Dan David of Wolfpack Research presents his short thesis on Innodata (INOD). Dan’s work shows that, despite touting itself as an AI company, the company has disclosed zero R&D expense since Q1 2022 and only $4.41 million in total R&D expense since 2019. They’ve also been lacking a Chief Technology Officer. Rather than buying into the AI hype, Wolfpack believes investors should be following in management’s footsteps, who have been aggressively dumping nearly as much stock in the last several months as they had over the prior 20 years. Maybe it’s the persistently negative net income, declining revenue in its legacy business, or the very simple fact that what constitutes “AI” at Innodata is “thousands of overseas laborers banging away on keyboards.