SiTime Completes Renesas Timing Deal After Profit Flip

The Tip Desk · August 5, 2026 · 2 min read

Second-quarter net revenue reached $157.4 million, up 127% from a year earlier, as GAAP results swung to an $8.2 million operating profit.

SiTime Corporation (SITM), the Precision Timing company, reported second-quarter net revenue of $157.4 million, a 127% increase from $69.5 million a year earlier, accelerating from 88.3% year-over-year growth in the first quarter.

The sequential step-up was 38.6% from $113.6 million in the first quarter. Chairman and CEO Rajesh Vashist said every segment grew by at least 50%, with Communications, Enterprise and Datacenter up 181%.

GAAP results flipped to profit. Income from operations was $8.2 million and net income was $18.2 million, or $0.66 a share, after a $12.3 million operating loss and a $5.2 million net loss, or $0.20 a share, in the first quarter. GAAP gross margin expanded to 63.0% from 59.0%.

Non-GAAP gross profit was $105.6 million, or 67.1% of revenue, up from 64.5% in the first quarter. Non-GAAP income from operations was $53.5 million, or 34.0% of revenue, compared with $31.8 million, or 28.0% of revenue, in the prior quarter. Non-GAAP net income was $65.6 million, or $2.34 a share.

GAAP selling, general and administrative expenses were $46.3 million, and research and development was $36.1 million. Acquisition-related costs were $8.5 million. Interest income was $12.5 million; interest expense of $2.2 million appeared after none in the first quarter.

On July 1, after quarter-end, SiTime completed the acquisition of Renesas’ Timing Business, adding more than 550 clocking products, Vashist said. The company said it used net proceeds from a convertible senior notes offering to fund the purchase of certain assets from Renesas Electronics Corporation.

Cash, cash equivalents and short-term investments were $1,921 million on June 30, 2026. Convertible senior notes, net, of $1,317.6 million appeared on the June 30 balance sheet after none at December 31, 2025. Accounts receivable, net, were $88.7 million and inventories were $103.9 million.

On August 3, SiTime granted 109,689 inducement restricted stock units to 168 newly hired individuals, including 126 hired in connection with the Renesas asset acquisition.

Vashist said only SiTime offers the full breadth of Precision Timing solutions and that the capability is accelerating industry leadership across every end market the company serves. The company said it would discuss its business outlook on a scheduled conference call.