Q2 2024 Data I/O Corp Earnings Call Transcript
Key Points
- Strong performance in Asia and EMEA sales regions, exceeding expectations.
- Significant new customer acquisition with eight new wins in Q2, totaling 13 year-to-date.
- Record units processed by programming center partners, indicating strong demand for SentriX and software solutions.
- Successful cost control measures, reducing operating expenses by 21% year-over-year.
- Maintained a strong balance sheet with no debt and steady cash position at $11.4 million.
- Bookings and revenue were below expectations, particularly in the Americas region.
- Weakness in the automotive sector, with significant pushouts from existing customers.
- Second quarter revenue down 32% year-over-year, reflecting sluggishness in the Americas.
- Gross margins decreased by 3 percentage points year-over-year due to lower sales volume.
- Net loss of $797,000 for Q2 compared to a net income of $300,000 in the same period last year.
Good afternoon and welcome to the Data I/O Second Quarter 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Jordan Darrow, Investor Relations. Please go ahead.
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Thank you, operator, and welcome to the Data I/O Corporation second quarter 2024 financial results conference call. With me today are the company's President and CEO, Anthony Ambrose; and Chief Financial Officer and Vice President, Gerry Ng.
Before we begin, I'd like to remind you that statements made in this conference call concerning future revenues, results from operations, financial position, markets, economic conditions, supply chain expectations, estimated impact of tax and other regulatory reform product releases, new industry partnerships and any other statements that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown
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