Arteris

Visibility is above average for a small cap IP vendor due to multi‑year license terms, ratable revenue recognition and a growing backlog.

RPO stood at 134.9 million as of June 30, 2026, up from 99.3 million a year earlier, and management reported a 21% year‑over‑year increase in trailing‑twelve‑month confirmed design starts through Q2 2026. However, royalty timing remains tied to end‑market production ramps and can be lumpy, and exposure to macro cycles and China introduces variability.

We therefore view predictability as good but not visa‑like.