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Stock Options and Restricted Stock Units (Tables) | 9 Months Ended
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Sep. 30, 2025
Stock Options and Restricted Stock Units |
Schedule of stock-based compensation expense | 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
Equity Plans |
Stock Options and Restricted Stock Units |
Schedule of stock option activity | 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
Restricted Stock Units |
Stock Options and Restricted Stock Units |
Summary of restricted stock under the company's plan | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | 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

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