EXCLUSIVE: Artificial Intelligence-Based Advertising Firm Inuvo Securing $10M Credit Line, Strengthens Financial Position
On Wednesday, Inuvo Inc. (NYSE:INUV) secured a new $10 million asset-based credit facility to support its continued growth and operations.
The credit facility, provided by SLR Digital Finance, provides Inuvo with enhanced liquidity and the financial flexibility to accelerate the adoption of its large language generative artificial intelligence, a solution for discovering and targeting audiences that do not require tracking consumers around the Internet.
Wally Ruiz, Inuvo’s CFO, commented, “We are pleased to secure this new credit facility, which strengthens our financial position and provides us with additional resources to execute our growth strategy. This financing demonstrates the confidence our lenders have in Inuvo’s business model and future prospects.”
The company will use the proceeds for general corporate purposes, including working capital, capital expenditures, and potential strategic investments.
Ashvin Viswanathan, VP at SLR Digital Finance, commented, “As the advertising industry evolves around privacy concerns and regulatory pressures, Inuvo is uniquely positioned in their ability to target relevant audiences without relying on cookies or consumer data.”
The company reported first-quarter 2024 net revenue of $17.0 million, a 44% year-over-year increase.
Net loss for the first quarter of 2024 was $2.1 million, or $(0.02) per share, compared to net loss of $3.4 million, or $(0.03) per share a year ago.
Price Action: INUV stock closed at $0.29 on Tuesday.
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This article EXCLUSIVE: Artificial Intelligence-Based Advertising Firm Inuvo Securing $10M Credit Line, Strengthens Financial Position originally appeared on Benzinga.com
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