Altair Engineering ( (ALTR) ) has realeased its Q3 earnings. Here is a breakdown of the information Altair Engineering presented to its investors.
Altair Engineering is a global leader in computational intelligence, providing software and cloud solutions for simulation, high-performance computing, data analytics, and AI across various industries, with a focus on sustainable innovation.
Altair’s third-quarter financial results for 2024 showcase significant growth and improvement over the same period in 2023. The company reported a 16.5% increase in software revenue and a 13.0% rise in total revenue, alongside a notable recovery from a net loss of $4.4 million in 2023 to a net income of $1.8 million in 2024.
The company achieved a non-GAAP net income of $21.2 million, marking an increase of $8.5 million from the previous year. Adjusted EBITDA saw a substantial rise of 66.3%, with an improved margin of 17.0%. However, cash flow from operations and free cash flow both experienced slight declines compared to the previous year’s third quarter.
Despite these achievements, Altair has decided to suspend its quarterly financial results conference calls and guidance due to a proposed merger with Siemens, which will see Siemens acquiring Altair. This strategic move is expected to enhance Altair’s growth trajectory and market position.
Looking ahead, Altair’s management remains optimistic about the company’s future prospects as they navigate the merger with Siemens. The focus will be on leveraging combined strengths to drive further innovation and maintain a competitive edge in the rapidly evolving tech landscape.
