SiTime CorporationUnaudited GAAP Condensed Consolidated Statements of Operations Three months ended March 31,2025 December 31, 2024 March 31,2024 (in thousands, except per share data)Revenue$60,314 $68,111 $33,022 Cost of revenue 29,978 32,267 15,361 Gross profit 30,336 35,844 17,661 Operating expenses: Research and development 30,026 29,333 25,544 Selling, general and administrative 26,856 27,695 23,913 Acquisition related costs 1,562 1,835 3,242 Total operating expenses 58,444 58,863 52,699 Loss from operations (28,108) (23,019) (35,038)Interest income 4,294 5,088 6,560 Other income (expense), net 4 (510) (213)Loss before income taxes (23,810) (18,441) (28,691)Income tax expense (67) (372) (13)Net loss$(23,877) $(18,813) $(28,704)Net loss attributable to common stockholders and comprehensive loss$(23,877) $(18,813) $(28,704)Net loss per share attributable to common stockholders, basic$(1.01) $(0.80) $(1.26)Net loss per share attributable to common stockholders, diluted$(1.01) $(0.80) $(1.26)Weighted-average shares used to compute basic net loss per share 23,653 23,467 22,765 Weighted-average shares used to compute diluted net loss per share 23,653 23,467 22,765 SiTime CorporationUnaudited Reconciliation of Non-GAAP Adjustments Three months ended March 31,2025 December 31, 2024 March 31,2024 (in thousands, except per share data)Reconciliation of GAAP gross profit and margin to non-GAAP Revenue$60,314 $68,111 $33,022 GAAP gross profit 30,336 35,844 17,661 GAAP gross margin 50.3% 52.6% 53.5%Amortization of acquired intangibles 3,573 3,573 1,284 Stock-based compensation 701 652 179 Non-GAAP gross profit$34,610 $40,069 $19,124 Non-GAAP gross margin 57.4% 58.8% 57.9% Reconciliation of GAAP operating expenses to non-GAAP GAAP research and development expenses$30,026 $29,333 $25,544 Stock-based compensation (10,682) (9,965) (9,177)Non-GAAP research and development expenses$19,344 $19,368 $16,367 GAAP sales, general and administrative expenses$26,856 $27,695 $23,913 Stock-based compensation (13,663) (14,586) (12,347)Acquisition related integration costs$— $— $(550)Non-GAAP sales, general and administrative expenses$13,193 $13,109 $11,016 GAAP acquisition related costs$1,562 $1,835 $3,242 Acquisition related costs (1,562) (1,835) (3,242)Non-GAAP acquisition related costs$— $— $— Total Non-GAAP operating expenses$32,537 $32,477 $27,383 Reconciliation of GAAP loss from operations to non-GAAP income (loss) from operations GAAP loss from operations$(28,108) $(23,019) $(35,038)Acquisition related costs 1,562 1,835 3,242 Acquisition related integration costs — — 550 Amortization of acquired intangibles 3,573 3,573 1,284 Stock-based compensation 25,046 25,203 21,703 Non-GAAP income (loss) from operations$2,073 $7,592 $(8,259)Non-GAAP income (loss) from operations as a percentage of revenue 3.4% 11.1% (25.0%) Reconciliation of GAAP net loss to non-GAAP net income GAAP net loss$(23,877) $(18,813) $(28,704)Acquisition related costs 1,562 1,835 3,242 Acquisition related integration costs — — 550 Amortization of acquired intangibles 3,573 3,573 1,284 Stock-based compensation 25,046 25,203 21,703 Non-GAAP net income (loss)$6,304 $11,798 $(1,925)Weighted-average shares used to compute diluted net income per share(1) 24,412 24,452 22,765 GAAP net loss per share diluted$(1.01) $(0.80) $(1.26)Non-GAAP adjustments detailed above 1.27 1.28 1.18 Non-GAAP net income (loss) per share diluted$0.26 $0.48 $(0.08) (1) 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.
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 fiscal year ended December 31, 2024.
We anticipate continued strong growth in Q2.” In the first quarter of 2025, GAAP gross profit was $30.3 million, or 50.3% of revenue, GAAP operating expenses were $58.4 million, GAAP loss from operations was $28.1 million, and GAAP net loss was $23.9 million, or $1.01 per diluted share.
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