Revenue and Bookings - Software solutions accounted for 74% and 69% of revenue for the three and nine months ended September 30, 2025, respectively, compared to 62% and 72% for the same periods in 2024[114]. - Bookings for the three and nine months ended September 30, 2025, were $22.8 million and $49.4 million, respectively, compared to $9.9 million and $45.5 million for the same periods in 2024[115]. - Revenue for the three and nine months ended September 30, 2025, was $18.7 million and $44.8 million, respectively, compared to $11.0 million and $41.8 million for the corresponding periods in 2024[115]. - Approximately 96% and 84% of bookings were attributable to existing customers for the three and nine months ended September 30, 2025, respectively, compared to 88% and 90% for the same periods in 2024[114]. - Total revenue increased by $7.7 million, or 70%, to $18.7 million for the three months ended September 30, 2025, compared to $10.97 million for the same period in 2024[148]. - For the nine months ended September 30, 2025, total revenue increased by $3.0 million, or 7%, to $44.8 million from $41.8 million for the same period in 2024[149]. Expenses - Research and development expenses were $8.7 million and $19.4 million for the three and nine months ended September 30, 2025, respectively, compared to $4.1 million and $15.5 million for the same periods in 2024[125]. - Research and development expenses increased by 111% to $8.7 million for the three months ended September 30, 2025, compared to $4.1 million for the same period in 2024[145]. - General and administrative expenses increased by 53% to $10.9 million for the three months ended September 30, 2025, compared to $7.1 million for the same period in 2024[145]. - Total operating expenses for the three months ended September 30, 2025, were $23.9 million, up from $15.5 million in the same period of 2024[152]. - Selling and marketing expenses for the three months ended September 30, 2025, increased by $0.4 million, or 11%, to $4.3 million, primarily due to higher employee compensation[155]. Profit and Loss - Operating loss for the three months ended September 30, 2025, was $9.3 million, compared to a loss of $7.3 million for the same period in 2024, representing a 28% increase in loss[145]. - Net loss for the three months ended September 30, 2025, was $5.3 million, a 19% decrease compared to a net loss of $6.6 million for the same period in 2024[145]. - For the three months ended September 30, 2025, the net loss was $5.3 million, an improvement from a net loss of $6.6 million in the same period of 2024, while for the nine months ended September 30, 2025, the net loss was $34.0 million compared to $43.6 million in 2024[173]. - Non-GAAP net loss for the nine months ended September 30, 2025, was $9.1 million, a significant decrease from a non-GAAP net income of $2.4 million in the same period of 2024[173]. Acquisitions - The company acquired Cadence's Process Proximity Compensation product line for $11.5 million in cash on March 4, 2025[116]. - The acquisition of Tech-X Corporation was completed for an aggregate purchase price of $8.2 million, including $4.1 million in cash and contingent consideration[117]. - The acquisition of Mixel Group, Inc. was completed for an aggregate purchase price of $22.5 million, including $19.7 million in cash[118]. Cash Flow and Liquidity - As of September 30, 2025, the company had $24.3 million in cash and cash equivalents, with $7.2 million held by foreign subsidiaries and $3.5 million in short-term marketable securities[177]. - The company reported cash used in operating activities of $24.4 million for the nine months ended September 30, 2025, compared to $10.7 million for the same period in 2024, reflecting a $13.8 million increase in cash outflows[188]. - Net cash provided by investing activities for the nine months ended September 30, 2025, was $31.2 million, a turnaround from $73.0 million used in investing activities in the same period of 2024[189]. - The company raised $114.0 million in gross proceeds from its IPO by selling 6,000,000 shares at $19.00 per share, with $106.0 million net proceeds after underwriting discounts[181]. - As of September 30, 2025, 61% of the company's cash and cash equivalents were maintained with one financial institution, exceeding federally insured limits, posing a potential liquidity risk[184]. Litigation and Settlements - The company recorded a charge of $13.1 million related to a litigation settlement for the nine months ended September 30, 2025[140]. - The company has a remaining liability of $10.3 million under the Settlement Payment related to the litigation settlement, which is included in accrued expenses and other current liabilities[193]. - A contingent settlement payment obligation of up to $2.1 million may become payable if Co-Defendants fail to fulfill their portion of the Settlement Payment, but this amount is not recognized as a liability as of September 30, 2025[196].
Silvaco Group, Inc.(SVCO) - 2025 Q3 - Quarterly Report