You may have noticed that there is a lot of positive news regarding the semiconductor industry and market for capital equipment. As such, we thought it would be appropriate to provide a mid-year update on Cimetrix’s performance.
We are pleased to report that Cimetrix is benefiting from a combination of the industry upcycle as well as the hard work of our employees to improve our products, build long-term relationships with our clients, and provide the highest level of support to our growing base of international clients. In addition, the benefits that Cimetrix is experiencing after going private in 2014 are higher than anticipated. As expected, the company is saving a significant amount per year in accounting, legal and consulting fees that were necessary for SEC filings, Sarbanes-Oxley compliance, and investor relations activities. However, in addition to these financial benefits, what we didn’t anticipate was the tremendous increase in focus and energy on our clients, markets and growth initiatives that has resulted, which has greatly exceeded our expectations.Cimetrix revenues for the first six months of 2017 were over $4M, up more than 40% year-over-year. Much of this increase was associated with strong increases in machine shipments from our growing client base. Cimetrix also gained over a dozen new design wins during the first half of 2017, which positions the Company for continued growth. In addition, Cimetrix introduced two new products in the first half of 2017, which have not contributed significant revenue yet, but are both gaining traction in the marketplace.
While Cimetrix no longer submits SEC filings, we have maintained strong internal controls and financial accounting. Our finance team was justifiably proud when a leading regional accounting firm completed its audit of our 2016 financial statements and made no audit adjustments. Cimetrix continues to operate profitably on a quarterly basis, while increasing investments in growth initiatives. For the first six months of 2017, adjusted EBITDA increased to over 15% of revenues to over $600K. All indicators show the markets Cimetrix serves should remain strong for the second half of 2017. The robust growth in revenues has enabled Cimetrix to further strengthen its cash position, balance sheet and stockholders’ equity. We continue to have no debt and now have $2.5M in cash.
Cimetrix continues to build its global brand as the leader in innovative factory automation software for equipment connectivity and control solutions by attending, presenting and exhibiting at industry tradeshows and events. These venues are a great place to meet face-to-face with clients, reinforce Cimetrix experts as industry thought leaders, and interact with many others in our chosen markets. It is exciting to participate in shows around the world as we expand our global presence.
We thank our clients for their business and trust in our products and people. We thank our employees for their dedication, hard work and quest for continuous improvement to provide the industry’s best products and services. And we also thank our shareholders for the confidence they have placed in us, as well as their patience and support.