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Innodata . Innodata Reports First Quarter 2021 Results Exhibit 99.1 NEW YORK - May 6 , 2021 – INNODATA INC . ( NASDAQ : INOD ) today reported results for the first quarter ended March 31 , 2021 . Total revenue was $ 16.0 million in the first quarter of 2021 , a 4 % increase from $ 15.3 million in the fourth quarter of 2020. Total revenue was $ 14.5 million in the first quarter of 2020 . Net income was $ 0.4 million in the first quarter of 2021 , or $ 0.02 per basic share and $ 0.01 per diluted share , compared to a net income of $ 1.2 million , or $ 0.05 per basic share and $ 0.04 per diluted share , in the fourth quarter of 2020 and a net loss of $ 0.3 million , or $ ( 0.01 ) per basic and diluted share , in the first quarter of 2020 . Cash and cash equivalents were $ 17.3 million at March 31 , 2021 and $ 17.6 million December 31 , 2020 . Amounts in this press release have been rounded . All percentages have been calculated using unrounded amounts . Jack Abuhoff , CEO , said , " We're exceeding our operational KPIs and hiring and cost management goals . Just four months into the year , we already have enough new business secured and projects in our late - stage pipeline to meet or exceed growth targets this year . We're focused on getting these late - stage projects over the finish line and pushed into revenue . Our plan to accelerate growth is a function of ramp - up in newly secured business ; late - stage pipeline conversions ; expansions in business from new and recently - won customers ; and pipeline growth as our expanding salesforce becomes fully productive . From Q4 2019 to now , we have reduced structural costs by approximately $ 6 million ( on an annual basis ) allowing us to aggressively deploy internally generated cash flow in sales and marketing and product enhancement initiatives that we believe will lead to growth and provide short - term payback . In Q1 , we incurred costs of approximately $ 1.9 million toward accelerated growth . We believe our company is well - positioned to take advantage of strong tailwinds in each segment of our business . We continue to have a strong balance sheet , with over $ 17 million in cash and no significant debt . ”