Financial Performance - Achieved record gross bookings of $65.8 million and revenue of $59.7 million for full-year 2024, representing a 10% year-over-year revenue increase[1][14] - Fourth quarter revenue reached $17.9 million, up 43% year-over-year and 63% quarter-over-quarter[1][6] - Gross bookings for Q4 2024 were $20.3 million, up 30% year-over-year[1][6] - Non-GAAP net income for full-year 2024 was $6.7 million, compared to $3.4 million in 2023[1][14] - Total revenue for the three months ended December 31, 2024, was $17,859,000, representing a 43.0% increase from $12,486,000 in the same period of 2023[32] - Software license revenue increased to $13,870,000 for the three months ended December 31, 2024, up 58.9% from $8,738,000 in the prior year[32] - Non-GAAP diluted net income per share for full-year 2024 was $0.25, compared to $0.17 in 2023[1][14] - GAAP net income for Q4 2024 was $4.2 million, compared to a net loss of $2.2 million in Q4 2023[1][6] - Net income for the three months ended December 31, 2024, was $4,157,000, compared to a net loss of $2,247,000 in the same period of 2023[32] - Non-GAAP Net income for the twelve months ended December 31, 2024, was $6,676 million, up from $3,442 million in 2023, representing a 94.5% increase[38] Customer Acquisition - Signed 46 new customers in 2024, contributing approximately 10% of gross bookings for the year[1][8] Cash and Assets - As of December 31, 2024, cash and cash equivalents totaled $87.5 million[1][6] - Total current assets increased to $107,280,000 as of December 31, 2024, from $20,888,000 in 2023, marking a substantial growth of 413.5%[30] - Total assets reached $142,345,000 as of December 31, 2024, compared to $40,885,000 in 2023, indicating an increase of 248.5%[30] - Cash and cash equivalents at the end of the period increased to $19.606 million in 2024 from $4.421 million in 2023[34] - The company raised $106.020 million from its initial public offering in 2024, contributing to a net cash provided by financing activities of $101.301 million[34] Expenses and Liabilities - Research and development expenses rose to $20,740,000 for the twelve months ended December 31, 2024, a significant increase of 57.5% from $13,170,000 in 2023[32] - Total liabilities increased to $42,262,000 as of December 31, 2024, from $31,483,000 in 2023, reflecting a rise of 34.2%[30] - The company experienced a significant increase in stock-based compensation expense, rising to $26.915 million in 2024 from zero in 2023[34] - Non-GAAP Operating expenses for the twelve months ended December 31, 2024, totaled $45,902 million, compared to $40,491 million in 2023, marking a 13.4% rise[38] Guidance and Future Expectations - Guidance for full-year 2025 includes revenue expectations in the range of $66.0 million to $72.0 million, representing an 11% to 21% increase from 2024[1][17] Mergers and Acquisitions - Acquired Cadence's Process Proximity Compensation product line, marking a significant milestone in the company's M&A strategy[2][3] Revenue Breakdown - Revenue from software licenses accounted for 74% of total revenue in Q4 2024, up from 70% in Q4 2023[36] - The EDA product line contributed 24% to total revenue in Q4 2024, consistent with the previous quarter[36] Losses and Cash Flow - The company reported a net loss of $39.404 million for the year ended December 31, 2024, compared to a net loss of $0.316 million in 2023[34] - Cash flows from operating activities showed a net cash used of $19.774 million in 2024, a significant decrease from net cash provided of $1.180 million in 2023[34]
Silvaco Group, Inc.(SVCO) - 2024 Q4 - Annual Results