06-08-2025
SiTime Reports Second Quarter 2025 Financial Results
SANTA CLARA, Calif.--(BUSINESS WIRE)--SiTime Corporation, (Nasdaq: SITM), the Precision Timing company, today announced financial results for the second quarter ended June 30, 2025.
Net revenue in the second quarter of 2025 was $69.5 million, as compared to $43.9 million in the year ago quarter.
'SiTime's continued momentum across our end markets demonstrates that our focus on high performance applications is working," said Rajesh Vashist, CEO and chairman of SiTime. "Revenue from our Communications, Enterprise, and Data Center market (CED) grew 137% year over year, fueled by AI that created strong demand for our Precision Timing solutions."
In the second quarter of 2025, GAAP gross profit was $36.1 million, or 51.9% of revenue, GAAP operating expenses were $60.7 million, GAAP loss from operations was $24.6 million, and GAAP net loss was $20.2 million, or $0.84 per diluted share.
In the second quarter of 2025, non-GAAP gross profit was $40.5 million, or 58.2% of revenue, non-GAAP operating expenses were $33.3 million, non-GAAP income from operations was $7.2 million and non-GAAP net income was $11.6 million, or $0.47 per diluted share.
Total cash, cash equivalents and short-term investments were $796.7 million on June 30, 2025.
The company plans to discuss its business outlook as part of today's scheduled conference call.
Use of Non-GAAP Financial Information
This press release and its attachments include certain non-GAAP supplemental performance measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
SiTime believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to SiTime's financial condition and results of operations. SiTime believes that these non-GAAP financial measures provide additional insight into SiTime's ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate SiTime's results of operations in conjunction with the corresponding GAAP measures. The non-GAAP financial measures exclude stock-based compensation expense, amortization of acquired intangibles, and acquisition-related expenses which include transaction and certain other cash costs associated with business acquisition as well as changes in the estimated fair value of earn out liabilities and accretion of acquisition consideration payable. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.
Inducement Plan Grants
SiTime granted restricted stock unit awards ('RSUs') on August 4, 2025 that were approved by the Compensation and Talent Committee of its Board of Directors under SiTime's Amended and Restated 2022 Inducement Award Plan, as a material inducement to employment of 24 newly hired individuals globally. The RSUs were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement grants consisted of an aggregate of 50,654 RSUs. One-fourth of the RSUs will vest on the first February 20, May 20, August 20, or November 20 falling in the one-year anniversary quarter of the applicable vesting start date, and then 1/16th of the RSUs vest in equal quarterly installments on each February 20, May 20, August 20, and November 20, thereafter, subject to each such employee's continued service on each vesting date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and SiTime's 2022 Amended and Restated Inducement Award Plan.
Conference Call
SiTime will broadcast the financial results for its second quarter of 2025 via conference call today, August 6, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). To join the conference call via phone, participants are required to complete the following registration form to receive a dial-in number and dedicated PIN for accessing the conference call. The conference call will also be available via a live audio webcast on the investor relations section of the SiTime website at Please access the website at least a few minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay of the call will be available on the website.
About SiTime
SiTime Corporation is the Precision Timing company. Our semiconductor MEMS programmable solutions offer a rich feature set that enables customers to differentiate their products with higher performance, smaller size, lower power, and better reliability. With more than 3.5 billion devices shipped, SiTime is changing the timing industry. For more information, visit
Forward-Looking Statements
This press release and the earnings call referencing this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Security Exchange Act of 1934, as amended. These forward-looking statements involve risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to differ materially from those anticipated in such forward-looking statements. The risks, uncertainties, assumptions, and other factors include, but are not limited to our expectations and trends relating to the growth of our new products, our product differentiation and market acceptance of our products, and our ability to accurately forecast our future performance, business and growth. More information about these and other risks, uncertainties, and other factors that may cause actual outcomes and results to differ materially from those included in the forward-looking statements contained in this release are included under the caption 'Risk Factors' and elsewhere in our most recent Form 10-Q filed with the Securities and Exchange Commission and other filings SiTime makes with the Securities and Exchange Commission from time to time, including SiTime's Annual Report on Form 10-K that has been filed for the year ended December 31, 2024. The financial information set forth in this release reflects estimates based on information available at this time. While SiTime believes these estimates to be reasonable, these amounts could differ materially from reported amounts in SiTime's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and SiTime's other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made and are based on information available to SiTime at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, SiTime undertakes no obligation, and does not intend, to update these forward-looking statements.
