PDF Solutions, Inc. (Nasdaq: PDFS) supplies semiconductor and electronics manufacturers with analytics software, equipment-connectivity products, inspection systems and engineering services designed to improve manufacturing yield, quality and efficiency.
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Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001558370-24-001843 | Feb 27, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001558370-25-001813 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001437749-26-005366 | Feb 24, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
PDF Solutions is expanding its manufacturing-data business, but revenue growth has not consistently translated into GAAP profit or cash after capital spending. In 2025, revenue reached $219.024 million as CV fees, Gainshare and acquired secureWISE activity outweighed weaker perpetual-license and DirectScan revenue. Operating income improved, yet financing costs and taxes produced a small net loss. After the annual filing, first-half 2026 results showed stronger profitability, helped by growth and much lower acquisition expenses, despite gross-margin pressure. May’s equity offering substantially replenished cash; operating cash flow alone still did not cover equipment spending and prepayments. Customer concentration, collection timing, capital-intensive inspection development and export restrictions remain important dependencies. The favorable SMIC arbitration award remained unpaid and challenged, while management’s 2026 growth target remained conditional.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-05-13 · EX-99.1 · 2026-08-06
PDF Solutions serves foundries, chip designers, integrated manufacturers, equipment suppliers and assembly/test providers. Exensio analyzes manufacturing data; Sapience connects applications and data; Cimetrix connects and controls equipment; secureWISE provides remote connectivity; CV characterizes processes; and DirectScan supplies contactless electrical inspection. Revenue comes from licenses, SaaS, support, engineering, equipment sales or leases, runtime licenses, data usage and Gainshare royalties. Consequently, this is neither a pure subscription business nor solely an equipment supplier.
The company reports one operating segment. Its 2025 annual report replaced Analytics and Integrated Yield Ramp revenue categories with Platform and Volume-based, recasting comparisons without changing total revenue or revenue costs. Platform includes software, services, fixed CV fees and DirectScan contracts; Volume-based includes Cimetrix runtime licenses, secureWISE data and Gainshare. Old and new category names are not interchangeable.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Revenue increased 22% in 2025 to $219.024 million. Higher fixed CV fees and acquired secureWISE revenue supported Platform, while Gainshare, data usage and runtime licensing lifted Volume-based revenue. Lower perpetual-license and DirectScan revenue partly offset growth. Gross margin rose to a rounded 72% from 70%, primarily because revenue increased, while lower hardware costs offset some staffing, cloud and amortization increases. No disclosed bridge separates organic growth from acquired revenue.
Operating income rose to $5.847 million from $0.935 million, despite higher R&D and SG&A. However, $3.955 million of acquisition-financing interest, lower interest/other income and $3.841 million of tax expense resulted in a $0.640 million GAAP net loss, versus $4.057 million income in 2024. Acquisition/integration costs and arbitration fees also burdened results. R&D spending increased even though its percentage of revenue declined: the denominator grew faster.
Sources: 10-K · 2025-12-31
2025 operating cash flow recovered to $24.053 million from $9.703 million, supported by collections, but did not cover $32.631 million of equipment purchases plus $0.214 million of prepayments. SecureWise separately required $129.718 million of acquisition cash net of acquired cash. Year-end cash was $42.220 million, versus $90.594 million plus $24.291 million of short-term investments a year earlier. Debt principal reached $68.125 million, including a fully drawn $45 million revolver. Positive operating cash flow was not profit: substantial noncash compensation and working-capital movements affected conversion.
Sources: 10-K · 2025-12-31
The August 6, 2026 disclosures reported first-half revenue of $121.659 million, up 22%, and GAAP net income of $9.062 million versus a $1.886 million loss. DirectScan, CV and secureWISE systems supported growth, but gross margin declined to 70% from 72% as delivery costs rose faster than revenue. Lower SecureWise acquisition/integration costs materially benefited the earnings comparison. Separately, the company attributed the first-half increase in interest income and other, net to $1.7 million of net favorable foreign-exchange fluctuations, partly offset by $0.7 million lower interest income and $0.6 million lower other income because the prior-year second quarter included a one-time recovery from previously written-off property and equipment. These comparison effects are distinct from operating growth and do not establish separate current-period cash receipts or recurrence. Second-quarter revenue was $61.529 million; Volume-based growth offset a sequential Platform decline.
An April 23 amendment, filed April 24, increased revolving capacity to $75 million and introduced leverage-based commitment fees; it did not itself establish a cash receipt. The May 15 completed offering issued 1,946,630 company shares, including the exercised option, and generated $81.791 million after underwriting discounts and commissions. Advantest’s separate sale generated no company proceeds. June 30 cash reached $114.883 million, with $67.500 million principal debt and $30 million undrawn capacity. First-half operating cash flow of $18.075 million still fell short of $24.582 million of equipment spending and prepayments.
Sources: 10-Q · 2026-06-30 · EX-99.2 · 2026-08-06 · 8-K · 2026-04-23 · 8-K · 2026-05-13
Three customers supplied 53% of 2025 revenue, and two represented 64% of year-end gross receivables. Unbilled revenue, project estimates and equipment leases separate reported sales from cash collection. Specialized suppliers, cybersecurity exposure, long purchase cycles and export restrictions add execution risk. As disclosed August 6, the favorable November 2025 SMIC award remained unpaid, challenged and unrecognized. Management reaffirmed a 20% 2026 revenue-growth target, but neither backlog conversion nor future covenant compliance is assured. This view uses disclosures through August 6, not confirmation of events through the October 24 reference date.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
USD 111.06 m
FY2021 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2021 | USD 111.06 m | — |
Consolidated revenue; includes a full year of Cimetrix.
Sources: 10-K · 2022-12-31
USD 148.549 m
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 148.549 m | — |
Consolidated Analytics and Integrated Yield Ramp revenue.
Sources: 10-K · 2022-12-31
USD 179.465 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 179.465 m | 8.2% |
| 2023 | USD 165.835 m | — |
Consolidated total revenue; category reclassification did not alter the total.
Sources: 10-K · 2025-12-31
USD 219.024 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 219.024 m | — |
Consolidated total revenue, including Platform and Volume-based revenue.
Sources: 10-K · 2025-12-31
USD -3.429 m
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD -3.429 m | Loss narrowed |
| 2021 | USD -21.488 m | — |
Consolidated net income after income tax, negative for loss.
Sources: 10-K · 2022-12-31
USD 4.057 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 4.057 m | 30.7% |
| 2023 | USD 3.105 m | — |
Consolidated net income after income tax expense.
Sources: 10-K · 2025-12-31
USD -640,000
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -640,000 | — |
Consolidated net income after income tax expense; negative indicates loss.
Sources: 10-K · 2025-12-31
USD 32.298 m
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 32.298 m | 661.2% |
| 2021 | USD 4.243 m | — |
GAAP operating cash flow, not net profit.
Sources: 10-K · 2022-12-31
USD 24.053 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 24.053 m | 147.9% |
| 2024 | USD 9.703 m | -33.5% |
| 2023 | USD 14.6 m | — |
Consolidated cash flow from operating activities; not net profit.
Sources: 10-K · 2025-12-31
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