Quick Summary:
SiTime CorporationUnaudited GAAP Condensed Consolidated Statements of Operations Three months ended December 31, 2024 September 30, 2024 December 31, 2023 (in thousands, except per share data)Revenue$68,111 $57,698 $42,403 Cost of revenue 32,267 28,231 18,710 Gross profit 35,844 29,467 23,693 Operating expenses: Research and development 29,333 26,489 22,919 Selling, general and administrative 27,695 25,359 20,514 Acquisition related costs 1,835 2,482 7,728 Total operating expenses 58,863 54,330 51,161 Loss from operations (23,019) (24,863) (27,468)Interest income 5,088 5,499 7,329 Other income (expense), net (510) 168 152 Loss before income taxes (18,441) (19,196) (19,987)Income tax expense (372) (119) (10)Net loss$(18,813) $(19,315) $(19,997)Net loss attributable to common stockholders and comprehensive loss$(18,813) $(19,315) $(19,997)Net loss per share attributable to common stockholders, basic$(0.80) $(0.83) $(0.89)Net loss per share attributable to common stockholders, diluted$(0.80) $(0.83) $(0.89)Weighted-average shares used to compute basic net loss per share 23,467 23,237 22,553 Weighted-average shares used to compute diluted net loss per share 23,467 23,237 22,553 SiTime CorporationUnaudited GAAP Condensed Consolidated Statements of Operations Year Ended December 31, 2024 December 31, 2023 (in thousands, except per share data)Revenue$202,697 $143,993 Cost of revenue 98,203 61,905 Gross profit 104,494 82,088 Operating expenses: Research and development 106,855 97,589 Selling, general and administrative 102,157 83,971 Acquisition related costs 10,722 7,728 Total operating expenses 219,734 189,288 Loss from operations (115,240) (107,200)Interest income 22,883 26,958 Other expense, net (758) (141)Loss before income taxes (93,115) (80,383)Income tax expense (486) (152)Net loss$(93,601) $(80,535)Net loss attributable to common stockholders and comprehensive loss$(93,601) $(80,535)Net loss per share attributable to common stockholders, basic$(4.05) $(3.63)Net loss per share attributable to common stockholders, diluted$(4.05) $(3.63)Weighted-average shares used to compute basic net loss per share 23,118 22,188 Weighted-average shares used to compute diluted net loss per share 23,118 22,188 SiTime CorporationUnaudited Reconciliation of Non-GAAP Adjustments Three months ended December 31, 2024 September 30, 2024 December 31, 2023 (in thousands, except per share data)Reconciliation of GAAP gross profit and margin to non-GAAP Revenue$68,111 $57,698 $42,403 GAAP gross profit 35,844 29,467 23,693 GAAP gross margin 52.6% 51.1% 55.9%Amortization of acquired intangibles 3,573 3,573 280 Stock-based compensation 652 495 740 Non-GAAP gross profit$40,069 $33,535 $24,713 Non-GAAP gross margin 58.8% 58.1% 58.3% Reconciliation of GAAP operating expenses to non-GAAP GAAP research and development expenses$29,333 $26,489 $22,919 Stock-based compensation (9,965) (9,392) (7,039)Non-GAAP research and development expenses$19,368 $17,097 $15,880 GAAP sales, general and administrative expenses$27,695 $25,359 $20,514 Stock-based compensation (14,586) (12,925) (9,750)Non-GAAP sales, general and administrative expenses$13,109 $12,434 $10,764 GAAP acquisition related costs$1,835 $2,482 $7,728 Acquisition related costs (1,835) (2,482) (7,728)Non-GAAP acquisition related costs$— $— $— Total Non-GAAP operating expenses$32,477 $29,531 $26,644 Reconciliation of GAAP loss from operations to non-GAAP income (loss) from operations GAAP loss from operations$(23,019) $(24,863) $(27,468)Acquisition related costs 1,835 2,482 7,728 Amortization of acquired intangibles 3,573 3,573 280 Stock-based