Arteris Announces Financial Results for the First Quarter 2024 and Second Quarter and Full Year 2024 Guidance

Arteris, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
 
  As of
  March 31,
2024
  December 31,
2023
ASSETS   
Current assets:   
Cash and cash equivalents$26,119  $13,696 
Short-term investments 18,695   27,477 
Accounts receivable, net of allowance of $93 as of both March 31, 2024 and December 31, 2023 12,265   12,003 
Prepaid expenses and other current assets 4,718   5,254 
Total current assets 61,797   58,430 
Property and equipment, net 5,244   5,745 
Long-term investments 8,602   11,802 
Equity method investment 7,741   8,500 
Operating lease right-of-use assets 4,060   4,289 
Intangibles, net 3,662      3,858  
Goodwill   4,178       4,178  
Other assets   6,070       5,999  
TOTAL ASSETS $ 101,354     $ 102,801  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 754     $ 183  
Accrued expenses and other current liabilities   12,659       11,831  
Operating lease liabilities, current   858       781  
Deferred revenue, current   33,558       31,537  
Vendor financing arrangements, current   1,987       2,070  
Total current liabilities   49,816       46,402  
Deferred revenue, noncurrent   26,559       25,172  
Operating lease liabilities, noncurrent   3,333       3,610  
Vendor financing arrangements, noncurrent   1,094       1,292  
Deferred income, noncurrent   8,520       8,810  
Other liabilities   2,486       2,412  
Total liabilities   91,808       87,698  
Stockholders' equity:      
Preferred stock, par value of $0.001 - 10,000,000 shares authorized as of both March 31, 2024 and December 31, 2023; no shares issued and outstanding as of both March 31, 2024 and December 31, 2023          
Common stock, par value of $0.001 - 300,000,000 shares authorized as of both March 31, 2024 and December 31, 2023; 38,291,425 and 37,518,583 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively   38       37  
Additional paid-in capital   122,104       118,193  
Accumulated other comprehensive income   54       120  
Accumulated deficit   (112,650 )     (103,247 )
Total stockholders' equity   9,546       15,103  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 101,354     $ 102,801  
               



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