Company: CRUS
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0000772406-25-000041
Chunk: 12

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 12
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  Net sales from our audio products increased $1.6 million, primarily driven by higher smartphone unit volumes in the second quarter of fiscal year 2026 and sales associated with latest-generation products, partially offset by declines in average sales prices (“ASPs”).  Net sales from HPMS products increased $17.5 million for the quarter versus the second quarter of fiscal year 2025, primarily due to higher general market sales, smartphone unit volumes and sales associated with latest-generation products, partially offset by declines in ASPs.    

Net sales for the first six months of fiscal year 2026 increased $52.3 million, or 6 percent, to $968.2 million from $915.9 million for the first six months of fiscal year 2025.  Net sales from our audio products increased $22.7 million, primarily driven by higher smartphone unit volumes and sales associated with latest-generation products, partially offset by declines in ASPs.  Net sales from HPMS products increased $29.7 million for the year versus the first six months of fiscal year 2025, primarily due to higher general market sales, smartphone unit volumes, and sales associated with latest-generation products, partially offset by declines in ASPs.

International sales, including sales to U.S.-based end customers that manufacture products through contract manufacturers or plants located overseas, were approximately 99 percent and 100 percent of net sales for the second quarters of 

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fiscal years 2026 and 2025, respectively, and 99 percent for each of the first six month periods of fiscal years 2026 and 2025.  Our sales are denominated primarily in U.S. dollars. 

Since the components we produce are largely proprietary, we consider our end customer to be the entity specifying the use of our component in their design.  These end customers may purchase our products directly from us, through distributors, or third-party manufacturers contracted to produce their designs.  For each of the second quarters of fiscal years 2026 and 2025, our ten largest end customers represented approximately 97 percent, of our net sales, and 97 percent and 96 percent of our net sales for the first six months of fiscal years 2026 and 2025, respectively.      

We had one end customer, Apple Inc., that purchased through multiple contract manufacturers and represented approximately 90 percent of the Company’s total net sales for each of the second quarters of fiscal years 2026 and 2025, and 88 percent and