• Total revenue was $14.5 million in the first quarter of 2020, a 1% decline from $14.7 million in the fourth quarter of 2019. Total revenue was $13.7 million in the first quarter of 2019.
• Net loss was $0.4 million in the first quarter of 2020, or $(0.01) per basic and diluted share, compared to a net income of $0.1 million, or $0.00 per basic and diluted share, in the fourth quarter of 2019 and a net loss of $0.5 million, or $(0.02) per basic and diluted share, in the first quarter of 2019.
• Cash and cash equivalents were $10.7 million at March 31, 2020, compared to $10.9 million at December 31, 2019.
• Innodata enabled its business continuity plan (BCP) on March 11, 2020 in response to the COVID-19 pandemic, resulting in 94% of its global team presently deployed and working remotely.

Income before provision for income taxes in the first quarter of 2020 was $51,000 and reflected $200,000 of expenses in connection with the activation of our BCP and foreign exchange losses of $100,000 from revaluation of monetary assets and liabilities. The Company estimates that revenues in the quarter were unfavorably impacted by $260,000 of ongoing projects that were suspended as a result of the COVID-19 pandemic as the projects required in-facility production. The Company anticipates that these projects will resume once lockdowns are eased in locations in which these projects are performed.

Innodata (NASDAQ:INOD) is a leading data engineering company. Prestigious companies across the globe turn to Innodata for help with their biggest data challenges. By combining advanced machine learning and artificial intelligence (ML/AI) technologies, a global workforce of over 3,000 subject matter experts, and a high-security infrastructure, we're helping usher in the promise of digital data and ubiquitous AI.

This press release may contain forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Words such as "project," "believe," "expect," "can," "continue," "could," "intend," "may," "should," "will," "anticipate," "indicate," "point to," "forecast," "predict," "likely," "goals," "optimistic," "foster," "estimate," "plan," "potential," or the negatives thereof and other similar expressions generally identify forward-looking statements, which speak only as of the date hereof

These forward-looking statements are based on our management's current expectations, assumptions and estimates and are subject to a number of risks and uncertainties, including without limitation, the expected or potential effect of the novel coronavirus (COVID-19) pandemic and the responses of governments, the general global population, our customers, and the Company thereto; that contracts may be terminated by clients; projected or committed volumes of work may not materialize in whole or in part; the primarily at-will nature of contracts with our Digital Data Solutions clients and the ability of these clients to reduce, delay or cancel projects; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; continuing Digital Data Solutions segment revenue concentration in a limited number of clients; continuing Digital Data Solutions segment reliance on project-based work; our inability to replace projects that are completed, canceled or reduced; our dependency on third-party content providers in our Agility segment; difficulty in integrating and deriving synergies from acquisitions, joint ventures and strategic investments; potential undiscovered liabilities of companies and businesses that we may acquire; potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and businesses that we acquire; changes in our business or growth strategy; depressed market conditions; changes in external market factors; the ability and willingness of our clients and prospective clients to execute business plans which give rise to requirements for our services; changes in our business or growth strategy; the emergence of new or growing competitors; potential effects on our results of operations from interruptions in, or breaches of, our information technology systems and various other competitive and technological factors; and other risks and uncertainties indicated from time to time in our periodic filings with the Securities and Exchange Commission.

Our actual results could differ materially from the results referred to in forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, uncertainty around the novel coronavirus (COVID-19) pandemic and the effects of the global response thereto and the risks discussed in Part I, Item 1A. "Risk Factors," Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and other parts of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 16, 2020, or as updated and amended by our other periodic filings with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, other than as required under the Federal securities laws.