revenue from customers outside its single largest account grew sharply year over year, which the company frames as gradual diversification even as the biggest customer keeps growing in absolute dollars.
Improving margins and operating leverage
As revenue has scaled, Innodata has reported improving profitability, with adjusted gross margin around 47% and adjusted EBITDA roughly doubling in its most recent quarter. Higher-value evaluation and engineering work, rather than commodity labeling alone, is part of the case that margins can hold up as the business grows.
Raised growth guidance
After a record start to 2026, Innodata raised its full-year revenue growth outlook to approximately 40% or more year over year, up from about 35% previously. That guidance reflects management's confidence in pipeline visibility, though guidance is an estimate and the actual outcome depends on customer spending decisions outside the company's control.
What are the risks to Innodata Inc. (INOD)?
Customer concentration is the headline risk: a single customer has recently accounted for a majority of revenue and a second for a large slice, so losing or shrinking one relationship could hit results hard. Competition is intense, including well-funded specialists like Scale AI (now closely tied to Meta) plus Appen, Labelbox, TELUS International, and customers' own in-house data teams. AI infrastructure spending is also cyclical and could slow if model builders pull back. Finally, the stock has traded at a rich earnings and sales multiple, which leaves little room for disappointment.
How is Innodata Inc. (INOD) valued? (approximate, 2026-06-27)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Innodata Inc.'s investor relations page or your broker.
- Revenue (FY2025): ~$251.7M
- Revenue growth (FY2025 YoY): ~48%
- Q1 2026 revenue / growth: ~$90.1M, ~54% YoY
- Adjusted gross margin (recent): ~47%
- P/E (trailing): ~66x
- Market cap: ~$2.8B (mid-cap)
Figures are approximate and tied to the asOf date; verify current numbers before acting. Innodata has grown revenue rapidly while turning profitable, but it trades at a high multiple of earnings and sales (roughly a high-single to low-double-digit price-to-sales and a P/E in the mid-60s trailing, higher on forward estimates). A premium valuation means the market is pricing in continued fast growth, so results that merely meet expectations may not move the stock the way the headline growth rate suggests.
Who competes with Innodata Inc. (INOD)?
Frontier AI-data specialists
Scale AI is the largest enterprise data-annotation and model-evaluation platform by revenue and competes directly for frontier-model work; Meta took a large stake in 2025. Labelbox and Centaur Labs are other platform-oriented players. These rivals are well-funded and target the same big-tech AI budgets Innodata pursues.
Crowdsourced and multilingual data providers
Appen is one of the oldest providers, with a very large global contributor base and strength in multilingual datasets and search evaluation, though it has worked through several years of revenue decline. TELUS International is another large outsourced data and AI-services provider competing across labeling and content work.
IT services and broad outsourcers
Large IT-services and business-process firms increasingly offer AI-data and engineering services, bundling them with broader contracts. They compete on scale, existing enterprise relationships, and the ability to serve as a single vendor, which can pressure pricing for specialized providers.
In-house data teams
The biggest AI labs and tech companies can build their own data, annotation, and evaluation pipelines instead of outsourcing. This in-house option is a structural competitor: a key customer choosing to internalize the work would directly reduce demand for Innodata's services.
How to invest in Innodata Inc. (INOD)
There are three common ways to get INOD exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so INOD sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where INOD fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Innodata Inc. (INOD)
If you believe that the companies building large AI models will keep outsourcing the heavy, specialized work of preparing training data, running evaluations, and doing safety and red-team engineering, then Innodata is one way to get exposure to that demand without betting on which model wins. The flip side is that a single customer has recently driven a majority of revenue, the AI-spend cycle could cool, and the stock has traded at a rich multiple that prices in continued rapid growth. This page describes what the company does and the factors that move it; it does not tell you whether to own it.
More on Innodata Inc. (INOD)
Whether INOD is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is INOD a buy?, and where the stock could go from here in the INOD stock forecast.
For income investors, whether INOD pays a dividend and how the payout looks is covered in does INOD pay a dividend?
Build a basket around INOD with Walnut
Use Innodata Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is INOD a good stock to buy right now?
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That depends on your goals and risk tolerance, and this page does not give advice. The bull case is fast revenue growth, improving margins, and rising big-tech AI-data demand. The bear case is heavy customer concentration, strong competition from Scale AI and others, the cyclicality of AI spending, and a rich valuation. Weigh both sides and consider your own situation before deciding.
What does Innodata do?
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Innodata is a data-engineering and AI-services company. It prepares and labels training data, builds evaluation and safety frameworks, runs red-teaming, and provides fine-tuning and model-engineering support for organizations building AI systems. In short, it supplies the curated data and human expertise that AI developers need, combining software platforms with large pools of specialized labor.
Does INOD pay a dividend?
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Innodata has not been known as a dividend-paying stock; like many growth-oriented technology companies it has reinvested cash into expanding the business rather than paying out income. If dividends matter to you, confirm the current policy on a broker or the company's investor-relations page before relying on this, since policies can change over time.
How does Innodata benefit from AI?
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Generative AI models need huge amounts of curated training data plus ongoing evaluation, safety, and fine-tuning work, and many model builders outsource that effort. Innodata sells those services directly to big-tech customers, so its revenue tends to rise as AI spending grows. This is why it is often described as a picks-and-shovels supplier to the AI buildout.
Why is customer concentration a risk for INOD?
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Innodata has reported that a single customer recently accounted for a majority of its revenue and a second for a large additional share. That concentration means strong results can hinge on a few relationships, so if a key customer reduced spending, switched vendors, or brought the work in-house, revenue could fall sharply. The company says its broader customer base is growing faster, which would gradually reduce this risk.
Who are Innodata's main competitors?
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Direct competitors include Scale AI, the largest enterprise annotation and evaluation platform (now closely tied to Meta), along with Appen, Labelbox, TELUS International, and Centaur Labs. Large IT-services firms also offer overlapping AI-data services. A subtler competitor is customers' own in-house data teams, since big AI labs can choose to build these pipelines themselves.
Is Innodata profitable, or still losing money?
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Innodata has reported profitability alongside its rapid growth, including positive net income and adjusted EBITDA that roughly doubled in its most recent quarter, with adjusted gross margin around 47%. That sets it apart from some unprofitable AI names. Profitability can still vary quarter to quarter with project timing and investment, so check the latest filing for current figures.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Innodata Inc.'s investor relations page or your broker before making investment decisions.