SiTime (SITM) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $60.3 million, up 83% year-over-year, driven by strong demand across all segments and new products like Elite RF Super-TCXO and Symphonic mobile clock generator.

• Gross margin was 57.4% non-GAAP and 50% GAAP, with non-GAAP EPS at $0.26 per share and GAAP net loss of $23.9 million.

• Management reaffirmed a 25%-30% annual growth target for the base business and expects continued strong growth in Q2, supported by new product adoption.

• Largest customer revenue increased 76% year-over-year; top three distributors accounted for 64% of revenue, with the largest end customer at 18%.

• Cash, cash equivalents, and short-term investments totaled $398.9 million at quarter end.

Financial highlights

• Communications, enterprise, and data center segment revenue was $29.3 million, up 198% year-over-year.

• Automotive, industrial, and defense segment revenue was $14.1 million, up 10% year-over-year.

• Mobile, IoT, and consumer segment revenue was $16.9 million, up 64% year-over-year.

• Non-GAAP operating income was $2.1 million, while GAAP loss from operations was $28.1 million.

• Operating cash flow was $15 million, up $13.3 million year-over-year.

Outlook and guidance

• Q2 2025 revenue expected to grow 45%-50% year-over-year to $64.7 million at midpoint.

• Gross margin expected to remain flat sequentially; non-GAAP EPS guidance is $0.25-$0.31.

• Operating expenses projected at $33-$33.5 million; interest income of $3-$3.4 million.

• Management expects continued investment in R&D and sales/marketing to support growth.

• Existing liquidity expected to meet cash needs for at least the next 12 months.