Research Reports

ACV + royalties 达创纪录 9280万美元，同比 +39%（CEO）
总收入 达创纪录 2290万美元，同比 +39%，超出指引上限（CFO）
连续12个月特许权使用费 创纪录 790万美元，同比 +67%（CFO）
剩余履约义务（RPO） 创纪录 1.18亿美元，同比 +33%；其中预计过半将在未来12个月确认为收入（CFO）
非GAAP毛利率 87%（GAAP 86%），首次纳入部分政府安全合同的分包商成本（CFO）
非GAAP运营费用 2260万美元，运营杠杆持续改善（CFO）
非GAAP运营亏损 250万美元，处于指引上限；GAAP运营亏损930万美元（CFO）
非GAAP净亏损 120万美元（每股-0.03美元）；GAAP净亏损800万美元（每股-0.17美元）（CFO）
现金及投资 4190万美元，无金融负债（CFO）
自由现金流 季度内为负740万美元，包含约300万美元收购Semifore的交易费用（CFO）
客户结构：三分之二客户项目涉及AI芯片；各行业（企业计算、汽车、通信、消费电子、航空航天与国防）均获新单（CEO）
产品进展：FlexGen Smart NoC IP获主流客户及初创公司采用；两款优化芯粒/多die系统IP预计2026年量产，聚焦AI/HPC/ADAS（CEO）；收购Semifore（芯片网络安全公司），已有一家前五大超大规模客户授权安全技术（CEO）

“2026 was a robust quarter for Arteris, as we reached another record annual contract value plus royalties of 92.8 million representing a 39% year on year increase.” — Charlie Janac (CEO)
“AI integration into all types of electronics … is increasing the demand for advanced connectivity and security products and now 2-thirds of our customer engagements are into AI chips.” — Charlie Janac (CEO)
“We had a strong first quarter, beating the top end of our revenue and ACV plus royalties guidance and meeting the top end of our non GAAP operating income guidance range.” — Nick Hawkins (CFO)
“We expect to report a non GAAP operating profit for period as early as the fourth quarter of the current year.” — Nick Hawkins (CFO)
“This was our first strategic financial objective. We are now focused on delivering our next strategic financial objective the inflection to non-GAAP profitability towards the end of the current year.” — Nick Hawkins (CFO)

Topic: Hyperscaler ASIC and HBM design win timeline and lifecycle
Key points:
- Design cycle for hyperscaler ASICs is 2–3 years (vs. automotive up to 6 years).
- HBM and data center AI products have the quickest design cycles and higher volumes, but also faster churn (rise and die quicker).
- These chips are high-priced and become more expensive at smaller process nodes, potentially increasing royalties per generation.
Mgmt stance: Neutral – factual description of cycle times; no acceleration or specific timeline given beyond 2–3 years.

Topic: Annual guidance raise drivers and data center segment scale vs. auto
Key points:
- 12-month trailing royalties up 67%; Q1 year-over-year royalties up over 100%.
- April deal flow was the strongest on record, ~4x larger than the next biggest April.
- Enterprise (data center) is now the largest vertical for license generation (30%–35% of ACV), slightly above automotive (also 30%–35%); aerospace & defense is ~10% of ACV.
- Data center chips are higher-priced but lower volume; automotive remains a solid royalty generator.
Mgmt stance: Bullish on royalty trajectory and deal pipeline, but cautious on future guidance – waiting to see if April strength persists before adjusting further.