Silicon Motion Technology Corporation (SIMO): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the mechanics behind Silicon Motion Technology Corporation (SIMO) as they push past that $1 billion annual revenue run rate target in late 2025, and honestly, mapping out their Business Model Canvas shows a clear path. Having analyzed these semiconductor firms for years, I see a model built on owning the proprietary NAND controller IP, which fuels their market leadership with a 30% global share in client SSDs and drives deep co-development with NAND flash vendors, who account for over half their sales. We need to see how they balance that high-stakes R&D for PCIe Gen5/Gen6 controllers with the consistent revenue from mobile storage, especially with Q4 2025 revenue guidance sitting between $254 million and $266 million, all while managing operating expenses like the $79.5 million seen in Q3 2025; this canvas lays out the precise key activities and customer segments that make this strategy work, so dive in below to see the full breakdown.

Silicon Motion Technology Corporation (SIMO) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that let Silicon Motion Technology Corporation (SIMO) keep its leadership position in the controller space. These aren't just casual vendor check-ins; these are deep, technology-driving alliances. Honestly, the company's strategy hinges on being indispensable to the entire storage ecosystem.

All major NAND flash vendors for joint controller development.

Silicon Motion Technology Corporation is unique because its controllers support more NAND flash components-including current and up-coming generations of 3D flash-than any other company. This means you're looking at collaborations with the biggest names in memory production. The company states that over 50% of its business is related to NAND maker projects. This deep integration is key to their market share, which for client SSD controllers (PCIe Gen4) sits at about 30% globally.

Here's a look at the major NAND partners whose technology Silicon Motion Technology Corporation must support:

Foundry and OSAT partners for advanced process nodes (e.g., 6nm).

Developing these advanced controllers requires working closely with leading-edge foundries. Silicon Motion Technology Corporation has introduced multiple flash controllers based on TSMC's 6nm process. To be clear, the investment here is significant; the cost for tape-out for each 6nm controller was reported as $20 million. They are already looking ahead, with a 4nm investment planned for next year (2026). Still, you should know that Silicon Motion Technology Corporation does not hold long-term agreements with any of these foundries, placing orders based on customer forecasts.

SSD/eMMC/UFS module makers like Kingston and ADATA.

Module makers are a crucial channel, though Silicon Motion Technology Corporation notes that many of its customers, including module makers, have significant inventory on hand-around 8 to 12 months as of late 2025. The company feels its position is strong because its OEM projects with NAND makers should offset any small impact from these module houses. For the high-end PCIe Gen5 controllers, Silicon Motion Technology Corporation has secured almost 90% design wins with module makers.

Tier 1 GPU-DPU makers for enterprise boot drive solutions.

This is a major growth vector. Silicon Motion Technology Corporation's MonTitan enterprise SSD controller has been confirmed as the boot SSD supplier for NVIDIA's BlueField-3 DPU. You're seeing design wins start to ship to BlueField-3 customers, which notably includes Google. The expectation is that this foray into the data center market, tied to NVIDIA (NVDA), will begin to grow toward the end of 2025. This enterprise segment, along with the MonTitan platform, is expected to contribute 5% to 10% of revenue by 2026 or 2027.

Automotive OEMs (e.g., Toyota, Tesla) for Ferri embedded solutions.

The Ferri embedded solutions are seeing traction in the automotive sector. Silicon Motion Technology Corporation reports having very strong design wins and ramping with leaders that include Toyota and Tesla, as well as BYD. These FerriSSD, Ferri-eMMC, and Ferri-UFS solutions are single-chip packages designed for infotainment systems and ADAS. This automotive segment represented about 5% of total revenue in the last reported quarter (Q3 2025), but the company projects it will grow to 10% of total revenue in 2026. The company's Q3 2025 net sales were $242.0 million.

You can see the partnership strategy is about embedding its controllers across the entire storage stack:

• Client SSD controllers (PCIe Gen5 ramp is 15% of total SSD revenue as of Q3 2025).
• Mobile controllers (eMMC+UFS sales grew 35% to 40% Quarter-over-Quarter in Q3 2025).
• Enterprise SSD controllers (MonTitan targeting data center/AI workloads).
• Automotive/Industrial solutions (Ferri portfolio).

Finance: draft the Q4 2025 revenue projection based on the expected MonTitan ramp starting late 2025.

