SANTA CLARA, Calif., Aug. 05, 2026 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the Precision Timing company, today announced financial results for the second quarter ended June 30, 2026.
Net revenue in the second quarter of 2026 was $157.4 million, as compared to $69.5 million in the year ago quarter.
"SiTime delivered exceptional results in the second quarter, with revenue increasing 127% year over year to $157.4 million and gross margin of 67.1%," said Rajesh Vashist, chairman and CEO of SiTime. "While every segment grew by at least 50%, CED grew by 181%. On July 1, we completed the acquisition of Renesas' Timing Business, adding over 550 clocking products to our portfolio. Only SiTime offers the full breadth of Precision Timing solutions -- and that unmatched capability is accelerating our industry leadership across every end market we serve."
In the second quarter of 2026, GAAP gross profit was $99.1 million, or 63.0% of revenue, GAAP operating expenses were $90.9 million, GAAP income from operations was $8.2 million, and GAAP net income was $18.2 million, or $0.66 per diluted share.
In the second quarter of 2026, non-GAAP gross profit was $105.6 million, or 67.1% of revenue, non-GAAP operating expenses were $52.1 million, non-GAAP income from operations was $53.5 million and non-GAAP net income was $65.6 million, or $2.34 per diluted share.
Total cash, cash equivalents and short-term investments were $1,921 million on June 30, 2026. The balance includes net proceeds from the convertible senior notes offering that were used to fund the acquisition of certain assets from Renesas Electronics Corporation which was completed on July 1, 2026.
SiTime plans to discuss its business outlook as part of today's scheduled conference call.
Use of Non-GAAP Financial Information
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.
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 expense, amortization of acquired intangibles, amortization of financing related transaction costs, and acquisition-related expenses which include transaction and certain other cash costs associated with business acquisition as well as changes in the estimated fair value of earn out liabilities and accretion of acquisition consideration payable. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.
Inducement Plan Grants
SiTime granted restricted stock unit awards ("RSUs") on August 3, 2026 that were approved by the Compensation and Talent Committee of its Board of Directors under SiTime's Amended and Restated 2022 Inducement Award Plan, as a material inducement to the employment of 168 newly hired individuals globally, including 126 employees, hired in connection with SiTime's acquisition of certain assets from Renesas Electronics Corporation. The RSUs were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement grants consisted of an aggregate of 109,689 RSUs. For employees hired in connection with the acquisition of certain assets of Renesas Electronics Corporation, 1/16(th) of the RSUs will vest on August 20, 2026, and then 1/16(th) of the RSUs will vest in equal quarterly installments on each November 20, February 20, May 20, and August 20 thereafter, subject to each such employee's continued service on each vesting date. For the other newly hired individuals, 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 1/16(th) of the RSUs will 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 RSU grants and SiTime's Amended and Restated 2022 Inducement Award Plan.
Conference Call
SiTime will broadcast the financial results for its second quarter of 2026 via conference call today, August 5, 2026, 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 investor.sitime.com. 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 semiconductor MEMS 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 more than 4 billion devices shipped, SiTime is changing the timing industry. For more information, visit www.sitime.com.
About Precision Timing -- Timing is the heartbeat of all electronics, ensuring performance, resilience and scalability. For decades, quartz devices, non-silicon technology, have kept systems in sync, but they struggle in harsher, more demanding environments. MEMS-based Precision Timing delivers greater accuracy, smaller size and resilience. Today, MEMS timing powers over 400 applications, including high-growth ones in AI data centers, automated driving, industrial and humanoid robots, wearables and IoT.
