TROY, Mich. – Altair (NASDAQ:ALTR), a company specializing in computational intelligence, has entered into a collaboration with Moya Aero, an aerospace startup, to enhance the development of electric vertical takeoff and landing (eVTOL) and unmanned aerial vehicles. This partnership is part of the Aerospace Startup Acceleration Program (ASAP) that Altair runs to support emerging companies in the aerospace and defense sectors.
Under the agreement, Moya Aero will utilize Altair's HyperWorks design and simulation platform to advance their engineering processes. This is expected to reduce the time and cost associated with product development, prototyping, and testing. The collaboration aims to improve the design and analysis of Moya Aero's systems, contributing to the production of safer and more efficient autonomous aircraft for cargo transportation.
Pietro Cervellera, Altair's Senior Vice President of Aerospace and Defense, emphasized the goal of ASAP to empower startups with advanced technology solutions and expert technical support. According to Cervellera, this initiative also seeks to expand Altair's presence in Brazil.
Alexandre Zaramela, CEO and CTO of Moya Aero, stated that the company's focus is on becoming a market leader in high-capacity unmanned aerial vehicles. He highlighted that Altair's technology would enhance the market competitiveness of their products by creating designs that are more reliable and efficient.
Moya Aero, founded in 2020 and based in São José dos Campos, Brazil, aspires to augment existing cargo delivery methods with vehicles that are more sustainable and cost-effective. The startup's broader vision includes pioneering new logistics opportunities with innovative, all-electric unmanned products.
The partnership between Altair and Moya Aero is based on a press release statement, and it signifies a strategic move in the aerospace industry, particularly in the burgeoning eVTOL market.
In other recent news, Altair Engineering Inc. has experienced significant developments. The company's Q2 2024 earnings showed a substantial increase with total revenue reaching $148.8 million and software revenue hitting $135.4 million, marking a 10.6% year-over-year increase. This growth was primarily driven by a strong performance in the aerospace and defense sector and the release of enhanced AI capabilities in Altair HyperWorks 2024.
Altair has entered a definitive agreement to be acquired by Siemens (ETR:SIEGn) for $10.6 billion. Following this announcement, RBC Capital increased its price target for Altair to $113, while William Blair downgraded Altair's stock from Outperform to Market Perform.
In a significant technological advancement, Altair, in collaboration with the Technical University of Munich, achieved a breakthrough in quantum computing, particularly in computational fluid dynamics. This development could notably increase the model size and scalability of simulations compared to classical computing methods.
Additionally, Altair has announced a collaboration with the European Space Agency to provide its aerospace technology to various European entities as part of the ESA Partnership Initiative for Commercialisation. This partnership aims to support startups, companies, research centers, and universities involved with ESA in developing aerospace technologies.
Matrix Capital Management has decided to maintain its full investment position in Altair, signaling confidence in the company's long-term strategic value. These are the recent developments that continue to shape Altair's trajectory in the engineering software solutions market.
InvestingPro Insights
Altair's collaboration with Moya Aero in the eVTOL and unmanned aerial vehicle space aligns with the company's strong financial performance and market position. According to InvestingPro data, Altair boasts a market capitalization of $8.86 billion, reflecting investor confidence in its growth potential within the computational intelligence sector.
The company's revenue growth is particularly noteworthy, with a 13.02% increase in quarterly revenue as of Q3 2024. This robust growth trajectory supports Altair's ability to invest in innovative partnerships like the one with Moya Aero, potentially driving future expansion in the aerospace market.
Altair's gross profit margin stands at an impressive 81.29% for the last twelve months as of Q3 2024, indicating strong pricing power and efficient cost management. This financial health positions the company well to support startups through programs like ASAP while maintaining profitability.
InvestingPro Tips highlight additional strengths:
1. Altair has a high return on invested capital, suggesting efficient use of funds in high-growth areas like aerospace technology.
2. The company's earnings have been growing faster than its share price, potentially indicating an undervalued stock relative to its fundamentals.
These insights, along with 11 additional tips available on InvestingPro, provide a comprehensive view of Altair's financial position and growth prospects. The company's strong financials and strategic initiatives in the aerospace sector suggest it is well-positioned to capitalize on the emerging eVTOL market, potentially leading to continued growth and market leadership.
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