Silicon Motion Technology Corporation (SIMO) - Canvas Business Model: Key Activities

You're looking at the core engine driving Silicon Motion Technology Corporation's value, which is all about getting the next generation of storage controllers designed, qualified, and into the hands of the biggest players. This isn't just about making chips; it's about winning the design cycle, which is a long, expensive process.

R&D for next-generation PCIe Gen5/Gen6 and UFS 4.1 controllers

Silicon Motion Technology Corporation pours significant resources into staying ahead of the interface curve. The company's R&D investment is reported to be over 15%+ of revenue, showing a commitment to advanced process nodes like 6nm and 4nm for future products. This activity directly supports the pipeline for high-speed standards critical for AI and data center growth.

Key next-generation controller development milestones include:

• Developing the 4nm PCIe Gen6 SSD controllers.
• Mass production target for the PCIe 6.0 "Neptune" controller is set for 2028.
• The PCIe 6.0 "Neptune" controller promises speeds of 25+ GB/s and 3.5 million IOPS.
• The company is already preparing for Gen7, with a Tier 1 customer requesting a customized chip.
• The 6nm UFS 4.1 controller was taped out in Q1 2024, targeting high-end smartphones.

The cost of this leading-edge development is substantial; for example, each 6nm controller tape-out cost about $20 million.

Securing design wins with Tier 1 NAND makers and OEMs

Winning a design-getting your controller selected for a customer's product-is the lifeblood of Silicon Motion Technology Corporation's recurring revenue. The company's unique position is that it is the only controller partner with all major NAND flash makers. This broad base helps secure market share regardless of which NAND supplier gains traction.

Recent design win momentum translates into clear market share targets:

For context, sales to the five largest customers represented approximately 67% of net revenue in 2024.

Developing advanced QLC NAND controller technology and firmware

Silicon Motion Technology Corporation is actively leveraging its expertise in Quad-Level Cell (QLC) NAND to capture high-capacity, cost-effective storage opportunities, especially in data centers and smartphones. The company states it is the leading controller for QLC, working with all the NAND maker.

QLC adoption metrics and projections:

• The MonTitan enterprise SSD platform, which supports QLC NAND for read-intensive workloads, is projected to contribute 5-10% of revenue by 2026 from Data Centers.
• In smartphones, three to four brands are currently producing or planning solutions featuring QLC NAND.
• The company emphasizes that its advanced controllers and error correction technology ensure a user experience comparable to TLC, even with QLC.

Managing global supply chain to mitigate NAND/DRAM constraints

The company's strategy involves maintaining a flexible business model and deep customer relationships to navigate industry volatility. While the NAND industry is cyclical, Silicon Motion Technology Corporation noted that the impact from the NAND shortage was relatively small compared to others.

Key operational and financial context for supply chain management:

• The Q3 2025 revenue was $242 million.
• The projected gross margin for Q4 2025 is in the range of 48.5% to 49.5%.
• The company provides a flexible business model, offering turnkey solutions or SDKs for customers to develop their own firmware based on different NAND and FTL (Flash Translation Layer) configurations.
• Capital expenditures in Q2 2025 were $15.6 million, covering routine equipment purchases and building improvements in Hsinchu, Taiwan.

The ability to secure design wins across multiple product lines-client SSD, mobile, enterprise, and automotive-helps offset potential constraints from any single part of the supply chain. Finance: draft 13-week cash view by Friday.

Silicon Motion Technology Corporation (SIMO) - Canvas Business Model: Key Resources

You're looking at the core assets that make Silicon Motion Technology Corporation a key player in the NAND flash controller space as of late 2025. These aren't just abstract concepts; they are tangible technological leads and financial backing that drive their business.

Proprietary NAND controller IP and error correction technology.

Silicon Motion Technology Corporation maintains one of the broadest portfolios of controller intellectual property, which comes from their deep understanding of NAND characteristics. This understanding lets them design highly optimized configurable ICs and related firmware controller platforms, plus complete turnkey controller solutions. They have shipped over six billion NAND flash controllers in the past ten years. This IP is critical for making newer, higher-density NAND, like QLC, viable for mainstream use by mitigating performance gaps through proprietary controllers and error-correction algorithms. Defintely, this technological moat is a huge asset.