Forward-Looking Statements
This press release and the earnings call referencing this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Security Exchange Act of 1934, as amended. These forward-looking statements involve risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to differ materially from those anticipated in such forward-looking statements. The risks, uncertainties, assumptions, and other factors include, but are not limited to our expectations and trends relating to the growth of our new products, our product differentiation and market acceptance of our products, and our ability to accurately forecast our future performance, business and growth. More information about these and other risks, uncertainties, and other factors that may cause actual outcomes and results to differ materially from those included in the forward-looking statements contained in this release are included under the caption "Risk Factors" and elsewhere in our most recent Form 10-Q filed with the Securities and Exchange Commission and other filings SiTime makes with the Securities and Exchange Commission from time to time, including SiTime's Annual Report on Form 10-K that has been filed for the year ended December 31, 2025. The financial information set forth in this release reflects estimates based on information available at this time. While SiTime believes these estimates to be reasonable, these amounts could differ materially from reported amounts in SiTime's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and SiTime's other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made and are based on information available to SiTime at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, SiTime undertakes no obligation, and does not intend, to update these forward-looking statements.
SiTime Corporation
Unaudited GAAP Condensed Consolidated Statements of
Operations
Three months ended
June 30, 2026 March 31, 2026 June 30, 2025
------------------ -------------- ----------------
(in thousands, except per share data)
Revenue $ 157,432 $ 113,567 $ 69,494
Cost of revenue 58,290 46,612 33,442
--- --------- --------- ---------
Gross profit 99,142 66,955 36,052
Operating
expenses:
Research and
development 36,117 32,738 30,563
Selling,
general and
administrative 46,301 38,937 28,228
Acquisition
related costs 8,509 7,619 1,872
--- --------- --------- ---------
Total
operating
expenses 90,927 79,294 60,663
--- --------- --------- ---------
Income (loss) from
operations 8,215 (12,339) (24,611)
Interest income 12,545 7,310 4,263
Interest
expense (2,247) -- --
Other (expense)
income, net (317) (174) 204
--- --------- --------- ---------
Income (loss)
before income
taxes 18,196 (5,203) (20,144)
Income tax expense (40) (14) (35)
--- --------- --------- ---------
Net income (loss) $ 18,156 $ (5,217) $ (20,179)
=== ========= ========= =========
Net income (loss)
attributable to
common
stockholders and
comprehensive
income (loss) $ 18,156 $ (5,217) $ (20,179)
=== ========= ========= =========
Net income (loss)
per share
attributable to
common
stockholders,
basic $ 0.69 $ (0.20) $ (0.84)
=== ========= ========= =========
Net income (loss)
per share
attributable to
common
stockholders,
diluted $ 0.66 $ (0.20) $ (0.84)
=== ========= ========= =========
Weighted-average
shares used to
compute basic net
income (loss) per
share 26,450 26,343 23,923
=== ========= ========= =========
Weighted-average
shares used to
compute diluted
net income (loss)
per share 27,490 26,343 23,923
=== ========= ========= =========
SiTime Corporation
Unaudited GAAP Condensed Consolidated Statements of
Operations
Six Months Ended
June 30, 2026 June 30, 2025
--------------------------- ------------------
(in thousands, except per share data)
Revenue $ 270,999 $ 129,808
Cost of revenue 104,902 63,421
---- ----------------- -----------
Gross profit 166,097 66,387
Operating expenses:
Research and development 68,854 60,589
Selling, general and
administrative 85,237 55,086
Acquisition related
costs 16,129 3,433
