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SiTime Corporation (SITM+0.36%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports an increase in revenue to $57.7 million from $35.5 million in the same quarter the previous year, attributed to higher sales volume and increased average selling prices.
Cost of revenue for the quarter was $28.2 million, representing 49% of sales, compared to 44% in the same quarter of the previous year. This increase is due to higher amortization from acquired intangibles and other manufacturing costs.
The company reported a gross profit of $29.5 million for the quarter, compared to $19.9 million in the previous year, with the increase attributed to higher revenue.
Research and development expenses increased to $26.5 million from $23.6 million, primarily due to higher stock-based compensation and engineering spend.
Selling, general, and administrative expenses increased to $25.4 million from $21.4 million, driven by higher stock-based compensation and personnel costs.
Net loss for the quarter was $19.3 million, compared to $18.1 million in the previous year. The loss was impacted by increased operating expenses and amortization costs.
Cash provided by operating activities was $9.7 million, while cash used in investing and financing activities was $73.8 million and $84.4 million, respectively.
SiTime had cash and cash equivalents of $8.5 million as of September 30, 2024. The company anticipates its existing cash and short-term investments will be sufficient to meet its cash needs for at least the next 12 months.
The filing also details the acquisition of certain assets and intellectual property from Aura, with a purchase consideration of $259.2 million.
SiTime continues to focus on expanding its product portfolio and maintaining its position in the Precision Timing solutions market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SiTime Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.