Business
Data I/O Reports Second Quarter 2024 Results
Higher Bookings in First Half 2024 and Continued Strength from New Customer Wins Amid Broader Market Softness Significant Operating Expense Reductions and
About this update from Data I/o Corporation
[{"type":"text","content":"\nHigher Bookings in First Half 2024 and Continued Strength from New Customer Wins Amid Broader Market Softness\n\n\nSignificant Operating Expense Reductions and Improvement in Direct Product Costs\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, 2024.\n\n\nSecond Quarter 2024 Highlights\n\n\n\nNet sales of $5.1 million; bookings of $5.6 million\n\n\n\nQuarter-end backlog of $5.4 million\n\n\n\nGross margin as a percentage of sales of 54.5%\n\n\n\nNet loss of ($797,000) or ($0.09) per share\n\n\n\nAdjusted EBITDA* of $3,000\n\n\n\nCash & Equivalents of $11.4 million; no debt\n\n\n\n8 new customer wins\n\n\n\nRepatriated $3.4 million of cash from China subsidiary, incurring dividend withholding tax of $337,000\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, 2024, Anthony Ambrose, President and CEO of Data I/O Corporation, said, “Bookings and revenue were soft in the second quarter and below our expectations. We saw divergent business conditions across our sales regions. Through the first half of the year, Asia and EMEA sales regions are performing ahead of expectations and the Americas have been substantially below expectations. We have seen strength in programming centers and industrial markets in the first half of 2024, with weakness in automotive electronics. We also have strong traction in new customer and location acquisitions with 8 new wins in the second quarter, totaling 13 for the year. Capacity additions from existing customers are seeing significant pushouts, as customers are being very selective on new capacity spending. With all of these factors, our bookings of $13.7 million in the first half 2024 increased slightly from $13.3 million in the prior year period. Backlog of $5.4 million at the end of the second quarter increased from $4.5 million at March 31, 2024 and $3.8 million at the end of the second quarter of last year.\n\n\n“We made significant progress on spending controls, process efficiencies and direct product costs. Successfu...