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An analogy for Silicon Laboratories (SLAB) could be:

• Qualcomm for the Internet of Things: Like Qualcomm provides the core wireless connectivity chips and software that power most smartphones, Silicon Labs does the same for a vast array of smart home, industrial, and other IoT devices, enabling them to communicate wirelessly.

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• Wireless SoCs and Modules: Integrated circuits and complete modules that provide multi-protocol wireless connectivity solutions for a wide range of Internet of Things (IoT) devices.
• Microcontrollers (MCUs): Low-power, high-performance microcontrollers designed for embedded applications, often complementing their wireless solutions in IoT systems.
• Development Tools and Software: A comprehensive suite of hardware and software development kits, integrated development environments (IDEs), and SDKs to accelerate the design and deployment of IoT applications.

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Silicon Laboratories (SLAB) - Major Customers

Silicon Laboratories (SLAB) is a public company that primarily sells its semiconductor products and software to other companies (B2B), rather than directly to individual consumers.

Based on the company's public filings, including its latest Form 10-K, Silicon Laboratories does not disclose specific "major customers" by name. This is because no single customer accounts for 10% or more of the company's net revenues, which is the threshold for mandatory disclosure by the U.S. Securities and Exchange Commission (SEC). This indicates a diversified customer base.

Instead of specific named companies, SLAB's customer base is broadly comprised of manufacturers and developers who integrate SLAB's wireless, microcontroller, and sensor solutions into their end products across various segments of the Internet of Things (IoT) market. The primary categories of these customer companies include:

• Smart Home & Consumer IoT Manufacturers: These companies produce connected devices for homes and personal use, such as smart thermostats, lighting systems, security devices, voice assistants, health and fitness trackers, and other wearables. They integrate SLAB's chips for wireless connectivity (e.g., Zigbee, Thread, Bluetooth, Wi-Fi) and processing capabilities in their products.
• Industrial & Commercial IoT Manufacturers: This category includes businesses that develop solutions for industrial automation, smart buildings, smart cities, and asset tracking. They are manufacturers of industrial sensors, smart meters, building management systems, and other infrastructure equipment that utilize SLAB's technology for robust and secure IoT deployments.
• Medical & Healthcare IoT Manufacturers: These companies focus on creating connected healthcare devices, remote patient monitoring systems, and medical wearables. SLAB's secure and low-power wireless solutions are used in devices requiring reliable data transmission and long battery life in healthcare applications.

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• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• United Microelectronics Corporation (UMC)
• GLOBALFOUNDRIES (GFS)

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Matt Johnson, President and Chief Executive Officer

Matt Johnson became the President and CEO of Silicon Labs in January 2022, after joining the company in 2018 to lead its Internet of Things (IoT) business unit. Prior to his time at Silicon Labs, he held leadership positions at NXP Semiconductors, Freescale Semiconductor, and Fairchild Semiconductor. Under his leadership, Silicon Labs has focused solely on IoT technology solutions, following the divestiture of its infrastructure and automotive businesses in July 2021.

Dean Butler, Senior Vice President and Chief Financial Officer

Dean Butler joined Silicon Labs as Senior Vice President and Chief Financial Officer in May 2024. Before this role, he served as Senior Vice President and CFO at Synaptics, and held financial leadership positions at Marvell Technology, Broadcom, and Maxim Integrated. Butler has expertise in capital markets, including completing over $10 billion in M&A transactions.

Daniel Cooley, Senior Vice President, Technology & Product Development and Chief Technology Officer

Daniel Cooley has served as Chief Technology Officer and Senior Vice President for Technology and Product Development at Silicon Labs since April 2021, overseeing the company's research and development strategy. He joined Silicon Labs in 2005 and has held various engineering and business leadership roles, including Senior Vice President and Chief Strategy Officer, and Senior Vice President and General Manager of the IoT business. Cooley has been instrumental in building the company's wireless connectivity portfolio and has been involved in M&A activities, such as the acquisition of Redpine Signals. He holds multiple patents in radio and low-power technology.

Sharon Hagi, Chief Security Officer

Sharon Hagi serves as the Chief Security Officer of Silicon Labs, a position he has held since joining the company in 2019. He is responsible for cybersecurity strategies and best practices for advanced security technologies. With over 25 years of experience in the cybersecurity industry, Hagi previously served as Vice President of Security at Ethoca and Chief Technology Strategist at IBM Security. He holds patents in information security and applied machine learning.

Bob Conrad, Senior Vice President, Worldwide Operations

Bob Conrad was appointed Senior Vice President of Worldwide Operations at Silicon Labs in April 2024, transitioning from his prior role on the company's Board of Directors. He brings over 40 years of experience in the semiconductor industry, having held leadership positions at companies such as Texas Instruments, Analog Devices, Trevia Networks, Fairchild Semiconductor, Freescale, and NXP Semiconductors.

