These sales were executed under a 10b5-1 trading plan that Moll adopted earlier this year on March 15, 2024. The sales were partly conducted to satisfy tax liabilities arising from the release of restricted stock units. Following these transactions, Moll retains ownership of 491,592 shares of Arteris common stock, which includes 3,000 shares acquired through the company's Employee Stock Purchase Plan. Despite recent challenges in profitability, InvestingPro data reveals the company maintains impressive gross profit margins of 89% and holds more cash than debt on its balance sheet. Get access to 8 additional InvestingPro Tips and comprehensive analysis in the Pro Research Report. Despite recent challenges in profitability, InvestingPro data reveals the company maintains impressive gross profit margins of 89% and holds more cash than debt on its balance sheet. Get access to 8 additional InvestingPro Tips and comprehensive analysis in the Pro Research Report.
These sales were executed under a 10b5-1 trading plan that Moll adopted earlier this year on March 15, 2024. The sales were partly conducted to satisfy tax liabilities arising from the release of restricted stock units. Following these transactions, Moll retains ownership of 491,592 shares of Arteris common stock, which includes 3,000 shares acquired through the company's Employee Stock Purchase Plan.
In other recent news, Arteris Inc. reported a strong third quarter in its latest earnings call. The company's annual contract value plus royalties hit a record $60.5 million, with a year-over-year revenue increase of 11% to $14.7 million, and a positive free cash flow of $1.1 million. These results were driven by robust demand in the AI and automotive sectors.
The company also revealed that it secured a significant deal with one of the top five global tech companies and is expanding into the microcontroller market. Feedback on its new NoC Tiling product has been positive.
In terms of future expectations, Arteris forecasts Q4 2024 ACV plus royalties between $63 million and $67 million, and full-year revenue projections for 2024 between $56.9 million and $57.9 million. The company anticipates continued positive free cash flow for three consecutive quarters. These recent developments suggest a strong outlook for Arteris, underpinned by its focus on AI and automotive SoC solutions.
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