Onto Innovation Inc. reported a significant increase in financial performance for the fiscal year ending December 28, 2024, with total revenue reaching $987.3 million, a 21% increase from $815.9 million in the previous year. The company's gross profit also rose to $515.3 million, representing a gross margin of 52.2%, up from 51.5% in fiscal 2023. This growth was primarily driven by increased sales in the inspection business, particularly the Dragonfly systems, which cater to advanced packaging needs for chips used in artificial intelligence applications. Net income for the year was $201.7 million, compared to $121.2 million in the prior year, resulting in diluted earnings per share of $4.06, up from $2.46.
The company experienced notable changes in its operational metrics, with total systems and software revenue increasing by $167.1 million year-over-year, attributed to a rise in units shipped for inspection products. However, the previous fiscal year saw a decline in systems and software revenue, which decreased by $182.4 million due to lower shipments in metrology product lines. Geographically, Taiwan and South Korea accounted for 31% and 29% of total revenue, respectively, while revenue from China dropped to 12% from 17% in the prior year, reflecting the impact of new U.S. export regulations on semiconductor technology.
Strategically, Onto Innovation has focused on enhancing its product offerings and expanding its market presence. The company has invested in research and development, with expenses rising to $116.8 million in fiscal 2024, reflecting a commitment to innovation and product enhancement. The workforce also expanded, with a total employee count of approximately 1,551, including 370 in research and development. The company continues to prioritize customer relationships, providing direct sales and support through its global offices in key markets.
Looking ahead, Onto Innovation anticipates continued growth driven by the semiconductor industry's demand for advanced metrology and inspection solutions. The company is well-positioned to capitalize on emerging trends, particularly in artificial intelligence and advanced packaging technologies. However, it acknowledges potential risks, including supply chain disruptions and the impact of geopolitical tensions on its operations. The management remains optimistic about future revenue growth, supported by a strong cash position of $852.3 million at the end of fiscal 2024, which will enable ongoing investments in technology and market expansion.
About ONTO INNOVATION INC.
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