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 First Quarter 2024 Financial Results By: SiTime via GlobeNewswire May 08, 2024 at 16:10 PM EDT SANTA CLARA, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the Precision Timing company, today announced financial results for the first quarter ended March 31, 2024. Net revenue in the first quarter of 2024 was $33.0 million, a 22% decrease from $42.4 million in the prior quarter. “SiTime is a leading provider of precision timing chips in electronics markets such as datacenter, AI and industrial,” said Rajesh Vashist, CEO and chairman of SiTime. “Our investments to expand our product portfolio, including our latest Chorus clock generators, have positioned us well for sustained growth in Q2 and beyond.” In the first quarter of 2024, GAAP gross margins were $17.7 million, or 53.5% of revenue, GAAP operating expenses were $52.7 million, GAAP loss from operations was $35.0 million, and GAAP net loss was $28.7 million, or $1.26 per diluted share. In the first quarter of 2024, non-GAAP gross margins were $19.1 million, or 57.9% of revenue, non-GAAP operating expenses were $27.4 million, non-GAAP loss from operations was $8.3 million and non-GAAP net loss was $1.9 million, or $0.08 per diluted share. Total cash, cash equivalents and short-term investments were $517.3 million on March 31, 2024. 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. Acquisition Related Accounting Estimates In December 2023, SiTime closed the acquisition of certain assets and an exclusive license to certain intellectual property, subject to certain covenants and restrictions, from Aura Semiconductor Pvt. Ltd. and certain of its affiliates relating to Aura's timing business and clock products. The purchase price has been allocated to the fair value of the intangible assets acquired based on estimates and assumptions made by management at the time of the acquisition. If additional information becomes available, the Company may revise its initial purchase price allocation within the 12 month measurement period and such revisions or changes may be material. Inducement Plan Grants SiTime granted restricted stock unit awards (“RSUs”) on May 7, 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 14 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 41,081 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 first quarter of 2024 via conference call today, May 8, 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 March 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 CorporationUnaudited GAAP Condensed Consolidated Statements of Operations Three Months Ended March 31, 2024 December 31, 2023 (in thousands, except per share data)Revenue$33,022 $42,403 Cost of revenue 15,361 18,710 Gross profit 17,661 23,693 Operating expenses: Research and development 25,544 22,919 Selling, general and administrative 23,913 20,514 Acquisition related costs 3,242 7,728 Total operating expenses 52,699 51,161 Loss from operations (35,038) (27,468)Interest income 6,560 7,329 Other income (expense), net (213) 152 Loss before income taxes (28,691) (19,987)Income tax benefit (13) (10)Net loss$(28,704) $(19,997)Net loss attributable to common stockholders and comprehensive loss$(28,704) $(19,997)Net loss per share attributable to common stockholders, basic$(1.26) $(0.89)Net loss per share attributable to common stockholders, diluted$(1.26) $(0.89)Weighted-average shares used to compute basic net loss per share 22,765 22,553 Weighted-average shares used to compute diluted net loss per share 22,765 22,553 SiTime CorporationUnaudited Reconciliation of Non-GAAP Adjustments Three Months Ended March 31, 2024 December 31, 2023 (in thousands, except per share data)Reconciliation of GAAP gross profit and margin to non-GAAP Revenue$33,022 $42,403 GAAP gross profit 17,661 23,693 GAAP gross margin 53.5% 55.9%Amortization of acquired intangibles 1,284 280 Stock-based compensation 179 740 Non-GAAP gross profit$19,124 $24,713 Non-GAAP gross margin 57.9% 58.3% Reconciliation of GAAP operating expenses to non-GAAP GAAP research and