Announcement • Feb 14
Flashtalking, Inc. completed the acquisition of Innovid Corp. (NYSE:CTV) from a group of shareholders. Flashtalking, Inc. entered into a definitive agreement to acquire Innovid Corp. (NYSE:CTV) from a group of shareholders for approximately $510 million on November 21, 2024. Flashtalking will acquire Innovid at a price of $3.15 per share of common stock in a transaction with an enterprise value of approximately $500 million, and an equity value of ~$525 million. The sell-side termination fee equates to $17 million. The buy-side termination fee equates to $42 million. Zvika Netter, Chief Executive Officer & Founder of Innovid, will lead the combined ad tech organization as Chief Executive Officer reporting to Bill Wise, Co-Founder & Chief Executive Officer of Mediaocean. Grant Parker, who currently runs Flashtalking, will be President of the combined ad tech organization reporting to Netter. Netter will also join the board of Mediaocean. Funds managed by affiliates of CVC Capital Partners and Charlesbank Capital Partners entered into an equity commitment letter with Mediaocean pursuant to which they have severally committed to provide equity financing in an aggregate amount equal to $47 million. Certain financial institutions have severally committed to provide an affiliate of Mediaocean with a $350 million senior secured first lien term loan facility and a $50 million increase to the existing revolving facility commitments.
The transaction was unanimously approved by Innovid's board of directors. The transaction is subject to the approval of Innovid's shareholders. The transaction is subject to the expiration or termination of any waiting periods applicable to the consummation of the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The shareholders of Innovid approved the transaction at special meeting held on February 11, 2025. The transaction is expected to close in early 2025.
Deutsche Bank Securities Inc. acted as financial advisor to Mediaocean. Oliver Brahmst, Michael A. Deyong and Daniel Kozin of White & Case LLP acted as legal advisor to Mediaocean. Bain & Company and 3C Ventures acted as strategic advisor to Mediaocean. Evercore Group L.L.C. acted as financial advisor and fairness opinion provider to Innovid. Innovid has agreed to pay Evercore a fee for its services in the amount of approximately $8.9 million, of which $1.0 million was paid upon delivery of Evercore’s opinion, and the balance of which will be payable contingent upon consummation of the Merger. Joshua M. Dubofsky, Josh Dubofsky, Eyal Orgad, Eric Kamerman, Adam Kestenbaum, Wesley Lepla, Jessica Cohen, Robert Blamires, Zachary Rowen, Scott Ollivierre, Ruchi Gill and Jana Dammann de Chapto of Latham & Watkins LLP acted as legal advisor to Innovid. Innovid has retained Sodali & Co. to assist in the solicitation of proxies, and provide related advice and informational support during the solicitation process, for a fee of up to $35,000. Continental Stock Transfer & Trust Company acted as Transfer Agent for Innovid.
Flashtalking, Inc. completed the acquisition of Innovid Corp. (NYSE:CTV) from a group of shareholders on February 13, 2025. Recent Insider Transactions Derivative • Jan 21
Chief Financial Officer notifies of intention to sell stock Anthony Callini intends to sell 23k shares in the next 90 days after lodging an Intent To Sell Form on the 21st of January. If the sale is conducted around the recent share price of US$3.11, it would amount to US$70k. Since March 2024, Anthony's direct individual holding has increased from 49.75k shares to 187.20k. Company insiders have collectively bought US$2.8k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Nov 22
Price target decreased by 21% to US$2.25 Down from US$2.83, the current price target is provided by 1 analyst. New target price is 26% below last closing price of US$3.05. The company is forecast to post a net loss per share of US$0.077 next year compared to a net loss per share of US$0.23 last year. Announcement • Nov 22
Flashtalking, Inc. entered into a definitive agreement to acquire Innovid Corp. (NYSE:CTV) for approximately $510 million. Flashtalking, Inc. entered into a definitive agreement to acquire Innovid Corp. (NYSE:CTV) for approximately $510 million on November 21, 2024. Flashtalking will acquire Innovid at a price of $3.15 per share of common stock in a transaction with an enterprise value of approximately $500 million, and an equity value of ~$525 million. The sell-side termination fee equates to $17 million. The buy-side termination fee equates to $42 million. Zvika Netter, Chief Executive Officer & Founder of Innovid, will lead the combined ad tech organization as Chief Executive Officer reporting to Bill Wise, Co-Founder & Chief Executive Officer of Mediaocean. Grant Parker, who currently runs Flashtalking, will be President of the combined ad tech organization reporting to Netter. Netter will also join the board of Mediaocean. Funds managed by affiliates of CVC Capital Partners and Charlesbank Capital Partners entered into an equity commitment letter with Mediaocean pursuant to which they have severally committed to provide equity financing in an aggregate amount equal to $47 million. Certain financial institutions have severally committed to provide an affiliate of Mediaocean with a $350 million senior secured first lien term loan facility and a $50 million increase to the existing revolving facility commitments.
