Arteris Inc (NASDAQ:AIP) shares are rising in extended trading on Tuesday after the company reported better-than-expected results for the first quarter. Here’s what you need to know from the report.

Arteris stock is challenging resistance. Why is AIP stock breaking out?

Arteris Q1 Highlights

Arteris posted first-quarter revenue of $22.94 million, beating analyst estimates of $21.03 million, according to Benzinga Pro. The company reported an adjusted loss of three cents per share, beating estimates for a loss of seven cents per share.

Total revenue was up 39% on a year-over-year basis. Annual contract value and royalties increased 39% year-over-year to $92.80 million. Remaining performance obligations totaled $118.30 million at quarter’s end, up 33% ...