Company Overview - SiTime (SITM) currently holds a Momentum Style Score of B, indicating a positive momentum characteristic [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Price Performance - Over the past week, SiTime shares have increased by 20.33%, significantly outperforming the Zacks Electronics - Miscellaneous Products industry, which rose by 1.48% [5] - The monthly price change for SiTime is 21.15%, compared to the industry's 3.06% [5] - In the last quarter, SiTime shares have risen by 38.3%, and over the past year, they have increased by 67.71%, while the S&P 500 has only moved 8.73% and 17.21% respectively [6] Trading Volume - SiTime's average 20-day trading volume is 373,288 shares, which is a useful indicator of market interest and can signal bullish or bearish trends [7] Earnings Estimates - In the past two months, three earnings estimates for SiTime have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $1.60 to $2.22 [9] - For the next fiscal year, three estimates have also moved upwards without any downward revisions [9] Conclusion - SiTime is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a strong candidate for investors seeking short-term gains [11]

Group 1 - SiTime has expanded its product offerings by launching the Titan Platform family of semiconductor MEMS resonators, driving its stock to a nearly four-year high [1][2] - The entry into the $4 billion resonator market complements SiTime's existing precision timing solutions and positions the company as the sole provider of a complete suite of timing components [2][3] - SiTime's resonators are significantly smaller than traditional quartz alternatives, enabling further miniaturization of electronics for various applications including wearables and medical devices [4] Group 2 - Analyst Tore Svanberg from Stifel has reiterated a buy rating on SiTime stock, raising the price target from $240 to $320, reflecting confidence in the company's growth potential [2] - SiTime's stock closed at $312.85, marking a 2.5% increase and its highest level since December 2021 [2] - The launch of Titan resonators is expected to disrupt the legacy quartz-based timing market, which is valued at over $10 billion [3]

Group 1 - SiTime has released a new chip targeting the $4 billion market for wearable electronic devices [1]

Core Insights - SiTime has launched the Titan Platform, marking its entry into the $4 billion resonator market with the introduction of the smallest and most integrated resonator in the timing market [1] Company Summary - The Titan Platform is designed to enhance SiTime's product offerings in the resonator space, which is valued at $4 billion [1] Industry Summary - The resonator market is experiencing growth, and SiTime's innovative approach with the Titan Platform positions the company to capture a significant share of this expanding market [1]

Company Overview - SiTime (SITM) currently holds a Momentum Style Score of B, indicating a favorable position in momentum investing [3] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [4] Price Performance - Over the past week, SiTime shares have increased by 8.82%, while the Zacks Electronics - Miscellaneous Products industry remained flat [6] - In a longer time frame, SiTime's monthly price change is 22.2%, significantly outperforming the industry's 1.34% [6] - Over the past quarter, SiTime shares have risen by 17.74%, and they have increased by 72.39% over the last year, compared to the S&P 500's gains of 9.72% and 16.49%, respectively [7] Trading Volume - SiTime's average 20-day trading volume is 437,612 shares, which serves as a useful baseline for price-to-volume analysis [8] Earnings Estimates - In the past two months, three earnings estimates for SiTime have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $1.62 to $2.22 [10] - For the next fiscal year, three estimates have also moved upwards, with no downward revisions during the same period [10] Conclusion - Considering the positive price performance, trading volume, and favorable earnings outlook, SiTime is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [12]

Core Viewpoint - SiTime (SITM) is positioned as a strong investment opportunity due to significant upward revisions in earnings estimates, indicating a positive earnings outlook and potential for continued stock price appreciation [1][2]. Earnings Estimate Revisions - The current quarter's earnings estimate for SiTime is projected at $0.71 per share, reflecting a year-over-year increase of 77.5% [6]. - Over the past 30 days, the Zacks Consensus Estimate for SiTime has risen by 60.84%, with three estimates moving higher and no negative revisions [6]. - For the full year, the expected earnings per share is $2.22, representing a year-over-year change of 138.7% [7]. - The trend for the current year shows three estimates have increased, with no negative revisions, indicating a favorable outlook [7]. Zacks Rank and Performance - SiTime has achieved a Zacks Rank of 2 (Buy), which is indicative of strong analyst agreement on the upward revisions of earnings estimates [8]. - The Zacks Rank system has a proven track record, with Zacks 1 Ranked stocks averaging an annual return of +25% since 2008 [3]. - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) are shown to significantly outperform the S&P 500 [8]. Stock Performance - SiTime shares have increased by 8.4% over the past four weeks, suggesting investor confidence in the company's earnings growth prospects [9].