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The key risks to Silicon Laboratories' (SLAB) business include the cyclical and competitive nature of the semiconductor industry, dependence on third-party manufacturing and susceptibility to supply chain disruptions, and financial risks related to debt and achieving consistent profitability.

1. Cyclical and Competitive Semiconductor Industry: Silicon Laboratories operates within the semiconductor industry, which is inherently cyclical and subject to significant fluctuations in demand and supply. This environment is also characterized by intense competition, particularly from larger semiconductor firms, which can impact Silicon Labs' market share and pricing power. The company's financial performance can be affected by these industry cycles and competitive pressures.
2. Dependence on Third-Party Manufacturing and Supply Chain Disruptions: The company relies heavily on raw materials and components sourced from various global regions and utilizes third-party vendors for manufacturing, assembly, and testing. This dependence exposes Silicon Labs to substantial risks of supply chain disruptions, which can stem from natural disasters, geopolitical tensions, logistical challenges, or capacity constraints among its vendors. Such disruptions can lead to production delays, shortages, and an inability to meet customer demand, thereby negatively impacting sales and customer relationships.
3. Financial Risks and Profitability Challenges: Silicon Laboratories faces notable financial risks, including those related to potential borrowings under its credit agreement and its ability to meet debt obligations. These obligations are contingent on future performance, which is influenced by broader economic conditions and industry cycles beyond the company's control. Additionally, despite experiencing revenue growth, the company has reported operating losses, highlighting ongoing challenges in balancing growth initiatives with achieving consistent profitability. Breaches of credit facility covenants without waivers could also lead to immediate demands for outstanding debt payments.

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Silicon Laboratories (SLAB) primarily focuses on providing secure, intelligent wireless technology for the Internet of Things (IoT) market, including microcontrollers (MCUs), wireless system-on-chips (SoCs), and modules.

For their main products and services within the IoT sector, the estimated global addressable market is projected to be approximately $13.2 billion in 2023, with a forecasted growth to $17.4 billion by 2025. This represents the Edge IoT Market Growth, which Silicon Labs aims to capture with its offerings.

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Expected Revenue Growth Drivers for Silicon Laboratories (SLAB)

1. Strong Demand in Industrial and Commercial IoT: Silicon Labs anticipates continued momentum and robust demand within its industrial and commercial Internet of Things (IoT) business. Key areas contributing to this growth include smart building controls, commercial lighting, access points, and particularly smart meters, with significant deployments, such as India's Smart Electric Metering Initiative, driving substantial unit shipments.
2. Expansion in the Home & Life Segment, especially Connected Health: The company expects ongoing growth in smart home applications and a notable increase in its medical customer base. Continuous glucose monitoring (CGM) solutions are a significant contributor, projected to account for nearly 10% of total revenue within 12 to 18 months, driven by new programs and expanding market share.
3. New Wireless Solutions and Design Wins: Silicon Labs is poised for growth through continuous innovation and the successful ramp of new wireless solutions and design wins. This includes advanced Series 2 and upcoming Series 3 wireless SoCs, along with new development tools like Studio 6 and Simplicity AI SDK, which streamline development and enable customers to leverage Agentic AI. The company is actively securing design wins in connected healthcare, smart metering, and commercial retail.
4. Emerging Opportunities in Active Wireless Asset Tracking: An accelerating demand for active wireless asset tracking presents a significant future growth opportunity. Silicon Labs' latest solutions, featuring advanced radio location capabilities, enable real-time beaconing with high accuracy and ultra-long battery life, providing a cost-effective alternative to traditional tracking methods.

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Share Repurchases

• Silicon Laboratories repurchased over $2 billion in shares since the divestiture of its Infrastructure & Automotive business in April 2021.
• As of November 2022, a share repurchase program had a remaining authorized amount of $300 million, which was in effect until December 30, 2023.
• On January 25, 2024, the board of directors authorized a new $100 million share repurchase plan, valid through the end of 2024.

Share Issuance

• In May 2024, Silicon Labs issued approximately 0.9 million shares to settle the in-the-money component of its 2025 convertible notes.
• In the second quarter of 2025, proceeds from the issuance of common stock amounted to $7.6 million.

Outbound Investments

• In the third quarter of 2025, Silicon Labs expanded its strategic partnership with GlobalFoundries (GF) to advance next-generation, energy-efficient wireless technologies and scale U.S.-based semiconductor manufacturing.
• The company has a long-term M&A focus, having integrated approximately $1.0 billion in acquisitions since 2007, positioning it to continue strategic acquisitions.