Janac K Charles, President and CEO of Arteris, Inc. (NASDAQ:AIP), recently sold shares of the company's common stock according to a regulatory filing. The transaction comes as the stock has shown remarkable strength, gaining over 64% in the past year and trading near its 52-week high of $9.54. According to InvestingPro data, the stock's RSI indicates overbought conditions. On December 3, Charles sold 1,242 shares at an average price of $8.58 per share, amounting to $10,654. The following day, December 4, he sold an additional 2,061 shares at an average price of $8.89, totaling $18,316. These transactions were made under a pre-arranged 10b5-1 trading plan adopted in February 2024. After these sales, Charles retains direct ownership of 274,776 shares. Additionally, he indirectly holds shares through Bayview Legacy, LLC and the Charles & Lydia Janac Trust.
In other recent news, Arteris Inc. reported a robust Q3 performance during its earnings call. The company announced a record annual contract value (ACV) plus royalties of $60.5 million, an 11% year-over-year revenue increase to $14.7 million, and a positive free cash flow of $1.1 million. Arteris also secured a significant deal with one of the top five global tech companies and is expanding into the microcontroller market with a new NoC Tiling product.
Despite a non-GAAP net loss of $3.1 million for the quarter, the company's outlook remains positive. Q4 2024 ACV plus royalties are forecasted at $63 million to $67 million, with full-year revenue projections for 2024 between $56.9 million and $57.9 million. Non-GAAP operating loss for the full year is estimated between $17.1 million and $16.1 million, with continued positive free cash flow anticipated for three consecutive quarters.
These developments reflect the company's resilience and growth, driven by strong demand in the AI and automotive sectors. Arteris continues to innovate and expand its product offerings, with strong bookings and new product updates expected in the coming quarters.
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