Onto Innovation Inc. (NYSE:ONTO) Q4 2023 Earnings Call Transcript

Michael Plisinski: Well, we already have a new customer that we’ve talked about for glass. So, that’s a new customer and we’ve mentioned we’ll be shipping that tool sometime in the summer. But the bulk of the 2024 will be repeat business and then I think in 2025 we’ll see more new customers as well as some repeat business as well.

David Duley: Is that class substrate customer for a logic application?

Michael Plisinski: I believe so.

David Duley: Okay. Final question for me is, and I’m sorry if you already mentioned it, you talked about how your packaging revenue has grown dramatically, I think 3x last year. What would you guess the growth rate would be for that segment of your business in 2024?

Michael Plisinski: I don’t know specifically because with that comment I was speaking about Dragonfly and Dragonfly systems in particular. It’s continuing to grow. That much I know. How much? I don’t have in front of me. The whole segment, specialty devices and advanced packaging, will be pretty high double digits.

David Duley: Okay. Thank you.

Michael Plisinski: You’re welcome.

Operator: This concludes today’s question and answer session. I will turn the call back to Mike Sheaffer for any additional or closing remarks.

Mike Sheaffer: Thanks again to everyone who joined us on the call today. A replay of the call will be available on our website at approximately 7:30 Eastern Time this evening. We’d like to thank you for your continued interest in Onto Innovation. Rachel, please conclude the call. Thank you.

Operator: This concludes today’s call. Thank you for your participation and you may now disconnect.