Innodata Inc. (NASDAQ:INOD), a technology company with a market capitalization of $1.25 billion and an impressive year-to-date return of over 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 with a GREAT overall score. According to a recent SEC filing, Sabeeh sold 110,207 shares of Innodata common stock on December 20, 2024. The shares were sold at a weighted average price of $44.00, totaling approximately $4.85 million.
Following this transaction, Sabeeh retains ownership of 209,194 shares, which includes 12,417 restricted stock units set to vest by June 2025 or at the company's next annual meeting. The sale was reportedly made for portfolio diversification purposes, with the transaction executed at prices ranging from $44.00 to $44.10.
In other recent news, Innodata reported a record Q3 revenue of $52 million, a significant 136% increase from the previous year, during its Third Quarter 2024 Earnings Conference Call. This growth was primarily driven by a $30.6 million revenue contribution from a single Big Tech customer and expanded federal government engagements. The company's adjusted EBITDA reached $27% of the revenue, standing at $13.9 million.
Innodata also raised its full-year 2024 revenue guidance to $52-$55 million, indicating an 88%-92% growth. The company's cash reserves have seen an increase, standing at $26.4 million, up $10 million from the previous quarter. Despite receiving SEC approval for a $50 million securities offering, the company has no immediate fundraising plans.
These recent developments demonstrate Innodata's robust business momentum, with the company anticipating this strong performance to continue into Q4 and 2025. The company has also made strategic hires, including a high-level Ph.D. in AI, to bolster innovation, and plans to expand relationships with seven significant clients and increase federal government engagements.
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