Fifty-Six Percent, Then Thirty-Seven

The number was on page one of the release dated August 6, 2026, three bullets down from the headline about record results. Innodata's largest customer had been 56 percent of revenue in the first quarter. In the second quarter it was 37 percent.

The same release carried a second announcement. Effective September 30, Rahul Singhal, the president and chief revenue officer, would become president and chief executive officer and join the board. Jack Abuhoff, the founder who had run the company through a legacy the company puts at more than 36 years, would become executive chairman.

A company that had just reported revenue of $92.1 million, up 58 percent, was changing the person in charge in the quarter its dependence on one buyer dropped by nineteen points. The two facts were released together on purpose.

The Product Seat First

Singhal did not come up through sales. He joined Innodata in January 2019 as chief product officer, after more than a decade at IBM that ended as program director for the IBM Watson Platform APIs, and a stint as chief product officer at Equals3.AI. He holds a bachelor of engineering in mechanical engineering from the College of Engineering, Pune, taken in 1995, and an MBA from McGill University, 2000. For a time he also taught competitive strategy and experimental design as an adjunct professor in New York City.

In January 2022 the company added chief revenue officer to his product title. On November 6, 2025 it made him president and chief revenue officer, on the same day it named Abuhoff chairman and accepted the departure of Nauman Toor, the director who had chaired the board since 2019. Toor's parting statement measured the distance travelled: the company had grown "from a sub $50M microcap to a multibillion-dollar world class enterprise".

Singhal's own statement that day was about the next stretch. He said: "It’s an honor to take on this expanded role at such a transformative time for Innodata. We’re working to expand customer engagements and develop new customer relationships as we innovate our offerings to serve our markets at their highest points of need."

Ten months later the expanded role expanded again.

The Quarter That Moved

The second quarter of 2026 was the twelfth consecutive quarter of year-over-year growth. Adjusted EBITDA reached $25.4 million, or 27.5 percent of revenue, up from $13.2 million a year earlier. Net income was $14.4 million against $7.2 million. Adjusted gross margin was 49 percent, nine points above the company's stated 40 percent target. Quarterly revenue, the release noted, exceeded the company's annual revenue of three years earlier.

Underneath the headline sat the reshuffle in the customer base. The Big Tech customer announced the previous quarter went from 17 percent of revenue to 34 percent. The largest customer fell to 37 percent from 56 percent, and, by the company's own account, contributed less revenue in the second quarter than in the first, even as management said it still expected that account to grow for the full year.

Cash came with its own footnote. The $250.4 million of cash, cash equivalents and short-term investments at June 30 included customer prepayments for pass-through costs; net of those, the figure was roughly $134 million.

Diversification was the plan. The plan was now working, and the person who had sold it to those customers was about to be handed the whole company.

The Founder Stays Upstairs

Abuhoff's framing left no room for a crisis reading. He said: "This is a planned transition, made from a position of strength. Rahul has been a principal architect of Innodata’s transformation into a strategic partner to the world’s leading AI builders. He knows our customers, he knows our technology, and he knows our people - and he has been central to every element of the strategy behind the results you have seen quarter after quarter."

The paperwork followed in September. On September 10 the board added Admiral Michael S. Rogers as an independent director. On September 28 the company amended both executives' employment agreements, effective September 30. Abuhoff would serve as executive chairman reporting to the board at a base salary of $600,000. Singhal would serve as president and chief executive officer, reporting solely and directly to the board, at a base salary of $636,276, with a target cash bonus of 100 percent of base.

The new chief executive is paid $36,276 more than the founder who sits above him on the board. A new chief financial officer, Jayant Chauhan, had arrived on July 6.

What He Promised

Singhal's statement in the August release was built on a single verb. He said: "I am truly honored by the confidence Jack and the Board have placed in me, and I intend to repay it with results. Innodata has extraordinary momentum, an extraordinary team, and an extraordinary opportunity in front of it. I intend to build on all three."

He then named the engine. "Research and innovation have become our growth engine - the means by which we differentiate, expand existing partnerships, and forge new customer relationships across the full model training lifecycle, from pre-training and post-training to model evaluation and benchmarking."

That is a product officer's sentence, and it describes a specific bet: that a data-engineering company can sell its way deeper into the frontier labs by publishing benchmarks and building training environments rather than by adding headcount.

The Next Number

The company reiterated full-year 2026 guidance of revenue growth of 40 percent or more, and said large programs from new and anticipated customers were not yet in that figure.

Singhal took the seat on September 30. The next quarterly release will be the first with his name at the top, and the first in which the customer-concentration line is his to explain. Fifty-six, then thirty-seven. The third number is his.