Data I/O Corp. Files 8-K for Q2 2024 Results

TL;DR

DATA I/O CORP FILED 8-K WITH Q2 2024 FINANCIALS AND RESULTS.

AI Summary

Data I/O Corp. filed an 8-K on July 26, 2024, reporting its financial results for the period ending July 25, 2024. The filing includes information on the company's operations and financial condition, as well as financial statements and exhibits. The company is incorporated in Washington and its principal executive offices are located in Redmond, WA.

Why It Matters

This filing provides investors with crucial financial updates and operational details for Data I/O Corp., enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine financial filing and does not indicate any immediate or significant risks.

Key Players & Entities

• Data I/O Corp. (company) — Registrant
• July 25, 2024 (date) — Date of earliest event reported
• July 26, 2024 (date) — Filing date
• Redmond, WA (location) — Principal executive offices

FAQ

Key Financial Figures

• $5.1 million — Quarter 2024 Highlights Net sales of $5.1 million; bookings of $5.6 million Quarter-end
• $5.6 million — Net sales of $5.1 million; bookings of $5.6 million Quarter-end backlog of $5.4 million
• $5.4 million — f $5.6 million Quarter-end backlog of $5.4 million Gross margin as a percentage of sales
• $797,000 — entage of sales of 54.5% Net loss of ($797,000) or ($0.09) per share Adjusted EBITDA
• $0.09 — s of 54.5% Net loss of ($797,000) or ($0.09) per share Adjusted EBITDA* of $3,000
• $3,000 — ($0.09) per share Adjusted EBITDA* of $3,000 Cash & Equivalents of $11.4 million;
• $11.4 million — ITDA* of $3,000 Cash & Equivalents of $11.4 million; no debt 8 new customer wins Repatr
• $3.4 million — ebt 8 new customer wins Repatriated $3.4 million of cash from China subsidiary, incurrin
• $337,000 — , incurring dividend withholding tax of $337,000 *Adjusted EBITDA is a non-GAAP financ
• $13.7 million — h all of these factors, our bookings of $13.7 million in the first half 2024 increased slight
• $13.3 million — first half 2024 increased slightly from $13.3 million in the prior year period. Backlog of $5
• $4.5 million — nd of the second quarter increased from $4.5 million at March 31, 2024 and $3.8 million at t
• $3.8 million — from $4.5 million at March 31, 2024 and $3.8 million at the end of the second quarter of las
• $5.1 m — t sales in the second quarter 2024 were $5.1 million, down 32% compared with $7.4 mill
• $7.4 million — re $5.1 million, down 32% compared with $7.4 million in the second quarter 2023. The decreas

Filing Documents

• f8k_q22024results1.htm (8-K) — 160KB
• x24072513093600.gif (GRAPHIC) — 6KB
• 0000351998-24-000020.txt ( ) — 169KB

02 Results of Operation and Financial Condition

Item 2.02 Results of Operation and Financial Condition

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits ____________________________________________________________________________________________________________

02 Results of Operation and Financial Condition

Item 2.02 Results of Operation and Financial Condition A press release announcing second quarter 2024 results was made July 25, 2024 and a copy of the release is being furnished as Exhibit 99.0 in this current report. ____________________________________________________________________________________________________________

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.0 Press Release: Data I/O Reports Second Quarter 2024 Results SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Data I/O Corporation July 25, 2024 By: /s/ Gerald Y. Ng Gerald Y. Ng Vice President and Chief Financial Officer Exhibit 99.0 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 Improvement in Direct Product Costs Redmond, WA – July 25, 2024 -- Data 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. Second Quarter 2024 Highlights Net sales of $5.1 million; bookings of $5.6 million Quarter-end backlog of $5.4 million Gross margin as a percentage of sales of 54.5% Net loss of ($797,000) or ($0.09) per share Adjusted EBITDA* of $3,000 Cash & Equivalents of $11.4 million; no debt 8 new customer wins Repatriated $3.4 million of cash from China subsidiary, incurring dividend withholding tax of $337,000 *Adjusted EBITDA is a non-GAAP financial measure. A reconciliation is provided in the tables of this press release. Management Comments Commenting 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. W

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View this 8-K filing on SEC EDGAR