---- ----------------- -----------
Total operating
expenses 170,220 119,108
---- ----------------- -----------
Loss from operations (4,123) (52,721)
Interest income 19,854 8,557
Interest expense (2,247) --
Other (expense) income, net (492) 210
---- ----------------- -----------
Income (loss) before income
taxes 12,992 (43,954)
Income tax expense (53) (102)
---- ----------------- -----------
Net income (loss) $ 12,939 $ (44,056)
==== ================= ===========
Net income (loss)
attributable to common
stockholders and
comprehensive income
(loss) $ 12,939 $ (44,056)
==== ================= ===========
Net income (loss) per share
attributable to common
stockholders, basic $ 0.49 $ (1.85)
==== ================= ===========
Net income (loss) per share
attributable to common
stockholders, diluted $ 0.47 $ (1.85)
==== ================= ===========
Weighted-average shares
used to compute basic net
income (loss) per share 26,397 23,790
==== ================= ===========
Weighted-average shares
used to compute diluted
net income (loss) per
share 27,335 23,790
==== ================= ===========
SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
Three months ended
June 30, 2026 March 31, 2026 June 30, 2025
------------------ ---------------- -----------------
(in thousands, except per share data)
Reconciliation of
GAAP gross profit
and margin to
non-GAAP
Revenue $ 157,432 $ 113,567 $ 69,494
GAAP gross profit 99,142 66,955 36,052
GAAP gross margin 63.0% 59.0% 51.9%
Amortization of
acquired
intangibles 5,744 5,744 3,573
Stock-based
compensation 699 590 825
--- -------- --- -------- ---------
Non-GAAP gross
profit $ 105,585 $ 73,289 $ 40,450
=== ======== === ======== =========
Non-GAAP gross
margin 67.1% 64.5% 58.2%
=== ======== ======== =========
Reconciliation of
GAAP operating
expenses to
non-GAAP
GAAP research and
development
expenses $ 36,117 $ 32,738 $ 30,563
Stock-based
compensation (10,501) (11,228) (11,044)
--- -------- -------- ---------
Non-GAAP research
and development
expenses $ 25,616 $ 21,510 $ 19,519
--- -------- --- -------- ---------
GAAP sales,
general and
administrative
expenses $ 46,301 $ 38,937 $ 28,228
Stock-based
compensation (19,793) (18,982) (14,457)
--- -------- -------- ---------
Non-GAAP sales,
general and
administrative
expenses $ 26,508 $ 19,955 $ 13,771
--- -------- --- -------- ---------
GAAP acquisition
related costs $ 8,509 $ 7,619 $ 1,872
Acquisition
related costs (8,509) (7,619) (1,872)
--- -------- -------- ---------
Non-GAAP
acquisition
related costs $ -- $ -- $ --
--- -------- --- -------- ---------
Total Non-GAAP
operating
expenses $ 52,124 $ 41,465 $ 33,290
=== ======== === ======== =========
Reconciliation of GAAP income (loss)
from operations to non-GAAP income
from operations
GAAP income
(loss) from
operations $ 8,215 $ (12,339) $ (24,611)
Acquisition
related costs 8,509 7,619 1,872
Amortization of
acquired
intangibles 5,744 5,744 3,573
Stock-based
compensation 30,993 30,800 26,326
--- -------- --- -------- ---------
Non-GAAP income
from operations $ 53,461 $ 31,824 $ 7,160
=== ======== === ======== =========
Non-GAAP income
from operations
as a percentage
of revenue 34.0% 28.0% 10.3%
Reconciliation of
GAAP net income
(loss) to
non-GAAP net
income
GAAP net income
(loss) $ 18,156 $ (5,217) $ (20,179)
Acquisition
related costs 8,509 7,619 1,872
Amortization of
financing related
transaction
costs 2,247 -- --
Amortization of
acquired
intangibles 5,744 5,744 3,573
Stock-based
compensation 30,993 30,800 26,326
--- -------- --- -------- ---------
Non-GAAP net
income $ 65,649 $ 38,946 $ 11,592
=== ======== === ======== =========
Weighted-average
shares used to
compute diluted
net income per
share 28,061 27,138 24,633
=== ======== === ======== =========
GAAP net income
(loss) per share
diluted $ 0.66 $ (0.20) $ (0.84)
Non-GAAP
adjustments
detailed above 1.68 1.63 1.31
Non-GAAP net
income per share
diluted $ 2.34 $ 1.44 $ 0.47
(1) Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares in certain periods due to non-GAAP net income reported.
