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SiTime Reports Third Quarter 2023 Financial Results

SANTA CLARA, Calif., Nov. 01, 2023 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the precision timing company, today announced financial results for the third quarter ended September 30, 2023.

Net revenue in the third quarter of 2023 was $35.5 million, a 28.1% increase from the $27.7 million in the second quarter of 2023.

Generally Accepted Accounting Principles (GAAP) Results

In the third quarter of 2023, GAAP gross margins were $19.9 million, or 56.1% of revenue, GAAP operating expenses were $45.1 million, GAAP loss from operations was $25.2 million, and GAAP net loss was $18.1 million, or $0.81 per basic share.

Total cash and cash equivalents were $16.7 million and short-term investments were $551.4 million on September 30, 2023.

Non-GAAP Results

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.

In the third quarter of 2023, non-GAAP gross margins were $20.7 million, or 58.2% of revenue, non-GAAP operating expenses were $26.3 million, non-GAAP loss from operations was $5.6 million and non-GAAP net income was $1.4 million, or $0.06 per diluted share.

The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.

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.

Inducement Plan Grants

SiTime granted restricted stock unit awards (“RSUs”) on November 1, 2023 that were approved by the Compensation Committee of its Board of Directors under SiTime’s 2022 Inducement Award Plan, as a material inducement to employment to 14 newly hired non-executive individuals globally. The RSUs were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement grants consisted of an aggregate of 18,057 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 Inducement Award Plan.

Conference Call

SiTime will broadcast the financial results for its third quarter of 2023 via conference call today, November 1, 2023, 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 billion devices shipped, SiTime is changing the timing industry. For more information, visit

SiTime Corporation
Unaudited GAAP Condensed Consolidated Statements of Operations
 Three Months Ended
 September 30, 2023 June 30, 2023
 (in thousands, except per share data)
Revenue$35,520  $27,728 
Cost of revenue 15,603   12,290 
Gross profit 19,917   15,438 
Operating expenses:   
Research and development 23,647   26,567 
Selling, general and administrative 21,447   21,276 
Total operating expenses 45,094   47,843 
Loss from operations (25,177)  (32,405)
Interest income 7,333   6,667 
Other expense, net (232)  (161)
Loss before income taxes (18,076)  (25,899)
Income tax benefit (49)  (23)
Net loss$(18,125) $(25,922)
Net loss attributable to common stockholders and comprehensive loss$(18,125) $(25,922)
Net loss per share attributable to common stockholders, basic$(0.81) $(1.17)
Net loss per share attributable to common stockholders, diluted$(0.81) $(1.17)
Weighted-average shares used to compute basic net loss per share 22,326   22,074 
Weighted-average shares used to compute diluted net loss per share 22,326   22,074 

SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 Three Months Ended
 September 30, 2023 June 30, 2023
 (in thousands, except per share data)
Reconciliation of GAAP gross profit and margin to non-GAAP   
Revenue$35,520  $27,728 
GAAP gross profit 19,917   15,438 
GAAP gross margin 56.1%  55.7%
Stock-based compensation 748   713 
Non-GAAP gross profit$20,665  $16,151 
Non-GAAP gross margin 58.2%  58.2%
Reconciliation of GAAP operating expenses to non-GAAP   
GAAP research and development expenses 23,647   26,567 
Stock-based compensation (7,856)  (9,983)
Non-GAAP research and development expenses$15,791  $16,584 
GAAP sales, general and administrative expenses 21,447   21,276 
Stock-based compensation (10,925)  (10,464)
Non-GAAP sales, general and administrative expenses$10,522  $10,812 
Total Non-GAAP operating expenses$26,313  $27,396 
Reconciliation of GAAP loss from operations to non-GAAP loss from operations   
GAAP loss from operations$(25,177) $(32,405)
Stock-based compensation 19,529   21,160 
Non-GAAP loss from operations$(5,648) $(11,245)
Non-GAAP loss from operations as a percentage of revenue (15.9%)  (40.6%)
Reconciliation of GAAP net loss to non-GAAP net income (loss)   
GAAP net loss$(18,125) $(25,922)
Stock-based compensation 19,529   21,160 
Non-GAAP net income (loss)$1,404  $(4,762)
Weighted-average shares used to compute diluted net income (loss) per share 22,326   22,074 
GAAP net loss per share diluted$(0.81) $(1.17)
Non-GAAP adjustments detailed above 0.87   0.95 
Non-GAAP net income (loss) per share diluted$0.06  $(0.22)

SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 As of
 September 30, 2023 December 31, 2022
 (in thousands)
Current assets:   
Cash and cash equivalents$16,711  $34,603 
Short-term investments in held-to-maturity securities 551,398   529,494 
Accounts receivable, net 25,182   41,229 
Inventories 64,539   57,650 
Prepaid expenses and other current assets 9,071   6,091 
Total current assets 666,901   669,067 
Property and equipment, net 55,916   58,772 
Intangible assets, net 5,665   5,205 
Right-of-use assets, net 8,854   10,848 
Other assets 10,351   6,724 
Total assets$747,687  $750,616 
Liabilities and Stockholders' Equity:   
Current liabilities:   
Accounts payable$12,320  $14,881 
Accrued expenses and other current liabilities 18,960   18,913 
Total current liabilities 31,280   33,794 
Lease liabilities 6,065   8,149 
Other non-current liabilities    193 
Total liabilities 37,345   42,136 
Commitments and contingencies   
Stockholders’ equity:   
Common stock 2   2 
Additional paid-in capital 778,742   716,343 
Accumulated deficit (68,402)  (7,865)
Total stockholders’ equity 710,342   708,480 
Total liabilities and stockholders’ equity$747,687  $750,616 

Investor Relations Contacts:

Shelton Group
Leanne Sievers | Brett Perry
1-949-224-3874 | 1-214-272-0070

SiTime Corporation
Art Chadwick
Chief Financial Officer


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