IRVINE, Calif., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Syntiant Corp., the recognized leader in low-power edge AI deployment, today announced that its CEO, Kurt Busch, will participate in Bernstein’s 3rd Annual Technology, Media and Telecommunications (TMT) Forum, taking place February 26-27 at Hotel Nia in Menlo Park, Calif. Busch will join Bernstein’s Managing Director and Senior Analyst Dr. Stacy Rasgon, Ph.D., on February 26 at 11 a.m. PST for a fireside chat to discuss Syntiant’s value proposition and growt ...

Financial Data and Key Metrics Changes - For Q4 2024, revenue was $143 million, up 2% year-over-year and within guidance range. Non-GAAP diluted EPS was $0.27, up 23% from Q4 2023, also within guidance range [22][49][62] - For the full year 2024, revenue grew 21% and non-GAAP diluted EPS grew 32% compared to 2023, driven by strength in MedTech and specialty audio [10][50] Business Line Data and Key Metrics Changes - In Q4, MedTech and specialty audio revenue was $70 million, flat year-over-year. For the full year, revenue in this segment increased by 8% driven by increased shipments into the hearing health market [23][50] - The Precision Devices segment delivered Q4 revenues of $73 million, up 4% year-over-year. Full-year revenue grew 36% compared to 2023, aided by the addition of Cornell [58][64] Market Data and Key Metrics Changes - The distribution book-to-bill trend was positive in Q4, indicating a reduction in excess sales inventory in industrial end markets [58] - Approximately 5% of revenue in 2024 could be subject to tariffs on imports from China or Mexico, but exposure is considered limited [19][60] Company Strategy and Development Direction - The company aims to leverage core competencies in medical markets and expects to see growth in 2025 and beyond through innovative customer solutions [11][35] - The recent sale of the consumer MEMS microphone business is part of a strategic transformation to strengthen the balance sheet and focus on core businesses [37][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in revenue and profitability growth in 2025, citing a healthy pipeline of new opportunities and strong demand in various markets [36][76] - The company anticipates a return to year-over-year revenue and earnings growth beginning in Q2 2025, supported by a strong backlog of orders [72][76] Other Important Information - Cash from operations for Q4 was $35 million, with full-year cash from operations totaling $130 million [26][66] - The board authorized an additional $150 million for stock repurchase, reflecting continued support for returning capital to shareholders [18][68] Q&A Session Summary Question: Pricing pressure across segments - Management noted that pricing pressure is mainly observed in the MSA business on mature products, while the Precision Devices segment has seen a net positive pricing impact [86][87] Question: Inventory levels - Inventory at distribution partners decreased from about six months at the end of Q3 to four to four and a half months at the end of Q4, with strong bookings in Q4 providing confidence for growth [88][90] Question: Specialty film production challenges - Management indicated that production challenges in the specialty film business are expected to improve by the end of Q1 or into Q2, with a significant backlog of orders already in place [94][95] Question: Consumer MEMS microphone business revenue - The consumer MEMS microphone business generated approximately $260 million in revenue from January 2024 until its closure in December 2024 [97]

FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024. or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36102 Knowles Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or o ...

Financial Contact: Sarah Cook Knowles Investor Relations Email: investorrelations@knowles.com Knowles received $75M+, multi-year, order for high-performance capacitors in Energy market Knowles Reports Q4 & Full Year 2024 Financial Results and Provides Outlook for Q1 2025 Fourth Quarter Revenues from Continuing Operations increased 2% and Full Year Revenues from Continuing Operations increased 21% on a year over year basis Generated Fourth Quarter Net Cash from Operations of $35M and full year Net Cash from ...

Acquisition Details - Syntiant Corp completed the acquisition of Knowles Corporation's Consumer MEMS Microphones (CMM) business for $150 million in cash and stock [4] - The acquisition was financed through equity funding led by Khazanah Nasional Berhad and Boardman Bay Capital Management, with debt financing arranged by Structural Capital [3] Financial Performance - Knowles' CMM division generated revenue of approximately $256 million in 2023 [3][8] Strategic Impact - The acquisition positions Syntiant as a leader in the multibillion-dollar MEMS microphone market, combining cutting-edge sensors, processors, and high-performance machine learning models [1] - Syntiant aims to accelerate the development of next-generation solutions for autonomous vehicles, smart home devices, and industrial automation [1] - The integration of Knowles' CMM business enhances Syntiant's product portfolio, supporting new audio applications in consumer and industrial markets [8] Technological Advancements - Syntiant has deployed more than 50 million Neural Decision Processors (NDPs) and deep learning models worldwide, delivering ultra-low-power AI in edge devices [9] - The integration of advanced MEMS sensors into Syntiant's existing hardware-software capabilities provides customers with a total edge AI audio solution [9] Investor and Partner Support - Boardman Bay Capital Management expressed deep confidence in Syntiant's ability to drive the future of edge AI [2] - Khazanah Nasional Berhad supports Syntiant's vision for the growth of Malaysia's semiconductor ecosystem, aligning with its goal of fostering technological advancements in the region [10] - Structural Capital believes the deal will accelerate Syntiant's growth and strengthen its market presence [19] Company Background - Syntiant Corp, founded in 2017 and headquartered in Irvine, Calif, is a leader in delivering hardware and software solutions for edge AI deployment [15] - Knowles' CMM business designs and manufactures MEMS microphones, known as SiSonicTM, for voice control communications and superior audio recording across various market segments [16] Industry Context - The acquisition reflects the rising demand for chips in emerging technologies like AI and the shifting global supply chain, creating opportunities for Malaysia to advance in the semiconductor and advanced manufacturing value chain [10]

