SITM · CIK 0001451809
What SiTime Corp. told the SEC could break it.
SiTime's disclosures stack two concentrations that both run through Asia. Its revenue is highly concentrated in a few customers: distributors Arrow (26%) and Pernas (25%) each topped 10% of 2025 revenue, and Apple is its largest end customer at about 17%. As a fabless company, it outsources all of its manufacturing — wafer fabrication, assembly, packaging and testing — to third parties primarily outside the U.S., heavily weighted to Taiwan and the rest of Asia (Bosch in Germany; TSMC, UMC and ASE in Taiwan). That Asia-centric supply chain, plus shipments largely through ex-U.S. distributors, leaves it exposed to U.S.–China trade tensions, including higher semiconductor tariffs and trade restrictions.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Arrow 26%, Pernas 25% (distributors); Apple ~17% end customerhigh
SiTime's revenue is highly concentrated: distributors Arrow Electronics (26%) and Pernas Electronics (25%) each exceeded 10% of 2025 revenue, and Apple is its largest end customer at ~17% of revenue (down from ~22% in 2024).
“Customer Arrow Electronics, Inc. 26% 19% 18% Pernas Electronics Co. Ltd. 25% 24% 20% Quantek Technology Corporation * 13% 13%”
SEC filing →As of 2026
Sole-source dependency
- fully outsourced fab/assembly (Germany & Asia, Taiwan-heavy)high
SiTime is fabless and outsources ALL wafer fabrication, assembly, packaging and testing to third parties primarily outside the U.S. (Bosch in Germany; TSMC/UMC/ASE in Taiwan; OSATs in Malaysia/Thailand/Japan/Singapore), concentrating production in Taiwan and Asia.
“We operate an outsourced manufacturing business model. As a result, we rely on third parties primarily located outside the U.S. for all of our manufacturing operations, including wafer fabrication, assembly, packaging, and testing.”
Regulatory & policy
- US-China trade tensions / semiconductor tariffs & export restrictionsmedium
Ongoing US-China trade tensions have produced higher tariffs on certain semiconductor products and increased trade restrictions, exposing SiTime's Asia-centric supply chain and ~93% ex-US distributor shipments to trade-policy risk.
“trade and foreign exchange restrictions and higher tariffs, including the ongoing trade tensions between the U.S. and China that has resulted in higher tariffs on certain semiconductor products and increased trade restrictions;”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Customer Arrow Electronics, Inc. 26% 19% 18% Pernas Electronics Co. Ltd. 25% 24% 20% Quantek Technology Corporation * 13% 13%”
Cited →Pernas Electronics Co. Ltd.
“Customer Arrow Electronics, Inc. 26% 19% 18% Pernas Electronics Co. Ltd. 25% 24% 20% Quantek Technology Corporation * 13% 13%”
Cited →“are in turn incorporated into products of Apple Inc. (“Apple”), our largest end customer. As a result, we believe revenue attributable to our largest end customer accounted for approximately 17%, 22%, and 21% of our revenue for the years ended December 31, 2025, 2024, and 2023, respectively.”
Cited →
Its suppliers
Hana Semiconductor (Ayutthaya) Co., Ltd
“we use third-party contractors for packaging, assembly, and testing, including Advanced Semiconductor Engineering, Inc. (“ASE”) in Taiwan, Carsem (M) Sdn Bhd. (“Carsem”) in Malaysia, United Test and Assembly Center Ltd. (“UTAC”) in Thailand, Hana Semiconductor (Ayutthaya) Co., Ltd in Thailand, Daishinku Corp. (“Daishinku”) in Japan, and STATS ChipPAC Pte Ltd. in Singapore.”
Cited →United Microelectronics Corporation
“We use Robert Bosch LLC (“Bosch”) in Germany, Taiwan Semiconductor Manufacturing Company (“TSMC”) and United Microelectronics Corporation ("UMC") in Taiwan, and Teledyne Digital Imaging Inc. ("Teledyne") in Canada as our primary foundries and suppliers for our MEMS timing devices and analog mixed-signal circuit ICs.”
