Innodata Inc. (NASDAQ: INOD), a technology company with a market capitalization of 1.25 billion and an attractive year-to-date return of more than 428%, saw Director Toor Nauman Sabeeh recently sell a significant portion of his holdings in the company. According to InvestingPro data, the company maintains strong financial health and a GREAT overall score. According to the latest SEC filing, Sabeeh sold 110,207 shares of Innodata common stock on December 20, 2024. The shares were sold at an estimated price of $44.00, approximately $4.85 million.
Following this transaction, Sabeeh retains ownership of 209,194 shares, including 12,417 restricted stock units set to vest in June 2025 or at the company's next annual meeting. The sale is said to be for portfolio diversification purposes, with transactions being made at prices ranging from $44.00 to $44.10.
In other recent news, Innodata reported record Q3 revenue of $52 million, a significant increase of 136% from last year, during its Third Quarter 2024 Earnings Conference. This increase was primarily driven by a revenue contribution of $30.6 million from one Big Tech customer and increased federal government engagement. The company's adjusted EBITDA reached 27% of revenue, standing at $13.9 million.
Innodata also raised its full-year 2024 revenue guidance to $52-$55 million, indicating growth of 88%-92%. The company's cash reserves saw an increase, standing at $26.4 million, up $10 million from the previous quarter. Despite receiving SEC approval for the $50 million offering, the company has no immediate plans to raise capital.
These recent developments reflect the strength of Innodata's business, and the company expects this strong performance to continue into Q4 and 2025. The company is also making strategic hires, including senior Ph.D. in AI, strengthening innovation, and plans to expand relationships with seven key customers and expand government partnerships.
This article is powered by AI and updated by an editor. For more information see our T&C.