Q1
2024
REPORTContents
03
About
Espressif
04
Business 04 Key Financial Data (Unaudited)
Highlights
04 Financial Indicators (Unaudited)
05 Financial Analysis
06
Management 06 Business Strategy 11 Developer Community Content
Report
07 Core Technologies 12 Business Model
08 Key Products - IoT Chips 14 Ownership of Securities
09 Key Products - Product Map 15 Risks and Uncertainties
10 Market
16
Consolidated 16 Consolidated 19 Consolidated Cash Flow
Financial Balance Sheet Statement
Statements
(Unaudited) 18 Consolidated
Income Statement
20
Further 20 Terms and Conditions
Information of the Report
21 List of abbreviationsESPRESSIF SYSTEMS | Q1 2024 REPORT | AFABCOTUST A EBSOPURTE SESIPFRESSIF
About Espressif
Espressif Systems is a public multinational fabless semiconductor company focused on developing cutting-edge
wireless-communication low-power chipsets. By leveraging wireless computing we provide green versatile and
cost-effective AIoT solutions. We have accomplished a hardware-and-software closed-loop development cycle for a
series of core technologies including RF Wi-Fi & Bluetooth LE network protocol stacks RISC-V MCUs AI instruction
sets and algorithms operating systems toolchains compilers IoT software application frameworks Cloud etc.We have a diverse team of engineers from around the world. All company branches employ about 630 members of
staff from almost 30 countries and regions +78% of whom are based in our Research & Development Department.We have eight R&D centers in five countries including China (4 out of 8) India the Czech Republic Brazil and
Singapore. The company’s increasing reputation in recent years has been instrumental in attracting talented
engineers from across the world. Being united by our passion for technology our diversity is our strength as it
allows the creative blending of different kinds of knowledge perspectives and ways of thinking.global Wi-Fi MCU over 1 billion global millions of
market leader IoT chip shipments developers
Our R&D Centers
China
Shanghai Hefei
Suzhou Wuxi
Brazil India
Campinas Pune
Czech Singapore
Republic
Brno
3ESPRESSIF SYSTEMS | Q1 2024 REPORT | BUSINESS HIGHLIGHTS (UNAUDITED)
Business Highlights (Unaudited)
Key Financial Data (Unaudited)
Three Months Ended Fiscal Year
CNY March 31 2024 March 31 2023 2023
Consolidated Statement of Income Data
Revenue 387191412 318117442 1433064911
Gross profit 162367542 129518046 581248531
Selling expenses 12852562 12172902 52583650
General and administrative expenses 14871808 13915033 61618348
Research and development expenses 103846179 85483014 403713557
Net income 53915482 31087430 136204637
Earnings per share:
Basic 0.6849 0.3884 1.7012
Diluted 0.6849 0.3884 1.6929
March 31 2024 December 31 2023
Consolidated Balance Sheet Data
Cash cash equivalents and financial investments 1283096284 1397511953
Working capital 981931095 999068356
Total assets 2147991446 2203800366
Long-term obligations 85445197 74166946
Total shareholders’ equity 1882489321 1913000228
Three Months Ended Fiscal Year
March 31 2024 March 31 2023 2023
Consolidated Cash Flow Data
Net cash provided by operating activities -12008662 33293443 302597343
Non-GAAP Adjustment
Stock-based compensation 6401427 2624367 18737416
Non-GAAP net income 60316910 33711797 154942053
Key Financial Indicators (Unaudited)
Three Months Ended Fiscal Year
March 31 2024 March 31 2023 2023
Gross margin 41.93% 40.71% 40.56%
R&D-to-sales ratio 26.82% 26.87% 28.17%
EBITDA margin 16.00% 10.82% 10.01%
Weighted ROE 2.85% 1.69% 7.14%
4ESPRESSIF SYSTEMS | Q1 2024 REPORT | BUSINESS HIGHLIGHTS (UNAUDITED)
Financial Analysis
Espressif’s total revenue in the first quarter of the current fiscal year (2024) was CNY 387.19 million marking an
