Technology

Silicon Labs Reports Second Quarter 2024 Results

Published

2 years ago

July 24, 2024

Wireless IoT leader delivers strong second-quarter growth

AUSTIN, Texas, July 24, 2024 /PRNewswire/ — Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, reported financial results for the second quarter, which ended June 29, 2024.

“Silicon Labs delivered another quarter of strong sequential growth, driven by a combination of design wins ramping to production in several key growth areas, and end customers working down their excess inventory,” said Matt Johnson, President and Chief Executive Officer at Silicon Labs. “Looking forward, we expect revenue growth to continue in the third quarter as excess inventory is further reduced, design wins continue ramping, and bookings improve.”

Second Quarter Financial Highlights

Revenue was $145 millionIndustrial & Commercial revenue for the quarter was $88 millionHome & Life revenue for the quarter was $57 million

Results on a GAAP basis:

GAAP gross margin was 53%GAAP operating expenses were $125 millionGAAP operating loss was $48 millionGAAP diluted loss per share was $(2.56)

Results on a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the below GAAP to Non-GAAP reconciliation tables were as follows:

Non-GAAP gross margin was 53%Non-GAAP operating expenses were $102 millionNon-GAAP operating loss was $25 millionNon-GAAP diluted loss per share was $(0.56)

Business Highlights

Due to popular demand, Silicon Labs is expanding its fifth annual Works With Developers Conference this fall with live events in San Jose, Hyderabad, and Shanghai. Each event’s agenda is tailored to regional market needs and covers key IoT topics like Matter, Smart Cities, AI and Machine Learning, and Security.Announced Silicon Labs’ new xG22E family of wireless SoCs, its first-ever family designed to operate within the ultra-low power envelope required for battery-free, energy harvesting applications. The new family consists of the BG22E, MG22E, and FG22E. As Silicon Labs’ most energy-efficient SoCs to date, all three SoCs will enable IoT device makers to build high-performance, Bluetooth Low Energy (LE), 802.15.4-based, or proprietary 2.4GHz. wireless devices for battery-optimized and battery-free devices that can harvest energy from external sources in their environments like indoor or outdoor ambient light, ambient radio waves, and kinetic motion.

Business Outlook

The company expects third-quarter revenue to be between $160 to $170 million. The company also estimates the following results:

On a GAAP basis:

GAAP gross margin to be between 54% to 56%GAAP operating expenses of approximately $123 million to $125 millionGAAP diluted loss per share per share between $(0.95) to $(1.25)

On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the reconciliation tables:

Non-GAAP gross margin to be between 54% to 56%Non-GAAP operating expenses of approximately $101 million to $103 millionNon-GAAP diluted loss per share between $(0.10) to $(0.30)

Earnings Webcast and Conference Call

Silicon Labs will host an earnings conference call to discuss the quarterly results and answer questions at 7:30 am CDT today. An audio webcast will be available on Silicon Labs’ website (www.silabs.com) under Investor Relations. In addition, the company will post an audio recording of the event at investor.silabs.com and make a replay available through August 24, 2024.

About Silicon Labs

Silicon Labs (NASDAQ: SLAB) is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, thriving ecosystem, and robust support make us an ideal long-term partner in building advanced industrial, commercial, home and life applications. We make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with innovative solutions that transform industries, grow economies, and improve lives. silabs.com

Forward-Looking Statements

This press release contains forward-looking statements based on Silicon Labs’ current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: the competitive and cyclical nature of the semiconductor industry; the challenging macroeconomic environment, including disruptions in the financial services industry; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs’ business and results of operations to risks of natural disasters, epidemics or pandemics, war and political unrest; risks that demand and the supply chain may be adversely affected by military conflict (including in the Middle East, and between Russia and Ukraine), terrorism, sanctions or other geopolitical events globally (including in the Middle East, and conflict between Taiwan and China); risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with international activities (including trade barriers, particularly with respect to China); intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing and/or obtaining sufficient supply from Silicon Labs’ distributors, manufacturers and subcontractors; dependence on a limited number of products; absence of long-term commitments from customers; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; dependence on key personnel; stock price volatility; the impact of COVID-19 on the U.S. and global economy; debt-related risks; capital-raising risks; the timing and scope of share repurchases and/or dividends; average selling prices of products may decrease significantly and rapidly; information technology risks; cyber-attacks against Silicon Labs’ products and its networks; risks associated with any material weakness in our internal controls over financial reporting; and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. References in this press release to Silicon Labs shall mean Silicon Laboratories Inc.

