Arteris Announces Financial Results for the Fourth Quarter and Full Year 2023 and Estimated First Quarter and Full Year 2024 Guidance

Arteris, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
 
  As of December 31,
   2023    2022 
ASSETS   
Current assets:   
Cash and cash equivalents$13,696  $37,423 
Short-term investments 27,477   30,728 
Accounts receivable, net of allowance of $93 and $250 as of December 31, 2023 and 2022, respectively 12,003   7,143 
Prepaid expenses and other current assets 5,254   5,818 
Total current assets 58,430   81,112 
Property and equipment, net 5,745   3,617 
Long-term investments 11,802   4,427 
Equity method investment 8,500   11,897 
Operating lease right-of-use assets   4,289       1,883  
Intangibles, net   3,858       4,575  
Goodwill   4,178       4,218  
Other assets   5,999       3,787  
TOTAL ASSETS $ 102,801     $ 115,516  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 183     $ 572  
Accrued expenses and other current liabilities   11,831       12,095  
Operating lease liabilities, current   781       899  
Deferred revenue, current   31,537       28,839  
Vendor financing arrangements, current   2,070       1,264  
Total current liabilities   46,402       43,669  
Deferred revenue, noncurrent   25,172       21,840  
Operating lease liabilities, noncurrent   3,610       1,009  
Vendor financing arrangements, noncurrent   1,292       448  
Deferred income, noncurrent   8,810       9,993  
Other liabilities   2,412       1,022  
Total liabilities   87,698       77,981  
Commitments and contingencies      
Stockholders’ equity:      
Preferred stock, par value of $0.001—10,000,000 shares authorized and no shares issued and outstanding as of both December 31, 2023 and 2022          
Common stock, par value of $0.001—300,000,000 shares authorized at December 31, 2023 and 2022; 37,518,583 and 34,625,875 shares issued and outstanding at December 31, 2023 and 2022, respectively   37       34  
Additional paid-in capital   118,193       103,778  
Accumulated other comprehensive income   120       101  
Accumulated deficit   (103,247 )     (66,378 )
Total stockholders’ equity   15,103       37,535  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 102,801     $ 115,516  
 



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