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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) is collaborating with Italy's Gruppo Cimbali to integrate digital twin technology into their coffee machine development. This partnership enhances product performance through a blend of data-driven and physics-based modeling, resulting in reduced physical testing, quicker market delivery, and improved energy efficiency. Gruppo Cimbali's commitment to innovation is emphasized, as they leverage Altair's tools to embrace digital transformation, leading to smarter, more connected coffee machines. This initiative signifies a key advancement in the coffee industry.
Altair (ALTR) reported record financial results for Q4 and the full year 2020, with software product revenue rising 12% to $113.6 million for Q4. Total revenue increased to $133.4 million, leading to a net income of $2.2 million compared to a net loss in Q4 2019. For the full year, software revenue reached $391.7 million, while total revenue was $469.9 million, albeit with an annual net loss of $10.5 million. The company projects Q1 2021 software revenue between $118.0 million and $120.0 million, and a full year revenue of $502.0 million to $510.0 million.
Altair has acquired Flow Simulator from GE Aviation, a software that enables flow, heat transfer, and combustion design simulations. This acquisition allows Altair to enhance its software capabilities, facilitating mixed fidelity simulations for various industries including automotive and renewable energy. The deal includes a memo of understanding for a long-term partnership to explore further innovations. With a focus on system-level design, this strategic engagement aims to expand Altair's market reach while optimizing complex thermal system models.
Altair (Nasdaq: ALTR) announced its 2021 simulation software update, enhancing speeds, accuracy, and user experience. This release features improved solver technologies, fostering faster product performance simulations and expanded design tools for electronic systems, supporting 5G connectivity and complex product development. Noteworthy enhancements include better simulation for printed circuit boards, thermal analysis, and advanced modeling capabilities. These updates aim to benefit various industries, including automotive, aerospace, and healthcare, by facilitating the creation of smart, connected devices.
On February 4, 2021, Altair (Nasdaq: ALTR) announced it will release its financial results for the fourth quarter and fiscal year ended December 31, 2020, on February 25, 2021, after market close. The management will discuss these results along with the 2021 outlook in a conference call on February 26, 2021, at 8:30 a.m. ET. Investors can access a recorded version of the call post-event via Altair’s investor relations website.
Altair (Nasdaq: ALTR) announced that CEO James Scapa will present virtually at the Goldman Sachs 2021 Technology & Internet Conference on February 10, 2021, at 10:30 a.m. ET. The presentation will provide insights into Altair's software and cloud solutions in simulation, high-performance computing (HPC), and artificial intelligence (AI). Investors can access a live webcast and replay on the company’s investor relations website.
Altair (Nasdaq: ALTR) has entered a memo of understanding (MoU) with Rolls-Royce Germany to integrate artificial intelligence (AI) with engineering processes. This collaboration aims to enhance engineering, testing, and design of aerospace engines, driving significant reductions in development time and costs. By leveraging Altair's Knowledge Works™ platform, engineers will apply machine learning to optimize data usage, potentially saving millions in recurring costs. The partnership underscores the growing demand for AI in engineering and aims to democratize data-driven decision-making.
Altair (Nasdaq: ALTR) has joined forces with Rolls-Royce Germany to leverage artificial intelligence (AI) and data analytics in aerospace engine engineering. This collaboration aims to reduce development time and costs while enhancing product performance and quality. Notably, the partnership will utilize Altair Knowledge Works™ for machine learning applications across various data sources. With potential savings of millions in recurring costs, this initiative signifies a key step in Rolls-Royce's digital transformation.
Toggled, a subsidiary of Altair (Nasdaq: ALTR), has launched its first Canadian distribution center in Vancouver, collaborating with Yorkland Controls, a leader in connected digital solutions. This partnership aims to enhance customer support for IoT-enabled lighting controls and direct-wire LED products in Canada. The initiative underscores a commitment to providing energy-efficient lighting solutions that are scalable and cost-effective. Toggled's offerings allow for seamless integration with existing building systems, promoting improved energy efficiency and advanced maintenance strategies.
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