The transaction was unanimously approved by Innovid's board of directors. The transaction is subject to the approval of Innovid's shareholders. The transaction is subject to the expiration or termination of any waiting periods applicable to the consummation of the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The transaction is expected to close in early 2025.
Deutsche Bank Securities Inc. acted as financial advisor to Mediaocean. Oliver Brahmst, Michael A. Deyong and Daniel Kozin of White & Case LLP acted as legal advisor to Mediaocean. Bain & Company and 3C Ventures acted as strategic advisor to Mediaocean. Evercore Inc. acted as financial advisor to Innovid. Joshua M. Dubofsky, Eyal Orgad and Kyle Adams of Latham & Watkins LLP acted as legal advisor to Innovid. New Risk • Nov 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 25% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (25% average weekly change). Minor Risk Shareholders have been diluted in the past year (5.6% increase in shares outstanding). Major Estimate Revision • Nov 19
Consensus EPS estimates upgraded to US$0.077 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$160.0m to US$151.8m. 2024 losses expected to reduce from -US$0.113 to -US$0.077 per share. Media industry in the US expected to see average net income growth of 45% next year. Consensus price target down from US$2.83 to US$2.75. Share price fell 13% to US$1.68 over the past week. Breakeven Date Change • Nov 14
Forecast breakeven date moved forward to 2025 The 3 analysts covering Innovid previously expected the company to break even in 2026. New consensus forecast suggests losses will reduce by 64% to 2024. The company is expected to make a profit of US$596.4k in 2025. Average annual earnings growth of 118% is required to achieve expected profit on schedule. Reported Earnings • Nov 13
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: US$0.032 (up from US$0.02 loss in 3Q 2023). Revenue: US$38.3m (up 5.6% from 3Q 2023). Net income: US$4.67m (up US$7.40m from 3Q 2023). Profit margin: 12% (up from net loss in 3Q 2023). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Media industry in the US. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Announcement • Nov 13
Innovid Corp. (NYSE:CTV) announces an Equity Buyback for $20 million worth of its shares. Innovid Corp. (NYSE:CTV) announces a share repurchase program. Under the program, the company will repurchase up to $20 million worth of its shares. Announcement • Oct 28
Innovid Corp. to Report Q3, 2024 Results on Nov 12, 2024 Innovid Corp. announced that they will report Q3, 2024 results Pre-Market on Nov 12, 2024 Recent Insider Transactions Derivative • Oct 21
Chief Financial Officer notifies of intention to sell stock Anthony Callini intends to sell 45k shares in the next 90 days after lodging an Intent To Sell Form on the 21st of October. If the sale is conducted around the recent share price of US$1.95, it would amount to US$88k. Since December 2023, Anthony's direct individual holding has decreased from 450.75k shares to 84.06k. Company insiders have collectively bought US$145k more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Aug 13
Consensus EPS estimates fall by 143% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$0.047 to -US$0.113 per share. Revenue forecast unchanged at US$160.0m. Media industry in the US expected to see average net income growth of 48% next year. Consensus price target of US$2.83 unchanged from last update. Share price was steady at US$1.77 over the past week. Breakeven Date Change • Aug 08
Forecast breakeven date pushed back to 2026 The 3 analysts covering Innovid previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 71% per year to 2025. The company is expected to make a profit of US$16.7m in 2026. Average annual earnings growth of 102% is required to achieve expected profit on schedule. Reported Earnings • Aug 07
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.073 loss per share (improved from US$0.14 loss in 2Q 2023). Revenue: US$38.0m (up 9.9% from 2Q 2023). Net loss: US$10.5m (loss narrowed 44% from 2Q 2023). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Media industry in the US. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Announcement • Aug 07
Innovid Corp. Provides Earnings Guidance for the Third Quarter of 2024 and Reiterates Earnings Guidance for the Full Year 2024 Innovid Corp. provided earnings guidance for the third quarter of 2024. For the quarter, the company expects revenue in a range between $40 million and $42 million, reflecting year-over–year growth between 10% and 16%.
