[6-K] SILICOM LTD. Current Report (Foreign Issuer)
Rhea-AI Filing Summary
Silicom Ltd. reported strong top-line growth but continued losses for Q1 2026. Revenue reached $19.1 million, up 33% from $14.4 million a year earlier, as demand for its networking and data infrastructure products increased.
On a GAAP basis, Silicom posted a net loss of $2.4 million, or $0.41 per share, modestly improved from a $2.8 million loss, or $0.49 per share, in Q1 2025. Non-GAAP net loss narrowed to $1.5 million, or $0.25 per share, a 31% improvement. Management guides Q2 2026 revenue to $20–$21 million and targets $82–$83 million in 2026 sales, highlighting recent design wins in Edge, Smart NIC, FPGA and AI inference solutions as evidence that its core business is at an inflection point.
Positive
- None.
Negative
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Insights
Silicom shows accelerating revenue growth but remains loss-making as it invests in core and AI-focused products.
Silicom delivered Q1 2026 revenue of $19.1M, up 33% year over year, signaling strong demand for its networking and data infrastructure offerings. The gross profit improved to $5.6M, while operating loss narrowed modestly as expenses rose with growth initiatives.
Non-GAAP net loss reduced to $1.5M from $2.1M, helped by higher sales and add-backs for share-based compensation and lease-related financial items. Cash and cash equivalents of $30.0M plus marketable securities provide a financial cushion to support execution.
Management’s outlook is ambitious: Q2 2026 revenue guidance of $20–$21M implies up to 40% year-over-year growth, and full-year 2026 sales are targeted at $82–$83M. These expectations rely on converting a strong pipeline and multiple recent Design Wins in Edge, Smart NIC, FPGA and AI inference into sustained orders over 2026 and beyond.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2026
Commission File Number 000-23288
SILICOM LTD.
(Translation of Registrant’s name into English)
14 Atir Yeda St., P.O.Box 2164, Kfar-Sava 4464323, Israel
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F ☒ Form 40-F ☐ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):___
On April 30, 2026, the Registrant issued a press release announcing the Registrant's first quarter 2026 financial results. Attached hereto are the following exhibits:
Exhibit 99.1 Press Release
The US GAAP information set forth on the Consolidated Balance Sheet and Consolidated Statement of Operations in the financial tables on Pages 5 and 6 of Exhibit 99.1 is hereby incorporated by reference into all effective registration statements filed by the registrant under the Securities Act of 1933.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SILICOM LTD. (Registrant) |
|||
| Date: April 30, 2026 | By | /s/ Eran Gilad | |
| Eran Gilad | |||
| Chief Financial Officer | |||
Exhibit 99.1
FOR IMMEDIATE RELEASE
EARNINGS RELEASE
Silicom Reports Q1 2026 Results
- Core business at inflection point: 33% YoY
growth for Q1,
~40% YoY growth projected for Q2 2026 -
KFAR SAVA, Israel, April 30, 2026 - Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure solutions, today reported its financial results for the first quarter ended March 31, 2026.
Financial Results
Silicom’s revenues for the first quarter of 2026 were $19.1 million, a 33% increase compared with $14.4 million for the first quarter of 2025.
On a GAAP basis, the company’s net loss for the quarter totalled $2.4 million, or $0.41 per ordinary share (basic and diluted), compared with $2.8 million, or $0.49 per ordinary share (basic and diluted), recorded in the first quarter of 2025.
On a non-GAAP basis (as described and reconciled below), net loss for the quarter totalled $1.5 million, or $0.25 per ordinary share (basic and diluted), a 31% reduction compared with $2.1 million, or $0.37 per ordinary share (basic and diluted), for the first quarter of 2025.
Guidance
We are excited to report that not only did we surpass our revenue expectations this quarter, but that our momentum continues to accelerate, and that we anticipate even greater achievements for the second quarter. We expect second quarter revenues to range from $20 to $21 million, representing accelerated 40% growth on a year-over-year basis at the upper end of the guidance.
