Synaptics Incorporated (SYNA): Business Model Canvas [Dec-2025 Updated]

When you're trying to map out a semiconductor firm that's aggressively pivoting-like Synaptics Incorporated (SYNA) has done toward Edge AI and Core IoT-it's easy to get lost in the jargon. Honestly, understanding their new engine means looking past the old mobile business and focusing on where the real growth is now; for instance, their Enterprise and Automotive segment is already their biggest earner at $610.1 million in FY2025 revenue, defintely dwarfing the mobile segment's $191.8 million. This isn't just a tweak; it's a fundamental shift in value creation, driven by IP and deep OEM ties. You need the full picture to see how they plan to sustain that 53.6% Non-GAAP gross margin. So, let's break down the nine blocks of the Synaptics Incorporated (SYNA) Business Model Canvas right now.

Synaptics Incorporated (SYNA) - Canvas Business Model: Key Partnerships

You're mapping out Synaptics Incorporated's strategic alliances, which are absolutely critical given their focus on Edge AI and IoT connectivity. These aren't just casual vendor agreements; these are deep, embedded relationships that define product roadmaps. Here's the breakdown of the key players Synaptics Incorporated relies on to execute its strategy as of late 2025.

Strategic Technology and Licensing Alliances

The licensing agreement with Broadcom, which closed on January 30, 2025, is a cornerstone of the current structure. This deal was designed to accelerate Synaptics Incorporated's Edge AI strategy by incorporating Broadcom's intellectual property.

This partnership specifically covers licensing for:

• Wi-Fi 8 and Wi-Fi 7 combo products.
• Ultra-wideband (UWB) technology.
• Next-generation GPS/GNSS products.

The financial impact was immediate; Synaptics Incorporated expected this to add $40+ million in annualized sales and be immediately accretive to non-GAAP EPS. For context, Synaptics Incorporated's full fiscal year 2025 revenue hit $1.074 billion, with Core IoT sales surging 53% to $272.4 million, partly fueled by this transaction. The integration of this technology solidifies the Veros wireless product roadmap for the next five-plus years.

Co-Development with Platform Leaders

Synaptics Incorporated works hand-in-hand with major operating system and platform providers to ensure their silicon is the native choice for new features. This co-development effort shortens time-to-market, which is vital in the fast-moving AI space.

The key collaborators here include:

Partner	Focus Area	Impact/Metric
Google	Android, Android TV, Chrome OS development; Edge AI implementation via neural processing engines.	Core IoT growth was 53% in FY2025, a market where these OS platforms dominate.
Microsoft	Co-development on Windows platforms, extending use of biometrics in the Windows Hello Biometric suite.	The Enterprise & Automotive segment grew 7% to $610.1 million in FY2025.
Intel	Co-developing across platforms, ensuring hardware compatibility.	No specific financial metric directly tied to Intel was released in the latest filings.
Qualcomm	Collaboration on reference designs and compatibility for next-generation mobile and PC platforms.	Mobile product applications saw a net revenue decrease of 9% to $191.8 million in FY2025.

You see the results of this deep integration in the overall numbers; for the full fiscal year 2025, Synaptics Incorporated posted a non-GAAP gross margin of 53.6%, showing strong product execution across these integrated solutions.

Manufacturing and Assembly Backbone

Like nearly every semiconductor firm, Synaptics Incorporated outsources the physical creation and packaging of its chips. These Foundries and OSATs (Outsourced Semiconductor Assembly and Test) partners are essential for scaling production to meet demand, especially in the high-growth Core IoT segment.

While specific contract values aren't public, the scale of operations is clear:

• Synaptics Incorporated maintains a global operational presence, including offices in China, Taiwan, India, and Korea, to manage these outsourced supply chains locally.
• The company ended Q4 FY2025 with $452.5 million in cash, which helps manage working capital needs associated with large-volume manufacturing commitments.

