Cash at Synaptics ended the year at USD 443m

Synaptics, a US chip designer, grew revenue 11.4% to USD 1.2bn in FY2026. The operating loss narrowed to USD 67.1m from USD 94.1m, so the core business moved the right way. Interest expense was USD 23.4m, and none of it was covered by operating earnings. The net loss widened to USD 491m from USD 47.8m. Interest explains only a small part of that gap, so the rest of the loss sits elsewhere in the statement.

Interest cover is operating profit divided by interest cost. With an operating loss it is negative, and the debt is paid from cash reserves, new borrowing or the owners, not from trading. Synaptics held USD 443m of cash at year end, USD 51.0m more than a year earlier, so servicing is not the immediate question. The buffer is thinner, though: equity fell to USD 930m from USD 1.4bn. I would watch whether the operating line turns positive before the cash cushion is needed. A smaller loss is progress, but it is still a loss.