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Silicom Reports Q3 2024 Results

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KFAR SAVA, Israel, Oct. 31, 2024 /PRNewswire/ — Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure solutions, today reported its financial results for the third quarter ended September 30, 2024.  

Financial Results

Third quarter: Silicom’s revenues for the third quarter of 2024 were $14.8 million compared with $30.1 million for the third quarter of 2023.

On a GAAP basis, the company’s net loss for the quarter totalled $2.6 million, or $0.44 per ordinary share (basic and diluted), compared with net income of $1.2 million, or $0.18 per ordinary share (basic and diluted), for the third quarter of 2023.

On a non-GAAP basis (as described and reconciled below), net loss for the quarter totalled $1.7 million, or $0.28 per ordinary share (basic and diluted), compared with net income of $2.1 million, or $0.30 per ordinary share (basic and diluted), for the third quarter of 2023.

First Nine Months: Silicom’s revenues for the first nine months of 2024 were $43.6 million compared with $105.4 million for the first three quarters of 2023.

On a GAAP basis, net loss for the period totalled $7.6 million, or $1.24 per ordinary share (basic and diluted), compared with net income of $8.6 million, or $1.26 per diluted share ($1.27 per basic share), for the first nine months of 2023.

On a non-GAAP basis (as described and reconciled below), net loss for the period totalled $4.9 million, or $0.80 per ordinary share (basic and diluted), compared with net income of $10.7 million, or $1.57 per diluted share ($1.58 per basic share), for the first nine months of 2023.

During the first nine months of 2024, the Company generated approximately $14 million in cash, and invested more than half of that, approximately $8.6 million, in repurchasing Silicom shares.

Guidance

Management projects that revenues for the fourth quarter of 2024 will range from $14 million to $15 million. Growth in 2025 is expected to be in the low single digits, with strong 20%-30% compound annual growth rate materializing gradually from 2026.

Comments of Management  

Liron Eizenman, Silicom’s President and CEO, commented, “During the third quarter, we continued to progress towards our mid- and long-term goals while dealing responsibly with our short-term challenges. While we continue to be negatively impacted by excess inventories built by specific customers in previous years – whether in reaction to supply chain disruptions only or in combination with slower-than-expected sales of their new products and services – we believe we will see improvement in the situation during 2025 and a resolution by the end of 2025.”

“In the meantime, we continue moving forward according to our strategic plan, with significant milestones affirming the potential of our core Server Adapter and Edge System products to drive significant revenue growth in 2026 and beyond. For example, a service provider customer has recently decided to standardize on our Edge products for all of its deployment scenarios, making Silicom its single hardware provider for its diverse offerings. Deployments will initiate in 2025, and we expect related sales to reach several million dollars per year already in 2026. In parallel, a network equipment OEM has selected one of our high-speed 400G FPGA smart NICs for its core network architecture, with first deliveries scheduled for the first quarter of 2025 and a multi-million-dollar ramp up beginning in 2026. As we continuously increase the number of these ‘slow and steady’ engagements, we will benefit from ongoing revenue growth and a reduced dependency on specific large accounts. Any faster-than-projected ramp up of pipeline deals could accelerate our progress significantly.” 

Mr. Eizenman continued, “Looking forward, we continue to focus on achieving an EPS above $3 as we return our revenues to $150$160 million per year. To this end, we have ‘right-sized’ our expenses, investing as needed to achieve our strategic targets while retaining tight control of our outlays. Based on our very strong balance sheet, we continue moving forward with our share buyback plan: in fact, during the first three quarters of 2024 we have already repurchased more than half a million shares.”

Mr. Eizenman concluded, “All in all, we are operating from an extremely solid financial platform, executing on an impressive pipeline and pursuing ambitious but achievable goals. Our team is dedicated, experienced, and fully focused on creating value – for our customers, for the market as a whole, and especially for our shareholders.”

Conference Call Details
Silicom’s Management will host an interactive conference today, October 31st, at 9am Eastern Time (6am Pacific Time, 3pm Israel Time) to review and discuss the results.

To participate, investors may either listen via a webcast link hosted on Silicom’s website or via the dial-in. The link is under the investor relations’ webcast section of Silicom’s website at https://www.silicom-usa.com/webcasts/ 

For those that wish to dial in via telephone, one of the following teleconferencing numbers may be used:

US: 1 866 860 9642
ISRAEL: 03 918 0609
INTERNATIONAL:  +972 3 918 0609
At: 9:00am Eastern Time, 6:00am Pacific Time, 3:00pm Israel Time

It is advised to connect to the conference call a few minutes before the start.

