Arteris Announces Financial Results for the Second Quarter 2022

Arteris Announces Financial Results for the Second Quarter 2022 and Estimated Third Quarter and Full Year 2022 Guidance

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
	(in thousands)
Cost of revenue	$	260	$	14	$	356	$	27
Research and development		1,493		221		2,637		420
Sales and marketing		728		25		999		49
General and administrative		903		118		1,701		215
Total stock-based compensation expense	$	3,384	$	378	$	5,693	$	711

Arteris, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)

	As of
	June 30, 2022			December 31, 2021
ASSETS
Current assets:
Cash	$	81,301		$	85,825
Accounts receivable, net		4,705			13,873
Prepaid expenses and other current assets		8,862			6,949
Total current assets		94,868			106,647
Property and equipment, net		3,017			2,438
Equity method investment		12,169			—
Operating lease right-of-use assets		2,361			2,765
Intangibles, net		2,721			2,959
Goodwill		2,677			2,677
Other assets		3,339			2,957
TOTAL ASSETS	$	121,152		$	120,443
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	1,567		$	1,722
Accrued expenses and other current liabilities		10,758			10,573
Operating lease liabilities, current		1,027			961
Deferred revenue, current		28,104			28,403
Vendor financing arrangements, current		1,077			833
Total current liabilities		42,533			42,492
Deferred revenue, noncurrent		19,681			20,773
Operating lease liabilities, noncurrent		1,394			1,851
Vendor financing arrangements, noncurrent		239			266
Deferred income, noncurrent		10,444			—
Other liabilities		1,151			2,157
Total liabilities		75,442			67,539
Stockholders' equity:
Preferred stock, par value of $0.001 - 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		—			—
Common stock, par value of $0.001 - 300,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 32,622,817 and 31,530,682 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		33			31
Additional paid-in capital		97,237			91,945
Accumulated other comprehensive loss		(81	)		(81	)
Accumulated deficit		(51,479	)		(38,991	)
Total stockholders' equity		45,710			52,904
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	121,152		$	120,443

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