• Leverages proprietary error-correction algorithms to support QLC NAND adoption in enterprise SSDs.
• Investments in advanced process nodes, including 6nm and 4nm, for controller design.
• Upcoming PCIe Gen6 SSD controllers expected to launch in late 2025.

Specialized engineering talent for high-performance storage.

The development of these advanced controllers requires significant, specialized engineering capability. This is evidenced by the substantial investment in R&D to stay ahead of the curve. For instance, the tape-out cost for each of their 6nm controllers was approximately $20 million. This investment fuels their ability to deliver next-generation products, such as controllers supporting PCIe 6.0 SSDs for data center applications, which are in development.

MonTitan enterprise SSD development platform.

The MonTitan PCIe Gen5 SSD Development Platform is a major resource for accelerating enterprise and data center AI SSD solutions. This platform is offered as a Reference Design Kit (RDK) to OEMs and partners, supporting up to 128TB capacity using QLC NAND. The platform incorporates the enterprise-grade SM8366 controller, which supports PCIe Gen5 x4 NVMe 2.0 and OCP 2.5 specifications. This technology is designed to meet the high-capacity needs of large data lakes and AI storage platforms.

Here's a quick look at the performance metrics demonstrated by the MonTitan SSD RDK:

Also, the platform supports NVMe 2.0 FDP (Flexible Data Placement) and Silicon Motion Technology Corporation's proprietary PerformaShape™ technology for optimized SSD performance based on user-defined QoS sets.

Cash, cash equivalents, and restricted cash of $272.4 million (Q3 2025).

From a balance sheet perspective, financial stability is a key resource. As of the end of the third quarter of 2025, Silicon Motion Technology Corporation held $272.4 million in cash, cash equivalents, and restricted cash. This figure was down from $282.3 million at the end of the second quarter of 2025. This liquidity supports ongoing R&D and operational needs while the company executes its diversification strategy into enterprise, automotive, and industrial storage markets.

Silicon Motion Technology Corporation (SIMO) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Silicon Motion Technology Corporation (SIMO) over the competition as of late 2025. It's all about leading-edge performance married to power efficiency, plus market dominance in key areas.

Market Leadership in Client SSD Controllers

Silicon Motion Technology Corporation holds a significant position in the client SSD controller space. This leadership is a major value driver, giving customers confidence in supply and technology roadmap alignment.

• Global market share in client SSD controllers stands at 30%.
• For PCIe Gen4 consumer client SSDs, the market share is also cited at 30%.
• Management expresses confidence that overall market share is moving toward 40%.

High-Performance, Low-Power PCIe Gen5 Controllers

The SM2508 controller, built on TSMC's advanced 6nm EUV process technology, is a prime example of delivering top-tier performance while drastically cutting energy use. This is critical for the AI PC segment.

Here are the key specifications Silicon Motion Technology Corporation's SM2508 PCIe Gen5 client SSD controller delivers:

Silicon Motion Technology Corporation predicts the SM2508 will help them capture over 50% of the global high-end PC market.

Enabling Cost-Effective, High-Capacity Storage via QLC Expertise

The company's deep expertise in Quad-Level Cell (QLC) NAND technology directly translates into a value proposition of higher capacity at a lower cost for end products.

• QLC NAND offers significant advantages in capacity and cost efficiency, particularly for smartphones.
• High-capacity QLC SSDs are positioned as a cost-effective, better performance option versus Hard Disk Drives (HDDs).
• Industry projections suggest QLC adoption in PCs is expected to rise from about 20% currently to over 55% by 2028.
• Silicon Motion Technology Corporation is working with all major flash makers to drive QLC adoption across enterprise AI, PC, and smartphone markets.

Specialized, High-Reliability Embedded Solutions for Automotive (Ferri)

The Ferri automotive product line is a growing, specialized revenue stream, focusing on high-reliability embedded solutions for advanced vehicle systems.

The automotive segment's contribution to the top line is scaling rapidly:

• Ferri automotive represented about 5% of total revenue in the last reported quarter (Q3 2025).
• Management projects this segment will grow to 10% of total revenue by 2026.
• The company has secured strong design wins and is ramping production with automotive leaders including Toyota, Tesla, and BYD.

Finance: finalize the Q4 2025 revenue projection variance analysis by next Tuesday.