For those unable to listen to the live call, a replay of the call will be available for three months from the day after the call under the above-mentioned webcast section of Silicom’s website.

Non-GAAP Financial Measures

This release, including the financial tables below, presents other financial information that may be considered “non-GAAP financial measures” under Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our company. These non-GAAP financial measures exclude compensation expenses in respect of options and RSUs granted to directors, officers and employees, impairment of goodwill, taxes on amortization and impairment of acquired intangible assets, impairment of intangible assets and related write-offs, as well as lease liabilities – financial expenses (income). Non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the non-GAAP financial measures as well as reconciliation between the non-GAAP financial measures and the most comparable GAAP financial measures. The non-GAAP financial information presented herein should not be considered in isolation from or as a substitute for operating income (loss), net income (loss) or per share data prepared in accordance with GAAP.

About Silicom

Silicom Ltd. is an industry-leading provider of high-performance networking and data infrastructure solutions. Designed primarily to improve performance and efficiency in Cloud and Data Center environments, Silicom’s solutions increase throughput, decrease latency and boost the performance of servers and networking appliances, the infrastructure backbone that enables advanced Cloud architectures and leading technologies like NFV, SD-WAN and Cyber Security. Our innovative solutions for high-density networking, high-speed fabric switching, offloading and acceleration, which utilize a range of cutting-edge silicon technologies as well as FPGA-based solutions, are ideal for scaling-up and scaling-out cloud infrastructures.

Silicom products are used by major Cloud players, service providers, telcos and OEMs as components of their infrastructure offerings, including both add-on adapters in the Data Center and stand-alone virtualized/universal CPE devices at the edge.

Silicom’s long-term, trusted relationships with more than 200 customers throughout the world, its more than 400 active Design Wins and more than 300 product SKUs have made Silicom a “go-to” connectivity/performance partner of choice for technology leaders around the globe.

For more information, please visit: www.silicom.co.il

Statements in this press Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties, or other factors not under the company’s control, which may cause actual results, performance, or achievements of the company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, Silicom’s increasing dependence for substantial revenue growth on a limited number of customers, the speed and extent to which Silicom’s solutions are adopted by the relevant markets, difficulty in commercializing and marketing of Silicom’s products and services, maintaining and protecting brand recognition, protection of intellectual property, competition, disruptions to its manufacturing, sales & marketing, development and customer support activities, the impact of the wars in Gaza and in the Ukraine, attacks on shipping by Huthis in the Red Sea, rising inflation, rising interest rates and volatile exchange rates, as well as any continuing or new effects resulting from the COVID-19 pandemic, and  the global economic uncertainty, which may impact customer demand by encouraging them to exercise greater caution and selectivity with their short-term IT investment plans. The factors noted above are not exhaustive.

Further information about the company’s businesses, including information about factors that could materially affect Silicom’s results of operations and financial condition, are discussed in our Annual Report on Form 20-F and other documents filed by the Company and that may be subsequently filed by the company from time to time with the SEC. These forward-looking statements can generally be identified as such because the context of the statement will include words such as “expect,” “should,” “believe,” “anticipate” or words of similar import. Similarly, statements that describe future plans, objectives or goals are also forward-looking statements. In light of significant risks and uncertainties inherent in forward-looking statements, the inclusion of such statements should not be regarded as a representation by the company that it will achieve such forward-looking statements. The company disclaims any duty to update such statements, whether as a result of new information, future events, or otherwise. 

Company Contact:

Eran Gilad, CFO

Silicom Ltd.        

Tel: +972-9-764-4555      

E-mail: erang@silicom.co.il

Investor Relations Contact:

Ehud Helft

EK Global Investor Relations

Tel: +1 212 378 8040

E-mail: silicom@ekgir.com 

 

— FINANCIAL TABLES FOLLOW –

 

Silicom Ltd. Consolidated Balance Sheets

(US$ thousands)

September 30,

December 31,

2024

2023

Assets

Current assets

Cash and cash equivalents

$

59,489

$

46,972

Marketable securities

9,818

7,957

Accounts receivables: Trade, net

13,264

25,004

Accounts receivables: Other

7,033

3,688

Inventories

43,498

51,507

Total current assets

133,102

135,128

Marketable securities

7,799

16,619

Assets held for employees’ severance benefits                                     

1,481

1,357

Deferred tax assets

2,747

2,359

Property, plant and equipment, net

2,914

3,552

Intangible assets, net

2,316

2,253

Right of Use

7,280

6,466

Total assets

$

157,639

$

167,734

Liabilities and shareholders’ equity

Current liabilities

Trade accounts payable

$

7,490

$

4,139

Other accounts payable and accrued expenses

6,443

6,668

Lease Liabilities

1,633

2,070

Total current liabilities

15,566

12,877

Lease Liabilities

5,034

3,877

Liability for employees’ severance benefits

2,596

2,672

Deferred tax liabilities

92

46

Total liabilities

23,288

19,472

Shareholders’ equity

Ordinary shares and additional paid-in capital

73,000

70,693

Treasury shares

(52,271)

