Business
SiTime Reports Second Quarter 2020 Financial Results
SANTA CLARA, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results
About this update from Sitime Corporation
[{"type":"text","content":"SANTA CLARA, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the second quarter ended June 30, 2020.\n Net revenue in the second quarter of 2020 was $21.5 million, a 35.5% increase from the $15.8 million in the second quarter of 2019. Generally Accepted Accounting Principles (GAAP) Results In the second quarter of 2020 gross margins were $10.0 million, or 46.5% of revenue, operating expenses were $15.3 million, or 71.0% of revenue, GAAP loss from operations was $5.3 million, or 24.5% of revenue and net loss was $5.6 million, or $0.36 per diluted share. Total cash and cash equivalents were $102.5 million on June 30, 2020. 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. 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 results exclude the effect of stock-based compensation and related payroll taxes. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release. In the second quarter of 2020, non-GAAP gross margins were $10.1 million, or 46.8% of revenue, operating expenses were $11.9 million, or 55.6% of revenue, non-GAAP loss from operations was $1.9 million, or 8.7% of revenue and non-GAAP net loss was $2.2 million, or $0.14 per diluted share. Conference Call SiTime will broadcast its second quarter of 2020 financial results conference call today, August 5, 2020, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), which can be acc...