DAIO - Data I/O provides update amid resurgence in COVID cases in China

Data I/O (NASDAQ:DAIO) provided an update on operations relating to the recent resurgence in COVID-19 cases in China and the Russia invasion of Ukraine. CEO Anthony Ambrose said the further restrictions imposed on operations by the Chinese govt. in response to increasing outbreaks of the Omicron variant are expected to shut down DAIO's facility from Mar. 29 through Apr. 5. "With prior restrictions and now the shutdown, revenue shipments of ~$1M are held up and delayed until Q2," he added. DAIO's primary issue is the quarantining and temporary closure or lockdowns of certain technology zones where customers are located, as well as logistics issues due to freight forwarders' inability to pick up systems. "This will in turn impact our revenue recognition, inventory and other financial performance measures," said Ambrose. He also said DAIO has no operations in Ukraine or Russia.

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Data I/O provides update amid resurgence in COVID cases in China