Original Equipment Manufacturers (OEMs)

The relationships with Original Equipment Manufacturers are where the design-wins translate directly into revenue. These are long-term design-in cycles, meaning a decision made in 2025 impacts sales for years to come. Synaptics Incorporated explicitly states they continue to win replacement designs with major customers and see opportunities down market with some OEMs.

The success in securing these designs is evident in the FY2025 performance:

• Core IoT product net revenue grew to $272.4 million, a 53% increase.
• The Core IoT pipeline was reported to be over $3 billion, supporting a long-term revenue growth forecast of 25-30% over five years.

Finance: draft 13-week cash view by Friday.

Synaptics Incorporated (SYNA) - Canvas Business Model: Key Activities

You're looking at the core engine of Synaptics Incorporated, the activities that actually generate the value proposition. This isn't just about making chips; it's about the intense upfront work and the complex logistics to get them out the door.

Research and Development (R&D) for Edge AI and wireless solutions.

Synaptics Incorporated dedicates significant capital to R&D to maintain its position in Edge AI and connectivity. For the full fiscal year 2025, the reported R&D expense totaled $93.6 million. This investment supports the development of next-generation silicon. For instance, the company launched next-generation Astra processors specifically for intelligent IoT edge applications. The focus on wireless is clear, as the company noted its Wi-Fi 7 design pipeline continues to grow at a solid pace.

• Secured Wi-Fi 8, UWB, and next-gen GPS/GNSS technology access via licensing.
• Strengthened the wireless research and development team post-licensing.
• Delivered new Wi-Fi 7 solutions during fiscal Q3 2025.

Semiconductor product design and IP portfolio management.

The design work translates directly into the company's revenue structure, showing a clear strategic pivot. The Core IoT product category was the standout performer in fiscal year 2025, with sales growing an impressive 53% year-over-year, reaching $272.4 million of the total $1.074 billion net revenue. The design wins, like securing a marquee Astra processor design with a leading audio OEM in Q4 FY2025, validate this design focus. IP management is reflected in the gross margin figures; the GAAP gross margin for FY2025 was $480.4 million, or 44.7% of net revenue, which was a decrease from 45.8% in FY2024 partly due to decreased IP licensing revenue. As of March 2025, the unrecognized share-based compensation cost related to equity awards was approximately $204.4 million.

Here's how the product design efforts translated into revenue segments for Q4 FY2025:

Segment	Q4 FY2025 Revenue (Millions USD)	Percentage of Total Revenue
Enterprise & Automotive	$150.0	53%
Core IoT	$84.0	30%
Mobile	$49.0	17%

Global supply chain and fabless manufacturing oversight.

As a fabless company, oversight of the global supply chain is a critical activity, ensuring product availability despite external pressures. The overall financial results for FY2025 show the scale of the operation: total net revenue was $1.074 billion, up 12% year-over-year. The company's total operating expenses for the year were $185.5 million. The company's geographical presence includes deriving a majority of revenue from China, with other significant presence in Taiwan, Japan, South Korea, and the United States. The company's gross debt was reduced by approximately 14% or $134 million in fiscal 2025.

Strategic acquisitions and technology licensing (e.g., Broadcom deal).

This activity involves securing future technology platforms through deals. Synaptics Incorporated signed a definitive licensing agreement with Broadcom on January 30, 2025, to accelerate its Edge AI strategy. This all-cash transaction included assets and non-exclusive licenses for Wi-Fi 8, ultra-wideband (UWB), Wi-Fi 7, advanced Bluetooth, and next-generation GPS/GNSS technology. The deal was expected to add over $40 million in annualized sales and be immediately accretive to non-GAAP EPS. This move was intended to secure the Synaptics Veros wireless product roadmap for the next 5+ years.

The company also focused on capital management during this period:

• Repurchased $128 million (or approximately 1.8 million shares) during fiscal 2025.
• Authorized a new share repurchase program of up to $150 million.
• Issued $450.0 million in 0.75% Convertible Senior Notes due 2031 to refinance debt.