development expenses$25,544 $22,919 Stock-based compensation (9,177) (7,039)Non-GAAP research and development expenses$16,367 $15,880 GAAP sales, general and administrative expenses$23,913 $20,514 Stock-based compensation (12,347) (9,750)Acquisition related integration costs (550) — Non-GAAP sales, general and administrative expenses$11,016 $10,764 GAAP acquisition related costs$3,242 $7,728 Acquisition related costs (3,242) (7,728)Non-GAAP acquisition related costs$— $— Total Non-GAAP operating expenses$27,383 $26,644 Reconciliation of GAAP loss from operations to non-GAAP loss from operationsGAAP loss from operations$(35,038) $(27,468)Acquisition related costs 3,224 7,728 Acquisition related integration costs 550 — Amortization of acquired intangibles 1,284 280 Stock-based compensation 21,703 17,529 Non-GAAP loss from operations$(8,259) $(1,931)Non-GAAP loss from operations as a percentage of revenue (25.0%) (4.6%) Reconciliation of GAAP net loss to non-GAAP net income (loss) GAAP net loss$(28,704) $(19,997)Acquisition related costs 3,224 7,728 Acquisition related integration costs 550 — Amortization of acquired intangibles 1,284 280 Stock-based compensation 21,703 17,529 Non-GAAP net income (loss)$(1,925) $5,540 Weighted-average shares used to compute diluted net income (loss) per share 22,765 23,080 GAAP net loss per share diluted$(1.26) $(0.89)Non-GAAP adjustments detailed above 1.18 1.13 Non-GAAP net income (loss) per share diluted$(0.08) $0.24 SiTime CorporationUnaudited GAAP Condensed Consolidated Balance Sheets As of March 31, 2024 December 31, 2023 (in thousands)Assets: Current assets: Cash and cash equivalents$96,275 $9,468 Short-term investments in held-to-maturity securities 421,006 518,733 Accounts receivable, net 16,774 21,861 Inventories 74,376 65,539 Prepaid expenses and other current assets 9,744 7,641 Total current assets 618,175 623,242 Property and equipment, net 53,394 54,685 Intangible assets, net 175,236 177,079 Right-of-use assets, net 7,582 8,262 Goodwill 87,098 87,098 Other assets 1,138 1,317 Total assets$942,623 $951,683 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable$10,790 $8,690 Accrued expenses and other current liabilities 108,607 112,704 Total current liabilities 119,397 121,394 Other non-current liabilities 127,016 122,237 Total liabilities 246,413 243,631 Commitments and contingencies Stockholders’ equity: Common stock 2 2 Additional paid-in capital 813,312 796,450 Accumulated deficit (117,104) (88,400)Total stockholders’ equity 696,210 708,052 Total liabilities and stockholders’ equity$942,623 $951,683 Investor Relations Contacts: Shelton GroupLeanne Sievers | Brett Perry1-949-224-3874 | 1-214-272-0070sheltonir@sheltongroup.com SiTime CorporationBeth HoweChief 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 First Quarter 2024 Financial Results By: SiTime via GlobeNewswire May 08, 2024 at 16:10 PM EDT SANTA CLARA, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the Precision Timing company, today announced financial results for the first quarter ended March 31, 2024. Net revenue in the first quarter of 2024 was $33.0 million, a 22% decrease from $42.4 million in the prior quarter. “SiTime is a leading provider of precision timing chips in electronics markets such as datacenter, AI and industrial,” said Rajesh Vashist, CEO and chairman of SiTime. “Our investments to expand our product portfolio, including our latest Chorus clock generators, have positioned us well for sustained growth in Q2 and beyond.” In the first quarter of 2024, GAAP gross margins were $17.7 million, or 53.5% of revenue, GAAP operating expenses were $52.7 million, GAAP loss from operations was $35.0 million, and GAAP net loss was $28.7 million, or $1.26 per diluted share. In the first quarter of 2024, non-GAAP gross margins were $19.1 million, or 57.9% of revenue, non-GAAP operating expenses were $27.4 million, non-GAAP loss from operations was $8.3 million and non-GAAP net loss was $1.9 million, or $0.08 per diluted share. Total cash, cash equivalents and short-term investments were $517.3 million on March 31, 2024. 