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Altair Engineering Inc. (NASDAQ: ALTR) is a global leader in computational intelligence, providing enterprise-class engineering software that spans the entire product lifecycle from conceptual design to in-service operation. With over 30 years of experience, Altair specializes in simulation, high-performance computing (HPC), data analytics, and artificial intelligence (AI), offering solutions that optimize design performance across multiple disciplines such as structures, motion, fluids, thermal management, system modeling, and embedded systems.
Headquartered in Troy, Michigan, Altair employs more than 2,500 people across 45 offices in 24 countries, ensuring a global presence in North America, South America, Europe, and Asia Pacific. The company’s client base includes over 5,000 corporations spanning various industries such as automotive, aerospace, government and defense, and consumer products. Altair is also expanding its reach in life sciences, financial services, and energy markets.
Altair operates through two primary segments: Software and Client Engineering Services. The Software segment includes a robust portfolio of products ranging from solvers and optimization technologies to modeling and visualization tools. The Client Engineering Services segment provides specialized engineering expertise to support customer projects.
Financially, Altair has shown strong performance, marked by record-high revenues and profits. For the fourth quarter of 2023, the company reported $155.9 million in software revenue, reflecting a 7.6% increase compared to the same period in 2022. Total revenue for the quarter was $171.5 million, with a net income of $19.7 million. For the full year of 2023, Altair achieved $612.7 million in total revenue, marking a 7.1% increase from the previous year.
Recent achievements include the launch of Altair SimSolid for electronics, a groundbreaking tool in multi-physics simulation for PCBs and ICs. Additionally, Altair acquired Cambridge Semantics to enhance its data analytics and AI offerings, and Research in Flight to bolster its computational fluid dynamics capabilities. Altair continues to be a thought leader, as evidenced by its planned participation in Hannover Messe 2024, where it will showcase its AI-powered engineering solutions.
Altair’s commitment to global information security was solidified with the ISO/IEC 27001:2022 certification, demonstrating its adherence to international standards. The company is also organizing the ATCx AI for Engineers 2024 global virtual event, aimed at exploring AI's transformative potential in product development.
Altair’s forward-looking strategies and investments in cutting-edge technologies ensure that it remains at the forefront of computational intelligence, providing unparalleled value to its diverse client base.
Altair (Nasdaq: ALTR) has announced its flagship virtual event, Future.Industry 2023, scheduled for March 8-9. The event will focus on key megatrends and the convergence of simulation, high-performance computing (HPC), AI, and data analytics. It aims to demonstrate how these technologies can maximize organizational technology investments. Featured speakers include experts from various fields, discussing topics ranging from consumer trends to the impact of leadership computing on science. Future.Industry 2023 will cater to global audiences with live translations in multiple languages. Registration details are available online.
On January 31, 2023, Altair (Nasdaq: ALTR) announced that Airbus Commercial has adopted Altair SimSolid as part of its ZEROe initiative to develop the first zero-emission commercial aircraft. Altair SimSolid is a simulation technology that significantly accelerates structural analyses, reducing delivery times from days to minutes for basic tasks and from months to under a week for complex assemblies. This partnership is expected to enhance design iteration capabilities, streamline engineering processes, and promote sustainability in aerospace innovation. Airbus aims to achieve a hydrogen propulsion system technology readiness level by 2025.
Altair (Nasdaq: ALTR) has entered a multiyear campuswide license agreement with TU Delft, providing access to simulation, data analytics, and high-performance computing for nearly 30,000 students and faculty. This agreement includes over 1 million Altair Units, enabling extensive use of Altair's software solutions. The partnership highlights TU Delft's commitment to top-tier technology in education and research. It also complements the recent installation of DelftBlue, a supercomputer designed to meet the growing computational needs for complex problem-solving. The collaboration aims to enhance educational and research outcomes.
On January 17, 2023, Altair (Nasdaq: ALTR) announced a significant partnership with Soltec, a solar equipment manufacturer in Spain. Under this agreement, Soltec will implement Altair's full suite of technology solutions in its R&D division. This collaboration aims to enhance Soltec’s capabilities in developing and optimizing solar technology, particularly solar trackers. The CEO of Altair emphasized the company's commitment to sustainability and innovation, while Soltec highlighted the advantages of using Altair's unique licensing system for improved software access and cost efficiency. The partnership underscores both companies' focus on advancing renewable energy solutions.
Altair (Nasdaq: ALTR) announced the launch of its updated Simulation 2022.2 software, enhancing cloud elasticity, scalability, and electronic systems development. Key improvements include a flexible user experience through Altair One, enabling access to essential tools and resources from various devices. The update streamlines product development with better integration for electronic systems and improved modeling capabilities, helping teams reduce costs and time-to-market. These advancements position Altair as a leader in AI and computational science, supporting businesses in making informed decisions throughout the product lifecycle.
On Dec. 20, 2022, Altair (Nasdaq: ALTR) announced a $10 million investment in Xscape Photonics, a startup specializing in photonic chips for high-bandwidth connections in data centers and high-performance computing (HPC). This collaboration aims to enhance computing efficiency while reducing power consumption and heat. James R. Scapa, Altair's CEO, stated that this investment aligns with their commitment to advanced technologies. Scapa will join Xscape's board, emphasizing the partnership's potential to drive innovation in the HPC and AI sectors.
Altair (Nasdaq: ALTR) has partnered with the U.S. Department of Energy's Argonne National Laboratory to deploy its PBS Professional workload manager on the Polaris supercomputer. This technology aims to enhance scientific research capabilities, particularly in addressing energy crises through advancements in fusion energy, biofuels, and safer nuclear reactors. By managing thousands of node hours concurrently, PBS Professional accelerates research by hundreds of hours. The upcoming Aurora supercomputer will further leverage this technology, potentially achieving two quintillion operations per second.
Altair (Nasdaq: ALTR) reported third-quarter results exceeding expectations, with total revenue of $119.4 million, a slight decrease from $121.3 million in Q3 2021, but a 6.3% increase in constant currency. Software product revenue rose to $103.8 million, reflecting a 10.1% constant currency growth. Despite a net loss of $(33.2) million, Altair raised its full-year guidance due to strong demand and operational performance. Non-GAAP net income was $4.3 million, a 55.7% drop year-over-year. The company is optimistic about future quarters, with guidance for Q4 software revenue between $126 million and $131 million.
On November 2, 2022, Altair (Nasdaq: ALTR) appointed Ravi Kunju as its new Chief Product and Strategy Officer. In this role, he will oversee the strategy, vision, and marketing of Altair's products. Kunju has nearly 25 years of experience with the company, having held several leadership positions, including Senior Vice President of Business Strategy. CEO James R. Scapa emphasized the importance of strategic solutions in a competitive market, highlighting Kunju's integral role in innovation and customer problem-solving.
Altair (Nasdaq: ALTR) announced CFO Matt Brown will present at the RBC Capital Markets Global Technology, Internet, Media, and Telecommunications Conference on November 15, 2022, at 10 a.m. ET. The presentation will be available via a live webcast and replay on the company's investor relations website. With a focus on computational science and artificial intelligence, Altair offers software and cloud solutions for simulation, high-performance computing, and data analytics, assisting organizations in driving smarter decisions for a sustainable future.
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