Finance: draft 13-week cash view by Friday.

Synaptics Incorporated (SYNA) - Canvas Business Model: Key Resources

Intellectual Property (IP): Extensive patent portfolio and licensed technologies

Gross Margin for fiscal 2025 was 44.7% of net revenue, a decrease from 45.8% in fiscal 2024, attributed partly to decreased IP licensing revenue. Synaptics entered a major licensing agreement with Broadcom in early 2025. This strategic acquisition included non-exclusive licenses for Wi-Fi technology. Much of the current portfolio of wireless connectivity SoCs stems from a series of IP licensing agreements with Broadcom.

Synaptics Astra™ AI-Native embedded compute platform

The Astra platform includes the SL-Series of embedded processors and the SR-Series of microcontroller units (MCUs). The SL-Series processors feature integrated Neural Processing Units (NPUs) delivering up to eight TOPS of neural acceleration. The SR-Series features three tiers of operation: performance (100 GOPS), efficiency, and ultra-low-power (ULP) always-on (AON). The SR-Series MCUs utilize an Arm Cortex-M55 core and the Arm Ethos-U55 NPU. The Astra Machina SL2600 Series development kit is available for rapid prototyping.

Veros™ wireless connectivity solutions (Wi-Fi 7, Bluetooth)

The Veros portfolio was extended with the first family of Wi-Fi 7 systems-on-chips (SoCs), the SYN4390 and SYN4384. These chips support peak speeds up to 5.8 Gbps using 320 MHz channel bandwidth. The triple-combo SoCs integrate Wi-Fi 7 with Bluetooth 6.0 and Zigbee/Thread. The new Veros chips consume up to 50% less power compared to earlier high-performance solutions. ABI Research forecasts annual shipments of Wi-Fi 7 chipsets to exceed 2 billion by 2029, with a 56% CAGR from 2024 to 2029.

The Veros Wi-Fi 7 family highlights include:

• Peak speed up to 5.8 Gbps.
• Integration of Bluetooth 6.0 and Zigbee/Thread.
• Support for Matter protocol.
• Power consumption reduced by up to 50%.

Highly specialized engineering talent focused on silicon design

Synaptics Incorporated reported full-year fiscal 2025 net revenue of $1.074 billion. Core IoT product sales for fiscal 2025 grew 53% year-over-year, reaching $272.4 million in net revenue. Non-GAAP diluted earnings per share for fiscal 2025 increased 61% to $3.62. The company repurchased $128 million (approximately 1.8 million) shares during fiscal 2025. The CFO expressed confidence in the company's engineering talent in August 2025. The Astra platform leverages in-house expertise in field-hardened AI hardware and compiler design.

Fiscal 2025 Financial Summary:

Metric	Amount/Value
Net Revenue	$1.074 billion
Core IoT Revenue	$272.4 million
Core IoT YoY Growth	53%
Non-GAAP Diluted EPS	$3.62
Shares Repurchased	Approx. 1.8 million
Gross Debt (End Q4 FY25)	$834.8 million

Synaptics Incorporated (SYNA) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Synaptics Incorporated over the competition as of late 2025. It's all about delivering specialized silicon that solves complex, power-constrained problems at the device edge.

Edge AI processing: Low-power, high-performance compute for IoT devices

Synaptics Incorporated is delivering intelligence directly onto the device via its Synaptics Astra™ AI-Native platform. This focus is critical because the global Edge AI market is projected to grow from $21.19 billion in 2024 to $143.06 billion by 2034 at a compound annual growth rate of 21.04%.

The SR-Series of high-performance adaptive microcontrollers units (MCUs) exemplifies this value by offering three tiers of operation:

• Performance tier reaching up to 100 GOPS.
• Efficiency tier.
• Ultra-low-power (ULP) always-on (AON) tier.