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. Acquisition Related Accounting Estimates In December 2023, SiTime closed the acquisition of certain assets and an exclusive license to certain intellectual property, subject to certain covenants and restrictions, from Aura Semiconductor Pvt. Ltd. and certain of its affiliates relating to Aura's timing business and clock products. The purchase price has been allocated to the fair value of the intangible assets acquired based on estimates and assumptions made by management at the time of the acquisition. If additional information becomes available, the Company may revise its initial purchase price allocation within the 12 month measurement period and such revisions or changes may be material. Inducement Plan Grants SiTime granted restricted stock unit awards (“RSUs”) on May 7, 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 14 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 41,081 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 first quarter of 2024 via conference call today, May 8, 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 March 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 CorporationUnaudited GAAP Condensed Consolidated Statements of Operations Three Months Ended March 31, 2024 December 31, 2023 (in thousands, except per share data)Revenue$33,022 $42,403 Cost of revenue 15,361 18,710 Gross profit 17,661 23,693 Operating expenses: Research and development 25,544 22,919 Selling, general and administrative 23,913 20,514 Acquisition related costs 3,242 7,728 Total operating expenses 52,699 51,161 Loss from operations (35,038) (27,468)Interest income 6,560 7,329 Other income (expense), net (213) 152 Loss before income taxes (28,691) (19,987)Income tax benefit (13) (10)Net loss$(28,704) $(19,997)Net loss attributable to common stockholders and comprehensive loss$(28,704) $(19,997)Net loss per share attributable to common stockholders, basic$(1.26) $(0.89)Net loss per share attributable to common stockholders, diluted$(1.26) $(0.89)Weighted-average shares used to compute basic net loss per share 22,765 22,553 Weighted-average shares used to compute diluted net loss per share 22,765 22,553 SiTime CorporationUnaudited Reconciliation of Non-GAAP Adjustments Three Months Ended March 31, 2024 December 31, 2023 (in thousands, except per share data)Reconciliation of GAAP gross profit and margin to non-GAAP Revenue$33,022 $42,403 GAAP gross profit 17,661 23,693 GAAP gross margin 53.5% 55.9%Amortization of acquired intangibles 1,284 280 Stock-based compensation 179 740 Non-GAAP gross profit$19,124 $24,713 Non-GAAP gross margin 57.9% 58.3% Reconciliation of GAAP operating expenses to non-GAAP GAAP research and development expenses$25,544 $22,919 Stock-based compensation (9,177) (7,039)Non-GAAP research and development expenses$16,367 $15,880 GAAP sales, general and administrative expenses$23,913 $20,514 Stock-based compensation (12,347) (9,750)Acquisition related integration costs (550) — Non-GAAP sales, general and administrative expenses$11,016 $10,764 GAAP acquisition related costs$3,242 $7,728 Acquisition related costs (3,242) (7,728)Non-GAAP acquisition related costs$— $— Total Non-GAAP operating expenses$27,383 $26,644 Reconciliation of GAAP loss from operations to non-GAAP loss from operationsGAAP loss from operations$(35,038) $(27,468)Acquisition related costs 3,224 7,728 Acquisition related integration costs 550 — Amortization of acquired intangibles 1,284 280 Stock-based compensation 21,703 17,529 Non-GAAP loss from operations$(8,259) $(1,931)Non-GAAP loss from operations as a percentage of revenue (25.0%) (4.6%) Reconciliation of GAAP net loss to non-GAAP net income (loss) GAAP net loss$(28,704) $(19,997)Acquisition related costs 3,224 7,728 Acquisition related integration costs 550 — Amortization of acquired intangibles 1,284 280 Stock-based compensation 21,703 17,529 Non-GAAP net income (loss)$(1,925) $5,540 Weighted-average shares used to compute diluted net income (loss) per share 22,765 23,080 GAAP net loss per share