Slide 1: Veeco Instruments Q1 2026 Financial Results Conference Call
Veeco Instruments Q1 2026 Financial Results Conference Call May 5th, 2026 1
Slide 2: Disclaimer
Disclaimer No Offer or Solicitation This communication is not intended to and shall not constitute an offer to purchase or the solicitation of an offer to buy or sell any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unla
Slide 3: CEO Overview
CEO Overview Bill Miller, Ph.D. 3
Slide 4: Q1 2026 Highlights
Q1 2026 Highlights Key Takeaways 1. Major industry inflection with AI infrastructure build-out Revenue $158M 2. Order activity acceleration from back- half of 2025 into Q1 2026 Non-GAAP Operating Income 3. Stronger than expected revenue opportunity for InP laser manufacturing $9M 4. Operational manu
Slide 5: Veeco’s Critical Role in Semi Manufacturing
Veeco’s Critical Role in Semi Manufacturing FRONT END Representative Process Steps BACK END Inspection Adv. Deposition Lithography Etch Ion Implant Anneal Packaging IBD IBD LSA NSA Wet Litho 300 EUV Processing New products Driving business today System Tier 1 Customer Current Evaluations Key: Logic
Slide 6: Semi SAM Expansion To Drive Outperformance
Semi SAM Expansion To Drive Outperformance Total Served Available Market ~$3.0B Key Process 2026 2030 Projected ~12% CAGR Laser Spike Annealing (LSA) Annealing ~$800M ~$1.3B ~$1.7B Nanosecond Annealing (NSA) IBD300 Front End Semi Ion Beam Deposition ~$120M ~$500M IBD EUV Mask Blanks & Pellicles Adva
Slide 7: Veeco’s Critical Role in Compound Semi: Indium Phosphide Laser Solutions
Veeco’s Critical Role in Compound Semi: Indium Phosphide Laser Solutions Repeat cycle depending on device Anneal / Laser Facet Epitaxy Patterning Etch Metallization Cleave Coating WaferEtch® / Lumina® MOCVD WaferStorm® Spector® Wet Processing InP Platform Ion Beam Deposition Size of bubble represent
Slide 8: Compound Semi Projected SAM Growth
Compound Semi Projected SAM Growth Total Served Available Market Key Driver 2026 2030 Silicon • Lumina® MOCVD InP platform ~$2.0B Photonics • WaferEtch® and WaferStorm® systems ~$300M ~$700M Projected (InP Lasers) • Spector® IBD for laser diode facets coatings ~15% CAGR ~$1.0B • Lumina® MOCVD platfo
Slide 9: CFO Overview
CFO Overview John Kiernan e€eC
Slide 10: Q1 2026 Revenue by Market & Region
Q1 2026 Revenue by Market & Region Revenue by Market Revenue by Region Scientific & ROW is negligible Other 13% United States 20% Compound China 12% Semiconductor 13% $158M 6% EMEA Data 10% Storage APAC 69% 57% Semiconductor Revenue Trend ($M) Q1 25 Q4 25 Q1 26 Revenue Trend ($M) Q1 25 Q4 25 Q1 26 S
Slide 11: Q1 2026 Operating Results
Q1 2026 Operating Results GAAP Non-GAAP Non-GAAP In millions Q1 26 Guidance (except per share amounts) Q4 25 Q1 26 Q4 25 Q1 26 (as of Feb. 25th, 2026) Revenue $165.0 $158.3 $165.0 $158.3 $150M - $170M Gross Profit 60.5 55.8 62.3 57.3 Gross Margin 36.7% 35.3% 37.7% 36.2% 37% - 38% Operating Expenses
Slide 12: Balance Sheet and Cash Flow Highlights
Balance Sheet and Cash Flow Highlights $ millions Q4 2025 Q1 2026 Cash & Short-Term Investments 390 383 Accounts Receivable 111 151 Inventories 275 282 Accounts Payable 55 60 Long-Term Debt 226 226 Cash Flow from Operations 25 8 Capital Expenditures 3 5 DSO (days) 60 86 DIO (days) 232 245 DPO (days)
Slide 13: Q2 & FY 2026 Outlook
Q2 & FY 2026 Outlook Q2 2026 FY 2026 GAAP Non-GAAP GAAP Non-GAAP Revenue $170M - $190M $170M - $190M $740M - $800M $740M - $800M Gross Margin 37% - 39% 38% - 40% 40% - 42% 41% - 43% Operating Expenses $62M - $65M $52M - $55M $244M - $259M $205M - $220M Net Income $2M – $10M $12M - $21M $52M - $73M $
Slide 14: Q&A
Q&A 14
Slide 15: Backup & Financial Tables
Backup & Financial Tables e€eC
Slide 16: Historical Revenue by End-Market
Historical Revenue by End-Market $M 2022 2023 2024 2025 2026 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Semi 369.4 93.1 106.3 98.2 115.2 412.7 120.4 109.9 124.1 112.1 466.6 123.8 123.9 118.3 110.5 476.6 109.0 Compound 121.2 21.2 24.1 25.7 16.3 87.3 21.0 18.2 15.6 22.8 77.6 14.4 14.2 10.9 20.
Slide 17: 2029 Convertible Notes Outstanding
2029 Convertible Notes Outstanding As of March 31, 2026 Effect of Convertible Notes on Diluted EPS (GAAP and Non-GAAP)* Average Stock Price per Incremental Dilutive Principal Carrying Annual Annual Initial Common Share Shares (in thousands) Coupon Cash Non-Cash Conversion Convertible Amount Value In
Slide 18: Note on Reconciliation Tables
Note on Reconciliation Tables These tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: sh
Slide 19: Supplemental Information—GAAP to Non-GAAP Reconciliation
Supplemental Information—GAAP to Non-GAAP Reconciliation $ millions, except per share amounts Q4 25 Q1 26 $ millions Q4 25 Q1 26 GAAP Basic weighted average shares 60.1 60.4 Net sales $165.0 $158.3 GAAP Diluted weighted average shares 61.5 60.4 GAAP gross profit 60.5 55.8 GAAP Basic EPS $0.02 ($0.01
Slide 20: Q1 2026 Actual: GAAP to Non-GAAP Reconciliation
Q1 2026 Actual: GAAP to Non-GAAP Reconciliation $ millions Non-GAAP Adjustments Share-Based GAAP Compensation Amortization Other Non-GAAP Net Sales $158.3 $158.3 Gross Profit 55.8 1.5 — — 57.3 Gross Margin 35.3% 36.2% Operating Expenses $58.5 (7.0) (0.7) (2.0) $48.8 Operating Income (Loss) ($2.7) 8.
Slide 21: Q2 2026 Guidance
Q2 2026 Guidance ($ millions, except per share amounts) Reconciliation of GAAP to non-GAAP Financial Data Non-GAAP Adjustments Share-Based GAAP Compensation Amortization Other Non-GAAP Net Sales $170–$190 $170–$190 Gross Profit 63–74 2 — — 65–76 Gross Margin 37%–39% 38%–40% Operating Expenses $62–$6
Slide 22: FY 2026 Guidance
FY 2026 Guidance ($ millions, except per share amounts) Reconciliation of GAAP to non-GAAP Financial Data Non-GAAP Adjustments Share-Based GAAP Compensation Amortization Other Non-GAAP Net Sales $740–$800 $740–$800 Gross Profit 298–338 8 — — 306–346 Gross Margin 40%–42% 41%–43% Operating Expenses $2