- Preliminary
Q3 Revenue of $36M, Above the High
End of Guidance
- Anthony Callini Named New
Chief Financial Officer
- Innovid to Release Third
Quarter 2023 Results on Wednesday, November
8
NEW
YORK, Oct. 16, 2023 /PRNewswire/ -- Innovid
(NYSE: CTV), an independent advertising platform for the delivery,
personalization, and measurement of converged TV across linear,
CTV, and digital, today announced the appointment of Anthony Callini as Chief Financial Officer,
effective today, while Tanya Adreev-Kaspin, who will be
leaving Innovid to pursue other opportunities, will remain for a
transition period of six months. The Company also reported positive
preliminary unaudited third quarter 2023 revenue of approximately
$36 million, exceeding the high end
of its previously provided revenue guidance of $33 million to $35
million.
"I am thrilled to welcome Anthony to the Innovid team," said
Zvika Netter, Co-founder and CEO.
"His extensive financial expertise with public technology companies
will be a tremendous asset to our company as we continue to scale
our business, improve our operating efficiency, and drive towards
expanding margins. I also want to take this opportunity to thank
Tanya for her partnership and service to the company over the last
11 years. Tanya was a key pillar in our success to date and
continues to be one through this transition. I look forward to
following Tanya's path forward and will always see her as a part of
Team Innovid."
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.
"It is an exciting time to join Innovid, and I am eager to work
with the team to lead the next phase of growth. I am impressed by
the market opportunity and the powerful positioning Innovid has in
the future of TV advertising. I love the unique and award-winning
culture, the innovation, the technology, and Innovid's compelling
financial model," said Anthony
Callini, CFO. "We remain committed to delivering shareholder
value through profitable growth, and I look forward to working with
team Innovid."
"After an incredible eleven-year-long journey of turning a small
start-up into a successful public company listed at NYSE, it is the
right time for me to step down as the CFO," said Tanya Andreev-Kaspin. "I am grateful for the
opportunity to have worked alongside such a collaborative and
talented team. I thank Zvika for his leadership and for supporting
my career growth. Innovid is well-positioned strategically and
financially to continue building the critical technology
infrastructure for the future of TV advertising and driving value
for our customers and shareholders. I'm highly confident in
Innovid's leadership and future, and I look forward to working with
my successor, Anthony Callini, on
the smooth transition in the upcoming months."
"We are encouraged by our early positive results and remain
focused on profitable growth and execution to deliver on our
long-term financial targets," said Zvika
Netter, Co-founder and CEO. "We look forward to sharing more
exciting details on our upcoming earnings conference call on
November 8, 2023, and at our Investor
Day on November 30, 2023."
Earnings Conference Call Information
The Company will host a conference call and webcast to discuss
third quarter 2023 financial results on Wednesday, November 8th at 8:30 a.m. Eastern Time. Hosting the call will be
Zvika Netter, Co-founder and Chief
Executive Officer, and Anthony
Callini, Chief Financial Officer. The conference call will
be available via webcast at investors.innovid.com. To participate
via telephone, please dial 877-407-3211 (toll-free) or
201-389-0862; click here for international dial-ins. Following the
call, a replay of the webcast will be available for 90 days on the
Innovid Investor Relations website.
Preliminary Revenue Figure
The Company is currently in the process of finalizing its full
financial results for the quarter that ended September 30, 2023, and applying its standard
closing procedures, therefore the estimated revenue presented above
reflects various assumptions and estimates based only upon
information available to the Company as of the date hereof. As a
result, while the Company considers the preliminary revenue figure
to be a reasonable estimate, it remains subject to change, and
actual results may differ due to developments or other information
that may arise between now and the time the full financial results
for the quarter ended September 30,
2023, are finalized.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1996. The Company's actual
results may differ from its expectations, estimates, and
projections, and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," "aim," and
similar expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, the Company's expectations regarding its future
financial results and expected growth. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results, including Innovid's ability to achieve and, if achieved,
maintain profitability, decrease and/or changes in CTV audience
viewership behavior, Innovid's failure to make the right investment
decisions or to innovate and develop new solutions, inaccurate
estimates or projections of future financial performance, Innovid's
failure to manage growth effectively, the dependence of Innovid's
revenues and business on the overall demand for advertising and a
limited number of advertising agencies and advertisers, the
rejection of digital advertising by consumers, future restrictions
on Innovid's ability to collect, use and disclose data, market
pressure resulting in a reduction of Innovid's revenues per
impression, Innovid's failure to adequately scale its platform
infrastructure, exposure to fines and liability if advertisers,
publishers and data providers do not obtain necessary and requisite
consents from consumers for Innovid to process their personal data,
competition for employee talent, seasonal fluctuations in
advertising activity, payment-related risks, interruptions or
delays in services from third parties, errors, defects, or
unintended performance problems in Innovid's platform, intense
market competition, failure to comply with the terms of third party
open source components, changes in tax laws or tax rulings, failure
to maintain an effective system of internal controls over financial
reporting, failure to comply with data privacy and data protection
laws, infringement of third-party intellectual property rights,
difficulty in enforcing Innovid's own intellectual property rights,
system failures, security breaches or cyberattacks, additional
financing if required may not be available, the volatility of the
price of Innovid's common stock and warrants, and other important
factors discussed under the caption "Risk Factors" in Innovid's
Annual Report on Form 10-K filed with the SEC on March 3, 2023, as such factors may be
updated from time to time in its other filings with the SEC,
accessible on the SEC's website at www.sec.gov and the Investors
Relations section of Innovid's website at investors.innovid.com.
You should carefully consider the risks and uncertainties described
in the documents filed by the Company from time to time with the
U.S. Securities and Exchange Commission. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Most of these factors are
outside the Company's control and are difficult to predict. The
Company cautions not to place undue reliance upon any
forward-looking statements, including projections, which speak only
as of the date made. The Company does not undertake or accept any
obligation to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
About Innovid
Innovid (NYSE: CTV) powers advertising delivery,
personalization, and measurement across linear, connected TV (CTV),
and digital for the world's largest brands. Through a global
infrastructure that enables cross-platform ad serving, data-driven
creative, and measurement, Innovid offers its clients always-on
intelligence to optimize advertising investments across channels,
platforms, screens, and devices. Innovid is an independent platform
that leads the market in converged TV innovation through
proprietary technology and exclusive partnerships designed to
reimagine TV advertising. Headquartered in New York City, Innovid serves a global client
base through offices across the Americas, Europe, and Asia
Pacific. To learn more, visit https://www.innovid.com/ or
follow us on LinkedIn or Twitter.
Investor Contacts
Brinlea Johnson
IR@innovid.com
Media Contacts
Megan Garnett
Coyle
megan@innovid.com
Caroline Yodice
cyodice@daddibrand.com
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SOURCE Innovid LLC