Innovid, an independent Connected TV (CTV) ad-serving platform, achieved a revenue of USD 33.7 million (30% YoY growth) during Q4 2022, below management and analyst expectations. The majority of the growth was accounted for by the CTV segment, which accounted for 51% of the volume of all video ad impressions and contributed to 49% of its top-line revenue. In addition, its ad measurement unit, CTV Squared, which the firm acquired in Q1 2022 , contributed USD 7.5 million to top-line performance, which exceeded management expectations by 16% and accounted for 22% of total revenue. For FY2022, the company reported revenue growth of 41% YoY to USD 127.1 million.

Innovid’s adjusted EBITDA was USD 3 million for Q4 2022 and was in line with management expectations, representing a 9% adjusted EBITDA margin. The firm also reported a net loss of USD 0.03 per share (compared to a loss of USD 0.59 per share in Q4 2021), which was marginally above analyst expectations. This was primarily due to a USD 2.7 million net finance income reported during the quarter. For FY2022, the company reported an adjusted EBITDA of USD 1.2 million and a net loss of USD 18.4 million.

For the full year 2023E, the firm expects revenue to be similar to FY2022, and a positive adjusted EBITDA and adjusted EBITDA margin to improve YoY.

The firm also announced that its new clients and cross-sells include Canva, Goodway Group, and CMI Media, which is part of WPP. The company has also formed partnerships with Fox, a media company, and TheTradeDesk, a demand-side ad platform (DSP).