Business
Data I/O Reports Second Quarter 2023 Results
Automotive Electronics Momentum Drives 32% Growth in Bookings From First Quarter 2023 Significant Year-over-year Increases in Sales and Profits REDMOND,
About this update from Data I/o Corporation
[{"type":"text","content":"\nAutomotive Electronics Momentum Drives 32% Growth in Bookings From First Quarter 2023\n\n\nSignificant Year-over-year Increases in Sales and Profits\n\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, 2023.\n\n\nSecond Quarter 2023 Highlights\n\n\n\nNet sales of $7.4 million; bookings of $7.6 million\n\n\n\nQuarter-end backlog of $3.8 million\n\n\n\nGross margin as a percentage of sales of 59.1%\n\n\n\nNet income of $300,000 or $0.03 per diluted share\n\n\n\nAdjusted EBITDA* of $869,000\n\n\n\nCash & Equivalents of $11.9 million; no debt\n\n\n\nAutomotive Electronics represented 63% of year to date 2023 bookings\n\n\n\nSentriX® security provisioning platform delivering increased growth of pay-per-use revenues\n\n\n\n5 new customer wins\n\n\n\n*Adjusted EBITDA is a non-GAAP financial measure. A reconciliation is provided in the tables of this press release.\n\n\nManagement Comments\n\n\nCommenting on the second quarter ended June 30, 2023, Anthony Ambrose, President and CEO of Data I/O Corporation, said, “We delivered a strong quarter with revenue and bookings at multiyear highs. Business momentum accelerated through the second quarter 2023 primarily due to strength in automotive and industrial electronics demand in the Americas and Europe. Relative weakness in China has been more than offset by strength elsewhere. Through the first half of 2023, revenues increased by 50% from the prior year, and bookings in the second quarter of $7.6 million achieved the highest quarterly level in two years. We secured five new customer wins in the second quarter, including a marquee win at a global EV OEM. Data I/O continues to be the clear leader in EV vehicle programming worldwide. SentriX, our patented security provisioning platform, delivered increasing pay-per-use revenues as customers ramp their production volumes of secure IoT devices.\n\n\n“Our continued momentum and the successful implementation of our growth initiatives are fueling our positive outlook. We expect to benefit from long term secular and regulatory growth catalysts, including EV demand, growth in IoT and mandated security requirements. Semico...