Sitime Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 6 May 2026: press release. The quarter’s numbers.

Key takeaways

Revenue up 88% year over year: Net revenue was $113.6 million, up 88.3% from $60.3 million a year earlier, and flat against $113.3 million in the fourth quarter of 2025. Source
GAAP loss from operations and net loss: GAAP loss from operations was $12.3 million, against $1.8 million of income in the fourth quarter. GAAP net loss was $5.2 million, or $0.20 per diluted share, compared with $0.34 per diluted share of net income in the fourth quarter. Source
Non-GAAP profit measures: Non-GAAP income from operations was $31.8 million, or 28.0% of revenue, and non-GAAP net income was $38.9 million, or $1.44 per diluted share, against $41.3 million, or $1.53, in the fourth quarter. Source
GAAP operating expenses rose on acquisition costs: Total GAAP operating expenses were $79.3 million, against $62.1 million in the fourth quarter. Acquisition related costs were $7.6 million, against $3.0 million in the fourth quarter. Source
AI infrastructure cited as driver: Management said AI infrastructure and high-performance systems are growing, and that precision timing is becoming a system-level requirement in them. Source
Cash and investments fell to $788.7M: Cash, cash equivalents and short-term investments were $788.7 million at March 31, 2026, against $808.4 million at December 31, 2025. Source

“Our strong start to 2026, with revenue growing 88 percent year over year, reflects the scale and momentum of the Precision Timing category we created,”
Rajesh Vashist, CEO of SiTime

What changed from last quarter

New: Inducement RSU grants were made to 42 newly hired individuals globally, against 26 newly hired non-executive individuals and 19,373 RSUs in the prior release. Source

Revenue and profit results

Revenue up 88% year over year: Net revenue was $113.6 million, up 88.3% from $60.3 million a year earlier, and flat against $113.3 million in the fourth quarter of 2025. Source
GAAP loss from operations and net loss: GAAP loss from operations was $12.3 million, against $1.8 million of income in the fourth quarter. GAAP net loss was $5.2 million, or $0.20 per diluted share, compared with $0.34 per diluted share of net income in the fourth quarter. Source
Non-GAAP profit measures: Non-GAAP income from operations was $31.8 million, or 28.0% of revenue, and non-GAAP net income was $38.9 million, or $1.44 per diluted share, against $41.3 million, or $1.53, in the fourth quarter. Source

Operating expenses and acquisition costs

GAAP operating expenses rose on acquisition costs: Total GAAP operating expenses were $79.3 million, against $62.1 million in the fourth quarter. Acquisition related costs were $7.6 million, against $3.0 million in the fourth quarter. Source
Non-GAAP operating expenses rose to $41.5 million: Non-GAAP operating expenses were $41.5 million, against $35.5 million in the fourth quarter, excluding stock-based compensation and acquisition related costs. Source
Acquired-intangible amortization rose: Amortization of acquired intangibles was $5.7 million, against $4.7 million in the fourth quarter, and is excluded from the non-GAAP gross profit reconciliation. Source

“Here, our differentiated platforms are driving higher ASPs and margins, along with deeper customer engagement.”
Rajesh Vashist, CEO of SiTime

Demand and end markets

AI infrastructure cited as driver: Management said AI infrastructure and high-performance systems are growing, and that precision timing is becoming a system-level requirement in them. Source
Applications spanning more than 400: The release says MEMS timing powers over 400 applications, including high-growth ones in AI data centers, automated driving, industrial and humanoid robots, wearables and IoT. Source
Prior quarter growth led by CED: In the fourth-quarter release, growth was attributed to the Communications, Enterprise and Datacenter (CED) business, its seventh straight quarter above 100% year-over-year growth.

Balance sheet and working capital

Cash and investments fell to $788.7M: Cash, cash equivalents and short-term investments were $788.7 million at March 31, 2026, against $808.4 million at December 31, 2025. Source
Cash rose as short-term investments fell: Cash and cash equivalents were $498.5 million, up from $16.8 million, while short-term investments were $290.2 million, down from $791.6 million. Source
Receivables and inventories rose: Accounts receivable reached $55.0 million, up from $45.0 million, and inventories reached $91.1 million, up from $81.6 million. Source
Equity and accumulated deficit: Total stockholders' equity was $1,159.0 million, with an accumulated deficit of $230.1 million, against $224.9 million at December 31, 2025. Source

