Onto Innovation(ONTO) - 2025 Q1 - Quarterly Results

Financial Performance - Record revenue of $266.6 million for Q1 2025, marking the seventh consecutive quarter of growth[6] - Net income for Q1 2025 was $64.1 million, up from $48.8 million in Q4 2024[5] - Revenue for the three months ended March 29, 2025, was $266,607,000, an increase of 16.5% from $228,846,000 for the same period in 2024[26] - Operating income rose to $76,495,000, with an operating margin of 29%, compared to 25% in the same quarter last year[28] - Net income for the period was $74,809,000, reflecting a significant increase from $58,452,000 year-over-year[30] Profitability Metrics - GAAP gross profit margin increased to 54%, up from 50% in Q4 2024[5] - Gross profit increased to $146,868,000, resulting in a gross margin of 55%, up from 52% in the prior year[28] - GAAP operating income reached $63.1 million, compared to $42.5 million in Q4 2024[5] - Diluted earnings per share increased to $1.51, up from $1.18 in the previous year[30] Future Guidance - Guidance for Q2 2025 revenue is projected to be between $240 million and $260 million[11] - GAAP diluted earnings per share expected to be in the range of $0.99 to $1.13 for Q2 2025[11] - Non-GAAP diluted earnings per share expected to be in the range of $1.21 to $1.35 for Q2 2025[11] - The company provided guidance for estimated U.S. GAAP net income per diluted share between $0.99 and $1.13 for the upcoming quarter[32] - Non-GAAP diluted earnings per share are estimated to be between $1.21 and $1.35 for the next quarter[32] Operational Highlights - Advanced nodes revenue doubled quarter-over-quarter, with significant growth in DRAM, NAND, and gate-all-around devices[6] - Iris™ film metrology revenue increased over 25% quarter-over-quarter, with full-year revenue expected to reach record levels[6] - Record cash from operations of $92 million, representing 35% of revenue[6] - Total operating expenses were $70,373,000, compared to $61,808,000 in the same quarter last year[28] - Research and development expenses were $28,030,000, an increase from $26,554,000 in the prior year[26] - Interest income increased to $9,266,000, compared to $7,361,000 in the same quarter last year[26]