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Marketing technology provider Inuvo Inc. of Little Rock has reported a net loss of $1.36 million, or 2 cents per share, for the quarter that ended June 30.
That is improved from the net loss of $1.95 million, or 6 cents per share, in the same quarter last year.
The company (Nasdaq: INUV) reported second-quarter revenue of $7.59 million, down 45% year-over-year. IntentKey, Inuvo’s new product, accounted for $1.94 million, or 25.6%, of the company’s quarterly revenue.
“Lower revenue through the first six months of the year was principally caused by decreased advertising budgets associated with COVID-19 and primarily within the ValidClick Platform with May as the lowest revenue month of the year and where June, July and now August have all trended sequentially higher,” Chairman and CEO Rich Howe said in a news release.
“Despite the pandemic, the IntentKey business has grown 17% through the first half of the year. Although revenue has been challenged during COVID-19, both the net loss and Adjusted EBITDA improved year-over-year within the quarter,” he added.
Operating expenses for the second quarter were $7.76 million, compared to $10.48 million for the same quarter of 2019.
Also, during the quarter, Inuvo closed a public offering for its common stock with gross proceeds of $10.75 million.
In addition, a special meeting of stockholders has been set for 9 a.m. Oct. 7 at the company’s headquarters at 500 President Clinton Ave., Suite 300.
The stockholders will vote on increasing the number of shares the company may issue from 60 million to 100 million. The additional shares could be used to raise public or private capital, declare stock splits or stock dividends, acquire other companies, expand business operations and more, according to the proxy statement Inuvo filed on Friday with the U.S. Securities & Exchange Commission.