This silicon, based on an Arm Cortex-M55 core and the Arm Ethos-U55 neural processing unit (NPU), enables cognitive IoT devices. For instance, the average manufacturing company adopting edge technology realizes a 28% decrease in operational expenditures compared to deploying traditional cloud-based solutions.

Seamless connectivity: Ultra-reliable, power-efficient Wi-Fi 7 and UWB

The Veros wireless connectivity portfolio is key here, especially with the introduction of Wi-Fi 7 SoCs tailored specifically for the Internet of Things (IoT). This is a timely move, as the global Wi-Fi 6, Wi-Fi 6E and Wi-Fi 7 chipset market is forecast to reach an estimated $89.34 billion in 2030.

The value in Synaptics Incorporated's Wi-Fi 7 offering, such as the SYN4390 and SYN4384 chips, is in the specialized performance metrics:

Feature	Metric/Value
Power Consumption Reduction (vs. standard)	Up to 50% less power.
Channel Width	320 megahertz channels.
Peak Speed	Up to 5.8 Gigabits per second.
MIMO Streams	16 streams, double the capacity of Wi-Fi 6.

Furthermore, the licensing agreement signed in January 2025, which includes Ultra-Wideband (UWB) technology, is expected to be accretive to financials, adding over $40 million in annualized sales.

Multimodal sensing: Integrated touch, display, audio, and biometrics

Synaptics Incorporated leverages its heritage in human interface to offer integrated solutions that provide contextual awareness. The SR-Series MCUs are optimized for multimodal workloads using dedicated accelerators for vision, audio, and voice algorithms.

This capability translates directly into design wins, such as the fact that in Q3 FY2025, the second of the top three global OEMs switched to Synaptics' human presence detection technology solutions.

Faster time-to-market for OEMs via co-development with platform partners

The company's approach is not just about selling silicon; it's about deep integration support. Synaptics Incorporated offers deep design-in expertise, firmware modifications, and a long history of working side-by-side with Original Equipment Manufacturers (OEMs) to build tightly integrated solutions.

This strategic focus is driving significant financial momentum, particularly in the Core IoT segment, which is the engine for future growth. The Core IoT product sales grew by 53% year-over-year in Fiscal 2025, contributing to total revenue of $1.074 billion.

The long-term pipeline supports this growth trajectory:

• Core IoT pipeline expanded to over $3 billion as of Q1 FY2025.
• Management projects 25-30% compounded annual revenue growth over the next five years based on this pipeline.
• Management projected 25-30% fiscal 2026 growth specifically for the Core IoT segment.

The company's Non-GAAP diluted earnings per share increased 61% to $3.62 for the full Fiscal 2025 year.

Synaptics Incorporated (SYNA) - Canvas Business Model: Customer Relationships

You're looking at how Synaptics Incorporated builds and maintains its relationships with the companies that buy its specialized semiconductor solutions. This is critical because, as a fabless semiconductor provider, Synaptics Incorporated's success hinges on deep integration into the customer's final product.

Dedicated account management and technical support for large OEMs

Synaptics Incorporated maintains relationships characterized by high dependence on a limited number of large Original Equipment Manufacturers (OEMs). This concentration means that dedicated support is a necessity, not a luxury. For example, the termination of a key contract for mobile device solutions in Q3 2025 resulted in an 18% YoY decline in related revenue, showing the immediate impact of any relationship strain. Still, the company continues to secure major design wins with these key players; in Q3 FY2025, the second of the top three global OEMs switched to Synaptics' human presence detection technology solutions.

The relationship structure involves:

• Deep integration into OEM product roadmaps.
• Focus on retaining and expanding share within the top-tier customer base.
• Direct engagement with the second of the top three global OEMs in Q3 FY2025.

Co-development and design-in support for new product platforms

The core of the customer relationship is the co-development process, which is a major strategic asset for Synaptics Incorporated. This involves working side-by-side with OEMs to build tightly integrated solutions, extending beyond just the chip specifications to include firmware and software modifications. This holistic design approach is fundamental, especially as the company pivots toward Edge AI and IoT, where requirements are highly customized. The company's IoT design pipeline reflects this deep engagement, growing to over $3 billion.