Note to editors: Silicon Laboratories, Silicon Labs, the “S” symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.

Silicon Laboratories Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 29,
2024

July 1,
2023

June 29,
2024

July 1,
2023

Revenues

$ 145,367

$ 244,866

$ 251,742

$ 491,653

Cost of revenues

68,784

101,091

120,090

194,018

Gross profit

76,583

143,775

131,652

297,635

Operating expenses:

Research and development

85,909

85,902

166,559

175,298

Selling, general and administrative

38,695

40,706

72,248

85,597

Operating expenses

124,604

126,608

238,807

260,895

Operating income (loss)

(48,021)

17,167

(107,155)

36,740

Other income (expense):

Interest income and other, net

2,790

7,780

5,522

12,616

Interest expense

(263)

(1,596)

(772)

(3,252)

Income (loss) before income taxes

(45,494)

23,351

(102,405)

46,104

Provision for income taxes

36,663

12,338

36,278

20,091

Equity-method loss

—

(57)

—

(1,090)

Net income (loss)

$ (82,157)

$ 10,956

$ (138,683)

$ 24,923

Earnings (loss) per share:

Basic

$ (2.56)

$ 0.35

$ (4.33)

$ 0.78

Diluted

$ (2.56)

$ 0.33

$ (4.33)

$ 0.75

Weighted-average common shares outstanding:

Basic

32,124

31,614

32,018

31,786

Diluted

32,124

32,926

32,018

33,339

Non-GAAP Financial Measurements

In addition to the GAAP results provided throughout this document, Silicon Labs has provided non-GAAP financial measurements on a basis excluding non-cash and other charges and benefits. Details of these excluded items are presented in the tables below, which reconcile the GAAP results to non-GAAP financial measurements.

The non-GAAP financial measurements do not replace the presentation of Silicon Labs’ GAAP financial results. These measurements provide supplemental information to assist management and investors in analyzing Silicon Labs’ financial position and results of operations. Silicon Labs has chosen to provide this information to investors to enable them to perform meaningful comparisons of past, present and future operating results and as a means to emphasize the results of core on-going operations.

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share data)

Three Months Ended

June 29, 2024

Non-GAAP Income Statement Items

GAAP

Measure

GAAP

Percent of

Revenue

Stock

Compensation

Expense

Intangible
Asset

Amortization

Termination
Costs

Non-GAAP

Measure

Non-GAAP

Percent of

Revenue

Revenues

$ 145,367

Gross profit

76,583

52.7 %

$ 412

$ —

$ 76,995

53.0 %

Research and development

85,909

59.1 %

10,217

6,061

902

68,729

47.3 %

Selling, general and administrative

38,695

26.6 %

5,215

106

33,355

22.9 %

Operating expenses

124,604

85.7 %

15,432

6,080

1,008

102,084

70.2 %

Operating income (loss)

(48,021)

(33.0 %)

15,844

6,080

1,008

(25,089)

(17.3 %)

Three Months Ended

June 29, 2024

Non-GAAP Loss Per Share

GAAP

Measure

Stock

Compensation

Expense*

Intangible

Asset

Amortization*

Termination

Costs*

Income

Tax

Adjustments

Non-

GAAP

Measure

Net income (loss)

$ (82,157)

$ 15,844

$ 6,080

$ 1,008

$ 41,176

$ (18,049)

Diluted shares outstanding

32,124

Diluted loss per share

$ (2.56)

$ (0.56)

* Represents pre-tax amounts

Unaudited Forward-Looking Statements Regarding Business Outlook

(In millions, except per share data)

Three Months Ended
September 28, 2024

Business Outlook

GAAP

Measure

Non-GAAP

Adjustments**

Non-GAAP

Measure

Gross margin

54% to 56%

— %

54% to 56%

Operating expenses

$123 to $125

$(22)

$101 to $103

Diluted loss per share

$(0.95) to $(1.25)

$0.85 to $0.95

$(0.10) to $(0.30)

Non-GAAP adjustments include the following estimates: stock compensation expense of $16.8 million, intangible asset amortization of $5.4 million, and the application of a long-term non-GAAP tax rate of 20%.