For the full year, the company expects revenue in a range between $156 million and $163 million, representing annual growth between 11% and 16%. Announcement • Jul 31
Innovid Launches First Holistic Frequency Management Solution to Optimize Campaigns Across Ctv & Digital Advertising Innovid Corp. announced the launch of Harmony Frequency, the first holistic frequency management solution for CTV and digital advertising. Harmony Frequency provides DSPs with frequency intelligence across a brand’s entire media portfolio before they bid, reducing ad waste, strengthening campaign effectiveness, and improving the viewing experience. This is the latest product innovation from Innovid’s Harmony initiative, aimed at optimizing the CTV and digital ecosystem. Controlling how often an ad is seen is a critical component of successful campaigns, and current methods of frequency capping are siloed. Until now, advertisers and media providers have had to define caps on a one-to-one basis – one frequency cap per publisher or DSP platform. This lack of unified insights leads to impressions being shown repeatedly to the same audiences. Powered by Innovid’s ad server, which sees every impression, publisher, platform, device, and household, Harmony Frequency offers holistic frequency intelligence across digital advertising. The solution provides rich data signals to DSPs integrating frequency management insights directly into programmatic buying strategies before the bid is made. As a result, advertisers reduce wasted spend by preventing overexposure, maximize budgets by reallocating spend to underexposed households, and improve the viewing experience by eliminating ad fatigue. Announcement • Jul 17
Innovid Corp. to Report Q2, 2024 Results on Aug 06, 2024 Innovid Corp. announced that they will report Q2, 2024 results Pre-Market on Aug 06, 2024 Announcement • Jun 19
Innovid Releases CTV x Commerce 2024 Report on the State of Interactive Creatives & Shoppable Advertising Innovid announced the release of “CTV x Commerce 2024: Data-Driven Insights to Reach Shoppers with CTV Advertising.” The report, a collaboration between Innovid and Target’s retail media network, Roundel, looks at how shopper behaviors and advertising trends are changing along with the rapid growth of streaming. Highlights from “CTV x Commerce 2024” include: Shoppers are streamers who take action: 91% of surveyed Target guests subscribe to streaming services and devote 22 hours a week to them – an increase of 40% vs. the year prior. With 57% using services supported by ads, almost half (49%) report being likely to search for an item after seeing it on TV, and more than a third (33%) say they will scan a QR code on their TV if they know it will take them to a familiar site. CPGs are leaning into CTV for reach and engagement: CTV has established itself as an integral part of the CPG video mix, accounting for almost half (49%) of total video impressions for the last two years. CPGs also have the highest average CTV campaign reach (25.24%) among all measured verticals, and are experiencing strong performance with the use of interactive ads, which see engagement rates 10x higher than standard video formats. CTAs and timing are crucial for shortening the path to purchase for shoppable ads: Creative elements, includingaction-oriented calls to action (CTAs) like “Scan to Shop” or “Scan to Add to Cart,” are shown to create a sense of urgency and drive consumers to engage with shoppable ads. Shortening the number of “clicks” it takes to get to a desired action and maximizing QR codes’ time on screen were also found to be important components in creating successful interactive campaign experiences. New Risk • May 28
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$105k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Significant insider selling over the past 3 months (US$105k sold). Recent Insider Transactions • May 28
Chief Commercial Officer recently sold US$105k worth of stock On the 22nd of May, David Helmreich sold around 50k shares on-market at roughly US$2.09 per share. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$356k more than they sold in the last 12 months. Reported Earnings • May 08
First quarter 2024 earnings released: US$0.044 loss per share (vs US$0.063 loss in 1Q 2023) First quarter 2024 results: US$0.044 loss per share (improved from US$0.063 loss in 1Q 2023). Revenue: US$36.7m (up 21% from 1Q 2023). Net loss: US$6.23m (loss narrowed 27% from 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Media industry in the US. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Announcement • May 01
Innovid Corp., Annual General Meeting, Jun 10, 2024 Innovid Corp., Annual General Meeting, Jun 10, 2024, at 11:00 US Eastern Standard Time. Agenda: To elect Michael DiPiano and Zvika Netter as Class III Directors to serve until the 2027 Annual Meeting of Stockholders, and until their respective successors shall have been duly elected and qualified; to ratify, in a non-binding voting, the appointment of KOST FORER GABBAY & KASIERER, member of Ernst & Young Global, as our independent registered public accounting firm for the fiscal year ending December 31, 2024; and to transact such other business as may properly come before the Annual Meeting or any continuation, postponement, or adjournment of the Annual Meeting. Price Target Changed • Apr 17