Here is a look at the scale of the business and the inherent customer concentration risk versus the pipeline growth that these relationships fuel:

Metric	Value (FY2025)	Context
Full Year Net Revenue	$1.074 billion	Total revenue for fiscal 2025.
Core IoT Product Sales Growth	53% year-over-year	Primary driver of FY2025 growth.
Core IoT Design Pipeline	Over $3 billion	Indicates significant long-term demand from design-ins.
Revenue Impact from Single Contract Loss	18% YoY decline in related revenue (Q3 2025 event)	Illustrates high dependence on key customer continuity.

This intensive design-in work supports the launch of new platforms, such as the sampling of Wi-Fi 7 chips with customers and the ramping of new design wins.

High-touch, consultative sales model for complex semiconductor solutions

Selling complex solutions like the Astra AI-Native platform or specialized connectivity SoCs demands a high-touch, consultative model. Competitors often focus purely on silicon performance, but Synaptics Incorporated wins designs by offering system-level experience. This consultative approach is necessary to navigate fragmented development landscapes and highly customized requirements in the IoT and Edge AI markets. The process often starts with a Request for Quote (RFQ) that an assigned engineer, acting as a technical consultant, uses to build a detailed design specification. This ensures the final product meets specific performance, power, and area requirements for the customer's system.

The company is actively collaborating with content providers to develop new AI use cases for operators, which requires a consultative partnership to define the technology's application. This model helps Synaptics Incorporated simplify AI software development for customers through built-in tools, empowering them to launch products faster.

Synaptics Incorporated (SYNA) - Canvas Business Model: Channels

You're looking at how Synaptics Incorporated gets its specialized silicon and software solutions into the hands of device makers as of late 2025. The channel strategy is clearly bifurcated between direct engagement with large customers and leveraging a broad third-party network.

Direct sales force to major Original Equipment Manufacturers (OEMs).

Synaptics Incorporated sells its product solutions directly to major Original Equipment Manufacturers (OEMs) and display manufacturers. This direct route is critical for securing high-volume, strategic design wins, especially in areas like the rapidly growing Core IoT segment. For the full fiscal year 2025, Synaptics Incorporated achieved total net revenue of $1.074 billion. The Core IoT product category, which heavily relies on these OEM relationships, saw its net revenue surge by 53% year-over-year in fiscal 2025, reaching $272.4 million. This indicates strong direct channel traction for their AI-Native embedded compute and connectivity solutions.

The company's focus on Edge AI, exemplified by the October 2025 launch of the Astra™ SL2600 Series processors, is targeted directly at these major product innovators. The success of this direct channel is tied to the company's ability to offer advantages in size, power consumption, and performance over competing solutions for the OEM's final product.

Global network of distributors and sales representatives.

To reach a broader base of customers, particularly design engineers and smaller to mid-sized OEMs, Synaptics Incorporated utilizes a global network of distributors. A key development in this channel was the global distribution agreement with Mouser Electronics, announced on January 21, 2025. This partnership is designed to bring Synaptics Incorporated's AI-Native Edge IoT platform to a wider audience. Consider the scale of this partner:

• Mouser Electronics ships to over 650,000 customers.
• The distributor serves customers across 223 countries/territories.
• Mouser offers 28 support locations worldwide.

This network helps ensure early access and world-class support for Synaptics Incorporated's product portfolio, which includes evaluation kits like the SL1680. This channel supports the overall revenue base, which was $1.074 billion for fiscal 2025.

Online developer zone for the Astra™ Edge AI platform.

The Synaptics Incorporated AI Developer Zone is a critical, digitally-native channel for driving future design wins and adoption of the Astra™ Edge AI platform. This zone is positioned as a unified destination for developers to explore, build, and scale AI on Synaptics Incorporated processors. While specific developer enrollment numbers aren't public, the platform's existence is directly linked to the success of the new processor lines. For example, the Astra™ SL2610 product line, launched in October 2025, is powered by the Torq™ Edge AI platform, which is integrated with the Developer Zone. The platform provides resources to accelerate time to deployment, which is a key metric for channel effectiveness in the software/AI space.