(43,631)

Retained earnings

113,622

121,200

Total shareholders’ equity

134,351

148,262

Total liabilities and shareholders’ equity

$

157,639

$

167,734

Silicom Ltd. Consolidated Statements of Operations

(US$ thousands, except for share and per share data)

Three-month period

Nine-month period

ended September 30,

ended September 30,

2024

2023

2024

2023

Sales

$

14,756

$

30,057

$

43,623

$

105,368

Cost of sales

10,593

20,821

31,158

72,185

Gross profit

4,163

9,236

12,465

33,183

Research and development expenses

4,958

5,231

14,827

15,622

Selling and marketing expenses

1,366

1,946

4,360

5,343

General and administrative expenses

952

1,099

2,978

3,205

Total operating expenses

7,276

8,276

22,165

24,170

Operating income (loss)

(3,113)

960

(9,700)

9,013

Financial income (expenses), net

515

434

1,601

1,201

Income (loss) before income taxes

(2,598)

1,394

(8,099)

10,214

Income taxes

32

183

(521)

1,660

Net income (loss)

$

(2,630)

$

1,211

$

(7,578)

$

8,554

Basic income (loss) per ordinary share (US$)

$

(0.44)

$

0.18

$

(1.24)

$

1.27

Weighted average number of ordinary shares used to
compute basic income (loss) per share (in thousands)

5,919

6,744

6,090

6,754

Diluted income (loss) per ordinary share (US$)

$

(0.44)

$

0.18

$

(1.24)

$

1.26

Weighted average number of ordinary shares used to
compute diluted income (loss) per share (in thousands)

5,919

6,753

6,090

6,809

 

Silicom Ltd. Reconciliation of Non-GAAP Financial Results

(US$ thousands, except for share and per share data)

Three-month period

Nine-month period

ended September 30,

ended September 30,

2024

2023

2024

2023

GAAP gross profit

$

4,163

$

9,236

$

12,465

$

33,183

(1) Share-based compensation (*)

82

105

193

323

Non-GAAP gross profit

$

4,245

$

9,341

$

12,658

$

33,506

GAAP operating income (loss)

$

(3,113)

$

960

$

(9,700)

$

9,013

Gross profit adjustments

82

105

193

323

(1) Share-based compensation (*)

777

834

2,113

2,091

Non-GAAP operating income (loss)

$

(2,254)

$

1,899

$

(7,394)

$

11,427

GAAP net income (loss)

$

(2,630)

$

1,211

$

(7,578)

$

8,554

Operating income (loss) adjustments

859

939

2,306

2,414

(2) Lease liabilities – Financial expenses (income)

98

(163)

(9)

(467)

(3) Taxes on amortization and impairment of acquired intangible assets

22

68

397

203

Non-GAAP net income (loss)

$

(1,651)

$

2,055

$

(4,884)

$

10,704

GAAP net income (loss)

$

(2,630)

$

1,211

$

(7,578)

$

8,554

Adjustments for Non-GAAP Cost of sales

82

105

193

323

Adjustments for Non-GAAP Research and development expenses

386

412

986

1,010

Adjustments for Non-GAAP Selling and marketing expenses

191

199

537

548

Adjustments for Non-GAAP General and administrative expenses

200

223

590

533

Adjustments for Non-GAAP Financial income (loss), net

98

(163)

(9)

(467)

Adjustments for Non-GAAP Income taxes

22

68

397

203

Non-GAAP net income (loss)

$

(1,651)

$

2,055

$

(4,884)

$

10,704

GAAP basic income (loss) per ordinary share (US$)

$

(0.44)

$

0.18

$

(1.24)

$

1.27

(1) Share-based compensation (*)

0.14

0.13

0.37

0.35

(2) Lease liabilities – Financial expenses (income)

0.02

(0.02)

(0.07)

(3) Taxes on amortization and impairment of acquired intangible assets

0.01

0.07

0.03

Non-GAAP basic income (loss) per ordinary share (US$)

$

(0.28)

$

0.30

$

(0.80)

$

1.58

GAAP diluted income (loss) per ordinary share (US$)

$

(0.44)

$

0.18

$

(1.24)

$

1.26

(1) Share-based compensation (*)

0.14

0.13

0.37

0.35

(2) Lease liabilities – Financial expenses (income)

0.02

(0.02)

(0.07)

(3) Taxes on amortization and impairment of acquired intangible assets

0.01

0.07

0.03

Non-GAAP diluted income (loss) per ordinary share (US$)

$

(0.28)

$

0.30

$

(0.80)

$

1.57

(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))

 

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Pearson plc (“Pearson” or the “Company”) Results of Annual General Meeting 2025

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LONDON, May 2, 2025 /PRNewswire/ — Pearson plc held its annual general meeting (“AGM”) at 10:30am today. All resolutions set out in the Company’s Notice of Annual General Meeting dated 27 March 2025 were proposed and approved on a poll.