Comments of Management
Liron Eizenman, Silicom’s President and CEO, commented, “The first quarter was exceptionally strong in both sales and pipeline development, confirming the beyond-projection performance of our strategic plan and execution. After achieving 33% revenue growth on a year-over-year basis for the first quarter, and given the increased visibility provided by resilient demand for our core business products, we expect to deliver even stronger performance in the future, including sales that reach $82-$83 million in 2026 and continue building throughout 2027. While we were pleased to close eight Design Wins in 2025, during the past four months we have already closed four new Design Wins, and continue working through a broad and deep pipeline for our core Edge, Smart NIC and FPGA offerings. We are thus well positioned to meet or exceed our target of 7-9 design wins for 2026.
“In fact, these four recent design wins are a concrete demonstration of the strength and momentum of our core business. The expansion of our global networking and security-as-a-service customer to an $8-to-10 million annual run-rate, the Tier-1 cyber security leader's selection of a higher-end Edge system for its next-generation product line, and our streaming infrastructure win with a path to $25-to-30 million in revenues over five years, collectively demonstrate the upsell power of our long-term relationships and the additive, non-cannibalizing nature of our portfolio. In parallel, our recent FPGA Smart NIC design win with a European secure communications leader, which will scale toward $3 million per year and marks our third Post-Quantum Cryptography design win to date, further expands our PQC customer base. Together, these wins confirm that our core business is not only thriving, but also growing faster than originally projected.”
Mr. Eizenman continued, “While our core business accelerates through this key inflection point, we are also building deep momentum with two of the world's most promising contenders in the high-stakes race to architect the future infrastructure of AI inference. Reinforcing our position as a forward-thinking solutions provider in this space, we recently commenced the co-development of a specialized AI inference solution in cooperation with a major customer. Our pursuit of this upside is made possible by our unique platform of core assets, including our deep technological expertise and proprietary IP roots, our rapid, reliable customization and support capabilities, and our extensive and growing Tier-1 customer base.”
Mr. Eizenman concluded, “As we move forward through 2026, we are ideally positioned to benefit from a stronger-than-ever pipeline and from the extraordinary momentum of our target markets, both for our core products and for our AI inference infrastructure offerings. We are excited about the opportunities that lie ahead, and moving aggressively to actualize our full growth potential. We look forward to reporting the significant value that this will create for our shareholders, both in the quarters ahead and over the long term.”
***
Conference Call Details
Silicom’s Management will host an interactive conference today, April 30th, at 9am Eastern Time (6am Pacific Time, 4pm Israel Time) to review and discuss the results.
To participate, investors may either listen via a webcast link hosted on Silicom’s website or via the dial-in. The link is under the investor relations’ webcast section of Silicom’s website at https://www.silicom-usa.com/webcasts/
For those that wish to dial in via telephone, one of the following teleconferencing numbers may be used:
US: 1 866 860 9642
ISRAEL: 03 918 0609
INTERNATIONAL: +972 3 918 0609
At: 9:00am Eastern Time, 6:00am Pacific Time, 4:00pm Israel Time
It is advised to connect to the conference call a few minutes before the start.
For those unable to listen to the live call, a replay of the call will be available for three months from the day after the call under the above-mentioned webcast section of Silicom’s website.
***
About Silicom
Silicom Ltd. is an industry-leading provider of high-performance networking and data infrastructure solutions. Designed to optimize performance and efficiency in Cloud, Data Center and Edge environments, Silicom’s solutions increase throughput and minimize latency, serving as the infrastructure backbone for today’s most critical technologies. Our innovations empower high-demand workloads across Artificial Intelligence (AI) inference, SD-WAN, SASE, cyber security, fabric switching, NFV, and more.
Our comprehensive portfolio, including high-speed server adapters, advanced hardware offloading and acceleration engines, AI NICs, FPGA-based smart cards, Post Quantum Cryptography (PQC) hardware accelerators, white label switches and Edge CPEs, is used by Tier-1 customers throughout the world, including cloud players, service providers and OEMs, to enable their networks to scale efficiently. With engineering excellence, a strong financial position and a legacy of over 400 active Design Wins, Silicom serves as the "go-to" connectivity and performance partner for technology leaders around the globe, and drives the next generation of infrastructure.
