In a recent filing with the Securities and Exchange Commission, Arteris, Inc. (NASDAQ:AIP), a $361 million market cap company that has seen its stock surge nearly 50% year-to-date, disclosed that its Vice President and Chief Financial Officer, Nicholas B. Hawkins (NASDAQ:HWKN), executed a stock sale. According to InvestingPro data, the company maintains impressive gross profit margins of 89%. On December 5, 2024, Hawkins sold 722 shares of Arteris common stock at a price of $9.30 per share, amounting to a total transaction value of $6,714.
The sale was conducted under a pre-established 10b5-1 trading plan, which was adopted by Hawkins on May 20, 2024. Following this transaction, Hawkins retains ownership of 184,255 shares of Arteris stock.
In other recent news, Arteris Inc. reported a strong third quarter in their earnings call, with a focus on AI and automotive SoC. The company saw a year-over-year revenue increase of 11% to $14.7 million, with a record annual contract value (ACV) plus royalties of $60.5 million. A positive free cash flow of $1.1 million was also reported for the quarter. Among the notable developments, Arteris secured a significant deal with one of the top five global tech companies and received positive feedback on its new NoC Tiling product. The company's outlook includes ACV plus royalties forecasted at $63 million to $67 million for Q4 2024 and 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. This news comes amid strong demand in AI-driven enterprise computing and automotive SoC solutions, positioning Arteris for continued success in these sectors.
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