Syntiant (SYTN) Registration filing summary

Company overview and business model

• Designs and sells ultra-low-power neural decision processors (NDPs), MEMS microphones, and AI software for on-device “Physical AI” applications across consumer, automotive, industrial, and medical markets.

• Offers a full-stack platform integrating custom silicon, sensors, and AI models, enabling always-on, real-time inference at the edge.

• Acquired Knowles’ Consumer MEMS Microphone business in December 2024, expanding its sensor portfolio and customer base.

• Technology deployed in tens of millions of devices; shipped over 25 billion sensors as of June 30, 2026.

• Sells through a global sales force, with products embedded in customer architectures, creating high switching costs.

Financial performance and metrics

• Revenue for the six months ended June 30, 2026: $131.6M (down 2.5% YoY); 2025: $271.8M (up from $13.6M in 2024 due to the Knowles acquisition).

• Gross margin for the six months ended June 30, 2026: 18.1%; 2025: 19.7%.

• Net loss for the six months ended June 30, 2026: $30.6M; 2025: $60.9M; accumulated deficit as of June 30, 2026: $225.2M.

• Adjusted EBITDA for the six months ended June 30, 2026: $(14.4)M; 2025: $(15.8)M.

• Significant customer concentration: top 10 customers accounted for 72% of revenue in the first half of 2026.

Use of proceeds and capital allocation

• Net proceeds will be used to repay the 2024 Seller Note, for working capital, R&D, general corporate purposes, and potential acquisitions.

• Management has broad discretion over use of proceeds; no specific acquisition agreements in place.