Price target increased by 7.3% to US$2.45 Up from US$2.28, the current price target is an average from 3 analysts. New target price is 5.2% above last closing price of US$2.33. Stock is up 131% over the past year. The company is forecast to post earnings per share of US$0 next year compared to a net loss per share of US$0.23 last year. Announcement • Apr 17
Innovid Corp. to Report Q1, 2024 Results on May 07, 2024 Innovid Corp. announced that they will report Q1, 2024 results Pre-Market on May 07, 2024 New Risk • Apr 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Announcement • Apr 09
Innovid Launches Harmony Initiative to Keep Tv Open for Everyone & Controlled by No One Innovid announced the launch of its Harmony initiative, aimed to optimize the CTV advertising ecosystem. Harmony Direct, the first in a wave of new product innovations released as part of the initiative, is designed to streamline the supply path to its purest form, ensuring more advertiser dollars go toward working media, increasing revenue opportunities for publishers, and creating a more sustainable, transparent path. CTV is at a critical inflection point. As TV rapidly transitions to a fully digital future, there is a clear opportunity to avoid the mistakes of digital advertising’s past. Innovid’s vision has always been that TV should remain open for everyone and controlled by no one. It has pursued that from a position of media-unbiased independence, with the strength of an open, transparent infrastructure that powers impactful ad-supported experiences. Innovid’s Harmony initiative was created to help realize that vision, in partnership with industry leaders, by addressing some of the biggest challenges facing CTV advertising today, for a better CTV advertising future tomorrow. The initiative’s goals are to optimize CTV advertising at the infrastructure level to improve efficiency, enhance transparency and control, reduce carbon emissions, and increase ROI to ultimately provide better viewing experiences. One of the first product innovations to be released as part of this initiative is Harmony Direct, a solution that streamlines the workflow for guaranteed, non-biddable CTV media to its purest form by removing all friction points, including additional technology “hops,” fees, and energy waste. This optimal workflow pushes more ad investment into working media, increases data fidelity and transparency, improves fill rates, lowers the risks of latency and fraud, and provides a more sustainable, greener supply path. Agency and publisher partners, including Assembly, CMI Media Group, PMG, and Roku, are among the first using Harmony Direct. Results from Innovid beta tests saw that moving spend to Harmony Direct led to an average 8% increase in working media for agency partners. Publisher partners improved yield by up to 15%, which includes average fill rates increasing from 90% to 100%. In 2024 alone, across the total U.S. CTV market, this could represent more than $1 billion in immediate savings going back into the ecosystem. Announcement • Mar 01
Innovid Corp. Provides Revenue Guidance for First Quarter 2024 and Fiscal Year 2024 Innovid Corp. provided revenue guidance for First Quarter 2024 and Fiscal Year 2024. For First Quarter 2024, the company expects revenue in a range between $34 million and $36 million, reflecting growth between 11% and 18%.For Fiscal Year 2024, the company expects revenue in a range between $154 million and $162 million, reflecting growth of 10% to 16%. Announcement • Jan 31
Innovid Corp. to Report Q4, 2023 Results on Feb 27, 2024 Innovid Corp. announced that they will report Q4, 2023 results Pre-Market on Feb 27, 2024 Announcement • Dec 18
Innovid Corp. Names Dani Cushion as Chief Marketing Officer Innovid Corp. announced the hire of Dani Cushion as Chief Marketing Officer (CMO). Based in Atlanta, she will report to Dave Helmreich, Chief Commercial Officer. In this role, Cushion will be responsible for leading Innovid's global marketing and communications, elevating Innovid's offerings and position in the market with a strategic focus on driving significant company growth. With more than 20 years of marketing experience, Cushion joins Innovid from ExecOnline, an education technology platform, where she served as the company's first CMO. Previously, she was CMO of advertising and fintech platform Cardlytics, where she developed the global marketing vision and positioned the company for a successful IPO and public company growth. Cushion also served as SVP of Global Marketing and Communications at Millennial Media (acquired by AOL/Verizon Media), where she helped usher the company through its IPO, international expansion, and numerous acquisitions. Price Target Changed • Dec 03
Price target increased by 17% to US$2.31 Up from US$1.98, the current price target is an average from 4 analysts. New target price is 46% above last closing price of US$1.58. Stock is down 46% over the past year. The company is forecast to post a net loss per share of US$0.21 next year compared to a net loss per share of US$0.14 last year. Recent Insider Transactions • Nov 16
