Onto Innovation(ONTO) - 2024 Q4 - Annual Results

Financial Performance - Record revenue of $264 million in Q4 2024, marking the sixth consecutive quarter of growth[3] - Full year revenue reached $987 million, a 21% increase over 2023[3] - GAAP diluted earnings per share of $0.98 in Q4 2024, with non-GAAP diluted earnings per share at $1.51, exceeding guidance[3] - Full year GAAP diluted earnings per share grew by 65% to $4.06, and non-GAAP diluted earnings per share increased by 43% to $5.34[3] - Revenue for the three months ended December 28, 2024, was $263,939 thousand, representing a 20.6% increase from $218,856 thousand for the same period in 2023[25] - Net income for the twelve months ended December 28, 2024, reached $201,670 thousand, a significant increase of 66.5% from $121,159 thousand in 2023[31] - Non-GAAP net income for the three months ended December 28, 2024, was $74,831 thousand, compared to $52,443 thousand for the same period in 2023, reflecting a 42.7% increase[31] - The company reported a diluted earnings per share of $0.98 for the three months ended December 28, 2024, compared to $0.61 for the same period in 2023, representing a 60.7% increase[25] Revenue Growth - AI packaging revenue surged by 180% compared to 2023[3] - Cash generated from operations improved by 43% year-over-year, totaling $246 million for the full year[3] - Advanced nodes revenue has shown improvement for four consecutive quarters, with positive momentum expected to continue into 2025[3] Guidance and Projections - Guidance for Q1 2025 revenue is projected between $260 million and $274 million[6] - Estimated non-GAAP net income per diluted share for the first quarter of 2025 is projected to be between $1.40 and $1.54[33] Operating Performance - Gross profit for the twelve months ended December 28, 2024, was $515,308 thousand, up 22.6% from $420,254 thousand in 2023[25] - Operating income for the three months ended December 28, 2024, was $42,460 thousand, a 50.3% increase compared to $28,230 thousand in the same quarter of 2023[25] - The gross margin as a percentage of revenue for the three months ended December 28, 2024, improved to 55%, up from 52% in the same quarter of 2023[27] - Operating expenses for the twelve months ended December 28, 2024, totaled $328,205 thousand, up from $304,176 thousand in 2023, marking an 8% increase[25] Research and Development - Research and development expenses for the three months ended December 28, 2024, were $34,892 thousand, an increase of 45.3% from $24,021 thousand in the same period of 2023[25] Product Development - New products launched to support next generation 3D interconnect technology and inspection tools[3]