Company completes fifth consecutive quarter of non-GAAP profitability and withdraws S1 filing
SANTA CLARA, Calif - Monday, December 7th 2015 [ME NewsWire]
(BUSINESS WIRE)-- eASIC Corp. (@easic), a fabless semiconductor company that delivers custom IC solutions comprising, the eASIC platform and standard ASICs, today announced that revenues for the nine months ended September 30, 2015 grew 18% over the same period in 2014. The company also reported that it had achieved record non-GAAP profitability for the third quarter of 2015 which was the fifth consecutive quarter of non-GAAP profitability.
“Our continued strong financial performance reflects our expanding customer base and the increased adoption of our custom solutions. Increasingly system OEM customers are looking to utilize custom ICs as a means of adding value to differentiate their products. This is well aligned with the eASIC mission,” said Ronnie Vasishta, eASIC President and CEO. “While we have continued to see revenue growth and increased non-GAAP profitability, we decided to withdraw our Form S-1 filing due to the low valuations seen for technology IPOs in 2015.”
Coming off a record design win quarter, eASIC has now demonstrated its ability to add value in a diverse range of end market applications such as wired and wireless infrastructure, enterprise class storage, datacenter acceleration and prosumer devices.
eASIC is a semiconductor company offering a differentiated solution that enables the rapid and cost-effective delivery of custom ICs, creating value for customers’ hardware and software systems. The eASIC solution consists of three components: the eASIC platform which incorporates a versatile, pre-defined and reusable base array and customizable single-mask layer, ASICs, delivered using either eASIC’s easicopy or standard ASIC methodologies, and eASIC’s proprietary design tools.
With innovative technology, eASIC offers the optimal combination of fast time-to-market, high performance, low power consumption, low development cost and low unit cost for our customers. eASIC is headquartered in Santa Clara, California. Investors include Khosla Ventures, Crescendo Ventures, Seagate Technology, Kleiner Perkins Caufield and Byers (KPCB) and Evergreen Partners.
Brent Przybus, 408-855-9200