Onto Innovation Inc. · NYSE:ONTO
Onto Innovation — 27th Annual Needham Growth Conference 2025
17 slides from Onto Innovation's conference presentation, Jan 15, 2025
Slide 1: Investor Update: New Products and New Opportunities
Investor Update New Products and New Opportunities JANUARY 2025
Slide 2: Safe Harbor
Safe Harbor The information presented herein contains forward-looking statements that relate to anticipated future operating results and performance. These statements are only predictions based on management’s current expectations and assumptions, including market size and forecasted growth, Total A
Slide 3: Onto Innovation 2024 Snapshot
Onto Innovation 2024 Snapshot High tech capital equipment company specializing in optical process solutions for semiconductor and related markets OUTPERFORMING WFE 70% REVENUE $983 MILLION (UP +20% Y/Y) EPS (Non-GAAP) $5.24 (UP +40% Y/Y) OPERATING CASH FLOW ~$250 MILLION (~25% of revenue) 4 NEW PROD
Slide 4: Onto Benefits from Multiple Global Market Tailwinds
Onto Benefits from Multiple Global Market Tailwinds Onto Innovation has strong position at nearly all leaders in every market HIGH 2.5D GATE ALL POWER SEMI BANDWIDTH PACKAGING AROUND MEMORY HBM content up Capacity increase Capacity ramp Market to grow at 50-100% every >2x in 2025 toward HVM in 10% C
Slide 5: Onto AI Packaging Revenue Expands with Volume and Complexity
Onto AI Packaging Revenue Expands with Volume and Complexity ONTO RISING TO THE CHALLENGE 2D Packaging 2.5D/3D Packaging 300% Metrology for AI Packaging 158% Key Industry Trends in AI Packaging Dragonfly Revenue Growth DIE TO DIE BUMPS DIES PER PROCESS INTERCONNECT PER WAFER PACKAGE STEPS 2023 2024F
Slide 6: AI Packaging Complexities Create New Product Opportunities and Growth
AI Packaging Complexities Create New Product Opportunities and Growth Onto launches four new products for packaging NEW PRODUCTS MORE THAN DOUBLE AI PACKAGING SAM NEW PRODUCTS ADD GROWTH OPPORTUNITY IN AI PACKAGING $1 ~$300M IN SAM BY 2026 “Blackwell demand is $ BILLION SUBSURFACE UNPATTERNED INSPEC
Slide 7: 3D Interconnect Roadmap Expectation
3D Interconnect Roadmap Expectation Increased adoption ONTO SOLUTIONS: Flip Chip 3D Chip Stacking in logic, HBM and 3D 40μm-25μm DRAM and NAND MICRO BUMP 3D STACKING 25µm 3Di Technology 10-15µm HBM2 <10µm HBM3/3E And/Or HBM4 <5µm HYBRID Future BONDING EchoScan Inspection Bump count <10M / wafer Inte
Slide 8: Denser Smaller Bumps Create New Challenges in AI Packaging
Denser Smaller Bumps Create New Challenges in AI Packaging BROAD APPEAL TODAY’S SOLUTION USES ONTO SOLUTION: INCOHERENT TECHNOLOGY COHERENT TECHNOLOGY for 3Di 3Di Technology ✓ Systems Delivered to LASER 1. Top HBM 2. Tier-1 OSAT Light scattering reduces signal 3. OEM and precision ✓ Small spot size
Slide 9: New EchoScan Technology Enables Hybrid Bonding Interconnect Yields
New EchoScan Technology Enables Hybrid Bonding Interconnect Yields Void detection (≥1µm) between bond pads is critical for hybrid bonding applications VOID DETECTION ONTO SOLUTION! SAM EchoScan $300 C-SAM $200 Wafer Stack in Water $100 Medium • >10µm sensitivity ✓ Down to 1µm void detection $- • 202
Slide 10: DRAM Growth Beyond HBM in 2025
DRAM Growth Beyond HBM in 2025 Capacity Reduced Due to HBM Demand Has Improved Since 2022 Conversion HBM as % of Total DRAM Bit Demand DRAM Capacity Growth Y/Y NEW >10% 14% 20% 12% $69M VPA to 15% 10% Support DDR5 Expansion 8% 10% 6% 5% 4% 2% 0% 2022 2023 2024 2025 0% 2023 2024 2025 -5% Source: Tren
Slide 11: Gate All Around Process Complexity and Volume Grows Opportunity for Onto Metrology Suite
Gate All Around Process Complexity and Volume Grows Opportunity for Onto Metrology Suite OCD REVENUE COMMON FILMS (per 100k wspm) REVENUE (per 100k wspm) GAA ~20% INCREASE >300% FINFET INCREASE ~20% greater OCD intensity FinFET GAA FinFET GAA Source: TechInsights and Onto Corp. Marketing Estimates 1
Slide 12: Expanding Optical Metrology Ecosystem
Expanding Optical Metrology Ecosystem Integrated Metrology TOTAL FILMS SAM $1,000 Critical Films add $800 ~$400M in SAM ‘21 $ MILLION ONTO’s Common $600 OCD OPTICAL Films Atlas® 8% METROLOGY Iris $400 ECOSYSTEM Common $200 Films CAGR $0 2024 2028 ‘25 Common Films Critical Films Critical Source: Tech
Slide 13: Announcing Iris G2 Film Metrology
Announcing Iris G2 Film Metrology Expanding Onto Innovation optical metrology portfolio into critical films market Onto Films Revenue Momentum ~$100M SOLID MOMENTUM IN COMMON FILMS Qualified at 4 of top 5 Revenue more than semiconductor double YoY in 2024 manufacturers 2023 2024 KEY BENEFITS OF IRIS
Slide 14: Power Semiconductor
Power Semiconductor 2024 was another record year for Onto Innovation’s products in power semiconductor markets ONTO WELL POSITIONED TOTAL POWER DEVICE GROWTH SiC PORTFOLIO EXPECTED TO ACCELERATE 20% Growth >60% Acceleration CAGR GaN 10% CAGR 8% CAGR SILICON 2020 2024 2020 2024 2028 Silicon SiC GaN S
Slide 15: Expanding Portfolio with New Unpatterned Inspection Technology
Expanding Portfolio with New Unpatterned Inspection Technology New laser scattering technology provides greater sensitivity at higher speeds PrimaScan & Celero MARKETS Unpatterned Wafer Simultaneous multi- Inspection surface inspection ADVANCED NODES >30% more sensitivity1 >50% faster1 Compound Semi
Slide 16: Why Invest in Onto Innovation
Why Invest in Onto Innovation Diversified portfolio broadly relevant to SEMICONDUCTOR WAVE OF 1 GROWTH AS INTERPRETED BY AI several secular growth waves 2 New products for AI packaging, power semi, and critical films expand our SAM by ~$1B 3 Strong and improving financial model No Debt! Cash flows e
Slide 17: Thank You
Thank You 谢谢 | 謝謝 ありがとう Obrigado Danke 감사합니다 Merci info@ontoinnovation.com www.ontoinnovation.com
Onto Innovation — 27th Annual Needham Growth Conference 2025 on 6ix