For more information, please visit: www.silicom.co.il
Statements in this press release which are not historical data are forward-looking statements within the meaning of applicable securities laws which involve known and unknown risks, uncertainties, or other factors not under the company's control, which may cause actual results, performance, or achievements of the company to be materially different from the results, performance, or other expectations implied by these forward-looking statements.
For example, when the Company discusses its revenue outlook or guidance for future periods, growth opportunities, market demand for its products and solutions, expected customer deployments, the scalability of its business model, operating performance, strategic partnerships, technology leadership, or industry trends affecting cloud infrastructure, artificial intelligence workloads, networking acceleration technologies or telecommunications markets, it is using forward-looking statements.
Additional factors include, but are not limited to, Silicom’s dependence for substantial revenue growth on a limited number of customers, industry trends affecting networking and data center infrastructure, including the migration to cloud architectures, disaggregation of networking systems and the separation of hardware and software solutions; the pace of adoption of emerging technologies such as artificial intelligence inference infrastructure; the timing and extent of market adoption of Silicom’s new products and of new Design Wins achieved by Silicom; fluctuations in customer purchasing cycles and the timing of customer deployments; protection of intellectual property, changes in exchange rates; and the wars in Gaza, Lebanon and with Iran, as well as the war in the Ukraine, and existing and potential disruptions to global shipping routes such as the Straits of Hormuz and the Red Sea.
Further information about the company’s businesses, including information about factors that could materially affect Silicom’s results of operations and financial condition, are discussed in our Annual Report on Form 20-F and other documents filed by Silicom and that may be subsequently filed by the company from time to time with the SEC. These forward-looking statements can generally be identified as such because the context of the statement will include words such as “expect,” “should,” “believe,” “anticipate” or words of similar import. Similarly, statements that describe future plans, objectives or goals are also forward-looking statements. In light of significant risks and uncertainties inherent in forward-looking statements, the inclusion of such statements should not be regarded as a representation by Silicom that it will achieve such forward-looking statements. The company disclaims any duty to update such statements, whether as a result of new information, future events, or otherwise.
Non-GAAP Financial Measures
This release, including the financial tables below, presents other financial information that may be considered "non-GAAP financial measures" under Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the "SEC") as they apply to our company. These non-GAAP financial measures exclude compensation expenses in respect of options and RSUs granted to directors, officers and employees, as well as lease liabilities - financial expenses (income). Non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the non-GAAP financial measures as well as reconciliation between the non-GAAP financial measures and the most comparable GAAP financial measures. The non-GAAP financial information presented herein should not be considered in isolation from or as a substitute for operating income (loss), net income (loss) or per share data prepared in accordance with GAAP.
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Company Contact: Eran Gilad, CFO Silicom Ltd. Tel: +972-9-764-4555 E-mail: erang@silicom.co.il |
Investor Relations Contact: Ehud Helft EK Global Investor Relations Tel: +1 212 378 8040 E-mail: silicom@ekgir.com |
-- FINANCIAL TABLES FOLLOW –
Silicom Ltd. Consolidated Balance Sheets
(US$ thousands)
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 30,032 | $ | 35,156 | ||||
| Short-term bank deposits | — | 6,000 | ||||||
| Marketable securities | 4,982 | 6,958 | ||||||
