TROY, MI – Altair reported fourth quarter revenue of $123.9 million, an increase of 20% year-over-year. Software product revenue was $101.2 million, up 27% compared to the fourth quarter of 2018.

Altair is the parent company of Polliwog, a PCB CAD tool developer, which it purchased in October.

For the quarter ended Dec. 31, the company recorded a net loss of $1.5 million, compared to a net loss of $9 million in the same period of 2018. Adjusted EBITDA was $12.7 million, nearly flat with the prior-year quarter.  

“We continue to execute on our vision of transforming product design and customer decision making by leveraging simulation, data analytics and high-performance computing,” said James Scapa, founder, chairman and CEO. “Our core simulation and optimization technologies performed well during the quarter, and we remain highly encouraged by strong demand for our SimSolid product, which continues to have one of the fastest new product ramps in our history. As we enter 2020, we continue to see macro headwinds in our automotive end market, and given the potential impact of the Coronavirus on our customers, we anticipate a more modest start to the year. However, we remain confident our diversification across multiple verticals and products positions the company well to achieve above-market growth over the long-term.”

Total 2019 revenue was $458.9 million, an increase of 16% compared to 2018. Net loss was $7.5 million, compared to $15.5 million. Adjusted EBITDA was $39.5 million, down 21.3% year-over-year.

Software product revenue for 2019 was $366.7 million, up 20%.

Free cash flow for the year was $21.7 million, compared to $29.6 million for 2018.

Altair expects first quarter revenue of $129 million to $131 million and 2020 revenue of $491 million to $495 million. The company expects net income for the first quarter of $4.9 million to $6.3 million and a 2020 net loss between $1.5 million and $4.3 million.

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