PDF Solutions (PDFS) FY2024 results: revenue $179 million, up 8.2% on the year

PDF Solutions Inc. (PDFS) reported revenue of $179 million for fiscal 2024, the year ended 31 December 2024, up 8.2% on the year before. Net income was $4 million, up 30.7%, and diluted earnings per share $0.10. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$179 million

+8.2% on the year

FY2017FY2024

Operating margin

0.5%

-0.1% a year earlier

FY2017FY2024

Net income

$4 million

+30.7% on the year

FY2017FY2024

Diluted EPS

$0.10

+25.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	179	166	149	+8.2%
Cost of revenue	54.1	51.7	47.9	+4.6%
Gross profit	125	114	101	+9.8%
Gross margin	69.8%	68.8%	67.8%
Research and development	53.6	50.7	56.1	+5.6%
Selling, general and administrative	69.9	62.2	45.3	+12.4%
Operating income	0.9	-0.2	n/a
Operating margin	0.5%	-0.1%	n/a
Interest expense	0.0	0.0	n/a
Pre-tax income	6.6	4.9	0.5	+35.1%
Income tax	2.5	1.8	3.9	+43.0%
Effective tax rate	38.3%	36.2%	829.6%
Net income	4.1	3.1	-3.4	+30.7%
Net margin	2.3%	1.9%	-2.3%
Diluted EPS	$0.10	$0.08	-$0.09	+25.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	9.7	14.6	32.3	-33.5%
Capital expenditure	17.2	11.2	8.4	+52.7%
Free cash flow	-7.5	3.4	23.9
Free cash flow margin	-4.2%	2.0%	16.1%
Cash from investing	-5.9	-29.0	84.6
Cash from financing	-11.2	-5.9	-24.3
Depreciation and amortisation	3.6	5.0	5.5	-27.2%
Share-based compensation	25.0	21.5	19.6	+16.6%
Buybacks	6.9	0.7	22.5	+828.5%
Diluted shares, weighted	39m	39m	37m	+0.3%
Shares outstanding at period end	39m	38m	37m	+1.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	246	229	210	+7.5%
Debt	0.0	0.0	0.0
Operating lease liabilities	3.5	4.7	5.9	-24.8%
Other liabilities	65.7	56.5	62.7	+16.3%
Total liabilities and equity	315	290	279	+8.7%
Fixed assets	48.5	37.3	40.2	+29.8%
Goodwill	15.0	15.0	14.1	-0.5%
Intangible assets	12.3	15.6	18.1	-21.2%
Investments	24.3	36.5	19.6	-33.5%
Cash and equivalents	90.6	99.0	120	-8.5%
Receivables	73.6	44.9	42.2	+64.0%
Other assets	51.0	41.7	25.0	+22.3%
Total assets	315	290	279	+8.7%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.