Innovid Reports Q1 2023 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 first fiscal quarter ended March 31, 2023.

"We are pleased with our first quarter results, which reflect our expected further growth in CTV and solid expansion of our client base," said Zvika Netter, Co-Founder and CEO. "While the challenging macro environment continues to weigh on clients' advertising spend, our team is executing well against our plan. We have prioritized expanding our Adjusted EBITDA margin, as evidenced by our improved full year guidance, and are maintaining our sharp focus on future profitable growth."

Innovid's growing customer base relies on our critical infrastructure software to power their advertising delivery, personalization, and measurement needs. As CTV continues to gain share and the unique nature of our robust product offering becomes even more apparent, we expect the breadth and depth of our client relationships will deepen even further and drive additional growth as advertising market trends stabilize - and eventually improve.

First Quarter 2023 Financial Summary

Revenue increased to $30.5 million, reflecting growth of 18% on an as-reported basis and 1% on a pro forma basis versus the same period in 2022.

Measurement contributed $7.0 million, up 1% on a pro forma basis, representing 23% of revenue.

CTV revenue, excluding TVSquared, increased to $12.2 million, up 11% year-over-year.

Net loss was $(8.6) million, compared to a net loss of $(7.4) million for the same period in 2022.

Adjusted EBITDA* increased to $0.1 million, compared to $(3.0) million for the same period in 2022.

Cash and cash equivalents as of March 31, 2023...