What changed in this filing

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Item 1. Business

2026-03-05 compared with 2025-02-27 · 30 added, 31 removed, 81 unchanged (43% of the section changed)

Company Overview

Inuvo is a leading advertising technology and services business that has successfully developed and commercialized large language generative artificial intelligence that can discover and target digital audiences instantly without having to track consumers around the internet.

Inuvo’s innovative technology positions it as a leader within the advertising industry, offering a valuable solution to marketers seeking to navigate the evolving landscape of consumer privacy.

Rather than targeting people, the artificial intelligence (AI) targets the reasons behind why people are interested in products, services and brands.

Inuvo’s primary mission is to disrupt the advertising industry with its proprietary and patented artificial intelligence, a technology capable of identifying and targeting audiences without using a consumer’s identity or data.

The AI, marketed as IntentKey was designed to replace the consumer data, analytics, segmentation and lookalike modeling technologies that have traditionally served the advertising industry as it transitions to a new paradigm where targeting based on a consumer’s identity and data are no longer possible due to the legislative and technological changes occurring.

The advertising industry Inuvo serves is going through an unprecedented change, the likes of which has never ensued with the potential to disrupt hundreds of billions in annual worldwide digital media spend that supports the internet.

The cornerstone of the change revolves around the use of a consumer’s identity and data for ad-targeting.

While there are many ways to identify consumers, the principal method that has evolved within the browsers has been the cookie, which is the location within the browser where a consumer's identity gets accessed.

When the cookie is no longer available, the means to look up a consumer’s personal information in a database is no longer possible.

No Targeting.

Nineteen states have now signed consumer privacy legislation and another 10 have privacy bills in process.

Apple has already eliminated the use of cookies within its browser and Google is expected to announce its phase out of cookies in 2025.

Inuvo’s AI technology solves this identity challenge by leveraging artificial intelligence, data analytics, and automation that can optimize the purchase and placement of advertising in real time without consumer data.

Inuvo clients, who are agencies and brands (collectively, “Agencies & Brands”) and large consolidators of advertising demand (“Platforms”) both benefit from Inuvo’s ability to intelligently process vast amounts of data, detect patterns in behavior, and enhance advertising efficiency, whether through direct media execution or integration into existing campaign management systems.

These capabilities are typically sold with services both individually and in combination with each other based on client needs.

Agencies & Brands utilize our artificial intelligence-based consumer intent recognition system to reach highly targeted mobile and desktop In-Market audiences with precision.

The solution can serve multiple creative formats including display, video, audio and native across multiple device types including desktop, mobile, tablet, connected/smart TV and game consoles.

The technology can be consumed by clients as a managed service or self-service (SaaS).

For our Platform clients we utilize a collection of data, analytics, software, content management and website creation technologies to align merchant advertising messages with online content.

Inuvo’s revenue is derived from the placement of digital advertising across devices, websites, applications and browsers within social, search and programmatic advertising channels.

Inuvo facilitates and gets paid to deliver millions of advertising messages monthly and counts among its client's numerous world-renowned companies across industries.

Inuvo generates revenue from Agencies & Brands through its fully managed and self-service offerings, both of which utilize IntentKey, and through the placement of advertising on third-party publisher and owned websites designed to meet Platform client requirements.

There are many barriers to entry associated with the Inuvo business model, including proficiency in large language model based artificial intelligence, large scale information processing, software development, consumer data products, analytics, IOT (internet of things) integration and the relationships required to execute within the IOT.

Inuvo’s intellectual property is protected by 19 issued and eight pending patents issued by the United States Patent and Trademark Office (“USPTO”).

Inuvo is a market leader in generative artificial intelligence for modeling media audiences.

As a leading provider of AI-driven data and advertising technology solutions, we have successfully commercialized a proprietary, patented large language model (“LLM”) that identifies and actions the reasons why consumers are interested in products, services, or brands - rather than who they are - offering a high-performance, privacy-by-design solution for the modern advertising landscape.

Intelligence for the Agentic Era.

