Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries SiTime Reports Second Quarter 2023 Financial Results By: SiTime via GlobeNewswire August 02, 2023 at 16:05 PM EDT SANTA CLARA, Calif., Aug. 02, 2023 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the precision timing company, today announced financial results for the second quarter ended June 30, 2023. Net revenue in the second quarter of 2023 was $27.7 million, a 27.7% decrease from the $38.3 million in the first quarter of 2023. Generally Accepted Accounting Principles (GAAP) Results In the second quarter of 2023, GAAP gross margins were $15.4 million, or 55.7% of revenue, GAAP operating expenses were $47.8 million, GAAP loss from operations was $32.4 million, and GAAP net loss was $25.9 million, or $1.17 per basic share. Total cash and cash equivalents were $30.4 million and short-term investments were $544.3 million on June 30, 2023. Non-GAAP Results 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. In the second quarter of 2023, non-GAAP gross margins were $16.2 million, or 58.2% of revenue, non-GAAP operating expenses were $27.4 million, non-GAAP loss from operations was $11.2 million and non-GAAP net loss was $4.8 million, or $0.22 per diluted share. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release. 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. Inducement Plan Grants SiTime granted restricted stock unit awards (“RSUs”) on August 1, 2023 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 to 6 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 32,597 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 second quarter of 2023 via conference call today, August 2, 2023, 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 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 over 3 billion devices shipped, SiTime is changing the timing industry. For more information, visit www.sitime.com. SiTime Corporation Unaudited GAAP Condensed Consolidated Statements of Operations Three Months Ended June 30, 2023 March 31, 2023 (in thousands, except per share data) Revenue$27,728 $38,343 Cost of revenue 12,290 15,302 Gross profit 15,438 23,041 Operating expenses: Research and development 26,567 24,457 Selling, general and administrative 21,276 20,733 Total operating expenses 47,843 45,190 Loss from operations (32,405) (22,149)Interest income 6,667 5,629 Other income (expense), net (161) 100 Loss before income taxes (25,899) (16,420)Income tax benefit (23) (70)Net loss$(25,922) $(16,490)Net loss attributable to common stockholders and comprehensive loss$(25,922) $(16,490)Net loss per share attributable to common stockholders, basic$(1.17) $(0.76)Net loss per share attributable to common stockholders, diluted$(1.17) $(0.76)Weighted-average shares used to compute basic net loss per share 22,074 21,794 Weighted-average shares used to compute diluted net loss per share 22,074 21,794 SiTime CorporationUnaudited Reconciliation of Non-GAAP Adjustments Three Months Ended June 30, 2023 March 31, 2023 (in thousands, except per share data) Reconciliation of GAAP gross profit and margin to non-GAAP Revenue$27,728 $38,343 GAAP gross profit 15,438 23,041 GAAP gross margin 55.7% 60.1%Stock-based compensation 713 639 Non-GAAP gross profit$16,151 $23,680 Non-GAAP gross margin 58.2% 61.8% Reconciliation of GAAP operating expenses to non-GAAP GAAP research and development expenses 26,567 24,457 Stock-based compensation (9,983) (8,031)Non-GAAP research and development expenses$16,584 $16,426 GAAP sales, general and administrative expenses 21,276 20,733 Stock-based compensation (10,464) (9,866)Non-GAAP sales, general and administrative expenses$10,812 $10,867 Total Non-GAAP operating expenses$27,396 $27,293 Reconciliation of GAAP loss from operations to non-GAAP loss from operations GAAP loss from operations$(32,405) $(22,149)Stock-based compensation 21,160 18,536 Non-GAAP loss from operations$(11,245) $(3,613)Non-GAAP loss from operations as a percentage of revenue (40.6%) (9.4%) Reconciliation of GAAP net loss to non-GAAP net income (loss) GAAP net loss$(25,922) $(16,490)Stock-based compensation 21,160 18,536 Non-GAAP net income (loss)$(4,762) $2,046 Weighted-average shares used to compute diluted net income (loss) per share 22,074 21,794 