Cirrus Logic reports record Q1 revenue of $460M, guides Q2 to $510M-$570M

The company disclosed its first quarter fiscal year 2027 financial results through a press release. The 8-K body does not provide specific financial metrics; those details are contained in the attached Exhibit 99.1 press release.

Cirrus Logic disclosed its first quarter fiscal year 2027 financial results through a shareholder letter posted on its website and a press release. The shareholder letter is furnished as Exhibit 99.2 to this 8-K filing.

The company disclosed it is using non-GAAP financial measures to supplement GAAP results, including metrics for net income, EPS, operating income and profit, operating expenses, gross margin and profit, tax-related items, and free cash flow. Management uses these non-GAAP measures internally to evaluate and manage the company, and reconciliations to GAAP are included in the press release.

Audio segment revenue was $249.0 million in Q1 FY27, down from $257.2 million in Q4 FY26 but up from $240.0 million in Q1 FY26. High-Performance Mixed-Signal revenue was $210.7 million, up from $191.3 million in Q4 FY26 and $167.2 million in Q1 FY26, showing sequential and year-over-year growth.

For the second quarter of fiscal 2027, Cirrus Logic expects revenue between $510 million and $570 million, GAAP gross margin of 52-54%, and non-GAAP operating expenses of $140-146 million. The midpoint revenue guidance of $540 million represents sequential growth from Q1's $459.7 million.

The company disclosed progress on strategic initiatives including customer engagement for AI-enabled PC smart codecs for next calendar year and a recent tape-out of a high-performance analog front-end component for metrology applications. These developments support the company's diversification into new markets beyond smartphones.

During Q1 FY27, Cirrus Logic repurchased and retired $31.5 million of common stock, down from $100.0 million in Q1 FY26. The company continues to return capital to shareholders through buybacks, though at a reduced pace compared to the prior year quarter.

Cirrus Logic reported record first-quarter revenue of $460 million, up 13% year-over-year, driven by strong demand for custom products shipping into smartphones. GAAP earnings per share reached $1.47 and non-GAAP EPS was $1.84, both records for a first quarter. Gross margin was 52.6% GAAP and 52.7% non-GAAP.

The company guided Q2 FY27 revenue to $510-570 million (midpoint $540M), representing 17% sequential growth but a 4% year-over-year decline. Gross margin is expected at 52-54%, with a temporary benefit from favorable wafer pricing that will normalize after Q2. Combined R&D and SG&A expenses are projected at $163-169 million.

Cirrus Logic reduced its fiscal 2027 PC revenue expectations due to constrained supply of a key industry platform, memory and component shortages, and OEM delays in new model introductions. The company characterized these as timing shifts rather than fundamental changes to the underlying opportunity, and noted positive design win activity including interest in its AI-enabled PC smart codec.

The company taped out a new high-performance analog front-end component for smart meter applications, expected to begin sampling in Q2 FY27. The product targets residential, commercial, and industrial power metering with higher-accuracy voltage and current measurement. Management believes the underlying technology can extend to data center DC metrology, energy storage, EV charging, and grid monitoring applications.