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Stock Options and Restricted Stock Units | 9 Months Ended
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Sep. 30, 2025
Stock Options and Restricted Stock Units |
Stock Options and Restricted Stock Units | 8.Stock Options and Restricted Stock Units The stock-based compensation expense related to the Innodata Inc. 2013 Stock Plan, as amended and restated effective June 7, 2016 (the “2013 Plan”) and the Innodata Inc. 2021 Equity Compensation Plan, as amended and restated effective as of April 11, 2022 (the “2021 Plan”, and together with the 2013 Plan, collectively, the “Equity Plans”) were allocated as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Direct operating costs | ​ | $ | 444 | ​ | $ | 43 | ​ | $ | 1,312 | ​ | $ | 200
Selling and administrative expenses | ​ |  | 2,263 | ​ |  | 812 | ​ |  | 6,997 | ​ |  | 2,681
Total stock-based compensation | ​ | $ | 2,707 | ​ | $ | 855 | ​ | $ | 8,309 | ​ | $ | 2,881
​ Stock Options ​ 2013 Plan A summary of option activity under the 2013 Plan and changes during each of the nine-month periods ended September 30, 2025 and 2024 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Weighted-Average |  | ​
​ | ​ | ​ |  | Weighted - Average |  | Remaining Contractual | ​ | Aggregate
​ |  | Number of Options |  | Exercise Price |  | Term (years) |  | Intrinsic Value
Outstanding at January 1, 2025 |  | 3,165,193 | ​ | $ | 3.67 |  | 6.32 |  | $ | 113,458,326
Granted |  | - | ​ |  | - |  | - |  | ​ | -
Exercised |  | (246,742) | ​ |  | 4.57 |  | - |  | ​ | -
Forfeited/Expired |  | - | ​ |  | - |  | - |  | ​ | -
Outstanding at September 30, 2025 |  | 2,918,451 | ​ | $ | 3.60 |  | 5.60 | ​ | $ | 214,423,447
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​
Exercisable at September 30, 2025 |  | 2,820,116 | ​ | $ | 3.60 | ​ | 5.55 | ​ | $ | 207,180,091
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​
Vested and Expected to vest at September 30, 2025 |  | 2,918,451 | ​ | $ | 3.60 |  | 5.60 | ​ | $ | 214,423,447
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted-Average |  | ​ | ​
​ | ​ | ​ | ​ | Weighted - Average | ​ | Remaining Contractual | ​ | Aggregate
​ | ​ | Number of Options | ​ | Exercise Price | ​ | Term (years) | ​ | Intrinsic Value
Outstanding at January 1, 2024 | ​ | 5,339,162 | ​ | $ | 3.22 | ​ | 6.38 | ​ | $ | 28,640,009
Granted |  | - |  | ​ | - |  | - |  | ​ | -
Exercised |  | (159,232) |  | ​ | 4.07 |  | - |  | ​ | -
Forfeited/Expired |  | (4,001) |  | ​ | 6.96 |  | - |  | ​ | -
Outstanding at September 30, 2024 |  | 5,175,929 | ​ | $ | 3.19 |  | 5.62 | ​ | $ | 70,306,343
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2024 |  | 3,586,369 | ​ | $ | 2.45 |  | 4.78 | ​ | $ | 51,361,592
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to vest at September 30, 2024 |  | 5,175,929 | ​ | $ | 3.19 |  | 5.62 | ​ | $ | 70,306,343
​ 2021 Plan A summary of option activity under the 2021 Plan and changes during the nine-month periods ended September 30, 2025 and 2024 are presented below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted-Average | ​ | ​
​ | ​ | ​ | ​ | Weighted - Average | ​ | Remaining Contractual | ​ | Aggregate
​ |  | Number of Options |  | Exercise Price |  | Term (years) |  | Intrinsic Value
Outstanding at January 1, 2025 |  | 842,271 | ​ | $ | 15.86 |  | 8.46 |  | $ | 20,847,471
Granted |  | - | ​ |  | - |  | - |  | ​ | -
Exercised |  | (119,739) | ​ |  | 3.51 |  | - |  | ​ | -
Forfeited/Expired |  | (22,668) | ​ |  | 3.41 |  | - |  | ​ | -
Outstanding at September 30, 2025 |  | 699,864 | ​ | $ | 18.38 |  | 7.85 | ​ | $ | 41,075,152
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2025 |  | 194,006 | ​ | $ | 3.32 |  | 6.98 | ​ | $ | 14,308,582
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to vest at September 30, 2025 |  | 699,864 | ​ | $ | 18.38 |  | 7.85 | ​ | $ | 41,075,152
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted-Average |  | ​ | ​
​ | ​ | ​ | ​ | Weighted - Average | ​ | Remaining Contractual | ​ | Aggregate
​ | ​ | Number of Options | ​ | Exercise Price | ​ | Term (years) | ​ | Intrinsic Value
Outstanding at January 1, 2024 |  | 923,571 | ​ | $ | 3.41 | ​ | 8.76 |  | $ | 4,786,252
Granted |  | - | ​ |  | - | ​ | - |  | ​ | -
Exercised |  | (47,596) | ​ |  | 3.41 | ​ | - |  | ​ | -
Forfeited/Expired |  | (9,668) | ​ |  | 5.40 | ​ | - |  | ​ | -
Outstanding at September 30, 2024 |  | 866,307 | ​ | $ | 3.39 | ​ | 8.01 | ​ | $ | 11,591,122
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2024 |  | 339,613 | ​ | $ | 3.36 | ​ | 7.99 | ​ | $ | 4,554,490
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to vest at September 30, 2024 |  | 866,307 | ​ | $ | 3.39 | ​ | 8.01 | ​ | $ | 11,591,122
​ There were no options granted during the nine months ended September 30, 2025 and 2024. During the nine months ended September 30, 2025, a total of 366,481 options were exercised at an average exercise price of $4.22. The compensation cost related to non-vested stock options not yet recognized as of September 30, 2025 totaled approximately $6.4 million. The weighted-average period over which these costs will be recognized is 27 months. Restricted Stock Units Restricted stock unit activity under the Equity Plans during each of the nine-month periods ended September 30, 2025 and 2024 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | Weighted-Average
​ | ​ | Number of | ​ | Grant Date
​ |  | Restricted Stock Units |  | Fair Value
Unvested at January 1, 2025 | ​ | 1,249,079 | ​ | $ | 20.98
Granted |  | 39,049 |  | ​ | 54.12
Vested |  | (214,506) |  | ​ | 6.43
Forfeited/Expired |  | (555,208) |  | ​ | 7.97
Unvested at September 30, 2025 |  | 518,414 | ​ | $ | 43.44
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-Average
​ | ​ | Number of | ​ | Grant Date
​ | ​ | Restricted Stock Units | ​ | Fair Value
Unvested at January 1, 2024 |  | 749,756 | ​ | $ | 5.77
Granted |  | 28,973 | ​ |  | 15.10
Vested |  | (48,761) | ​ |  | 8.42
Forfeited/Expired |  | (995) | ​ |  | 8.29
Unvested at September 30, 2024 |  | 728,973 | ​ | $ | 5.96
​ A total of 11,829 restricted stock units were granted to non-employee directors during the nine months ended September 30, 2025. The compensation cost related to non-vested restricted stock units not yet recognized as of September 30, 2025 totaled approximately $17.0 million. The weighted-average period over which these costs will be recognized is 26 months.

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