Silicon Laboratories Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

June 29,
2024

December 30,
2023

Assets

Current assets:

Cash and cash equivalents

$ 240,834

$ 227,504

Short-term investments

98,336

211,720

Accounts receivable, net

41,212

29,295

Inventories

166,079

194,295

Prepaid expenses and other current assets

53,585

75,117

Total current assets

600,046

737,931

Property and equipment, net

139,397

145,890

Goodwill

376,389

Other intangible assets, net

47,374

59,533

Other assets, net

86,781

123,313

Total assets

$ 1,249,987

$ 1,443,056

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$ 39,295

$ 57,498

Revolving line of credit

—

45,000

Deferred revenue and returns liability

3,323

2,117

Other current liabilities

57,495

58,955

Total current liabilities

100,113

163,570

Other non-current liabilities

56,845

70,804

Total liabilities

156,958

234,374

Commitments and contingencies

Stockholders’ equity:

Preferred stock – $0.0001 par value; 10,000 shares authorized; no shares issued

—

Common stock – $0.0001 par value; 250,000 shares authorized; 32,289 and 31,897 shares issued and outstanding at June 29, 2024 and December 30, 2023, respectively

Additional paid-in capital

39,232

16,973

Retained earnings

1,054,048

1,192,731

Accumulated other comprehensive loss

(254)

(1,025)

Total stockholders’ equity

1,093,029

1,208,682

Total liabilities and stockholders’ equity

$ 1,249,987

$ 1,443,056

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six Months Ended

June 29,
2024

July 1,
2023

Operating Activities

Net income (loss)

$ (138,683)

$ 24,923

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation of property and equipment

13,152

12,441

Amortization of other intangible assets

12,160

12,904

Amortization of debt issuance costs

—

960

Stock-based compensation expense

29,455

31,377

Equity-method loss

—

1,090

Deferred income taxes

29,784

(6,403)

Changes in operating assets and liabilities:

Accounts receivable

(11,918)

(26,819)

Inventories

28,123

(45,064)

Prepaid expenses and other assets

20,723

32,963

Accounts payable

(19,341)

(30,003)

Other current liabilities and income taxes

(13,624)

(26,220)

Deferred revenue and returns liability

1,206

4,326

Other non-current liabilities

(6,703)

(1,975)

Net cash used in operating activities

(55,666)

(15,500)

Investing Activities

Purchases of marketable securities

(17,700)

(81,427)

Sales of marketable securities

34,538

339,555

Maturities of marketable securities

97,458

171,691

Purchases of property and equipment

(5,577)

(13,462)

Proceeds from sale of equity investment

12,382

—

Purchases of other assets

—

(215)

Net cash provided by investing activities

121,101

416,142

Financing Activities

Proceeds from revolving line of credit

—

80,000

Payments on debt

(45,000)

(536,124)

Repurchases of common stock

—

(201,095)

Payment of taxes withheld for vested stock awards

(15,213)

(16,310)

Proceeds from the issuance of common stock

8,108

7,785

Net cash used in financing activities

(52,105)

(665,744)

Increase (decrease) in cash and cash equivalents

13,330

(265,102)

Cash and cash equivalents at beginning of period

227,504

499,915

Cash and cash equivalents at end of period

$ 240,834

$ 234,813

View original content to download multimedia:https://www.prnewswire.com/news-releases/silicon-labs-reports-second-quarter-2024-results-302204803.html

SOURCE Silicon Labs

Technology

DBS named World’s Best Digital Bank

Published

7 minutes ago

October 30, 2026

First time DBS has clinched Global Finance’s top digital banking accolade

SINGAPORE, Oct. 30, 2026 /PRNewswire/ — DBS today announced that it has been named World’s Best Digital Bank 2026 by Global Finance, becoming the first Asia-headquartered bank to receive the publication’s top global digital banking accolade in the programme’s 27-year history. The recognition underscores DBS’ continued leadership in digital banking and its focus on harnessing technology and innovation to deliver seamless and meaningful experiences for its customers.

