Onto Innovation Inc. has recently released its 10-Q report, providing a detailed look at the company's financial performance and operations. The company, founded in 1940 and headquartered in Wilmington, Massachusetts, is a leader in the design, development, manufacture, and support of process control tools for the semiconductor industry, offering a range of products and services for various specialty device manufacturing markets.
In the 10-Q report, Onto Innovation Inc. discusses its forward-looking statements, including expectations for business momentum, technology development, and market outlook. The company also highlights its critical accounting estimates and the factors that may impact its financial condition and results of operations.
The report provides an executive summary, outlining the company's focus on metrology and inspection tools for the semiconductor industry, including process control tools for optical metrology, wafer macro-defect inspection, lithography systems, and process control analytical software. Onto Innovation Inc. emphasizes its commitment to research and development to meet the evolving demands of its customers and the constant technological innovations in the semiconductor and electronics industries.
The financial results for the period ending June 29, 2024, are also detailed in the report. Onto Innovation Inc. reported revenue of $242.3 million for the quarter, representing a 6.0% increase compared to the previous quarter. Gross profit as a percentage of revenue increased by 1%, and operating expenses increased by 5% primarily due to higher compensation costs and restructuring expenses.
The company's cash, cash equivalents, and marketable securities balance increased to $786.0 million at June 29, 2024, compared to $697.8 million at December 30, 2023. Onto Innovation Inc. also addressed the impact of the United States government's export regulations on its net sales in China for the first and second fiscal quarters of 2024.
The report further delves into the results of operations, including revenue breakdown by systems and software, parts, and services. It also provides insights into gross profit, operating expenses, and the company's investments in research and development and sales and marketing.
Following these announcements, the company's shares moved 8.4%, and are now trading at a price of $177.81. For the full picture, make sure to review Onto Innovation's 10-Q report.
