Inuvo, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Inuvo, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	71.5	79.6	73.3	61.5	44.6	59.8	75.6	73.9	83.8	86.2
Cost of revenue	21.4	36.7	29.9	22.7	8.3	15.9	30.2	10.5	12	22
Gross profit	50.2	42.9	43.4	38.8	36.3	43.9	45.4	63.4	71.8	64.2
Selling, general and administrative	5	8.34	8.5	8.67	7.63	7.2	8.62
General and administrative							8.62	8.05	5.55	6.93
Operating expenses	51	47.1	48.9	46.6	44.4	51.7	58	73.8	77.3	70.9
Operating income	-0.86	-4.24	-5.47	-7.74	-8.05	-7.77	-12.6	-10.4	-5.51	-6.7
Other non-operating income	-0.1	-0.32	0	3.4	1	0.26	-0.44	0.01
Pre-tax income	-0.96	-4.55	-5.89	-4.82	-7.3			-10.4	-5.75	-5.08
Income tax	-0.03	-1.5	0	-0.33	0		0	-0.02	0.01	0.01
Net income	-0.77	-3.06	-5.89	-4.49	-7.3	-7.6	-13.1	-10.4	-5.76	-5.1
EBITDA	1.35	-1.21	-2.29	-4.49	-4.81	-4.63	-10.1	-7.74	-3	-4.46
EPS, basic	-0.03	-0.11	-0.19	-0.11	-0.09	-0.06	-0.11
EPS, diluted	-0.03	-0.11	-0.19	-0.11	-0.09	-0.06	-0.11	-0.08	-0.04
Shares, basic (weighted)	24.7	28.2	31	40.5	77.5	118	120	131	14	14.5
Shares, diluted (weighted)	24.7	28.2	31	40.5	77.5	118	120	131	14	14.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.95	4.08	0.23	0.37	7.89	10.5	2.93	4.44	2.46	2.84
Short-term investments					0	1.93	1.53	0
Receivables	7.59	10.8	6.71	7.53	6.23	9.27	11.1	9.23	12.5	5.89
Other current assets	0.28	0.4	0.26	0.24	0.41	1.41	0.8	1.08	0.08	0.08
Total current assets	11.8	15.2	7.21	8.15	14.5	23.1	16.4	14.7	15.6	9.22
Property, plant and equipment	1.62	2.31	2.12	1.37	1.19	1.51	1.67	1.68	1.79	1.63
Lease right-of-use assets				0.76	0.61	0.64	0.31	0.81	0.91	0.66
Goodwill	5.76	9.85	9.85	9.85	9.85	9.85	9.85	9.85	9.85	9.85
Intangible assets	8.34	10.8	9.44	10.5	8.59	6.72	5.65	4.66	3.89	3.43
Long-term investments					0	0.86	0.66	0
Other non-current assets	0.02	0.04	0.04	0.02	0.02	0.04	0.07	0.05	0.08
Total assets	27.6	38.2	28.7	30.7	35.2	44	35.6	32.4	32.2	24.9
Accounts payable	9.28	13.6	9.5	7.52	4.05	4.84	8.04	6.43	8.42	7.09
Accrued liabilities	2.69	2.89	2.49	3.61	4.22	5.37	5.16	7.93	9.19	3.62
Total current liabilities	12	21.4	14.1	15.7	8.73	10.7	13.6	14.5	17.9	14.3
Long-term debt										0
Lease liabilities				0.39	0.39	0.3	0.02	0.75	0.74	0.44
Other non-current liabilities	0.33	0.43	0.19	0.06	0.57	0.01	0.01	0	0
Total liabilities	16	24.2	15.7	16.2	9.89	11.2	13.8	15.4	18.7	14.8
Total debt	0	4.9	1.86	3.38	0
Paid-in capital	130	136	139	145	162	177	179	184	187	188
Retained earnings	-118	-121	-125	-129	-136	-144	-157	-167	-173	-178
Treasury stock	-1.4	-1.4	-1.4	-1.4	0
Other comprehensive income					0	0.05	-0.08	0	0
Shareholders' equity	11.5	14.1	12.9	14.5	25.3	32.8	21.7	17	13.5	10
Total equity	11.5	14.1	12.9	14.5	25.3	32.8	21.7	17	13.5	10
Total liabilities and equity	27.6	38.2	28.7	30.7	35.2	44	35.6	32.4	32.2	24.9
Shares outstanding	24.9	28.6	32.4	51.8	98	119	120	138	14.1	14.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.77	-3.06	-5.89	-4.49	-7.3	-7.6	13.1	-10.4	-5.76	-5.1
Depreciation and amortization	2.21	3.03	3.18	3.25	3.24	3.14	2.6	2.66	2.52	2.23
Stock-based compensation	1.26	1.28	0.92	0.79	0.86	2.18	2.35	1.99	1.5	1.14
Deferred income tax	-0.03	-1.41	0	-0.33	0	0	0	-0.02	0.01	0.01
Change in receivables	-0.58	-1.22	4.06	-0.97	1.17	-3.05	-3.12	1.11	-1.88	6.7
Change in payables	-0.42	-0.67	-0.42	1.35	0.62	1.26	-0.21	2.75	1.99	-1.33
Cash from operations	1.05	-1.15	-2.1	-5.34	-5.6	-5.28	-5.57	-2.55	0.23	-1.79
Capital expenditures	-1.12	-1.56	-1.63	-1.19	-1.19	-1.6	-1.69	-1.68	-1.86	-1.6
Purchases of investments					0	-3.14	-1.69	0
Sales and maturities of investments					0	0.14	1.72	2.29	0