GAAP net loss per share diluted$(1.17) $(0.76)Non-GAAP adjustments detailed above 0.95 0.85 Non-GAAP net income (loss) per share diluted$(0.22) $0.09 SiTime CorporationUnaudited GAAP Condensed Consolidated Balance Sheets As of June 30, 2023 December 31, 2022 (in thousands) Assets: Current assets: Cash and cash equivalents$30,375 $34,603 Short-term investments in held-to-maturity securities 544,299 529,494 Accounts receivable, net 15,769 41,229 Inventories 64,252 57,650 Prepaid expenses and other current assets 8,282 6,091 Total current assets 662,977 669,067 Property and equipment, net 56,295 58,772 Intangible assets, net 6,206 5,205 Right-of-use assets, net 9,549 10,848 Other assets 10,477 6,724 Total assets$745,504 $750,616 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable$9,762 $14,881 Accrued expenses and other current liabilities 20,700 18,913 Total current liabilities 30,462 33,794 Lease liabilities 6,773 8,149 Other non-current liabilities 2 193 Total liabilities 37,237 42,136 Commitments and contingencies Stockholders’ equity: Common stock 2 2 Additional paid-in capital 758,542 716,343 Accumulated deficit (50,277) (7,865)Total stockholders’ equity 708,267 708,480 Total liabilities and stockholders’ equity$745,504 $750,616 Investor Relations Contacts: Shelton GroupLeanne Sievers | Brett Perry1-949-224-3874 | 1-214-272-0070sheltonir@sheltongroup.com SiTime CorporationArt ChadwickChief Financial Officerinvestor.relations@sitime.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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SiTime Reports Second Quarter 2023 Financial Results By: SiTime via GlobeNewswire August 02, 2023 at 16:05 PM EDT SANTA CLARA, Calif., Aug. 02, 2023 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the precision timing company, today announced financial results for the second quarter ended June 30, 2023. Net revenue in the second quarter of 2023 was $27.7 million, a 27.7% decrease from the $38.3 million in the first quarter of 2023. Generally Accepted Accounting Principles (GAAP) Results In the second quarter of 2023, GAAP gross margins were $15.4 million, or 55.7% of revenue, GAAP operating expenses were $47.8 million, GAAP loss from operations was $32.4 million, and GAAP net loss was $25.9 million, or $1.17 per basic share. Total cash and cash equivalents were $30.4 million and short-term investments were $544.3 million on June 30, 2023. Non-GAAP Results 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. In the second quarter of 2023, non-GAAP gross margins were $16.2 million, or 58.2% of revenue, non-GAAP operating expenses were $27.4 million, non-GAAP loss from operations was $11.2 million and non-GAAP net loss was $4.8 million, or $0.22 per diluted share. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release. 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. Inducement Plan Grants SiTime granted restricted stock unit awards (“RSUs”) on August 1, 2023 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 to 6 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 32,597 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 second quarter of 2023 via conference call today, August 2, 2023, 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 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 over 3 billion devices shipped, SiTime is changing the timing industry. For more information, visit www.sitime.com. SiTime Corporation Unaudited GAAP Condensed Consolidated Statements of Operations Three Months Ended June 30, 2023 March 31, 2023 (in thousands, except per share data) Revenue$27,728 $38,343 Cost of revenue 12,290 15,302 Gross profit 15,438 23,041 Operating expenses: Research and development 26,567 24,457 Selling, general and administrative 21,276 20,733 Total operating expenses 47,843 45,190 Loss from operations (32,405) (22,149)Interest income 6,667 5,629 Other income (expense), net (161) 100 Loss before income taxes (25,899) (16,420)Income tax benefit (23) (70)Net loss$(25,922) $(16,490)Net loss attributable to common stockholders and comprehensive loss$(25,922) $(16,490)Net loss per share attributable to common stockholders, basic$(1.17) $(0.76)Net loss per share attributable to common stockholders, diluted$(1.17) $(0.76)Weighted-average