SiTime(SITM) - 2024 Q3 - Quarterly Results

Financial Performance - Net revenue for Q3 2024 was $57.7 million, a 32% increase from $43.9 million in the prior quarter and a 62% increase year-over-year[1]. - GAAP gross profit was $29.5 million, representing a gross margin of 51.1%, while non-GAAP gross profit was $33.5 million with a gross margin of 58.1%[1][8]. - GAAP net loss was $19.3 million, or $0.83 per diluted share, compared to a net loss of $26.8 million, or $1.16 per diluted share in the previous quarter[1][8]. - Non-GAAP net income was $9.6 million, or $0.40 per diluted share, compared to $2.8 million, or $0.12 per diluted share in the previous quarter[1][8]. Cash and Investments - Total cash, cash equivalents, and short-term investments were $434.8 million as of September 30, 2024[1]. - Cash and cash equivalents decreased to $8.5 million, down from $9.5 million, a decline of 10.3%[9]. - Short-term investments in held-to-maturity securities decreased by 17.8% to $426.3 million from $518.7 million[9]. Assets and Liabilities - Total assets decreased to $877.9 million as of September 30, 2024, down from $951.7 million on December 31, 2023, representing a decline of approximately 7.7%[9]. - Current assets fell to $545.7 million, a decrease of 12.4% from $623.2 million at the end of 2023[9]. - Accounts receivable increased to $30.2 million, up 37.9% from $21.9 million[9]. - Total liabilities decreased to $181.7 million, down 25.4% from $243.6 million[9]. - Current liabilities decreased to $94.9 million, a reduction of 21.7% from $121.4 million[9]. - Stockholders' equity slightly decreased to $696.2 million from $708.1 million, a decline of 1.3%[9]. - Accumulated deficit increased to $(163.2) million from $(88.4) million, indicating a worsening financial position[9]. Operational Highlights - All market segments experienced double-digit percentage growth sequentially, indicating strong demand across the board[1]. - The company incurred $12.9 million in costs related to the Aura transaction during Q3 2024[1]. - Research and development expenses were $26.5 million, while total operating expenses were $54.3 million[1][8]. - The company shipped over 3 billion devices, showcasing its significant market presence[5]. - SiTime's strategy focuses on high-value applications with differentiated product offerings, contributing to its growth trajectory[1]. - Property and equipment increased to $69.7 million, up from $54.7 million, reflecting a growth of 27.5%[9].