In This Story
Data I/O Corporation (DAIO-2.24%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net sales of $5.4 million for the third quarter, a decrease from $6.6 million in the same quarter of the previous year. The decline is attributed to reduced system shipments in the Americas and Europe, partially offset by growth in the Asia market.
Gross margin for the quarter was 53.9%, consistent with the previous year, despite the lower sales volume. This was due to a product mix favoring software and services and cost reduction initiatives.
Operating expenses for the quarter were $3.2 million, down from $3.5 million in the previous year. The decrease is due to reduced personnel, facilities, and IT costs.
The company reported a net loss of $307,000 for the quarter, compared to a net loss of $53,000 in the same quarter of the previous year.
Cash and cash equivalents at the end of the quarter were $12.4 million, slightly up from $12.3 million at the end of 2023. The company has no debt.
Data I/O Corporation continues to focus on managing costs and maintaining a strong cash position to support future growth initiatives.
The filing also notes a leadership transition, with William Wentworth assuming the role of CEO on October 1, 2024, succeeding Anthony Ambrose.
The company does not report any material legal proceedings or changes to risk factors in this filing.
Data I/O Corporation continues to monitor its financial condition, with a focus on maintaining liquidity and capital resources to support its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Data I/O Corporation quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.