TROY, MI -- Altair said second quarter software product revenue was $125.3 million compared to $116.9 million for the second quarter of 2022, an increase of 7.2% in reported currency and 9.4% in constant currency.

Total revenue was $141.2 million compared to $132.7 million for the second quarter of 2022, an increase of 6.4% in reported currency and 8.4% in constant currency.

The net loss was $22.3 million, versus a net loss of $33.8 million in 2022. Non-GAAP net income was $13.2 million, compared to non-GAAP net income of $10.9 million last year, an increase of 21.6%.

Adjusted EBITDA was $17.1 million compared to $16.4 million in 2022, an increase of 3.7%. Adjusted EBITDA margin was 12.1%, compared to 12.4% a year ago.

Cash provided by operating activities was $30 million, up from $12.3 million, and free cash flow was $25.6 million, up from $11 million.

“Altair had a solid second quarter of 2023, with software product revenue and total revenue above the high end of guidance,” said James Scapa, founder, chairman and chief executive, Altair. “Our Q2 performance aligns well with our guidance for the full year and demonstrates our continued success and strength.”

“We’re pleased with the outperformance we’ve seen in the first half of the year,” said Matt Brown, chief financial officer, Altair. “Our strong first half has been fueled by growth across a number of verticals and particularly in aerospace, defense, technology, and automotive, where demand for our products is robust.”

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