TORONTO--(BUSINESS WIRE)--Eyelit Inc. announced top line revenue growth of over 25% for the first quarter of 2020 over the same period in 2019, despite lower services revenue due to COVID-19. The increase was led by software licenses and support (recurring) revenue.
Key events for the quarter were:
- First purchase and deployment of Eyelit’s software in Korea by a Multi-National Eyelit customer. This brings the number of countries Eyelit is deployed in to 21.
- Purchase of Eyelit’s Factory Automation software in Asia, including FactoryConnect and EquipmentConnect for tool connections to PROMIS MES.
- Purchase of Eyelit’s Statistical Process Control module by a major European R&D consortium.
- Purchase of Eyelit MES by a Fortune 100 customer for use at a discrete European assembly site, this is the third Eyelit MES instance purchased by this customer in less than six months.
- Expanded tool automation (FactoryConnect and EquipmentConnect) project in Australia with a Fortune 100 customer.
Financial highlights for first quarter of 2020
- Total revenue grew over 25% compared to first quarter 2019.
- Increase of over 40% in Recurring Revenue over the same period in 2019.
- Increase of over 50% in Software Revenue over the same period in 2019.
- Decline of over 20% in Services Revenue compared to the first quarter of 2019, due to COVID-19. This decline began in March, which included impact to a large project in China.
“We are very fortunate to be growing and hiring during the COVID-19 pandemic. Our enterprise customers continue to expand their use of Eyelit’s software. Factory Automation is our fastest growing area with Eyelit’s unique and proven ability to connect the automation layer to higher levels of business and factory applications. We expect this trend to continue and accelerate as Industry 4.0 and Smart Manufacturing programs expand with COVID-19,” stated Dan Estrada, Vice-President of Sales and Marketing, Eyelit.
COVID-19 Update: The effects of the COVID-19 virus continue to have an unfavorable impact to Eyelit’s overall business. Despite this, Eyelit continues its push to grow and find innovative ways to provide our solutions to customers. This has been possible in large part due to their flexibility and willingness to adapt to new norms, especially a widespread acceptance of remote collaboration.
About Eyelit Inc. (www.eyelit.com)
Eyelit Inc. is the leader in Manufacturing Execution and Quality Management (MES and QMS) solutions for visibility, control, and coordination of manufacturing operations for the aerospace & defense, electronics, life sciences, medical device, semiconductor, and solar industries. Eyelit uniquely delivers a broad set of manufacturing solutions, including Asset Management (Semi E10, SEMI PV2-0709), Dispatching, Factory Integration (Automation), Manufacturing Execution (MES/MOM), Recipe Management, SPC, Supply Chain Management, Quality Management (CAPA/OCAP/APC/RMA), and Business Process Management, that enable its customers to rapidly and cost-effectively optimize production and company processes.
With exceptional customer service, Eyelit has time and again proven that superior, innovative technology can maximize efficiency and value. More than 50 leading companies, including austriamicrosystems, CEA-Leti, Innovative Micro Technology (IMT), LFoundry, Murata Electronics, Northrop Grumman Corporation, NXP Semiconductors, PerkinElmer, Raytheon Company, Skyworks Solutions, TowerJazz and multiple global 100 companies rely on Eyelit as a trusted software partner. Follow Eyelit on LinkedIn and Twitter.