increase of 21.71% from CNY 318.12 million in the first quarter of 2023 due to the expansion of product categories.Therefore the net income was CNY 53.92 million which marked an increase of 73.43% year-on-year mainly due to
the increase of revenue.The overall gross margin was 41.93% and remained stable. Customers in China’s mainland prefer purchasing chips
while customers from the rest of the world and their OEM or ODM in China’s mainland prefer modules. We keep the
chip gross margin at a reasonable level in order to support our future R&D expenditure.Revenue by Revenue by Sales Top-5 Customer
Area in Q1 2024 Mode in Q1 2024 Concentration Rate 2020 - Q1 2024
42.2%
29.0%
26.4%28.1%28.6%
72.3%69.1%
China's Rest of Direct Indirect 2020 2021 2022 2023 Q1 2024
Mainland the World
Revenue by Product Category in Q1 2024
Chip Module Others
Q1 2024 42.7% 56.7% 0.6%
Q1 2023 34.2% 64.6% 1.2%
Key Financial Indicators in Q1 2024
Q1 2023 Q1 2024
48.4%47.1%
40.7%41.9%
36.7%38.1%
26.9%26.8%
16.0%
10.8%
8.2%7.2%
Overall GM Chip GM Module GM EBITDA SG&A as % of R&D as % of
Margin sales sales
5ESPRESSIF SYSTEMS | Q1 2024 REPORT | MANAGEMENT REPORT
Management Report
Business Strategy
Espressif Systems’ business strategy emanates from our service/product areas and our engagement with the
developer ecosystem.Our product and service areas include AIoT chips OS-level development environments software tools application
solutions and value-added services such as Cloud and Matter. The above-mentioned products ensure that we are
in the heart of numerous commercial AIoT applications in different markets including smart home consumer
electronics industrial automation healthcare etc.Products Solutions Value-added services
SoCs Cloud HMI Smart Audio service
Displays Solutions
Modules
Matter
Face Low-Power Solution
Recognition Solutions
DevKits … …
OS-level development environments & software tools
Customers
Brands OEM/ODMs Module Houses Solution providers Makers
6ESPRESSIIF SYSTEMS || Q1 2024 REPORT || MANAGEMENT REPORT
Core Technologies
SoCs AI
AFE (Audio Front-End) AlgorithmsESP8266 ESP32 ESP32-S ESP32- qualified as a “Software Audio Front-EndC ESP32-H and ESP32-P Series Solution” for Amazon Alexa Built-in devices.Espressif offers integrated reliable and 3A Audio Algorithms
energy-efficient SoCs for Wi-Fi including Acoustic Echo Cancelation (AEC)
Bluetooth Low Energy Thread and Zigbee Audio Noise Suppression (ANS) and
to various segments of the IoT market. Automatic Gain Control (AGC) which
significantly reduce noise and echo in calls
keeping high-quality voice intercoms stable at
all times.OS
ESP-IDF Cloud
Espressif’s official IoT Development
Framework.ESP RainMaker
It provides a self-sufficient SDK for any A comprehensive development-free and
generic application-development on these maintenance-free AIoT solution for private
platforms using programming languages such Cloud deployment.as C and C++.It is an all-inclusive solution that covers
ESP-IDF currently powers millions of devices everything from the underlying chip to device
in the field and enables building a variety of firmware third-party voice-assistant
network-connected products ranging from integrations mobile apps and the dashboard.simple light bulbs and toys to major appliances
and industrial devices. Customers can build their own AIoT devices
and ecosystem with ESP RainMaker.Software
With our open-source software Matter
such as Espressif's IoT
Development Framework ESP-IDF One-stop Matter Solution
Audio Development Framework This is the culmination of
ESP-ADF Mesh Development Espressif’s ongoing contribution to
Framework ESP-MDF Cloud the Matter platform in various
