Arteris Announces Financial Results for the Fourth Quarter and Full Year 2022 and Estimated First Quarter and Full Year 2023 Guidance

Investor Contacts:
Arteris
Nick Hawkins
Chief Financial Officer
IR@arteris.com

Sapphire Investor Relations
Erica Mannion and Michael Funari
+1 617 542 6180
IR@arteris.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including but not limited to, statements regarding our future financial and operating performance, including our GAAP and Non-GAAP guidance for the fourth quarter and full year 2022; our market opportunity and its potential growth; our position within the market and our ability to drive customer value; and our ability to make progress even in a challenging economic environment. The words "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "expect," "estimate," "seek," "predict," "future," "project," "potential," "continue," "target" and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations. Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, the significant competition we face from larger companies and third-party providers; our history of net losses; whether semiconductor companies in the automotive market, enterprise computing market, communications market, consumer electronics market, and industrial markets incorporate our solutions into their end products and the growth and economic stability of these end markets; our ability to attract new customers and the extent to which our customers renew their subscriptions for our solutions; the ability of our customers’ end products achieving market acceptance or growth; our ability to sustain or grow our licensing revenue; our ability, and the cost, to successfully execute on research and development efforts; the occurrence of product errors or defects in our solutions; if we fail to offer high-quality support; the occurrence of macro-economic conditions that adversely impact us, our customers and their end product markets; the effects of geopolitical conflicts, such as the military conflict between Russia and Ukraine; the range of regulatory, operational, financial and political risks we are exposed to as a result of our dependence on international customers and operations; our ability to protect our proprietary technology and inventions through patents and other IP rights; whether we are subject to any liabilities or fines as a result of government regulation, including import, export and economic sanctions laws and regulations; the occurrence of a disruption in our networks or a security breach; risks associated with doing business in China; and the other factors described under the heading “Risk Factors” in our Annual Report on Form 10-K for the quarter ended December 31, 2022 to be filed with the Securities and Exchange Commission (SEC) on February 28, 2023. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances. Our results for the quarter ended December 31, 2022 are not necessarily indicative of our operating results for any future periods.

Arteris, Inc
Condensed Consolidated Statements of Loss
(in thousands, except share and per share data)
(Unaudited)

  Three Months Ended December 31,  Twelve Months Ended December 31,
   2022    2021    2022    2021 
Revenue       
Licensing, support and maintenance$10,269  $10,378  $46,012  $34,731 
Variable royalties and other   934       1,056       4,366       3,133  
Total revenue   11,203       11,434       50,378       37,864  
Cost of revenue   1,085       1,113       4,281       3,731  
Gross profit   10,118       10,321       46,097       34,133  
Operating expense:              
Research and development   10,318       10,240       41,167       30,812  
Sales and marketing   4,631       3,755       17,419       11,726  
General and administrative   4,229       3,606       16,367       13,360  
Total operating expenses   19,178       17,601       74,953       55,898  
Loss from operations   (9,060 )     (7,280 )     (28,856 )     (21,765 )
Interest expense   (29 )     (21 )     (89 )     (105 )
Interest and other income (expense), net   1,019       (61 )     1,425       (474 )
Loss before income taxes and loss from equity method investment   (8,070 )     (7,362 )     (27,520 )     (22,344 )
Loss from equity method investment, net of tax   (284 )           (284 )      
Provision for (benefit from) income taxes   (1,139 )     428       (417 )     1,040  
Net loss $ (7,215 )   $ (7,790 )   $ (27,387 )   $ (23,384 )
               
Net loss per share attributable to common stockholders, basic and diluted $ (0.21 )   $ (0.27 )   $ (0.84 )   $ (1.06 )
Weighted average shares used on computing per share amounts, basic and diluted   33,596,146       28,501,707       32,578,776       21,972,101  

Arteris, Inc.

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