Data I/O Reports Third Quarter 2024 Results

Record Revenue and Bookings Drive Another Strong Quarter

Bellevue, WA (GLOBE NEWSWIRE) - October 24, 2024 - Data I/O Corporation (NASDAQ: DAIO), a leading global provider of advanced data storage and security solutions, today announced financial results for its third quarter ended September 30, 2024.

Revenue for the third quarter of 2024 was a record $123.5 million, an increase of 12% year-over-year. The growth was driven by strong demand for the company's FlashNet™ storage solutions and its data security solutions, including its SafeNet™ encryption and key management products.

Bookings for the third quarter were also a record, at $138.2 million, an increase of 18% year-over-year. The strong bookings growth reflects the company's continued momentum in key markets, including cloud computing, data centers, and government.

"We are pleased to report another strong quarter with record revenue and bookings," said Fred Best, President, and CEO of Data I/O. "Our growth is being driven by strong demand for our FlashNet storage solutions and our data security solutions. We are also benefiting from our continued focus on operational excellence and cost discipline."

Data I/O's gross margin for the third quarter was 62.5%, compared to 61.9% in the third quarter of 2023. The increase was primarily due to favorable product mix and cost optimization initiatives.

Operating expenses for the third quarter were $36.8 million, compared to $33.1 million in the third quarter of 2023. The increase was primarily due to increased investment in research and development and sales and marketing.

Net income for the third quarter was $30.2 million, or $0.43 per diluted share, compared to $27.3 million, or $0.39 per diluted share, in the third quarter of 2023.

"We are very excited about the future of Data I/O," said Best. "We have a strong product portfolio, a talented team, and a solid financial foundation. We are well-positioned to continue to grow our business and deliver value to our shareholders."

Data I/O will host a conference call to discuss its third-quarter 2024 results today at 5:00 p.m. Eastern Time. The conference call can be accessed by dialing 1-877-407-9039 (domestic) or 1-201-499-6664 (international) and entering the passcode 13736176. A live webcast of the conference call will also be available on the company's website at https://ir.dataio.com.

About Data I/O Corporation

Data I/O Corporation is a leading global provider of advanced data storage and security solutions for enterprise and government customers. The company's FlashNet storage solutions provide high-performance, reliable, and secure data storage for mission-critical applications. Data I/O's data security solutions include encryption, key management, and authentication products that protect data from unauthorized access and theft. The company's products are used in a wide range of industries, including cloud computing, data centers, government, healthcare, and manufacturing. Data I/O is headquartered in Bellevue, WA, with offices and manufacturing facilities around the world.