Connectivity Platform ESP areas including protocol
RainMaker Facial Recognition formulation core stack
Development Framework ESP- implementation and certification
WHO and Voice-Controlled test events.Assistant ESP-Skainet we have
developed a framework for building
AIoT applications which is both
complete and innovative. 7ESPRESSIF SYSTEMS | Q1 2024 REPORT | MANAGEMENT REPORT
Key Products - AIoT Chips
Espressif is recognized as a market leader in the field of Wi-Fi MCUs. We released our first Wi-Fi MCU in 2014 and
our first Wi-Fi/Bluetooth LE combo chip in 2016. In 2020 we successfully developed our own RISC-V MCU core
adding it to our product portfolio while in 2021 we released our first Thread/Zigbee/Bluetooth LE 5 combo chip and
a 2.4GHz Wi-Fi 6 chip. In 2022 we released our first 2.4 & 5GHz Wi-Fi 6 chip. In 2023 we revealed ESP32-P4 a
dual-core RISC-V MCU expanding the current portfolio to address the high-performance computation needs of IO-
Rich HMI and AIoT applications. In 2024 we announced ESP32-H4 a low-power SoC with 802.15.4 & Bluetooth 5.4
(LE) which caters to increasing demands for low-power wireless devices boasting significant upgrades in power
consumption connectivity features and memory expansion capabilities.In fact we have been constantly diversifying our product portfolio introducing new solutions through our numerous
investments. Thus we now have various product lines in the main short- and medium-range connectivity
technologies and our product range has expanded to AIoT SoCs. Our core technologies are self-developed
including connectivity IPs RF components RISC-V IPs software frameworks tools AI functions etc.We also provide IoT modules based on our chips. The benefit for customers is that they can get direct support from
us shortening and optimizing their supply chain even in case of chip shortages.Key Technologies
Medium Range Short Range
Wi-Fi 6E Bluetooth 5.4 (LE) Thread
5GHz Wi-Fi 6 Bluetooth 5.3 (LE) Zigbee
Connectivity 2.4GHz Wi-Fi 6 Bluetooth 5.2 (LE)
Wi-Fi 4 Bluetooth 5 (LE)
Bluetooth 4.2
RISC-V MCU AI Multimedia
32-bit Single-Core 96MHz Voice Wake-up H.264 Encoder
32-bit Single-Core 120MHz Offline Voice Commands
32-bit Single-Core 160MHz Face and Object Recognition
Computing 32-bit Single-Core 240MHz
32-bit Dual-Core 400MHz AI
32-bit Multiple-Core
Technical Breadth
In progress
8
Technical DepthESPRESSIF SYSTEMS | Q1 2024 REPORT | MANAGEMENT REPORT
Key Products - Product Map
ESP 32 ESP32 - S3 AI ESP32 - P4 AI
32-bit Xtensa MCU 32-bit Xtensa MCU 32-bit RISC-V MCU
H.264 encoding
High- ESP32 -S2 ESP32 -H4
Performance 32-bit Xtensa MCU 32-bit RISC-V MCU
ESP 8266 ESP32 - C2 ESP32 -H2 ESP32 - C5
32-bit Tensilica MCU 32-bit RISC-V MCU 32-bit RISC-V MCU 32-bit RISC-V MCU
Cost-
Effective
ESP32 - C3 ESP32 - C6
32-bit RISC-V MCU 32-bit RISC-V MCU
Classic Relatively New New
9ESPRESSIF SYSTEMS | Q1 2024 REPORT | MANAGEMENT REPORT
Market
The market for wireless SoCs is truly diverse including applications for smart homes (e.g. smart lights air
conditioners ovens coffee machines etc.) consumer electronics (e.g. smart speakers drones etc.) industrial
automation (e.g. mechanical arms) smart agriculture (e.g. soil PH detector CO2 detector etc.) healthcare (e.g.monitoring devices for diabetes blood pressure etc.) energy control (solar energy devices EV chargers etc.) the
internet of vehicles (OBD devices dashboards etc.) and education (talking pens interactive whiteboards etc.).We seem to be witnessing an economic recovery with both new and existing customers showing growth in
business. At the same time we have also seen the emergence of applications in new areas such as beauty