diluted$(1.26) $(0.89)Non-GAAP adjustments detailed above 1.18 1.13 Non-GAAP net income (loss) per share diluted$(0.08) $0.24 SiTime CorporationUnaudited GAAP Condensed Consolidated Balance Sheets As of March 31, 2024 December 31, 2023 (in thousands)Assets: Current assets: Cash and cash equivalents$96,275 $9,468 Short-term investments in held-to-maturity securities 421,006 518,733 Accounts receivable, net 16,774 21,861 Inventories 74,376 65,539 Prepaid expenses and other current assets 9,744 7,641 Total current assets 618,175 623,242 Property and equipment, net 53,394 54,685 Intangible assets, net 175,236 177,079 Right-of-use assets, net 7,582 8,262 Goodwill 87,098 87,098 Other assets 1,138 1,317 Total assets$942,623 $951,683 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable$10,790 $8,690 Accrued expenses and other current liabilities 108,607 112,704 Total current liabilities 119,397 121,394 Other non-current liabilities 127,016 122,237 Total liabilities 246,413 243,631 Commitments and contingencies Stockholders’ equity: Common stock 2 2 Additional paid-in capital 813,312 796,450 Accumulated deficit (117,104) (88,400)Total stockholders’ equity 696,210 708,052 Total liabilities and stockholders’ equity$942,623 $951,683 Investor Relations Contacts: Shelton GroupLeanne Sievers | Brett Perry1-949-224-3874 | 1-214-272-0070sheltonir@sheltongroup.com SiTime CorporationBeth HoweChief Financial Officerinvestor.relations@sitime.com
SANTA CLARA, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the Precision Timing company, today announced financial results for the first quarter ended March 31, 2024. Net revenue in the first quarter of 2024 was $33.0 million, a 22% decrease from $42.4 million in the prior quarter. “SiTime is a leading provider of precision timing chips in electronics markets such as datacenter, AI and industrial,” said Rajesh Vashist, CEO and chairman of SiTime. “Our investments to expand our product portfolio, including our latest Chorus clock generators, have positioned us well for sustained growth in Q2 and beyond.” In the first quarter of 2024, GAAP gross margins were $17.7 million, or 53.5% of revenue, GAAP operating expenses were $52.7 million, GAAP loss from operations was $35.0 million, and GAAP net loss was $28.7 million, or $1.26 per diluted share. In the first quarter of 2024, non-GAAP gross margins were $19.1 million, or 57.9% of revenue, non-GAAP operating expenses were $27.4 million, non-GAAP loss from operations was $8.3 million and non-GAAP net loss was $1.9 million, or $0.08 per diluted share. Total cash, cash equivalents and short-term investments were $517.3 million on March 31, 2024. 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. Acquisition Related Accounting Estimates In December 2023, SiTime closed the acquisition of certain assets and an exclusive license to certain intellectual property, subject to certain covenants and restrictions, from Aura Semiconductor Pvt. Ltd. and certain of its affiliates relating to Aura's timing business and clock products. The purchase price has been allocated to the fair value of the intangible assets acquired based on estimates and assumptions made by management at the time of the acquisition. If additional information becomes available, the Company may revise its initial purchase price allocation within the 12 month measurement period and such revisions or changes may be material. Inducement Plan Grants SiTime granted restricted stock unit awards (“RSUs”) on May 7, 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 14 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 41,081 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 first quarter of 2024 via conference call today, May 8, 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 March 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 CorporationUnaudited GAAP Condensed Consolidated Statements of Operations Three Months Ended March 31, 2024 December 31, 2023 (in thousands, except per share data)Revenue$33,022 $42,403 Cost of revenue 15,361 18,710 Gross profit 17,661 23,693 Operating