Here's a quick look at the financial context surrounding the product lines supported by this channel:

Metric (Fiscal Year 2025 Ended June 28, 2025)	Value	Context
Total Net Revenue	$1.074 billion	Overall top-line performance.
Core IoT Product Net Revenue	$272.4 million	Product category fueled by Edge AI/Astra adoption.
Core IoT Revenue Growth (YoY)	53%	Indicates strong channel pull for IoT solutions.
Q4 Fiscal 2025 Revenue	$282.8 million	Most recent quarterly revenue reported.
Non-GAAP Gross Margin	53.6%	Reflects the profitability mix influenced by channel sales.

The developer journey within the zone moves from exploration to building with open-source SDKs and finally to deployment at scale. This digital engagement is defintely intended to feed the design pipeline that translates into future OEM sales.

Synaptics Incorporated (SYNA) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Synaptics Incorporated as of late fiscal year 2025, and the numbers clearly show where the growth engine is firing. Honestly, the revenue distribution tells a story of strategic pivot.

The Enterprise and Automotive segment remains the largest piece of the pie, bringing in $610.1 million in net revenue for fiscal year 2025. That's a 7% increase year-over-year, driven mainly by the expansion within the enterprise product portfolio, even though some softness in the automotive side acted as a slight drag.

The real momentum, though, is in Core IoT product applications. This segment is the fastest-growing, surging by 53% to generate $272.4 million in FY2025 revenue. This jump was fueled by robust demand for wireless connectivity products and included contributions from the recent Broadcom transaction.

The Mobile segment, which covers smartphones and tablets, saw a contraction. It generated $191.8 million in FY2025 revenue, marking a 9% decrease from the prior year, largely due to end-of-life shipments to a major U.S. mobile customer.

Here's the quick math on how those three segments stack up for the full fiscal year 2025:

Customer Segment	FY2025 Net Revenue (Millions USD)	Year-over-Year Change
Enterprise and Automotive	$610.1 million	7% increase
Core IoT	$272.4 million	53% increase
Mobile	$191.8 million	9% decrease

The customers within the Core IoT category are where you see the future focus, especially those building out Industrial and Smart Home devices. This group is buying into Synaptics Incorporated's push toward Edge AI connectivity.

You can expect the customer base to be heavily involved in:

• Wireless connectivity solutions for next-generation IoT devices.
• Enterprise networking gear utilizing new technologies.
• Smart home hubs and appliances.
• Automotive infotainment and control systems.
• Manufacturers requiring high-performance Wi-Fi chipsets.

The company's total net revenue for fiscal 2025 hit $1,074.3 million, up 12% overall from fiscal 2024, showing how much the Core IoT growth is offsetting the Mobile decline. Finance: draft 13-week cash view by Friday.

Synaptics Incorporated (SYNA) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Synaptics Incorporated's operations as of late 2025. Honestly, for a fabless semiconductor company like Synaptics Incorporated, the cost structure is heavily weighted toward R&D and the outsourced manufacturing pipeline.

High R&D expenditure to fuel innovation remains a top-tier cost driver. For the full fiscal year 2025, Synaptics Incorporated reported GAAP research and development expense of $346.8 million on total net revenue of $1.074 billion. This translates to an R&D spend of approximately 32.29% of FY2025 revenue, showing a continued, heavy investment in engineering talent and product roadmaps, such as the Astra platform, to maintain technological relevance.

The Cost of Goods Sold (COGS) is directly tied to the company's outsourced model. Since Synaptics Incorporated relies on external partners for wafer fabrication and assembly, COGS represents the largest variable cost component. For fiscal year 2025, the GAAP gross margin was 44.7% on revenue of $1.074 billion, meaning the implied GAAP COGS was approximately $593.982 million. This figure covers payments to foundries and assembly/test partners.

