Innovid Reports 2nd Quarter 2022 Financial Results.

NEW YORK: Innovid Corp. (NYSE:CTV) (the "Company"), an independent advertising platform for delivery, personalization and measurement of converged TV across linear, connected TV (CTV) and digital, today announced financial results for the second quarter ended June 30, 2022.

"Innovid delivered a strong second quarter with 45% year-over-year revenue growth, as CTV revenue continued to grow. We achieved a critical milestone in our mission to fulfill the future of TV measurement with the launch of our converged TV measurement solution, InnovidXP, following the strategic acquisition of TVSquared" said Zvika Netter, Co-Founder and CEO. "Our joint teams and solutions have been realigned to introduce a unified first-to-market global cross-platform measurement solution, directly integrated with ad serving data. Measurement revenue grew significantly this past quarter and we expect InnovidXP to be a driving force for our growth story moving forward."

Second Quarter Financial Highlights:

(All comparisons are to the second quarter of 2021)

* Revenue grew to $33.1 million for the combined business, reflecting an increase of 45% on an as-reported basis.

deg TVSquared business grew 31% year-over-year and contributed $6.8 million in revenue, or 21% of revenue.

deg CTV accounted for 47% of revenue, excluding TVSquared, up from 45% of revenue, demonstrating 20% year-over-year growth.

* Net profit was $4.3 million or $0.03 per share.

* Adjusted EBITDA* was negative $(1.7) million, representing (5)% adjusted EBITDA margin*.

Second Quarter Business Highlights:

* CTV Volume Growth: CTV accounted for 50% of the volume of all video impressions served, up from 46% of volume in the second quarter of 2021, demonstrating 23% year-over-year growth.

* Cross-Platform Measurement Expansion: Launched InnovidXP, the first unified cross-platform solution directly integrated with ad serving data and creative personalization, to solve cross-platform TV measurement globally.

deg New Business: Measurement accounted for 22% of revenue in the second quarter supported by new clients including several leading multinational and national restaurant chains, an international design platform, and a worldwide employment platform.

deg Sell-Side Momentum: Expanded multi-year measurement partnership with Tubi, Fox's streaming service, demonstrating the power of InnovidXP for always-on incremental reach measurement across both Fox and Tubi.

* New Client Wins: Closed multiple new clients...