Silvaco Announces Preliminary Unaudited Fourth Quarter and Full-Year 2024 Results Ahead of Participation at Needham's 27th Annual Growth Conference

Record fourth quarter 2024 bookings are expected to range between $20.1 and $20.4 million, up year-over-year by 29% to 31%.

Record Fourth quarter 2024 revenue is expected to range between $17.7 and $18.1 million, up year-over-year by 41% to 45%.

Signed 13 new customers in the fourth quarter 2024 as well as expanded our relationship with several existing customers across key markets including photonics, power, automotive, memory, and foundry.

Fourth quarter 2024 GAAP gross margin is anticipated to reach 85% to 87%. Fourth quarter 2024 non-GAAP gross margin is anticipated to reach 88% to 90%.

SANTA CLARA, Calif., Jan. 14, 2025 (GLOBE NEWSWIRE) -- Silvaco Group, Inc. (Nasdaq: SVCO) ("Silvaco" or the "Company"), a leading provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced preliminary unaudited results for the fourth quarter and full-year 2024, achieving record-breaking gross bookings and revenue.

"We closed 2024 with record results for bookings and revenue, driven by sustained demand for our digital twin modeling platform and growth in key semiconductor markets," said Dr. Babak Taheri, CEO of Silvaco. "Our strategic focus on innovation and execution continues to deliver value for our customers and stakeholders, setting the stage for further growth in 2025."

Dr. Taheri added, "I am proud of our ability to execute and close the year on a high note. The record-breaking results, coupled with strong non-GAAP gross margin performance, demonstrate the resilience of our business model and the trust our customers place in Silvaco's solutions. We are confident in our ability to build on this momentum in the year ahead."

Fourth Quarter 2024 Business Highlights:

   -- Strategic Partnerships: Announced a partnership with Micon Global to 
      expand Silvaco's reach across the EMEA market, leveraging Micon's 
      expertise to deliver cutting-edge TCAD, EDA, and SIP solutions to new 
      customers. 
 
   -- CHIPS Act Participation: Joined the SMART USA Institute under the CHIPS 
      Manufacturing USA program to advance digital twin technologies in 
      semiconductor manufacturing, reinforcing Silvaco's leadership in 
      innovation. 
 
   -- ISO 9001 Certification: Achieved ISO 9001 certification, underscoring 
      Silvaco's commitment to quality and continuous improvement across its 
      TCAD, EDA, and SIP product portfolio. 
 
   -- Positive Legal Updates: 
 
          -- Legal Resolution: The Ninth Circuit Court of Appeals affirmed the 
             dismissal of all claims against Silvaco brought by Aldini AG. 
 
          -- Litigation Update: Ruling in favor of Silvaco, denying a motion 
             for prejudgment interest in the Nangate Denmark ApS litigation. 

Fourth Quarter 2024 Financial Highlights (Preliminary and Unaudited):

   -- Gross bookings: Expected to be in the range of $20.1 million to $20.4 
      million, the highest quarterly bookings in company history, reflecting a 
      year-over-year increase of 29% to 31%. 
 
   -- New Customers: Acquired 13 new customers across key markets including 
      Photonics, Power, Automotive, Memory, and Foundry, which are expected to 
      represent approximately 9% of gross bookings for the quarter. 
 
   -- Revenue: Expected to be in the range of $17.7 million to $18.1 million, 
      the highest quarterly revenue in company history, representing a 
      year-over-year increase of 41% to 45%, driven by increases for customers 
      in the United States, China, and Japan. 
 
   -- GAAP and Non-GAAP gross margin: GAAP gross margin is anticipated in the 
      range of 85% to 87%. Non-GAAP gross margin is anticipated in the range of 
      88% to 90%, showcasing significant improvement from 79% (GAAP and 
      Non-GAAP) in the fourth quarter of 2023. 
 
   -- GAAP and Non-GAAP operating income (loss): GAAP operating income (loss) 
      is anticipated in the range of $2.3 million to $3.1 million, which 
      anticipates impact from the favorable ruling with respect to prejudgment 
      interest in the Nangate Denmark ApS litigation compared to ($1.9) million 
      in Q4 2023. Non-GAAP operating income (loss) is expected to be in the 
      range of $2.6 million to $3.4 million, compared to ($1.3) million in Q4 
      2023. 
 
