Slide 1: Q2 2025 Earnings Presentation
Q2 2025 EARNINGS PRESENTATION AUGUST 5, 2025
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation contains, and the conference call will contain, forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financia
Slide 3: Use of Non-GAAP Measures
USE OF NON-GAAP MEASURES This presentation includes financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“Non-GAAP financial measures”). These Non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non- GAAP operating
Slide 4: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS REVENUE GAAP DILUTED EPS NON-GAAP DILUTED EPS* $195M $0.98 $1.13 Revenue and profitability exceeded expectations Strong gross margins, cost control & favorable mix Bookings moderated slightly on Q/Q basis, but 1H 2025 is up compared to 2H 2024 4 *A reconciliation of U.S. GAAP resu
Slide 5: Q2 2025 Shipped System Revenue by Segment
Q2 2025 SHIPPED SYSTEM REVENUE BY SEGMENT matu re n od es 15% OTHER POWER2 (IGBT, OTHER) 43% GENERAL MATURE1 40% SILICON CARBIDE (SiC) POWER 3% MEMORY pow er 1 Starting with Q1 2025 results, shipped system revenue from Image Sensor applications is included in the General Mature category 2 Starting w
Slide 6: Mature Process Technology
MATURE PROCESS TECHNOLOGY 97% OF TOTAL SHIPPED SYSTEM REVENUE IN Q2 2025 POWER GENERAL MATURE1 55% OF TOTAL SHIPPED SYSTEM REVENUE IN Q2 2025 43% OF TOTAL SHIPPED SYSTEM REVENUE IN Q2 2025 • Continued firm demand in China for 150mm and • Slight decline sequentially as customers manage 200mm SiC appl
Slide 7: Advanced Logic & Memory Technology
ADVANCED LOGIC & MEMORY TECHNOLOGY ADVANCED LOGIC MEMORY NO SHIPPED SYSTEM REVENUE IN Q2 2025 3% OF TOTAL SHIPPED SYSTEM REVENUE IN Q2 2025 • Received follow-on order from existing evaluation • Sequential decline in shipments, full-year outlook customer remains for modest YoY growth • Active collabo
Slide 8: Delivering Results Despite End-Market Softness
DELIVERING RESULTS DESPITE END-MARKET SOFTNESS Relentless focus on CS&I (Customer Solutions Prudent cost management innovation and strong and Innovation) remains a combined with continued customer engagement foundational pillar of the investment in strategic across current and next- overall customer
Slide 9: Q2 Revenue Detail
Q2 REVENUE DETAIL (in millions) Q2 2025 Q1 2025 Q2 2024 Systems Revenue $133.3 $137.6 $198.6 CS&I Revenue $61.3 $55.0 $57.9 Total Revenue $194.5 $192.6 $256.5 Systems Bookings $96.2 $109.9 $105.1 Systems Backlog $582.1 $618.2 $878.7 Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q1 2025 Q2 2024 Geographic Break
Slide 10: Q2 2025 Select GAAP & Non-GAAP Financial Measures
Q2 2025 SELECT GAAP & NON-GAAP FINANCIAL MEASURES Select Income Statement Information (in millions) Q2 2025 Q2 2024 Revenue $194.5 $256.5 Select GAAP Financial Measures Gross Margin 44.9% 43.8% Operating Expenses $58.4 $59.6 Operating Income $29.0 $52.8 Operating Margin 14.9% 20.6% Net Income $31.4
Slide 11: Q2 2025 Cash Flow and Balance Sheet
Q2 2025 CASH FLOW AND BALANCE SHEET Select Balance Sheet & Cash Flow Information (in millions) Q2 2025 Q1 2025 Q2 2024 Cash, Cash Equivalents & Marketable Securities1 $581.0 $587.1 $548.3 Cash From Operations $39.7 $39.8 $40.1 Capital Expenditures $2.0 $5.0 $2.0 Free Cash Flow $37.7 $34.8 $38.1 Shar
Slide 12: Q3 2025 Outlook
Q3 2025 OUTLOOK Q3 2025 Revenue ~$200M ADDITIONAL COMMENTARY Non-GAAP Gross Margin* ~43.0% • Q4 2025 Revenue and Non-GAAP Gross Margins expected to be relatively similar to Q3 2025 levels Non-GAAP Operating Expenses* ~$53M • Q4 2025 Operating Expenses expected to be slightly up on a sequential basis
Slide 13: Appendix
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Slide 14: Appendix: Historical Geographic Split of Total Revenue
APPENDIX: HISTORIAL GEOGRAPHIC SPLIT OF TOTAL REVENUE UPDATED % of Total Revenue Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 China 52% 48% 60% 46% 52% 38% 55% US 18% 13% 13% 12% 14% 21% 18% South Korea 7% 11% 6% 12% 9% 16% 13% Europe 7% 10% 8% 11% 9% 9% 8% Taiwan 1% 7% 6% 10% 6% 7% 4% Ja
Slide 15: Appendix: GAAP to Non-GAAP Reconciliation
APPENDIX: GAAP TO NON-GAAP RECONCILIATION Q2'25 Q2'24 Adjusted EBITDA Reconciliation Q2'25 Q2’24 Revenue $ 194,544 $ 256,512 Net income $ 31,376 $ 50,866 Other (income)/expense (6,032) (4,455) Gross Profit $ 87,343 $ 112,409 Income tax provision 3,621 6,399 Restructuring1 - 876 Depreciation & amorti
Slide 16: Appendix: Q3 2025 Outlook GAAP to Non-GAAP Reconciliation
APPENDIX: Q3 2025 OUTLOOK GAAP TO NON-GAAP RECONCILIATION Q3 2025 Q3 2025 Outlook Adjusted EBITDA Reconciliation Outlook Revenue $200 Net Income $28 Other (Income)/Expense ($4) GAAP Gross Margin 42.8% Income tax provision $5 Stock-based compensation 0.2% Depreciation & Amortization $5 Non-GAAP Gross