TROY, Mich. - Altair (NASDAQ:ALTR), a company specializing in computational intelligence, and the Technical University of Munich have achieved a significant breakthrough in quantum computing, particularly in the realm of computational fluid dynamics (CFD). The collaboration has resulted in the development of runnable code that addresses key implementation challenges of the Lattice-Boltzmann Method (LBM) for quantum computers and simulators.
The research findings, detailed in the journal Computer Physics Communications, mark a substantial step forward in applied quantum computing, highlighting Altair's dedication to innovation in simulation technologies. The research was supported by an Altair grant and led by a team from the Technical University of Munich, including co-authors Christian Janssen, Altair's Vice President of CFD Solutions, and former Chief Technology Officer Uwe Schramm.
The new algorithm is groundbreaking in that it allows for the execution of generic quantum CFD algorithms, potentially enabling fully nonlinear three-dimensional CFD simulations within the quantum computing space. This advancement could significantly increase the model size and scalability of CFD simulations compared to classical computing methods, demonstrating the practical applicability of quantum computing to real-world challenges.
Quantum (NASDAQ:QMCO) computing holds promise for dramatically accelerating computing speed and handling more complex simulations, which has implications for industries ranging from healthcare and finance to the natural and life sciences. The development of a unitary transformation for classical CFD and a machine learning approach for its non-linear aspects represents a convergence of classical physics and quantum mechanics, with the potential to enhance simulation accuracy and speed.
This research was conducted at the Leibniz Supercomputing Centre in Germany using the Atos QLM system. It adds to Altair's ongoing efforts in quantum computing, including its investment in Riverlane, a company focused on quantum error correction to make quantum computing more robust.
The full paper is titled "Quantum Algorithm for the Lattice-Boltzmann Method Advection-Diffusion Equation." Further information about Altair's CFD solutions can be found on their website. This article is based on a press release statement.
In other recent news, Altair Engineering Inc. has reported robust growth in its Q2 2024 earnings. Total revenue reached $148.8 million, with software revenue hitting $135.4 million, marking a 10.6% year-over-year increase. The growth was largely attributed to strong performance in the aerospace and defense sector and the release of enhanced AI capabilities in Altair HyperWorks 2024.
Altair also acknowledged the ongoing support from Matrix Capital Management, expressing gratitude for Matrix Capital's decision to maintain its full investment position in the company. Analysts from Gartner (NYSE:IT) recognized Altair's leadership in data science and machine learning, reinforcing the company's position in the competitive landscape of computational intelligence.
Altair further expanded its reach with the acquisition of Metrics Design Automation, contributing to the company's simulation-as-a-service offerings. The full-year 2024 guidance includes projected software revenue of $590 million to $600 million and total revenue of $648 million to $658 million. Adjusted EBITDA for 2024 is expected to be between $136 million and $144 million. These recent developments suggest a strong trajectory for Altair Engineering Inc. in the competitive landscape of engineering software solutions.
InvestingPro Insights
Altair's recent breakthrough in quantum computing aligns with its strong financial performance and market position. According to InvestingPro data, Altair boasts a market capitalization of $8.09 billion, reflecting investor confidence in the company's innovative capabilities and growth potential.
The company's revenue growth of 6.85% over the last twelve months as of Q2 2024 underscores its ability to capitalize on technological advancements like the quantum computing breakthrough. This growth is complemented by a robust gross profit margin of 80.92%, indicating Altair's efficiency in managing costs while pursuing cutting-edge research and development.
InvestingPro Tips highlight Altair's strong performance, noting that the company's stock price has outperformed the S&P 500 in the past year. This outperformance is evident in the impressive 44.58% one-year price total return as of the latest data. Additionally, analysts have recently revised their earnings expectations upwards for the coming year, suggesting optimism about Altair's future prospects, possibly influenced by developments like the quantum computing breakthrough.
These insights are just a glimpse of what InvestingPro offers. The platform provides 12 additional tips for Altair, offering a comprehensive analysis for investors interested in the company's potential in the evolving tech landscape.
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