As the industry moves toward “agentic” systems - where autonomous AI agents increasingly handle the planning and execution of media tasks - Inuvo is uniquely positioned as a critical intelligence layer.

Unlike legacy systems that rely on static historical data or consumer IDs (cookies), Inuvo’s technology provides the real-time, intent-based reasoning required for autonomous media planning and activation.

By serving as the neural network for these adaptive systems, Inuvo enables brands to move from traditional audience targeting to dynamic model planning.

Inuvo’s core competitive advantage lies in Intent Discovery.

While the programmatic industry has traditionally relied on reaching known users based on past behavior, Inuvo’s AI discovers new, high-value audiences as their motivations form.

This intelligence is delivered through a suite of advanced visualization and compliance tools:

The Company’s flagship proprietary AI, IntentKey®, analyzes live content consumption across the open web, mapping human motivation to a concept graph of over 25 million ideas.

This allows Inuvo to predict purchase intent with precision, often identifying emerging audience shifts 24 hours before they become competitive in the open market.

This, in turn, delivers targeting leverage that translates to superior supply/demand yields within bid streams.

A first-of-its-kind visualization that allows marketers to see “intent-in-motion,” mapping the real-time journey from initial discovery to final purchasing decision.

An AI-powered quality assurance feature within our Campsight system that ensures ad creatives remain consistent, accurate and compliant across digital networks.

Inuvo delivers these capabilities through two primary business channels:

Agencies & Brands:

Managed and self-service offerings that utilize Inuvo’s intelligence layer for precision audience discovery and brand-safe activation across CTV, Video, Audio, Native, and Display channels.

Inuvo provides strategic integrations for large consolidators of advertising demand.

This business is optimized to prioritize advertising quality, scalability, and compliance, leveraging AI to align merchant messaging with online content in a durable, defensible manner.

Inuvo’s competitive moat and intellectual property are protected by 18 issued and three pending patents issued by the United States Patent and Trademark Office.

Our IP portfolio includes patents, trade secrets and trademarks.

We actively seek to protect our IP rights and to deter unauthorized use of our IP and other assets.

While our IP rights are important to our success, our business is not significantly dependent on any single patent, trademark, or other IP right.

Key Relationships

We maintain long-standing relationships with several of the world’s largest sources of advertising dollars including Yahoo!

We maintain multi-year service contracts with these companies.

In addition to our Platform relationships, we support Agencies & Brands.

Additionally, we maintain important distribution relationships with owners and publishers of websites and mobile applications.

We have maintained multi-year service contracts with these companies.

In addition to our Platform relationships, we maintain important distribution relationships with owners and publishers of websites and mobile applications.

We provide these partners with advertisements which they use to monetize their websites and mobile applications.

We continuously monitor our advertising quality with a variety of proprietary and patent protected software tools.

In 2024, we had one individual customer with revenue concentration greater than 10% of our total revenues accounting for 75.0%.

In 2023, we had two individual customers with revenue concentration greater than 10% of our total revenue accounting for 60.4% and 12.8%, respectively.

We continuously monitor our advertising quality using a variety of proprietary and patent-protected software tools, including IntentKey.

IntentKey has long-standing relationships with several programmatic infrastructure companies that provide billions of bid transactions.

In 2025, we had two individual customers with revenue concentration greater than 10% of our total revenues accounting for 64.2% and 19.3%, respectively.

In 2024, we had one individual customer with revenue concentration greater than 10% of our total revenue accounting for 75.0%.

Our business strategy focuses on developing cutting-edge advertising technologies that disrupt the traditional intermediaries within the online advertising ecosystem, while fostering strong relationships that enable access to both media spend (advertisers) and media inventory (websites).

45 unchanged sentences

federal registration for our consumer facing brand ALOT® in the United States.

Our intellectual property portfolio includes 19 patents issued by, and eight pending patent applications before, the USPTO.

Our intellectual property portfolio includes 18 patents issued by, and three pending patent applications before, the USPTO.

To distinguish our products and services from our competitors’ products, we have obtained trademarks and trade names for our products.

29 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business