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SiTime Reports Third Quarter 2024 Financial Results

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SiTime (SITM) reported strong Q3 2024 financial results with net revenue of $57.7 million, marking a 32% increase from the previous quarter and 62% year-over-year growth. All market segments showed double-digit sequential growth. The company reported GAAP gross profit of $29.5 million (51.1% margin) and non-GAAP gross profit of $33.5 million (58.1% margin). While GAAP operations showed a loss of $24.9 million, non-GAAP income from operations was $4.0 million. The company maintained a strong cash position of $434.8 million and granted RSUs to 19 new employees under its 2022 Inducement Award Plan.

SiTime (SITM) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un fatturato netto di 57,7 milioni di dollari, che segna un incremento del 32% rispetto al trimestre precedente e una crescita del 62% su base annua. Tutti i segmenti di mercato hanno mostrato una crescita sequenziale a doppia cifra. L'azienda ha riportato un profitto lordo GAAP di 29,5 milioni di dollari (margine del 51,1%) e un profitto lordo non GAAP di 33,5 milioni di dollari (margine del 58,1%). Sebbene le operazioni GAAP abbiano evidenziato una perdita di 24,9 milioni di dollari, il reddito operativo non GAAP è stato di 4,0 milioni di dollari. L'azienda ha mantenuto una solida posizione di liquidità di 434,8 milioni di dollari e ha concesso RSU a 19 nuovi dipendenti nell'ambito del suo Piano di Induzione del 2022.

SiTime (SITM) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos netos de 57,7 millones de dólares, lo que marca un incremento del 32% en comparación con el trimestre anterior y un crecimiento del 62% interanual. Todos los segmentos del mercado mostraron un crecimiento secuencial de dos dígitos. La compañía reportó una ganancia bruta GAAP de 29,5 millones de dólares (margen del 51,1%) y una ganancia bruta no GAAP de 33,5 millones de dólares (margen del 58,1%). Mientras que las operaciones GAAP mostraron una pérdida de 24,9 millones de dólares, la renta operativa no GAAP fue de 4,0 millones de dólares. La empresa mantuvo una sólida posición de efectivo de 434,8 millones de dólares y otorgó RSUs a 19 nuevos empleados bajo su Plan de Premiación por Inducción de 2022.

SiTime (SITM)는 2024년 3분기 재무 결과를 강하게 발표했으며, 순 수익은 5,770만 달러로, 이전 분기 대비 32% 증가하고, 전년 대비 62% 성장했습니다. 모든 시장 부문에서 두 자릿수의 순차적 성장을 보였습니다. 이 회사는 GAAP 총 이익으로 2,950만 달러(51.1% 마진)와 비 GAAP 총 이익으로 3,350만 달러(58.1% 마진)를 보고했습니다. GAAP 운영에서 2,490만 달러의 손실이 발생했지만, 비 GAAP 운영 수익은 400만 달러에 달했습니다. 이 회사는 4억 3,480만 달러의 강력한 현금 보유를 유지하고 있으며, 2022 유도 보상 계획에 따라 19명의 신입 직원에게 RSU를 수여했습니다.

SiTime (SITM) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires net de 57,7 millions de dollars, marquant une augmentation de 32 % par rapport au trimestre précédent et une croissance de 62 % par rapport à l'année précédente. Tous les segments de marché ont montré une croissance séquentielle à deux chiffres. L'entreprise a déclaré un bénéfice brut GAAP de 29,5 millions de dollars (marge de 51,1 %) et un bénéfice brut non GAAP de 33,5 millions de dollars (marge de 58,1 %). Alors que les opérations GAAP ont affiché une perte de 24,9 millions de dollars, le revenu d'exploitation non GAAP était de 4,0 millions de dollars. L'entreprise a maintenu une solide position de liquidités de 434,8 millions de dollars et a accordé des RSU à 19 nouveaux employés dans le cadre de son Plan d'attribution d'induction de 2022.