devices. After experiencing the low point of 2023 clients in the new energy sector have also begun to show signs of
recovery.Consumer Industrial Smart
Smart Home
Electronics Automation Agriculture
Smart Ovens Smart Speakers Mechanical Arms Soil PH Detector
Energy Internet of
Healthcare Management Vehicles Education
Smart Solar Intelligent
Medical Detectors Talking Pens
Panels instrument panel
10ESPRESSIF SYSTEMS | Q1 2024 REPORT | MANAGEMENT REPORT
Developer Community Contents
ITEM Mar 31 2024 Dec 31 2023 change
GitHub (Worldwide open-source development platform)
ESP32 Projects 64000 59100 4900
ESP8266 Projects 44800 43700 1100
Gitee (Chinese open-source development platform)
ESP32 Projects 3379 3153 226
ESP8266 Projects 2123 2068 55
CSDN (Chinese Tech-blog platform) [1]
Search results for ESP32 / 121840
Search results for ESP8266 / 48213
Hackaday (open-source hardware platform)
ESP32 projects 5859 5691 168
ESP8266 projects 6277 6252 25
ESP32 group members 81000 76046 4954
ESP8266 group members 62000 60961 1039
bilibili (Chinese video-sharing platform)
Official account followers 31672 30261 1411
Official account views 1001858 942075 59783
YouTube
Official account subscribers 20000 18800 1200
Official account views 1033166 968573 64593
ESP32 community videos [2] >1000000 819109
ESP8266 community videos [3] >1000000 872026
Views of most watched ESP32 community video ～ 4.2m ～ 4.1m ～ 0.12m
Views of most watched ESP8266 community video ～ 1.7m ～ 1.7m ～ 0.03m
N.B.：
Statistical data derived from different platforms may be based on different collecting methods. It is possible for certain platforms to modify their algorithms from time to
time and therefore impact the resulting statistical data. The above-mentioned data resulted from the Company’s research at the end of each quarter reported here
unless otherwise stated.The search results of the keyword "ESP32" include the ESP32 series ESP32-C series ESP32-S series and ESP32-H series.[1] Due to the unpredictable adjustments in CSDN search results which have rendered them non-comparable over time we have ceased tracking this data.[2] [3] As the quantity of YouTube videos pertaining to ESP32 and ESP8266 surpasses the maximum retrieval limit of 1000000 imposed by our API we have
suspended the updating of this dataset
11ESPRESSIF SYSTEMS | Q1 2024 REPORT | MANAGEMENT REPORT
Business Model
Business-to-Developer-to-Business (B2D2B)
Espressif has deployed the Business-to-Developer type of marketing not only because it has gained prominence in
recent years but also because it has proven to be more effective since the influence of developers on organizations
of all sizes has gained traction. In other words most developers are R&D employees in various companies and bring
forth business opportunities from the companies they work for.This way the developer ecosystem we have created at Espressif demonstrates how the value of networks can grow
exponentially:
* The more developers we attract as customers the more hardware and software solutions we generate.* The more successful hardware and software solutions we create the more our reputation spreads with positive
feedback from happy customers/developers.* The above-mentioned interaction between people in our network prompts the creation of more content which -in
turn- attracts more users/developers searching for new content.* Likewise other third-party development platforms join our ecosystem and bring in new developers as our
influence continues to grow.Having successfully applied the B2D2B model Espressif can now focus on R&D investments while maintaining a
small business team that supports a large number of customers directly. In fact most of our revenue is gained
through direct sales.
