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SiTime Corporation (SITM-3.32%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a revenue increase to $202.7 million for 2024, up from $144.0 million in 2023, attributed to a 36% increase in sales volume and higher average selling prices due to a change in product mix.
Cost of revenue for 2024 was $98.2 million, up from $61.9 million in 2023, resulting in a gross profit of $104.5 million compared to $82.1 million in the previous year.
Operating expenses rose to $219.7 million from $189.3 million in 2023, with research and development expenses increasing by 9% to $106.9 million, and selling, general, and administrative expenses increasing by 22% to $102.2 million.
Acquisition-related costs were $10.7 million, up from $7.7 million in 2023, primarily due to accretion of acquisition consideration payable and changes in the fair value of sales-based earnout liabilities.
The company reported a net loss of $93.6 million for 2024, compared to a net loss of $80.5 million in 2023.
Interest income decreased to $22.9 million from $27.0 million in 2023, primarily due to lower interest rates and decreased investment balances.
SiTime's cash and cash equivalents were $6.1 million as of December 31, 2024, with short-term investments in held-to-maturity securities totaling $412.7 million.
The company continues to focus on expanding its product portfolio and addressing market demands, with a particular emphasis on its Precision Timing solutions for various industries, including communications, automotive, and consumer electronics.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SiTime Corporation annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.