Co-Founder recently bought US$64k worth of stock On the 10th of November, Zvika Netter bought around 50k shares on-market at roughly US$1.29 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Zvika has been a buyer over the last 12 months, purchasing a net total of US$117k worth in shares. Breakeven Date Change • Nov 10
No longer forecast to breakeven The 4 analysts covering Innovid no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$530.1k in 2025. New consensus forecast suggests the company will make a loss of US$2.00m in 2025. Reported Earnings • Nov 10
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: US$0.02 loss per share (improved from US$0.089 loss in 3Q 2022). Revenue: US$36.2m (up 5.1% from 3Q 2022). Net loss: US$2.73m (loss narrowed 77% from 3Q 2022). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 50%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Media industry in the US. Announcement • Nov 09
Innovid Corp. Provides Earnings Guidance for the Fourth Quarter and Full Year 2023 Innovid Corp. provided earnings guidance for the fourth quarter and full year 2023. For the quarter, the company expects revenue in a range between $35 million and $37 million.For the year, the company revenue in a range between $136 million and $138 million. Announcement • Nov 03
Innovid Appoints Alex Rowe as Senior Vice President of Enterprise Sales Innovid announced the hire of Alex Rowe as Senior Vice President (SVP) of Enterprise Sales. Based in Seattle, Rowe will report to Tim Braz, Executive Vice President of Global Sales. In this role, Rowe will be leading Innovid's enterprise sales efforts, working closely with brand and agency clients to advance their objectives in converged TV advertising through measurement and advanced creative technologies. With more than two decades of sales leadership experience, Rowe was previously Vice President of Sales at e-commerce platform Stackline, where he drove more than $50 million in revenue. He also served in management positions at Amazon and Procter & Gamble. Price Target Changed • Oct 19
Price target decreased by 13% to US$1.98 Down from US$2.28, the current price target is an average from 4 analysts. New target price is 94% above last closing price of US$1.02. Stock is down 68% over the past year. The company is forecast to post a net loss per share of US$0.21 next year compared to a net loss per share of US$0.14 last year. Announcement • Oct 18
Innovid Corp. Appoints Anthony Callini as Chief Financial Officer Innovid Corp. announced the appointment of Anthony Callini as Chief Financial Officer, effective October 16, 2023, while Tanya Adreev-Kaspin, who will be leaving Innovid to pursue other opportunities, will remain for a transition period of six months. Mr. Callini has over 20 years of financial experience at growth-oriented private and public technology companies. Prior to joining the Innovid team, Mr. Callini was Chief Financial Officer at iZotope, an award-winning audio software technology company. Prior to that, he was Chief Financial Officer at Monotype, a public branding and design technology company. Mr. Callini served as the Senior Vice President of Finance at Avid Technologies, a publicly traded leading provider of media technology, and held a number of financial leadership positions at Open Solutions Inc., a publicly traded software and services company, including Senior Vice President, Finance and Treasurer. Prior to Open Solutions, Mr. Callini held financial leadership positions with Ernst & Young LLP and Arthur Andersen LLP. Announcement • Oct 17
Innovid Corp. to Report Q3, 2023 Results on Nov 08, 2023 Innovid Corp. announced that they will report Q3, 2023 results on Nov 08, 2023 New Risk • Oct 17
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (5.2% increase in shares outstanding). Announcement • Oct 11
Innovid Corp. Launches Instant Optimization to Maximize Converged TV Campaign Performance Automatically announced the launch of Instant Optimization, a machine-learning solution that empowers converged TV marketers with the ability to immediately optimize ad performance in flight. Instant Optimization provides the essential technology to automatically adjust which ad is seen, championing top-converting ads in real-time and improving performance across streaming and digital channels. While advances in converged TV measurement have made it possible for marketers to understand the reach and performance of campaigns in real-time, the ability to make those insights actionable has lagged. Instant Optimization bridges that disconnect, unlocking the true value of converged TV measurement insights. Expanding on Innovid's existing optimization capabilities, this new automation takes outcomes insights from the InnovidXP measurement platform and links them directly to marketers' ad-serving strategies, ensuring that the ads driving the most website and app activity get the largest share of voice. Across brands and agencies, Innovid is the platform of choice for streaming delivery, and it's the scale and automation of that delivery -- encompassing approximately 1.2 billion ads served and 6 billion data points collected each day -- that fuels InnovidXP's powerful insights and unrivaled view of the converged TV universe. With the addition of Instant Optimization, Innovid completes the final mile of measurement, allowing marketers to automatically activate against insights without waiting for human intervention or the use of multiple disparate solutions. Announcement • Aug 31
