Press release
Arteris Announces Financial Results for the Second Quarter 2023 and Estimated Third Quarter and Full Year 2023 Guidance
CAMPBELL, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Arteris, Inc. (Nasdaq: AIP), a leading provider of system IP which accelerates system-on-chip (SoC)
About this update from Arteris, Inc.
[{"type":"text","content":"CAMPBELL, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Arteris, Inc. (Nasdaq: AIP), a leading provider of system IP which accelerates system-on-chip (SoC) creation, today announced financial results for the second quarter ended June 30, 2023 as well as estimated third quarter and full year 2023 guidance. “In the second quarter we continued our momentum, with Annual Contract Value plus Trailing-Twelve-Month Royalties of $58.2 million, up 21% year-over-year when adjusted to exclude DJI and up 6% sequentially,” said K. Charles Janac, President and CEO of Arteris. “Also noteworthy in the second quarter, five of the top 10 largest technology companies engaged with Arteris, demonstrating the accelerating shift to commercial system IP products across a multitude of end markets including automotive, AI and data center applications. As the complexities of SoCs continues to increase, companies who historically utilized in-house solutions are increasingly looking to outsource system IP connectivity needs which we expect to benefit Arteris.\" Second Quarter 2023 Financial Highlights: Annual Contract Value (ACV) and Trailing-twelve-month (TTM) royalties of $58.2 million, up 13% year-over-yearRevenue of $14.7 million, exceeding the top end of our guidanceRemaining performance obligation (RPO) of $65.1 million, up $7.8 million sequentiallyOperating loss of $8.7 million or 59% of revenueNon-GAAP operating loss of $4.2 million or 29% of revenue, compared to a loss of $1.9 million in the year-ago periodNet loss of $9.2 million or $0.26 per shareNon-GAAP net loss of $4.7 million or $0.13 per shareNon-GAAP free cash flow of $(2.2) million or (15)% of revenue Second Quarter 2023 Business Highlights: 22 confirmed designs starts in the second quarter, including 12 that enable AI technologies;Added 12 Active Customers in the second quarter across key verticals, including Enterprise Computing, Automotive, Industrial, and Consumer Electronics;Closed deals with three of the top 10 global semiconductor companies which historically used internal System IP solutions;Continued success in the automotive industry with numerous deals in the space, including direct license deals with five OEMs, and a new automotive Tier 1 customer;BOS Semiconductor selected Arteris interconnect and SoC integration automation technology for use in its next-generation automotive chips...