If you blinked, you might have missed it. But Innodata (INOD)—the AI data engineering company that doesn't always get the spotlight—just delivered a quarter that's hard to ignore.

Shares surged 43.7% in premarket trading Friday after the company reported first-quarter results that blew past Wall Street estimates and raised its full-year 2026 revenue outlook. This isn't just a beat; it's a statement.

The Numbers That Matter

Revenue hit $90.1 million, up 54% from a year ago and well above the $76.5 million analysts were looking for. Adjusted earnings came in at $0.42 per share, more than double the consensus estimate of $0.17. Adjusted gross profit rose to $42.6 million, with margins expanding to 47%. Adjusted EBITDA nearly doubled to $25 million from $12.7 million.

The company also ended the quarter with $117.4 million in cash and short-term investments—a healthy cushion for a company growing this fast.

A New Reporting Structure

Starting this quarter, Innodata is reporting results as a single operating segment, rather than breaking out its DDS, Agility, and Synodex divisions. It's a simplification that reflects how the business is actually managed.

Raising the Bar for 2026

CEO Jack Abuhoff said the company now expects full-year 2026 revenue growth of "approximately 40% or more year-over-year," up from the prior guidance of about 35% or more issued just 10 weeks ago. That translates to expected revenue of roughly $352.4 million, above the $341.5 million analysts had penciled in.

The Big Tech Customer Story

Perhaps the most exciting detail: a new major Big Tech customer that is expected to generate about $51 million in revenue this year. "Twelve months ago, our revenue from this customer was zero; this year we expect it to become our second-largest customer, and we see considerable headroom both within the current program and across additional programs we are actively discussing," Abuhoff said.

Meanwhile, Innodata's largest customer is expected to account for a smaller share of total revenue in 2026, even as absolute revenue from that customer grows. Revenue from other Big Tech customers collectively surged 453% year-over-year in the first quarter.

Stock Reaction

Innodata shares were up 43.73% at $65.59 in premarket trading Friday. For a company that many investors might not have had on their radar, this quarter is a loud wake-up call.