Data I/O Posts $0.17 Q2 Loss as Revenue Decline Continues
DAIO sits 39% above its 52-week low of $2.16.
Summary
Data I/O reported a Q2 loss of $0.17 per share, extending the steep decline seen in Q1 when revenue fell 47.4% and losses widened. The Q2 net loss widened on interest expense from convertible debt. The company has been burning cash and recently completed a $9 million private placement and a $23 million acquisition aimed at nearly doubling revenue. This quarterly loss confirms the operational struggles persist despite the capital infusion. The next earnings call will be critical to see if the acquisition is integrating and whether cost cuts are taking hold.
Updates
· SEC 10-Q — The 10-Q shows Q2 revenue of $5.1 million, down 13.4% year over year, and a net loss of $1.6 million. It also discloses a material weakness in internal controls.
At the time of this announcement, DAIO was trading at $3.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $28.2M. The 52-week trading range was $2.16 to $4.49. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.