Innovid Names Sarah Ripmaster as Senior Vice President, Strategic Accounts Innovid announced the hire of Sarah Ripmaster as Senior Vice President, Strategic Accounts. Based in Chicago, she will report toTim Braz, Executive Vice President, Global Sales. In this role, Ripmaster will be responsible for growing and leading the strategic accounts team, which focuses on Innovid's largest b rand advertisers and their associated agency holding companies. Ripmaster will be working closely with the world's biggest marketers to drive long-term business value through Innovid's unified advertising platform, spanning ad serving, creative management, and converged TV measurement. With more than 20 years of industry experience, Ripmaster joins Innovid from Smartly.io, where she served as Global Chief Sales Officer. For five years prior to Smartly.io, she led IBM Watson's sales team focused on AI technology and data products to solve complex media, data, and creative client challenges. She also served as VP of Major Account Sales at Neustar, where she drove revenue for the company's largest marketing service clients, spearheading solutions across verticals representing more than 2,500 clients globally. Ripmaster joins Innovid as it expands its CTV and measurement foothold. Innovid recently reported success with winning and expanding accounts, including large auto brands like Mazda U.S., and some of the biggest global advertisers, including Microsoft, Otsuka Pharmaceutical U.S., and Pluto TV. Recent Insider Transactions • Aug 15
Insider recently bought US$54k worth of stock On the 11th of August, David Helmreich bought around 50k shares on-market at roughly US$1.09 per share. This transaction amounted to 7.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$124k. Insiders have collectively bought US$211k more in shares than they have sold in the last 12 months. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 81%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$131.0m to US$134.4m. Forecast EPS reduced from -US$0.12 to -US$0.217 per share. Media industry in the US expected to see average net income growth of 8.9% next year. Consensus price target up from US$2.28 to US$2.35. Share price fell 7.1% to US$1.04 over the past week. Breakeven Date Change • Aug 10
Forecast to breakeven in 2025 The 4 analysts covering Innovid expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 39% per year to 2024. The company is expected to make a profit of US$530.1k in 2025. Average annual earnings growth of 89% is required to achieve expected profit on schedule. Announcement • Aug 09
Innovid Corp. Provides Financial Guidance for the Third Quarter and Full Year 2023 Innovid Corp. provided financial guidance for the third quarter and full year 2023. For the quarter, the company expects revenue in a range between $33 million and $35 million.For the full year, the company expects revenue in a range between $132 million and $136 million. Reported Earnings • Aug 08
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: US$0.14 loss per share (down from US$0.033 profit in 2Q 2022). Revenue: US$34.5m (up 4.4% from 2Q 2022). Net loss: US$19.0m (down US$23.3m from profit in 2Q 2022). Revenue exceeded analyst estimates by 8.0%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Media industry in the US. Announcement • Jul 23
Innovid Corp. Appoints Veteran Jeff Austin as Senior Vice President of Revenue Operations Innovid Corp. announced the hire of Jeff Austin as Senior Vice President of Revenue Operations. In this role, Austin will be responsible for overseeing and optimizing revenue-generating processes and platforms, aligning Innovid's strategic functions across sales, marketing, customer success, and operations to maximize revenue growth and efficiency. With nearly 20 years of experience across sales, marketing, and operations, Austin joins Innovid from Stackline, where he served as VP, Business Operations. Specializing in high-growth cloud software companies, he has successfully spearheaded revenue-driving efforts and efficient go-to-market strategies – leveraging his expertise in operational optimization to ensure efficient and profitable growth across the customer experience. Announcement • Jul 22
Innovid Corp. to Report Q2, 2023 Results on Aug 08, 2023 Innovid Corp. announced that they will report Q2, 2023 results Pre-Market on Aug 08, 2023 Announcement • Jul 06
Innovid Regains Compliance with NYSE Continued Listing Standards Innovid Corp. announced that, based on a notification letter the Company received from the New York Stock Exchange (the "NYSE") on July 3, 2023, the Company has regained compliance with the NYSE's continued listing standards for minimum share price under Section 802.01C of the NYSE Listing Company Manual. On May 18, 2023, NYSE had notified Innovid that it was not in compliance with the NYSE's continued listing standards because the average closing price of the Company's common stock was less than $1.00 per share over a 30 trading-day period. On July 3, 2023, the Company received a confirmation from the NYSE that, as of June 30, 2023, the Company's average stock price had a closing share price of at least $1.00 and had maintained an average closing share price of at least $1.00 over the 30 trading-day period ending on that date. Accordingly, the Company's shares are no longer considered to be below the minimum share price requirement of Section 802.01C and, a result, the Company has regained compliance with the NYSE continued listing standards and will continue to be traded on the NYSE. Recent Insider Transactions Derivative • Jun 11