Company Performance - SiTime reported quarterly earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, and up from $0.12 per share a year ago, representing an earnings surprise of +62.07% [1] - The company posted revenues of $69.49 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 7.51%, compared to revenues of $43.87 million in the same quarter last year [2] - Over the last four quarters, SiTime has consistently surpassed consensus EPS estimates [2] Stock Outlook - SiTime shares have underperformed the market, losing about 7.8% since the beginning of the year, while the S&P 500 has gained 7.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.46 on revenues of $72.44 million, and for the current fiscal year, it is $1.60 on revenues of $275.1 million [7] Industry Context - SiTime operates within the Zacks Electronics - Miscellaneous Products industry, which is currently ranked in the bottom 38% of over 250 Zacks industries [8] - The performance of SiTime's stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $69.5 million, representing a 58% increase year over year [8][15] - Gross margin increased to 58.2%, up 80 basis points sequentially [15] - EPS rose to $0.47, up from $0.12 a year ago [9][15] - Non-GAAP operating income improved by $9.9 million or 16 percentage points compared to the same quarter last year [16] Business Line Data and Key Metrics Changes - The Comms Enterprise Data Center (CED) segment grew 137% year over year to $36 million [15] - Automotive, industrial, and defense markets saw an 11% year-over-year increase to $16.5 million [15] - Mobile IoT and consumer market revenue increased by 23% year over year to $17 million [15] Market Data and Key Metrics Changes - All markets and geographies demonstrated continued growth, with double-digit percentage increases in Mobile IoT, Consumer, and Auto Defense Industrial segments [12] - The automotive market is experiencing growth driven by fully autonomous operations, with significant traction in robotaxis and defense spending [13] Company Strategy and Development Direction - The company is focused on high-value applications in AI data centers, automated driving, defense, and industrial sectors [8] - Plans to accelerate product development and customer acquisition in the AI data center market [11] - Continued investment in R&D and customer acquisition while improving operating leverage [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the company, highlighting strong demand in AI infrastructure and continued momentum across markets [14][20] - The company anticipates sequential revenue growth in Q3 and Q4, expecting at least 40% revenue growth for the second consecutive year [14][20] Other Important Information - The company completed a follow-on public offering of 2 million shares at $200 per share, raising $388 million in net proceeds [18] - The balance sheet remains strong with $796.7 million in cash and short-term investments and no debt [19] Q&A Session Summary Question: Expectations for growth by segment - Management expects CED, led by AI, to continue as the strongest growth area, with stronger seasonality in consumer markets in the second half [21][22] Question: Guidance for the mobile segment - The policy remains to provide guidance only when visibility is sufficient, and the current year allows for inclusion of mobile products in guidance [23][25] Question: Mobile IoT consumer business performance - Management noted that the mobile IoT consumer business is dynamic and subject to seasonality, with expectations for stronger performance in the second half of the year [32][34] Question: Non-data center segments outlook - There is some softness in automotive, but growth is expected in industrial and aerospace markets, with significant opportunities in the coming years [38][40] Question: Gross margin expectations from new products - New products are expected to contribute positively to gross margins, with significant ASP increases anticipated [43][45] Question: Content opportunities in data center equipment - The company is uniquely positioned to provide system-level solutions, which enhances dollar content in data center applications [48][50] Question: Success of the Symphonic product - The Symphonic product targets mobile consumer IoT and is expected to have a higher ASP due to its system-level integration [58][59] Question: Strength in CED segment - Management noted that visibility into the CED segment has improved, with continued strength and demand expected [63][64]

