Ashok Mishra, the Executive Vice President and Chief Operating Officer of Innodata Inc. (NASDAQ:INOD), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Mishra sold a total of 86,492 shares of Innodata common stock over two days, November 20 and November 21, 2024. The sales were executed at prices ranging from $45.16 to $47.13 per share, totaling approximately $4.04 million.
Prior to these sales, Mishra had exercised stock options to acquire 86,492 shares at prices between $1.07 and $1.24 per share, amounting to a total acquisition cost of $104,313. Following these transactions, Mishra no longer holds any shares in the company. The sales were part of his personal investment and financial planning strategy, including retirement planning and portfolio diversification.
In other recent news, Innodata reported a record Q3 revenue of $52 million, marking a 136% increase from the previous year. This significant growth was largely 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 $13.9 million, representing 27% of the revenue. Innodata also raised its full-year 2024 revenue guidance to $52-$55 million, indicating an 88%-92% growth. These recent developments show a robust business momentum for Innodata heading into the fourth quarter and the upcoming year. The company also received SEC approval for a $50 million securities offering, although there are no immediate fundraising plans. Innodata is focusing on generative AI and data engineering services for Big Tech firms, with plans to expand relationships with seven significant clients and increase federal government engagements.
InvestingPro Insights
Innodata Inc. (NASDAQ:INOD) has been experiencing significant growth, as reflected in both its financial metrics and stock performance. According to InvestingPro data, the company’s revenue grew by an impressive 71.66% in the last twelve months as of Q3 2024, with an even more striking quarterly revenue growth of 135.57% in Q3 2024. This robust growth aligns with the InvestingPro Tip that analysts anticipate sales growth in the current year.
The company’s strong financial performance is also evident in its profitability. Innodata’s EBITDA growth stands at a remarkable 1545.45% for the last twelve months as of Q3 2024. This exceptional growth rate supports another InvestingPro Tip, which indicates that…
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