SiTime Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
Six Months Ended
June 30, 2026 June 30, 2025
-------------------------- -----------------
(in thousands, except per share data)
Reconciliation of GAAP
gross profit and margin to
non-GAAP
Revenue $ 270,999 $ 129,808
GAAP gross profit 166,097 66,387
GAAP gross margin 61.3% 51.1%
Amortization of acquired
intangibles 11,489 7,145
Stock-based compensation 1,289 1,526
---- --------------- --- ----------- ---
Non-GAAP gross profit $ 178,875 $ 75,058
==== =============== === =========== ===
Non-GAAP gross margin 66.0% 57.8%
==== =============== ===========
Reconciliation of GAAP
operating expenses to
non-GAAP
GAAP research and
development expenses $ 68,854 $ 60,589
Stock-based compensation (21,728) (21,726)
---- --------------- -----------
Non-GAAP research and
development expenses $ 47,126 $ 38,863
---- --------------- --- ----------- ---
GAAP sales, general and
administrative expenses $ 85,237 $ 55,086
Stock-based compensation (38,775) (28,119)
---- --------------- -----------
Non-GAAP sales, general and
administrative expenses $ 46,462 $ 26,967
---- --------------- --- ----------- ---
GAAP acquisition related
costs $ 16,129 $ 3,433
Acquisition related costs (16,129) (3,433)
---- --------------- -----------
Non-GAAP acquisition
related costs $ -- $ --
---- --------------- --- ----------- ---
Total Non-GAAP operating
expenses $ 93,588 $ 65,830
==== =============== === =========== ===
Reconciliation of GAAP loss
from operations to non-GAAP
income (loss) from
operations
GAAP loss from operations $ (4,123) $ (52,721)
Amortization of acquired
intangibles 11,489 7,145
Acquisition related costs 16,129 3,433
Stock-based compensation 61,792 51,371
---- --------------- --- ----------- ---
Non-GAAP income from
operations $ 85,287 $ 9,228
==== =============== === =========== ===
Non-GAAP income from
operations as a percentage
of revenue 31.5% 7.1%
Reconciliation of GAAP net
income (loss) to non-GAAP
net income
GAAP net income (loss) $ 12,939 $ (44,056)
Amortization of acquired
intangibles 11,489 7,145
Acquisition related costs 16,129 3,433
Amortization of financing
related transaction costs 2,247 --
Stock-based compensation 61,792 51,371
---- --------------- --- ----------- ---
Non-GAAP net income $ 104,596 $ 17,893
==== =============== === =========== ===
Weighted-average shares
used to compute diluted
net income per share(1) 27,621 24,566
==== =============== === =========== ===
GAAP net income (loss) per
share diluted $ 0.47 $ (1.85)
Non-GAAP adjustments
detailed above 3.32 2.58
Non-GAAP net income per
share diluted $ 3.79 $ 0.73
(1) Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares in certain periods due to non-GAAP net income reported.
SiTime Corporation
Unaudited GAAP Condensed Consolidated Balance Sheets
As of
June 30, 2026 December 31, 2025
--------------- ---------------------
(in thousands)
Assets:
Current assets:
Cash and cash equivalents $ 1,921,141 $ 16,759
Short-term investments in
held-to-maturity securities -- 791,648
Accounts receivable, net 88,706 45,040
Inventories 103,904 81,557
Prepaid expenses and other
current assets 20,114 14,275
---------- --------------
Total current assets 2,133,865 949,279
Property and equipment, net 114,387 105,114
Intangible assets, net 136,023 147,366
Right-of-use assets, net 9,859 4,089
Goodwill 87,098 87,098
Other assets 24,291 1,753
---------- --------------
Total assets $ 2,505,523 $ 1,294,699
========== ==============
Liabilities and Stockholders'
Equity:
Current liabilities:
Accounts payable $ 28,895 $ 21,327
Accrued expenses and other
current liabilities 80,841 62,678
---------- --------------
Total current liabilities 109,736 84,005
Convertible senior notes, net 1,317,556 --
Other non-current liabilities 53,179 54,512
---------- --------------
Total liabilities 1,480,471 138,517
---------- --------------
Commitments and contingencies
Stockholders' equity:
Common stock 3 3
Additional paid-in capital 1,237,014 1,381,083
Accumulated deficit (211,965) (224,904)
---------- --------------
Total stockholders' equity 1,025,052 1,156,182
---------- --------------
Total liabilities and
stockholders' equity $ 2,505,523 $ 1,294,699
========== ==============
Investor Relations Contacts:
Shelton Group
Leanne Sievers | Brett Perry
sitm-ir@sheltongroup.com
SiTime Corporation
Beth Howe
Chief Financial Officer
investor.relations@sitime.com