Arteris Announces Financial Results for the Third Quarter 2022

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in thousands)
Cost of revenue	$	118	$	15	$	474	$	42
Research and development		1,798		225		4,435		645
Sales and marketing		679		23		1,678		72
General and administrative		794		170		2,495		385
Total stock-based compensation expense	$	3,389	$	433	$	9,082	$	1,144

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

	As of
	September 30, 2022			December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	68,200		$	85,825
Short-term investments		4,400			—
Accounts receivable, net		9,638			13,873
Prepaid expenses and other current assets		8,427			6,949
Total current assets		90,665			106,647
Property and equipment, net		3,502			2,438
Long-term investments		1,983			—
Equity method investment		12,181			—
Operating lease right-of-use assets		2,124			2,765
Intangibles, net		2,575			2,959
Goodwill		2,677			2,677
Other assets		3,115			2,957
TOTAL ASSETS	$	118,822		$	120,443
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,984		$	1,722
Accrued expenses and other current liabilities		11,520			10,573
Operating lease liabilities, current		1,033			961
Deferred revenue, current		27,646			28,403
Vendor financing arrangements, current		1,502			833
Total current liabilities		43,685			42,492
Deferred revenue, noncurrent		22,046			20,773
Operating lease liabilities, noncurrent		1,134			1,851
Vendor financing arrangements, noncurrent		433			266
Deferred income, noncurrent		10,290			—
Other liabilities		877			2,157
Total liabilities		78,465			67,539
Stockholders' equity:
Preferred stock, par value of $0.001 - 10,000,000 shares authorized and no shares issued and outstanding as of September 30, 2022 and December 31, 2021		—			—
Common stock, par value of $0.001 - 300,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 33,320,891 and 31,530,682 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively		33			31
Additional paid-in capital		99,589			91,945
Accumulated other comprehensive loss		(102	)		(81	)
Accumulated deficit		(59,163	)		(38,991	)
Total stockholders' equity		40,357			52,904
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	118,822		$	120,443

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