On November 1, 2023, SiTime Corp (SITM, Financial) announced its financial results for the third quarter ended September 30, 2023. The precision timing company reported a significant quarter-on-quarter revenue growth of 28.1%, with net revenue reaching $35.5 million in Q3 2023, up from $27.7 million in Q2 2023.
Financial Highlights
According to the GAAP results, SiTime Corp (SITM, Financial) reported gross margins of $19.9 million, or 56.1% of revenue. Operating expenses were $45.1 million, resulting in a loss from operations of $25.2 million. The GAAP net loss was $18.1 million, or $0.81 per basic share.
However, the non-GAAP results painted a different picture. Non-GAAP gross margins were $20.7 million, or 58.2% of revenue. Non-GAAP operating expenses were significantly lower at $26.3 million, resulting in a non-GAAP loss from operations of $5.6 million. Interestingly, the non-GAAP net income was positive, standing at $1.4 million, or $0.06 per diluted share.
The company's total cash and cash equivalents were $16.7 million, and short-term investments were $551.4 million as of September 30, 2023.
Stock Grants and Future Prospects
SiTime Corp (SITM, Financial) also announced that it granted restricted stock unit awards (RSUs) to 14 newly hired non-executive individuals globally under its 2022 Inducement Award Plan. The inducement grants consisted of an aggregate of 18,057 RSUs, vesting over a period of time, subject to each employee’s continued service.
The company's financial results, both GAAP and non-GAAP, provide valuable insights into its financial condition and operational performance. Despite the GAAP net loss, the non-GAAP net income indicates potential for profitability. The significant increase in revenue also suggests a positive trend in the company's financial performance.
Investors and stakeholders are advised to evaluate SiTime Corp (SITM, Financial)'s results in conjunction with the corresponding GAAP measures, as the non-GAAP financial measures exclude stock-based compensation.
Explore the complete 8-K earnings release (here) from SiTime Corp for further details.
