Arteris Announces Financial Results for the Second Quarter 2023 and Estimated Third Quarter and Full Year 2023 Guidance

Arteris, Inc
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
(unaudited)
 
  As of
  June 30,
2023
  December 31,
2022
ASSETS   
Current assets:   
Cash and cash equivalents$26,334  $37,423 
Short-term investments 28,640   30,728 
Accounts receivable, net of allowance of $250 for both periods 9,582   7,143 
Prepaid expenses and other current assets 5,856   5,818 
Total current assets 70,412   81,112 
Property and equipment, net 5,171   3,617 
Long-term investments 5,838   4,427 
Equity method investment 10,329   11,897 
Operating lease right-of-use assets 1,859   1,883 
Intangibles, net   4,192       4,575  
Goodwill   4,178       4,218  
Other assets   4,847       3,787  
TOTAL ASSETS $ 106,826     $ 115,516  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 210     $ 572  
Accrued expenses and other current liabilities   10,825       12,095  
Operating lease liabilities, current   709       899  
Deferred revenue, current   30,413       28,839  
Vendor financing arrangements, current   1,581       1,264  
Total current liabilities   43,738       43,669  
Deferred revenue, noncurrent   22,963       21,840  
Operating lease liabilities, noncurrent   1,181       1,009  
Vendor financing arrangements, noncurrent   1,348       448  
Deferred income, noncurrent   9,405       9,993  
Other liabilities   1,271       1,022  
Total liabilities   79,906       77,981  
Stockholders' equity:      
Preferred stock, par value of $0.001 - 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively          
Common stock, par value of $0.001 - 300,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 36,033,361 and 34,625,875 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively   36       34  
Additional paid-in capital   111,403       103,778  
Accumulated other comprehensive income   34       101  
Accumulated deficit   (84,553 )     (66,378 )
Total stockholders' equity   26,920       37,535  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 106,826     $ 115,516  



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