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Si Time SiTime Reports Third Quarter 2021 Financial Results SANTA CLARA , Calif . , Nov. 03 , 2021 ( GLOBE NEWSWIRE ) -- SiTime Corporation , ( Nasdaq : SITM ) , a market leader in MEMS timing , today announced financial results for the third quarter ended September 30 , 2021 . Net revenue in the third quarter of 2021 was $ 63.0 million , a 92.9 % increase from the $ 32.7 million in the third quarter of 2020 and a 41.7 % increase from the $ 44.5 million in the second quarter of 2021 . Generally Accepted Accounting Principles ( GAAP ) Results In the third quarter of 2021 gross margins were $ 41.7 million , or 66.2 % of revenue , operating expenses were $ 27.6 million , or 43.8 % of revenue , GAAP income from operations was $ 14.1 million , or 22.3 % of revenue and net income was $ 14.0 million , or $ 0.66 per diluted share . Total cash and cash equivalents were $ 267.0 million on September 30 , 2021 . Non - GAAP Results This press release and its attachments include certain non - GAAP supplemental performance measures . The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP . In the third quarter of 2021 , non - GAAP gross margins were $ 42.1 million , or 66.9 % of revenue , non - GAAP operating expenses were $ 20.1 million , or 31.8 % of revenue , non - GAAP income from operations was $ 22.0 million , or 34.9 % of revenue and non - GAAP net income was $ 21.9 million , or $ 1.03 per diluted share . The reconciliation between GAAP and non - GAAP financial results is provided in the financial statements portion of this release . 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 . Conference Call SiTime will broadcast its third quarter of 2021 financial results conference call today , November 3 , 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 5369187. 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