-Provides Customers with End-to-End Edge AI Solutions Integrating Sensors, Processors and Software- -Expands Product Portfolio to Support New Audio Applications in Consumer and Industrial Markets--Generated Revenue of Approximately $256 Million in 2023 - IRVINE, Calif., Dec. 30, 2024 (GLOBE NEWSWIRE) -- Syntiant Corp., the recognized leader in low power edge AI deployments, today announced it has completed the acquisition of Knowles Corporation’s (NYSE: KN) Consumer MEMS Microphones (CMM) business for $150 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024. or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36102 Knowles Corporation (Exact name of registrant as specified in its charter) Delaware 90-1002689 (St ...

Financial Data and Key Metrics Changes - The company reported Q3 2024 revenue of $143 million, representing a 32% year-over-year growth driven by the Cornell acquisition and 4% organic growth [5][10] - Adjusted EBITDA margins were 24.6%, with expectations for further margin expansion due to improved market conditions and synergies from the Cornell acquisition [5][6] - EPS for the quarter was $0.26, up 30% from the previous year [10][12] Business Line Data and Key Metrics Changes - Medtech & Specialty Audio segment revenue grew 10% year-over-year to $64 million, driven by higher demand in Hearing Health and Specialty Audio [10][11] - Precision Devices segment revenue increased 57% year-over-year to $79 million, primarily due to the Cornell acquisition, despite lower shipments in the industrial end market [10][11] - Gross margins for Medtech & Specialty Audio were 53.1%, down 60 basis points year-over-year, while Precision Devices had gross margins of 40%, down 40 basis points [10][11] Market Data and Key Metrics Changes - The defense market remains strong, while the industrial market shows weakness with inconsistent bookings from distribution partners [18][19] - The electrification market is flat year-over-year, with new design wins offsetting some declines [31] - Distribution partners report approximately six months of inventory on hand, indicating a need for inventory normalization [29][30] Company Strategy and Development Direction - The company is transitioning its portfolio to higher growth markets and products, focusing on Medtech, defense, electrification, and industrial sectors [4][9] - The sale of the Consumer MEMS Microphone business is part of the strategy to enhance shareholder value and focus on more attractive markets [4][9] - An Investor Forum is planned for Q1 2025 to discuss growth strategies and future plans in detail [9][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Hearing Health market, especially with new features in Apple products driving awareness and adoption [6][7] - There is cautious optimism for recovery in the industrial market by late Q1 and Q2 of 2025, although current conditions remain inconsistent [19][30] - The company anticipates modest sequential revenue growth in Q4 2024, with guidance for revenues between $141 million and $151 million [14][15] Other Important Information - The company generated $53 million in cash from operating activities, exceeding guidance due to lower net working capital [12] - Capital spending for Q3 was $4 million, with expectations for Q4 capital spending to be around $6 million [12][14] - The net leverage ratio based on trailing 12 months adjusted EBITDA was 1x, indicating a strong balance sheet position [13] Q&A Session Summary Question: Demand in Precision Devices (PD) segment - Management noted that the defense market remains strong, while industrial markets show weakness with inconsistent bookings [18][19] Question: CapEx expectations - Management indicated a go-forward CapEx level of around 3% of revenue, with potential fluctuations based on business cycles [20][21] Question: M&A environment - The company is actively assessing M&A opportunities, focusing on targets that align with their higher margin business strategy [23][24] Question: Margin expansion opportunities in Cornell - Management highlighted continued opportunities for margin improvement through pricing and operational efficiencies [25][27] Question: Inventory levels and geographic demand patterns - Distribution partners report about six months of inventory, with expectations for normalization in the coming months [29][30] Question: Changes in demand patterns in other end markets - Management stated that consumer demand remains stable, with no significant issues observed [33]

