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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) announced the appointment of Sandy Carter to its board of directors. Carter, who brings over 20 years of experience from roles at Amazon Web Services and IBM, is expected to enhance Altair's global partnership and marketing strategies. Carter has a successful track record in generating business strategies that significantly increased partnership participation at AWS. She is recognized for her contributions to diversity and inclusion in tech. Her appointment aims to leverage her multidisciplinary expertise to further Altair's digital transformation initiatives.
Altair (Nasdaq: ALTR) announced that Argonne National Laboratory will implement Altair PBS Professional as its primary workload manager for the Polaris and Aurora supercomputers. This partnership aims to enhance scientific research efficiency and productivity in exascale computing. PBS Professional will replace the existing Cobalt workload manager, optimizing thousands of node hours for diverse tasks, including machine learning. In 2020, ALCF utilized over 100 million node hours for computing, significantly impacting fields such as cancer research and clean energy.
Altair (Nasdaq: ALTR) reported strong financial results for Q3 2021, with software product revenue rising by 16.5% to $102.3 million from $87.8 million in Q3 2020. Total revenue increased 14.0% to $121.3 million. The company's net loss improved to $8.1 million from $8.5 million year-over-year, with a diluted net loss per share of $0.11. Adjusted EBITDA grew 81.4% to $14.8 million, and non-GAAP net income surged 107.1% to $9.6 million. Altair raised its guidance for Q4 and full year 2021, projecting software product revenue of $437-440 million.
Altair (Nasdaq: ALTR) was recognized in Inc. magazine's 2021 Best-Led Companies list, marking its first award from the publication. The company was selected from over 10,000 midsize firms, categorized as those earning between $50 million and $2 billion annually. The selection criteria included performance, market penetration, talent, and leadership. Additionally, Altair was also honored in Newsweek's 100 Most Loved Companies list. CEO James R. Scapa emphasized the organization's culture of communication and innovation as key to its success.
Altair (Nasdaq: ALTR) has scheduled a virtual presentation at the RBC Global Technology, Internet, Media and Telecom Conference on November 17, 2021, at 1:20 p.m. ET. The session will feature CEO James Scapa and CFO Matt Brown in a fireside chat format. A live webcast and replay will be accessible on the company's investor relations website.
Altair specializes in software and cloud solutions focused on simulation, high-performance computing, and artificial intelligence, aiming to enhance organizational competitiveness and sustainability.
Altair (Nasdaq: ALTR) has relaunched its Startup Program, offering tailored technology packages to assist startups in utilizing simulation, HPC, and AI solutions. This initiative aims to foster innovation and reduce development costs, thereby enhancing competitiveness. The program includes four distinct packages: Smart Product Development, Data Intelligence, Cloud/HPC Starter, and Altair Unlimited Appliance on Oracle Cloud. Each package caters to specific startup needs, enabling access to critical technology and support for business growth.
Toggled, a subsidiary of Altair (Nasdaq: ALTR), has launched two innovative products: the Toggled iQ Area Lighting Controller and the Toggled iQ Plug Load Controller. These products aim to enhance energy efficiency and building management by allowing businesses to better control lighting and plug loads, potentially realizing energy savings of up to 50%. Both controllers are featured on the DesignLights Consortium (DLC) Networked Lighting Controls (NLC) qualified products list and will be showcased at LightFair 2021 from October 27-29 in New York.
Altair (Nasdaq: ALTR) will announce its third-quarter financial results for 2021 on November 4, 2021, after market close. A conference call will be held at 5 p.m. ET to discuss the results and provide insights into the fourth quarter and full-year outlook. Investors can listen live or access a recorded version of the webcast at investor.altair.com. The event aims to inform stakeholders about the company's performance in simulation, HPC, and AI, emphasizing its leading position in these sectors.
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