SiTime (SITM) hat starke Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem Nettoumsatz von 57,7 Millionen US-Dollar, was einem Anstieg von 32% im Vergleich zum vorherigen Quartal und einem Wachstum von 62% im Jahresvergleich entspricht. Alle Marktsegmente zeigten ein zweistelliges sequenzielles Wachstum. Das Unternehmen meldete einen GAAP-Bruttogewinn von 29,5 Millionen US-Dollar (51,1% Marge) und einen non-GAAP-Bruttogewinn von 33,5 Millionen US-Dollar (58,1% Marge). Während die GAAP-Betriebszahlen einen Verlust von 24,9 Millionen US-Dollar auswiesen, betrug der operative Einkommen non-GAAP 4,0 Millionen US-Dollar. Das Unternehmen hielt eine starke Liquiditätsposition von 434,8 Millionen US-Dollar und vergab RSUs an 19 neue Mitarbeiter im Rahmen seines 2022er Incentive-Programms.

Positive
  • Revenue increased 32% QoQ and 62% YoY to $57.7M
  • Non-GAAP gross profit margin of 58.1%
  • Non-GAAP net income of $9.6M ($0.40 per diluted share)
  • Strong cash position of $434.8M
  • Double-digit growth across all market segments
Negative
  • GAAP net loss of $19.3M ($0.83 per diluted share)
  • GAAP operating loss of $24.9M
  • Payment of $12.9M for Aura transaction impacting cash position

Insights

SiTime's Q3 2024 shows mixed results with significant revenue growth but continued GAAP losses. Revenue reached $57.7 million, marking a strong 32% sequential increase and 62% year-over-year growth. However, the company posted a GAAP net loss of $19.3 million ($0.83 per share).

The non-GAAP figures paint a more positive picture, with $9.6 million in net income ($0.40 per share) and healthy gross margins of 58.1%. The company maintains a strong liquidity position with $434.8 million in cash and short-term investments, despite a $12.9 million payment for the Aura transaction.

The double-digit growth across all market segments and focus on high-value applications suggests improving market positioning, though the gap between GAAP and non-GAAP results warrants attention, primarily due to significant stock-based compensation and operational expenses.

SANTA CLARA, Calif., Nov. 06, 2024 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the Precision Timing company, today announced financial results for the third quarter ended September 30, 2024.

Net revenue in the third quarter of 2024 was $57.7 million, a 32% increase from $43.9 million in the prior quarter and an increase of 62% from the year ago period.

“We saw strong revenue and profit growth in Q3,” said Rajesh Vashist, CEO and chairman of SiTime. “All of our market segments grew by double-digit percentages sequentially. Our strategy of focusing on high-value applications with differentiated product offerings is delivering results and continues to fuel our growth.”

In the third quarter of 2024, GAAP gross profit was $29.5 million, or 51.1% of revenue, GAAP operating expenses were $54.3 million, GAAP loss from operations was $24.9 million, and GAAP net loss was $19.3 million, or $0.83 per diluted share.

In the third quarter of 2024, non-GAAP gross profit was $33.5 million, or 58.1% of revenue, non-GAAP operating expenses were $29.5 million, non-GAAP income from operations was $4.0 million and non-GAAP net income was $9.6 million, or $0.40 per diluted share.

Total cash, cash equivalents and short-term investments were $434.8 million on September 30, 2024. The third quarter of 2024 also included the payment of $12.9 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 contingent consideration and earn out liabilities. 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 November 4, 2024 that were approved by the Compensation Committee of its Board of Directors under SiTime’s 2022 Inducement Award Plan, as a material inducement to employment of 19 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 39,673 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 Inducement Award Plan.

Conference Call

SiTime will broadcast the financial results for its third quarter of 2024 via conference call today, November 6, 2024, 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 that has been filed for the fiscal year ended December 31, 2023. 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 Form 10-Q for the fiscal period ending September 30, 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
 September 30, 2024 June 30, 2024
    
 (in thousands, except per share data)
Revenue$57,698  $43,866 
Cost of revenue 28,231   22,343 
Gross profit 29,467   21,523 
Operating expenses:   
Research and development 26,489   25,490 
Selling, general and administrative 25,359   25,190 
Acquisition related costs 2,482   3,163 
Total operating expenses 54,330   53,843 
Loss from operations (24,863)  (32,320)
Interest income 5,499   5,736 
Other income (expense), net 168   (203)
Loss before income taxes (19,196)  (26,787)
Income tax benefit (expense) (119)  18 
Net loss$(19,315) $(26,769)
Net loss attributable to common stockholders and comprehensive loss$(19,315) $(26,769)
Net loss per share attributable to common stockholders, basic$(0.83) $(1.16)
Net loss per share attributable to common stockholders, diluted$(0.83) $(1.16)
Weighted-average shares used to compute basic net loss per share 23,237   22,997 
Weighted-average shares used to compute diluted net loss per share 23,237   22,997 
        


SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 
 Three Months Ended
 September 30, 2024 June 30, 2024
 (in thousands, except per share data)
Reconciliation of GAAP gross profit and margin to non-GAAP   
Revenue$57,698  $43,866 
GAAP gross profit 29,467   21,523 
GAAP gross margin 51.1%  49.1%
Amortization of acquired intangibles 3,573   3,463 
Stock-based compensation 495   327 
Non-GAAP gross profit$33,535  $25,313 
Non-GAAP gross margin 58.1%  57.7%
    
Reconciliation of GAAP operating expenses to non-GAAP   
GAAP research and development expenses$26,489  $25,490 
Stock-based compensation (9,392)  (9,414)
Non-GAAP research and development expenses$17,097  $16,076 
    
GAAP sales, general and administrative expenses$25,359  $25,190 
Stock-based compensation (12,925)  (13,176)
Non-GAAP sales, general and administrative expenses$12,434  $12,014 
    
GAAP acquisition related costs$2,482  $3,163 
Acquisition related costs (2,482)  (3,163)
Non-GAAP acquisition related costs$  $ 
Total Non-GAAP operating expenses$29,531  $28,090 
    
Reconciliation of GAAP loss from operations to non-GAAP loss from operations   
GAAP loss from operations$(24,863) $(32,320)
Acquisition related costs 2,482   3,163 
Amortization of acquired intangibles 3,573   3,463 
Stock-based compensation 22,812   22,917 
Non-GAAP income (loss) from operations$4,004  $(2,777)
Non-GAAP income (loss) from operations as a percentage of revenue 6.9%  (6.3%)
    
Reconciliation of GAAP net loss to non-GAAP net income (loss)   
GAAP net loss$(19,315) $(26,769)
Acquisition related costs 2,482   3,163 
Amortization of acquired intangibles 3,573   3,463 
Stock-based compensation 22,812   22,917 
Non-GAAP net income$9,552  $2,774 
Weighted-average shares used to compute diluted net income (loss) per share 24,059   22,997 
    
GAAP net loss per share diluted$(0.83) $(1.16)
Non-GAAP adjustments detailed above 1.23   1.28 
Non-GAAP net income per share diluted$0.40  $0.12 
        


SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 As of
 September 30, 2024 December 31, 2023
 (in thousands)
Assets:   
Current assets:   
Cash and cash equivalents$8,489  $9,468 
Short-term investments in held-to-maturity securities 426,307   518,733 
Accounts receivable, net 30,175   21,861 
Inventories 71,880   65,539 
Prepaid expenses and other current assets 8,894   7,641 
Total current assets 545,745   623,242 
Property and equipment, net 69,689   54,685 
Intangible assets, net 167,395   177,079 
Right-of-use assets, net 6,927   8,262 
Goodwill 87,098   87,098 
Other assets 1,049   1,317 
Total assets$877,903  $951,683 
Liabilities and Stockholders' Equity:   
Current liabilities:   
Accounts payable$17,944  $8,690 
Accrued expenses and other current liabilities 76,976   112,704 
Total current liabilities 94,920   121,394 
Other non-current liabilities 86,748   122,237 
Total liabilities 181,668   243,631 
Commitments and contingencies   
Stockholders’ equity:   
Common stock 2   2 
Additional paid-in capital 859,421   796,450 
Accumulated deficit (163,188)  (88,400)
Total stockholders’ equity 696,235   708,052 
Total liabilities and stockholders’ equity$877,903  $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 Q3 2024?

SiTime's revenue grew 32% quarter-over-quarter to $57.7 million and increased 62% year-over-year.

What was SiTime's (SITM) GAAP net loss in Q3 2024?

SiTime reported a GAAP net loss of $19.3 million, or $0.83 per diluted share.

How much cash did SiTime (SITM) have at the end of Q3 2024?

SiTime had total cash, cash equivalents and short-term investments of $434.8 million as of September 30, 2024.

What was SiTime's (SITM) non-GAAP gross profit margin in Q3 2024?

SiTime's non-GAAP gross profit margin was 58.1% in Q3 2024.

SiTime Corporation

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