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Financial report summary
?Competition
Cohu • KLA • Onto Innovation • Aehr Test Systems • Camtek • Nova • Bruker • Advantest • Tokyo ElectronRisks
- The markets in which we participate are competitive, and if we do not compete effectively, our operating results could be harmed.
- If we do not innovate and keep pace with technological developments in the semiconductor industry, our products might not be competitive, and our revenues and operating results could suffer.
- We depend upon the sale of our probe card products for the substantial majority of our revenues.
- We derive a substantial portion of our revenues from a small number of customers.
- If our relationships with our customers deteriorate, our product development activities could be harmed.
- Consolidation in the semiconductor industry and within the semiconductor test equipment market could adversely affect the market for our products and negatively impact our ability to compete.
- Changes in customers’ test strategies, equipment and processes could decrease customer demand for our products.
- Cyclicality in the semiconductor industry has in the past and may in the future adversely impact our sales.
- Because we generally do not have a sufficient backlog of unfilled orders to meet our quarterly revenue targets, revenues in any quarter are substantially dependent upon customer orders received and fulfilled in that quarter.
- If our ability to forecast demand for our products or the predictability of our manufacturing yields deteriorates, we could incur high inventory losses.
- If we are unable to efficiently manufacture our existing and new products, our business may be materially adversely affected.
- If we are unable to continue to reduce the time it takes for us to design and produce products, our growth could be impeded.
- Products that do not meet specifications or that contain defects could damage our reputation, decrease market acceptance of our technology, cause us to lose customers and revenues, and result in liability to us.
- As part of our sales process, we could incur substantial sales and engineering expenses that do not result in revenues.
- We obtain some of the components and materials we use in our products from a sole source or a limited group of suppliers, and the partial or complete loss of one of these suppliers, or scarcity of raw materials from one of these suppliers, could cause production delays.
- Our operations, or those of our important suppliers, business partners and customers, could be adversely affected by events outside of our control such as natural disasters, pandemics and man-made disasters.
- Climate change, or legal, regulatory or market measures to address climate change, may negatively affect our business and operations.
- Adverse global, regional and national economic conditions could have a negative effect on our business, results of operations, financial condition, liquidity, and access to capital markets.
- Sustained inflation could have a material adverse effect on our business, financial condition, results of operations and liquidity.
- We rely on the security and integrity of our electronic data systems, managed both internally and by third parties, for our business requirements, and our business can be damaged by disruptions, security breaches or compromises of these systems.
- Because we conduct most of our business internationally, we are subject to operational, economic, financial and political risks abroad.
- Our foreign operations expose us to additional risks relating to currency fluctuations.
- Increasingly restrictive export regulations and other trade barriers may materially harm our business.
- If we fail to protect our proprietary rights, our competitors might gain access to our technology, which could adversely affect our ability to compete successfully in our markets.
- We might be subject to claims of infringement of other parties’ proprietary rights.
- We have recorded restructuring, inventory write-offs and asset impairment charges in the past, and may do so again in the future, which could have a material negative impact on our business.
- We may not be able to recruit or retain qualified personnel.
- Our failure to comply with environmental laws and regulations could subject us to significant fines and liabilities, and new laws and regulations or changes in regulatory interpretation or enforcement could make compliance more difficult and costly.
- We are exposed to additional risks as a result of increased attention by our stakeholders to environmental, social and governance (“ESG”) matters.
- We have made acquisitions, and may make additional acquisitions or investments in the future, which could put a strain on our resources, cause ownership dilution to our stockholders, or adversely affect our financial results.
- If goodwill or other intangible assets that we recorded, or will record, in connection with our acquisitions become impaired, we could be required to take significant charges against earnings.
- If we fail to maintain an effective system of internal and disclosure controls and procedures, we may not be able to accurately report our financial results or prevent fraud.
- The trading price of our common stock has been and is likely to continue to be volatile, and you might not be able to sell your shares at or above the price that you paid for them.
- Provisions of our certificate of incorporation and bylaws or Delaware law might discourage, delay or prevent a change of control of our company or changes in our management and, therefore, depress the trading price of our common stock.
Management Discussion
- In this section, we discuss the results of our operations for the year ended December 30, 2023 compared to the year ended December 31, 2022. For a discussion of the year ended December 31, 2022 compared to the year ended December 25, 2021, please refer to Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022.
- (1) During the fourth quarter of fiscal 2023, we completed the sale of our FRT business. As a result, Metrology Systems revenue will not recur in future periods. The year ended December 30, 2023 includes Metrology Systems revenue of $21.2 million. The years ended December 31, 2022 and December 25, 2021 include Metrology Systems revenue of $29.0 million and $23.7 million, respectively.
- (1) During the fourth quarter of fiscal 2023, we completed the sale of our FRT business. As a result, Metrology Systems revenue will not recur in future periods. The year ended December 30, 2023 includes Metrology Systems revenue of $21.2 million. The years ended December 31, 2022 and December 25, 2021 include Metrology Systems revenue of $29.0 million million and $23.7 million, respectively.