On July 24, 2024, Silicon Laboratories Inc (SLAB, Financial) released its 8-K filing for the second quarter of 2024, showcasing notable financial performance and strategic advancements. Silicon Laboratories Inc develops semiconductors, software, and system solutions for the Internet of Things (IoT), Internet infrastructure, industrial control, consumer, and automotive markets. The company operates in a single segment of mixed-signal analog intensive products, with the Industrial & Commercial category contributing the majority of its revenue.
Performance Overview
Silicon Laboratories Inc (SLAB, Financial) reported revenue of $145 million for Q2 2024, surpassing the analyst estimate of $140.16 million. This growth was driven by design wins ramping to production and customers working down their excess inventory. The company’s Industrial & Commercial revenue stood at $88 million, while Home & Life revenue was $57 million.
Financial Highlights
On a GAAP basis, the company reported a gross margin of 53%, operating expenses of $125 million, and an operating loss of $48 million. The GAAP diluted loss per share was $(2.56). On a non-GAAP basis, excluding stock compensation, amortization of acquired intangible assets, and other items, the gross margin remained at 53%, operating expenses were $102 million, and the operating loss was $25 million. The non-GAAP diluted loss per share was $(0.56).
Income Statement Summary
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Revenue | $145 million | $244.87 million |
| Gross Profit | $76.58 million | $143.78 million |
| Operating Loss | $(48.02) million | $(17.17) million |
| Net Loss | $(82.16) million | $(10.96) million |
| GAAP Diluted Loss Per Share | $(2.56) | $(0.33) |
Balance Sheet and Cash Flow
As of June 29, 2024, Silicon Laboratories Inc (SLAB, Financial) reported total assets of $1.25 billion, with cash and cash equivalents amounting to $240.83 million. The company’s total liabilities were $156.96 million, and stockholders' equity stood at $1.09 billion. The net cash used in operating activities for the first six months of 2024 was $(55.67) million, while net cash provided by investing activities was $121.10 million.
Business Highlights and Outlook
Silicon Laboratories Inc (SLAB, Financial) announced the expansion of its fifth annual Works With Developers Conference, with live events in San Jose, Hyderabad, and Shanghai. The company also introduced the xG22E family of wireless SoCs, designed for battery-free, energy-harvesting applications. Looking ahead, Silicon Laboratories Inc (SLAB) expects third-quarter revenue to be between $160 million and $170 million, with a GAAP gross margin of 54% to 56% and GAAP diluted loss per share between $(0.95) and $(1.25).
“Silicon Labs delivered another quarter of strong sequential growth, driven by a combination of design wins ramping to production in several key growth areas, and end customers working down their excess inventory,” said Matt Johnson, President and Chief Executive Officer at Silicon Labs. “Looking forward, we expect revenue growth to continue in the third quarter as excess inventory is further reduced, design wins continue ramping, and bookings improve.”
For more detailed financial information, readers can access the full 8-K filing.
Explore the complete 8-K earnings release (here) from Silicon Laboratories Inc for further details.
