Business
Data I/O Reports Second Quarter 2022 Results
Strong Bookings of $6.4 Million and Record Backlog of $5.8 Million REDMOND, Wash.--(BUSINESS WIRE)-- Data I/O Corporation (NASDAQ: DAIO), the leading global
About this update from Data I/o Corporation
[{"type":"text","content":"\nStrong Bookings of $6.4 Million and Record Backlog of $5.8 Million\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 second quarter ended June 30, 2022.\n\nSecond Quarter 2022 Highlights\n\n\nNet sales of $4.8 million; bookings of $6.4 million\n\n\nQuarter-end backlog of $5.8 million\n\n\nGross margin as a percentage of sales of 57.8%\n\n\nNet loss of ($657,000) or ($0.08) per share\n\n\nAdjusted EBITDA* of ($65,000)\n\n\nCash & Equivalents of $10.3 million; no debt\n\n\nAutomotive Electronics represented 55% of second quarter 2022 bookings\n\n\nSentriX® customer moving to volume production\n\n\n6 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 second quarter ended June 30, 2022, Anthony Ambrose, President and CEO of Data I/O Corporation, said, “We are very pleased that China operations resumed and is fully supporting our strong backlog. As we described in our June update, Data I/O’s Shanghai operations partially re-opened in May. In mid-June, we began shipping systems and adapters from Shanghai, and cleared out the systems backlog from the first quarter. We were successful in leveraging our resilient global supply chain to shift some systems and adapter production from China to Redmond, WA. Lead times from China operations are back to normal, and we expect balance sheet items such as accounts receivables, inventories and cash flow to return to normal levels by the end of the third quarter.\n\n“For the third consecutive quarter, we achieved bookings in excess of $6.0 million, with second quarter 2022 bookings of $6.4 million reaching the highest level within this 9-month period. Backlog at the end of the second quarter was $5.8 million, a record for the Company reflecting strong June orders. Automotive electronics represented 55% of orders in the second quarter, and we had 6 new customer wins. Our sales funnel in the second quarter continued the momentum from the first quarter with millions of dollars of new opportunities. Increased demand from Asia and the Americas has been partially offs...