Innodata Inc. (NASDAQ:INOD), a technology company with a market cap of US$1.25 billion and an impressive year-to-date return of over 428%, recently saw its director Tur Noman Sobeih sell a significant portion of his holdings in the company. according to InvestingPro data, the company maintains strong financial health with an impressive overall result. According to a recent SEC filing, Sobeih sold 110,207 shares of Innodata common stock on December 20, 2024. The shares were sold at a weighted average price of $44.00, for a total of approximately $4.85 million.
Following this transaction, Sobeih retains ownership of 209,194 shares, which includes 12,417 restricted stock units scheduled to vest by June 2025 or at the company's next annual meeting. The sale was reportedly done for portfolio diversification purposes, with the trade executed at prices ranging from $44.00 to $44.10.
In other recent news, Innodata announced record Q3 revenue of $52 million, a significant 136% increase from the previous year, during its Q3 2024 earnings conference call. This growth was primarily driven by a $30.6 million revenue contribution from One client is a major technology company and expanding federal government engagements. The company's adjusted EBITDA was 27% of revenue, 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 increased to $26.4 million, an increase of $10 million over the previous quarter. Although it has received SEC approval for a $50 million securities offering, the company has no immediate plans to raise money.
These latest developments demonstrate Innodata's strong commercial momentum, with the company expecting this strong performance to continue into Q4 and 2025. The company has also made strategic hires, including a high-level Ph.D. In artificial intelligence, to foster innovation, it plans to expand relationships with seven important customers and increase federal government engagements.
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