GigPeak (GIG.U) 8-K Results of Operations and Financial Condition

Exhibit 99.1

GigOptix Reports All-Time Record Revenue and Profitability in the

Third Quarter Fiscal Year 2015

• Q3 FY15 revenue was the highest ever, increasing for the sixth consecutive quarter to $10.4 million, up 23 percent from $8.5 million in Q3 FY14, and up 6 percent from $9.8 million in Q2 FY15

• YTD FY15 record revenue of $29.3 million, increased 23 percent from $23.9 million for the same period of FY14

• Q3 FY15 record GAAP and non-GAAP gross margin of 64 percent and 66 percent, respectively

• Q3 FY15 record GAAP net income of $1.0 million, or net income of $0.03 per diluted share, excluding a one-time gain from a non-recurring litigation settlement in Q3 FY13

• Q3 FY15 record non-GAAP net income of $2.3 million, or net income of $0.06 per diluted share

• Q3 FY15 record Adjusted EBITDA of $3.0 million

• Cash and cash equivalents as of September 27, 2015 were $35.0 million, which includes the approximately $16.5 million in net proceeds raised through a public offering of common stock in August 2015. Cash and cash equivalents were up from $18.4 million in Q2 FY15

• Revenue in Q4 FY15 is expected to be approximately $10.7 million, which would be a new quarterly record for the Company, resulting in total revenue of $40 million in FY15, which would be a new annual record for the Company, and represents an increase of approximately 21 percent from FY14

SAN JOSE, Calif. – October 19, 2015 – GigOptix, Inc. (NYSE MKT: GIG), a leading supplier of advanced high speed semiconductor components for use in long-haul, metro, Cloud connectivity, data centers, consumer electronics links and interactive applications, through optical and wireless communications networks, today announced financial results for its third quarter of fiscal year 2015, which ended September 27, 2015.

Third Quarter Fiscal 2015 GAAP Results

Total revenue in Q3 FY15 was a record $10.4 million, and compares with revenue of $8.5 million in Q3 FY14, and $9.8 million in Q2 FY15.

Gross margin in Q3 FY15 was a record 64 percent, and compares with 59 percent in Q3 FY14, and 63 percent in Q2 FY15.

Net income in Q3 FY15 was a record $1.0 million, or net income of $0.03 per diluted share, representing the highest GAAP quarterly net income in the Company’s history, excluding a one-time gain from a litigation settlement in Q3 FY13. This compares with a net loss of $0.8 million, or a net loss of ($0.02) per share in Q3 FY14, and net income of $0.5 million, or net income of $0.02 per diluted share in Q2 FY15.

Cash and cash equivalents as of September 27, 2015 were $35.0 million, which includes approximately $16.5 million raised through a public offering of common stock in August 2015, up from $18.4 million in Q2 FY15.

Third Quarter Fiscal 2015 Non-GAAP Results¹

Gross margin for Q3 FY15 was a record 66 percent, and compares with 61 percent in Q3 FY14 and 66 percent in Q2 FY15.

Net income for Q3 FY15 was a record $2.3 million, or net income of $0.06 per diluted share, representing the highest non-GAAP quarterly net income in the Company’s history. This compares with net income of $0.7 million, or net income of $0.02 per diluted share in Q3 FY14, and net income of $2.1 million, or net income of $0.06 per diluted share in Q2 FY15.

Adjusted EBITDA¹for Q3 FY15 was a record $3.0 million, and represents the highest quarterly Adjusted EBITDA in the Company’s history. This compares with Adjusted EBITDA of $1.4 million in Q3 FY14, and Adjusted EBITDA of $2.8 million in Q2 FY15.

“We produced another quarter of record financial results, further demonstrating that our business strategy to expand into high-growth markets, both organically and through strategic acquisitions, accompanied by tight cost controls, is generating exceptional performance,” said Dr. Avi Katz, Chairman and Chief Executive Officer of GigOptix, Inc. “Our all-time record results and enhanced profitability this quarter were driven by significant growth in our High-Speed Communications business. We continue to be the dominant supplier of RF devices for current 40Gbps and future 100Gbps active optical cables and transceivers for the fast growing data center market. While delivering an exceptional financial quarter, we have also enhanced our customer base for datacom and telecom-metro 100Gbps links, completed a successful oversubscribed underwritten follow-on public common stock offering of about $16.5 million in net proceeds, which was done in a very tough market environment, and, subsequent to the end of the third quarter, successfully completed the strategic acquisition of the Korean company Terasquare to establish GigOptix-Terasquare-Korea (GTK) Co., Ltd in Seoul, Korea. With the addition of Terasquare, we are now strongly positioned to further increase our cloud-based links market-share by having a complete and superior IC portfolio of industry leading 100Gbps datacom solutions for Ethernet, Fiber Channel, and InfiniBand data center connectivity. We believe the transaction will result in a meaningful increase of the High Speed Communications revenue in fiscal 2016 and beyond.