Chief Operating Officer exercised options to buy US$216k worth of stock. On the 5th of June, Ken Markus exercised options to buy 177k shares at a strike price of around US$0.61, costing a total of US$108k. Since March 2023, Ken has owned 43.33k shares directly. Company insiders have collectively bought US$265k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • May 26
Insider recently bought US$124k worth of stock On the 25th of May, David Helmreich bought around 100k shares on-market at roughly US$1.24 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$123k more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 25
Co-Founder recently bought US$97k worth of stock On the 19th of May, Zvika Netter bought around 100k shares on-market at roughly US$0.97 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Zvika has been a net seller over the last 12 months, reducing personal holdings by US$1.9k. Announcement • May 20
Innovid Receives NYSE Continued Listing Standards Notice On May 19, 2023, Innovid Corp. announced that, on May 18, 2023, it received written notice from the New York Stock Exchange (the ‘NYSE’) that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period. The NYSE notice does not result in the immediate delisting of the Company's common stock from the NYSE. In accordance with applicable NYSE rules, the Company plans to notify the NYSE that it intends to cure the stock price deficiency and return to compliance with the applicable NYSE continued listing standards. The Company can regain compliance at any time within a six-month cure period following its receipt of the NYSE notice if, on the last trading day of any calendar month during such cure period, the Company has both: (i) a closing share price of at least $1.00 and (ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of the applicable calendar month. The Company intends to remain listed on the NYSE and may, if appropriate, consider available options for regaining compliance, including, but not limited to, a reverse stock split, subject to stockholder approval. The NYSE notice has no immediate impact on the listing of the Company's common stock, which will continue to be listed on the NYSE during such cure period, subject to the Company's compliance with other NYSE continued listing standards. Furthermore, the NYSE notice is not anticipated to impact the ongoing business operations of the Company or its reporting requirements with the U.S. Securities and Exchange Commission. Major Estimate Revision • May 16
Consensus EPS estimates upgraded to US$0.10 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -US$0.123 to -US$0.105 per share. Revenue forecast steady at US$131.1m. Media industry in the US expected to see average net income growth of 11% next year. Consensus price target of US$2.28 unchanged from last update. Share price fell 4.1% to US$0.90 over the past week. Breakeven Date Change • May 11
No longer forecast to breakeven The 4 analysts covering Innovid no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$854.6k in 2025. New consensus forecast suggests the company will make a loss of US$1.10m in 2025. Announcement • May 10
Innovid Corp. Provides Financial Guidance for the Second Quarter and Full Year of 2023 Innovid Corp. provided financial guidance for the second quarter and full year of 2023. For the first quarter, the company expects revenue in a range between $31 million and $33 million.For the full year of 2023, the company expects revenue slightly higher than fiscal year 2022. Reported Earnings • May 10
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: US$0.063 loss per share (further deteriorated from US$0.06 loss in 1Q 2022). Revenue: US$30.5m (up 18% from 1Q 2022). Net loss: US$8.56m (loss widened 15% from 1Q 2022). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Media industry in the US. Price Target Changed • Apr 18
Price target decreased by 18% to US$2.55 Down from US$3.10, the current price target is an average from 4 analysts. New target price is 143% above last closing price of US$1.05. Stock is down 82% over the past year. The company is forecast to post a net loss per share of US$0.13 next year compared to a net loss per share of US$0.14 last year. Breakeven Date Change • Mar 06
Forecast to breakeven in 2025 The 4 analysts covering Innovid expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 23% per year to 2024. The company is expected to make a profit of US$854.6k in 2025. Average annual earnings growth of 46% is required to achieve expected profit on schedule. Major Estimate Revision • Mar 03
Consensus revenue estimates decrease by 16%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$152.5m to US$127.5m. EPS estimate increased from -US$0.097 to -US$0.08 per share. Media industry in the US expected to see average net income growth of 7.6% next year. Consensus price target down from US$4.10 to US$3.10. Share price fell 18% to US$1.60 over the past week. Price Target Changed • Feb 28