| Accounts receivables: Trade, net | 13,866 | 9,194 | ||||||
| Accounts receivables: Other | 3,802 | 3,155 | ||||||
| Inventories | 63,485 | 52,650 | ||||||
| Total current assets | 116,167 | 113,113 | ||||||
| Marketable securities | 27,775 | 25,518 | ||||||
| Assets held for employees’ severance benefits | 1,683 | 1,670 | ||||||
| Property, plant and equipment, net | 3,302 | 3,140 | ||||||
| Intangible assets, net | 3,491 | 2,569 | ||||||
| Right of Use | 6,389 | 6,147 | ||||||
| Total assets | $ | 158,807 | $ | 152,157 | ||||
| Liabilities and shareholders' equity | ||||||||
| Current liabilities | ||||||||
| Trade accounts payable | $ | 20,406 | $ | 11,116 | ||||
| Other accounts payable and accrued expenses | 12,578 | 14,116 | ||||||
| Lease Liabilities | 2,204 | 2,019 | ||||||
| Total current liabilities | 35,188 | 27,251 | ||||||
| Lease Liabilities | 4,397 | 4,252 | ||||||
| Liability for employees’ severance benefits | 3,127 | 3,049 | ||||||
| Deferred tax liabilities | 71 | 116 | ||||||
| Total liabilities | 42,783 | 34,668 | ||||||
| Shareholders' equity | ||||||||
| Ordinary shares and additional paid-in capital | 77,549 | 76,647 | ||||||
| Treasury shares | (55,171 | ) | (55,171 | ) | ||||
| Retained earnings | 93,646 | 96,013 | ||||||
| Total shareholders' equity | 116,024 | 117,489 | ||||||
| Total liabilities and shareholders' equity | $ | 158,807 | $ | 152,157 | ||||
Silicom Ltd. Consolidated Statements of Operations
(Unaudited, US$ thousands, except for share and per share data)
| Three-month period | ||||||||
| ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Sales | $ | 19,098 | $ | 14,385 | ||||
| Cost of sales | 13,455 | 10,110 | ||||||
| Gross profit | 5,643 | 4,275 | ||||||
| Research and development expenses | 5,266 | 4,926 | ||||||
| Selling and marketing expenses | 1,861 | 1,487 | ||||||
| General and administrative expenses | 1,324 | 1,077 | ||||||
| Total operating expenses | 8,451 | 7,490 | ||||||
| Operating income (loss) | (2,808 | ) | (3,215 | ) | ||||
| Financial income (expenses), net | 452 | 703 | ||||||
| Income (loss) before income taxes | (2,356 | ) | (2,512 | ) | ||||
| Income taxes | 11 | 294 | ||||||
| Net income (loss) | $ | (2,367 | ) | $ | (2,806 | ) | ||
| Basic and diluted income (loss) per ordinary share (US$) | $ | (0.41 | ) | $ | (0.49 | ) | ||
| Weighted average number of ordinary shares used to compute basic and diluted income (loss) per share (in thousands) | 5,706 | 5,735 | ||||||
Silicom Ltd. Reconciliation of Non-GAAP Financial Results
(Unaudited, US$ thousands, except for share and per share data)
| Three-month period | ||||||||
| ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| GAAP gross profit | $ | 5,643 | $ | 4,275 | ||||
| (1) Share-based compensation (*) | 87 | 77 | ||||||
| Non-GAAP gross profit | $ | 5,730 | $ | 4,352 | ||||
| GAAP operating income (loss) | $ | (2,808 | ) | $ | (3,215 | ) | ||
| Gross profit adjustments | 87 | 77 | ||||||
| (1) Share-based compensation (*) | 815 | 747 | ||||||
| Non-GAAP operating income (loss) | $ | (1,906 | ) | $ | (2,391 | ) | ||
| GAAP net income (loss) | $ | (2,367 | ) | $ | (2,806 | ) | ||
| Operating income (loss) adjustments | 902 | 824 | ||||||
| (2) Lease liabilities - Financial expenses (income) | 11 | (119 | ) | |||||
| Non-GAAP net income (loss) | $ | (1,454 | ) | $ | (2,101 | ) | ||
| GAAP net income (loss) | $ | (2,367 | ) | $ | (2,806 | ) | ||
| Adjustments for Non-GAAP Cost of sales | 87 | 77 | ||||||
| Adjustments for Non-GAAP Research and development expenses | 406 | 360 | ||||||
| Adjustments for Non-GAAP Selling and marketing expenses | 236 | 180 | ||||||
| Adjustments for Non-GAAP General and administrative expenses | 173 | 207 | ||||||
| Adjustments for Non-GAAP Financial income (loss), net | 11 | (119 | ) | |||||
| Non-GAAP net income (loss) | $ | (1,454 | ) | $ | (2,101 | ) | ||
| GAAP basic and diluted income (loss) per ordinary share (US$) | $ | (0.41 | ) | $ | (0.49 | ) | ||
| (1) Share-based compensation (*) | 0.16 | 0.14 | ||||||
| (2) Lease liabilities - Financial expenses (income) | — | (0.02 | ) | |||||
| Non-GAAP basic and diluted income (loss) per ordinary share (US$) | $ | (0.25 | ) | $ | (0.37 | ) | ||
(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))