On February 25, SILICON TIMING SUPPLIER SITIME released its 2021 financial report.
According to the report, revenue for 2021 was $218 million, up 88% year-over-year, net profit was $32.27 million, gross margin for the full year was 63.7%, and R&D expenses to revenue ratio was 23.8%.
SITIME said revenue growth in fiscal 2021 was primarily due to a 34% year-over-year increase in shipments and a 40% increase in the average selling price ("ASP") of our products. The increase in sales volume was due to higher demand for our products from new and existing customers, including new designs won by our existing customers. The average selling price increase is related to changes in the product mix we ship and increased selling prices for certain products.
Revenue was 30.3% in Taiwan, 37.7% in Hong Kong, and 6.5% in the United States.
SiTIME Corp is a leading supplier of silicon timing system solutions. The company's timing solutions are the heartbeat of the customer's electronic systems, solving complex timing problems and enabling industry-leading products. The company offers solutions that feature high performance and reliability, programmability, small size, and low power consumption. IT products have been designed into more than 200 applications covering their target markets, including enterprise and telecommunications infrastructure, automotive, industrial, IoT and mobile, aerospace and defense. As of September 30, 2019, the company has shipped more than 1.5 billion units to more than 10,000 end customers. In the six months ended June 30, 2019, Apple, Fitbit, Garmin, Hikvision, Samsung, Google, Microsoft, Dell and Huamei all outpaced end customers.
(Proofreading/Humphrey)