Price target decreased by 26% to US$3.10 Down from US$4.18, the current price target is an average from 4 analysts. New target price is 72% above last closing price of US$1.80. Stock is down 53% over the past year. The company is forecast to post a net loss per share of US$0.10 next year compared to a net loss per share of US$0.14 last year. Reported Earnings • Feb 26
Full year 2022 earnings released: US$0.14 loss per share (vs US$3.31 loss in FY 2021) Full year 2022 results: US$0.14 loss per share (improved from US$3.31 loss in FY 2021). Revenue: US$127.1m (up 41% from FY 2021). Net loss: US$18.4m (loss narrowed 79% from FY 2021). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Media industry in the US. Announcement • Feb 10
Innovid Corp. Names Ken Markus Chief Operating Officer, Effective February 7, 2023 Innovid Corp. announced the promotion of Ken Markus to the newly created position of Chief Operating Officer (COO), effective February 7, 2023. As COO, Markus will be responsible for managing cross-functional, company-wide operations and ensuring that all departments are aligned with the company's strategic goals and objectives. His primary focus will be strengthening Innovid's position as a leading converged TV platform. Teams reporting to Markus include client operations, creative services, technical services, measurement services, compliance and certifications, and global IT. Markus previously served as Innovid's Chief Client Officer (CCO), where he was responsible for growing and scaling the company's global client services organization. In this role, he led Innovid's efforts to connect brands more deeply with their customers through video experiences, while bolstering the company's current offering to traditional advertising agencies. Under Markus' leadership, Innovid saw significant growth and retention across Fortune 500 brands, leading agencies and all client verticals. Prior to his role as CCO, Markus was Senior Vice President of Global Operations and Client Services at Innovid, served as Head of Scale Operations and Services for gTech Ads at Google, and also held positions at Condé Nast, SiriusXM Satellite Radio, and Time Inc. Markus will lead operational alignment and will partner with David Helmreich, Innovid's recently announced Chief Commercial Officer, who leads commercial alignment across Innovid's revenue-related functions, including sales, marketing, and client support worldwide. Together, they drive the company's mission to deliver an independent advertising platform for delivery, personalization and measurement of converged TV. Announcement • Feb 03
Innovid Corp. to Report Q4, 2022 Results on Feb 24, 2023 Innovid Corp. announced that they will report Q4, 2022 results at 9:30 AM, US Eastern Standard Time on Feb 24, 2023 Recent Insider Transactions • Jan 06
Co-Founder recently sold US$99k worth of stock On the 4th of January, Zvika Netter sold around 83k shares on-market at roughly US$1.19 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Zvika's only on-market trade for the last 12 months. Announcement • Dec 20
Innovid Appoints David Helmreich as Global Chief Commercial Officer Innovid announced the appointment of David Helmreich as Innovid's Chief Commercial Officer. Helmreich, who brings over two decades of experience to the role, will be responsible for leading Innovid's revenue-related functions including sales, marketing, and client support world wide. He will report to Zvika Netter, CEO and Co-Founder at Innovid. As CCO, Helmreich will lead the charge in driving new commercial opportunities for Innovid as the company expands the scale of its platform across the full gamut of converged TV advertising. He will be responsible for revenue growth and increasing value with new and existing clients. He will also lead efforts in ensuring alignment between all revenue-related functions including marketing, sales, customer support, product development, pricing, and revenue management. For over 20 years, Helmreich has built his career in the marketing and advertising technology ecosystem across public and privately-held companies, and previously served as Chief Revenue Officer for Stackline. Prior to Stackline, Helmreich was Chief Revenue Officer and Group Vice President at Oracle Marketing Cloud, where he drove impressive organizational growth by integrating commercial, product, and service teams of legacy acquisitions. Helmreich also held senior leadership positions in companies such as TARGUSInfo (sold to Neustar) and LiveIntent. Helmreich is a decorated US Navy Veteran. Price Target Changed • Nov 16
Price target decreased to US$4.18 Down from US$4.93, the current price target is an average from 4 analysts. New target price is 48% above last closing price of US$2.83. Stock is down 72% over the past year. The company is forecast to post a net loss per share of US$0.14 next year compared to a net loss per share of US$3.31 last year. Breakeven Date Change • Nov 16
No longer forecast to breakeven The 4 analysts covering Innovid no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$100.0k in 2023. New consensus forecast suggests the company will make a loss of US$19.2m in 2023.