“Earlier this month we announced another milestone in the development of our Industrial ASIC product line with a substantial $6.1 million contract with one of the world’s largest suppliers of advanced aerospace for commercial and defense products. Revenue from this agreement will begin in the fourth quarter and be spread over the next two years. When combined with the $7.9 million order we announced in May of this year from another major supplier in the same industry, we have the foundation in place to deliver continued strong financial performance in 2016,” said Dr. Katz.

Financial Outlook

“We expect Q4 FY15 revenue of approximately $10.7 million, which would be another record quarter in the Company’s history. For fiscal 2015, we will generate record annual revenue of $40 million, representing an increase of approximately 21 percent over fiscal 2014, and greater annual profitability,” said Dr. Katz. “Based on the fourth quarter fiscal 2015 revenue guidance, fiscal 2015 will result in the highest revenue and most profitable year in the Company’s history.”

Financial Results Webcast / Conference Call

GigOptix will host a conference call and webcast with investors today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its third quarter fiscal 2015 financial results and business outlook. Investors and other interested parties may access the call by dialing (719) 325-2435. No passcode is needed for the live call. The replay dial-in number is (858) 384-5517, and the passcode is 632303. Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties on the Investor Relations section of GigOptix’ website atwww.gigoptix.com.

¹Non-GAAP Measures—GigOptix reports revenue, gross margin, operating expense, operating income and net income (loss) on a Generally Accepted Accounting Principles (GAAP) and non-GAAP basis. In addition, it reports Adjusted EBITDA. These non-GAAP measures are provided to enhance investors’ overall understanding of GigOptix financial performance. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A reconciliation of these GAAP to non-GAAP measurements and Adjusted EBITDA for the three and nine months ended September 27, 2015 and September 28, 2014, as well as the prior quarter, can be found in the “Reconciliation of GAAP to Non-GAAP Financial Information” table attached to this press release.

About GigOptix, Inc.

GigOptix, Inc., (NYSE MKT: GIG) is a leading fabless supplier of high-speed semiconductor components that enable end-to-end information streaming over optical and wireless networks. Its products portfolio addresses emerging telecom long-haul and metro applications, datacom Cloud and data center connectivity, point-to-point backhaul wireless applications, and interactive interfaces for consumer electronics. The Company offers a broad portfolio of high performance MMIC solutions that enable next generation wireless microwave systems up to 90GHz and drivers, TIAs for 40Gbps and 100Gbps fiber-optic telecommunications and data-communications networks, and Clock Data Recovery (CDR) technology.

GigOptix also offers a wide range of digital and mixed-signal ASIC solutions in a wide range of technology geometries from 28nm to 0.6um, and enables a complete product life cycle support from swift introduction of new product through its ASIC Sunrise^TM program to extension of legacy products through its GigOptixSunset Rescue^TM program.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the bringing of products to market with full documentation. Such statements contain words such as “believe,” “will,” and “expect,” or the negative thereof or comparable terminology, and include (without limitation) statements regarding expected revenues, income and cash, product expansion and completion of the financial statements for the quarter just ended. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks include, but are not limited to: the ability to recognize revenues, the ability to extend product offerings into new areas or products, the ability to commercialize licensed technology, unexpected occurrences that deter the full documentation and “bring to market” plan for products that were developed this year and last year, trends and fluctuations in the industry, changes in demand and purchasing volume of customers, unpredictability of suppliers, our ability to control our costs of goods sold, our ability to attract and retain qualified personnel, the ability to move product sales to production levels, the ability to compete for client design-in opportunities, the ability to cross-sell to new clients and to diversify, the success of product sales in new markets or of recently produced product offerings, including bundled product solutions, the amount of cost savings, the ability to improve productivity, and to do so in an efficient manner, the ability to pursue and attract other merger and acquisition opportunities, our ability to enforce intellectual property rights, and the ability to maintain and continue relationships with government agencies. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of GigOptix’s filings with the SEC, and in GigOptix’s other current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to GigOptix as of the date hereof, and GigOptix assumes no obligation to update any forward-looking statement.

Investors

Darrow Associates, Inc.

