Data I/O Reports Second Quarter 2024 Results

Forward-looking statement disclaimers also apply to the demand for the Company’s products and the impact from geopolitical conditions including any related international trade restrictions. These factors include uncertainties as to the ability to record revenues based upon the timing of product deliveries, shipping availability, installations and acceptance, accrual of expenses, coronavirus related business interruptions, changes in economic conditions, part shortages and other risks including those described in the Company’s filings on Forms 10-K and 10-Q with the Securities and Exchange Commission (SEC), press releases and other communications.

Non-GAAP financial measures, such as EBITDA and Adjusted EBITDA, excluding equity compensation, should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s results and facilitate the comparison of results.

- tables follow -

DATA I/O CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(UNAUDITED)

 

Three Months Ended
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

 

Net Sales

$5,062

$7,398

$11,161

$14,629

Cost of goods sold

2,305

3,025

5,184

5,954

Gross margin

2,757

4,373

5,977

8,675

Operating expenses:

Research and development

1,413

1,720

2,995

3,345

Selling, general and administrative

1,910

2,489

4,408

4,997

Total operating expenses

3,323

4,209

7,403

8,342

Operating income (loss)

(566)

164

(1,426)

333

Non-operating income (loss):

Interest income

73

49

153

84

Foreign currency transaction gain (loss)

49

196

62

122

Total non-operating income (loss)

122

245

215

206

Income (loss) before income taxes

(444)

409

(1,211)

539

Income tax (expense) benefit

(353)

(109)

(393)

(144)

Net income (loss)

($797)

$300

($1,604)

$395

 
 

Basic earnings (loss) per share

($0.09)

$0.03

($0.18)

$0.04

Diluted earnings (loss) per share

($0.09)

$0.03

($0.18)

$0.04

Weighted-average basic shares

9,104

8,904

9,063

8,861

Weighted-average diluted shares

9,104

9,075

9,063

9,052

DATA I/O CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(UNAUDITED)

 

June 30,
2024

December 31,
2023

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$11,440

$12,341

Trade accounts receivable, net of allowance for

credit losses of $21 and $72, respectively

3,341

5,707

Inventories

6,741

5,875

Other current assets

601

690

TOTAL CURRENT ASSETS

22,123

24,613

 

Property, plant and equipment – net

932

1,359

Other assets

1,032

1,429

TOTAL ASSETS

$24,087

$27,401

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$1,041

$1,272

Accrued compensation

$949

$2,003

Deferred revenue

$1,279

$1,362

Other accrued liabilities

$1,176

$1,438

Income taxes payable

$49

$113

TOTAL CURRENT LIABILITIES

4,494

6,188

 

Operating lease liabilities

421

702

Long-term other payables

254

192

 
 

STOCKHOLDERS’ EQUITY

Preferred stock -

Authorized, 5,000,000 shares, including

200,000 shares of Series A Junior Participating

Issued and outstanding, none

$0

$0

Common stock, at stated value -

Authorized, 30,000,000 shares

Issued and outstanding, 9,219,838 shares as of June 30,

2024 and 9,020,819 shares as of December 31, 2023

$23,172

$22,731

Accumulated earnings (deficit)

($4,249)

($2,645)

Accumulated other comprehensive income

($5)

$233

TOTAL STOCKHOLDERS’ EQUITY

18,918

20,319

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$24,087

$27,401

DATA I/O CORPORATION

NON-GAAP FINANCIAL MEASURE RECONCILIATION

 

Three Months Ended
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

(in thousands)

Net Income (loss)

($797)

$300

($1,604)

$395

Interest (income)

($73)

($49)

($153)

($84)

Taxes

$353

$109

$393

$144

Depreciation and amortization

$138

$130

$340

$288

EBITDA earnings

($379)

$490

($1,024)

$743

 

Equity compensation

$382

$380

$663

$629

 

 

 

 

Adjusted EBITDA, excluding equity compensation

$3

$870

($361)

$1,372





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