Arteris Announces Financial Results for the Second Quarter 2023 and Estimated Third 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 first quarter and full year 2023; 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 to be filed with the Securities and Exchange Commission (SEC) on August 3, 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 June 30, 2023 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
June 30,
  Six Months Ended
June 30,
  2023  2022  2023  2022
Revenue       
Licensing, support and maintenance$12,998  $14,033  $24,842  $24,608 
Variable royalties and other 1,736   789    3,046       1,969  
Total revenue   14,734       14,822       27,888       26,577  
Cost of revenue   1,225       1,289       2,349       2,268  
Gross profit   13,509       13,533       25,539       24,309  
Operating expense:              
Research and development   12,087       10,371       23,468       19,827  
Sales and marketing   5,601       4,456       10,606       8,377  
General and administrative   4,504       4,132       8,905       8,147  
Total operating expenses   22,192       18,959       42,979       36,351  
Loss from operations   (8,683 )     (5,426 )     (17,440 )     (12,042 )
Interest expense   (27 )     (18 )     (59 )     (38 )
Other income (expense), net   835       127       1,743       66  
Loss before provision for income taxes and loss from equity method investment   (7,875 )     (5,317 )     (15,756 )     (12,014 )
Loss from equity method investment, net of tax   734             1,568        
Provision for income taxes   556       351       851       474  
Net loss $ (9,165 )   $ (5,668 )   $ (18,175 )   $ (12,488 )
               
Net loss per share attributable to common stockholders, basic and diluted $ (0.26 )   $ (0.18 )   $ (0.52 )   $ (0.39 )
Weighted average shares used on computing per share amounts, basic and diluted   35,250,157       32,258,228       34,925,800       31,940,293  



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