REDMOND, WA – Data I/O reported sales of $7.2 million in the first quarter, up 46% as compared with $5 million in the first quarter of last year.

The company said the increase from last year primarily reflects a more normalized operating environment, and it continues to benefit from higher overall demand for equipment and higher adapter usage with a growing installed base of systems throughout the world.

"We are very pleased to report continued strong conditions through the first three months of 2023, which marks the third quarter in a row of more normalized operations," said President and CEO Anthony Ambrose. "Our first quarter performance is highlighted by 46% top line growth and, reflecting our significant operating leverage, a nearly $2 million swing in net income as compared to the first quarter 2022. Quarterly revenues reached the highest first quarter level since 2018.

"Demand is being driven by continued growth in the automotive electronics market based upon the amount of programmable content per vehicle and market share gains by EVs over traditional combustion engine vehicles. The automotive market accounted for over 63% of bookings in the first quarter 2023. Automotive continues to represent the largest, fastest growing and most attractive market segment for our programming technologies," he said. "We are very well positioned to capitalize on the growth for advanced programming requirements for digitally enhanced connected cars as well as IoT devices, particularly as a security layer is bundled with firmware to provide physical protection of mobile assets. In addition, we are experiencing strength in the industrial sector as factories continue to automate globally and IoT devices demand more security. We had 10 new customer wins in automotive and industrial during the first three months of the year, an impressive achievement following at least 20 new customers in each of the past two full years."

For the rest of the year, Data I/O forecasts double-digit revenue growth, consistent with the long-term double-digit semiconductor growth rate in the automotive electronics industry.

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