A significant non-cash cost is the Amortization of purchased intangibles from acquisitions. These costs relate to the amortization of developed technology, customer relationships, and other assets acquired in past deals. For the full fiscal year 2025, the total amortization expense for acquired intangible assets was a concrete $114.2 million. This is a direct result of their inorganic growth strategy.

Finally, Sales, General, and Administrative (SG&A) expenses cover the commercial and operational backbone. The GAAP SG&A expense for the full fiscal year 2025 totaled $180.3 million. This covers everything from sales commissions to corporate overhead.

Here's a quick look at the key GAAP expense components for the full fiscal year 2025:

Cost Category	FY2025 GAAP Amount (Millions USD)	Percentage of FY2025 Revenue
Implied COGS	$593.982	55.3% (Implied from 44.7% Gross Margin)
GAAP Research and Development	$346.8	32.29%
GAAP Selling, General, and Administrative	$180.3	16.79%
Acquired Intangibles Amortization	$114.2	10.63%

You should note the composition of the operating expenses, keeping in mind that GAAP figures include non-cash items like stock-based compensation, which Synaptics Incorporated often adjusts out for Non-GAAP reporting:

• GAAP Research and Development for Q1 FY2025 was $81.3 million.
• GAAP Selling, General, and Administrative for Q1 FY2025 was $50.0 million.
• GAAP Selling, General, and Administrative for Q2 FY2025 was $49.5 million.
• Acquisition and integration related costs for FY2025 totaled $97.5 million.

Finance: draft 13-week cash view by Friday.

Synaptics Incorporated (SYNA) - Canvas Business Model: Revenue Streams

You're looking at how Synaptics Incorporated (SYNA) actually brought in the money in fiscal year 2025. It's not just one pot; it's a few distinct buckets driving the top line, and the margins tell a story about where the focus is.

For the full fiscal year 2025, Synaptics Incorporated posted total net revenue of approximately $1.07 billion. The revenue streams are clearly segmented by the end-market application for their silicon and software solutions. Here's how that revenue broke down by product application for FY2025:

Revenue Stream	FY2025 Amount (Millions USD)
Enterprise and Automotive product sales	$610.1 million
Core IoT product sales	$272.4 million
Mobile product sales	$191.8 million

Honestly, the Enterprise and Automotive segment is the clear leader, bringing in $610.1 million for the year. That's a significant chunk of the total. You can see the momentum in the Core IoT space, too; that segment grew an impressive 53% year-over-year in fiscal 2025. That growth is definitely something to watch as they push Edge AI solutions.

The profitability on this revenue is also key. For fiscal 2025, the company reported a Non-GAAP gross margin of 53.6%. That's slightly up from 53.0% in the prior year, showing they maintained pricing power or shifted the mix favorably, even with the revenue growth. The Non-GAAP net income for that same full year was $143.9 million.

To give you a snapshot of the recent performance driving these numbers, the fourth quarter of fiscal 2025 ended June 28, 2025, saw net revenue come in at $282.8 million. More recently, the first quarter of fiscal 2026 results showed an EPS of $1.09, beating estimates. The company's guidance for the second quarter of fiscal 2026 is set between $1.00-$1.30 in EPS.

The company also used its cash flow to return capital and strengthen the balance sheet during FY2025. Here are a few financial actions taken:

• Repurchased $128 million in shares.
• Reduced gross debt by approximately 14% or $134 million.
• Institutional investors owned about 99.43% of the stock as of late 2025.

When you look at the margin structure, it helps to see the GAAP versus Non-GAAP picture for the full year:

Metric	FY2025 Value
Non-GAAP Gross Margin	53.6%
GAAP Gross Margin	44.7%
Non-GAAP Net Income	$143.9 million
GAAP Net Loss	$47.8 million

Finance: draft 13-week cash view by Friday.