Arteris, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting total revenue of $14.7 million, an 11% increase year-over-year. The company achieved a record Annual Contract Value (ACV) plus royalties of $60.5 million and marked its third consecutive quarter of positive free cash flow.
Despite the revenue growth, Arteris reported a GAAP net loss of $8.2 million for the third quarter. Management highlighted increasing traction with top 30 technology customers, with the majority of license deal value in the quarter coming from these engagements, particularly in automotive, enterprise computing, AI, and micro-controllers.
For the fourth quarter of 2024, Arteris provided guidance expecting ACV plus royalties between $62.5 million and $65.5 million, and revenue between $15.5 million and $16.5 million. The non-GAAP operating loss is projected to be between $4.5 million and $5.5 million, with non-GAAP free cash flow anticipated to be positive, ranging from $0.5 million to $3.5 million. Full year 2024 guidance includes ACV plus royalties of $65 million to $68 million and total revenue of $56 million to $58 million.
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