[Risk Factor Summary](index=4&type=section&id=Risk%20Factor%20Summary) This section provides a high-level overview of the principal risks facing the company, including macroeconomic conditions, industry cyclicality, customer dependence, and supply chain reliance [Risk Factor Summary](index=4&type=section&id=Risk%20Factor%20Summary) This section provides a high-level overview of the principal risks facing the company, including macroeconomic conditions, industry cyclicality, customer dependence, and supply chain reliance - Global macroeconomic conditions and the cyclical nature of the semiconductor industry are identified as significant risks that have harmed and may continue to harm the business[8](index=8&type=chunk) - The company has historically depended on a limited number of customers for a significant portion of its revenue, and the loss of a large customer could significantly reduce revenue[8](index=8&type=chunk) - Reliance on third parties for raw materials, wafer fabrication, assembly, packaging, and testing exposes the company to supply chain risks, including potential shortages, quality issues, and price increases[8](index=8&type=chunk) - A significant portion of operations is located outside the United States, subjecting the company to additional risks such as geopolitical instability and increased management complexity[8](index=8&type=chunk) PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the quarterly period ended June 30, 2025, including balance sheets, statements of operations, stockholders' equity, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, shows a significant increase in total assets to **$1.27 billion** from **$885.0 million** at the end of 2024, driven by cash and short-term investments, while total liabilities slightly decreased Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $172,522 | $6,106 | | Short-term investments | $624,144 | $412,728 | | Total current assets | $918,901 | $544,060 | | **Total Assets** | **$1,269,136** | **$884,959** | | **Total Liabilities** | **$168,455** | **$185,240** | | **Total Stockholders' Equity** | **$1,100,681** | **$699,719** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the three and six months ended June 30, 2025, the company reported significant year-over-year revenue growth, with Q2 revenue increasing to **$69.5 million**, and a narrowed net loss of **$(20.2) million** for the quarter Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $69,494 | $43,866 | $129,808 | $76,888 | | Gross Profit | $36,052 | $21,523 | $66,387 | $39,183 | | Loss from Operations | $(24,611) | $(32,320) | $(52,721) | $(67,358) | | Net Loss | $(20,179) | $(26,769) | $(44,056) | $(55,473) | | Net Loss Per Share, basic | $(0.84) | $(1.16) | $(1.85) | $(2.42) | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity substantially increased during the first six months of 2025, rising from **$699.7 million** to **$1.1 billion**, primarily due to **$387.3 million** from a follow-on public offering and **$29.7 million** from an ATM offering, partially offset by a net loss - The company raised **$387.3 million** in net proceeds from a follow-on public offering of 2,012,500 shares in June 2025[17](index=17&type=chunk)[52](index=52&type=chunk) - An additional **$29.7 million** in net proceeds was raised through an At-The-Market (ATM) offering of 150,000 shares during the second quarter of 2025[17](index=17&type=chunk)[50](index=50&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, operating activities provided **$30.4 million**, investing activities used **$247.4 million**, and financing activities provided **$383.4 million**, resulting in a net increase in cash and cash equivalents of **$166.4 million** Cash Flow Summary (Six Months Ended June 30, in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $30,376 | $1,548 | | Net cash provided by (used in) investing activities | $(247,364) | $78,412 | | Net cash provided by (used in) financing activities | $383,404 | $(72,791) | | **Net increase in cash and cash equivalents** | **$166,416** | **$7,169** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information supporting the financial statements, including the company's single operating segment, geographic revenue breakdown, equity incentive plans, and **$30.2 million** in future non-cancelable purchase commitments - The company operates in one reportable segment: the design, development, and sale of Precision Timing solutions[63](index=63&type=chunk) Revenue by Geographic Area (Six Months Ended June 30, in thousands) | Country | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | $47,395 | $25,536 | | Taiwan | $33,255 | $21,611 | | United States | $8,951 | $7,623 | | Singapore | $7,075 | $6,468 | | Other | $33,132 | $15,650 | | **Total** | **$129,808** | **$76,888** | - As of June 30, 2025, the company had total future non-cancelable purchase commitments of **$30.2 