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Synaptics Inc. (NASDAQ: SYNA) is leading the revolution in human interface solutions for intelligent devices. Specializing in touch, display, and biometrics, Synaptics offers a broad portfolio of products that enhance user experiences across mobile, PC, automotive, and IoT sectors. The company's cutting-edge technologies power interfaces for touch, display, fingerprint, video, audio, voice, AI, and connectivity functions, ensuring intuitive interactions with electronic devices.
Synaptics leverages a robust R&D foundation and extensive intellectual property to deliver innovative solutions that combine functionality, ease of use, and aesthetic appeal. The company derives a significant portion of its revenue from China and operates in a single segment dedicated to developing, marketing, and selling semiconductor products used in various electronic devices.
Recent financial results indicate a period of stabilization and strategic growth. For the first quarter of fiscal 2024, Synaptics reported net revenue of $237.7 million and a GAAP net loss of $55.6 million. However, on a non-GAAP basis, the company achieved a net income of $20.3 million. In the second quarter, Synaptics' net revenue was $237.0 million, with a GAAP net loss of $9.0 million and a non-GAAP net income of $22.5 million. The third quarter continued this trend with net revenue of $237.3 million and a GAAP net loss of $18.1 million, but a non-GAAP net income of $21.0 million.
Synaptics is proactively addressing inventory challenges and focusing on growth in its Core IoT segment, particularly with its wireless product family. The recent launch of the Astra™ platform positions the company to capitalize on a $20 billion market opportunity for embedded edge AI processors in IoT devices.
The company's strategic partnerships and product innovations, such as the collaboration with Valens Semiconductor and Good Way Technology, demonstrate its commitment to expanding its market presence and delivering advanced connectivity solutions. Synaptics' DisplayLink technology, integrated into new products, offers simplified, cost-effective solutions for video conferencing and video wall markets.
With a strong balance sheet and positive cash flow, Synaptics is well-equipped to invest in future growth and navigate macroeconomic challenges. The company's long-term initiatives, including advancements in AI and connectivity technologies, are set to drive sustained growth and innovation in the coming years.
Synaptics (SYNA) has announced it will release its second quarter fiscal 2025 financial results on Thursday, February 6, 2025, after market close. The company will host a conference call for analysts and investors at 2:00 p.m. PT (5:00 p.m. ET) on the same day to discuss the results.
Synaptics (SYNA) has announced its upcoming participation in the 27th Annual Needham Growth Conference. The company's President and CEO, Michael Hurlston, is scheduled to present on Wednesday, January 15, 2025, at 10:30 AM PT. The presentation will be accessible via webcast, and interested parties can view the live stream or access a replay through the provided link at wsw.com/webcast/needham143/syna/2271566.
Synaptics (SYNA) has announced a strategic collaboration with Google to advance Edge AI technology for IoT devices. The partnership will integrate Google's MLIR-compliant ML core with Synaptics' Astra™ AI-Native hardware and open-source software platform.
The collaboration aims to accelerate the development of context-aware AI devices that can process multiple modalities including vision, image, voice, and sound. These applications will span across wearables, appliances, entertainment, embedded hubs, and monitoring systems in consumer, enterprise, and industrial sectors.
The Synaptics Astra platform combines low-power compute silicon with open-source software, tools, and wireless connectivity. This integration leverages Synaptics' expertise in neural networks and AI hardware design, while Google's ML core provides efficient open-source machine learning capabilities compliant with MLIR compiler standards.
Synaptics (SYNA) announces its participation at CES 2025, where it will showcase its AI-Native processing and intelligent connectivity solutions. The company will demonstrate the Synaptics Astra IoT platform, a scalable embedded compute solution optimized for multimodal Edge AI workloads. The platform includes the Machina Foundation Series development kit and AI Developer Zone, designed to simplify AI integration into IoT Edge devices.
The company will also highlight its Veros Seamless Intelligent Connectivity portfolio, which includes Wi-Fi, Bluetooth, Zigbee, Thread, Matter, and GPS systems on chip (SoCs). The demonstrations will take place in the Venetian Hotel's Bellini Ballroom #2105, featuring innovations in audio, mobile, PC, touch, biometrics, video interface, and automotive technologies.
Synaptics has launched the SYN20708, a new dual-core system on chip (SoC) extending its Veros IoT connectivity family. This Matter-compliant SoC supports concurrent operation of Bluetooth Classic, Bluetooth Low Energy (BLE), Zigbee, and Thread protocols on both cores.
The chip features dual-antenna maximum ratio combining for enhanced range, supports Bluetooth 5.4 certification with compatibility for Bluetooth 6.0, and includes Channel Sounding. It's designed for applications requiring low latency, superior range, and low power consumption, targeting markets like home hubs, soundbars, automotive infotainment systems, and healthcare devices.
Synaptics (Nasdaq: SYNA) has announced its participation in two upcoming investor conferences. Ken Rizvi, SVP and Chief Financial Officer, will attend the UBS Global Technology and AI Conference on December 3, 2024, and the Wells Fargo 8th Annual TMT Summit on December 4, 2024. Both events represent significant opportunities for the company to engage with investors and showcase its developments in technology and AI sectors.
Synaptics announced pricing of $400.0 million convertible senior notes due 2031 with 0.75% interest rate, payable semi-annually. The initial conversion price is $99.69 per share, representing a 32.5% premium over the current stock price. The company plans to use $44.4 million for capped call transactions, $67.0 million to repurchase 890,483 shares, and the remainder plus $307.0 million cash on hand to repay its term loan facility. The notes will be redeemable after December 6, 2028, subject to certain conditions.
Synaptics announced plans to offer $400 million in convertible senior notes due 2031, with an additional $50 million option for initial purchasers. The notes will be senior, unsecured obligations with semi-annual interest payments. The company plans to use the proceeds to fund capped call transactions, repurchase up to $100 million of common stock, and repay its term loan facility. The notes will be convertible under certain conditions, with settlements in cash and potentially shares. Synaptics will have redemption rights after December 6, 2028, if stock price exceeds 130% of conversion price.
Synaptics (Nasdaq: SYNA) reported its Q1 fiscal 2025 results, ending September 28, 2024. Revenue was $257.7 million with a GAAP gross margin of 46.9% and a non-GAAP gross margin of 53.9%. The company posted a GAAP net loss of $23.1 million, or $0.58 per share, while non-GAAP net income was $32.5 million, or $0.81 per diluted share. Synaptics highlighted a 55% year-over-year growth in Core IoT products and continuous sequential growth in revenues. For Q2 fiscal 2025, the company projects revenues of $265M ± $15M, a GAAP gross margin of 45.0% ±1.5%, and a non-GAAP gross margin of 53.5% ± 1.0%. Expected GAAP loss per share is ($0.45) ± $0.20, with non-GAAP earnings per share of $0.85 ± $0.20. CFO Ken Rizvi stated the company continues to support growth initiatives and share repurchases despite forward visibility in some markets.
Synaptics (Nasdaq: SYNA) has expanded its presence in Hsinchu, Taiwan, making it the company's largest employee base globally. The expansion aims to capture opportunities in the $24B AI IoT market across consumer, automotive, enterprise, and industrial applications. The facilities will house teams developing AI-enabled Edge devices and serve as a hub for finance, sales, operations engineering, supplier management, wireless product development, and PC touch and fingerprint sensor solutions.
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