12ESPRESSIF SYSTEMS | Q1 2024 REPORT | MANAGEMENT REPORT
Books about ESP Products
More than 200 books on how to use ESP products can be found in the developer community and cover over a
dozen languages.TEXT
TEXT 13ESPRESSIF SYSTEMS | Q1 2024 REPORT | MANAGEMENT REPORT
Ownership of Securities
Basic information of securities
Share types Ordinary share
Share capital 80789724 (as of Mar 31 2024)
Listing Shanghai Stock Exchange (SSE)
Ticker 688018.SH
Listing Date 2019-07-22
Shareholder Structure as of Mar 31 2024
Shareholder Share Numbers Percentage (%)
Espressif (Hong Kong) Investment Ltd. 33047244 40.91
Shinvest Holding Ltd. 2226179 2.76
Hong Kong Securities Clearing Company Limited 1418937 1.76
Wisdomshire Asset Management Co. Ltd. - Wisdomshire Youfu
Private Equity Securities Investment Fund No.1 1203899 1.49
Ningbo Meishan Free Trade Port Le Tun Investment Management
Partnership (Limited Partnership) 1046030 1.29
Wisdomshire Asset Management Co. Ltd. - Wisdomshire Youfu
Private Equity Securities Investment Fund No.3 978025 1.21
ICBC-AXA LIFE - Long-term Dividend Product 628951 0.78
ROBINA WOOD 612643 0.76
SPD - Debang Semiconductor Industry Hybrid Initiated Securities
Investment Fund 602322 0.75
Wisdomshire Asset Management Co. Ltd. - Wisdomshire Youfu
Private Equity Securities Investment Fund No.2 585756 0.73
Top 10 shareholders 42349986 52.44
Espressif Systems (Shanghai) Co. Ltd. Repurchase Special
Securities Account 2528483 3.13
Other public shareholders 35911255 44.43
Total of outstanding shares 80789724 100.00
14ESPRESSIIF SYSTEMS || Q1 2024 REPORT || MANAGEMENT REPORT
Risks and Uncertainties
Financial Risk
The Company performs periodic credit evaluations of its customers’ financial
condition and generally requires of its customers no collateral. The Company
provides an allowance for expected credit losses based on the net amount
expected to be collected on such receivables. Losses have not been
significant for any of the periods presented in this report.R&D Risk
Espressif’s research and development strategy is focused on leveraging new
technologies for the creation of innovative AIoT products. Any delays or
changes in the development of these technologies by our industry partners or
a failure of our products to achieve market acceptance could compromise our
competitive position.Competitors
As the market for AIoT products grows we face an increasing antagonism from
relatively large competitors such as Realtek MediaTek Infineon NXP
Qualcomm and others. Intense competition from current players as well as new
entrants such as Silicon Labs and Nordic may reduce our product sales and
market share.Suppliers
A significant portion of the Company’s products is fabricated by the Taiwan
Semiconductor Manufacturing Company Limited (TSMC). The inability of TSMC
to deliver wafers to the Company in a timely manner could impact the production
of the Company’s products for a certain period of time which could have an
adverse effect on the Company’s business financial condition results of
operations and cash flow.Customers
The Company sells directly to end customers distributors solution providers and
contract manufacturers. Our customers are a mix of several big customers and
numerous small customers. The concentration ratio for our top-five customers
was 28.59% in the first quarter of 2024.
