Synaptics(SYNA) - 2026 Q1 - Quarterly Results

Financial Performance - Net revenue for Q1 fiscal 2026 was $292.5 million, representing a 14% year-over-year increase[2] - GAAP net loss for Q1 fiscal 2026 was $20.6 million, or a loss of $0.53 per basic share[2] - Non-GAAP net income for Q1 fiscal 2026 was $43.3 million, or $1.09 per diluted share[2] - Net revenue for the three months ended September 2025 was $292.5 million, an increase of 13.5% compared to $257.7 million in September 2024[28] - Operating loss for the quarter was $23.2 million, an improvement from a loss of $28.4 million in the same quarter last year[28] - Net loss for the quarter was $20.6 million, compared to a net loss of $23.1 million in September 2024[28] - Non-GAAP net income for the quarter was $43.3 million, up from $32.5 million in the same period last year[30] Revenue Projections - The company expects approximately $300 million in revenue for Q2 fiscal 2026, with a projected year-over-year growth of about 12%[6] Margins - Projected GAAP gross margin for Q2 fiscal 2026 is 43.0% ± 2.0%[6] - Non-GAAP gross margin for Q2 fiscal 2026 is expected to be 53.5% ± 1.0%[6] - Gross margin for the same period was $124.6 million, representing 42.6% of revenue, down from 46.9% in the previous year[30] Cash and Assets - Cash and cash equivalents at the end of the period increased to $459.9 million from $391.5 million at the beginning of the period[32] - Total assets decreased slightly to $2,577.1 million from $2,584.4 million in June 2025[26] - Total liabilities decreased to $1,176.5 million from $1,189.5 million in June 2025[26] Research and Development - Research and development expenses increased to $94.4 million, up from $81.3 million in the same quarter last year[30] Strategic Initiatives - The company achieved a key milestone with the launch of next-generation Astra processors, aimed at intelligent Edge applications[3] - The backlog for the quarter is reported to be healthy, indicating solid demand[4] - The company plans to continue returning capital to stockholders through share repurchases while investing in organic growth initiatives[4] Non-Cash Operating Items - Non-cash operating items for the quarter were $77.6 million, compared to $47.5 million in September 2024[32] Core Product Performance - Core IoT product sales surged by 74% year-over-year, reaching their highest level in three years[4]