SiTime Corporation
Unaudited GAAP Condensed Consolidated Statements of Operations
Six Months Ended
June 30, 2025
June 30, 2024
(in thousands, except per share data)
Revenue
$
129,808
$
76,888
Cost of revenue
63,421
37,705
Gross profit
66,387
39,183
Operating expenses:
Research and development
60,589
51,034
Selling, general and administrative
55,086
49,102
Acquisition related costs
3,433
6,405
Total operating expenses
119,108
106,541
Loss from operations
(52,721
)
(67,358
)
Interest income
8,557
12,296
Other expense, net
210
(416
)
Loss before income taxes
(43,954
)
(55,478
)
Income tax (expense) benefit
(102
)
5
Net loss
$
(44,056
)
$
(55,473
)
Net loss attributable to common stockholders and comprehensive loss
$
(44,056
)
$
(55,473
)
Net loss per share attributable to common stockholders, basic
$
(1.85
)
$
(2.42
)
Net loss per share attributable to common stockholders, diluted
$
(1.85
)
$
(2.42
)
Weighted-average shares used to compute basic net loss per share
23,790
22,881
Weighted-average shares used to compute diluted net loss per share
23,790
22,881
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SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
Three months ended
June 30, 2025
March 31, 2025
June 30, 2024
(in thousands, except per share data)
Reconciliation of GAAP gross profit and margin to non-GAAP
Revenue
$
69,494
$
60,314
$
43,866
GAAP gross profit
36,052
30,336
21,523
GAAP gross margin
51.9
%
50.3
%
49.1
%
Amortization of acquired intangibles
3,573
3,573
3,463
Stock-based compensation
825
701
327
Non-GAAP gross profit
$
40,450
$
34,610
$
25,313
Non-GAAP gross margin
58.2
%
57.4
%
57.7
%
Reconciliation of GAAP operating expenses to non-GAAP
GAAP research and development expenses
$
30,563
$
30,026
$
25,490
Stock-based compensation
(11,044
)
(10,682
)
(9,414
)
Non-GAAP research and development expenses
$
19,519
$
19,344
$
16,076
GAAP sales, general and administrative expenses
$
28,228
$
26,856
$
25,190
Stock-based compensation
(14,457
)
(13,663
)
(13,176
)
Non-GAAP sales, general and administrative expenses
$
13,771
$
13,193
$
12,014
GAAP acquisition related costs
$
1,872
$
1,562
$
3,163
Acquisition related costs
(1,872
)
(1,562
)
(3,163
)
Non-GAAP acquisition related costs
$
—
$
—
$
—
Total Non-GAAP operating expenses
$
33,290
$
32,537
$
28,090
Reconciliation of GAAP loss from operations to non-GAAP income (loss) from operations
GAAP loss from operations
$
(24,611
)
$
(28,108
)
$
(32,320
)
Acquisition related costs
1,872
1,562
3,163
Amortization of acquired intangibles
3,573
3,573
3,463
Stock-based compensation
26,326
25,046
22,917
Non-GAAP income (loss) from operations
$
7,160
$
2,073
$
(2,777
)
Non-GAAP income (loss) from operations as a percentage of revenue
10.3
%
3.4
%
(6.3
%)
Reconciliation of GAAP net loss to non-GAAP net income
GAAP net loss
$
(20,179
)
$
(23,877
)
$
(26,769
)
Acquisition related costs
1,872
1,562
3,163
Amortization of acquired intangibles
3,573
3,573
3,463
Stock-based compensation
26,326
25,046
22,917
Non-GAAP net income
$
11,592
$
6,304
$
2,774
Weighted-average shares used to compute diluted net income per share (1)
24,633
24,412
22,997
GAAP net loss per share diluted
$
(0.84
)
$
(1.01
)
$
(1.16
)
Non-GAAP adjustments detailed above
1.31
1.27
1.28
Non-GAAP net income per share diluted
$
0.47
$
0.26
$
0.12
(1) Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares due to non-GAAP net income reported.