compensation 25,203 22,812 17,529 Non-GAAP income (loss) from operations$7,592 $4,004 $(1,931)Non-GAAP income (loss) from operations as a percentage of revenue 11.1% 6.9% (4.6%) Reconciliation of GAAP net loss to non-GAAP net income GAAP net loss$(18,813) $(19,315) $(19,997)Acquisition related costs 1,835 2,482 7,728 Amortization of acquired intangibles 3,573 3,573 280 Stock-based compensation 25,203 22,812 17,529 Non-GAAP net income$11,798 $9,552 $5,540 Weighted-average shares used to compute diluted net income per share(1) 24,452 24,059 23,080 GAAP net loss per share diluted$(0.80) $(0.83) $(0.89)Non-GAAP adjustments detailed above 1.28 1.23 1.13 Non-GAAP net income per share diluted$0.48 $0.40 $0.24 (1) Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares due to non-GAAP net income reported. SiTime CorporationUnaudited Reconciliation of Non-GAAP Adjustments Year Ended December 31, 2024 December 31, 2023 (in thousands, except per share data)Reconciliation of GAAP gross profit and margin to non-GAAP Revenue$202,697 $143,993 GAAP gross profit 104,494 82,088 GAAP gross margin 51.6% 57.0%Amortization of acquired intangibles 11,892 280 Stock-based compensation 1,654 2,840 Non-GAAP gross profit$118,040 $85,208 Non-GAAP gross margin 58.2% 59.2% Reconciliation of GAAP operating expenses to non-GAAP GAAP research and development expenses$106,855 $97,589 Stock-based compensation (37,947) (32,909)Non-GAAP research and development expenses$68,908 $64,680 GAAP sales, general and administrative expenses$102,157 $83,971 Stock-based compensation (53,034) (41,005)Acquisition related integration costs (550) — Non-GAAP sales, general and administrative expenses$48,573 $42,966 GAAP acquisition related costs$10,722 $7,728 Acquisition related costs (10,722) (7,728)Non-GAAP acquisition related costs$— $— Total Non-GAAP operating expenses$117,481 $107,646 Reconciliation of GAAP loss from operations to non-GAAP income (loss) from operations GAAP loss from operations$(115,240) $(107,200)Amortization of acquired intangibles 11,892 280 Acquisition related costs 10,722 7,728 Acquisition related integration costs 550 — Stock-based compensation 92,635 76,754 Non-GAAP income (loss) from operations$559 $(22,438)Non-GAAP income (loss) from operations as a percentage of revenue 0.3% (15.6%) Reconciliation of GAAP net loss to non-GAAP net income GAAP net loss$(93,601) $(80,535)Amortization of acquired intangibles 11,892 280 Acquisition related costs 10,722 7,728 Acquisition related integration costs 550 — Stock-based compensation 92,635 76,754 Non-GAAP net income$22,198 $4,227 Weighted-average shares used to compute diluted net income per share(1) 23,876 22,967 GAAP net loss per share diluted$(4.05) $(3.63)Non-GAAP adjustments detailed above 4.98 3.81 Non-GAAP net income per share diluted$0.93 $0.18 (1) Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares due to non-GAAP net income reported.
"We reported over 30% growth across all customer segments, with our Communications, Enterprise, and Datacenter business experiencing significant gains due to the critical role of precision timing in AI.” In the fourth quarter of 2024, GAAP gross profit was $35.8 million, or 52.6% of revenue, GAAP operating expenses were $58.9 million, GAAP loss from operations was $23.0 million, and GAAP net loss was $18.8 million, or $0.80 per diluted share.
For the twelve months ended December 31, 2024, GAAP gross profit was $104.5 million, or 51.6% of revenue, GAAP operating expenses were $219.7 million, GAAP loss from operations was $115.2 million, and GAAP net loss was $93.6 million, or $4.05 per diluted share.
