Onto Innovation’s Revenue by Segment (2019-2022)

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This statistic highlights Onto Innovation’s Revenue by Segment, split between Systems and Software, Parts, and Services, reported on a quarterly basis.
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This statistic highlights Onto Innovation’s Revenue by Segment, split between Systems and Software, Parts, and Services, reported on a quarterly basis.

Onto Innovation’s Revenue by Segment

Segment Q3 2020 Q2 2021 Q3 2021 Contribution in Q3 2021
Systems and Software $97.77 $162.90 $170.94 85.2%
Parts $18.82 $18.70 $17.80 8.9%
Services $9.90 $11.79 $11.85 5.9%
Total $126.49 $193.39 $200.59 100%

(All figures in millions, except percentages)

The company’s total revenue increased from $126.49 million in Q3 2020 to $200.59 million in Q3 2021, indicating a 58.57% growth on a year-on-year basis. The revenue in Q3 2021 increased by 3.72% on quarterly basis, from $193.39 million in Q2 2021 to $200.59 million in Q3 2021.

The revenue of the company is bifurcated into the following segments:

Systems and Software

When the company transfers control of the product to the client, revenue from systems is realized. The company must have a current right to payment, the legal title must have gone to the customer, and the customer must bear the significant risks and rewards of ownership to show the transfer of control. When the customer or the customer’s agent picks up the system at the company’s facility, the company normally relinquishes control. The company gives a twelve to fourteen-month assurance warranty on its systems against material and workmanship defects. At the time revenue is recognized, the company accounts for the projected cost of product warranties.

The revenue from this segment has been increasing quarter on quarter. The revenue increased by 66.6% from Q3 2020 to Q2 2021 i.e. from $97.77 million to $162.90 million. The revenue further increased by 4.9% on a quarter-on-quarter basis, from Q2 2021 to Q3 2021 i.e. $170.94 million from the immediately preceding $162.90 million. The year-on-year increase in revenue generated from this segment is 74.83%. The share of this segment in the cumulative revenue had been increasing quarter on quarter from 77.3% in Q3 2020 to 85.2% in Q3 2021.

Parts

When the company transfers possession of the product, which normally occurs when the product is sent from its facilities to the client, the revenue from parts is recognized.

The revenue from this segment has been decreasing quarter on quarter. The revenue fell by 0.60%, from Q3 2020 to Q2 2021 i.e. from $18.82 million to $18.70 million in absolute terms. From Q2 2021 to Q3 2021, the revenue decreased by % on a quarterly basis, from $18.7 million to $17.8 million. The year-on-year decrease in revenue is 5.42%. The share of this segment also had been continually falling in the overall revenue. In Q3 2021, this segment contributes 8.9% to the total revenue generated.

Services

Service contracts, which give additional maintenance coverage beyond the company’s assurance warranty on its goods, service labor, consulting, and training are the key sources of revenue from services. Revenue from service contracts is recognized over the course of the contract’s tenure. As services are rendered, revenue from service labor, consulting, and training is recognized. When the installation is complete, revenue from installation services is recognized.

The revenue from this segment has been increasing quarter on quarter. The revenue increased by 19%, from Q3 2020 to Q2 2021 i.e. from $9.90 million to $11.79 million in absolute terms. The revenue further increased by 0.5% on a quarterly basis, from Q2 2021 to Q3 2021. On a year-on-year basis, the revenue increased by 19.7%, from $9.9 million in Q3 2020 to $11.85 million in Q3 2021. The share of this segment in the cumulative revenue had been falling quarter on quarter from 14.9% in Q3 2020 to 8.9% in 2021.

About Onto Innovation

Onto Innovation (ONTO) is a world leader in the design, development, manufacturing, and support of process control tools, lithography systems, and process control analytical software for bare silicon wafer producers, semiconductor wafer fabricators, and advanced package manufacturers. Light-emitting diodes (“LEDs”), vertical-cavity surface-emitting lasers (“VCSELs”), micro-electromechanical systems (“MEMS”), CMOS image sensors (“CIS”), compound semiconductor (SiC and GaN) power devices, data storage, and certain industrial and scientific applications, as well as RF filters and modules, are all made with the company’s products. Onto Innovation offers process and yield management solutions for bare silicon wafer production and wafer processing facilities, commonly known as “front-end” manufacturing, as well as advanced chip packaging and test facilities, which are known as “back-end” manufacture. Automated and integrated metrology systems measure critical dimensions, device architectures, topography, shape, and a variety of thin film compositions, including three-dimensional features and film thickness, as well as optical, electrical, and material properties. The company’s stock is traded on the NYSE under the ticker “ONTO”.

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