Silicon Motion Technology Corporation (SIMO) - Canvas Business Model: Customer Relationships

You're looking at how Silicon Motion Technology Corporation (SIMO) locks in its key partners, which is critical since their business is built on deep, embedded technology. The relationships here aren't transactional; they're about co-engineering the future of flash storage.

Deep technical co-development with NAND makers (over 50% of revenue).

This is the core anchor of the business. Silicon Motion Technology Corporation's CEO, Wallace Kou, confirmed in the Q3 2025 earnings call that the 'direct business with NAND makers continue to be strong, accounting for more than 50% of our revenue.' This level of reliance means the relationship is less about selling a chip and more about integrating a controller solution directly into the NAND maker's roadmap. You see this play out with the successful introduction of advanced products like the PCIe 5 8-channel controller, which secured design wins with these major NAND partners.

High-touch, consultative sales for enterprise MonTitan platform.

For the enterprise and AI storage segment, the MonTitan platform requires a different, more involved sales process. This isn't an off-the-shelf transaction; it's a platform approach, available as a Reference Design Kit (RDK). Management is confident in this segment, projecting a 5% to 10% revenue increase from MonTitan in 2026 and 2027. The platform is purpose-built for demanding data center needs, supporting features like Zoned Namespaces (ZNS) and offering power optimization with < 25W SSD average power and < 5W Idle SSD power. This consultative approach helps secure design wins in high-value areas like DPU network accelerators.

Dedicated engineering support for OEM design-in and qualification.

The engineering support is what makes the co-development stick. The MonTitan RDKs come with licensable Turnkey and Layered firmware stacks, designed to accelerate time to market for customers while reducing their engineering cost. This support extends beyond just the enterprise space; Silicon Motion Technology Corporation is also engaging with multiple automotive Tier 1s like Toyota, Honda, and BYD, with its ASPICE Level 3-certified SSD controllers shipping into EV platforms. The company is actively investing in engineering resources to support these new products and markets.

Consistent quarterly dividend payments to shareholders ($2.00 annualized per ADS).

For you as a shareholder, the commitment to returning capital is clear, showing confidence in the underlying business stability, even with near-term macro headwinds. The annualized dividend is set at $2.00 per ADS. The most recent declared dividend payment on December 1, 2025, was $0.50 USD per ADS, maintaining the quarterly cadence. For context on recent cash deployment, the company reported a dividend payment of $16.7 million in the third quarter of 2025. The Trailing Twelve Months (TTM) dividend payout as of November 04, 2025, was $1.99.

Here's a quick look at the financial context supporting the operational strength that underpins these relationships as of late 2025:

The customer relationship strategy is clearly bifurcated: deep, high-volume integration with NAND makers, and high-touch, platform-based selling for the emerging enterprise/AI segment with MonTitan. That's how you secure the next few years of revenue.

Finance: draft 13-week cash view by Friday.

Silicon Motion Technology Corporation (SIMO) - Canvas Business Model: Channels

You're looking at how Silicon Motion Technology Corporation (SIMO) gets its controllers and solutions into the hands of end-users as of late 2025. The channel strategy is clearly multi-pronged, leaning heavily on the foundational relationships within the NAND supply chain.

For the third quarter of 2025, Silicon Motion Technology Corporation (SIMO) reported net sales of $242.0 million. This revenue flows through distinct, yet interconnected, pathways.

Direct sales to NAND flash vendors.

This is the core of the business. The direct business with NAND makers continues to be strong, accounting for more than 50% of Silicon Motion Technology Corporation (SIMO)'s revenue. Most of the high-performance flash memory storage controllers are supplied directly to these NAND flash manufacturers. This direct engagement is critical for securing privileged positions, especially for high-capacity SSDs utilizing QLC technology.

Direct sales to storage module makers.

Silicon Motion Technology Corporation (SIMO) sells its controllers to storage device module makers worldwide. Module makers have seen increased buying power, especially as some NAND makers have stepped back from eMMC and UFS due to lower SSD margins. This channel benefits from Silicon Motion Technology Corporation (SIMO)'s flexible turnkey solutions and firmware customization, which helps module makers fine-tune based on different NAND and FTL (Flash Translation Layer) requirements.

Direct sales to leading PC, smartphone, and automotive OEMs.

