SiTime Corporation reports news about its Precision Timing business, including semiconductor MEMS programmable solutions used to provide timing functionality for electronics. Company updates cover product introductions such as Elite 2 Super-TCXO, applications in AI data centers, automated driving, industrial and humanoid robots, wearables and IoT, and developments across the company’s fabless timing-systems model.
Recurring SiTime news also includes quarterly and annual financial results, conference participation, governance changes, and material corporate events. Coverage centers on revenue trends, GAAP and non-GAAP operating metrics, product positioning against quartz timing technologies, and board-level updates for the Nasdaq-listed semiconductor company.
SiTime Corporation (SITM) will release its first quarter 2022 financial results on May 4, 2022, after market close. The announcement will be followed by a conference call at 2:00 p.m. PT, hosted by CEO Rajesh Vashist and CFO Art Chadwick. Analysts and investors can join the call by dial-in or through a live audio webcast, which will be available for 90 days on the company's investor relations website. SiTime is recognized for its MEMS precision timing solutions and has shipped over 2 billion devices, contributing to significant advancements in the timing industry.
SiTime Corporation (NASDAQ: SITM) has launched the Elite X™ Super-TCXO, enhancing timing stability and reliability for edge networks, including data centers and 5G technology. Compared to quartz, the Elite X provides 2x better stability and 30x higher reliability. This new product addresses the growing demand for precise timing in autonomous vehicles and latency-sensitive applications. With features like ±10 ppb frequency stability and a wide operational temperature range, the Elite X aims to improve performance in harsh environments. Volume production is set for Q3 2022.
SiTime Corporation (SITM) reported an impressive financial performance for Q4 and fiscal year 2021. Q4 net revenue reached $75.7 million, up 88.1% from Q4 2020. For the full year, net revenue was $218.8 million, an 88.4% increase year-over-year. Gross margins in Q4 were 68.8% of revenue, while full-year gross margins stood at 63.7%. GAAP net income for Q4 was $19.9 million or $0.90 per diluted share, and for the year, it was $32.3 million or $1.53 per diluted share. Total cash and equivalents at year-end were $559.5 million.
SiTime Corporation (NASDAQ: SITM) has launched its innovative XCalibur™ active resonator, designed to replace traditional quartz crystal resonators and address supply chain issues. This new product leverages programmable semiconductors, enhancing performance and reliability while reducing development time by up to two months across industries like automotive and industrial. The introduction opens a $200 million serviceable addressable market within the $4 billion resonator sector. XCalibur offers 10x better reliability than quartz, simplifying design processes by eliminating frequent testing and re-qualification.
SiTime Corporation (Nasdaq: SITM) will announce its fourth quarter 2021 financial results on February 2, 2022, after market close. The conference call will be hosted by CEO Rajesh Vashist and CFO Art Chadwick at 2:00 p.m. Pacific Time. Analysts and investors can join the call using provided dial-in information. A replay will be available until February 9, 2022. SiTime, a leader in MEMS timing, has shipped over 2 billion devices, offering high-performance, low-power solutions for diverse applications.
SiTime Corporation (Nasdaq: SITM) has been added to the S&P MidCap 400 Index, effective November 30, 2021. This milestone reflects the company's substantial growth since its IPO in late 2019 and positions it among leading mid-cap firms in the Information Technology sector. CEO Rajesh Vashist highlighted the achievement as a testament to their team’s efforts and the ongoing expansion within the $8 billion timing market. SiTime continues to enhance its product portfolio and customer acquisition strategy, anticipating sustained shareholder value.
SiTime Corporation (Nasdaq: SITM) announced its inclusion in the S&P MidCap 400® Index, effective November 30, 2021. This marks a significant milestone for SiTime as it solidifies its position in the market for MEMS timing solutions. The company is noted for its innovative programmable solutions that enhance product performance, size, power efficiency, and reliability. With over 2 billion devices shipped, SiTime is reshaping the timing industry. This index addition may attract more investor attention and credibility in the financial markets.
SiTime Corporation (Nasdaq: SITM) announced the completion of its public offering of 2,300,000 common stock shares at $225.00 per share, raising approximately $279 million net after expenses. The offering included the full exercise of underwriters' options, with MegaChips Corporation selling 1,000,000 shares and SiTime issuing 1,300,000 shares. Major underwriters included Barclays, Credit Suisse, and Stifel. This robust financing is set to support SiTime's strategic growth in the silicon MEMS timing market, where it leads with programmable solutions.
SiTime Corporation (Nasdaq: SITM) has announced a follow-on public offering of 2,000,000 shares of common stock, priced at $225.00 per share. The offering includes 1,000,000 shares from MegaChips Corporation and 1,000,000 new shares. SiTime will not receive proceeds from the MegaChips sale, but expects gross proceeds of $225 million from its shares. The offering is set to close on November 12, 2021. Underwriters have an option to purchase an additional 300,000 shares. Barclays, Credit Suisse, and Stifel are the lead managers for this offering.
SiTime Corporation (Nasdaq: SITM) announced a proposed follow-on public offering of 2,000,000 shares of common stock, with 1,000,000 shares being sold by MegaChips Corporation and 1,000,000 shares being issued by SiTime. The underwriters will also receive a 30-day option to purchase an additional 300,000 shares. SiTime will not benefit financially from the shares sold by MegaChips. The offering is subject to market conditions, and the exact terms are yet to be finalized. Barclays, Credit Suisse, and Stifel serve as joint lead book-running managers for this offering.