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What guidance did Arteris's management provide for the next earnings period?

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Did Arteris beat or miss consensus estimates last quarter?

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What factors drove the changes in Arteris's revenue and profit?

- **Revenue Growth**: Q4 2025 revenue up 30% YoY to $20.1 million, driven by 50% YoY increase in variable royalties. Full-year ACV+royalties grew 22% to $70.6 million.
- **Cycuity Acquisition**: Adds cybersecurity assurance, targeting $7 million in 2026 revenue and potential ASP doubling for existing customers.
- **Product Momentum**: FlexGen and Ncore IPs licensed for 30+ production devices, with NXP and Altera as key adopters.
- **2026 Outlook**: Guidance for $89-93 million revenue, $100-104 million ACV+royalties, and non-GAAP operating loss narrowing to $9-5 million.
- **Security Expansion**: Cycuity acquisition positions Arteris as a leader in SoC security, with potential to address 15x growth in hardware vulnerabilities.

**【Management Opening Remarks】**
- The call structure was outlined, with CEO Charlie Janac and CFO Nick Hawkins presenting the Q4 2025 results and 2026 outlook. Forward-looking statements and non-GAAP measures were noted.

**【CEO Summary Section】**
- **Record Financial Performance**: Q4 ACV+royalties reached $83.6 million (28% YoY growth), driven by enterprise computing, automotive, and consumer electronics. Full-year ACV+royalties grew 22% to $70.6 million.
- **Cycuity Acquisition**: Added cybersecurity assurance products, targeting semiconductor hardware vulnerabilities. Cycuity's technology enables early detection of security risks in chip designs, expanding Arteris' addressable market.
- **Product Adoption**: FlexGen AI-driven NoC IP licensed for 30+ production devices, including AMD, Dream Chip, and NanoXplore. Ncore cache-coherent interconnect saw strong adoption in edge and server applications, with Altera and NXP as key customers.
- **Customer Wins**: NXP expanded use of Arteris IPs for AI-driven silicon; Black Sesame licensed Arteris IPs for automotive AI chips; Blaize deployed Arteris IPs for energy-efficient AI silicon.
- **Collaborations**: Joined CHASSIS automotive chiplet platform and Cadence's chiplet initiative, enhancing ecosystem partnerships.
- **Security Expansion**: Cycuity acquisition positions Arteris to offer comprehensive security solutions, potentially increasing ASPs beyond $1 million per project.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $20.1 million (30% YoY), non-GAAP gross margin 92%, operating loss $2.2 million. Full-year non-GAAP net loss $14.1 million, with free cash flow $5.3 million.
- **Key Metrics**: RPO $117 million (32% YoY), variable royalties up 50% YoY. 2026 guidance: ACV+royalties $100-104 million, revenue $89-93 million, non-GAAP operating loss $9-5 million.
- **Cycuity Impact**: 2026 contribution $7 million, with $1 million expected loss from integration costs. Free cash flow guidance $5-9 million.

**【Q&A Highlights】**
- **Cross-Sell Opportunities**: Cycuity's security solutions can be sold to existing and new customers, potentially doubling ASPs. Diversified royalty streams (32% YoY RPO growth) reduce market dependency.
- **Royalty Strength**: 9 large quarterly royalty reporters across automotive, consumer, and aerospace. Fourth-quarter royalty boost included a one-time $0.5 million audit adjustment.
- **Cycuity Integration**: Expected to breakeven by Q4 2026. Government contracts may lower gross margin by 1-2% due to subcontractor expenses.
- **Equity Raise**: ATM activation pending market conditions, with no immediate need to use full capacity.


Arteris, Inc. (AIP) Q4 2025 Earnings Call Transcript

- **Revenue Record**: Q3 ACV+royalties $74.9M (+24% YoY), driven by AI (50% of licensing) and 4 new FlexGen customers.
- **Strategic Wins**: Altera, AMD expand use of FlexGen for FPGA/SoC and AI chiplets; automotive and aerospace wins.
- **Financial Strength**: $17.4M revenue (+18% YoY), 91% gross margin, $104.7M RPO (34% YoY growth).
- **Future Outlook**: Q4 ACV $74-78M, full year exit $74-78M. Royalty growth accelerating with 36% YoY increase.
- **Competitive Edge**: 3.9B silicon-proven SoCs, UALink Consortium leadership in AI data centers.

**【CEO Summary Section】**
- **Revenue Growth**: Annual contract value (ACV) plus royalties reached $74.9 million, up 24% year-over-year, driven by AI applications accounting for over 50% of licensing revenue.
- **Key Wins**: Altera selected Arteris' FlexGen and Magillem for FPGA/SoC designs; AMD expanded FlexGen licenses for AI chiplets. Four new FlexGen customers added in Q3, including automotive and aerospace firms.
- **Product Adoption**: FlexGen used in 5nm+ chiplets, with automotive customers shifting to multi-die SoCs. Magillem automation software integrated with Alibaba's RISC-V CPUs.
- **Ecosystem Expansion**: Joined UALink Consortium for AI data center chiplets, collaborating with AMD, Intel, Google, etc. Won 2025 International Business Award for innovation.

