PDF Solutions(PDFS) - 2024 Q4 - Annual Results

Revenue Performance - Q4 2024 total revenues reached $50.1 million, an increase of 8% compared to Q3 2024 and up 22% year-over-year from Q4 2023[4] - Full year 2024 total revenues were $179.5 million, representing an 8% increase over 2023[6] - Q4 2024 analytics revenue was $47.9 million, up 7% from Q3 2024 and up 22% from Q4 2023[4] - Full year 2024 analytics revenue totaled $169.3 million, an 11% increase compared to 2023[6] - Integrated yield ramp revenue for Q4 2024 was $2.2 million, a 30% increase over Q3 2024 and an 8% increase over Q4 2023[4] Profitability Metrics - Q4 2024 GAAP diluted EPS was $0.01, while non-GAAP diluted EPS was $0.25[3] - GAAP net income for 2024 was $4,057 thousand, an increase from $3,105 thousand in 2023, compared to a loss of $3,429 thousand in 2022[17] - Non-GAAP net income for 2024 reached $32,617 thousand, up from $28,470 thousand in 2023, and $22,924 thousand in 2022, reflecting a growth of 14.8% year-over-year[17] - GAAP net income per diluted share improved to $0.10 in 2024 from $0.08 in 2023, while non-GAAP net income per diluted share increased to $0.84 from $0.73[17] Cost Structure - Total cost of revenue on a GAAP basis for 2024 was $54,144 thousand, compared to $51,749 thousand in 2023, marking a 4.6% increase[19] - Non-GAAP cost of revenue for 2024 was $46,722 thousand, slightly up from $45,314 thousand in 2023[19] - Research and development expenses on a GAAP basis for 2024 totaled $53,566 thousand, an increase from $50,736 thousand in 2023[19] - Non-GAAP research and development expenses for 2024 were $44,608 thousand, compared to $43,025 thousand in 2023[19] - Selling, general, and administrative expenses on a GAAP basis for 2024 were $69,924 thousand, up from $62,216 thousand in 2023[19] - Non-GAAP selling, general, and administrative expenses for 2024 were $57,913 thousand, compared to $49,803 thousand in 2023[19] Cash Flow and Expenditures - Operating cash flow for Q4 2024 was $1.6 million, down from $9.3 million in Q3 2024[7] - Cash used for capital expenditures in 2024 was $17.8 million, compared to $11.3 million in 2023[8] Taxation - The effective tax rate expense for 2024 was 38%, an increase from 36% in 2023[8] Non-Recurring Costs - The company incurred $940 thousand in non-recurring legal, tax, and accounting service-related costs in 2024, compared to $209 thousand in 2023[19]