TROY, MI -- Altair reported second quarter software product revenue of $116.9 million, up 17.4% from a year ago

Total revenue increased 10.6% to $132.7 million for the June period.

The net loss widened to $33.8 million from $13.6 million in 2021. Non-GAAP net income was $10.9 million, compared to non-GAAP net income of $5.6 million for the second quarter of 2021.

Adjusted EBITDA was $16.4 million, versus $9.5 million in 2021, an increase of 73.1%.

“Altair had a strong second quarter, driven by high double-digit software revenue growth, with all our key metrics coming in above our guidance ranges,” said James Scapa, founder, chairman and chief executive, Altair. “While we are in a period of geopolitical and economic uncertainty, I am confident Altair's culture, customer relationships, high recurring revenue and utilization, high-value business model, and exceptional technology leaves us well-positioned for the remainder of the year.”

“The second quarter was another big success, achieving revenue and profit ahead of expectations,” said Matt Brown, chief financial officer, Altair. “Led by our year-over-year software product revenue growth of over 17% in the second quarter, we continued to deliver on our commitment to software product revenue growth and margin expansion. While we are encouraged by our strong first half of 2022, we are reducing our full year guidance ranges for revenue and profit due to the impact foreign exchange rates are having on our results in reported currency.”

Altair guided for third quarter software product revenue of $99 million to $104 million and full year 2022 revenue of $487 million to $498 million.

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