Arteris, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a notable increase in revenue but continued net losses. Total revenue for Q3 2024 reached $14.7 million, an 11% increase from $13.3 million in Q3 2023. For the nine months, revenue rose to $42.2 million, up from $41.2 million in the same period last year. The growth was primarily driven by licensing, support, and maintenance revenue, which increased to $13.5 million in Q3 2024 from $12.1 million in Q3 2023.
Despite the revenue growth, Arteris reported a net loss of $7.7 million for Q3 2024, slightly improved from a net loss of $8.2 million in Q3 2023. The net loss for the nine months ended September 30, 2024, was $25.4 million, compared to $26.3 million for the same period in 2023. The company’s net loss per share for Q3 2024 was $(0.20), down from $(0.23) in Q3 2023.
The company’s total assets decreased to $97.7 million as of September 30, 2024, from $102.8 million at the end of 2023. Current assets increased to $62.8 million, with cash and cash equivalents rising to $17.8 million from $13.7 million. However, total liabilities increased to $95.5 million, leading to a significant drop in stockholders' equity to $2.2 million from $15.1 million at the end of 2023.
Research and development (R&D) expenses for Q3 2024 increased by 8% to $11.9 million, attributed to higher employee-related costs and stock-based compensation. The company is actively pursuing growth opportunities through acquisitions and has registered a new subsidiary in Poland as part of its expansion strategy.
Arteris continues to face challenges in the semiconductor industry, including competitive pressures and geopolitical risks, particularly concerning its operations in China, which accounted for 30% of its revenue in the nine months ended September 30, 2024. The company is also navigating changes in U.S. export regulations that may impact its licensing opportunities.
Overall, while Arteris has shown revenue growth, it remains in a challenging financial position with ongoing net losses and significant liabilities.
About Arteris, Inc.
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