The company engages directly with OEMs across several key product lines. The client SSD controllers, which are a major revenue driver, target PC and server markets. For mobile, Smartphone OEMs are shifting to the new UFS controllers in mainstream and value line devices. Furthermore, the automotive segment, using FerriSSD solutions, is a growing direct channel. The company has strong design wins ramping with leaders including Toyota, Tesla, and BYD.

Embedded solutions sales for industrial and IoT applications.

This category is served by the FerriSSD, Ferri-eMMC, and Ferri-UFS products, which are industrial, commercial, and automotive-grade single-chip SSDs. In terms of the overall business mix, the portion related to retail as well as the embedded industrial segment makes up only about 30% of the business. The automotive portion, which falls under this broader category, was about 5% of total revenue in the last reported quarter (Q3 2025), with projections to grow to 10% of total revenue in 2026.

Here's a look at the revenue contribution by major product line, which reflects the channel focus as of late 2025:

The company's customer concentration shows that sales to its five largest customers represented approximately 67% of net revenue in 2022, 61% in 2023, and 66% in 2024. For 2024, customers constituting more than 10% of net revenue represented, in the aggregate, 57% of net revenue.

Silicon Motion Technology Corporation (SIMO) offers flexibility in how it serves customers, which impacts the channel structure:

• Provide turnkey solution with firmware.
• Provide SDK for Tier 1 customer to develop their firmware.
• Serve semi customers who can fine-tune based on different NAND and FTL.

The company is an independent merchant supplier to NAND flash makers, module makers, and OEMs, contrasting with major NAND flash makers who also maintain internal captive sources of controllers.

Silicon Motion Technology Corporation (SIMO) - Canvas Business Model: Customer Segments

You're analyzing Silicon Motion Technology Corporation (SIMO) as of late 2025, and the customer base is clearly segmented by the type of storage application and the role the customer plays in the supply chain. Here's the breakdown of those segments based on the latest figures we have from the Q3 2025 results and executive commentary.

The core of Silicon Motion Technology Corporation's business remains deeply tied to the memory manufacturers themselves, which is a direct business relationship. This segment accounts for a significant portion of the total sales volume.

The primary customer groups and their approximate revenue contributions, based on Q3 2025 data and projections, look like this:

Let's look closer at the OEM side, which is massive. The client SSD business alone is pegged at 50% to 60% of the company's total revenue, with the mobile controller segment (eMMC/UFS) making up another 30% to 40%. This means these two areas together represent nearly all of the reported Q3 2025 revenue of $242.0M.

For the client SSD controllers, Silicon Motion Technology Corporation holds about 30% global market share specifically for PCIe Gen4 products. The newer, high-end PCIe 5.0 controllers, like the SM2508, showed strong early traction, making up roughly 10% of client SSD revenue as of Q2 2025. For mobile, the market share is tighter, sitting at 20% to 23% globally across smartphones and IoT devices.

The Enterprise/Data Center segment, driven by the MonTitan platform, is just starting its meaningful climb. Management indicated securing design wins with 2 Tier 1 customers for the enterprise PCIe Gen5 line. While a small ramp is hoped for in Q4 2025, the expectation is for a more substantial revenue scale starting in 2026, aiming for that 5% to 10% contribution by 2026 or 2027.

The Ferri embedded solutions for Automotive and Industrial customers are also a key growth vector. This segment was reported at about 5% of total revenue in the preceding quarter. The plan is aggressive, targeting a doubling of that contribution to 10% of total revenue by 2026. This segment already boasts design wins with major players, including Toyota, Tesla, and BYD.

The Storage Module Makers segment, which handles retail and white-box SSDs, is grouped with industrial/embedded in one breakdown, representing about 30% of the business alongside those other areas. It's important to note the overlap: the 70% OEM business and the 30% retail/embedded business sum to 100%, while the 50-plus percent NAND maker business represents sales to the upstream suppliers.

• Client SSD market share for PCIe Gen4 is 30%.
• Mobile controller market share is 20% to 23%.
• PCIe Gen5 controller mix in client SSD revenue reached about 10% in Q2 2025.
• The company is confident in exceeding an annual revenue run rate of more than $1 billion in the current quarter (Q4 2025 guidance).

Finance: draft 13-week cash view by Friday.

