•
Jun 30, 2023
Altair Q2 2023 Earnings Report
Altair had a solid second quarter, exceeding expectations with software product revenue and total revenue above the high end of guidance.
Key Takeaways
Altair reported a strong second quarter in 2023, with both software product revenue and total revenue surpassing the high end of the company's guidance. The company's performance was fueled by growth in aerospace, defense, technology, and automotive sectors.
Software product revenue increased by 7.2% to $125.3 million compared to Q2 2022.
Total revenue increased by 6.4% to $141.2 million compared to Q2 2022.
Net loss was $(22.3) million, an improvement from $(33.8) million in Q2 2022.
Non-GAAP net income increased by 21.6% to $13.2 million compared to Q2 2022.
Altair
Altair
Altair Revenue by Segment
Forward Guidance
Altair is issuing the following guidance for the third quarter and full year 2023:
Positive Outlook
- Software Product Revenue (Q3 2023): $111 to $113 million
- Total Revenue (Q3 2023): $126 to $128 million
- Software Product Revenue (FY 2023): $548 to $558 million
- Total Revenue (FY 2023): $611 to $621 million
- Adjusted EBITDA (FY 2023): $119 to $129 million
Challenges Ahead
- Net Loss (Q3 2023): $(22.8) to $(20.9) million
- Non-GAAP Net Income (Q3 2023): $2.9 to $4.4 million
- Adjusted EBITDA (Q3 2023): $3 to $5 million
- Net Loss (FY 2023): $(15.3) to $(5.6) million
- Non-GAAP Net Income (FY 2023): $89.9 to $97.3 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income