Strong Financial Performance in Fourth Quarter 2024
Revenue of $415 million exceeded guidance, marking a return to year-over-year growth. Gross margin reached 38%, the best in three years, with earnings per share at $1.30, also above guidance.
Record Data Center Computing Revenue
Data center computing revenue grew 10% sequentially and 41% year-over-year, driven by strength in hyperscale. This was a record quarter for data center computing product revenue.
Semiconductor Revenue Growth
Semiconductor revenue increased 15% sequentially and 19% year-over-year, driven by higher demand and new product shipments.
Successful Product Launches
Launched 35 new platform products in 2024, with continued strong demand for EVOS, eVerest, and NavX products, leading to over 250 qualification units shipped by year-end.
Factory Consolidation Progress
Significant progress on factory consolidation plan aimed at moving gross margin above 40%, with plans to complete by mid-year 2025.
Strong Cash Flow and Balance Sheet
Cash flow from operations was $83 million, contributing to a total cash balance of $722 million, with $157 million in net cash.