RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (UNAUDITED)(In thousands, except per share amounts) Three months ended March 31, December 31, March 31, 2025 2024 2024 GAAP net income (loss) $(3,032) $539 $(393)Adjustments to reconcile GAAP net income (loss) to non-GAAP net income: Stock-based compensation expense 6,596 6,507 6,110 Amortization of acquired technology under costs of revenues 678 583 584 Amortization of other acquired intangible assets 378 182 259 Expenses for certain legal proceedings (1) 115 69 — Non-recurring legal, finance, integration and other costs 4,345 940 — Loss on damaged equipment in-transit — 663 — Amortization of debt issuance costs 5 — — Tax impact of valuation allowance for deferred tax assets and reconciling items (2) (970) 375 (813)Non-GAAP net income $8,115 $9,858 $5,747 GAAP net income (loss) per diluted share $(0.08) $0.01 $(0.01)Non-GAAP net income per diluted share $0.21 $0.25 $0.15 Weighted average common shares used in GAAP net income (loss) per diluted share calculation 39,088 39,104 38,500 Weighted average common shares used in non-GAAP net income per diluted share calculation 39,285 39,104 39,053 (1) Represents legal costs and expenses related to certain litigation and an arbitration proceeding, which are expected to continue until these matters are resolved.(2) The difference between the GAAP and non-GAAP income tax provisions is primarily due to the valuation allowance on a GAAP basis and non-GAAP adjustments.
Risks and uncertainties that could cause results to differ materially include risks associated with: the effectiveness of the Company’s business and technology strategies; current semiconductor industry trends and competition; rates of adoption of the Company’s solutions by new and existing customers; project milestones or delays and performance criteria achieved; cost and schedule of new product development and investments in research and development; the continuing impact of macroeconomic conditions, including inflation, changing interest rates and tariffs, the evolving trade regulatory environment and geopolitical tensions, and other trends impacting the semiconductor industry, the Company’s customers, operations, and supply and demand for its products; supply chain disruptions; the success of the Company’s strategic growth opportunities and partnerships; recent and future acquisitions, strategic alliances and relationships and the Company’s ability to successfully integrate acquired businesses and technologies; whether the Company can successfully convert backlog into revenue; customers’ production volumes under contracts that provide Gainshare; the sufficiency of the Company’s cash resources and anticipated funds from operations; the Company’s ability to obtain additional financing if needed and its ability to use support and updates for certain open-source software; and other risks and uncertainties discussed in PDF Solutions’ periodic public filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and any amendments to such reports.
Financial Highlights of First Quarter 2025 Quarterly total revenues of $47.8 million, up 16% over last year’s comparable quarterQuarterly analytics revenue of $42.5 million, up 10% over last year’s comparable quarterGAAP gross margin of 73% and non-GAAP gross margin of 77%GAAP diluted loss per share of ($0.08) and non-GAAP diluted earnings per share of $0.21Backlog of $226.7 million as of March 31, 2025Completed acquisition of SecureWise LLC, a widely-used, secure, remote connectivity solution in the semiconductor manufacturing equipment industry, during the first quarter of 2025, financed using a combination of new bank debt of $70.0 million and cash on hand Total revenues for the first quarter of 2025 were $47.8 million, compared to $50.1 million for the fourth quarter of 2024 and $41.3 million for the first quarter of 2024.
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