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PDFS

PDF Solutions, Inc.

PDFS

PDF Solutions, Inc. • NASDAQ
$27.10 ▲ 0.97% (+0.26)
Market Cap $1.07 B
52w High $32.37
52w Low $15.91
Dividend Yield 0%
P/E -2710
Volume 102.40K
Outstanding Shares 39.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $57.115M ▲ $36.448M ▲ $1.294M ▲ 2.266% ▲ $0.03 ▲ $6.942M ▲
Q2-2025 $51.728M ▲ $35.725M ▼ $1.146M ▲ 2.215% ▲ $0.029 ▲ $3.189M ▲
Q1-2025 $47.778M ▼ $38.378M ▲ $-3.032M ▼ -6.346% ▼ $-0.078 ▼ $-944K ▼
Q4-2024 $50.085M ▲ $34.073M ▲ $539K ▼ 1.076% ▼ $0.014 ▼ $1.427M ▼
Q3-2024 $46.409M $31.806M $2.206M 4.753% $0.13 $3.081M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $35.88M ▼ $406.399M ▲ $142.017M ▲ $264.382M ▲
Q2-2025 $40.402M ▼ $391.133M ▲ $133.613M ▼ $257.52M ▲
Q1-2025 $54.149M ▼ $389.972M ▲ $140.992M ▲ $248.98M ▲
Q4-2024 $114.885M ▼ $315.289M ▲ $69.252M ▲ $246.037M ▲
Q3-2024 $120.152M $307.351M $66.887M $240.464M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.294M ▲ $3.287M ▲ $-3.324M ▼ $-1.192M ▲ $-1.535M ▲ $-3.038M ▲
Q2-2025 $1.146M ▲ $-5.215M ▼ $-385K ▲ $-1.313M ▼ $-6.319M ▲ $-13.663M ▼
Q1-2025 $-3.032M ▼ $8.64M ▲ $-123.861M ▼ $67.958M ▲ $-46.86M ▼ $437K ▲
Q4-2024 $539K ▼ $1.606M ▼ $-6.124M ▼ $-325K ▲ $-5.834M ▼ $-4.241M ▼
Q3-2024 $2.206M $9.275M $-4.005M $-1.755M $4.441M $4.68M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Analytics
Analytics
 $90.00M ▲$40.00M ▼$50.00M ▲$50.00M ▲
Integrated Yield Ramp
Integrated Yield Ramp
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last five years, moving from a small base to a meaningfully larger level. Gross profitability has generally kept pace with that growth, which suggests the core products and services are adding value without a big hit to direct costs. At the same time, operating and net income have hovered around break-even in recent years after being clearly negative earlier in the period. That points to a business that has largely completed the turnaround from losses to roughly sustainable profitability, but has not yet reached consistently strong earnings. The sharp improvement in earnings per share from sizeable losses to modest profits reflects this shift. Overall, the income statement tells a story of solid top-line momentum and improving efficiency, but with limited margin of safety if growth slows or costs rise.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative and stable. Total assets have inched up over time, indicating gradual expansion rather than aggressive balance-sheet growth. Equity has increased in line with this, suggesting that retained profits and past capital raising have supported the asset base without relying heavily on borrowing. Debt remains very low, which reduces financial risk and interest burden. Cash levels have moved around but stay meaningful compared with the size of the business, providing a liquidity cushion for investment, research, and cyclical swings in the semiconductor market. Overall, the balance sheet profile is that of an asset-light software and solutions company with modest leverage and reasonable financial flexibility.

Cash Flow

Cash Flow Cash generation from day-to-day operations has been positive in most recent years, but not large, which is consistent with the company’s near break-even profit profile. Free cash flow has fluctuated around zero, turning positive in some years and slightly negative in others as the company spends on capital investments. These investments remain moderate, aligning with a software- and data-centric model rather than heavy manufacturing. The cash-flow picture suggests the business is largely self-funding but does not yet throw off abundant surplus cash. This leaves room for upside if margins improve, but also means careful management of spending is important if growth or the macro environment softens.

Competitive Edge

Competitive Edge PDF Solutions occupies a specialized niche at the intersection of semiconductor manufacturing, data analytics, and process control. Its key strength is an integrated platform that spans data generation, connectivity, and advanced analytics, creating a unified view of the manufacturing lifecycle that many rivals cannot fully match. Deep, long-standing relationships with chip manufacturers and equipment makers, combined with embedded workflows and performance-tied contracts, make it harder for customers to switch away. Independence from any single fab or foundry also supports trust and data sharing across the ecosystem. Against that, the company faces large, well-funded competitors with strong positions in inspection hardware, EDA tools, and metrology. The market is also cyclical and demanding, which puts pressure on continued innovation and service quality. In summary, the company appears to have a defensible, differentiated position in a narrow but strategically important slice of the semiconductor value chain.

Innovation and R&D

Innovation and R&D Innovation is at the heart of the business model. The company’s core platforms—ranging from its Exensio analytics environment to its characterization test chips, connectivity software, and Design-for-Inspection and eProbe technologies—are tightly integrated and data-driven. This combination allows it to collect unique manufacturing data, analyze it with advanced algorithms, and feed insights back into design and production. The firm is actively pushing into AI and machine learning, including plans for next-generation AI-driven analytics and collaborations with large technology partners. It is also extending its know-how into adjacent areas like automotive-grade semiconductors, data centers, and battery manufacturing. These efforts deepen the moat by building proprietary data sets, specialized applications, and intellectual property. The main risk is execution: new tools like DFI/eProbe and AI-based offerings must be widely adopted and deliver clear customer value for the R&D investment to pay off fully.

Summary

Overall, PDF Solutions shows the profile of a specialized technology company that has transitioned from persistent losses to roughly stable profitability while steadily growing its revenue base. The balance sheet is conservative, with low debt and solid cash, which helps support ongoing innovation and cushions industry cycles. Cash flows are positive but modest, reflecting a business that is still in the build-out and scaling phase rather than a mature cash cow. Competitively, the company benefits from a differentiated, end-to-end data and analytics platform, strong domain expertise, and close integration with customers’ manufacturing processes. Its innovation agenda—especially in AI-driven analytics, advanced inspection and characterization, and new markets like automotive and batteries—offers considerable opportunity but also depends on successful commercialization and continued semiconductor demand. In short, this is a focused, innovation-led business with improving financials and a meaningful niche, balanced by execution and industry-cycle risks.

NEWS

November 18, 2025 · 4:05 PM UTC

PDF Solutions Announces Speakers and Agenda for its Users Conference and Analyst Day

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November 6, 2025 · 4:10 PM UTC

PDF Solutions® Reports Third Quarter 2025 Financial Results, Announcing Record Third Quarter 2025 Total Revenues

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October 20, 2025 · 4:05 PM UTC

PDF Solutions to Report Third Quarter Fiscal 2025 Financial Results on November 6, 2025

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October 2, 2025 · 4:05 PM UTC

PDF Solutions® Announces Collaboration with Lavorro to Provide Context-Aware, Generative AI-Assisted Option for Semiconductor Fabs

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October 1, 2025 · 4:08 PM UTC

PDF Solutions® Announces Next Generation of its Exensio® AI/ML Solution

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