Cited →Taiwan Semiconductor Manufacturing Company
“We use Robert Bosch LLC (“Bosch”) in Germany, Taiwan Semiconductor Manufacturing Company (“TSMC”) and United Microelectronics Corporation ("UMC") in Taiwan, and Teledyne Digital Imaging Inc. ("Teledyne") in Canada as our primary foundries and suppliers for our MEMS timing devices and analog mixed-signal circuit ICs.”
Cited →United Test and Assembly Center Ltd. (UTAC)
“we use third-party contractors for packaging, assembly, and testing, including Advanced Semiconductor Engineering, Inc. (“ASE”) in Taiwan, Carsem (M) Sdn Bhd. (“Carsem”) in Malaysia, United Test and Assembly Center Ltd. (“UTAC”) in Thailand, Hana Semiconductor (Ayutthaya) Co., Ltd in Thailand, Daishinku Corp. (“Daishinku”) in Japan, and STATS ChipPAC Pte Ltd. in Singapore.”
Cited →ASE Technology Holding (Advanced Semiconductor Engineering)
“we use third-party contractors for packaging, assembly, and testing, including Advanced Semiconductor Engineering, Inc. (“ASE”) in Taiwan, Carsem (M) Sdn Bhd. (“Carsem”) in Malaysia, United Test and Assembly Center Ltd. (“UTAC”) in Thailand, Hana Semiconductor (Ayutthaya) Co., Ltd in Thailand, Daishinku Corp. (“Daishinku”) in Japan, and STATS ChipPAC Pte Ltd. in Singapore.”
Cited →Robert Bosch LLC
“We have a supply agreement with Bosch under which Bosch has agreed to fabricate our MEMS wafers based on purchase orders placed by us.”
Cited →Daishinku Corp.
“we use third-party contractors for packaging, assembly, and testing, including Advanced Semiconductor Engineering, Inc. (“ASE”) in Taiwan, Carsem (M) Sdn Bhd. (“Carsem”) in Malaysia, United Test and Assembly Center Ltd. (“UTAC”) in Thailand, Hana Semiconductor (Ayutthaya) Co., Ltd in Thailand, Daishinku Corp. (“Daishinku”) in Japan, and STATS ChipPAC Pte Ltd. in Singapore.”
Cited →Teledyne Digital Imaging Inc. (Teledyne Technologies)
“We use Robert Bosch LLC (“Bosch”) in Germany, Taiwan Semiconductor Manufacturing Company (“TSMC”) and United Microelectronics Corporation ("UMC") in Taiwan, and Teledyne Digital Imaging Inc. ("Teledyne") in Canada as our primary foundries and suppliers for our MEMS timing devices and analog mixed-signal circuit ICs.”
Cited →Carsem (M) Sdn Bhd.
“we use third-party contractors for packaging, assembly, and testing, including Advanced Semiconductor Engineering, Inc. (“ASE”) in Taiwan, Carsem (M) Sdn Bhd. (“Carsem”) in Malaysia, United Test and Assembly Center Ltd. (“UTAC”) in Thailand, Hana Semiconductor (Ayutthaya) Co., Ltd in Thailand, Daishinku Corp. (“Daishinku”) in Japan, and STATS ChipPAC Pte Ltd. in Singapore.”
Cited →STATS ChipPAC Pte Ltd.
“we use third-party contractors for packaging, assembly, and testing, including Advanced Semiconductor Engineering, Inc. (“ASE”) in Taiwan, Carsem (M) Sdn Bhd. (“Carsem”) in Malaysia, United Test and Assembly Center Ltd. (“UTAC”) in Thailand, Hana Semiconductor (Ayutthaya) Co., Ltd in Thailand, Daishinku Corp. (“Daishinku”) in Japan, and STATS ChipPAC Pte Ltd. in Singapore.”
Cited →
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