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SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
Six Months Ended
June 30, 2025
June 30, 2024
(in thousands, except per share data)
Reconciliation of GAAP gross profit and margin to non-GAAP
Revenue
$
129,808
$
76,888
GAAP gross profit
66,387
39,183
GAAP gross margin
51.1
%
51.0
%
Amortization of acquired intangibles
7,145
4,747
Stock-based compensation
1,526
507
Non-GAAP gross profit
$
75,058
$
44,437
Non-GAAP gross margin
57.8
%
57.8
%
Reconciliation of GAAP operating expenses to non-GAAP
GAAP research and development expenses
$
60,589
$
51,034
Stock-based compensation
(21,726
)
(18,590
)
Non-GAAP research and development expenses
$
38,863
$
32,444
GAAP sales, general and administrative expenses
$
55,086
$
49,102
Stock-based compensation
(28,119
)
(25,523
)
Acquisition related integration costs
—
(550
)
Non-GAAP sales, general and administrative expenses
$
26,967
$
23,029
GAAP acquisition related costs
$
3,433
$
6,405
Acquisition related costs
(3,433
)
(6,405
)
Non-GAAP acquisition related costs
$
—
$
—
Total Non-GAAP operating expenses
$
65,830
$
55,473
GAAP loss from operations
$
(52,721
)
$
(67,358
)
Amortization of acquired intangibles
7,145
4,747
Acquisition related costs
3,433
6,405
Acquisition related integration costs
—
550
Stock-based compensation
51,371
44,620
Non-GAAP income (loss) from operations
$
9,228
$
(11,036
)
Non-GAAP income (loss) from operations as a percentage of revenue
7.1
%
(14.4
%)
Reconciliation of GAAP net loss to non-GAAP net income
GAAP net loss
$
(44,056
)
$
(55,473
)
Amortization of acquired intangibles
7,145
4,747
Acquisition related costs
3,433
6,405
Acquisition related integration costs
—
550
Stock-based compensation
51,371
44,621
Non-GAAP net income
$
17,893
$
850
Weighted-average shares used to compute diluted net income per share (1)
24,566
23,313
GAAP net loss per share diluted
$
(1.85
)
$
(2.42
)
Non-GAAP adjustments detailed above
2.58
2.46
Non-GAAP net income per share diluted
$
0.73
$
0.04
(1) Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares due to non-GAAP net income reported.
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SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
As of
December 31, 2024
(in thousands)
Assets:
Current assets:
Cash and cash equivalents
$
172,522
$
6,106
Short-term investments in held-to-maturity securities
624,144
412,728
Accounts receivable, net
26,866
38,209
Inventories
84,126
76,741
Prepaid expenses and other current assets
11,243
10,276
Total current assets
918,901
544,060
Property and equipment, net
99,861
82,475
Intangible assets, net
155,944
163,558
Right-of-use assets, net
5,648
6,569
Goodwill
87,098
87,098
Other assets
1,684
1,199
Total assets
$
1,269,136
$
884,959
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable
$
13,063
$
22,894
Accrued expenses and other current liabilities
94,479
85,555
Total current liabilities
107,542
108,449
Other non-current liabilities
60,913
76,791
Total liabilities
168,455
185,240
Commitments and contingencies
Stockholders' equity:
Common stock
3
2
Additional paid-in capital
1,326,735
881,718
Accumulated deficit
(226,057
)
(182,001
)
Total stockholders' equity
1,100,681
699,719
Total liabilities and stockholders' equity
$
1,269,136
$
884,959
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