“I believe that we are executing from a position of strength for the next phase of SiTime’s growth and am excited about the opportunities ahead.”
Rajesh Vashist, CEO of SiTime

Equity grants and share count

Inducement RSU vesting schedule: One-fourth of each grant vests after the first anniversary quarter, then 1/16th vests each quarter, subject to continued service. Source
Stock-based compensation rose: Stock-based compensation was $30.8 million, up from $24.4 million in the fourth quarter, and is excluded from non-GAAP results. Source
Diluted share count fell: GAAP diluted weighted-average shares were 26,343 thousand, against 27,070 thousand in the fourth quarter; non-GAAP diluted shares were 27,138 thousand. Source

Strategy and reporting basis

Precision Timing company positioning: The company describes itself as the Precision Timing company, with more than 4 billion devices shipped, up from more than 3.5 billion in the prior release. Source
MEMS positioned against quartz: The release describes quartz as the non-silicon technology that struggles in harsher environments, where MEMS timing gives greater accuracy, smaller size and resilience. Source
Non-GAAP exclusions described: Non-GAAP measures exclude stock-based compensation, amortization of acquired intangibles and acquisition-related expenses, including changes in earn-out fair value. Source

Figures management reported

Figure	Reported
GAAP gross margin Source	59.0%
Non-GAAP gross margin Source	64.5%

Earlier plans management reported on

Not stated: The prior release expected broad-based growth to continue in 2026, driven by CED. This release does not restate that expectation.
Ahead: The prior release said Q4 2025 gross margin of 61.2% exceeded the forecast made at the beginning of the year.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

SiTime Reports First Quarter 2026 Financial Results

Q1 Net Revenue Increased 88% to $113.6 Million

SANTA CLARA, Calif., May 6, 2026 - SiTime Corporation, (Nasdaq: SITM), the Precision Timing company, today announced financial results for the first quarter ended March 31, 2026.

Net revenue in the first quarter of 2026 was $113.6 million, an increase of 88.3%from $60.3 million in the year ago quarter.

"Our strong start to 2026, with revenue growing 88 percent year over year, reflects the scale and momentum of the Precision Timing category we created,” said Rajesh Vashist, CEO of SiTime. “As AI infrastructure and high-performance systems grow, precision timing is becoming a system-level requirement. Here, our differentiated platforms are driving higher ASPs and margins, along with deeper customer engagement. I believe that we are executing from a position of strength for the next phase of SiTime’s growth and am excited about the opportunities ahead.”

In the first quarter of 2026, GAAP gross profit was $67.0 million, or 59.0% of revenue, GAAP operating expenses were $79.3 million, GAAP loss from operations was $12.3 million, and GAAP net loss was $5.2 million, or $0.20 per diluted share.

In the first quarter of 2026, non-GAAP gross profit was $73.3 million, or 64.5% of revenue, non-GAAP operating expenses were $41.5 million, non-GAAP income from operations was $31.8 million and non-GAAP net income was $38.9 million, or $1.44 per diluted share.

Total cash, cash equivalents and short-term investments were $788.7 million on March 31, 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, 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 May 4, 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 employment of 42 newly hired individuals globally. The RSUs were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The inducement grants consisted of an aggregate of 41,471 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 Amended and Restated 2022 Inducement Award Plan.

Conference Call

SiTime will broadcast the financial results for its first quarter of 2026 via conference call today, May 6, 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

Forward-looking statements notice

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 March 31, 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
	March 31, 2026		December 31, 2025		March 31, 2025
	(in thousands, except per share data)
Revenue	$113,567		$113,284		$60,314
Cost of revenue	46,612		49,404		29,978
Gross profit	66,955		63,880		30,336
Operating expenses:
Research and development	32,738		28,294		30,026
Selling, general and administrative	38,937		30,815		26,856
Acquisition related costs	7,619		3,008		1,562
Total operating expenses	79,294		62,117		58,444
(Loss) Income from operations	(12,339)		1,763		(28,108)
Interest income	7,310		7,998		4,294
Other (expense) income, net	(174)		(209)		4
(Loss) Income before income taxes	(5,203)		9,552		(23,810)
Income tax expense	(14)		(386)		(67)
Net (loss) income	$(5,217)		$9,166		$(23,877)
Net (loss) income attributable to common stockholders and comprehensive loss	$(5,217)		$9,166		$(23,877)
Net (loss) income per share attributable to common stockholders, basic	$(0.20)		$0.35		$(1.01)
Net (loss) income per share attributable to common stockholders, diluted	$(0.20)		$0.34		$(1.01)
Weighted-average shares used to compute basic net (loss) income per share		26,343		26,201		23,653
Weighted-average shares used to compute diluted net (loss) income per share		26,343		27,070		23,653

