Achronix Announces Record Second Quarter 2021 Financial Results and Business Highlights

Santa Clara, Calif., July 21, 2021 – Achronix Semiconductor Corporation, a leader in high-performance field-programmable gate arrays (FPGAs) and embedded FPGA (eFPGA) IP, today announced financial results for the second quarter of 2021, ending June 30, 2021.

Financial Highlights:

• Revenue increased to $34.7 million from $13.9 million in the second quarter of 2020.
• Gross margin expanded to 82%, compared to 80% in the prior year's quarter.
• GAAP operating expenses were $17.3 million, which included $4.1 million in deferred offering costs.
• GAAP net income improved to $12.2 million, or $0.26 per diluted share, compared to a net loss of $0.3 million, or ($0.05) per share, in the second quarter of 2020.
• Non-GAAP net income was $12.0 million, or $0.25 per diluted share, compared to a net income of $0.3 million, or $0.04 per diluted share, in the year-ago quarter.
• Cash, cash equivalents and restricted cash increased to $45.8 million.

Business Highlights:

• Continued customer sample shipments of latest Speedster®7t high-performance data acceleration FPGAs.
• Began shipping VectorPath™ PCIe form factor acceleration cards that include new 7nm Speedster 7t1500 FPGA devices.
• Announced a partnership with Napatech to create solutions that combine Speedster7t FPGAs with Napatech's software to deliver the optimal mix of price, performance, power and feature set for SmartNIC designs.
• Closed new Speedcore™ eFPGA contract in the Fintech market segment and shipped Speedcore IP for first automotive application.

Robert Blake, Achronix’s President and Chief Executive Officer commented, “We continued to build on our strong first quarter results by posting 16% sequential revenue growth in the second quarter, driven by increased customer demand for our Speedster FPGAs. We are seeing strong design activity for our latest Speedster and Speedcore IP products across multiple market segments, including data center networking, high-performance cloud computing and automotive to name a few. Also during the quarter, we continue to rollout shipments of customer samples on our Speedster7t FPGAs and VectorPath acceleration cards. Testing of these new devices is going well as we work to bring multiple variants of the family to market and advance toward production shipments by year-end.”

Blake concluded by stating, “With the strong momentum we have generated across our business and the significant growth opportunities that lie ahead, we believe Achronix is well positioned for a public market debut and remain focused on driving growth and profitability in the quarters and years ahead.”

Financial Tables

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About Achronix Semiconductor Corporation

Achronix Semiconductor Corporation is a fabless semiconductor corporation based in Santa Clara, California, offering high-end FPGA-based data acceleration solutions, designed to address high-performance, compute-intensive and real-time processing applications. Achronix is the only supplier to have both high-performance and high-density standalone FPGAs and licensed eFPGA solutions. Achronix FPGA and eFPGA IP offerings are further enhanced by ready-to-use accelerator cards targeting AI, machine learning, networking and data center applications. All Achronix products are fully supported by a complete and optimized range of Achronix software tools called ACE, which enables customers to quickly develop their own custom applications. Achronix has a global footprint, with sales and design teams across the U.S., Europe and Asia. For more information, please visit www.achronix.com.