SiTime Reports First Quarter 2024 Financial Results

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[{"type":"text","content":"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 an...

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