Cash from investing	-1.12	-1.32	-1.63	-1.19	-1.19	-4.6	-1.67	0.61	-1.86	-1.6
Stock issued		0	2	4.35	16.4	13.1	0	3.67	0	1.15
Share buybacks	-0.02	-0.04	0
Cash from financing	-0.25	2.61	-0.12	6.68	14.3	12.5	-0.3	3.46	-0.35	3.77
Net change in cash	-0.31	0.14	-3.86	0.14	7.52	2.59	-7.54	1.51	-1.98	0.38
Free cash flow	-0.06	-2.71	-3.74	-6.53	-6.78	-6.87	-7.26	-4.24	-1.63	-3.39
Interest paid	0.07	0.27	0.39	0.42	0.21	0.06	0.02	0.11	0.34	0.48
Income taxes paid	0.03	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.57 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.2%	Gross profit / revenue.
Operating margin	-18.8%	Operating income / revenue.
EBITDA margin	-14.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-8.6%	Net income / revenue.
FCF margin	-6.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-4.4%	Cash from operations / revenue.
Return on equity (ROE)	-53.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-16.4%	Net income / average total assets.
Return on invested capital (ROIC)	-104.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	3.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-10.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-878.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-25.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-22.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-16.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-22.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-11.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-6.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-50.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-28.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.60x	Current assets / current liabilities.
Quick ratio	0.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	69.5%	Total liabilities / total assets.
Working capital	-$4.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	47.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$4.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.92x	Revenue / average total assets.
Fixed asset turnover	37.6x	Revenue / average property, plant and equipment.
Receivables turnover	11.6x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
Days payables	79 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.52	Revenue / diluted weighted shares.
FCF per share	-$0.24	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.15	Cash from operations / diluted weighted shares.
Book value per share	$0.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.32	Tangible book value / shares outstanding.
Cash per share	$0.06	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$9.5M	Share price x shares outstanding.
Enterprise value	$8.6M	Market cap + total debt - cash - short-term investments.
P/S	0.18x	Market cap / revenue.
P/B	1.14x	Market cap / shareholders' equity. Only when equity is positive.
EV/Sales	0.16x	Enterprise value / revenue.
FCF yield	-38.3%	Free cash flow / market cap.
Earnings yield	-47.3%	Net income / market cap (the inverse of P/E).

What was Inuvo, Inc.'s revenue in fiscal 2025?

Inuvo, Inc. reported revenue of $86.2M for fiscal 2025, 2.9% higher than the year before.

Was Inuvo, Inc. profitable in fiscal 2025?

No. It reported a net loss of $5.1M.

How much free cash flow did Inuvo, Inc. generate in fiscal 2025?

Cash from operations of $1.8M minus capital expenditures of $1.6M left free cash flow of -$3.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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