Exhibit 99.1

GigOptix Reports Record Third Quarter Fiscal 2012 Financial Results

SAN JOSE, Calif. – October 30, 2012 – GigOptix, Inc. (NYSE MKT: GIG), a leading fabless supplier of semiconductor and optical components that enable end-to-end high speed information streaming over the network, today announced its financial results for the third quarter of fiscal 2012, which ended September 30, 2012.

Third Quarter Fiscal 2012 GAAP Results

Total revenue increased 20 percent to $10.1 million from $8.4 million in the third quarter of fiscal 2011, and increased 5 percent from $9.6 million in the second quarter of fiscal 2012.

Gross margin was 52 percent in the third quarter of fiscal 2012. This compares with 56 percent in the third quarter of fiscal 2011 and 53 percent in the second quarter of fiscal 2012.

Net loss was $1.5 million, or a net loss of $0.07 per share in the third quarter of fiscal 2012. This compares with a net loss of $3.1 million, or a net loss of $0.14 per share, in the third quarter of fiscal 2011, and net loss of $1.6 million, or a net loss of $0.08 per share, in the second quarter of 2012.

Cash and cash equivalents at September 30, 2012, were $12.3 million.

Third Quarter Fiscal 2012 Non-GAAP Results

On a non-GAAP basis¹, which excludes $253,000 in amortization of intangible assets, $1.2 million in stock-based compensation and $576,000 in special litigation-related expenses, net income for the third quarter of fiscal 2012 was $563,000, or $0.02 per diluted share. This compares with a non-GAAP net loss of $712,000 or $0.03 per share, in the third quarter of fiscal 2011, and net income of $385,000, or $0.02 per diluted share, in the second quarter of fiscal 2012.

Gross margin was 54 percent, compared with 60 percent in the third quarter of fiscal 2011 and 54 percent in the second quarter of fiscal 2012.

Adjusted EBITDA¹ for the third quarter of 2012 was positive $1.3 million. This compares with Adjusted EBITDA of $289,000 in the third quarter of fiscal 2011, and Adjusted EBITDA of $1.2 million in the second quarter of fiscal 2012.

“The strong third quarter financial results, which included record quarterly revenue, continuing improvement in non-GAAP earnings and Adjusted EBITDA, and most importantly generating positive cashflow from operations, reflect our continued growth in several key areas of our

business,” said Dr. Avi Katz, Chairman and Chief Executive Officer of GigOptix, Inc. “Leading the sequential gains was the ongoing growth in our optics product line, particularly with our high speed 100Gbps and optical interconnect offerings. We also experienced a nice uptick in our RF/MMIC business over the prior quarter due to an increase in market interest for our recently introduced E-band offering.”

Litigation against M/A-Com Technology Solutions, Inc. (Optomai, Inc.)

GigOptix continues to actively prosecute the lawsuit for misappropriation of confidential information and trade secrets against its former employees, Optomai, Inc., and the parent of Optomai, M/A-COM Technology Solutions, Inc. GigOptix has been engaged in discovery, including forensic work, which has produced substantial evidence that the individuals copied GigOptix files when they left and then used to develop products of the corporate defendants. GigOptix is continuing to move the case towards a trial on its claims against the defendants.

“We are confident that we have evidence supporting our claim for misappropriation of trade secrets and look forward to putting the evidence regarding the conduct and actions of the defendants before a jury and judge in “an adjudication of the merits” at trial. A trial date has not been set and we have no estimate as of today when the Court will set a trial date,” added Dr. Katz.

Financial Outlook

“Through the first nine months of fiscal 2012 we made good progress on our yearly business and product initiatives. While we are very satisfied with our market penetration and customer’s adoption of new products, there is a higher level of uncertainty in the macroeconomic environment, increasing lack of visibility, and exceptionally short lead-times, mainly in the high speed optical communications markets, than what we have seen in previous quarters,” said Mr. Curt Sacks, Senior Vice President and Chief Financial Officer of GigOptix. “Therefore, we currently believe our revenue in the fourth quarter will be roughly in-line with the third quarter as there are enough data-points in the market that require us to be cautious with our near-term outlook.”

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 the third quarter fiscal 2012 financial results and the business outlook. Investors and other interested parties may access the call by dialing 1-800-561-2731 in the U.S. (1-617-614-3528 outside of the U.S.) and entering the passcode 13822836 at least 15 minutes prior to the start of the call. The conference call replay will be available beginning two hours after the call until midnight Eastern Time on November 6, 2012. The replay dial-in number is 1-888-286-8010, and the passcode is 48014632#. International callers should dial 1-617-801-6888 and enter the same passcode at the prompt. 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 the Company’s website at http://www.gigoptix.com.

¹ Non-GAAP Measures—GigOptix reports gross margin, operating expense, operating income and net loss on a 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 30, 2012 and October 2, 2011 can be found in the “Reconciliation of GAAP to Non-GAAP Financial Information” table attached to this press release.

About GigOptix, Inc.

GigOptix is a leading fabless supplier of semiconductor and optical components that enable high-speed end-to-end information streaming over the network and address emerging high-growth opportunities in the communications, industrial, defense and avionics industries. GigOptix offers a unique broad portfolio of Drivers, TIAs and TFPS^TM optical modulators for 40G, 100G and 400G fiber-optic telecommunications and data-communications networks, and high performance MMIC solutions that enable next generation wireless microwave systems up to 90GHz. GigOptix also offers a wide range of digital and mixed-signal ASIC solutions and enables product lifetime extension through its GigOptix Sunset Rescue 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 “will,” and “expect,” or the negative thereof or comparable terminology, and include (without limitation) statements regarding growth, opportunities, continued traction, contracts, improvements and our statements under the heading “Business Outlook.” 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 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 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, the ability to pursue and attract other M&A 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 the Company’s filings with the SEC, and in the Company’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 the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

Media:

GigOptix, Inc.

Parker Martineau, (408) 522-3100

Corporate Communications Manager

pmartineau@gigoptix.com

or

Investor Relations:

Summit IR Group, Inc.

Jim Fanucchi, (408) 404-5400

ir@gigoptix.com

(TABLES TO FOLLOW)

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GIGOPTIX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

GIGOPTIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

GIGOPTIX, INC.

NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

GIGOPTIX, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

(In thousands)

(Unaudited)