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SiTime Reports Fourth Quarter and Fiscal Year 2024 Financial Results

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SiTime (SITM) reported strong Q4 2024 financial results with net revenue of $68.1 million, up 18% quarter-over-quarter and 61% year-over-year. Full-year 2024 revenue reached $202.7 million, a 41% increase from 2023.

Q4 2024 showed mixed results with GAAP metrics reporting a loss from operations of $23.0 million and net loss of $18.8 million ($0.80 per share). However, non-GAAP figures were positive with income from operations of $7.6 million and net income of $11.8 million ($0.48 per share).

The company reported over 30% growth across all customer segments, with significant gains in Communications, Enterprise, and Datacenter business. Total cash and equivalents stood at $418.8 million as of December 31, 2024. The quarter included a $7.3 million payment related to the Aura transaction.

SiTime (SITM) ha riportato risultati finanziari solidi per il Q4 2024, con un fatturato netto di $68,1 milioni, in aumento del 18% rispetto al trimestre precedente e del 61% rispetto allo stesso trimestre dell’anno passato. Il fatturato totale per l’anno 2024 ha raggiunto $202,7 milioni, con un incremento del 41% rispetto al 2023.

Il Q4 2024 ha mostrato risultati misti con indicatori GAAP che riportano una perdita operativa di $23,0 milioni e una perdita netta di $18,8 milioni ($0,80 per azione). Tuttavia, i dati non GAAP sono stati positivi, con un reddito operativo di $7,6 milioni e un reddito netto di $11,8 milioni ($0,48 per azione).

L’azienda ha registrato una crescita superiore al 30% in tutti i segmenti di clientela, con guadagni significativi nei settori delle comunicazioni, delle imprese e dei datacenter. La liquidità totale e gli equivalenti ammontavano a $418,8 milioni al 31 dicembre 2024. Il trimestre includeva un pagamento di $7,3 milioni legato alla transazione Aura.

SiTime (SITM) reportó resultados financieros sólidos para el Q4 2024, con ingresos netos de $68,1 millones, un aumento del 18% en comparación con el trimestre anterior y del 61% en comparación con el mismo trimestre del año pasado. Los ingresos totales para el año 2024 alcanzaron $202,7 millones, lo que representa un incremento del 41% respecto a 2023.

El Q4 2024 mostró resultados mixtos, con métricas GAAP que reportan una pérdida operativa de $23,0 millones y una pérdida neta de $18,8 millones ($0,80 por acción). Sin embargo, las cifras no GAAP fueron positivas, con ingresos operativos de $7,6 millones y un ingreso neto de $11,8 millones ($0,48 por acción).

La empresa reportó un crecimiento de más del 30% en todos los segmentos de clientes, con ganancias significativas en Comunicaciones, Empresas y Datacenter. El total de efectivo y equivalentes se situó en $418,8 millones al 31 de diciembre de 2024. El trimestre incluyó un pago de $7,3 millones relacionado con la transacción Aura.

SiTime (SITM)는 2024년 4분기 재무 결과를 발표하며 순 매출이 $68.1백만에 달하여 전 분기 대비 18%, 전년 동기 대비 61% 증가했다고 보고했습니다. 2024년 전체 매출은 $202.7백만으로, 2023년에 비해 41% 증가했습니다.

2024년 4분기는 GAAP 지표에서 운영 손실이 $23.0백만, 순 손실이 $18.8백만 ($0.80 주당)으로 보고되어 혼합된 결과를 보였습니다. 그러나 비GAAP 수치에서는 운영 수익이 $7.6백만, 순 수익이 $11.8백만 ($0.48 주당)으로 긍정적이었습니다.

회사는 모든 고객 세그먼트에서 30% 이상의 성장을 보고했으며, 통신, 기업 및 데이터 센터 비즈니스에서 중요한 성과를 달성했습니다. 2024년 12월 31일 현재 총 현금 및 현금성 자산은 $418.8백만이었습니다. 이번 분기에는 Aura 거래와 관련된 $7.3백만의 지급이 포함되었습니다.

SiTime (SITM) a annoncé de solides résultats financiers pour le Q4 2024, avec un chiffre d'affaires net de $68,1 millions, en hausse de 18% par rapport au trimestre précédent et de 61% par rapport à l'année précédente. Le chiffre d'affaires total pour l'année 2024 a atteint $202,7 millions, soit une augmentation de 41% par rapport à 2023.

