Onto Innovation Inc.
ONTOQ1 2025(ONTO Q4 FY2024)Derived14% AI
AI Revenue %
14%
AI Fair Value
$1.1B
AI Revenue (Q)
$37.0M
Total Revenue (Q)
$263.9M
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q4 FY2024 revenue was $263.9M (derived: annual $987.3M minus 9-month $723.4M). The FY2024 10-K is explicit: 'In fiscal 2024, revenue increased 21% compared to fiscal 2023, primarily due to an increase in sales in our inspection business of Dragonfly systems and other products in support of advanced packaging needs for chips used in Artificial Intelligence (AI) applications.' Revenue increase was $171.5M. 'Primarily' suggests >50% of the $171.5M increase, or >$86M, was AI-driven. Math: If ~$120M of FY2024 revenue was AI-related inspection (conservative within the stated range), that's ~12% of $987.3M for the full year. Q4 was the highest revenue quarter and likely had the highest AI mix as Dragonfly shipments continued ramping. Taiwan reached 31% and Korea 29% of annual revenue (vs. 17% and 21% in FY2023). Estimate 14% for Q4 — the peak quarter in the AI packaging inspection ramp. Confidence upgraded to 'derived' for Q4 because the annual 10-K provides explicit attribution of revenue growth to AI-related Dragonfly sales, allowing calculation.
Analyzed by claude-opus-4-6
Quoted Figures
In fiscal 2024, revenue increased 21% compared to fiscal 2023, primarily due to an increase in sales in our inspection business of Dragonfly systems and other products in support of advanced packaging needs for chips used in Artificial Intelligence (AI) applications.
10-K for fiscal year ended December 28, 2024, Item 7 MD&A Executive Summary
Total systems and software revenue increased $167.1 million...primarily due to an increase in units shipped of our inspection product line to customers in support of advanced packaging needs for chips used in AI applications.
10-K for fiscal year ended December 28, 2024, Item 7 MD&A Revenue section
Full-year revenue $987,321K; Taiwan 31%, South Korea 29%
10-K for fiscal year ended December 28, 2024, Item 7 MD&A
AI Products Identified (Ring 1)
Dragonfly inspection systemsAdvanced packaging inspection/metrology
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Optical metrology for advanced nodesPanel-level packaging lithography
Confidence Tier
DerivedCalculated from reported segments primarily serving AI