shares used to compute basic net loss per share 22,074 21,794 Weighted-average shares used to compute diluted net loss per share 22,074 21,794 SiTime CorporationUnaudited Reconciliation of Non-GAAP Adjustments Three Months Ended June 30, 2023 March 31, 2023 (in thousands, except per share data) Reconciliation of GAAP gross profit and margin to non-GAAP Revenue$27,728 $38,343 GAAP gross profit 15,438 23,041 GAAP gross margin 55.7% 60.1%Stock-based compensation 713 639 Non-GAAP gross profit$16,151 $23,680 Non-GAAP gross margin 58.2% 61.8% Reconciliation of GAAP operating expenses to non-GAAP GAAP research and development expenses 26,567 24,457 Stock-based compensation (9,983) (8,031)Non-GAAP research and development expenses$16,584 $16,426 GAAP sales, general and administrative expenses 21,276 20,733 Stock-based compensation (10,464) (9,866)Non-GAAP sales, general and administrative expenses$10,812 $10,867 Total Non-GAAP operating expenses$27,396 $27,293 Reconciliation of GAAP loss from operations to non-GAAP loss from operations GAAP loss from operations$(32,405) $(22,149)Stock-based compensation 21,160 18,536 Non-GAAP loss from operations$(11,245) $(3,613)Non-GAAP loss from operations as a percentage of revenue (40.6%) (9.4%) Reconciliation of GAAP net loss to non-GAAP net income (loss) GAAP net loss$(25,922) $(16,490)Stock-based compensation 21,160 18,536 Non-GAAP net income (loss)$(4,762) $2,046 Weighted-average shares used to compute diluted net income (loss) per share 22,074 21,794 GAAP net loss per share diluted$(1.17) $(0.76)Non-GAAP adjustments detailed above 0.95 0.85 Non-GAAP net income (loss) per share diluted$(0.22) $0.09 SiTime CorporationUnaudited GAAP Condensed Consolidated Balance Sheets As of June 30, 2023 December 31, 2022 (in thousands) Assets: Current assets: Cash and cash equivalents$30,375 $34,603 Short-term investments in held-to-maturity securities 544,299 529,494 Accounts receivable, net 15,769 41,229 Inventories 64,252 57,650 Prepaid expenses and other current assets 8,282 6,091 Total current assets 662,977 669,067 Property and equipment, net 56,295 58,772 Intangible assets, net 6,206 5,205 Right-of-use assets, net 9,549 10,848 Other assets 10,477 6,724 Total assets$745,504 $750,616 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable$9,762 $14,881 Accrued expenses and other current liabilities 20,700 18,913 Total current liabilities 30,462 33,794 Lease liabilities 6,773 8,149 Other non-current liabilities 2 193 Total liabilities 37,237 42,136 Commitments and contingencies Stockholders’ equity: Common stock 2 2 Additional paid-in capital 758,542 716,343 Accumulated deficit (50,277) (7,865)Total stockholders’ equity 708,267 708,480 Total liabilities and stockholders’ equity$745,504 $750,616 Investor Relations Contacts: Shelton GroupLeanne Sievers | Brett Perry1-949-224-3874 | 1-214-272-0070sheltonir@sheltongroup.com SiTime CorporationArt ChadwickChief Financial Officerinvestor.relations@sitime.com
SANTA CLARA, Calif., Aug. 02, 2023 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the precision timing company, today announced financial results for the second quarter ended June 30, 2023. Net revenue in the second quarter of 2023 was $27.7 million, a 27.7% decrease from the $38.3 million in the first quarter of 2023. Generally Accepted Accounting Principles (GAAP) Results In the second quarter of 2023, GAAP gross margins were $15.4 million, or 55.7% of revenue, GAAP operating expenses were $47.8 million, GAAP loss from operations was $32.4 million, and GAAP net loss was $25.9 million, or $1.17 per basic share. Total cash and cash equivalents were $30.4 million and short-term investments were $544.3 million on June 30, 2023. Non-GAAP Results 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. In the second quarter of 2023, non-GAAP gross margins were $16.2 million, or 58.2% of revenue, non-GAAP operating expenses were $27.4 million, non-GAAP loss from operations was $11.2 million and non-GAAP net loss was $4.8 million, or $0.22 per diluted share. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release. 