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SiTime Reports First Quarter 2023 Financial Results

SANTA CLARA, Calif., May 03, 2023 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the precision timing company, today announced financial results for the first quarter ended March 31, 2023.

Net revenue in the first quarter of 2023 was $38.3 million, a 37.0% decrease from the $60.8 million in the fourth quarter of 2022.

Generally Accepted Accounting Principles (GAAP) Results

In the first quarter of 2023, GAAP gross margins were $23.0 million, or 60.1% of revenue, GAAP operating expenses were $45.2 million, GAAP loss from operations was $22.1 million, and GAAP net loss was $16.5 million, or $(0.76) per basic share.

Total cash and cash equivalents were $38.3 million and short-term investments were $537.8 million on March 31, 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 first quarter of 2023, non-GAAP gross margins were $23.7 million, or 61.8% of revenue, non-GAAP operating expenses were $27.3 million, or 71.2% of revenue, non-GAAP loss from operations was $3.6 million, or 9.4% of revenue, and non-GAAP net income was $2.0 million, or $0.09 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, however prior to the first quarter of 2023, the Company also excluded stock-based compensation related payroll taxes from its Non-GAAP financial measures as well. No changes have been made to non-GAAP financial measures from periods prior to the first quarter of 2023, which continue to exclude the effect of stock-based compensation and related payroll taxes.

Inducement Plan Grants

SiTime granted restricted stock unit awards (“RSUs”) on May 2, 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 7 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 10,705 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 its first quarter of 2023 financial results conference call today, May 3, 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 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 over 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 
 March 31,
  December 31,
 (in thousands, except per share data) 
Revenue$38,343  $60,840 
Cost of revenue 15,302   23,080 
Gross profit 23,041   37,760 
Operating expenses:     
Research and development 24,457   23,798 
Selling, general and administrative 20,733   19,693 
Total operating expenses 45,190   43,491 
Loss from operations (22,149)  (5,731)
Interest income 5,629   3,996 
Other income, net 100   167 
Loss before income taxes (16,420)  (1,568)
Income tax expense (benefit) (70)  41 
Net loss$(16,490) $(1,527)
Net loss attributable to common stockholders and comprehensive loss$(16,490) $(1,527)
Net loss per share attributable to common stockholders, basic$(0.76) $(0.07)
Net loss per share attributable to common stockholders, diluted$(0.76) $(0.07)
Weighted-average shares used to compute basic net loss per share 21,794   21,544 
Weighted-average shares used to compute diluted net loss per share 21,794   21,544 

SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 Three Months Ended 
 March 31,
  December 31,
 (in thousands, except per share data) 
Reconciliation of GAAP gross profit and margin to non-GAAP     
Revenue$38,343  $60,840 
GAAP gross profit 23,041   37,760 
GAAP gross margin 60.1%  62.1%
Stock-based compensation and related taxes (1) 639   633 
Non-GAAP gross profit$23,680  $38,393 
Non-GAAP gross margin 61.8%  63.1%
Reconciliation of GAAP operating expenses to non-GAAP     
GAAP research and development expenses 24,457   23,798 
Stock-based compensation and related taxes(1) (8,031)  (7,201)
Non-GAAP research and development expenses$16,426  $16,597 
GAAP sales, general and administrative expenses 20,733   19,693 
Stock-based compensation and related taxes(1) (9,866)  (8,106)
Non-GAAP sales, general and administrative expenses$10,867  $11,587 
Total Non-GAAP operating expenses$27,293  $28,184 
Reconciliation of GAAP income (loss) from operations to non-GAAP income (loss)
 from operations
GAAP loss from operations$(22,149) $(5,731)
Stock-based compensation and related taxes(1) 18,536   15,940 
Non-GAAP income (loss) from operations$(3,613) $10,209 
Non-GAAP income (loss) from operations as a percentage of revenue (9.4%)  16.8%
Reconciliation of GAAP net income (loss) to non-GAAP net income     
GAAP net loss$(16,490) $(1,527)
Stock-based compensation and related taxes(1) 18,536   15,940 
Non-GAAP net income$2,046  $14,413 
Weighted-average shares used to compute diluted net income per share 21,794   22,524 
Stock-based compensation and related taxes     
Stock-based compensation$18,536  $15,623 
Stock-based compensation related taxes(1) -   317 
Stock-based compensation and related taxes$18,536  $15,940 
GAAP net loss per share diluted$(0.76) $(0.07)
Non-GAAP adjustments detailed above 0.85   0.71 
Non-GAAP net income per share diluted$0.09  $0.64 
1 Beginning the first quarter of 2023, the Company does not exclude stock-based compensation related payroll taxes from its Non-GAAP financial measures. No changes have been made to non-GAAP financial measures from periods prior to the first quarter of 2023. 

SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 As of 
 March 31,
  December 31,
 (in thousands) 
Current assets:     
Cash and cash equivalents$38,265  $34,603 
Short-term investments in held-to-maturity securities 537,818   529,494 
Accounts receivable, net 21,464   41,229 
Inventories 60,011   57,650 
Prepaid expenses and other current assets 8,986   6,091 
Total current assets 666,544   669,067 
Property and equipment, net 57,487   58,772 
Intangible assets, net 4,800   5,205 
Right-of-use assets, net 10,227   10,848 
Other assets 7,370   6,724 
Total assets$746,428  $750,616 
Liabilities and Stockholders' Equity:     
Current liabilities:     
Accounts payable$8,186  $14,881 
Accrued expenses and other current liabilities 17,020   18,913 
Total current liabilities 25,206   33,794 
Lease liabilities 7,471   8,149 
Other non-current liabilities 91   193 
Total liabilities 32,768   42,136 
Commitments and contingencies     
Stockholders’ equity:     
Common stock 2   2 
Additional paid-in capital 738,013   716,343 
Accumulated deficit (24,355)  (7,865)
Total stockholders’ equity 713,660   708,480 
Total liabilities and stockholders’ equity$746,428  $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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