SiTime(SITM) - 2025 Q1 - Quarterly Results

Financial Performance - Q1 2025 net revenue increased by 83% year-over-year to $60.3 million, compared to $33.0 million in Q1 2024[2] - GAAP gross profit for Q1 2025 was $30.3 million, representing a gross margin of 50.3%[3] - Non-GAAP gross profit for Q1 2025 was $34.6 million, with a non-GAAP gross margin of 57.4%[4] - GAAP net loss for Q1 2025 was $23.9 million, or $1.01 per diluted share[3] - Non-GAAP net income for Q1 2025 was $6.3 million, or $0.26 per diluted share[4] Cash and Investments - Total cash, cash equivalents, and short-term investments amounted to $398.9 million as of March 31, 2025[4] - Cash and cash equivalents increased significantly to $38,841,000 from $6,106,000, marking a growth of approximately 536.5%[18] - Short-term investments in held-to-maturity securities decreased to $360,079,000 from $412,728,000, a decline of about 12.7%[18] Assets and Liabilities - Total assets decreased to $872,105,000 as of March 31, 2025, from $884,959,000 on December 31, 2024, representing a decline of approximately 1.0%[18] - Total current liabilities decreased slightly to $106,655,000 from $108,449,000, a reduction of about 1.6%[18] - Total liabilities decreased to $179,591,000 from $185,240,000, a reduction of about 3.5%[18] - Stockholders' equity decreased to $692,514,000 from $699,719,000, reflecting a decline of approximately 1.0%[18] - The accumulated deficit increased to $(205,878,000) from $(182,001,000), indicating a worsening of approximately 13.0%[18] Operational Highlights - The company anticipates continued strong growth in Q2 2025, driven by customer enthusiasm for new products[3] - SiTime granted 47,238 restricted stock units (RSUs) to 15 newly hired non-executive individuals as part of its inducement plan[8] - The company incurred a payment of $5.0 million related to the Aura transaction in Q1 2025[4] - SiTime's semiconductor MEMS programmable solutions are aimed at enhancing performance, size, power efficiency, and reliability in the timing industry[10] Inventory and Receivables - Accounts receivable decreased to $28,114,000 from $38,209,000, a decline of about 26.4%[18] - Inventories increased to $82,632,000 from $76,741,000, representing an increase of approximately 7.6%[18] Property and Equipment - Property and equipment, net increased to $98,231,000 from $82,475,000, reflecting a growth of approximately 19.0%[18]