Arteris Announces Financial Results for the First Quarter 2023

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

Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
(unaudited)

	As of
	March 31, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	28,505		$	37,423
Short-term investments		32,426			30,728
Accounts receivable, net of allowance of $310 and $250		9,750			7,143
Prepaid expenses and other current assets		5,096			5,818
Total current assets		75,777			81,112
Property and equipment, net		3,313			3,617
Long-term investments		2,458			4,427
Equity method investment		11,063			11,897
Operating lease right-of-use assets		1,932			1,883
Intangibles, net		4,383			4,575
Goodwill		4,218			4,218
Other assets		4,149			3,787
TOTAL ASSETS	$	107,293		$	115,516
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,215		$	572
Accrued expenses and other current liabilities		9,992			12,095
Operating lease liabilities, current		780			899
Deferred revenue, current		27,794			28,839
Vendor financing arrangements, current		1,161			1,264
Total current liabilities		40,942			43,669
Deferred revenue, noncurrent		22,270			21,840
Operating lease liabilities, noncurrent		1,205			1,009
Vendor financing arrangements, noncurrent		256			448
Deferred income, noncurrent		9,699			9,993
Other liabilities		1,153			1,022
Total liabilities		75,525			77,981
Stockholders' equity:
Preferred stock, par value of $0.001 - 10,000,000 shares authorized and no shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively		—			—
Common stock, par value of $0.001 - 300,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 35,298,223 and 34,625,875 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively		35			34
Additional paid-in capital		107,009			103,778
Accumulated other comprehensive income		112			101
Accumulated deficit		(75,388	)		(66,378	)
Total stockholders' equity		31,768			37,535
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	107,293		$	115,516

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