million**[68](index=68&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial results, highlighting a **58%** year-over-year revenue increase for Q2 2025, improved gross margin to **52%**, increased operating expenses, and significantly strengthened liquidity from public offerings Q2 2025 vs Q2 2024 Performance (in thousands) | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $69,494 | $43,866 | $25,628 | 58% | | Gross Profit | $36,052 | $21,523 | $14,529 | 68% | | Gross Margin | 52% | 49% | - | 2.8 p.p. | - The increase in revenue for Q2 and the first six months of 2025 was primarily due to an increase in sales volume and higher average selling prices from a change in product mix[89](index=89&type=chunk) - The company's largest end customer accounted for **17%** of revenue in Q2 2025, while the top three distributors accounted for **66%** of revenue[90](index=90&type=chunk) - Research and development expenses increased by **20%** YoY in Q2 2025, driven by higher spending on new product development, increased stock-based compensation, and higher headcount[98](index=98&type=chunk)[100](index=100&type=chunk) - The company's liquidity position was significantly enhanced by raising **$387.3 million** from a follow-on public offering and **$29.7 million** from an ATM offering during the first half of 2025[118](index=118&type=chunk)[119](index=119&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are foreign currency risk, considered minimal due to U.S. dollar denominated revenues, and interest rate risk, due to substantial holdings of cash, cash equivalents, and short-term investments totaling **$796.6 million** - Foreign currency risk is not considered material because substantially all revenue is denominated in U.S. dollars[131](index=131&type=chunk) - The company is exposed to interest rate risk with **$172.5 million** in cash and cash equivalents and **$624.1 million** in short-term investments as of June 30, 2025; a hypothetical **10%** change in interest rates would affect interest income by approximately **$0.9 million** for the six-month period[132](index=132&type=chunk)[133](index=133&type=chunk) [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, the CEO and CFO concluded that the disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[136](index=136&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[137](index=137&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings, and no liability for claims was deemed probable or reasonably estimable as of June 30, 2025 - The company did not have any amounts accrued for litigation and contingencies as of June 30, 2025, as no liability was determined to be both probable and reasonably estimable[66](index=66&type=chunk)[139](index=139&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) This section details significant risks, including semiconductor industry cyclicality, heavy reliance on a few major customers and distributors (with Apple as the largest end customer), dependence on limited third-party suppliers (Bosch, TSMC), international trade policies, and geopolitical risks - The company is subject to the highly cyclical nature of the semiconductor industry, which can lead to significant fluctuations in product demand, inventory levels, and average selling prices[142](index=142&type=chunk) - The top three distributors accounted for **66%** of revenue in Q2 2025, and the largest end customer, Apple Inc., accounted for **17%** of revenue, highlighting significant customer concentration risk[143](index=143&type=chunk)[144](index=144&type=chunk) - The company operates a fabless model, relying on third parties like Bosch for MEMS wafers and TSMC for analog circuits, which exposes it to supply chain disruptions, capacity constraints, and quality control issues[151](index=151&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - A significant portion of operations are outside the U.S., including R&D in Ukraine and manufacturing suppliers in Asia, creating exposure to geopolitical risks, such as tensions between China and Taiwan[165](index=165&type=chunk)[166](index=166&type=chunk) [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) This section discloses that four executive officers adopted Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025, to facilitate planned sales of company stock - During the quarter ended June 30, 2025, four executive officers, including the Executive VPs of Engineering, Sales, Marketing, and Legal, adopted Rule 10b5-1 trading plans[274](index=274&type=chunk) [Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents and officer certifications required by the Sarbanes-Oxley Act - The exhibits filed with this report include key corporate governance documents and certifications from the Principal Executive Officer and Principal Financial Officer as required by Sections 302 and 906 of the Sarbanes-Oxley Act[276](index=276&type=chunk)

[Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) SiTime achieved significant Q2 2025 revenue growth, with non-GAAP metrics indicating profitability despite GAAP net losses [Key Financial Metrics (GAAP & Non-GAAP)](index=1&type=section&id=1.1%20Key%20Financial%20Metrics%20(GAAP%20%26%20Non-GAAP)) This section presents a comparative overview of SiTime's Q2 2025 GAAP and non-GAAP financial performance, highlighting revenue growth and profitability differences Q2 2025 Key Financial Metrics Overview | Metric | Q2 2025 (GAAP) | Q2 2025 (Non-GAAP) | Q2 2024 (GAAP) | | :-------------------------------- | :--------------- | :----------------- | :--------------- | | Net Revenue | $69.5 million | $69.5 million | $43.9 million | | Gross Profit | $36.1 million | $40.5 million | $21.5 million | | Gross Margin | 51.9% | 58.2% | 49.1% | | Operating Expenses | $60.7 million | $33.3 million | $53.8 million | | Income (Loss) from Operations | $(24.6) million | $7.2 million | $(32.3) million | | Net Income (Loss) | $(20.2) million | $11.6 million | $(26.8) million | | Diluted EPS | $(0.84) | $0.47 | $(1.16) | | Total Cash, Cash Equivalents & Short-term Investments (as of June 30, 2025) | $796.7 million | N/A | N/A | - Net revenue increased **58% year-over-year** to **$69.5 million** in Q2 2025 compared to $43.9 million in Q2 2024[2](index=2&type=chunk) - Non-GAAP net income was **$11.6 million**, or **$0.47 per diluted share**, in Q2 2025[4](index=4&type=chunk) [Business Performance and Market Commentary](index=1&type=section&id=1.2%20Business%20Performance%20and%20Market%20Commentary) SiTime's CEO highlighted continued momentum across end markets, attributing strong revenue growth, particularly in the Communications, Enterprise, and Data Center (CED) market, to the company's focus on high-performance applications and AI-driven demand for Precision Timing solutions - Revenue from the Communications, Enterprise, and Data Center (CED) market grew **137% year over year**, driven by AI-fueled demand for Precision Timing solutions[3](index=3&type=chunk) - The company's focus on high-performance applications is demonstrating continued momentum across its end markets[3](index=3&type=chunk) [Company Information](index=1&type=section&id=Company%20Information) This section provides an overview of SiTime Corporation, its non-GAAP financial reporting practices, and forward-looking statement disclaimers [About SiTime](index=2&type=section&id=2.1%20About%20SiTime) SiTime Corporation is a Precision Timing company specializing in semiconductor MEMS programmable solutions, offering high performance, smaller size, lower power, and better reliability, with over 3.5 billion devices shipped - SiTime Corporation is known as the **Precision Timing company**[9](index=9&type=chunk) - The company's semiconductor MEMS programmable solutions enable product differentiation through higher performance, smaller size, lower power, and better reliability[9](index=9&type=chunk) - SiTime has shipped over **3.5 billion devices**, indicating significant market penetration and impact on the timing industry[9](index=9&type=chunk) [Use of Non-GAAP Financial Information](index=1&type=section&id=2.2%20Use%20of%20Non-GAAP%20Financial%20Information) SiTime provides non-GAAP financial measures to offer supplemental information on financial and business trends, believing they provide additional insight into ongoing performance and core operational activities for more consistent period-over-period comparisons - Non-GAAP financial measures are presented to provide supplemental information on financial and business trends, offering additional insight into ongoing performance and core operational activities[6](index=6&type=chunk) - Non-GAAP measures exclude stock-based compensation expense, amortization of acquired intangibles, and acquisition-related expenses for more consistent and meaningful comparisons[6](index=6&type=chunk) - The presentation of non-GAAP information is not intended to be a substitute for GAAP financial information[5](index=5&type=chunk) [Forward-Looking Statements](index=2&type=section&id=2.3%20Forward-Looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially, with SiTime disclaiming any obligation to update these statements - The press release contains forward-looking statements that involve risks, uncertainties, assumptions, and other factors that may cause actual results to differ materially[10](index=10&type=chunk) - Key risks include expectations and trends related to new product growth, product