**【CFO Financial Commentary】**
- **Revenue**: Q3 revenue $17.4M (18% YoY), above guidance. Trailing 12-month variable royalties up 36% YoY.
- **Margins**: Gross margin 91% (non-GAAP), operating loss $3.5M, net loss $3.8M. Free cash flow $2.5M.
- **Pipeline**: Remaining performance obligations (RPO) $104.7M (34% YoY), exceeding $100M for first time.
- **Guidance**: Q4 ACV $74-78M, revenue $18.4-18.8M. Full year ACV exit $74-78M, up $1M from prior guidance.

**【Q&A Highlights】**
- **Altera Adoption**: Altera using Arteris for FPGA/SoC interconnects, with potential for broader Intel collaboration.
- **AMD Expansion**: AMD's central engineering group and additional teams adopting FlexGen for AI chiplets.
- **Reliability Focus**: 3.9B shipped SoCs with zero field failures; safety-critical automotive and aerospace wins.
- **Royalty Growth**: 36% YoY variable royalties, diversifying from HiSilicon to five major customers.
- **Market Penetration**: Targeting top 40 tech companies, with >50% in customer base. FlexGen ASP higher, but royalty impact 2028+.


Arteris, Inc. (AIP) Q3 2025 Earnings Call Transcript

- **Record Financials**: Q2 ACV $69.1M (15% YoY), RPO $99.3M (28% YoY), revenue $16.5M (13% YoY).
- **Strategic Wins**: AMD adopts FlexGen for AI chiplets; Whalechip partnership for data center ASICs.
- **Product Innovation**: Magillem Packaging automates IP packaging, addressing chiplet complexity.
- **Future Growth**: 2025 ACV exit $72-78M, revenue $66-70M, driven by FlexGen ASP +30% and major customer outsourcing.

**【CEO Summary Section】**
- Achieved record ACV plus royalties of $69.1 million, up 15% YoY, with RPO reaching $99.3 million, a 28% YoY increase.
- Secured strategic win with AMD for FlexGen in AI chiplets, complementing AMD's Infinity Fabric for non-coherent applications.
- Expanded multi-die solution with UCIe support and launched Magillem Packaging for IP automation, addressing chiplet complexity.
- Partnered with Whalechip for data center ASICs, reflecting AI-driven demand for high-bandwidth solutions.

**【CFO Financial Commentary】**
- Q2 revenue of $16.5 million, up 13% YoY, with non-GAAP gross margin at 91%.
- Q3 guidance: ACV $69.5-72.5 million, revenue $16.8-17.2 million.
- Full year 2025: ACV exit $72-78 million, revenue $66-70 million.
- Operating expenses $18.6 million, 10% YoY increase, driven by R&D and sales investments.
- Foreign exchange impacts on OpEx, assuming weaker USD for 2025.

**【Q&A Key Highlights】**
- AMD using FlexGen across multiple products, with ASP up 30% and 2+ dozen installations.
- 30 ongoing heterogeneous chiplet projects (5% of total), with growth expected to 30% of SoC starts.
- RPO growth reflects major customers outsourcing system IP to accelerate time-to-market.


Arteris, Inc. (AIP) Q2 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q1 2025 revenue up 28% YoY to $16.5M, driven by 15% YoY ACV+royalties growth.
- **AI-Driven Innovation**: FlexGen AI NoC IP in 20+ customer evaluations, targeting H2 2025 revenue.
- **Automotive Expansion**: 10 direct OEM customers, including Japanese leader for autonomous driving SoCs.
- **Economic Resilience**: No deal cancellations despite global uncertainty; free cash flow positive at $2.7M.
- **Key Market Trends**: 55%+ of deals now AI-related; 60-70% of system IP expected to outsource by 2030.

**【CEO Key Highlights】**
- Q1 2025 revenue reached $16.5 million, up 28% YoY, driven by ACV+royalties of $66.8 million (15% YoY growth), marking a record high.
- Secured 4 major design wins with top 30 global tech companies, including Magillem SoC integration automation software and expanded orders from a top-5 tech firm for hyperscale computing.
- Automotive sector expansion: 10 direct OEM customers, including a Japanese automotive leader licensing AI-enabled SoC IP for autonomous driving.
- Introduced FlexGen AI-driven NoC IP, with 20 customer projects in evaluation, targeting H2 2025 revenue contribution.
- Opened Kraków engineering hub to strengthen global R&D and customer support.