The table below shows the results of the poll for each resolution. As at 6.30pm on 30 April 2025, the Company’s issued share capital was 661,685,614 ordinary shares of 25p each. The Company does not hold any ordinary shares in Treasury. Therefore, the total voting rights in the Company were 661,685,614. The proportion of the Company’s issued share capital represented by those votes cast is approximately 79.44%.

Resolution

For and Discretionary

% votes cast For and Discretionary

Against

% votes

cast Against

Total votes cast (excluding votes withheld)

% of issued capital voted

Withheld/

Abstentions*

1

To receive the 2024 report and accounts

525,108,863

99.99

73,280

0.01

525,182,143

79.37 %

712,057

2

To declare a final dividend

520,514,099

99.02

5,159,881

0.98

525,673,980

79.44 %

220,221

3

To re-elect Omar Abbosh

525,579,955

99.98

86,908

0.02

525,666,863

79.44 %

227,338

4

To re-elect Sherry Coutu

499,873,806

95.09

25,792,261

4.91

525,666,067

79.44 %

228,133

5

To re-elect Alison Dolan

520,095,364

99.42

3,057,934

0.58

523,153,298

79.06 %

2,740,903

6

To re-elect Alex Hardiman

525,571,009

99.98

91,301

0.02

525,662,310

79.44 %

231,891

7

To re-elect Sally Johnson

524,286,473

99.74

1,371,988

0.26

525,658,461

79.44 %

235,740

8

To re-elect Omid Kordestani

524,009,139

99.69

1,655,282

0.31

525,664,421

79.44 %

229,780

9

To re-elect Esther Lee

523,636,938

99.62

2,008,625

0.38

525,645,563

79.44 %

248,638

10

To re-elect Graeme Pitkethly

524,331,575

99.75

1,329,033

0.25

525,660,608

79.44 %

233,593

11

To re-elect Annette Thomas

524,489,800

99.78

1,176,507

0.22

525,666,307

79.44 %

227,894

12

To re-elect Lincoln Wallen

515,466,071

98.06

10,195,310

1.94

525,661,381

79.44 %

232,728

13

To approve the annual remuneration report

485,861,331

92.43

39,779,388

7.57

525,640,719

79.44 %

253,482

14

To re-appoint the auditors

525,573,211

99.98

95,026

0.02

525,668,237

79.44 %

225,964

15

To determine the remuneration of the auditors

525,582,453

99.99

74,198

0.01

525,656,651

79.44 %

237,459

16

To authorise the company to allot ordinary shares

497,356,326

94.62

28,262,253

5.38

525,618,579

79.44 %

269,101

17

To waive the pre-emption rights

519,036,238

99.29

3,725,142

0.71

522,761,380

79.00 %

3,126,301

18

To waive the pre-emption rights – additional percentage

517,718,420

99.04

5,021,944

0.96

522,740,364

79.00 %

3,147,317

19

To authorise the company to purchase its own shares

518,733,869

98.69

6,865,162

1.31

525,599,031

79.43 %

288,650

20

To approve the holding of general meetings on 14 clear days’ notice

504,125,370

95.91

21,480,882

4.09

525,606,252

79.43 %

287,949

* Votes withheld are not legal votes.

In accordance with the Listing Rules, copies of the resolutions that do not constitute ordinary business at an annual general meeting will shortly be available for inspection at the National Storage Mechanism which is located at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

Media Contacts: 
Laura Ewart – UK
Laura.ewart@pearson.com

Dan Nelson – US
Dan.nelson@pearson.com

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SOURCE Pearson

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APRA Selects Klear.ai for Risk Pool Claims Modernization Initiative

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LOS ANGELES, May 2, 2025 /PRNewswire/ — Klear.ai, the leader in intelligence–powered claims and risk solutions, is supporting the Alaska Public Risk Alliance (APRA) as it embarks on a bold initiative to modernize and unify claims operations across its soon-to-be consolidated public risk pools—formerly AMLJIA and APEI.