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Financial Performance - Revenues from continuing operations for Q3 2024 increased by 32% year-over-year to $143 million, at the high end of the guided range[1] - Net cash provided by operating activities reached $53 million, exceeding the high end of the guided range[1] - Non-GAAP diluted EPS from continuing operations was $0.26, at the midpoint of the guided range[2] - The Cornell acquisition contributed to the revenue growth, alongside an organic growth of 4%[2] - Gross profit for Q3 2024 was $62.9 million, representing 44.1% of revenues, compared to 46.6% in Q3 2023[3] - Operating earnings for Q3 2024 were $18.7 million, an increase from $11.4 million in Q3 2023[12] - Revenues for the nine months ended September 30, 2024, increased to $411.0 million, up 29.4% from $317.6 million in the same period of 2023[14] - Gross profit for the nine months ended September 30, 2024, was $173.9 million, representing a gross margin of 42.3%, compared to $145.2 million and 45.7% in the prior year[14][16] - Operating earnings for the nine months ended September 30, 2024, were $36.4 million, an increase of 13.4% from $32.1 million in the same period of 2023[14] - Net loss for the nine months ended September 30, 2024, was $(256.3) million, compared to net earnings of $25.0 million in the same period of 2023[14] - Basic earnings per share from continuing operations decreased to $0.15 for the nine months ended September 30, 2024, down from $0.43 in the prior year[14] - Net earnings from continuing operations for the quarter ended September 30, 2024, were $9.2 million, compared to $4.8 million for the same period last year, representing a 92% increase[17] - Non-GAAP net earnings for the quarter were $24.2 million, up from $18.4 million year-over-year, reflecting a 31% growth[17] - Diluted earnings per share from continuing operations increased to $0.10, compared to $0.05 in the prior year, marking a 100% rise[17] Expenses and Liabilities - Research and development expenses for Q3 2024 were $10.2 million, up from $8.1 million in Q3 2023[12] - Selling and administrative expenses rose to $106.8 million for the nine months ended September 30, 2024, up from $87.3 million in the prior year[14] - Interest expense, net, significantly increased to $12.9 million for the nine months ended September 30, 2024, compared to $2.2 million in the same period of 2023[14] - Research and development expenses increased to $29.2 million for the nine months ended September 30, 2024, compared to $24.0 million in the same period of 2023[14] Cash Flow and Capital Expenditures - Net cash provided by operating activities increased to $95.0 million for the nine months ended September 30, 2024, up from $62.3 million in the same period of 2023[20] - Adjusted free cash flow for the nine months ended September 30, 2024, was $63.5 million, compared to $32.7 million for the same period in 2023[22] - Non-GAAP net cash attributable to continuing operations was $72.9 million for the nine months ended September 30, 2024, compared to $40.7 million in the same period of 2023[22] - Capital expenditures for the nine months ended September 30, 2024, were $10.3 million, slightly down from $11.8 million in the same period of 2023[22] - The company made payments of $130.0 million under its revolving credit facility during the nine months ended September 30, 2024[20] - The company reported a net cash used in financing activities of $87.2 million for the nine months ended September 30, 2024, compared to $35.3 million in the same period of 2023[20] - The company experienced a net increase in cash and cash equivalents of $5.3 million for the nine months ended September 30, 2024, compared to an increase of $26.9 million in the same period of 2023[20] Balance Sheet - Total current assets as of September 30, 2024, amounted to $436.0 million, an increase from $428.8 million at December 31, 2023[19] - Cash and cash equivalents rose to $92.6 million, up from $87.3 million at the end of the previous year[19] - Total liabilities decreased to $393.9 million from $453.1 million at December 31, 2023, indicating a reduction of approximately 13%[19] - Total stockholders' equity decreased to $777.4 million from $1,034.1 million, reflecting a decline of about 25%[19] - Current liabilities increased to $185.9 million from $164.6 million, representing a 13% rise[19] - Long-term debt decreased to $175.5 million from $224.1 million, showing a reduction of approximately 22%[19] Discontinued Operations and Impairments - The company reported a loss from discontinued operations of $(269.3) million for the nine months ended September 30, 2024, compared to $(14.0) million in the prior year[14] - The company recognized a goodwill impairment of $262.5 million during the nine months ended September 30, 2024[20] Future Guidance - Q4 2024 revenue guidance is projected between $141 million and $151 million, with diluted EPS expected between $0.12 and $0.16[4] - The company anticipates continued sequential revenue growth in Q4 2024 across its Medtech & Specialty Audio and Precision Devices segments[2]