**【CFO Financial Breakdown】**
- Non-GAAP gross margin: 92%, reflecting strong IP monetization.
- Operating expenses: $18.4 million (8% YoY increase), driven by R&D and FAE investments, with G&A flat for 3+ years.
- Free cash flow: $2.7 million (positive), benefiting from early customer payments.
- Q2 2025 guidance: ACV+royalties $66-70 million, revenue $16.1-16.5 million, non-GAAP operating loss $4-3 million.
- Full year 2025 outlook: ACV+royalties $71-79 million, revenue $65-71 million, non-GAAP free cash flow $0-8 million.

**【Q&A Key Takeaways】**
- **Tariff Impact**: No direct exposure, but economic uncertainty may delay royalty collections. Licensing activity remains robust.
- **FlexGen Momentum**: 20+ projects in evaluation, with feedback indicating 10x engineering productivity gains. Expected H2 2025 bookings.
- **Market Trends**: 55%+ of deals now AI-related; automotive and enterprise segments driving growth. 60-70% of system IP market expected to outsource by 2030.
- **Chiplet Ecosystem**: Joined Intel Foundry Alliance and Automotive Chiplet Forum, positioning for heterogeneous multi-die designs.
- **Currency Risk**: 40% of expenses in EUR, 10% USD weakness could add $1M annualized cost headwind.


Arteris, Inc. (AIP) Q1 2025 Earnings Call Transcript

- **Record Q4 Growth**: ACV+royalties hit $65.1 million, up 24% YoY, driven by AI and automotive SoC wins.
- **FlexGen Breakthrough**: 10x productivity gains, 30% wire length improvements, 13+ companies evaluating.
- **MCU Expansion**: Infineon and GigaDevice wins signal royalty growth potential in low-complexity designs.
- **2025 Financial Targets**: ACV+royalties to $73-$77 million, revenue $66-$70 million, free cash flow $1-$7 million.
- **Chiplet Opportunity**: Complex designs boost ASPs, with multiple licenses per project and inter-die interconnect challenges.

**【CEO Summary Section】**
- Fourth-quarter ACV+royalties reached $65.1 million, driven by AI-driven enterprise computing and automotive SoCs.
- Secured major wins with top 5 tech companies for expanded AI SoC designs and automotive semiconductor firms for mission-critical applications.
- Launched FlexGen Smart NoC IP, delivering 10x engineering productivity and 30% wire length improvements, with 13+ companies evaluating the technology.
- Expanded into the MCU market with Infineon and GigaDevice, targeting royalty growth through standardized NoC adoption.
- Maintained neutral IP provider position with ARM, RISC-V, and x86 architectures, announcing a partnership with MIPS for RISC-V reference platforms.

**【CFO Financial Commentary】**
- Q4 2024 revenue: $15.5 million (24% YoY growth), ACV+royalties: $65.1 million (record high), RPO: $88.4 million (22% YoY increase).
- Non-GAAP gross margin: 91%, operating loss: $2.8 million (improvement of $2.7 million YoY).
- Full-year 2024 non-GAAP net loss: $16.9 million, with $52.7 million gross profit (91% margin).
- 2025 Outlook: ACV+royalties to exit at $73-$77 million, revenue $66-$70 million, non-GAAP operating loss $12.5-$8.5 million, free cash flow $1-$7 million.

**【Q&A Key Highlights】**
- FlexGen ASPs: 30% higher than legacy products, with potential for $1.5 million deals for full IP portfolios.
- MCU market dynamics: longer design cycles (3 years per generation) but high volume (6-15 SKUs per generation).
- Automotive royalty trends: variable royalties up 20% YoY, excluding Mobileye corrections, with non-Mobility variable growth >30%.
- Free cash flow trajectory: 2025 target of $1-$7 million, driven by top-line growth (15-20% YoY) and OpEx control (50% of revenue growth).
- Chiplet opportunities: increased complexity raises ASPs, with multiple licenses per project and inter-die interconnect challenges.

Actual	-0.21	-0.12	-0.14	-0.07	-0.13	-0.12	-0.17	-0.13	-0.12	-0.18	-0.15	-0.11	-0.08	-0.1	-0.09	-0.11	-0.09	-0.05
Forecast	-0.268	-0.184	-0.172	-0.12	-0.166	-0.202	-0.206	-0.1783	-0.158	-0.2005	-0.1662	-0.1387	-0.1176	-0.1064	-0.1188	-0.0965	-0.0885	-0.0664
Surprise	+21.64%	+34.78%	+18.60%	+41.67%	+21.69%	+40.59%	+17.48%	+27.09%	+24.05%	+10.22%	+9.75%	+20.69%	+31.97%	+6.02%	+24.24%	-13.99%	-1.69%	+24.70%

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AIP Q4 2025 Earnings

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AIP Q4 2025 Earnings

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