REDMOND, WA – Data I/O Corp. reported third quarter net sales of $6.7 million, up 13% year-over-year. The increase reflects higher overall demand for equipment, higher adapter usage and growing installed base of systems.

Net income for the third quarter was $12,000, compared with a net loss of $707,000 in the prior-year quarter.

Orders for the third quarter were $5 million. As of Sept. 30, backlog was $3.3 million. Cash and Equivalents were $14.2 million. Automotive Electronics represented 61% of third quarter orders.

"We are pleased to return to profitability in the third quarter,” said Anthony Ambrose, president and CEO. “Performance in the quarter was driven by the recovery in the automotive electronics market, solid delivery performance of our factories in challenging conditions, and continued strength in adapters. Revenues increased 13% in the third quarter as compared to the prior year, and were up 27% year-to-date as compared to the same period in 2020.

"Bookings of $19.2 million through the first nine months of the year increased 30% over the same period of the prior year. Third quarter bookings of $5 million were down from $8.9 million in the second quarter, which we believe reflects a pull in of orders from the third quarter into the second quarter, and pushouts from customers who had not yet secured adequate silicon supply for their planned capacity expansion.

"Our resilient supply chain delivered well in the third quarter. Our factories in Redmond and Shanghai were able to ship despite global supply shortages, shipping issues, and ongoing concerns with Covid-19 in many customer locations. The industry sees a decade of 10-15% long-term growth rate in silicon for the automotive electronics market, and Data I/O is extremely well positioned in this space with about 60% of our sales to the automotive industry. While we expect some short-term turbulence in demand as silicon remains constrained, we are investing for this long-term growth trend.

"We believe the continued execution of our operational and growth strategies has positioned Data I/O as the most resilient market leader with unparalleled secure programming technologies and the strongest balance sheet. As the automotive industry operating environment returns to more normal times, we expect to benefit from the resurgence of demand for both machines and consumables with the increase in automotive demand. This should enable the company to demonstrate its full earnings and cash flow leverage."

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