SiTime Corporation

Unaudited Reconciliation of Non-GAAP Adjustments

	Three months ended
	March 31, 2026		December 31, 2025		March 31, 2025
	(in thousands, except per share data)
Reconciliation of GAAP gross profit and margin to non-GAAP
Revenue	$113,567		$113,284		$60,314
GAAP gross profit	66,955		63,880		30,336
GAAP gross margin	59.0%		56.4%		50.3%
Amortization of acquired intangibles	5,744		4,717		3,573
Stock-based compensation	590		769		701
Non-GAAP gross profit	$73,289		$69,366		$34,610
Non-GAAP gross margin	64.5%		61.2%		57.4%
Reconciliation of GAAP operating expenses to non-GAAP
GAAP research and development expenses	$32,738		$28,294		$30,026
Stock-based compensation	(11,228)		(9,318)		(10,682)
Non-GAAP research and development expenses	$21,510		$18,976		$19,344
GAAP sales, general and administrative expenses	$38,937		$30,815		$26,856
Stock-based compensation	(18,982)		(14,323)		(13,663)
Non-GAAP sales, general and administrative expenses	$19,955		$16,492		$13,193
GAAP acquisition related costs	$7,619		$3,008		$1,562
Acquisition related costs	(7,619)		(3,008)		(1,562)
Non-GAAP acquisition related costs	$ -		$ -		$ -
Total Non-GAAP operating expenses	$41,465		$35,468		$32,537
Reconciliation of GAAP (loss) income from operations to non-GAAP loss from operations
GAAP (loss) income from operations	$(12,339)		$1,763		$(28,108)
Acquisition related costs	7,619		3,008		1,562
Amortization of acquired intangibles	5,744		4,717		3,573
Stock-based compensation	30,800		24,410		25,046
Non-GAAP income from operations	$31,824		$33,898		$2,073
Non-GAAP income from operations as a percentage of revenue	28.0%		29.9%		3.4%
Reconciliation of GAAP net (loss) income to non-GAAP net income
GAAP net (loss) income	$(5,217)		$9,166		$(23,877)
Acquisition related costs	7,619		3,008		1,562
Amortization of acquired intangibles	5,744		4,717		3,573
Stock-based compensation	30,800		24,410		25,046
Non-GAAP net income	$38,946		$41,301		$6,304
Weighted-average shares used to compute diluted net income per share		27,138		27,070		24,412
GAAP net (loss) income per share diluted	$(0.20)		$0.34		$(1.01)
Non-GAAP adjustments detailed above	1.63		1.19		1.27
Non-GAAP net income per share diluted	$1.44		$1.53		$0.26

Non-GAAP diluted weighted average shares are calculated using the treasury stock method and differ from GAAP diluted weighted average shares due to non-GAAP net income reported.

SiTime Corporation

Unaudited GAAP Condensed Consolidated Balance Sheets

	As of
	March 31, 2026	December 31, 2025
	(in thousands)
Assets:
Current assets:
Cash and cash equivalents	$498,476	$16,759
Short-term investments in held-to-maturity securities	290,188	791,648
Accounts receivable, net	54,997	45,040
Inventories	91,122	81,557
Prepaid expenses and other current assets	14,433	14,275
Total current assets	949,216	949,279
Property and equipment, net	106,661	105,114
Intangible assets, net	141,572	147,366
Right-of-use assets, net	3,479	4,089
Goodwill	87,098	87,098
Other assets	4,831	1,753
Total assets	$1,292,857	$1,294,699
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable	$22,914	$21,327
Accrued expenses and other current liabilities	53,168	62,678
Total current liabilities	76,082	84,005
Other non-current liabilities	57,797	54,512
Total liabilities	133,879	138,517
Commitments and contingencies
Stockholders’ equity:
Common stock	3	3
Additional paid-in capital	1,389,096	1,381,083
Accumulated deficit	(230,121)	(224,904)
Total stockholders’ equity	1,158,978	1,156,182
Total liabilities and stockholders’ equity	$1,292,857	$1,294,699

Contacts
Shelton Group
Leanne Sievers | Brett Perry sitm-ir@sheltongroup.com
Beth Howe
Chief Financial Officer investor.relations@sitime.com