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

 
Arteris, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
 
   As of
   September 30,
2024
  December 31,
2023
ASSETS    
Current assets:    
Cash and cash equivalents $17,829  $13,696 
Short-term investments  30,840   27,477 
Accounts receivable, net of allowance of $93 as of both September 30, 2024 and December 31, 2023  8,715   12,003 
Prepaid expenses and other current assets  5,396   5,254 
          Total current assets  62,780   58,430 
Property and equipment, net  4,058   5,745 
Long-term investments  5,839   11,802 
Equity method investment  6,436   8,500 
Operating lease right-of-use assets    4,070       4,289  
Intangibles, net     3,245       3,858  
Goodwill     4,178       4,178  
Other assets     7,109       5,999  
TOTAL ASSETS   $ 97,715     $ 102,801  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Accounts payable   $ 141     $ 183  
Accrued expenses and other current liabilities     12,966       11,831  
Operating lease liabilities, current     948       781  
Deferred revenue, current     38,991       31,537  
Vendor financing arrangements, current     1,172       2,070  
          Total current liabilities     54,218       46,402  
Deferred revenue, noncurrent     26,511       25,172  
Operating lease liabilities, noncurrent     3,332       3,610  
Vendor financing arrangements, noncurrent     669       1,292  
Deferred income, noncurrent     7,928       8,810  
Other liabilities     2,848       2,412  
          Total liabilities     95,506       87,698  
Stockholders' equity:        
Preferred stock, par value of $0.001 - 10,000,000 shares authorized as of both September 30, 2024 and December 31, 2023; no shares issued and outstanding as of both September 30, 2024 and December 31, 2023            
Common stock, par value of $0.001 - 300,000,000 shares authorized as of both September 30, 2024 and December 31, 2023; 40,127,476 and 37,518,583 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively     40       37  
Additional paid-in capital     130,678       118,193  
Accumulated other comprehensive income     172       120  
Accumulated deficit     (128,681 )     (103,247 )
          Total stockholders' equity     2,209       15,103  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 97,715     $ 102,801  



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