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Silicon Laboratories Inc. (SLAB-2.04%) has submitted its Form 10-K filing for the fiscal year ended December 28, 2024.
The filing includes financial statements for the year, showing a decrease in revenues to $584.4 million from $782.3 million in the previous year. The decrease is attributed to reduced demand as customers sought to lower inventory levels.
Gross profit for the year was $312.2 million, down from $460.6 million in the previous year. The gross margin decreased to 53.4% from 58.9%, primarily due to variations in customer and product mix.
Research and development expenses were $332.2 million, slightly down from $337.7 million in the previous year. Selling, general, and administrative expenses were $145.5 million, compared to $147.0 million in the previous year.
The company reported an operating loss of $165.5 million, compared to an operating loss of $24.2 million in the previous year.
Interest income and other, net was $12.0 million, compared to $19.2 million in the previous year. Interest expense decreased to $1.3 million from $5.6 million.
The provision for income taxes was $36.2 million, up from $7.9 million in the previous year, primarily due to the establishment of a valuation allowance against deferred tax assets.
Net loss for the year was $191.0 million, compared to a net loss of $34.5 million in the previous year.
Silicon Laboratories ended the year with $382.2 million in cash, cash equivalents, and short-term investments. Net cash used in operating activities was $13.9 million.
The company continues to focus on its core business of mixed-signal analog-intensive products, with revenues primarily from Industrial & Commercial and Home & Life product categories.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Silicon Laboratories Inc. annual 10-K report dated February 4, 2025. To report an error, please email earnings@qz.com.