15ESPRESSIF SYSTEMS | Q1 2024 REPORT | CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Financial
Statements (Unaudited)
Consolidated Balance Sheet (Unaudited)
CNY March 31 2024 December 31 2023
Assets
Current assets:
Cash and cash equivalents 494579962 464011234
Held for trading financial assets 60071822 90315219
Notes receivable 21309635 42082006
Accounts receivable net 262456721 251641263
Accounts receivable financing
Prepayments 2050962 9802407
Other receivables 9035881 9157910
Including: Interest receivable
Inventories 283476084 242352587
Other current assets 29006955 106338922
Total current assets 1161988022 1215701548
Non-current assets:
Debt investment 728444500 753024500
Investment in other equity assets 36079840 36079840
Other non-current financial assets 34879347 34879347
Fixed assets 72714871 76401004
Right-of-use assets 22218639 15937207
Intangible assets 1438544 1633298
Long-term deferred expenses 14093512 9337814
Deferred income tax assets 76134171 60805808
Total assets 2147991446 2203800366
16ESPRESSIF SYSTEMS | Q1 2024 REPORT | CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Balance Sheet (Unaudited)
CNY March 31 2024 December 31 2023
Liabilities & Shareholders’ Equity
Current liabilities:
Accounts payable 87841986 79841809
Contract liabilities 19979929 13318710
Payroll payable 45139590 102238914
Taxes payable 4773054 615415
Other payable 7773865 11525208
Non-current liabilities due within one year 13144244 8591447
Other current liabilities 1404259 501689
Total current liabilities 180056928 216633192
Non-current liabilities:
Lease liabilities 9667506 8454747
Provisions 615310 627089
Deferred income tax liabilities 75162381 65085110
Total liabilities 265502125 290800138
Owners’ equity (or shareholders' equity):
Share capital 80789724 80789724
Capital reserves 1364909809 1358508382
Less: Treasury stock 235744552 146969563
Other comprehensive income 22014478 24067306
Surplus reserves 55460195 55460195
Retained earnings 595059666 541144184
Total shareholders’ equity 1882489321 1913000228
Total liabilities and shareholders' equity 2147991446 2203800366
17ESPRESSIF SYSTEMS | Q1 2024 REPORT | CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Income Statement (Unaudited)
Three Months Ended
CNY March 31 2024 March 31 2023
Revenue 387191412 318117442
Cost of Revenue 224823870 188599396
Gross Profit 162367542 129518046
Taxes and surcharges 457527 1786501
Selling expenses 12852562 12172902
General and administrative expenses 14871808 13915033
Research and development expenses 103846179 85483014
Financial expenses -1901518 -3649089
Including: Interest expenses 237314 264117
Interest income 3863524 2014022
Add: Other income 13216607 389875
Investment income (mark"-" for loss) 6308354 6258547
Income from changes in fair value (mark"-" for loss) 71822 7829
Credit impairment losses (mark"-" for loss)
Assets impairment losses (mark"-" for loss) -253454 -938171
Assets disposal income (mark"-" for loss) -53 4739
Operating Income 51584260 25532504
Add: Non-operating revenue
Less: Non-operating expenses 26096 2465
Income before income taxes 51558164 25530039
Provision (benefit) for income taxes -2357318 -5557391
Net Income 53915482 31087430
Earnings per share
Basic 0.6849 0.3884
Diluted 0.6849 0.3884
Three Months Ended
CNY March 31 2024 March 31 2023
Net Income 53915482 31087430
Other comprehensive income (loss) after tax
Changes to the fair value of investment in other
equity instruments
Currency translation reserves -2052828 -5268512
Other comprehensive income (loss) -2052828 -5268512
Comprehensive income 51862654 25818918
18ESPRESSIF SYSTEMS | Q1 2024 REPORT | CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Cash Flow Statement (Unaudited)
Three Months Ended
CNY March 31 2024 March 31 2023
Operating Activities
Cash from sales of merchandise and provision of services 440315774 316945873
Tax refund 7690353 22390791
Other received cash related to operational activities 7607522 6144834
Subtotal of cash inflow from operational activities 455613649 345481498
Cash paid for merchandise and services 287267252 145033851
Cash paid to and for employees 155448094 134472294
Cash paid for taxes and surcharges 1301152 13455282
Other paid cash related to operational activities 23605814 19226628
Subtotal of cash outflow from operational activities 467622312 312188056
Net cash provided by operating activities -12008662 33293443
Investing activities
Cash arising from the disposal of investments 270580123 817734181
Cash arising from investment income 784450 1754367
Net cash arising from the disposal of fixed assets intangible assets and other 7454 17850
long-term assets