   -- GAAP and Non-GAAP net income (loss) per share: GAAP net income (loss) per 
      share is anticipated in the range of $0.14 to $0.18, compared to ($0.11) 
      in Q4 2023. Non-GAAP net income (loss) per share is anticipated to be in 
      the range of $0.13 and $0.17, compared to ($0.08) in Q4 2023. For Q4 2024 
      basic and diluted weighted average shares used in computing per share 
      amounts are 28.73 million and 28.85 million, respectively, compared to 
      20.0 million for Q4 2023. 

Full Year 2024 Financial Highlights (Preliminary and Unaudited):

   -- Gross bookings: Expected to be in the range of $65.5 million to $65.9 
      million, the highest annual bookings in company history, reflecting an 
      increase of approximately 13% compared to 2023. 
 
   -- New Customers: Acquired 46 new customers across key markets including 
      Power, Automotive, Government/Mil-Aero, Photonics, IOT, 5G/6G, Memory, 
      and Foundry, which are expected to represent approximately 10% of gross 
      bookings for the year. 
 
   -- Revenue: Expected to be in the range of $59.5 million to $59.9 million, 
      the highest annual revenue in company history, representing a 
      year-over-year increase of approximately 10%, driven by year-over-year 
      sales increases for customers in the United States, Japan, and Taiwan. 
 
   -- GAAP and Non-GAAP gross margin: GAAP gross margin is anticipated in the 
      range of 79% to 81%. Non-GAAP gross margin is anticipated in the range of 
      85% to 87%, up from 83% (GAAP and Non-GAAP) in 2023. 
 
   -- GAAP and Non-GAAP operating income (loss): GAAP operating income (loss) 
      is anticipated in the range of ($40.4) million and ($39.6) million, 
      compared to $1.1 million in 2023. Non-GAAP operating income is expected 
      to be in the range of $5.0 million to $5.8 million, compared to $4.4 
      million in 2023. 
 
   -- GAAP and Non-GAAP net income (loss) per share: GAAP net income (loss) per 
      share is anticipated in the range of ($1.49) and ($1.55) compared to 
      ($0.02) in 2023. Non-GAAP income per share is anticipated to be in the 
      range of $0.23 and $0.27, compared to 0.17 in 2023. Basic and diluted 
      weighted average shares used in computing per share amounts are 25.67 
      million and 26.84 million, respectively, compared to 20.0 million for 
      2023. 

Cautionary Statement Regarding Preliminary and Unaudited Results

Preliminary results are unaudited, subject to completion of the Company's financial reporting process, based on information known by management as of the date of this press release, and do not represent a comprehensive statement of our financial results for the fourth quarter and full year 2024. The Company expects to report its final audited results and host its earnings conference call on March 5, 2025.

Additional Disclaimer on Record Bookings and Revenue

Silvaco's statements regarding record bookings and revenue reflect management's assessment of the company's historical financial data. Due to the company's long operational history and the absence of consistently audited financial records prior to 2019, these statements are based on the best information available to us and should not be construed as definitive. Silvaco continues to strive for transparency and accuracy in its financial reporting.

Needham Growth Conference Webcast Details

The company announced that Babak Taheri, Silvaco's CEO, and Ryan Benton, Silvaco's CFO, will participate in a fireside chat at the Needham Growth Conference on Wednesday, January 15, at 9:30 a.m. Eastern time. A live webcast, as well as a replay, of the presentation will be available on the company's investor relations website at https://investors.silvaco.com/.

Q4 2024 Conference Call Details

A press release highlighting the Company's results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management's prepared remarks on the day of the conference call, after market close. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN. For vendor technical reasons, the interface will only be available 45 days before the event.

Date: Wednesday, March 5, 2024

Time: 5:00 p.m. Eastern time

Webcast: Here (live and replay)

About Silvaco

Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco's solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

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