Press release
Arteris Announces Financial Results for the Second Quarter 2024 and Third Quarter and Full Year 2024 Guidance
CAMPBELL, Calif., Aug. 01, 2024 (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. 01, 2024 (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, 2024 and provided third quarter and full year 2024 guidance. “We’re excited to report a record $60.1 million in Annual Contract Value and Trailing-Twelve-Month Variable Royalties and our second consecutive quarter of positive free cash flow in the second quarter of 2024,” said K. Charles Janac, President and CEO of Arteris. “As our customer base continues to expand with market leading companies in the Automotive and AI technology sectors, including those transitioning from internal solutions, the industry need for Arteris’ high-performance commercial System IP solutions, is evident,” concluded Janac. Second Quarter 2024 Financial Highlights: Revenue of $14.6 million, up 13% sequentiallyAnnual Contract Value (ACV) and trailing-twelve-months (TTM) variable royalties of $60.1 million, up 3% year-over-yearRemaining performance obligation (RPO) of $77.5 million, up 19% year-over-year, growing to the highest level we have ever reportedNon-GAAP free cash flow of positive $0.3 million or 1.8% of revenueOperating loss of $7.4 millionNon-GAAP operating loss of $3.5 million, compared to a Non-GAAP operating loss of $4.2 million in the year ago periodNet loss of $8.3 million or $0.22 per shareNon-GAAP net loss of $4.4 million or $0.11 per share Second Quarter 2024 Business Highlights: Added seven new customers across key markets, including Automotive, Enterprise Computing, Communications and Consumer Electronics;Continued growth momentum in Automotive with the addition of two market-leading global automotive OEMs to our customer base;Steady design activity, with design starts in dynamic technology areas, including a major robotaxi company and a market-leading assisted driving technology company;Forged an ecosystem partnership with Andes Technology, a founding and premier member of RISC-V and a leading supplier of high-performance, low-power RISC-V processor IP;Esperanto Technologies, an AI solution provider for Generative AI and high-performance computing, chose Arteris SoC integration automation software for its automation efficiency, error reduction and streamlined design workflows; andAIP included in the Rus...