Slide 1: Q3 2025 Financial Results Conference Call
Veeco Instruments Q3 2025 Financial Results Conference Call November 5th, 2025
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, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which suc
Slide 3: CEO Overview
CEO Overview Bill Miller, Ph.D.
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights Revenue • Revenue and Non-GAAP EPS above midpoint of $166M guidance Non-GAAP • Sustained investment in leading-edge Semi business: • Driven by AI and High-Performance Computing Operating Income • Demand from Gate-All-Around and Advanced Packaging • Enables customers to advance com
Slide 5: Veeco & Axcelis Merger Creating a Leading Semiconductor Equipment Company
Veeco & Axcelis Merger Creating a Leading Semiconductor Equipment Company Served Available Market Expansion • Over $5 billion SAM on pro-forma 2024 basis Complementary Product Portfolio • Adjacent technology steps with Axcelis’ ion implantation and Veeco’s LSA Channel and Regional Reach • Strength a
Slide 6: 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 Current System Tier 1 Customer Evaluations Logic 2 LSA Memory 0 Logic 2 NSA Memory 0 Logic
Slide 7: Semi SAM Expansion To Drive Outperformance
Semi SAM Expansion To Drive Outperformance Total Served Available Market ~$2.7B Advanced Packaging Projected ~18% CAGR Key Process 2025 2029 Ion Beam Deposition Laser Spike Annealing ~$1.3B Advanced (LSA) Packaging Annealing ~$700M ~$1.3B Ion Beam Laser Annealing Nanosecond Annealing Deposition Lase
Slide 8: CFO Financial Overview
CFO Financial Overview John Kiernan
Slide 9: Q3 Revenue by Market & Region
Q3 Revenue by Market & Region Revenue by Market Revenue by Region Scientific ROW is & Other negligible 16% China Compound 28% Semiconductor 7% $166M 6% Data United States Storage APAC 49% 16% 71% Semiconductor EMEA 7% Revenue Trend ($M) Q3 24 Q2 25 Q3 25 Revenue Trend ($M) Q3 24 Q2 25 Q3 25 Semicond
Slide 10: Q3 Operating Results
Q3 Operating Results GAAP Non-GAAP Non-GAAP Q3 25 In millions Guidance (except per share amounts) Q2 25 Q3 25 Q2 25 Q3 25 (as of Aug 7th, 2025) Revenue $166.1 $165.9 $166.1 $165.9 $150M - $170M Gross Profit 68.7 67.7 70.7 69.5 Gross Margin 41.4% 40.8% 42.6% 41.9% 40% - 42% Operating Expenses 56.4 57
Slide 11: Balance Sheet and Cash Flow Highlights
Balance Sheet and Cash Flow Highlights $ millions Q2 25 Q3 25 Cash & Short-Term 355 369 Investments Accounts Receivable 107 116 Inventories 259 263 Accounts Payable 50 44 Long-Term Debt 225 226 Cash Flow from Operations 9 16 Capital Expenditures 3 3 DSO (days) 58 63 DIO (days) 237 239 DPO (days) 46
Slide 12: Q4 2025 Guidance
Q4 2025 Guidance GAAP Non-GAAP Revenue $155M - $175M $155M - $175M Gross Margin 36% - 38% 37% - 39% Operating Expenses $62M - $64M ~$48M Net Income (Loss) ($4M) - $3M $10M - $19M Diluted Earnings Per Share (Loss) ($0.07) - $0.05 $0.16 - $0.32 A reconciliation of GAAP to Non-GAAP financial measures c
Slide 13: Q&A
Q&A Cec
Slide 14: Backup & Financial Tables
Backup & Financial Tables Cec
Slide 15: Historical Revenue by End-Market
Historical Revenue by End-Market $M 2022 2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Semi 77.6 97.5 100.4 93.8 369.4 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 Compound 37.1 31.1 28.1 24.9 121.2 21.2 24.1 25.7 16.3 87.3 21.0 18.2 15.6 22.8 77
Slide 16: Convertible Notes – Outstanding
Convertible Notes – Outstanding As of September 30, 2025 Annual Initial Principal Carrying Annual Non- Convertible Notes Coupon Cash Conversion Amount Value Cash Interest Interest Price Convertible Notes Due June 230M 226M 2.875% 6.6M 1.1M 29.22 2029
Slide 17: Effect of Convertible Notes on Diluted EPS
Effect of Convertible Notes on Diluted EPS (Effective Q3 2025) 2029 Convertible Notes (GAAP and Non-GAAP)* Incremental Average Stock Dilutive Price per Shares (in Common Share thousands) $29.00 - $30.00 205 $31.00 452 $32.00 684 $33.00 902 $34.00 1,106 $35.00 1,300 $36.00 1,482 $37.00 1,655 $38.00 1
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: s
Slide 19: Supplemental Information—GAAP to Non-GAAP Reconciliation
Supplemental Information—GAAP to Non-GAAP Reconciliation $ millions, except per share amounts Q2 25 Q3 25 $ millions Q2 25 Q3 25 GAAP Basic weighted average shares 59.1 60.1 Net sales $166.1 $165.9 GAAP Diluted weighted average shares 60.2 61.0 GAAP gross profit 68.7 67.7 GAAP Basic EPS $0.20 $0.18
Slide 20: Q3 2025 Actual: GAAP to Non-GAAP Reconciliation
Q3 2025 Actual: GAAP to Non-GAAP Reconciliation $ millions Non-GAAP Adjustments Share-Based GAAP Compensation Amortization Other Non-GAAP Net Sales $165.9 $165.9 Gross Profit 67.7 1.8 — — 69.5 Gross Margin 40.8% 41.9% Operating Expenses $57.1 (7.4) (0.8) (2.7) $46.3 Operating Income $10.6 9.1 0.8 2.
Slide 21: Q4 2025 Guidance
Q4 2025 Guidance ($ 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 $155–$175 $155–$175 Gross Profit 57–68 2 — — 58–69 Gross Margin 36%–38% 37%–39% Operating Expenses $62–$6