Onto Innovation Inc. released its January 2025 investor update, providing a snapshot of its anticipated 2024 performance based on nine months of actuals and the midpoint of Q4 guidance. The company projected revenue of $983 million, representing a 20% increase year-over-year, and non-GAAP EPS of $5.24, a 40% increase year-over-year.
The update highlighted strong operational achievements, including approximately $250 million in operating cash flow, which is about 25% of revenue. Onto Innovation also noted the launch of four new products and the acquisition of two businesses during 2024, contributing to its expanded capabilities.
The company reported substantial growth in AI Packaging revenue for 2023-2024, with Dragonfly revenue increasing by 300% and Metrology for AI Packaging revenue growing by 158%. New products are expected to add approximately $300 million to the served addressable market (SAM) by 2026, with the EchoScan system's SAM projected to grow from $100 million in 2025 to $300 million by 2028.
Additionally, the investor update referenced a new $69 million volume purchase agreement from a leading DRAM manufacturer, with deliveries commencing in the first quarter of 2025. This agreement is expected to support the anticipated recovery in the DRAM market.
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