Other received cash relating to investment activities 526000 311000
Subtotal of cash inflow from investment activities 271898027 819817397
Cash paid for the purchase and construction of fixed assets intangible assets and 8275595 14725260
other long-term assets
Cash paid for investments 120000000 863000000
Other paid cash relating to investment activities 1000000 300000
Subtotal of cash outflow from investment activities 129275595 878025260
Net cash provided by investment activities 142622432 -58207863
Financing activities
Cash arising from the issuance of common stock 727886
Including: Cash arising from subsidiaries absorbing investments by minority
shareholders
Subtotal of cash inflow from financing activities 727886
Cash paid for the distribution of dividends and profits or payment of interests
Including: dividends and profits paid to minority shareholders by subsidiaries
Other paid cash relating to financing activities 93121892 3331678
Subtotal of cash outflow from financing activities 93121892 3331678
Net cash provided by financing activities -93121892 -2603791
Impact of fluctuation in exchange rates on cash and cash equivalents -5716205 1471208
Net increase in cash and cash equivalents 31775672 -26047003
Add: Cash and cash equivalent at the commencement 459565727 350677354
of the period
Cash and cash equivalents at the end of the period 491341398 324630351
19ESPRESSIF SYSTEMS | Q1 2024 REPORT | FURTHER INFORMATION
Further Information
Terms and Conditions of the Report
Responsibility Statement
The Board of Directors the Board of Supervisors and executive management of the Company warrant that the
contents of this report are true accurate and complete and do not contain any false information misleading
statements or material omissions severally and jointly accepting any legal responsibility thereof.Shanghai 18 April 2024
Espressif Systems
Board of Directors Board of Supervisors
Teo Swee Ann Lv Zhihua
Founder and Chairman Employee-elected
Ng Pei Chi Fu Hanyu
Information Technology Officer Shareholder-elected
Wang Jue Wang Yiwen
Deputy General Manager Shareholder-elected
Teo Teck Leong
Shareholder-elected Executive Management
Lan Yuzhe Teo Swee Ann
Independent Director Founder and CEO
Koh Chuan Koon Wang Jue
Independent Director Deputy General Manager
Lee Sze Chin Shao Jingbo ESP
RESSIF
Independent Director Financial Director
Declaration
Forward-looking Statements SYSTEMS
This report contains forward-looking statements and/or assessments about the business
financial condition performance and strategy of the Espressif Group. These statements and/or
assessments are based on assumptions and management expectations resting upon currently
available information and current estimates. These are subject to a multitude of uncertainties
and risks many of which are partially or entirely beyond Espressif’s control. Espressif’s actual
business development financial condition performance and strategy may therefore differ from
what is discussed in this report.
20ESPRESSIF SYSTEMS | Q1 2024 REPORT | FURTHER INFORMATION
List of abbreviations
AI Artificial Intelligence
AIoT Artificial Intelligence and Internet of Things
Bluetooth LE Bluetooth Low Energy
CEO Chief Executive Officer
EBITDA Earnings Before Interest Taxes Depreciation and Amortization
Espressif ESPRESSIF SYSTEMS (SHANGHAI) CO. LTD.GM Gross Margin
IC Integrated Circuit
IoT Internet of Things
OBD On-Board Diagnostics
ODM Original Design Manufacturer
OEM Original Equipment Manufacturer
R&D Research & Development
RF Radio Frequency
RISC-V MCU Reduced Instruction Set Computer-V Microcontroller Unit
ROE Return on Earnings
SG&A Selling General and Administrative
SH Shanghai
SoCs System on Chips
21Investor Relations
ir@espressif.com
Official Platforms Social Media..espressif.com twitter.com/EspressifSystem
blog.espressif.com facebook.com/espressif
github.com/espressif linkedin.com/company/espressif-systems
esp32.com youtube.com/EspressifSystems
instagram.com/espressif_systems_official
bilibili.espressif.com
Copyright ? 2024 Espressif Systems (Shanghai) Co. Ltd. All rights reserved. All trade names trademarks and registered
trademarks mentioned in this document are the property of their respective owners and are hereby acknowledged. The term
“Espressif” refers to Espressif Systems (Shanghai) Co. Ltd. and/or its subsidiaries. This report is written in both Chinese and
English. In case of any discrepancies between Chinese and foreign interpretations the Chinese version shall prevail.All amounts presented in these condensed Consolidated Financial Statements are shown in CNY unless stated otherwise. Slight
discrepancies between the amounts presented may occur due to rounding.
