Page 1

Si Time SiTime Reports First Quarter 2021 Financial Results -- SANTA CLARA , Calif . , May 04 , 2021 ( GLOBE NEWSWIRE ) SiTime Corporation , ( Nasdaq : SITM ) , a market leader in MEMS timing , today announced financial results for the first quarter ended March 31 , 2021 . Net revenue in the first quarter of 2021 was $ 35.5 million , a 63.5 % increase from the $ 21.7 million in the first quarter of 2020 and a 11.7 % decrease from the $ 40.3 million in the fourth quarter of 2020 . Generally Accepted Accounting Principles ( GAAP ) Results In the first quarter of 2021 gross margins were $ 18.8 million , or 52.9 % of revenue , operating expenses were $ 22.3 million , or 62.8 % of revenue , GAAP loss from operations was $ 3.5 million , or 9.8 % of revenue and net loss was $ 3.6 million , or $ 0.20 per diluted share . Total cash and cash equivalents were $ 257.0 million on March 31 , 2021 . Non - GAAP Results This press release and its attachments include certain non - GAAP supplemental performance measures . The presentation of this financial information not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP . SiTime believes that the presentation of non - GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to SiTime's financial condition and results of operations . SiTime believes that these non - GAAP financial measures provide additional insight into SiTime's ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods . These measures should only be used to evaluate SiTime's results of operations in conjunction with the corresponding GAAP measures . The non - GAAP results exclude the effect of stock - based compensation and related payroll taxes . The reconciliation between GAAP and non - GAAP financial results is provided in the financial statements portion of this release . In the first quarter of 2021 , non - GAAP gross margins were $ 19.2 million , or 54.1 % of revenue , non - GAAP operating expenses were $ 15.3 million , or 43.1 % of revenue , non - GAAP income from operations was $ 3.9 million , or 11.0 % of revenue and non - GAAP net income was $ 3.8 million , or $ 0.19 per diluted share . Conference Call SiTime will broadcast its first quarter of 2021 financial results conference call today , May 4 , 2021 , at 2:00 p.m. Pacific Time ( 5:00 p.m. Eastern Time ) , which can be accessed by calling + 1-844-467-7657 and using conference ID 5161786. The conference call will also be available via a live webcast on the investor relations section of the SiTime website at investor.sitime.com . Please access the website at least a few minutes prior to the start of the call to download and install any necessary audio software . An archived webcast replay of the call will be available on the website for a limited period of time . About SiTime SiTime Corporation is a market leader in silicon MEMS timing . Our programmable solutions offer a rich