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Data I/O Corporation (DAIO-2.32%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in net sales to $21.8 million from $28.1 million in the previous year. The decrease is attributed to reduced shipments of automated systems in the Americas and Europe, partially offset by growth in Asia.
Gross margin decreased to 53.3% from 57.7% in the previous year, primarily due to lower sales volume and reduced absorption of fixed manufacturing costs.
Research and development expenses were $6.2 million, representing 28.7% of net sales, a slight decrease from $6.5 million in the previous year.
Selling, general, and administrative expenses decreased to $8.4 million from $9.2 million, largely due to lower sales commissions and cost control measures.
The company reported a net loss of $3.1 million, compared to a net income of $486,000 in the previous year. The loss was impacted by a $337,000 withholding tax on repatriated cash from its China subsidiary.
Cash and cash equivalents at the end of the year were $10.3 million, down from $12.3 million the previous year, with working capital decreasing to $16.1 million.
Data I/O Corporation continues to focus on its Unified Programming Strategy, investing in technologies and products to maintain market leadership.
The company identified a material weakness in its internal control over financial reporting related to user access and segregation of duties in its IT system.
A key organizational transition occurred with the appointment of a new CEO, William Wentworth, and changes in the leadership of Sales, Marketing, and Engineering functions.
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 annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.