SiTime Corporation

Good afternoon and welcome to SciTime's third quarter 2025 financial results conference call. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. As a reminder, this conference is being recorded today, November 5th, 2025. I would now like to turn the call over to Brett Perry of Shelton Group Investor Relations. Brett, please go ahead.

Thank you, Ari. Good afternoon and welcome to CITIME's third quarter 2025 financial results conference call. Joining us on today's call from CITIME are Rajesh Vasisht, Chief Executive Officer, and Beth Howe, Chief Financial Officer. Before we begin, I'd like to point out that during the course of this call, the company may make forward-looking statements regarding expected future results, including financial positions, strategy and plans, future operations, the timing market, and other areas of discussion. It's not possible for the company's management to predict all risks, nor can the company assess the impact of all factors on its business or the extent to which any factors or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed during this call may not occur and actual results could differ materially and adversely from those anticipated or implied. Neither the company nor any person assumes responsibility for the accuracy and completeness of the forward-looking statements. The company undertakes no obligation to publicly update forward-looking statements for any reason after the date of today's conference call to conform statements to actual results or to changes in the company's expectations. For more detailed information on risks associated with the business, we refer you to the risk factors described in the 10-K filed on February 14, 2025, as well as the company's subsequent filings with the Securities and Exchange Commission. During the call, management will refer to non-GAAP financial measures, which are considered to be an important measure of company performance. These non-GAAP financial measures are provided in addition to and not as a substitute for nor superior to measures of financial performance prepared in accordance with U.S. GAAP. This GAAP to non-GAAP reconciliation includes stock-based compensation expense, amortization of acquired intangibles, and acquisition-related expenses, which include transaction and certain other costs, cash costs associated with business acquisition, as well as changes in the estimated fair value of contingent consideration, and earn out liabilities. We refer you to the company's press release issued earlier today for a detailed reconciliation between GAAP and non-GAAP financial results. With that, it's now my pleasure to turn the call over to Sitem's CEO. Rajesh, please go ahead.

Thank you, Brett. Good afternoon, everyone. It's a pleasure to connect with you all again. We value the trust of our longstanding shareholders and extend a warm welcome to those joining the Sitem journey. As AI becomes more prevalent, it drives the need for better timing and synchronization, which in turn propels faster growth for precision timing. Our key applications are centered around AI, including networking and computing hardware in clusters, XPUs, GPUs, CPUs, et cetera, for inference, personal AI computers, and AI-based next-generation communications equipment. Here, as well as in all our other end markets, Saitan provides differentiation with resilient performance and reliability. Q3 2025 was a milestone quarter in Saitan's history with revenue of $83.6 million up 45% year-over-year, an increase in gross margins to 58.8%, and EPS more than doubling to $0.87. Exceptionally strong bookings reinforce our outlook for continued growth momentum. Our growth is playing out geographically as well. In Q3, we saw double digit percentage growth in every region. We continue with design win momentum across all our end customer segments, highlighting the broad demand for our products. In Q3, demand from CED Communications, enterprise, and data center customers surged, with segment revenue up 115% year-over-year. This marks the sixth consecutive quarter of triple-digit growth in CED and represents 51% of our revenue in Q3. We expect our growth to continue at a fast pace, driven by three trends. we will generate more revenue with our oscillators and clock generators in existing design as their shipments increase. Examples include Elite and Elite RF oscillators, which enable better synchronization for lower latency and higher GPU efficiency. Second, we continue to win new designs which will generate new revenue. For example, Optical module bandwidth is doubling to the 1.6 terabit level, and these new modules are beginning to ramp now. Demand for the 1.6 terabit modules has recently doubled, indicating a sharp transition to 1.6 terabit technology in first half 2026. Additionally, side-time oscillator ASPs in this application are higher because of the higher frequency and performance requirements. The third reason is that CED orders are coming in with shorter lead times. With a supply chain preparedness and product architecture, Citan has better availability and is doing a great job in fulfilling this demand. Our funnel is growing rapidly as well, particularly in clocks, where it has quadrupled to 300 million in the past year. All of these trends are giving us higher confidence for 2026. Moving to aerospace defense precise timing is critical. For example, our Endura oscillators enable synchronized movements and robust communications. With GPS becoming increasingly compromised, localized timing with our highest performance oscillators provides essential hold over capability for continued operations. In automotive, our recently launched Forrest Lock Generator is ramping at top ADAS car companies and is integrating into leading L4 and Robotaxi designs. Our product roadmap features scale-safe technology, which advances safety-first design with high stability timing and predictable failover for L4 autonomy. and finally in mobile iot consumer we expect strong growth from our symphonic clock generator in mobile applications in the coming year we're very excited to introduce the titan platform a breakthrough that marks site and entry into the 4 billion standalone resonator market titan opens an incremental 400 million FAM, or serviceable market, today, which we expect to grow to 1 billion by 2028. This platform is the result of more than two decades of innovation, hundreds of millions of dollars in investment, and six generations of men's technology. Over that time, we've improved resonator performance by 100x, And we see another 10 to 20 times improvement within reach as we continue to innovate. Titan fundamentally transforms the resonator market. First, it eliminates the need for standalone board-level resonators, which is a persistent challenge for customers, by enabling semiconductor-level packaging and integration. Second, it creates long-lived revenue streams for these semiconductor companies that integrate Titan and deliver more value to their customers. We believe Titan and our Resonate Roadmap put Citan years ahead of the industry. Our leadership will enable a new class of electronics that are smaller, lower power, and higher performance, setting the stage for the next wave of innovation. Across the business, Robust demand and a healthy funnel position, it positions us well for continued strong growth. We remain committed to further investing in R&D, deepening customer engagement, and strengthening operating leverage. SciTime is well positioned for enduring success. I look forward to the opportunities ahead and to sharing our continued progress. I'll now turn the call over to Beth to discuss our financial results in more detail. Beth?