differentiation, market acceptance, and the ability to accurately forecast future performance[10](index=10&type=chunk) - SiTime undertakes no obligation to update these forward-looking statements, which are based on information available at the time they are made[10](index=10&type=chunk) [GAAP Financial Statements](index=3&type=section&id=GAAP%20Financial%20Statements) This section presents SiTime's unaudited GAAP financial statements, including condensed consolidated statements of operations and balance sheets [Unaudited GAAP Condensed Consolidated Statements of Operations](index=3&type=section&id=3.1%20Unaudited%20GAAP%20Condensed%20Consolidated%20Statements%20of%20Operations) The GAAP Condensed Consolidated Statements of Operations detail SiTime's financial performance for both the three and six months ended June 30, 2025, showing significant revenue growth but continued net losses [Three Months Ended June 30, 2025](index=3&type=section&id=3.1.1%20Three%20Months%20Ended%20June%2030,%202025) For the three months ended June 30, 2025, SiTime reported a 58% increase in revenue year-over-year, reaching $69.5 million, but recorded a GAAP net loss of $20.2 million GAAP Condensed Consolidated Statements of Operations (Three Months) | Metric | Q2 2025 (in thousands) | Q1 2025 (in thousands) | Q2 2024 (in thousands) | | :-------------------------------- | :--------------------- | :--------------------- | :--------------------- | | Revenue | $69,494 | $60,314 | $43,866 | | Cost of Revenue | $33,442 | $29,978 | $22,343 | | Gross Profit | $36,052 | $30,336 | $21,523 | | Research and Development | $30,563 | $30,026 | $25,490 | | Selling, General and Administrative | $28,228 | $26,856 | $25,190 | | Total Operating Expenses | $60,663 | $58,444 | $53,843 | | Loss from Operations | $(24,611) | $(28,108) | $(32,320) | | Net Loss | $(20,179) | $(23,877) | $(26,769) | | Net Loss per Diluted Share | $(0.84) | $(1.01) | $(1.16) | - Revenue for Q2 2025 was **$69.494 million**, a **58.4% increase** from $43.866 million in Q2 2024[12](index=12&type=chunk) - GAAP net loss improved to **$(20.179) million** in Q2 2025 from $(26.769) million in Q2 2024[12](index=12&type=chunk) [Six Months Ended June 30, 2025](index=4&type=section&id=3.1.2%20Six%20Months%20Ended%20June%2030,%202025) For the six months ended June 30, 2025, SiTime's revenue grew to $129.8 million, a 68.8% increase, while the GAAP net loss improved to $44.1 million GAAP Condensed Consolidated Statements of Operations (Six Months) | Metric | H1 2025 (in thousands) | H1 2024 (in thousands) | | :-------------------------------- | :--------------------- | :--------------------- | | Revenue | $129,808 | $76,888 | | Cost of Revenue | $63,421 | $37,705 | | Gross Profit | $66,387 | $39,183 | | Research and Development | $60,589 | $51,034 | | Selling, General and Administrative | $55,086 | $49,102 | | Total Operating Expenses | $119,108 | $106,541 | | Loss from Operations | $(52,721) | $(67,358) | | Net Loss | $(44,056) | $(55,473) | | Net Loss per Diluted Share | $(1.85) | $(2.42) | - Revenue for the six months ended June 30, 2025, was **$129.808 million**, up **68.8%** from $76.888 million in the same period of 2024[14](index=14&type=chunk) - GAAP net loss for the six months ended June 30, 2025, was **$(44.056) million**, an improvement from $(55.473) million in the prior year period[14](index=14&type=chunk) [Unaudited GAAP Condensed Consolidated Balance Sheets](index=8&type=section&id=3.2%20Unaudited%20GAAP%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, SiTime's balance sheet shows a significant increase in total assets, primarily driven by a substantial rise in cash and short-term investments, leading to a strong increase in total stockholders' equity GAAP Condensed Consolidated Balance Sheets (as of June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :--------------------------- | :------------------------------- | | Cash and Cash Equivalents | $172,522 | $6,106 | | Short-term Investments | $624,144 | $412,728 | | Total Current Assets | $918,901 | $544,060 | | Total Assets | $1,269,136 | $884,959 | | Total Current Liabilities | $107,542 | $108,449 | | Total Liabilities | $168,455 | $185,240 | | Total Stockholders' Equity | $1,100,681 | $699,719 | - Cash and cash equivalents increased significantly to **$172.5 million** as of June 30, 2025, from $6.1 million at December 31, 2024[20](index=20&type=chunk) - Total assets grew to **$1.27 billion** as of June 30, 2025, from $885.0 million at December 31, 2024[20](index=20&type=chunk) [Non-GAAP Financial Reconciliation](index=5&type=section&id=Non-GAAP%20Financial%20Reconciliation) This section provides a reconciliation of GAAP to non-GAAP financial measures for