Inuvo is an advertising technology company built around IntentKey, a proprietary AI system that identifies consumer intent by analyzing live content consumption across the open web, mapping behavior against a concept graph of over 25 million ideas. Rather than targeting consumers based on cookies, device IDs, or personal identifiers, IntentKey targets based on real-time content context and consumer motivation — a privacy-by-design approach Inuvo argues is both more compliant with evolving privacy regulations and more effective than legacy ID-based systems. Inuvo operates two segments: Platform (~83% of revenue) and Agencies & Brands (~17%). In Platform, Inuvo acts as a technology intermediary, operating a network of websites and apps that attract audience traffic and matching that traffic to advertiser demand from a small number of large platform clients, including Yahoo and Google. Revenue here scales with ad click volume and lead quality, but is heavily concentrated — one client alone represented ~64% of total revenue in 2025. In Agencies & Brands, Inuvo sells IntentKey-powered audience targeting to agencies and brands via managed service and a self-serve product. In managed service, Inuvo runs campaigns on behalf of clients. In self-serve, clients access IntentKey directly through existing demand-side platforms, generating revenue with minimal incremental cost and margins north of 90%. Inuvo grew self-serve from roughly a dozen beta clients at the start of 2025 to 44 clients by Q3 2025. Inuvo's long-term goal is to shift revenue mix toward 50/50 between Platform and Agencies & Brands, given the substantially larger addressable market in the latter.