Alurion Resources (ALU.AX) Stock Analysis & Winston Score

Altium is an Australian software company that makes tools engineers use to design printed circuit boards (PCBs) — the flat boards packed with chips and wires found inside almost every electronic device. Its main product is Altium Designer, and it also runs Altium 365, a cloud platform where engineering teams can collaborate on designs. Customers include electronics manufacturers, defense contractors, and product developers across industries like consumer electronics, automotive, and aerospace. Altium earns money through software subscriptions and licenses, with a growing push toward its cloud-based platform. The company operates globally, with strong customer bases in the Americas, Europe, and Asia, and generates roughly $300–350 million in annual revenue. Its moat comes from the fact that engineers learn Altium's tools early in their careers and rarely switch, creating sticky, long-term customers. The key growth driver is the continued migration of users to Altium 365 and deeper integration with Renesas Electronics, which acquired Altium in 2024.