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Call sheet · Q2'26

SiTime (SITM)

Q2'26 earnings call · held August 5, 2026 · compared with the Q1'26 call · management-credibility review
7/12
Disclosure score
2 medium, 1 low flags
Financial quality
Bottom line
The market will cheer the 127% revenue surge, but the real story is the **inventory bulge and rising DSO** that signal a near‑term supply bottleneck (C003‑C002). Management’s confidence in margin expansion is eroding - guidance widened after a firm 65% target last quarter (P002). The binding constraint is the **ability to ship higher‑ASP Super TCXOs amid supply‑chain constraints** (C010). My view flips if inventory continues to outpace sales or DSO stays above 50 days.

The 30-second version

  • Sleeper story: inventory bulge and rising DSO signal a near‑term supply bottleneck
  • Headline growth is real but constrained by supply‑chain execution
  • Red flag: DSO disclosed for the first time and widened

What changed this quarter

MetricQ1'26Q2'26Change
Revenue$113.6 M, +88% YoY$157.4 M, +127% YoY+38% YoY acceleration
Gross Margin64.5% (Q1)67.1%, +8.9 pts YoY+2.6 pts QoQ
Operating Income$31.8 M (Q1)$53.5 M, 34% of revenue+68% YoY
Operating Cash Flow$31.2 M (Q1)$40 M, >2× YoY+28 M YoY
Free Cash FlowN/A (Q1)$27.1 MPositive generation
CED RevenueN/A (Q1)$101.2 M, +181% YoY+33% QoQ
Mobile/IoT/Consumer Revenue$16.7 M, -1% YoY$31.4 M, +85% YoY+88% YoY
Inventory$91.1 M (Q1)$103.9 M, +14% QoQBuild to support Q3 demand
Days Sales Outstanding (DSO)44 days (Q1)51 days, up 7 days QoQCash conversion weakening

Accountability tracked

1 narrative shift flagged
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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