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SiTime Reports Second Quarter 2023 Financial Results

SANTA CLARA, Calif., Aug. 02, 2023 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the precision timing company, today announced financial results for the second quarter ended June 30, 2023.

Net revenue in the second quarter of 2023 was $27.7 million, a 27.7% decrease from the $38.3 million in the first quarter of 2023.

Generally Accepted Accounting Principles (GAAP) Results

In the second quarter of 2023, GAAP gross margins were $15.4 million, or 55.7% of revenue, GAAP operating expenses were $47.8 million, GAAP loss from operations was $32.4 million, and GAAP net loss was $25.9 million, or $1.17 per basic share.

Total cash and cash equivalents were $30.4 million and short-term investments were $544.3 million on June 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 second quarter of 2023, non-GAAP gross margins were $16.2 million, or 58.2% of revenue, non-GAAP operating expenses were $27.4 million, non-GAAP loss from operations was $11.2 million and non-GAAP net loss was $4.8 million, or $0.22 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 August 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 6 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 32,597 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 second quarter of 2023 via conference call today, August 2, 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 
 June 30, 2023  March 31, 2023 
 (in thousands, except per share data) 
Revenue$27,728  $38,343 
Cost of revenue 12,290   15,302 
Gross profit 15,438   23,041 
Operating expenses:     
Research and development 26,567   24,457 
Selling, general and administrative 21,276   20,733 
Total operating expenses 47,843   45,190 
Loss from operations (32,405)  (22,149)
Interest income 6,667   5,629 
Other income (expense), net (161)  100 
Loss before income taxes (25,899)  (16,420)
Income tax benefit (23)  (70)
Net loss$(25,922) $(16,490)
Net loss attributable to common stockholders and comprehensive loss$(25,922) $(16,490)
Net loss per share attributable to common stockholders, basic$(1.17) $(0.76)
Net loss per share attributable to common stockholders, diluted$(1.17) $(0.76)
Weighted-average shares used to compute basic net loss per share 22,074   21,794 
Weighted-average shares used to compute diluted net loss per share 22,074   21,794 

SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
 Three Months Ended 
 June 30, 2023  March 31, 2023 
 (in thousands, except per share data) 
Reconciliation of GAAP gross profit and margin to non-GAAP     
Revenue$27,728  $38,343 
GAAP gross profit 15,438   23,041 
GAAP gross margin 55.7%  60.1%
Stock-based compensation 713   639 
Non-GAAP gross profit$16,151  $23,680 
Non-GAAP gross margin 58.2%  61.8%
Reconciliation of GAAP operating expenses to non-GAAP     
GAAP research and development expenses 26,567   24,457 
Stock-based compensation (9,983)  (8,031)
Non-GAAP research and development expenses$16,584  $16,426 
GAAP sales, general and administrative expenses 21,276   20,733 
Stock-based compensation (10,464)  (9,866)
Non-GAAP sales, general and administrative expenses$10,812  $10,867 
Total Non-GAAP operating expenses$27,396  $27,293 
Reconciliation of GAAP loss from operations to non-GAAP loss from operations     
GAAP loss from operations$(32,405) $(22,149)
Stock-based compensation 21,160   18,536 
Non-GAAP loss from operations$(11,245) $(3,613)
Non-GAAP loss from operations as a percentage of revenue (40.6%)  (9.4%)
Reconciliation of GAAP net loss to non-GAAP net income (loss)     
GAAP net loss$(25,922) $(16,490)
Stock-based compensation 21,160   18,536 
Non-GAAP net income (loss)$(4,762) $2,046 
Weighted-average shares used to compute diluted net income (loss) per share 22,074   21,794 
GAAP net loss per share diluted$(1.17) $(0.76)
Non-GAAP adjustments detailed above 0.95   0.85 
Non-GAAP net income (loss) per share diluted$(0.22) $0.09 

SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
 As of
 June 30, 2023  December 31, 2022 
 (in thousands) 
Current assets:     
Cash and cash equivalents$30,375  $34,603 
Short-term investments in held-to-maturity securities 544,299   529,494 
Accounts receivable, net 15,769   41,229 
Inventories 64,252   57,650 
Prepaid expenses and other current assets 8,282   6,091 
Total current assets 662,977   669,067 
Property and equipment, net 56,295   58,772 
Intangible assets, net 6,206   5,205 
Right-of-use assets, net 9,549   10,848 
Other assets 10,477   6,724 
Total assets$745,504  $750,616 
Liabilities and Stockholders' Equity:     
Current liabilities:     
Accounts payable$9,762  $14,881 
Accrued expenses and other current liabilities 20,700   18,913 
Total current liabilities 30,462   33,794 
Lease liabilities 6,773   8,149 
Other non-current liabilities 2   193 
Total liabilities 37,237   42,136 
Commitments and contingencies     
Stockholders’ equity:     
Common stock 2   2 
Additional paid-in capital 758,542   716,343 
Accumulated deficit (50,277)  (7,865)
Total stockholders’ equity 708,267   708,480 
Total liabilities and stockholders’ equity$745,504  $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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