DBS also retained its title as the World’s Best Corporate/ Institutional Digital Bank for the third consecutive year, alongside other global accolades spanning digital assets, digital payments, digital advisory, consumer banking and thought leadership. At the same awards ceremony held in Singapore, DBS was also awarded the World’s Best Bank for AI in Finance – Corporate for the second consecutive year and secured the global win for Best AI in Fraud Detection/ Prevention – Corporate/ Institutional AI Bank.

“DBS continues to lead the global banking industry by marrying digital ecosystem strength with sophisticated artificial intelligence. In naming DBS the World’s Best Digital Bank, Global Finance recognises its end-to-end digital transformation, superior digital infrastructure and ability to turn complex digital ecosystems into frictionless customer journeys. Its recognition as the World’s Best Bank for AI in Finance – Corporate further underscores DBS’ market leadership in embedding enterprise-grade artificial intelligence and predictive analytics across its business,” said Joseph Giarraputo, Founder & Editorial Director of Global Finance.

Tan Su Shan, CEO of DBS, said: “We are honoured to be recognised as the World’s Best Digital Bank and World’s Best Bank for AI in Finance – Corporate by Global Finance. These recognitions are a testament to the strides we have made in harnessing technology and AI, bringing together the strengths of our people and technology at scale. As we advance our ambition of being an AI-enabled Bank with a Heart, we will continue to build our capabilities with a clear purpose: to create better, more trusted experiences for our customers.”

These awards build on DBS’ longstanding track record of global recognition for its digital banking capabilities. Most recently, the bank was this year named the World’s Best for Digital Assets at the Euromoney Private Banking Awards and the global winner of the Digital Assets category at The Banker Technology Awards. In 2025, DBS was named the inaugural World’s Best AI Bank by Global Finance, underscoring the bank’s continued leadership across digital banking and emerging technologies.

About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best AI Bank” by Global Finance as well as the winner of multiple digital assets awards. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 18 consecutive years from 2009 to 2026.

DBS provides a full range of services in consumer, Wealth, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/dbs-named-worlds-best-digital-bank-302923595.html

Technology

Huawei Releases Industry O&M Solutions

Published

7 minutes ago

October 30, 2026

—Agentic AI Redefining the New O&M Paradigm

SHANGHAI, Oct. 30, 2026 /PRNewswire/ — The Industry O&M Session of HUAWEI CONNECT 2026 was held at the Shanghai Expo Center under the theme “Agentic AI Redefining the New O&M Paradigm.” At the event, Huawei released its latest 2026 industry O&M solutions and launched the initiative for developing the O&M Agent Research Report (2026), aiming to accelerate digital and intelligent O&M transformation, foster ecosystem co-construction, and drive high-quality industry development.

MindOps Platform Upgrade and New Industry O&M Solutions

Leveraging digital twins and the domain-specific model, Huawei has built full-cycle O&M capabilities spanning pre-event, in-process, and post-event stages through human–agent collaboration. Four enhanced solutions were introduced to help enterprises strengthen business assurance and boost operational efficiency.

Based on the MindOps platform, Huawei officially released a suite of industry O&M solutions: Smart NOS 5.0, Exclusive Government Service 3.0, Power Specific Service 3.0, and Transportation Specific Service 3.0.

Smart NOS 5.0: Built on the domain-specific O&M model, this solution enhances network emergency repair with risk identification and fault governance agents. Knowledge extraction and service-aware troubleshooting agents autonomously resolve 80% of deterministic faults. The financial fault diagnosis operational room facilitates collaborative consultation, cutting incident rates from hidden risks by 50% and improving cross-domain fault demarcation efficiency by 30%.

Exclusive Government Service 3.0: Designed to tackle e-Government cloud challenges such as limited service awareness, complex cross-layer troubleshooting, and underutilized resources, this solution upgrades AI-assisted integrated O&M capabilities. Intelligent resource query and emergency troubleshooting agents increase resource visibility and fault locating efficiency, while the unified digital resource management platform streamlines approval workflows and duplicate project checks, raising resource usage by 17%.