With claims operations currently divided between two legacy systems—Claim Pilot and PCIS—APRA is undertaking a significant restructuring to streamline technology and workflows. Each system has operated independently, with different processes and data structures, creating a critical need for a modern, centralized solution. Klear.ai’s cloud–native platform is purpose–built to simplify complexity through intelligent automation and seamless data consolidation.

“Our team specializes in high–stakes implementations involving multi–employer environments, data migrations, and configurable workflows,” said Pete Govek, Chief Revenue Officer, Klear.ai. “This initiative presents an opportunity to help APRA enhance efficiency, strengthen transparency, and reduce administrative friction through cutting–edge technology.”

It brings Klear.ai Intelligence to the forefront of claims operations—delivering real–time analytics and risk insights.

Automated workflows across key lines—including Workers’ Compensation, Property, Auto, and General Liability—are uniquely designed to promote operational efficiency and drive compliance.

The platform’s intuitive interface elevates decision–making by consolidating data, generating actionable insights, and scaling to meet the evolving needs of public risk pools.

Lynn McNamara, Interim Executive Director, APRA, is currently leading the system evaluation and transition planning effort, while Brennan Hickok, Deputy Director, is driving the implementation process for APRA.

Klear.ai is proud to support APRA’s vision to reimagine its claims infrastructure and equip its team with a future–ready platform that aligns with the evolving needs of public risk pools. By delivering advanced technology solutions today—and building for tomorrow—Klear.ai is committed to empowering APRA and its members for long–term success.

Media Contact

Shiv Bansal
Marketing Manager, Klear.ai
Email: 394562@email4pr.com
Mobile: (619) 343–6260
LinkedIn: https://linkedin.com/in/shivanshubansal

Klear.ai
5252 Orange Ave., Suite 208
Cypress, CA 90630
www.klearai.com

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Ford Foundation Awards Telescope Grant to Accelerate Innovative Solution for Workers Affected by AI and Emerging Technologies

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New funding strengthens Telescope’s Tech Offset Program (TTOP), expanding efforts to support those navigating job transitions driven by technological change.

WASHINGTON, May 2, 2025 /PRNewswire/ — The Ford Foundation has awarded a grant to Telescope to accelerate its innovative Tech Offset Program (TTOP). TTOP is a new tool designed to help workers transition successfully through job disruptions caused by AI and other emerging technologies, by enabling businesses, governments, and other stakeholders to pool resources, price risk, and directly support affected workers.

As AI reshapes the economy, Telescope is focused on building practical, scalable solutions to address workforce displacement and ensure technological progress serves the public good. Recent survey research from Gallup and Telescope reveals that people across all ages, genders, incomes, geographies, and political views are deeply concerned about AI’s impact on jobs, privacy, and security — and want institutions to take action. TTOP focuses initially on the impact of AI on jobs. The partnership with the Ford Foundation comes at a pivotal moment for workers and communities across the country.

When jobs are displaced, workers need fast, flexible support. TTOP imagines a new marketplace, to move real resources thoughtfully and quickly—stimulating a market and drawing competitively upon the best providers for financial assistance, trusted networks, career guidance, retraining, education, and mobility support.

“We can’t afford to wait to prepare ourselves for AI’s impacts on workers in the future, the AI revolution is here. We need to work across business, government, and labor to support workers and their families while advancing technology for the public good,” said Darren Walker, President of the Ford Foundation. “Telescope’s Tech Offset Program imagines an innovative approach to help workers, and we’re proud to help accelerate their work.”

The Ford Foundation’s investment in TTOP is part of its broader commitment to shaping a more inclusive technology future—one that centers people, not just profits.

“We are deeply honored to receive this support from the Ford Foundation, one of the world’s leading institutions advancing justice and human progress,” said Eric Braverman, Chair and CEO of Telescope. “This grant will help us accelerate the development of programs like TTOP that advance the benefits of technological change while also reducing the harm and risk for workers. Partnerships like this are essential to meeting the moment and unlocking the full potential of emerging innovation.”

About Telescope
Telescope builds and backs products that ensure emerging technology makes us all more secure and prosperous. We work with government and business to address complex challenges that arise from innovation, such as AI-driven job displacement. We are creating practical solutions to reduce harm and risk – such as a tradable “offset” product to help communities affected by technology – and developing networks of people to ensure technology serves everyone. More information can be found at www.Telescopegp.com

About Ford Foundation
The Ford Foundation is an independent organization working to address inequality and build a future grounded in justice. For more than 85 years, it has supported visionaries on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. Today, with an endowment of $16 billion, the foundation has headquarters in New York and 10 regional offices across Africa, Asia, Latin America, and the Middle East.

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