Le Q4 2024 a montré des résultats mitigés, les indicateurs GAAP affichant une perte opérationnelle de 23,0 millions de dollars et une perte nette de 18,8 millions de dollars (0,80 $ par action). Cependant, les chiffres non GAAP étaient positifs, avec un revenu opérationnel de 7,6 millions de dollars et un revenu net de 11,8 millions de dollars (0,48 $ par action).

L'entreprise a signalé une croissance de plus de 30% dans tous les segments de clientèle, avec des gains significatifs dans les domaines des communications, des entreprises et des centres de données. La trésorerie totale et les équivalents s'élevaient à $418,8 millions au 31 décembre 2024. Le trimestre comprenait un paiement de 7,3 millions de dollars lié à la transaction Aura.

SiTime (SITM) meldete starke Finanzzahlen für das Q4 2024 mit einem Nettoumsatz von $68,1 Millionen, was einem Anstieg von 18% im Quartalsvergleich und 61% im Jahresvergleich entspricht. Der Gesamtumsatz für das Jahr 2024 betrug $202,7 Millionen, was einem Anstieg von 41% im Vergleich zu 2023 entspricht.

Das Q4 2024 zeigte gemischte Ergebnisse: Die GAAP-Kennzahlen berichteten von einem Betriebsverlust von $23,0 Millionen und einem Nettoverlust von $18,8 Millionen ($0,80 je Aktie). Die Non-GAAP-Zahlen waren jedoch positiv, mit einem Betriebsgewinn von $7,6 Millionen und einem Nettoertrag von $11,8 Millionen ($0,48 je Aktie).

Das Unternehmen berichtete von einem Wachstum von über 30% in allen Kundensegmenten, insbesondere in den Bereichen Kommunikation, Unternehmen und Datacenter. Der Gesamtbetrag an Bargeld und Zahlungsmitteln belief sich zum 31. Dezember 2024 auf $418,8 Millionen. Das Quartal beinhaltete eine Zahlung von $7,3 Millionen im Zusammenhang mit der Aura-Transaktion.

Positive
  • Revenue grew 61% YoY in Q4 2024 to $68.1 million
  • Full-year revenue increased 41% to $202.7 million
  • Over 30% growth across all customer segments
  • Strong cash position of $418.8 million
  • Non-GAAP Q4 net income of $11.8 million
Negative
  • GAAP Q4 net loss of $18.8 million
  • GAAP operating loss of $23.0 million in Q4
  • Full-year GAAP net loss of $93.6 million

Insights

SiTime's Q4 2024 results demonstrate remarkable momentum in the precision timing market, with revenue significantly exceeding expectations at $68.1 million, marking a 61% YoY surge. The company's strategic focus on AI infrastructure is paying dividends, evidenced by robust growth across all customer segments, particularly in Communications, Enterprise and Datacenter.

The financial metrics reveal a nuanced picture. While GAAP results show operating losses, the substantial difference between GAAP and non-GAAP figures ($18.8 million GAAP loss vs. $11.8 million non-GAAP profit in Q4) is primarily attributed to stock-based compensation and acquisition-related expenses. The non-GAAP gross margin of 58.8% in Q4 demonstrates strong pricing power and operational efficiency.

The company's healthy balance sheet, with $418.8 million in liquid assets, provides ample runway for R&D investments and strategic initiatives. The recent $7.3 million Aura transaction payment indicates continued strategic expansion efforts.

Most notably, SiTime's growing penetration in AI infrastructure positions it advantageously in a high-growth market. The precision timing solutions are becoming increasingly critical for AI workloads, where precise synchronization is essential for optimal performance. This strategic alignment with AI trends, combined with diversified revenue streams and strong gross margins, suggests a sustainable growth trajectory despite the current GAAP losses.

SANTA CLARA, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the Precision Timing company, today announced financial results for the fourth quarter and financial year ended December 31, 2024.

Net revenue in the fourth quarter of 2024 was $68.1 million, an 18% increase from $57.7 million in the prior quarter and an increase of 61% from the year ago period.

Net revenue for fiscal year 2024 was $202.7 million, an increase of 41% from $144.0 million in fiscal year 2023.

“In Q4, we surpassed revenue expectations highlighting our market diversification, and entered 2025 with strong momentum,” said Rajesh Vashist, CEO and chairman of SiTime. “We reported over 30% growth across all customer segments, with our Communications, Enterprise, and Datacenter business experiencing significant gains due to the critical role of precision timing in AI.”

In the fourth quarter of 2024, GAAP gross profit was $35.8 million, or 52.6% of revenue, GAAP operating expenses were $58.9 million, GAAP loss from operations was $23.0 million, and GAAP net loss was $18.8 million, or $0.80 per diluted share.