Power Specific Service 3.0 and Transportation Specific Service 3.0: Fault diagnosis and FME Mate agents are integrated into MindOps. The power solution strengthens risk prevention and intelligent troubleshooting, reducing fault demarcation time from one hour to just 15 minutes. Meanwhile, the transportation solution enhances cross-domain fault analysis to boost O&M efficiency by 40%, while integrated O&M services further improve the availability and operational efficiency of smart highway systems.

Looking ahead, Huawei will remain committed to its customer-centric approach, working closely with industry customers and partners to continuously innovate ICT O&M services, deepen scenario-specific applications, and build a robust ecosystem that underpins digital and intelligent transformation across all sectors.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/huawei-releases-industry-om-solutions-302924724.html

SOURCE Huawei

Technology

Tongwei’s 500 W TNC 2.0 FULLX: More Power, More Value for Australian Rooftops

Published

7 minutes ago

October 30, 2026

MELBOURNE, Australia, Oct. 29, 2026 /PRNewswire/ — Tongwei Solar has introduced a new 500 W configuration of its TNC 2.0 FULLX G12R-48 for the Australian market. Delivering up to 25.02% efficiency in a compact 1,762 × 1,134 × 30 mm format, the module combines high power output, strong energy generation and installation flexibility. Zander Yuan, Director of Product & Technology at Tongwei Solar, explains how the new configuration brings greater value to Australian homeowners.

What makes the TNC 2.0 FULLX G12R-48 particularly suited to Australian rooftops?

Australian homes often have limited usable roof space, with different roof shapes, orientations and installation requirements. Getting more power from each module can make a real difference.

Our new 500 W configuration delivers 25.02% efficiency, providing 25 W more power than a conventional 475 W TOPCon reference module of a comparable format. This allows homeowners to install more capacity without increasing the number of panels.

For example, a 14-module rooftop system using TNC 2.0 FULLX reaches 7 kW, compared with 6.65 kW using 475 W modules. That’s an additional 350 W from the same number of panels, making better use of available roof space.

Beyond higher power output, what financial benefits does the module offer Australian homeowners?

In Australia, higher system capacity can also mean greater upfront savings through the Small-scale Renewable Energy Scheme (SRES), which provides incentives for eligible rooftop solar installations.

For a typical 14-module system, the 500 W TNC configuration could provide approximately AUD 80–120 in additional upfront STC incentives compared with conventional 475 W TOPCon modules, based on Tongwei’s 2026 calculations. This estimate assumes a stable STC price and standard zone eligibility. The exact benefit depends on the installation location, eligibility and certificate prices.

And the benefits don’t stop at installation. Higher installed capacity, combined with strong energy-generation performance, can help homeowners get more electricity from their rooftops over time, improving the overall value of their solar investment.

How does TNC technology help deliver more energy under real-world conditions?

A module’s rated power is only part of the story. What matters just as much is how efficiently it uses available sunlight throughout the day.

Our TNC technology features lower leakage current and enhanced low-light performance, helping maintain energy generation during early morning, late afternoon and other periods of weaker sunlight.

Field testing at Tongwei’s Yancheng Test Base showed an average 3.3% higher per-watt energy yield compared with the tested copper-plated back-contact (BC) reference modules, with gains reaching up to 12.32% during low-light periods.

This means the technology can make more effective use of available sunlight, supporting higher energy generation even when conditions are less than ideal.

How does the module balance performance, appearance and long-term reliability?

Australian rooftops vary widely in size, orientation and design. Our compact 48-cell format offers flexibility for different residential installations, while strong low-light performance helps maintain energy generation under changing sunlight conditions.

Appearance matters too. TNC 2.0 FULLX G12R-48 is available in Full Black and Black Frame designs, giving homeowners options to suit different architectural styles. Its zero-cell-gap layout and concealed current-collection features create a clean, uniform appearance.

The module also features dual-glass construction and protective sealing designed to support long-term reliability in outdoor environments.

Ultimately, our goal is to help Australian homeowners get more from every rooftop, combining higher power output, strong energy performance and greater long-term value.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/tongweis-500-w-tnc-2-0-fullx-more-power-more-value-for-australian-rooftops-302924729.html

SOURCE Tongwei Solar