Onto Innovation Q4 2024 Earnings Report

Key Takeaways

Onto Innovation reported record Q4 revenue of $264 million, marking its sixth consecutive quarter of growth. The company achieved a GAAP gross margin of 50% and a non-GAAP gross margin of 55%. GAAP net income was $49 million, while non-GAAP net income reached $75 million. GAAP diluted EPS was $0.98, and non-GAAP diluted EPS was $1.51, exceeding guidance expectations.

Total Revenue

$264M

Previous year: $219M

+20.6%

EPS

$1.51

Previous year: $1.06

+42.5%

GAAP Gross Margin

50%

Non-GAAP Gross Margin

55%

Cash from Operations

$56M

Gross Profit

$132M

Previous year: $108M

+22.6%

Cash and Equivalents

$852M

Previous year: $698M

+22.1%

Free Cash Flow

$56M

Previous year: $59.1M

-5.3%

Total Assets

$2.12B

Previous year: $1.91B

+10.9%

Onto Innovation Revenue

Onto Innovation EPS

Forward Guidance

For Q1 2025, Onto Innovation expects revenue between $260 million and $274 million, with GAAP EPS in the range of $1.14 to $1.28 and non-GAAP EPS between $1.40 and $1.54.

Positive Outlook

Continued momentum in AI packaging and advanced nodes
New products targeting 3D interconnect and wafer inspection
Expanding demand for power semiconductors
Operational efficiencies improving gross margins
Strong backlog supporting Q1 2025 revenue growth

Challenges Ahead

Uncertainty in semiconductor capital spending
Potential supply chain disruptions
Increasing competition in semiconductor inspection tools
Macroeconomic risks impacting customer investments
Ongoing restructuring costs affecting short-term profitability