TROY, MI – Altair reported third quarter software product revenue was $102.3 million, an increase of 16.5% year-over-year.
Total company revenue for the quarter was $121.3 million, up 14%.
Total net loss was $8.1 million, compared to a net loss of $8.5 million for the third quarter of 2020. Adjusted EBITDA was $14.8 million, an increase of 81.4% year-over-year.
Free cash flow was $(500,000), compared to $(7.5) million for the same period last year.
“Altair continued its across-the-board momentum with an excellent third quarter 2021, highlighted by year-on-year software product revenue growth of 16.5%,” said James Scapa, founder, chairman and CEO, Altair. “Our products, services, and business models are clearly providing value, and we continue to increase our market share as customers invest for growth.”
“Our third quarter 2021 was another impressive quarter, with revenue and profit exceeding expectations and allowing us to raise our outlook for the full year,” said Matt Brown, CFO, Altair. “I’m extremely pleased with our financial results and our ability to continue expanding our margins while significantly growing revenue.”
Altair expects fourth quarter software product revenue of $106 million to $109 million. Full-year 2021 software product revenue is expected to be $437 million to $440 million.