Silicom Reports Q 3 2022 Financial Results.

KFAR SAVA, Israel: Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance server/appliance networking solutions, today reported its financial results for the third quarter and nine months ended September 30, 2022.

Financial Results

Third Quarter: Silicom's revenues for the third quarter of 2022 totalled $39.2 million, up 19% compared with $32.9 million for the third quarter of 2021.

On a GAAP basis, net income for the quarter totalled $6.0 million, or $0.88 per diluted share ($0.89 per basic share), up 129% compared with $2.6 million, or $0.38 per diluted share ($0.39 per basic share), for the third quarter of 2021.

On a non-GAAP basis (as described and reconciled below), net income for the quarter totalled $6.9 million, or $1.01 per diluted share ($1.02 per basic share), up 91% compared with $3.6 million, or $0.52 per diluted share ($0.53 per basic share), for the third quarter of 2021.

First Nine Months: Silicom's revenues for the first nine months of 2022 totalled $105.4 million, up 14% compared with $92.2 million for the first nine months of 2021.

On a GAAP basis, net income for the period totalled $12.7 million, or $1.87 per diluted share ($1.90 per basic share), up 75% compared with $7.2 million, or $1.04 per diluted share ($1.06 per basic share) for the first nine months of 2021.

On a non-GAAP basis (as described and reconciled below), net income for the period totalled $14.6 million, or $2.15 per diluted share ($2.18 per basic share), up 53% compared with $9.5 million, or $1.36 per diluted share ($1.39 per basic share) for the first nine months of 2021.

Guidance

While multiple design wins continue to drive high demand for our products, our ability to deliver continues to be impacted to some extent by the global components crisis, which, despite signs of some lessening, is still expected to continue into 2023. We therefore project revenues for the fourth quarter of 2022 to range between $43 million and $45 million. The midpoint of this range represents 21% year-over-year revenue growth over the fourth quarter of 2021.

Comments of Management

Liron Eizenman, Silicom's President and CEO, commented, "We are very pleased to report another quarter of strong revenues, margins and profit growth, a clear...