PDF SOLUTIONS INC PDFS
We provide comprehensive data solutions designed to empower organizations across the semiconductor and electronics ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability. We derive revenues from two categories, Platform and Volume-based fees. Our offerings that contribute to Platform revenue are licenses for software (other than Cimetrix® runtime licenses) and related software maintenance and technical support services; software-as-a-service ("SaaS"); engineering services; fixed fees associated with Characterization Vehicle® systems; and licenses and purchase contracts for DirectScan™ systems (formerly known as "DFI systems"). Volume-based revenue is derived from Cimetrix runtime licenses, secureWISE® data, and variable/royalty fees associated with CV® systems (sometimes referred to as Gainshare). We are headquartered in Santa Clara, California, and operate worldwide with additional offices in the United States of America, Canada, China, France, Germany, Italy, Japan, South Korea, and Taiwan.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $219.0M | $179.5M | $165.8M | $148.5M | $111.1M | $88.0M | $85.6M | $85.8M | $101.9M | $107.5M |
| Cost of revenue | $60.6M | $54.1M | $51.7M | $47.9M | $44.2M | $36.8M | $33.5M | $42.8M | $47.5M | $44.4M |
| Gross profit | $158.4M | $125.3M | $114.1M | $100.6M | $66.9M | $51.3M | $52.1M | $43.0M | $54.4M | $63.0M |
| R&D | $64.2M | $53.6M | $50.7M | $56.1M | $43.8M | $34.7M | $32.7M | $28.0M | $30.1M | $27.6M |
| SG&A | $84.7M | $69.9M | $62.2M | $45.3M | $37.6M | $32.7M | $26.3M | $23.9M | $23.7M | $22.1M |
| Total operating expenses | — | — | — | — | — | — | — | $52.9M | $54.2M | $50.0M |
| Operating income | $5.8M | $935.0K | -$151.0K | — | — | — | — | -$10.0M | $190.0K | $13.0M |
| Interest expense | $4.0M | $0 | $0 | — | — | — | — | — | — | — |
| Pre-tax income | $3.2M | $6.6M | $4.9M | $470.0K | -$18.3M | -$18.1M | -$7.4M | -$9.5M | -$74.0K | $13.0M |
| Income tax | $3.8M | $2.5M | $1.8M | $3.9M | $3.2M | $22.3M | $1.9M | $1.7M | $1.3M | $3.9M |
| Net income | -$600.0K | $4.1M | $3.1M | -$3.4M | -$21.5M | -$40.4M | -$5.4M | -$7.7M | -$1.3M | $9.1M |
| EPS, basic | -0.02 | 0.11 | 0.08 | -0.09 | -0.58 | -1.17 | -0.17 | -0.24 | -0.04 | 0.29 |
| EPS, diluted | -0.02 | 0.10 | 0.08 | -0.09 | -0.58 | -1.17 | -0.17 | -0.24 | -0.04 | 0.28 |
| Shares, diluted (wtd. avg.) | $39.3M | $39.0M | $38.9M | $37.3M | $37.1M | $34.5M | $32.4M | $32.2M | $32.0M | $32.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $42.2M | $90.6M | $99.0M | $119.6M | $27.7M | $30.3M | $97.6M | $96.1M | $101.3M | $116.8M |
| Short-term investments | $0 | $24.3M | $36.5M | $19.6M | $112.5M | $115.0M | $0 | — | — | — |
| Receivables | $82.9M | $73.6M | $44.9M | $42.2M | $40.1M | $34.1M | $40.7M | $51.6M | $57.6M | $48.2M |
| Total current assets | $163.9M | $206.0M | $197.8M | $193.4M | $188.5M | $193.4M | $147.6M | $157.2M | $163.9M | $170.3M |
| Property, plant and equipment | $81.6M | $48.5M | $37.3M | $40.2M | $35.3M | $39.2M | $40.8M | $35.7M | $25.4M | $19.3M |
| Goodwill | $95.0M | $15.0M | $15.0M | $14.1M | $14.1M | $15.8M | $2.3M | $2.3M | $1.9M | $215.0K |
| Other intangibles | $52.2M | $12.3M | $15.6M | $18.1M | $21.2M | $24.6M | $6.2M | $5.1M | $6.1M | $4.2M |
| Total assets | $418.7M | $315.3M | $290.1M | $278.7M | $273.8M | $287.6M | $239.5M | $225.9M | $224.2M | $222.3M |
| Accounts payable | $17.1M | $8.3M | $2.6M | $6.4M | $5.6M | $4.4M | $7.6M | $2.5M | $2.5M | $2.2M |
| Short-term debt | $2.2M | $0 | — | — | — | — | — | — | — | — |
| Total current liabilities | $71.9M | $60.5M | $50.8M | $58.2M | $43.8M | $42.2M | $28.0M | $19.5M | $19.6M | $18.5M |
| Long-term debt | $64.8M | $0 | — | — | — | — | — | — | — | — |
| Total liabilities | $147.7M | $69.3M | $61.2M | $68.7M | $54.2M | $53.1M | $43.4M | $26.1M | $25.8M | $23.5M |
| Retained earnings | -$94.6M | -$94.0M | -$98.0M | -$101.2M | -$97.7M | -$76.2M | -$35.9M | -$30.5M | -$27.1M | -$25.8M |
| Total equity | $271.0M | $246.0M | $228.9M | $210.0M | $219.6M | $234.5M | $196.2M | $199.8M | $198.4M | $198.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $24.1M | $9.7M | $14.6M | $32.3M | $4.2M | $21.8M | $24.6M | $13.3M | $10.5M | $2.0M |
| Depreciation and amortisation | $4.1M | $3.6M | $5.0M | $5.5M | $6.2M | $6.7M | $6.0M | $5.0M | $4.8M | $3.6M |
| Stock-based compensation | $25.9M | $25.0M | $21.5M | $19.6M | $12.9M | $12.5M | $11.4M | $10.3M | $11.8M | $11.0M |
| Capital expenditure | $32.6M | $17.2M | $11.2M | $8.4M | $3.7M | $6.0M | $10.6M | $13.1M | $10.3M | $11.3M |
| Investing cash flow | -$137.4M | -$5.9M | -$29.0M | $84.6M | -$4.7M | -$150.5M | -$13.2M | -$13.1M | -$14.1M | -$11.3M |
| Financing cash flow | $64.6M | -$11.2M | -$5.9M | -$24.3M | -$5.5M | $64.8M | -$9.8M | -$5.2M | -$12.2M | $30.0K |
| Buybacks | $244.0K | $6.9M | $743.0K | $22.5M | $4.5M | $0 | $9.6M | $5.2M | $13.4M | $2.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-013857.
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