Onto Innovation Inc - ONTO STOCK NEWS

Onto Innovation Inc. (NYSE: ONTO) reported strong Q2 2024 financial results, exceeding guidance with revenue of $242 million. The company saw increased demand for AI packaging and orders for emerging gate-all-around nodes. Key highlights include:

- GAAP gross margin and non-GAAP gross margin of 53%
- GAAP diluted EPS of $1.07 and non-GAAP diluted EPS of $1.32
- Record cash from operations of $65 million (27% of revenue)
- Specialty and advanced packaging revenue set a quarterly record of $164 million
- Closed over $300 million in volume purchase agreements for AI advanced packaging and gate-all-around investments through 2025

The company expects Q3 2024 revenue between $245-$255 million and non-GAAP diluted EPS of $1.25-$1.35.

Onto Innovation (NYSE: ONTO) has announced the addition of Dr. Stephen Schwartz to its board of directors. With over 25 years of leadership experience in high-tech companies, Dr. Schwartz brings valuable expertise to Onto's board. He currently serves as president and CEO of Azenta, Inc., formerly Brooks Automation, and has held leadership positions at Asyst Technologies and Consilium Inc.

Dr. Schwartz's background in semiconductor and life sciences industries, coupled with his experience in automation and robotics, is expected to provide fresh perspectives to Onto Innovation. The company, a strategic partner for leading semiconductor firms, particularly those involved in AI trends, sees this appointment as an opportunity to enhance its position in the semiconductor process control industry.

Onto Innovation (NYSE: ONTO) will announce its second quarter 2024 financial results on August 8, 2024, following market close. The company's CEO, Michael P. Plisinski, and CFO, Mark Slicer, will host a conference call and an audio webcast to discuss the results. The call is scheduled for 4:30 p.m. (ET) and can be accessed by dialing (888) 394-8218 or +1 (646) 828-8193 for international participants using conference ID 7606226. A live webcast will be available on Onto Innovation's website, with a replay accessible for one year.

Onto Innovation has introduced its new glass substrate suite, featuring the JetStep X500 lithography system with hybrid substrate handling capabilities and the Firefly G3 sub-micron automatic metrology and inspection system. These systems support panel-level packaging for AI, high-performance computing, and cloud computing. The AICS market is projected to grow at a 10% CAGR from 2023 to 2028. This growth is driven by the need for more stable substrates like glass, especially as organic substrate redistribution layers face challenges below 3µm. The JetStep X500 offers sub-1.5µm resolution and can expose areas up to 250mm x 250mm. The Firefly G3 system provides precise inspection and metrology for both organic and glass panels, including via measurement and defect inspection. This suite positions Onto for growth in the advanced packaging market.

Onto Innovation (NYSE: ONTO) will exhibit at SEMICON West, July 9-11, 2024, at Booth 633 in the South Hall of Moscone Center.

Onto will showcase its latest integrated process and process control solutions supporting AI product ramp-up, advanced packaging, lithography, and 3D metrology technologies, among others.

These technologies cater to advanced node logic, memory applications, and specialty devices for the automotive market and electric vehicles.

In addition to the exhibit, Onto will host customer and investor meetings, and feature two technical presentations on semiconductor manufacturing and defect classification.

Onto Innovation Inc. (NYSE: ONTO) announced its participation in upcoming investor events including the B. Riley Securities 24th Annual Institutional Investor Conference, Stifel 2024 Cross Sector Insight Conference, and Wolfe Research Small and Mid-Cap Conference. Management will be available for one-on-one meetings on specific dates and times at each event.

Onto Innovation reported their financial results for the first fiscal quarter of 2024, with revenue reaching $229 million driven by customer capacity expansions for high-performance computing and high bandwidth memory supporting AI market growth. The GAAP gross margin and non-GAAP gross margin were 52%, with GAAP operating income of $43 million and GAAP net income of $47 million. Non-GAAP operating income was $57 million and non-GAAP net income reached $58 million. First quarter highlights include revenue from specialty and advanced packaging customers reaching a record $161 million, Dragonfly G3 inspection system shipments increasing by over 30%, and new capabilities released for the Dragonfly G3 inspection system enabling 100% wafer inspection for critical sub-surface defects.