Jim Fanucchi, (408) 404-5400

ir@gigoptix.com

(TABLES TO FOLLOW)

####

GIGOPTIX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	September 27, 2015			December 31, 2014			Net Change
							$			%
ASSETS
Current assets:
Cash and cash equivalents	$	35,021		$	18,438		$	16,583			90	%
Accounts receivable, net		9,550			7,955			1,595			20	%
Inventories		6,820			5,139			1,681			33	%
Prepaid and other current assets		639			433			206			48	%
Total current assets		52,030			31,965			20,065			63	%
Property and equipment, net		2,446			1,916			530			28	%
Intangible assets, net		1,724			2,394			(670	)		(28	%)
Goodwill		10,395			10,306			89			1	%
Restricted cash		53			53			—			0	%
Other assets		132			116			16			14	%
Total assets	$	66,780		$	46,750		$	20,030			43	%
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,405		$	2,731		$	(326	)		(12	%)
Accrued compensation		1,731			730			1,001			137	%
Other current liabilities		2,449			2,902			(453	)		(16	%)
Total current liabilities		6,585			6,363			222			3	%
Pension liabilities		329			326			3			1	%
Other long-term liabilities		590			556			34			6	%
Total liabilities		7,504			7,245			259			4	%
Stockholders’ Equity
Common stock		44			32			12			38	%
Additional paid-in capital		162,488			143,661			18,827			13	%
Treasury stock, at cost; 701,754 shares as of September 27, 2015 and December 31, 2014		(2,209	)		(2,209	)		—			0	%
Accumulated other comprehensive income		301			285			16			6	%
Accumulated deficit		(101,348	)		(102,264	)		916			(1	%)
Total stockholders’ equity		59,276			39,505			19,771			50	%
Total liabilities and stockholders’ equity	$	66,780		$	46,750		$	20,030			43	%

GIGOPTIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three months ended																		Nine months ended
	September 27,			%			June 28,			%			September 28,			%			September 27,			%			September 28,			%
	2015						2015						2014						2015						2014
Total revenue	$	10,419			100	%	$	9,840			100	%	$	8,484			100	%	$	29,319			100	%	$	23,907			100	%
Total cost of revenue		3,762			36	%		3,611			37	%		3,482			41	%		11,040			38	%		10,095			42	%
Gross profit		6,657			64	%		6,229			63	%		5,002			59	%		18,279			62	%		13,812			58	%
Research and development expense		3,100			30	%		3,224			33	%		3,257			38	%		9,572			33	%		10,357			43	%
Selling, general and administrative expense		2,468			24	%		2,442			25	%		2,388			28	%		7,680			26	%		7,353			31	%
Restructuring expense, net		—			0	%		—			0	%		36			0	%		—			0	%		343			1	%
Total operating expenses		5,568			53	%		5,666			58	%		5,681			67	%		17,252			59	%		18,053			76	%
Income (loss) from operations		1,089			10	%		563			6	%		(679	)		-8	%		1,027			4	%		(4,241	)		-18	%
Interest expense, net		(6	)		0	%		(3	)		0	%		(9	)		0	%		(12	)		0	%		(36	)		0	%
Other income (expense), net		(5	)		0	%		(19	)		0	%		35			0	%		(23	)		0	%		45			0	%
Income (loss) before provision for income taxes		1,078			10	%		541			5	%		(653	)		-8	%		992			3	%		(4,232	)		-18	%
Provision for income taxes		48			0	%		16			0	%		8			0	%		73			0	%		39			0	%
Income (loss) from consolidated companies		1,030			10	%		525			5	%		(661	)		-8	%		919			3	%		(4,271	)		-18	%
Loss on equity investment		—			0	%		3			0	%		125			1	%		3			0	%		456			2	%
Net income (loss)	$	1,030			10	%	$	522			5	%	$	(786	)		-9	%	$	916			3	%	$	(4,727	)		-20	%
Basic net income (loss) per share	$	0.03					$	0.02					$	(0.02	)				$	0.03					$	(0.15	)
Diluted net income (loss) per share	$	0.03					$	0.02					$	(0.02	)				$	0.03					$	(0.15	)
Weighted average number of shares used in basic net income (loss) per share calculation		36,769						32,885						31,866						34,060						31,636
Weighted average number of shares used in diluted net income (loss) per share calculation		38,497						33,922						31,866						35,109						31,636

GIGOPTIX, INC.

NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three months ended																		Nine months ended
	September 27,			%			June 28,			%			September 28,			%			September 27,			%			September 28,			%
	2015						2015						2014						2015						2014
Total revenue	$	10,419			100	%	$	9,840			100	%	$	8,484			100	%	$	29,319			100	%	$	23,907			100	%
Total cost of revenue		3,565			34	%		3,368			34	%		3,294			39	%		10,415			36	%		9,537			40	%
Gross profit		6,854			66	%		6,472			66	%		5,190			61	%		18,904			64	%		14,370			60	%
Research and development expense		2,813			27	%		2,835			29	%		2,979			35	%		8,641			29	%		9,432			39	%
Selling, general and administrative expense		1,677			16	%		1,531			16	%		1,499			18	%		5,067			17	%		4,573			19	%
Total operating expenses		4,490			43	%		4,366			44	%		4,478			53	%		13,708			47	%		14,005			59	%
Income from operations		2,364			23	%		2,106			21	%		712			8	%		5,196			18	%		365			2	%
Interest expense, net		(6	)		0	%		(3	)		0	%		(9	)		0	%		(12	)		0	%		(36	)		0	%
Other income (expense), net		(5	)		0	%		(19	)		0	%		35			0	%		(23	)		0	%		45			0	%
Income before provision for income taxes		2,353			23	%		2,084			21	%		738			9	%		5,161			18	%		374			2	%
Provision for income taxes		48			0	%		16			0	%		8			0	%		73			0	%		39			0	%
Net income	$	2,305			22	%	$	2,068			21	%	$	730			9	%	$	5,088			17	%	$	335			1	%
Basic net income per share	$	0.06					$	0.06					$	0.02					$	0.15					$	0.01
Diluted net income per share	$	0.06					$	0.06					$	0.02					$	0.14					$	0.01
Weighted average number of shares used in basic net income per share calculation		36,769						32,885						31,866						34,060						31,636
Weighted average number of shares used in diluted net income per share calculation		38,497						33,922						32,340						35,109						32,525

GIGOPTIX, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

(In thousands)

(Unaudited)

	Three months ended									Nine months ended
	September 27,			June 28,			September 28,			September 27,			September 28,
	2015			2015			2014			2015			2014
GAAP Total cost of revenue	$	3,762		$	3,611		$	3,482		$	11,040		$	10,095
Stock-based compensation		(94	)		(139	)		(85	)		(315	)		(249	)
Amortization of intangible assets		(103	)		(104	)		(103	)		(310	)		(309	)
Non-GAAP Total cost of revenue	$	3,565		$	3,368		$	3,294		$	10,415		$	9,537
GAAP Gross profit	$	6,657		$	6,229		$	5,002		$	18,279		$	13,812
Stock-based compensation		94			139			85			315			249
Amortization of intangible assets		103			104			103			310			309
Non-GAAP Gross profit	$	6,854		$	6,472		$	5,190		$	18,904		$	14,370
GAAP Operating expenses	$	5,568		$	5,666		$	5,681		$	17,252		$	18,053
Stock-based compensation		(844	)		(1,161	)		(983	)		(2,812	)		(2,937	)
Amortization of intangible assets		(120	)		(120	)		(120	)		(360	)		(361	)
Restructuring expense, net		—			—			(36	)		—			(343	)
Acquisition and strategic related costs		(114	)		(19	)		(64	)		(372	)		(64	)
Special bonus		—			—			—			—			(343	)
Non-GAAP Operating expenses	$	4,490		$	4,366		$	4,478		$	13,708		$	14,005
GAAP Income (loss) from operations	$	1,089		$	563		$	(679	)	$	1,027		$	(4,241	)
Stock-based compensation		938			1,300			1,068			3,127			3,186
Amortization of intangible assets		223			224			223			670			670
Restructuring expense, net		—			—			36			—			343
Acquisition and strategic related costs		114			19			64			372			64
Special bonus		—			—			—			—			343
Non-GAAP Income from operations	$	2,364		$	2,106		$	712		$	5,196		$	365
GAAP Net income (loss)	$	1,030		$	522		$	(786	)	$	916		$	(4,727	)
Stock-based compensation		938			1,300			1,068			3,127			3,186
Amortization of intangible assets		223			224			223			670			670
Restructuring expense, net		—			—			36			—			343
Acquisition and strategic related costs		114			19			64			372			64
Special bonus		—			—			—			—			343
Loss on equity investment		—			3			125			3			456
Non-GAAP Net income	$	2,305		$	2,068		$	730		$	5,088		$	335
Adjusted EBITDA reconciliation:
GAAP Income (loss) from operations	$	1,089		$	563		$	(679	)	$	1,027		$	(4,241	)
Restructuring expense, net		—			—			36			—			343
Depreciation and amortization		868			885			923			2,643			2,736
Stock-based compensation		938			1,300			1,068			3,127			3,186
Acquisition and strategic related costs		114			19			64			372			64
Special bonus		—			—			—			—			343
Adjusted EBITDA	$	3,009		$	2,767		$	1,412		$	7,169		$	2,431