TROY, MI – Altair reported software product revenue was $99.6 million in the second quarter, an increase of 21.7% year-over-year. Total revenue was $119.9 million, up 21.7% compared to the same period in 2020.

The net loss was $13.6 million, up 33.5% year-over-year. Adjusted EBITDA was $9.5 million, an increase of 65.2%.

“Altair had a strong second quarter 2021, with across-the-board success in multiple verticals, regions, and products, reflecting year-on-year software product revenue growth of 22%,” said James Scapa, founder, chairman and CEO, Altair. “Customers are investing to grow their businesses as we emerge from the pandemic, and Altair’s products, services, and business models are clearly resonating, gaining market awareness and increasing market share.”

“Once again we saw customer demand exceed expectations in the second quarter 2021, which enabled us to achieve results above the high end of our guidance range for the third consecutive quarter,” said Matt Brown, CFO, Altair. “The second quarter 2021 reflects solid execution on our strategy of driving strong organic topline revenue growth and profit expansion.”

Free cash flow was $15.8 million, compared to $4.5 million for the second quarter of 2020, an increase of 252.7%.

For the third quarter, Altair forecasts revenue of $112 million to $115 million. For 2021, the company expects revenue of $512 million to $518 million.

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