Silicon Motion Q1 Revenue Soars 105% to $342.1M; Price Target Up to $250
Silicon Motion reported first-quarter revenue of $342.1 million, a 105% year-over-year increase, and non-GAAP EPS of $1.58, both surpassing expectations. Sales of Ferri and boot drive solutions surged about 755–760% while eMMC and UFS controller revenue jumped 140–145%, prompting a price target raise to $250.
1. Q1 Financial Performance
In the first quarter, Silicon Motion generated revenue of $342.1 million, representing a 105% increase from the same period last year, and reported non-GAAP earnings per share of $1.58, both exceeding consensus estimates.
2. Product Demand Surge
Sales of eMMC and UFS controllers grew by 140-145% year-over-year, while Ferri and boot drive solutions soared 755-760%, driven by strong uptake in enterprise and AI applications.
3. Analyst Price Target Raise
Roth Capital raised its price target from $140 to $250, reflecting confidence in the company’s leadership in NAND flash memory controllers and solid-state storage solutions following robust Q1 results.
4. Second-Quarter Outlook
The company forecasts second-quarter revenue growth of up to 20% over the first quarter, with improving profit margins expected to sustain momentum throughout the year.