TROY, MI – Altair announced $171.5 million in revenue for the fourth quarter, a 6.9% increase compared to the fourth quarter of 2022.

For the full year, the company's revenue of $612.7 million marked a 7.1% increase from 2022.

For the first quarter, Altair projects revenue of $167 million to $170 million.

"Altair finished 2023 with a strong fourth quarter, notching record-high revenue and profit for the quarter and full-year," said president and CEO James R. Scapa. "We are seeing strong momentum across a number of verticals, where computational intelligence is becoming increasingly important. We are excited about our recent and upcoming product releases and believe that our investments in engineering AI are positioning us as a leader in this important and growing domain."

"Our global team worked hard to achieve outstanding results for 2023, and we finished the year exceeding our profitability goals. We are thrilled to have surpassed the 20% adjusted EBITDA margin target for 2023 that we established three years ago," said CFO Matt Brown. "Our strong results despite somewhat difficult macroeconomic conditions demonstrate the importance of our products in solving our customers’ most important challenges. We are excited about the tremendous opportunity ahead of us as we continue to execute on our financial targets."

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