Q2 2026 Cirrus Logic Inc Earnings Call Transcript
Key Points
- Cirrus Logic Inc (CRUS) delivered record September quarter revenue of $561 million, driven by strong demand for smartphone components.
- The company experienced strong demand for its latest generation custom-boosted amplifier and 22-nanometer smart codec, enhancing power efficiency and audio quality.
- Cirrus Logic Inc (CRUS) is expanding its presence in the PC market, securing its first mainstream consumer design expected to ship next year.
- The company is diversifying revenue with high-performance mixed-signal solutions, particularly in camera controllers and battery performance.
- Cirrus Logic Inc (CRUS) maintains a strong balance sheet with $896 million in cash and investments and no debt outstanding.
- The company faces softness in the Android space, impacting revenue from non-flagship customers.
- Higher inventory reserves partially offset the increase in gross margin.
- Non-GAAP operating expenses increased sequentially due to higher variable compensation and product development costs.
- The contribution from non-flagship customer revenue was lower than anticipated.
- The company is still in the early stages of ramping up its PC business, with significant revenue from AI PC products not expected immediately.
Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic second-quarter fiscal year 2026 financial results Q&A session. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.
I would now like to turn the conference call over to Ms. Chelsea Heffernan, Vice President of Investor Relations. Ms. Heffernan, you may begin.
Thank you, and good afternoon. Joining me on today's call is John Forsyth, Cirrus Logic's Chief Executive Officer; and Jeff Woolard, our Chief Financial Officer. Today, at approximately 4:00 PM Eastern Time, we announced our financial results for the second quarter of fiscal '26. The shareholder letter discussing our financial results, the earnings press release, and the webcast of this Q&A session are all available at the company's Investor Relations website. This call will feature questions from the analysts covering our company.
Additionally, the results and guidance we will discuss
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