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. Inducement Plan Grants SiTime granted restricted stock unit awards (“RSUs”) on August 1, 2023 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 to 6 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 32,597 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 second quarter of 2023 via conference call today, August 2, 2023, 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 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 over 3 billion devices shipped, SiTime is changing the timing industry. For more information, visit www.sitime.com. SiTime Corporation Unaudited GAAP Condensed Consolidated Statements of Operations Three Months Ended June 30, 2023 March 31, 2023 (in thousands, except per share data) Revenue$27,728 $38,343 Cost of revenue 12,290 15,302 Gross profit 15,438 23,041 Operating expenses: Research and development 26,567 24,457 Selling, general and administrative 21,276 20,733 Total operating expenses 47,843 45,190 Loss from operations (32,405) (22,149)Interest income 6,667 5,629 Other income (expense), net (161) 100 Loss before income taxes (25,899) (16,420)Income tax benefit (23) (70)Net loss$(25,922) $(16,490)Net loss attributable to common stockholders and comprehensive loss$(25,922) $(16,490)Net loss per share attributable to common stockholders, basic$(1.17) $(0.76)Net loss per share attributable to common stockholders, diluted$(1.17) $(0.76)Weighted-average shares used to compute basic net loss per share 22,074 21,794 Weighted-average shares used to compute diluted net loss per share 22,074 21,794 SiTime CorporationUnaudited Reconciliation of Non-GAAP Adjustments Three Months Ended June 30, 2023 March 31, 2023 (in thousands, except per share data) Reconciliation of GAAP gross profit and margin to non-GAAP Revenue$27,728 $38,343 GAAP gross profit 15,438 23,041 GAAP gross margin 55.7% 60.1%Stock-based compensation 713 639 Non-GAAP gross profit$16,151 $23,680 Non-GAAP gross margin 58.2% 61.8% Reconciliation of GAAP operating expenses to non-GAAP GAAP research and development expenses 26,567 24,457 Stock-based compensation (9,983) (8,031)Non-GAAP research and development expenses$16,584 $16,426 GAAP sales, general and administrative expenses 21,276 20,733 Stock-based compensation (10,464) (9,866)Non-GAAP sales, general and administrative expenses$10,812 $10,867 Total Non-GAAP operating expenses$27,396 $27,293 Reconciliation of GAAP loss from operations to non-GAAP loss from operations GAAP loss from operations$(32,405) $(22,149)Stock-based compensation 21,160 18,536 Non-GAAP loss from operations$(11,245) $(3,613)Non-GAAP loss from operations as a percentage of revenue (40.6%) (9.4%) Reconciliation of GAAP net loss to non-GAAP net income (loss) GAAP net loss$(25,922) $(16,490)Stock-based compensation 21,160 18,536 Non-GAAP net income (loss)$(4,762) $2,046 Weighted-average shares used to compute diluted net income (loss) per share 22,074 21,794 GAAP net loss per share diluted$(1.17) $(0.76)Non-GAAP adjustments detailed above 0.95 0.85 Non-GAAP net income (loss) per share diluted$(0.22) $0.09 SiTime CorporationUnaudited GAAP Condensed Consolidated Balance Sheets As of June 30, 2023 December 31, 2022 (in thousands) Assets: Current assets: Cash and cash equivalents$30,375 $34,603 Short-term investments in held-to-maturity securities 544,299 529,494 Accounts receivable, net 15,769 41,229 Inventories 64,252 57,650 Prepaid expenses and other current assets 8,282 6,091 Total current assets 662,977 669,067 Property and equipment, net 56,295 58,772 Intangible assets, net 6,206 5,205 Right-of-use assets, net 9,549 10,848 Other assets 10,477 6,724 Total assets$745,504 $750,616 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable$9,762 $14,881 Accrued expenses and other current liabilities 20,700 18,913 Total current liabilities 30,462 33,794 Lease liabilities 6,773 8,149 Other non-current liabilities 2 193 Total liabilities 37,237 42,136 Commitments and contingencies Stockholders’ equity: Common stock 2 2 Additional paid-in capital 758,542 716,343 Accumulated deficit (50,277) (7,865)Total stockholders’ equity 708,267 708,480 Total liabilities and stockholders’ equity$745,504 $750,616 Investor Relations Contacts: Shelton GroupLeanne Sievers | Brett Perry1-949-224-3874 | 1-214-272-0070sheltonir@sheltongroup.com SiTime CorporationArt ChadwickChief Financial Officerinvestor.relations@sitime.com