Altair Reports Q4 and Full Year 2024 Financial Results: A Closer Look
TROY, Mich., Feb. 20, 2025 – Altair (Nasdaq: ALTR), a globally recognized leader in computational intelligence, has recently announced its financial results for the fourth quarter and the full year ended December 31, 2024. Let’s delve deeper into the details of these results and explore their potential implications.
Financial Highlights
Altair reported a 12.5% year-over-year increase in revenue for the fourth quarter, reaching $325.2 million. The full-year revenue grew by 13.3% to $1.28 billion. The company’s adjusted net income for the fourth quarter came in at $35.4 million, representing a 25.7% year-over-year increase. For the full year, Altair’s adjusted net income amounted to $143.6 million, a 25.3% increase compared to the previous year.
Segment Performance
Altair’s Product Development segment, which includes HyperWorks, Altair Simulation, and Altair IoT, reported a 12.6% year-over-year revenue growth in the fourth quarter, generating $262.2 million. The full-year revenue for this segment grew by 13.6% to $987.4 million. The Consultancy and Professional Services segment, which includes Altair Partner Alliance and Altair Engineering, reported a 11.1% year-over-year revenue growth in the fourth quarter, generating $63.0 million. The full-year revenue for this segment grew by 13.1% to $292.6 million.
Impact on Customers
The strong financial performance of Altair indicates its continued commitment to delivering innovative solutions and services to its customers. The company’s investments in research and development have led to the release of new and enhanced products, enabling customers to design and optimize their products more efficiently and effectively. This, in turn, can lead to cost savings, increased productivity, and improved product performance for customers.
Impact on the World
Altair’s advancements in computational intelligence and simulation technology have the potential to bring significant benefits to various industries and applications. For instance, in the automotive industry, the use of Altair’s simulation software can lead to the development of safer, more fuel-efficient vehicles. In the aerospace sector, the application of these technologies can result in lighter, more durable aircraft, reducing fuel consumption and emissions. Moreover, in the field of renewable energy, Altair’s solutions can help optimize the design and performance of wind turbines and solar panels, making renewable energy sources more cost-effective and efficient.
Conclusion
Altair’s impressive financial results for the fourth quarter and the full year ended December 31, 2024, underscore the company’s position as a global leader in computational intelligence. The continued growth in revenue and net income, coupled with the expansion of its product and service offerings, demonstrate Altair’s commitment to innovation and customer success. The potential applications of Altair’s technologies in various industries can lead to significant improvements in product performance, cost savings, and environmental sustainability. As a result, the impact of Altair’s financial success can be felt not only by its customers but also by the world at large.
