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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 the winners of the 2024 Altair Enlighten Award, recognizing sustainability and lightweighting advancements in the automotive industry. The award, presented with the Center for Automotive Research (CAR), honors innovations that reduce carbon footprint, mitigate water and energy consumption, and promote material reuse and recycling.
Key winners include:
- DuPont for Sustainable Product
- BMW M GmbH and partners for Sustainable Process
- Syensqo and General Motors for Module Lightweighting
- CompositeEdge GmbH for Enabling Technology
- WEAV3D, Braskem, and Clemson Composites Center for Future of Lightweighting
- Dow Inc. for Responsible AI
The winners showcase innovative technologies such as energy-efficient adhesives, sustainable materials in seat design, lightweight battery structures, and AI-powered polyurethane solutions. The awards ceremony will be held on August 6, 2024, at the CAR Management Briefing Seminars.
Altair (ALTR), a global computational intelligence leader, announced its Q2 2024 financial results on August 1, 2024. The company reported software revenue of $135.4 million, a year-over-year increase of 8.1%, and total revenue of $148.8 million, up 5.4% from Q2 2023. Net loss improved significantly, reducing to $(5.1) million from $(22.3) million in the same period last year. Non-GAAP net income was $14.8 million, a 12.1% increase from Q2 2023. Adjusted EBITDA was $17.3 million, slightly up by 1.7%. Cash provided by operating activities was $28.6 million, and free cash flow was $26.3 million.
For Q3 2024, Altair expects software revenue between $130-$133 million and total revenue between $145-$148 million. Full-year 2024 guidance projects software revenue of $590-$600 million and total revenue of $648-$658 million, with positive growth rates in both reported and constant currencies.
Altair (Nasdaq: ALTR) and LG Electronics Vehicle component Solutions Company have collaborated to develop an integrated fatigue analysis solution using Altair® OptiStruct®. This collaboration has reduced development time for vehicle infotainment components by over 20%. The new solution streamlines the previously complex process of using multiple software tools and models for fatigue damage evaluation.
Key benefits include:
- Enhanced prediction of product safety and durability
- Accelerated advancements in manufacturing industries
- Identification and rectification of potential issues at the design stage
- Improved product durability and performance
OptiStruct, part of the Altair® HyperWorks® platform, offers comprehensive solutions for linear and nonlinear analyses across various disciplines, driving design optimization and structural performance validation globally.
Altair (Nasdaq: ALTR) has announced Luca Sutton of the TUfast Eco Team as the grand prize winner of the 2023-2024 Altair Global Student Contest. Sutton won the $7,500 prize by using Altair Inspire to reduce his team's Shell Eco-marathon vehicle suspension weight by 41%, while maintaining a 1.3x factor of safety.
The contest, equivalent to the professional Altair Enlighten Award, challenges students to lightweight anything while meeting structural integrity, performance, and sustainability targets. This year's competition saw 36 participants from 18 countries win prizes.
Altair's technology and its Global Academic Program were showcased at a celebratory event at the Technical University of Munich on July 24, 2024. The company emphasized how its portfolio benefits both students and industry professionals in innovation and sustainability efforts.
Altair (Nasdaq: ALTR) has signed a memorandum of understanding (MoU) with the University of Nottingham for a groundbreaking aerospace digital twin project. The project aims to develop a fully-fledged solution for rapidly designing, validating, and testing electric propulsion systems in new aircraft or advanced air mobility vehicles. University researchers will have unlimited access to Altair's HyperWorks and RapidMiner platforms, empowering them with AI-powered multiphysics simulation and data analytics tools.
The collaboration supports the university's new Zero Carbon Innovation Centre, enabling the creation of a complete digital twin for electric propulsion systems. This partnership aligns with Altair's commitment to fostering innovation and sustainability in aerospace and transportation sectors.
Altair (Nasdaq: ALTR), a global leader in computational intelligence, has announced its upcoming financial results release for the second quarter of 2024. The company will disclose its financial performance for the quarter ended June 30, 2024, after the market closes on Thursday, August 1, 2024. Following the release, Altair's management team will host a conference call and webcast at 5 p.m. ET on the same day to discuss the Q2 2024 results and provide insights into the company's outlook for Q3 and the full year 2024.
Investors and interested parties can access the live webcast through Altair's investor relations website at http://investor.altair.com. A recorded version of the webcast will also be made available for those unable to attend the live event.
Altair (Nasdaq: ALTR) will showcase its AI-powered engineering solutions at the Farnborough International Airshow 2024, from July 22 to 26. The company will demonstrate innovations in engineering simulation, artificial intelligence, and high-performance computing for the aerospace industry.
Key highlights include:
- Sustainable aviation demos using AI-powered simulation
- Efficient manufacturing and MRO with intelligent digital twins
- Digital superiority solutions for defense
- Aerospace Startup Acceleration Program
Altair's solutions support the entire aerospace lifecycle, from design to maintenance, focusing on improving safety, reducing costs, and extending aircraft lifecycles. The company emphasizes the critical role of computational intelligence in advancing aerospace technology and reducing environmental impact.
Altair (Nasdaq: ALTR) announced the release of Altair® HyperWorks® 2024, an advanced platform for AI-powered design and simulation. The new version enhances capabilities across product life cycles with improved AI integration, photorealistic graphics, and a unified data system.
Notable features include generative design in Altair® HyperMesh®, efficient thermal analysis with Altair® SimLab®, and single-click AI model training via Altair Drive. It supports Python and C++ for better integration and customization, providing interoperability with over 250 CAD systems.
Altair® Twin Activate® and Altair® Material Data Center™ enrich the digital engineering ecosystem, enhancing model accuracy and material dataset accessibility. The platform also strengthens mechanical and electronic system design, streamlining workflows and boosting productivity, positioning Altair HyperWorks 2024 as a leader in simulation-driven innovation.
Altair (Nasdaq: ALTR) has been chosen as an electronic design automation (EDA) partner for the Samsung Advanced Foundry Ecosystem (SAFE™). This collaboration aims to integrate Altair's comprehensive EDA technology with Samsung Foundry's manufacturing capabilities, enhancing semiconductor design and production efficiency. Altair will provide various design and verification solutions, including chip design, analog circuit verification, production process simulation, and rapid debugging technology. Their FlowTracer™ visualization platform and integrated solutions like high-performance computing resource management, AI-based meta-scheduling, and data analytics will support market responsiveness and product development competitiveness.
Altair (Nasdaq: ALTR), a leader in computational intelligence, has announced a definitive agreement to acquire Metrics Design Automation Inc., a Canadian company specializing in semiconductor electronic functional simulation and design verification. Metrics' flagship product, DSim, offers a simulation as a service (SaaS) model that enhances accessibility and affordability in the IC design verification process. The acquisition aims to combine DSim with Altair's Silicon Debug Tools to create a superior simulation environment. This new solution will be available through Altair One and supports running simulations on desktops, servers, or the cloud.
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