Financial Performance - Net sales for Q4 2024 were $5.2 million, a decrease of 25% compared to $6.9 million in Q4 2023[15]. - For the full year 2024, net sales totaled $21.8 million, down 22% from $28.1 million in 2023[15]. - Q4 2024 bookings were $4.1 million, down 42% from $7.2 million in Q4 2023, while total bookings for 2024 were $22.5 million, a 13% decline from $25.8 million in 2023[16]. - The net loss for Q4 2024 was ($1.2) million or ($0.13) per share, compared to net income of $144,000 or $0.02 per share in Q4 2023[19]. - Net income for the twelve months ended December 31, 2024, was a loss of $3,093 thousand, compared to a profit of $486 thousand in 2023[33]. - Adjusted EBITDA for Q4 2024 was ($1.1) million, compared to $514,000 in the prior year period, with full year Adjusted EBITDA at ($1.4) million in 2024, down from $2.3 million in 2023[20]. - Adjusted EBITDA, excluding equity compensation, fell from $2,288 thousand in 2023 to a loss of $1,439 thousand in 2024[33]. - EBITDA earnings for the three months ended December 31, 2024, were a loss of $1,124 thousand, compared to earnings of $253 thousand in the same period of 2023[33]. Margins and Expenses - Gross margin for Q4 2024 was 52.2%, down from 58.0% in the prior year, with full year gross margin at 53.3%, compared to 57.7% in 2023[17]. - Operating expenses for Q4 2024 were $4.0 million, up 5% from the prior year, including approximately $500,000 in one-time charges related to organizational changes[18]. Cash and Assets - Cash at the end of Q4 2024 was $10.3 million, a decrease of $2 million from $12.3 million on December 31, 2023[21]. - Total current assets decreased from $24,613 million in 2023 to $21,157 million in 2024, a decline of approximately 13.5%[31]. - Cash and cash equivalents decreased from $12,341 million in 2023 to $10,326 million in 2024, a decline of 16.3%[31]. - Trade accounts receivable decreased from $5,707 million in 2023 to $3,960 million in 2024, a decline of approximately 30.6%[31]. - Inventories increased from $5,875 million in 2023 to $6,212 million in 2024, an increase of about 5.7%[31]. Liabilities and Equity - Total liabilities decreased from $27,401 million in 2023 to $24,970 million in 2024, a reduction of about 9.9%[31]. - Total stockholders' equity decreased from $20,319 million in 2023 to $17,626 million in 2024, a decrease of approximately 13.3%[31]. - Accumulated earnings (deficit) worsened from a deficit of $2,645 thousand in 2023 to a deficit of $5,738 thousand in 2024[31]. Market Dynamics - Automotive electronics represented 59% of 2024 bookings, down from 63% in 2023, indicating a shift in market dynamics[15]. - The company continues to focus on optimizing its core programming platform and enhancing its sales process to drive profitability and market share[9].
Data I/O (DAIO) - 2024 Q4 - Annual Results