In the fourth quarter of 2024, non-GAAP gross profit was $40.1 million, or 58.8% of revenue, non-GAAP operating expenses were $32.5 million, non-GAAP income from operations was $7.6 million and non-GAAP net income was $11.8 million, or $0.48 per diluted share.

For the twelve months ended December 31, 2024, GAAP gross profit was $104.5 million, or 51.6% of revenue, GAAP operating expenses were $219.7 million, GAAP loss from operations was $115.2 million, and GAAP net loss was $93.6 million, or $4.05 per diluted share.

For the twelve months ended December 31, 2024, non-GAAP gross profit was $118.0 million, or 58.2% of revenue, non-GAAP operating expenses were $117.5 million, non-GAAP income from operations was $0.6 million and non-GAAP net income was $22.2 million, or $0.93 per diluted share.

Total cash, cash equivalents and short-term investments were $418.8 million on December 31, 2024. The fourth quarter of 2024 also included the payment of $7.3 million related to the Aura transaction.

Use of Non-GAAP Financial Information

This press release and its attachments include certain non-GAAP supplemental performance measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

SiTime believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to SiTime’s financial condition and results of operations. SiTime believes that these non-GAAP financial measures provide additional insight into SiTime’s ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate SiTime’s results of operations in conjunction with the corresponding GAAP measures. The non-GAAP financial measures exclude stock-based compensation expense, amortization of acquired intangibles, and acquisition-related expenses which include transaction and certain other cash costs associated with business acquisition as well as changes in the estimated fair value of earn out liabilities and accretion of acquisition consideration payable. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.

Inducement Plan Grants

SiTime granted restricted stock unit awards (“RSUs”) on February 3, 2025 that were approved by the Compensation and Talent Committee of its Board of Directors under SiTime’s Amended and Restated 2022 Inducement Award Plan, as a material inducement to employment of 17 newly hired non-executive individuals globally. The RSUs were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement grants consisted of an aggregate of 16,940 RSUs. One-fourth of the RSUs will vest on the first February 20, May 20, August 20, or November 20 falling in the one-year anniversary quarter of the applicable vesting start date, and then 1/16th of the RSUs vest in equal quarterly installments on each February 20, May 20, August 20, and November 20, thereafter, subject to each such employee’s continued service on each vesting date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and SiTime’s 2022 Amended and Restated Inducement Award Plan.

Conference Call

SiTime will broadcast the financial results for its fourth quarter of 2024 via conference call today, February 5, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). To join the conference call via phone, participants are required to complete the following registration form to receive a dial-in number and dedicated PIN for accessing the conference call. The conference call will also be available via a live audio webcast on the investor relations section of the SiTime website at investor.sitime.com. Please access the website at least a few minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay of the call will be available on the website.

About SiTime

SiTime Corporation is the Precision Timing company. Our semiconductor MEMS programmable solutions offer a rich feature set that enables customers to differentiate their products with higher performance, smaller size, lower power, and better reliability. With more than 3 billion devices shipped, SiTime is changing the timing industry. For more information, visit www.sitime.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Security Exchange Act of 1934, as amended. These forward-looking statements involve risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to differ materially from those anticipated in such forward-looking statements. The risks, uncertainties, assumptions, and other factors include, but not limited to the impact of acquisitions. More information about these and other risks, uncertainties, and other factors that may cause actual outcomes and results to differ materially from those included in the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in our most recent Form 10-Q filed with the Securities and Exchange Commission and other filings SiTime makes with the Securities and Exchange Commission from time to time, including the Form 10-K to be filed for the year ended December 31, 2024. The financial information set forth in this release reflects estimates based on information available at this time. While SiTime believes these estimates to be reasonable, these amounts could differ materially from reported amounts in SiTime’s Annual Report on Form 10-K for the year ended December 31, 2024 and SiTime’s other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made and are based on information available to SiTime at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, SiTime undertakes no obligation, and does not intend, to update these forward-looking statements.


