Business Highlights
- Total revenues of $29.6 million for the third quarter of 2021, up 28% over the third quarter of 2020
- Analytics revenue of $27.2 million for the third quarter, up 90% over the third quarter of 2020
- Bookings for the year 2021 through Q3 are now ahead of full year 2020 bookings
- Backlog ending Q3 2021 up 60% to $180.9 million compared to backlog as of September 30, 2020
- GAAP Gross Margin of 63% for the third quarter of 2021
- Non-GAAP Gross Margin of 66% for the third quarter of 2021
- Operating activities provided $4.0 million in cash during the third quarter of 2021
- Ended the quarter with cash, cash equivalents, and short-term investments of $141.2 million
- Expect full year 2021 total revenues to grow, on a year over year basis, near the top end of previously communicated 20-25% range
- Expect full year 2021 Analytics revenue to grow, on a year over year basis, more than 50%
SANTA CLARA, Calif. — Tuesday, November 9, 2021 — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor ecosystem, today announced financial results for its third quarter ended September 30, 2021.
Highlights of Third Quarter 2021 Financial Results
Total revenues for the third quarter of 2021 were $29.6 million, compared to $27.4 million for the second quarter of 2021 and $23.1 million for the third quarter of 2020. Analytics revenue for the third quarter of 2021 was $27.2 million, compared to $19.6 million for the second quarter of 2021 and $14.3 million for the third quarter of 2020. Integrated Yield Ramp revenue for the third quarter of 2021 was $2.4 million, compared to $7.8 million for second quarter of 2021 and $8.8 million for the third quarter of 2020.
GAAP gross margin for the third quarter of 2021 was 63%, compared to 61% for the second quarter of 2021 and 59% for the third quarter of 2020.
Non-GAAP gross margin for the third quarter of 2021 was 66%, compared to 65% for the second quarter of 2021 and 63% for the third quarter of 2020.
On a GAAP basis, net loss for the third quarter of 2021 was $2.4 million, or ($0.06) per basic and diluted share, compared to a net loss of $4.5 million, or ($0.12) per basic and diluted share, for the second quarter of 2021, and net loss of $2.7 million, or ($0.08) per basic and diluted share, for the third quarter of 2020.
Non-GAAP net income for the third quarter of 2021 was $2.4 million, or $0.06 per diluted share, compared to a net loss of $0.3 million, or ($0.01) per diluted share, for the second quarter of 2021, and net income of $0.1 million, or $0.00 per diluted share, for the third quarter of 2020.
Cash, cash equivalents and short-term investments at September 30, 2021 were $141.2 million, compared to $145.3 million at December 31, 2020, a decrease of $4.1 million. Cash provided by operating activities was $4.0 million during the three months ended September 30, 2021.
Conference Call
As previously announced, PDF Solutions will discuss these results on a live conference call beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time today. The call will be simultaneously webcast on PDF Solutions’ website at http://ir.pdf.com/webcasts. A replay of the webcast will be available at the same website address beginning approximately two hours after completion of the live call. A copy of this press release, including the disclosure and reconciliation of certain non-GAAP financial measures to the comparable GAAP measures, which non-GAAP measures may be used periodically by PDF Solutions’ management when discussing financial results with investors and analysts, will also be available on PDF Solutions’ website at https://www.pdf.com/press-releases following the date of this release.
Third Quarter 2021 Financial Commentary Available Online
A Management Report reviewing the Company’s third quarter 2021 financial results will be furnished to the Securities and Exchange Commission on Form 8-K and published on the Company’s website at http://ir.pdf.com/financial-reports. Analysts and investors are encouraged to review this commentary prior to participating in the conference call.
ABOUT PDF SOLUTIONS
PDF Solutions (NASDAQ: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor ecosystem to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing.
Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com/.
PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.
Company Contacts:
Adnan Raza
Chief Financial Officer
(408) 516-0237
adnan.raza@pdf.com
Sonia Segovia
Investor Relations
(408) 938-6491
sonia.segovia@pdf.com
Joe Diaz, Robert Blum, Joe Dorame
Lytham Partners, LLC
(602) 889-9700
pdfs@lythampartners.com