SiTime (SITM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $113.6M, up 88% year-over-year, driven by strong demand in AI, datacenter, and precision timing applications.

• Non-GAAP net income was $38.9M ($1.44 per diluted share), while GAAP net loss narrowed to $5.2M.

• Surpassed long-term financial targets with sustainable high margins due to differentiated, high-value products.

• Announced acquisition of Renesas' timing business for $1.5B in cash and 4.13M shares, with up to $900M in bridge financing.

• Rapid growth across all regions and business units, especially in Communications, Enterprise, and Data Center (CED).

Financial highlights

• Q1 2026 revenue was $113.6M, up from $60.3M year-over-year; non-GAAP net income was $38.1M.

• GAAP gross profit was $67.0M (59.0% margin); non-GAAP gross profit was $73.3M (64.5% margin).

• Operating income was $31.8M non-GAAP; GAAP loss from operations was $12.3M.

• Cash flow from operations was $31.2M; total liquidity at $788.7M in cash and short-term investments.

• Operating expenses were $79.3M GAAP, $41.5M non-GAAP, up mainly due to R&D, SG&A, and acquisition costs.

Outlook and guidance

• Full-year revenue growth expectations raised to at least 80%, well above prior guidance.

• Q2 2026 revenue expected at $140M–$150M, up over 100% year-over-year; gross margin around 65% ±1 point.

• Q2 operating expenses projected at $46M–$47M; non-GAAP EPS expected at $1.85–$2.00.

• Management expects continued investment in R&D and SG&A, with incremental costs from the Renesas acquisition.

• Gross margins may moderate in the second half as consumer mix increases but expected to remain above 60%.