Business
Data I/O Reports Fourth Quarter 2022 Results
Momentum Continues as Bookings and Net Income Increase in Fourth Quarter; Full Year Bookings Reach 4 Year High REDMOND, Wash.--(BUSINESS WIRE)-- Data I/O
About this update from Data I/o Corporation
[{"type":"text","content":"\nMomentum Continues as Bookings and Net Income Increase in Fourth Quarter; Full Year Bookings Reach 4 Year High\n\n REDMOND, Wash.--(BUSINESS WIRE)--\nData I/O Corporation (NASDAQ: DAIO), the leading global provider of advanced security and data deployment solutions for microcontrollers, security ICs and memory devices, today announced financial results for the fourth quarter ended December 31, 2022.\n\nFourth Quarter 2022 Highlights\n\n\nNet sales of $7.3 million; bookings of $6.8 million\n\n\nQuarter-end backlog of $4.8 million\n\n\nGross margin as a percentage of sales of 55.5%\n\n\nNet income of $510,000 or $0.06 per diluted share\n\n\nAdjusted EBITDA* of $831,000\n\n\nCash & Equivalents of $11.5 million; no debt\n\n\nVery strong APEX industry trade show (January 2023 in San Diego, CA) with Data I/O booth visitation up by more than 125% over 2021\n\n\nLumen®X Programmers with new VerifyBoost™ technology deliver 64% increase in programming performance\n\n\n5 new customer wins\n\n\nFull Year 2022 Highlights\n\n\nNet sales of $24.2 million; bookings of $26.4 million which are a 4 year high\n\n\nGross margin as a percentage of sales of 54.5%\n\n\nNet loss of ($1,120,000) or ($0.13) per share\n\n\nAdjusted EBITDA of $1.3 million\n\n\nAutomotive Electronics represented 61% of bookings for 2022\n\n\nSentriX® bookings and revenue increased over 100% for second consecutive year\n\n\nDeployment of over 440 PSV systems worldwide\n\n\n21 new customer wins\n\n\n* Adjusted EBITDA is a non-GAAP financial measure. A reconciliation is provided in the tables of this press release.\n\nManagement Comments\n\nCommenting on the fiscal year ended December 31, 2022, Anthony Ambrose, President and CEO of Data I/O Corporation, said, “Our performance in the second half of the year rebounded sharply from challenging global business conditions in the first half, as we continued strong sales and operational momentum from the third quarter.\n\n“Revenue increased 14% in the fourth quarter, year over year. For the fifth consecutive quarter, we achieved bookings in excess of $6.0 million, with fourth quarter 2022 bookings of $6.8 million reaching the highest level for the fourth quarter since 2019. Backlog at the end of 2022 was $4.8 million. Demand is being driven by the continuing recovery in the automotive electronics market, strength in the industrial s...