Wayne Cantwell, a director at Arteris, Inc. (NASDAQ:AIP), recently executed sales of the company's common stock totaling $50,093. The transactions occurred on December 11 and 12, 2024, involving 2,400 shares sold at a weighted average price of $10.0067 and 2,600 shares at an average of $10.0297, respectively. The sales come as the $401 million market cap company trades near its 52-week high, with the stock showing impressive momentum, gaining nearly 13% in the past week. These sales were conducted under a 10b5-1 trading plan, which Cantwell adopted earlier this year. Following these transactions, Cantwell holds 238,198 shares directly and an additional 38,761 shares indirectly through a 401K plan. The company maintains impressive gross profit margins of 89%. InvestingPro subscribers can access detailed insider trading patterns and 12 additional ProTips to better understand the company's financial health and market position.
In other recent news, Arteris Inc. delivered a strong performance in its Q3 2024 earnings call, reporting a record annual contract value (ACV) plus royalties of $60.5 million. The company witnessed an 11% year-over-year revenue increase to $14.7 million and a positive free cash flow of $1.1 million. The robust demand in the AI and automotive sectors is driving the company's growth.
Arteris also secured a significant deal with one of the top five global tech companies and is expanding into the microcontroller market. The company's new NoC Tiling product has received positive feedback, and bookings for Q3 and Q4 are expected to be strong.
Looking ahead, Arteris forecasts Q4 2024 ACV plus royalties to be between $63 million and $67 million, with full-year revenue projections for 2024 between $56.9 million and $57.9 million. Despite a non-GAAP net loss of $3.1 million for the quarter, the company anticipates continued positive free cash flow for three consecutive quarters. These recent developments suggest Arteris is well-positioned for future growth.
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