We continue to expect gradual market recoveries through fiscal 2024 with greater technology and capacity opportunity in fiscal 2025.
— Fusen Chen
03Detailed Report
KLIC
Company KLIC
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 21, 2026
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Executive Summary
Kulicke and Soffa (KLIC) reported QQ2 2024 revenue of $172.1 million with GAAP results heavily impacted by a non-cash impairment related to the cancellation of Project W. Management highlighted an ongoing recovery narrative across core semiconductor markets and a multi‑year growth trajectory centered on Memory (VFO), Advanced Dispense, and Thermocompression (TCB) within Advanced Packaging. The company also announced a sizable near‑term order (1,000 RAPID Pro systems) and reiterated a cadence of improving demand from high‑volume semiconductor customers, while acknowledging near‑term headwinds in automotive and certain end markets. In the near term, management guided to roughly $180 million revenue for the June quarter with gross margins around 47%, and GAAP EPS of $0.17 (non-GAAP EPS $0.30), underscoring a diverging path between gross profitability from core operations and impairment-driven GAAP results. The balance sheet remains robust, with substantial cash and short‑term investments and a net cash position, offering ample liquidity to fund R&D and selective share repurchases as the company advances its technology‑driven growth vectors.
Key Performance Indicators
Revenue
Decreasing
172.07M
QoQ: 0.52% | YoY: -0.55%
Gross Profit
Decreasing
72.48M
42.12% margin
QoQ: -7.73% | YoY: -13.81%
Operating Income
Decreasing
-57.72M
QoQ: -3 124.90% | YoY: -557.00%
Net Income
Decreasing
-102.68M
QoQ: -1 204.92% | YoY: -782.67%
EPS
Decreasing
-1.83
QoQ: -1 243.75% | YoY: -803.85%
Revenue Trend
Margin Analysis
Financial Highlights
Overview of QQ2 2024 financials with YoY and QoQ context where available:
- Revenue: $172.1 million. YoY change: -0.55%; QoQ change: +0.52% (per incomeMetrics). In GAAP terms, management highlighted a revenue base largely tied to semiconductor end markets with a rebound in Ball Bonder activity but offset by weakness in LED, automotive and industrial segments.
- Gross Profit: $72.48 million, gross margin 42.12%. YoY change: -13.81%; QoQ change: -7.73% (grossProfitMargin). Note: the earnings call commentary cited a markedly different “gross margin” figure (9.6%) in some prepared remarks, which appears inconsistent with the reported GAAP gross margin; the GAAP data shown here reflect gross margin of 42.12% consistent with the income statement.
- Operating Income: -$57.72 million (operating margin -33.54%). YoY change: large decline driven by impairment charges; QoQ change reported as a large deterioration due to non-operating impairment related items (ratio data show significant negative movement).
- Net Income: -$102.68 million (net margin -59.67%). YoY change: -782.67%; QoQ change: -1204.92% (per incomeMetrics). Reflects the impairment charge and ongoing top‑line pressure in a weak macro environment.
- Earnings per Share (EPS): -$1.83 (diluted -$1.83). YoY change: -803.85%; QoQ change: -1243.75%.
- Free Cash Flow: -$26.72 million; Operating cash flow: -$20.15 million. These cash flow dynamics reflect the impairment‑related non-cash charge and ongoing working capital needs amid a challenging quarter.
- Balance Sheet and Liquidity: Cash and cash equivalents $359.75 million; total cash and short‑term investments $634.75 million; total debt $41.33 million; net debt is negative by approximately $318.42 million. Current ratio 6.34, quick ratio 5.25, and cash ratio 2.17, underscoring a strong liquidity cushion to weather cyclicality and fund strategic initiatives.
- Shareholder Returns and Capital Allocation: Share repurchases of $37.3 million in the March quarter (approximately 40% higher than the December quarter). Net of impairment, the company remains active in capital return and balance sheet optimization while maintaining R&D and product investment.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
172.07M
-0.55%
0.52%
Gross Profit
72.48M
-13.81%
-7.73%
Operating Income
-57.72M
-557.00%
-3 124.90%
Net Income
-102.68M
-782.67%
-1 204.92%
EPS
-1.83
-803.85%
-1 243.75%
Key Financial Ratios
Gross Profit Margin
Good
42.10%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Weak
-0.34%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.60%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.08%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.10%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
6.34
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.04
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-6.88x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
2.79x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
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