Silicom .(US:SILC) Prnewswire·2024-10-31 12:15Financial Results - Silicom's revenues for Q3 2024 were $14.8 million, a decrease from $30.1 million in Q3 2023, representing a decline of approximately 51% [2] - On a GAAP basis, the net loss for Q3 2024 was $2.6 million, or $0.44 per share, compared to a net income of $1.2 million, or $0.18 per share, in Q3 2023 [2] - On a non-GAAP basis, the net loss for Q3 2024 was $1.7 million, or $0.28 per share, compared to a net income of $2.1 million, or $0.30 per share, in Q3 2023 [3] - For the first nine months of 2024, revenues were $43.6 million, down from $105.4 million in the same period of 2023 [3] - The GAAP net loss for the first nine months of 2024 totaled $7.6 million, or $1.24 per share, compared to a net income of $8.6 million, or $1.26 per share, in the first nine months of 2023 [4] - On a non-GAAP basis, the net loss for the first nine months of 2024 was $4.9 million, or $0.80 per share, compared to a net income of $10.7 million, or $1.57 per share, in the same period of 2023 [5] Guidance - Management projects Q4 2024 revenues to range from $14 million to $15 million [6] - Growth in 2025 is expected to be in the low single digits, with a projected compound annual growth rate of 20%-30% starting from 2026 [6] Management Comments - The President and CEO noted ongoing challenges due to excess inventories from specific customers but anticipates improvement in 2025 [7] - Significant milestones have been achieved with core products expected to drive revenue growth in 2026 and beyond, including a service provider standardizing on Silicom's Edge products [7] - The company has repurchased over half a million shares during the first three quarters of 2024, reflecting a strong financial position [8]