Reports Q1 revenue $9.63M vs.$11.5M last year. Reports continued strong demand for technology upgrades for hard disk drive HDD media resulted in sales of nearly $10M and gross margin approaching 44% for the quarter. New orders exceeded $20M for the quarter, and included HDD technology upgrade bookings from multiple customers, including initial HAMR ( upgrade orders from a leading data storage company. “We are pleased to demonstrate our critical role in the HDD ecosystem with Q1 revenues approaching $10 million, consisting primarily of HAMR technology upgrade sales,” commented Nigel Hunton, president and chief executive officer. “Our HDD backlog of $53 million at quarter-end reflects continued strong bookings for upgrades in support of our customers’ strategic technology roadmaps, and supports the visibility and longevity of a multi-year HAMR investment cycle, which in Q1 expanded for the first time to multiple HDD customers. We expect these strategic investments to boost areal density will continue to drive strength in our HDD business for several years, and with continued advancements in reducing the cost-per-bit of HDD storage we agree with industry expectations of robust demand for hard drive media.
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