Data I/O Reports Third Quarter 2024 Results

DATA I/O CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(UNAUDITED)

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

2024

 

2023

 

2024

 

2023

 

Net Sales

$5,423

$6,561

$16,584

$21,190

Cost of goods sold

2,499

3,041

7,684

8,995

Gross margin

2,924

3,520

8,900

12,195

Operating expenses:

Research and development

1,544

1,577

4,539

4,922

Selling, general and administrative

1,705

2,006

6,112

7,003

Total operating expenses

3,249

3,583

10,651

11,925

Operating income (loss)

(325)

(63)

(1,751)

270

Non-operating income (loss):

Interest income

71

41

224

125

Foreign currency transaction gain (loss)

(53)

(15)

9

107

Total non-operating income (loss)

18

26

233

232

Income (loss) before income taxes

(307)

(37)

(1,518)

502

Income tax (expense) benefit

-

(16)

(393)

(160)

Net income (loss)

($307)

($53)

($1,911)

$342

 
 

Basic earnings (loss) per share

($0.03)

($0.01)

($0.21)

$0.04

Diluted earnings (loss) per share

($0.03)

($0.01)

($0.21)

$0.04

Weighted-average basic shares

9,235

9,020

9,121

8,914

Weighted-average diluted shares

9,235

9,020

9,121

9,065

DATA I/O CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(UNAUDITED)

 

September 30,
2024

December 31,
2023

ASSETS

 

CURRENT ASSETS:

Cash and cash equivalents

$12,372

$12,341

Trade accounts receivable, net of allowance for

credit losses of $20 and $72, respectively

2,607

5,707

Inventories

6,627

5,875

Other current assets

554

690

TOTAL CURRENT ASSETS

22,160

24,613

 

Property, plant and equipment – net

928

1,359

Other assets

1,755

1,429

TOTAL ASSETS

$24,843

$27,401

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$895

$1,272

Accrued compensation

$1,021

$2,003

Deferred revenue

$1,280

$1,362

Other accrued liabilities

$1,302

$1,438

Income taxes payable

$48

$113

TOTAL CURRENT LIABILITIES

4,546

6,188

 

Operating lease liabilities

886

702

Long-term other payables

222

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

$23,482

$22,731

Accumulated earnings (deficit)

($4,556)

($2,645)

Accumulated other comprehensive income

$263

$233

TOTAL STOCKHOLDERS’ EQUITY

19,189

20,319

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$24,843

$27,401

DATA I/O CORPORATION

NON-GAAP FINANCIAL MEASURE RECONCILIATION

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

2024

 

2023

 

2024

 

2023

(in thousands)

Net Income (loss)

($307)

($53)

($1,911)

$342

Interest (income)

($71)

($41)

($224)

($125)

Taxes

$0

$16

$393

$160

Depreciation and amortization

$111

$180

$451

$468

EBITDA earnings

($267)

$102

($1,291)

$845

 

Equity compensation

$304

$300

$967

$929

 

 

 

 

Adjusted EBITDA, excluding equity compensation

$37

$402

($324)

$1,774


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