SiTime Corporation
Unaudited GAAP Condensed Consolidated Statements of Operations
 
 Three months ended
 December 31, 2024 September 30, 2024 December 31, 2023
      
 (in thousands, except per share data)
Revenue$68,111  $57,698  $42,403 
Cost of revenue 32,267   28,231   18,710 
Gross profit 35,844   29,467   23,693 
Operating expenses:     
Research and development 29,333   26,489   22,919 
Selling, general and administrative 27,695   25,359   20,514 
Acquisition related costs 1,835   2,482   7,728 
Total operating expenses 58,863   54,330   51,161 
Loss from operations (23,019)  (24,863)  (27,468)
Interest income 5,088   5,499   7,329 
Other income (expense), net (510)  168   152 
Loss before income taxes (18,441)  (19,196)  (19,987)
Income tax expense (372)  (119)  (10)
Net loss$(18,813) $(19,315) $(19,997)
Net loss attributable to common stockholders and comprehensive loss$(18,813) $(19,315) $(19,997)
Net loss per share attributable to common stockholders, basic$(0.80) $(0.83) $(0.89)
Net loss per share attributable to common stockholders, diluted$(0.80) $(0.83) $(0.89)
Weighted-average shares used to compute basic net loss per share 23,467   23,237   22,553 
Weighted-average shares used to compute diluted net loss per share 23,467   23,237   22,553 
 


SiTime Corporation
Unaudited GAAP Condensed Consolidated Statements of Operations
 
 Year Ended
 December 31, 2024 December 31, 2023
    
 (in thousands, except per share data)
Revenue$202,697  $143,993 
Cost of revenue 98,203   61,905 
Gross profit 104,494   82,088 
Operating expenses:   
Research and development 106,855   97,589 
Selling, general and administrative 102,157   83,971 
Acquisition related costs 10,722   7,728 
Total operating expenses 219,734   189,288 
Loss from operations (115,240)  (107,200)
Interest income 22,883   26,958 
Other expense, net (758)  (141)
Loss before income taxes (93,115)  (80,383)
Income tax expense (486)  (152)
Net loss$(93,601) $(80,535)
Net loss attributable to common stockholders and comprehensive loss$(93,601) $(80,535)
Net loss per share attributable to common stockholders, basic$(4.05) $(3.63)
Net loss per share attributable to common stockholders, diluted$(4.05) $(3.63)
Weighted-average shares used to compute basic net loss per share 23,118   22,188 
Weighted-average shares used to compute diluted net loss per share 23,118   22,188 
 


SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 
 Three months ended
 December 31, 2024 September 30, 2024 December 31, 2023
 (in thousands, except per share data)
Reconciliation of GAAP gross profit and margin to non-GAAP     
Revenue$68,111  $57,698  $42,403 
GAAP gross profit 35,844   29,467   23,693 
GAAP gross margin 52.6%  51.1%  55.9%
Amortization of acquired intangibles 3,573   3,573   280 
Stock-based compensation 652   495   740 
Non-GAAP gross profit$40,069  $33,535  $24,713 
Non-GAAP gross margin 58.8%  58.1%  58.3%
      
Reconciliation of GAAP operating expenses to non-GAAP     
GAAP research and development expenses$29,333  $26,489  $22,919 
Stock-based compensation (9,965)  (9,392)  (7,039)
Non-GAAP research and development expenses$19,368  $17,097  $15,880 
      
GAAP sales, general and administrative expenses$27,695  $25,359  $20,514 
Stock-based compensation (14,586)  (12,925)  (9,750)
Non-GAAP sales, general and administrative expenses$13,109  $12,434  $10,764 
      
GAAP acquisition related costs$1,835  $2,482  $7,728 
Acquisition related costs (1,835)  (2,482)  (7,728)
Non-GAAP acquisition related costs$  $  $ 
Total Non-GAAP operating expenses$32,477  $29,531  $26,644 
      
Reconciliation of GAAP loss from operations to non-GAAP income (loss) from operations     
GAAP loss from operations$(23,019) $(24,863) $(27,468)
Acquisition related costs 1,835   2,482   7,728 
Amortization of acquired intangibles 3,573   3,573   280 
Stock-based compensation 25,203   22,812   17,529 
Non-GAAP income (loss) from operations$7,592  $4,004  $(1,931)
Non-GAAP income (loss) from operations as a percentage of revenue 11.1%  6.9%  (4.6%)
      
Reconciliation of GAAP net loss to non-GAAP net income     
GAAP net loss$(18,813) $(19,315) $(19,997)
Acquisition related costs 1,835   2,482   7,728 
Amortization of acquired intangibles 3,573   3,573   280 
Stock-based compensation 25,203   22,812   17,529 
Non-GAAP net income$11,798  $9,552  $5,540 
Weighted-average shares used to compute diluted net income per share(1) 24,452   24,059   23,080 
      
GAAP net loss per share diluted$(0.80) $(0.83) $(0.89)
Non-GAAP adjustments detailed above 1.28   1.23   1.13 
Non-GAAP net income per share diluted$0.48  $0.40  $0.24 
(1) Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares due to non-GAAP net income reported.
 


SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 
 Year Ended
 December 31, 2024 December 31, 2023
 (in thousands, except per share data)
Reconciliation of GAAP gross profit and margin to non-GAAP   
Revenue$202,697  $143,993 
GAAP gross profit 104,494   82,088 
GAAP gross margin 51.6%  57.0%
Amortization of acquired intangibles 11,892   280 
Stock-based compensation 1,654   2,840 
Non-GAAP gross profit$118,040  $85,208 
Non-GAAP gross margin 58.2%  59.2%
    
Reconciliation of GAAP operating expenses to non-GAAP   
GAAP research and development expenses$106,855  $97,589 
Stock-based compensation (37,947)  (32,909)
Non-GAAP research and development expenses$68,908  $64,680 
    
GAAP sales, general and administrative expenses$102,157  $83,971 
Stock-based compensation (53,034)  (41,005)
Acquisition related integration costs (550)   
Non-GAAP sales, general and administrative expenses$48,573  $42,966 
    
GAAP acquisition related costs$10,722  $7,728 
Acquisition related costs (10,722)  (7,728)
Non-GAAP acquisition related costs$  $ 
Total Non-GAAP operating expenses$117,481  $107,646 
    
Reconciliation of GAAP loss from operations to non-GAAP income (loss) from operations   
GAAP loss from operations$(115,240) $(107,200)
Amortization of acquired intangibles 11,892   280 
Acquisition related costs 10,722   7,728 
Acquisition related integration costs 550    
Stock-based compensation 92,635   76,754 
Non-GAAP income (loss) from operations$559  $(22,438)
Non-GAAP income (loss) from operations as a percentage of revenue 0.3%  (15.6%)
    
Reconciliation of GAAP net loss to non-GAAP net income   
GAAP net loss$(93,601) $(80,535)
Amortization of acquired intangibles 11,892   280 
Acquisition related costs 10,722   7,728 
Acquisition related integration costs 550    
Stock-based compensation 92,635   76,754 
Non-GAAP net income$22,198  $4,227 
Weighted-average shares used to compute diluted net income per share(1) 23,876   22,967 
    
GAAP net loss per share diluted$(4.05) $(3.63)
Non-GAAP adjustments detailed above 4.98   3.81 
Non-GAAP net income per share diluted$0.93  $0.18 
(1) Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares due to non-GAAP net income reported.
 


SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 
 As of
 December 31, 2024 December 31, 2023
 (in thousands)
Current assets:   
Cash and cash equivalents$6,106  $9,468 
Short-term investments in held-to-maturity securities 412,728   518,733 
Accounts receivable, net 38,209   21,861 
Inventories 76,741   65,539 
Prepaid expenses and other current assets 10,276   7,641 
Total current assets 544,060   623,242 
Property and equipment, net 82,475   54,685 
Intangible assets, net 163,558   177,079 
Right-of-use assets, net 6,569   8,262 
Goodwill 87,098   87,098 
Other assets 1,199   1,317 
Total assets$884,959  $951,683 
Liabilities and Stockholders' Equity:   
Current liabilities:   
Accounts payable$22,894  $8,690 
Accrued expenses and other current liabilities 85,555   112,704 
Total current liabilities 108,449   121,394 
Other non-current liabilities 76,791   122,237 
Total liabilities 185,240   243,631 
Commitments and contingencies   
Stockholders’ equity:   
Common stock 2   2 
Additional paid-in capital 881,718   796,450 
Accumulated deficit (182,001)  (88,400)
Total stockholders’ equity 699,719   708,052 
Total liabilities and stockholders’ equity$884,959  $951,683 
 

Investor Relations Contacts:

Shelton Group
Leanne Sievers | Brett Perry
sitm-ir@sheltongroup.com

SiTime Corporation
Beth Howe
Chief Financial Officer
investor.relations@sitime.com


FAQ

What was SiTime's (SITM) revenue growth in Q4 2024?

SiTime's Q4 2024 revenue grew 61% year-over-year to $68.1 million, and increased 18% from the previous quarter.

How much did SITM's full-year 2024 revenue increase?

SiTime's full-year 2024 revenue increased 41% to $202.7 million from $144.0 million in 2023.

What was SITM's Q4 2024 GAAP net loss per share?

SiTime reported a GAAP net loss of $0.80 per diluted share in Q4 2024.

How much cash did SiTime (SITM) have at the end of 2024?

SiTime had total cash, cash equivalents and short-term investments of $418.8 million as of December 31, 2024.

Which customer segments showed strong growth for SITM in Q4 2024?

SiTime reported over 30% growth across all customer segments, with particularly significant gains in Communications, Enterprise, and Datacenter business.

SITIME CORP

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