TROY, Mich. - Altair (NASDAQ: ALTR), a company specializing in computational intelligence, announced a partnership with technology firm HP Inc (NYSE:HPQ). to enrich its Altair® Material Data Center™. This collaboration aims to streamline the design and production processes for 3D-printed parts by providing engineers with comprehensive material property data.
The agreement, unveiled today, will see HP supply its proprietary material information to Altair, enhancing the latter's database that serves as a critical resource for designers, engineers, and scientists. The integration of HP's material data is expected to facilitate more efficient design and production of parts for Multi Jet Fusion and Metal Jet printers.
Yeshwant Mummaneni, Chief Engineer at Altair, emphasized the importance of accurate material data in overcoming obstacles in the 3D printing workflow. He expressed his enthusiasm for the partnership's potential to expand the technology's adoption across various industries.
The collaboration is set to benefit users of Altair's Inspire™ Print3D as well, which is designed to optimize the creation and simulation of additively manufactured parts. According to Arvind Rangarajan, Global Head at HP, the partnership will support organizations in developing superior products, shortening development cycles, and reducing waste in the prototyping process.
The announcement comes as Altair prepares to showcase its solutions at the RAPID + TCT event on June 25-27.
This news is based on a press release statement.
In other recent news, Altair Engineering Inc. has been making significant strides, both financially and strategically. The company reported a strong first quarter in 2024, with total revenue reaching $172.9 million, of which $158.4 million was software revenue, marking a 6.9% increase from the previous year. Adjusted EBITDA for the same period was reported at $45.8 million.
These recent developments also include Altair's inclusion in the S&P MidCap 400 Index, a notable benchmark for mid-sized companies. This inclusion is seen as a validation of Altair's business strategy and performance, reflecting its consistent growth and established position in various fields such as simulation and design, data analytics, artificial intelligence, and high-performance computing.
In other updates, Altair has been focusing on expansion and innovation, highlighted by its strategic acquisitions and the anticipated launch of Altair SimSolid for electronics. The company also won the 2024 Google (NASDAQ:GOOGL) Cloud North America Partner of the Year Award for Diversity, Equity, and Inclusion. Despite some underperformance in Q2 due to external factors, Altair remains optimistic about strong software revenue growth and adjusted EBITDA for the rest of 2024.
Altair is also making strategic moves into new sectors such as healthcare, heavy industry, and consumer electronics, and is expanding its presence in the aerospace and defense sectors.
InvestingPro Insights
As Altair (NASDAQ: ALTR) fortifies its position in the 3D printing market through strategic collaborations, its financial metrics provide a glimpse into the company's performance and potential. With an adjusted market capitalization of $7.91 billion, Altair stands out in the computational intelligence space. The company's revenue for the last twelve months as of Q1 2024 reached $619.58 million, underscoring a solid growth pattern with a 7.11% increase in that period. This growth is further exemplified by a quarterly revenue growth of 4.14% in Q1 2024.
The gross profit margin for Altair was notably high at 80.64% for the same period, indicating the company's efficiency in managing its cost of goods sold and its ability to retain a significant portion of revenue as gross profit. However, it's worth noting the P/E Ratio remains elevated at 806.36, with a slight adjustment to 750.28 in the last twelve months as of Q1 2024, suggesting a premium market valuation relative to earnings.
Investors tracking Altair's stock performance will observe a 1-year price total return of 32.75%, reflecting investor confidence and a robust market presence. An InvestingPro Tip suggests that while the current price is close to the 52-week high at 94.47%, the InvestingPro Fair Value estimate stands at $71.96, indicating the potential for a market reassessment of the stock's value.
For those looking to delve deeper into Altair's financials and stock performance, InvestingPro offers an additional 15 tips to guide investment decisions. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription and gain access to comprehensive analysis and exclusive insights tailored for informed investing.
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