REDMOND, WA -- Data I/O reported fourth quarter net sales of $4.9 million, down $1 million year-over-year, on pushouts of equipment orders and deliveries, partially offset by higher recurring and consumable revenues from the company’s expanding installed base of component programming machines.

For the period ended Dec. 31, the company had bookings of $6 million and adjusted gross margin of 52.9%.

The net loss was $1.6 million, and adjusted EBITDA of was a loss of $194,000. Data I/O’s fourth quarter and full year results included $943,000 of non-cash, one-time charges due primarily to impairment and inventory writedowns.

Backlog as of Dec. 31 was $3.9 million, up $1.1 million from the end of the third quarter and $1 million from the end of 2019.

For the year, the company had a net loss of $4 million on a 6% drop in net sales to $20.3 million.

Automotive electronics represented 53% of bookings for 2020.

"In the most challenging business climate in recent memory, we are pleased to have exited 2020 better positioned than how we entered the year," said Anthony Ambrose, president and CEO, Data I/O. "Data I/O’s people are healthy, our cash balance increased, our operational processes and supply chain resiliency have been optimized, our automotive electronics and security platforms have advanced, and we ended 2020 with our strongest bookings quarter of the year and our largest backlog in three years. After bottoming in the second quarter of 2020, our outlook is positive for 2021 and beyond.

"During the year, we won orders for UFS and other programming requirements which drove our installed base to over 330 PSV units at the end of the year. Growth in our bookings reflected not only capital equipment, but also the increased recurring revenues associated with sales of consumable adapters, software and services. Total recurring revenues grew for the third consecutive year, and the percentage of total sales attributable to software and services also increased for the third year in a row.

"Looking toward 2021, we are well positioned to benefit as the market cycles upward with increasing momentum. The secular growth rates for automotive electronics are estimated by market participants and analysts alike at a compounded annual growth rate of 10-15% for the next decade. The latest in short term disruption from certain semiconductor and equipment shortages only highlights the growth of semiconductors within the automotive industry. Security demands for IoT, automotive and industrial markets also continue to grow. This is our market opportunity and why we continue to invest in R&D to extend our lead. In 2021, we are planning to grow in line with the automotive semiconductor market, maintain gross margins in the mid- to high-50% range, hold expenses to a 2% increase, and drive disproportionate improvements in profitability and cash flow."

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