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

Arteris, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
   
  As of
  June 30,
2024
  December 31,
2023
ASSETS      
Current assets:      
Cash and cash equivalents $ 22,128     $ 13,696  
Short-term investments   23,629       27,477  
Accounts receivable, net of allowance of $93 as of both June 30, 2024 and December 31, 2023   8,947       12,003  
Prepaid expenses and other current assets   4,202       5,254  
Total current assets   58,906       58,430  
Property and equipment, net   4,665       5,745  
Long-term investments   8,124       11,802  
Equity method investment   7,016       8,500  
Operating lease right-of-use assets   3,829       4,289  
Intangibles, net   3,466       3,858  
Goodwill   4,178       4,178  
Other assets   6,187       5,999  
TOTAL ASSETS $ 96,371     $ 102,801  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 340     $ 183  
Accrued expenses and other current liabilities   11,713       11,831  
Operating lease liabilities, current   830       781  
Deferred revenue, current   36,939       31,537  
Vendor financing arrangements, current   1,905       2,070  
Total current liabilities   51,727       46,402  
Deferred revenue, noncurrent   24,503       25,172  
Operating lease liabilities, noncurrent   3,123       3,610  
Vendor financing arrangements, noncurrent   889       1,292  
Deferred income, noncurrent   8,226       8,810  
Other liabilities   2,628       2,412  
Total liabilities   91,096       87,698  
Stockholders' equity:      
Preferred stock, par value of $0.001 - 10,000,000 shares authorized as of both June 30, 2024 and December 31, 2023; no shares issued and outstanding as of both June 30, 2024 and December 31, 2023          
Common stock, par value of $0.001 - 300,000,000 shares authorized as of both June 30, 2024 and December 31, 2023; 39,193,088 and 37,518,583 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively   39       37  
Additional paid-in capital   126,192       118,193  
Accumulated other comprehensive income   38       120  
Accumulated deficit   (120,994 )     (103,247 )
Total stockholders' equity   5,275       15,103  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 96,371     $ 102,801  
 

 

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