both the three and six months ended June 30, 2025 [Unaudited Reconciliation of Non-GAAP Adjustments (Three Months)](index=5&type=section&id=4.1%20Unaudited%20Reconciliation%20of%20Non-GAAP%20Adjustments%20(Three%20Months)) For the three months ended June 30, 2025, SiTime's non-GAAP adjustments significantly transformed GAAP losses into non-GAAP profitability, with non-GAAP net income of $11.6 million Non-GAAP Reconciliation (Three Months Ended June 30, 2025) | Metric | GAAP (in thousands) | Adjustments (in thousands) | Non-GAAP (in thousands) | | :-------------------------------- | :------------------ | :------------------------- | :-------------------- | | Gross Profit | $36,052 | $4,398 | $40,450 | | Gross Margin | 51.9% | N/A | 58.2% | | Total Operating Expenses | $60,663 | $(27,373) | $33,290 | | Income (Loss) from Operations | $(24,611) | $31,771 | $7,160 | | Net Income (Loss) | $(20,179) | $31,771 | $11,592 | | Diluted EPS | $(0.84) | $1.31 | $0.47 | - Non-GAAP gross margin for Q2 2025 was **58.2%**, compared to GAAP gross margin of 51.9%[16](index=16&type=chunk) - Non-GAAP income from operations was **$7.16 million** (**10.3% of revenue**) in Q2 2025, a significant improvement from GAAP loss from operations of $(24.611) million[16](index=16&type=chunk) [Unaudited Reconciliation of Non-GAAP Adjustments (Six Months)](index=6&type=section&id=4.2%20Unaudited%20Reconciliation%20of%20Non-GAAP%20Adjustments%20(Six%20Months)) For the six months ended June 30, 2025, non-GAAP adjustments converted a GAAP net loss of $44.1 million into a non-GAAP net income of $17.9 million, or $0.73 per diluted share Non-GAAP Reconciliation (Six Months Ended June 30, 2025) | Metric | GAAP (in thousands) | Adjustments (in thousands) | Non-GAAP (in thousands) | | :-------------------------------- | :------------------ | :------------------------- | :-------------------- | | Gross Profit | $66,387 | $8,671 | $75,058 | | Gross Margin | 51.1% | N/A | 57.8% | | Total Operating Expenses | $119,108 | $(53,278) | $65,830 | | Income (Loss) from Operations | $(52,721) | $61,949 | $9,228 | | Net Income (Loss) | $(44,056) | $62,000 | $17,893 | | Diluted EPS | $(1.85) | $2.58 | $0.73 | - Non-GAAP gross margin for the six months ended June 30, 2025, was **57.8%**, consistent with the prior year period[18](index=18&type=chunk) - Non-GAAP income from operations for the first half of 2025 was **$9.228 million** (**7.1% of revenue**), a significant turnaround from a non-GAAP loss of $(11.036) million in the prior year period[18](index=18&type=chunk) [Additional Company Updates](index=1&type=section&id=Additional%20Company%20Updates) This section provides updates on SiTime's inducement plan grants, conference call details, and investor relations contacts [Inducement Plan Grants](index=1&type=section&id=5.1%20Inducement%20Plan%20Grants) SiTime granted 50,654 restricted stock units (RSUs) on August 4, 2025, to 24 newly hired individuals globally under its Amended and Restated 2022 Inducement Award Plan, with vesting scheduled quarterly - SiTime granted an aggregate of **50,654 restricted stock units (RSUs)** on August 4, 2025[7](index=7&type=chunk) - These RSUs were approved under SiTime's Amended and Restated 2022 Inducement Award Plan as a material inducement to employment for **24 newly hired individuals** globally[7](index=7&type=chunk) - Vesting occurs quarterly, with one-fourth vesting on the first February 20, May 20, August 20, or November 20 falling in the one-year anniversary quarter of the vesting start date, and then 1/16th quarterly thereafter[7](index=7&type=chunk) [Conference Call Information](index=1&type=section&id=5.2%20Conference%20Call%20Information) SiTime scheduled a conference call for August 6, 2025, at 2:00 p.m. Pacific Time to discuss its Q2 2025 financial results and business outlook, with access via registration or webcast - A conference call to discuss Q2 2025 financial results was scheduled for **August 6, 2025, at 2:00 p.m. Pacific Time** (5:00 p.m. Eastern Time)[8](index=8&type=chunk) - Participants can register to receive a dial-in number and PIN or access a live audio webcast on the investor relations section of SiTime's website (investor.sitime.com)[8](index=8&type=chunk) - An archived webcast replay of the call will be available on the website[8](index=8&type=chunk) [Investor Relations Contacts](index=8&type=section&id=5.3%20Investor%20Relations%20Contacts) Investor relations inquiries for SiTime Corporation can be directed to Shelton Group or to SiTime's Chief Financial Officer, Beth Howe - Investor Relations contacts are Shelton Group (Leanne Sievers | Brett Perry) and SiTime Corporation's Chief Financial Officer, Beth Howe[21](index=21&type=chunk)