expenses: Research and development 25,544 22,919 Selling, general and administrative 23,913 20,514 Acquisition related costs 3,242 7,728 Total operating expenses 52,699 51,161 Loss from operations (35,038) (27,468)Interest income 6,560 7,329 Other income (expense), net (213) 152 Loss before income taxes (28,691) (19,987)Income tax benefit (13) (10)Net loss$(28,704) $(19,997)Net loss attributable to common stockholders and comprehensive loss$(28,704) $(19,997)Net loss per share attributable to common stockholders, basic$(1.26) $(0.89)Net loss per share attributable to common stockholders, diluted$(1.26) $(0.89)Weighted-average shares used to compute basic net loss per share 22,765 22,553 Weighted-average shares used to compute diluted net loss per share 22,765 22,553 SiTime CorporationUnaudited Reconciliation of Non-GAAP Adjustments Three Months Ended March 31, 2024 December 31, 2023 (in thousands, except per share data)Reconciliation of GAAP gross profit and margin to non-GAAP Revenue$33,022 $42,403 GAAP gross profit 17,661 23,693 GAAP gross margin 53.5% 55.9%Amortization of acquired intangibles 1,284 280 Stock-based compensation 179 740 Non-GAAP gross profit$19,124 $24,713 Non-GAAP gross margin 57.9% 58.3% Reconciliation of GAAP operating expenses to non-GAAP GAAP research and development expenses$25,544 $22,919 Stock-based compensation (9,177) (7,039)Non-GAAP research and development expenses$16,367 $15,880 GAAP sales, general and administrative expenses$23,913 $20,514 Stock-based compensation (12,347) (9,750)Acquisition related integration costs (550) — Non-GAAP sales, general and administrative expenses$11,016 $10,764 GAAP acquisition related costs$3,242 $7,728 Acquisition related costs (3,242) (7,728)Non-GAAP acquisition related costs$— $— Total Non-GAAP operating expenses$27,383 $26,644 Reconciliation of GAAP loss from operations to non-GAAP loss from operationsGAAP loss from operations$(35,038) $(27,468)Acquisition related costs 3,224 7,728 Acquisition related integration costs 550 — Amortization of acquired intangibles 1,284 280 Stock-based compensation 21,703 17,529 Non-GAAP loss from operations$(8,259) $(1,931)Non-GAAP loss from operations as a percentage of revenue (25.0%) (4.6%) Reconciliation of GAAP net loss to non-GAAP net income (loss) GAAP net loss$(28,704) $(19,997)Acquisition related costs 3,224 7,728 Acquisition related integration costs 550 — Amortization of acquired intangibles 1,284 280 Stock-based compensation 21,703 17,529 Non-GAAP net income (loss)$(1,925) $5,540 Weighted-average shares used to compute diluted net income (loss) per share 22,765 23,080 GAAP net loss per share diluted$(1.26) $(0.89)Non-GAAP adjustments detailed above 1.18 1.13 Non-GAAP net income (loss) per share diluted$(0.08) $0.24 SiTime CorporationUnaudited GAAP Condensed Consolidated Balance Sheets As of March 31, 2024 December 31, 2023 (in thousands)Assets: Current assets: Cash and cash equivalents$96,275 $9,468 Short-term investments in held-to-maturity securities 421,006 518,733 Accounts receivable, net 16,774 21,861 Inventories 74,376 65,539 Prepaid expenses and other current assets 9,744 7,641 Total current assets 618,175 623,242 Property and equipment, net 53,394 54,685 Intangible assets, net 175,236 177,079 Right-of-use assets, net 7,582 8,262 Goodwill 87,098 87,098 Other assets 1,138 1,317 Total assets$942,623 $951,683 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable$10,790 $8,690 Accrued expenses and other current liabilities 108,607 112,704 Total current liabilities 119,397 121,394 Other non-current liabilities 127,016 122,237 Total liabilities 246,413 243,631 Commitments and contingencies Stockholders’ equity: Common stock 2 2 Additional paid-in capital 813,312 796,450 Accumulated deficit (117,104) (88,400)Total stockholders’ equity 696,210 708,052 Total liabilities and stockholders’ equity$942,623 $951,683 Investor Relations Contacts: Shelton GroupLeanne Sievers | Brett Perry1-949-224-3874 | 1-214-272-0070sheltonir@sheltongroup.com SiTime CorporationBeth HoweChief Financial Officerinvestor.relations@sitime.com