Silicon Motion Technology Corporation (SIMO) - Canvas Business Model: Cost Structure

You're looking at the core costs driving Silicon Motion Technology Corporation's operations as of late 2025. For a fabless semiconductor company like Silicon Motion Technology Corporation, the cost structure is heavily weighted toward R&D and outsourced manufacturing services.

High R&D investment in next-generation controller development remains a primary, non-negotiable cost. This spending fuels the pipeline, especially for high-growth areas like the leading PCIe5 client SSD controllers, which saw sales grow 45% quarter-over-quarter in Q3 2025. This investment is crucial for maintaining technological leadership against competitive pressure in the semiconductor industry.

The Cost of Goods Sold (COGS) for outsourced manufacturing (foundry/OSAT) is the largest variable cost component. Since Silicon Motion Technology Corporation is fabless, costs for wafer fabrication, assembly, packaging, and testing are significant. Based on Q3 2025 results, the Gross Margin was 48.7% on net sales of $242.0 million. This implies a COGS of approximately $124.116 million for the quarter.

The prompt specifies that Operating expenses were $79.5 million in Q3 2025. Based on the reported Q3 2025 revenue of $242.0 million and an operating margin of 15.8%, the derived Operating Income (EBIT) was $38.236 million ($242.0M 0.158). This implies a total calculated Operating Expense of $79.698 million ($117.934M Gross Profit - $38.236M Operating Income), which is very close to the stated figure.

Sales, General, and Administrative (SG&A) costs, along with Research and Development (R&D), make up the total Operating Expenses. While a specific Q3 2025 SG&A figure isn't explicitly broken out separately from R&D, we know that stock-based compensation, which is excluded from non-GAAP results, totaled $5.5 million in Q3 2025. Furthermore, the guidance for Q4 2025 stock-based compensation and dispute-related expenses is set between $18.1 million and $19.1 million.

Here's a quick math summary of the key cost-related financial metrics for Silicon Motion Technology Corporation for Q3 2025:

The company is actively managing these expenses, as evidenced by the Q4 2025 operating margin guidance being projected to reach 19% to 20%, approaching historical profitability levels, partly due to planned lower operating expenses sequentially.

You should watch for how R&D scales relative to revenue growth, as this is a key driver of future cost of sales and product competitiveness. Here are the key cost-related financial points from the latest reports:

• Gross Margin for Q3 2025 was reported at 48.7%.
• Q4 2025 Gross Margin is guided to be in the range of 48.5% to 49.5%.
• Capital Expenditures (CAPEX) in Q3 2025 totaled $20.1 million.
• CAPEX included $9.9 million for routine testing equipment and software.
• CAPEX also included $10.2 million for building improvements and furniture in Hsinchu, Taiwan.
• The 2024 annual Total Operating Expenses were $277.88 million.

Finance: draft 13-week cash view by Friday.

Silicon Motion Technology Corporation (SIMO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Silicon Motion Technology Corporation brings in cash as of late 2025. The near-term outlook suggests continued growth, with the company providing Q4 2025 revenue guidance in the range of $254 million to $266 million. This guidance followed a strong third quarter where net sales reached $242.0 million.

The revenue mix is heavily weighted toward storage controllers, but diversification efforts are clearly showing results in other areas. Here's the quick math on how the business segments contributed to the overall revenue profile as of the latest data points:

The Client SSD segment remains the largest earner, with the CEO noting that direct business with NAND makers accounted for more than 50% of total revenue in the third quarter. The shift to higher-end products is a key factor here; for instance, the leading 8-channel PCIe Gen5 controller has design wins with almost 90% of module makers.

The Ferri automotive and embedded solutions line is definitely the segment to watch for future growth, as Silicon Motion Technology Corporation is ramping it quickly. Management stated that this segment represented about 5% of total revenue in the previous quarter (Q3 2025), but they project it will grow to 10% of total revenue in 2026. This growth is supported by significant design win activity across their automotive portfolio.

• Client SSD controllers saw revenue increase 20% to 25% quarter-over-quarter in Q3 2025.
• eMMC+UFS controller sales increased 20% to 25% sequentially in Q3 2025.
• Q3 2025 Non-GAAP Operating Margin reached 15.8%.
• Cash, cash equivalents and restricted cash stood at $272.4 million at the end of Q3 2025.

The company is executing on a strategy that balances the established controller business with higher-growth areas like automotive and enterprise SSDs, which are benefiting from AI-driven demand.