SITIME Corp Files 2024 10-K

TL;DR

SITIME Corp 2024 10-K filed. Full financial picture out.

AI Summary

SITIME Corp filed its 2024 10-K on February 14, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The filing provides details on the company's business operations, financial condition, and risk factors. SITIME Corporation, located at 5451 Patrick Henry Drive, Santa Clara, CA, operates in the Semiconductors & Related Devices industry.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of SITIME Corp's financial health and strategic direction for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the semiconductor industry is subject to rapid technological changes and market fluctuations, which inherently carry risks.

Key Numbers

• 2024-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2025-02-14 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• SITIME Corp (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-14 (date) — Filing date
• 5451 Patrick Henry Drive, Santa Clara, CA 95054 (address) — Company business and mailing address
• 3674 (sic_code) — Standard Industrial Classification for Semiconductors & Related Devices

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share SITM The Nasdaq Sto
• $124.38 — gistrant's common stock on such date of $124.38 per share. The number of shares of Reg
• $10 billion — he total timing market is approximately $10 billion in size. Since our founding, we have fo

Filing Documents

• sitm-20241231.htm (10-K) — 1727KB
• exhibit1031-sitimexamended.htm (EX-10.31+) — 303KB
• exhibit191-insidertradinga.htm (EX-19.1) — 63KB
• ex211listofsubsidiaries2024.htm (EX-21.1) — 7KB
• ex231consentfromdt2024.htm (EX-23.1) — 2KB
• ex232consentfrombdo2024.htm (EX-23.2) — 2KB
• ex311123124.htm (EX-31.1) — 10KB
• ex312123124.htm (EX-31.2) — 10KB
• ex321123124.htm (EX-32.1) — 5KB
• ex322123124.htm (EX-32.2) — 5KB
• sitm-20241231_g1.jpg (GRAPHIC) — 111KB
• 0001451809-25-000034.txt ( ) — 9313KB
• sitm-20241231.xsd (EX-101.SCH) — 59KB
• sitm-20241231_cal.xml (EX-101.CAL) — 100KB
• sitm-20241231_def.xml (EX-101.DEF) — 217KB
• sitm-20241231_lab.xml (EX-101.LAB) — 695KB
• sitm-20241231_pre.xml (EX-101.PRE) — 505KB
• sitm-20241231_htm.xml (XML) — 1226KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 39 Item 1C Cybersecurity 39 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 41 Item 4. Mine Safety Disclosures 41 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6. [Reserved] 44 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 86 Item 9B. Other Information 88 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 PART III Item 10. Directors, Executive Officers and Corporate Governance 89 Item 11.

Executive Compensation

Executive Compensation 89 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89 Item 13. Certain Relationships and Related Transactions, and Director Independence 90 Item 14. Principal Accounting Fees and Services 90 PART IV Item 15. Exhibits and Financial Statement Schedules 91 Item 16. Form 10-K Summary 95 i Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS The information in this Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. We may, in some cases, use words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "objective," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements in this report include, but are not limited to, statements about: our plans to focus on oscillators, clock ICs, resonators and timing synchronization solutions and to aggressively expand our presence in these markets; our expectations regarding our ability to address market and customer demands and to timely develop new or enhanced solutions to meet those demands; anticipated trends, challenges and growth in our business and the markets in which we operate, including pricing expectations; our expectations regarding our revenue, average selling prices, gross margin, and expenses; our expectations regarding the effects of macroeconomic events in 2025; our expectations regarding dependence on a limited number of custom

Business

Item 1. Business Overview The ability to accurately measure and reference time has been essential to humankind's greatest inventions and technological advances. Timing technology has continued to evolve over centuries, underpinning broader technological evolution and is the heartbeat of digital electronic systems. Here, timing ensures that the system runs smoothly and reliably by providing and distributing clock signals to various critical components such as central processing units, communication and interface ICs, and radio frequency components. As electronics evolve to deliver higher performance, connectivity, and intelligence, even in increasingly challenging environments, while also being more complex and size-constrained, we believe they will require more sophisticated semiconductor-based timing solutions that cannot be developed in legacy quartz crystal-based technologies. Precision timing, a category that SiTime created ("Precision Timing") fills this need with the performance, power, size, and cost that is required by these applications. We are a leading provider of Precision Timing solutions to the global electronics industry. Our Precision Timing solutions are the heartbeat of our customers' electronic systems, providing the timing functionality that is needed for electronics to operate reliably and accurately. We provide Precision Timing solutions that are differentiated by high performance, high resilience, and high reliability, along with programmability, small size, and low power consumption. Our products have been designed into over 300 applications across our target markets, including communications, datacenter and enterprise, automotive, industrial, aerospace, mobile, internet of things ("IoT"), and consumer. Our current solutions include various types of oscillators, as well as clock integrated circuits ("ICs") and resonators. Our all-silicon solutions are based on four fundamental areas of technical expertise: micro-electro-mechanical systems

View Full Filing

View this 10-K filing on SEC EDGAR