Earnings Call Intelligence Subscribe
Home › Call Sheets › SITM › Q3'25
Call sheet · Q3'25

SiTime (SITM)

Q3'25 earnings call · held November 6, 2025 · compared with the Q2'25 call · management-credibility review
7/12
Disclosure score
1 high, 4 medium, 2 low flags
Financial quality
Bottom line
The sleeper story is the massive DSO improvement from 35 to 24 days combined with 'shorter lead time' orders, classic signs of quarter-end push or channel stuffing that will reverse. Yes, CED grew 115% YoY, but the deceleration from 137% last quarter while mix actually declined from 52% to 51% suggests the AI boom is moderating faster than expected. The binding constraint is their ability to convert their $300M clock funnel and 'hundreds of millions' in AI design wins to actual revenue; without conversion rates or timelines, it's all narrative. Management's comment that 'CED orders are coming in with shorter lead times' is telling: they're filling spot demand, not building sustainable backlog. My view changes if Q4 DSO stays below 30 days AND they maintain 60%+ gross margins, proving this is real demand not pull-forward.

The 30-second version

  • Resonator entry opens $400M incremental TAM but won't see revenue until late 2026
  • CED revenue up 115% YoY masks shortened lead times and pull-forward dynamics
  • DSO improved to 24 days from 35 days: either collection timing got lucky or channel stuffing reversed

What changed this quarter

MetricQ2'25Q3'25Change
Revenue$69.5M (+58% YoY)$83.6M (+45% YoY)YoY growth decelerated 1300 bps
EPS$0.47 (+292% YoY)$0.87 (+85% YoY)Growth rate collapsed from triple to double digits
Gross Margin58.2%58.8%+60 bps sequential
Operating Income$7.2M$15.4M+114% sequential surge
Net Income$11.6M$23.4MDoubled sequentially to 28% of revenue
CED Revenue$36.0M (+137% YoY)$42.1M (+115% YoY)YoY growth decelerated 2200 bps
CED Mix %52% of revenue51% of revenueMix shift reversed despite 'surge'
Auto/Industrial/Defense$16.5M (+11% YoY)$20.2M (+14% YoY)+300 bps YoY acceleration
Mobile/IoT/Consumer$17.0M (+23% YoY)$21.3M (+4% YoY)Growth collapsed 1900 bps YoY
Operating Cash Flow$15.3M$31.4MMore than doubled sequentially

Accountability tracked

7 new promises made5 narrative shifts flagged6 prior promises scored
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.
Subscribe to Earnings Call Intelligence
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
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.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.