SiTime CorporationUnaudited GAAP Condensed Consolidated Statements of Operations Three Months Ended September 30, 2024 June 30, 2024 (in thousands, except per share data)Revenue$57,698 $43,866 Cost of revenue 28,231 22,343 Gross profit 29,467 21,523 Operating expenses: Research and development 26,489 25,490 Selling, general and administrative 25,359 25,190 Acquisition related costs 2,482 3,163 Total operating expenses 54,330 53,843 Loss from operations (24,863) (32,320)Interest income 5,499 5,736 Other income (expense), net 168 (203)Loss before income taxes (19,196) (26,787)Income tax benefit (expense) (119) 18 Net loss$(19,315) $(26,769)Net loss attributable to common stockholders and comprehensive loss$(19,315) $(26,769)Net loss per share attributable to common stockholders, basic$(0.83) $(1.16)Net loss per share attributable to common stockholders, diluted$(0.83) $(1.16)Weighted-average shares used to compute basic net loss per share 23,237 22,997 Weighted-average shares used to compute diluted net loss per share 23,237 22,997 SiTime CorporationUnaudited Reconciliation of Non-GAAP Adjustments Three Months Ended September 30, 2024 June 30, 2024 (in thousands, except per share data)Reconciliation of GAAP gross profit and margin to non-GAAP Revenue$57,698 $43,866 GAAP gross profit 29,467 21,523 GAAP gross margin 51.1% 49.1%Amortization of acquired intangibles 3,573 3,463 Stock-based compensation 495 327 Non-GAAP gross profit$33,535 $25,313 Non-GAAP gross margin 58.1% 57.7% Reconciliation of GAAP operating expenses to non-GAAP GAAP research and development expenses$26,489 $25,490 Stock-based compensation (9,392) (9,414)Non-GAAP research and development expenses$17,097 $16,076 GAAP sales, general and administrative expenses$25,359 $25,190 Stock-based compensation (12,925) (13,176)Non-GAAP sales, general and administrative expenses$12,434 $12,014 GAAP acquisition related costs$2,482 $3,163 Acquisition related costs (2,482) (3,163)Non-GAAP acquisition related costs$— $— Total Non-GAAP operating expenses$29,531 $28,090 Reconciliation of GAAP loss from operations to non-GAAP loss from operations GAAP loss from operations$(24,863) $(32,320)Acquisition related costs 2,482 3,163 Amortization of acquired intangibles 3,573 3,463 Stock-based compensation 22,812 22,917 Non-GAAP income (loss) from operations$4,004 $(2,777)Non-GAAP income (loss) from operations as a percentage of revenue 6.9% (6.3%) Reconciliation of GAAP net loss to non-GAAP net income (loss) GAAP net loss$(19,315) $(26,769)Acquisition related costs 2,482 3,163 Amortization of acquired intangibles 3,573 3,463 Stock-based compensation 22,812 22,917 Non-GAAP net income$9,552 $2,774 Weighted-average shares used to compute diluted net income (loss) per share 24,059 22,997 GAAP net loss per share diluted$(0.83) $(1.16)Non-GAAP adjustments detailed above 1.23 1.28 Non-GAAP net income per share diluted$0.40 $0.
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.
Our strategy of focusing on high-value applications with differentiated product offerings is delivering results and continues to fuel our growth.” In the third quarter of 2024, GAAP gross profit was $29.5 million, or 51.1% of revenue, GAAP operating expenses were $54.3 million, GAAP loss from operations was $24.9 million, and GAAP net loss was $19.3 million, or $0.83 per diluted share.
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