SiTime Reports First Quarter 2024 Financial Results

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 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

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 Corporation
Unaudited 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 Corporation
Unaudited 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  $26,644 
Reconciliation of GAAP loss from operations to non-GAAP loss from operations
GAAP loss from operations$(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 Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 As of
 March 31, 2024 December 31, 2023
 (in thousands)
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 Group
Leanne Sievers | Brett Perry
1-949-224-3874 | 1-214-272-0070

SiTime Corporation
Beth Howe
Chief Financial Officer