Veeco Instruments Inc. · NASDAQ:VECO
Veeco Instruments — Investor Presentation (November 2026)
35 slides from Veeco Instruments's investor presentation, November 2026
Slide 1: Veeco Instruments Investor Presentation
Veeco Instruments Investor Presentation November 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: Contents
Contents Overview Veeco at a Glance Who is Veeco? Strategy & SAM Opportunities Available Market SAM Opportunities Why Own Veeco? Financials Revenue by End-Market Historical Financials Customers, Veeco Team & ESG Backup & Financial Tables 3
Slide 4: Veeco at a Glance
at a glance $ $790M - $820M 2026 Revenue Outlook Global provider of semiconductor capital equipment ~1400 Employees Differentiated Solving customers Financial strength technologies with high value materials and flexibility opportunities to challenges ~350 expand SAM Patents 4
Slide 5: Who is Veeco?
Who is ? Strong History Semiconductor Solving materials challenges Compound 2019- Today Data Storage Semiconductor Differentiated Laser 1990’s - Today 2010 - Today Annealing & Ion Beam Growth Focus Ion Beam Technologies for MOCVD Technology Fabricated Deposition technologies Semiconductor & Compound
Slide 6: Available Market
Available Market Total Veeco SAM ~$5.6B Veeco’s Served Available Market projected Projected CAGR ~12% to grow to ~$5.6B ~$3.2B Semiconductor opportunity projected to grow to ~$3.0B driven by Laser Annealing, Ion Beam Deposition, and Advanced Packaging equipment Compound Semiconductor opportunity pro
Slide 7: 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 8: Semi SAM Expansion To Drive Outperformance
Semi SAM Expansion To Drive Outperformance Key Drivers 2026 2030 Total Served Available Market • PTOR at 3 Tier 1 logic and 1 HBM DRAM Laser Spike customer ~$3.0B Projected Annealing (LSA) • Shipped 2nd HBM customer a LSA evaluation ~12% CAGR Annealing system ~$800M ~$1.3B • Successful eval sign-off
Slide 9: Nanosecond Annealing Opportunity
Nanosecond Annealing Opportunity 2000 NSA Future (nanosecond) Traditional Temperature (°C) LSA Lamp Based • Scaling challenges driving the need for new annealing capabilities 1000 (sub millisecond) (sub second) • NSA broadening Laser Annealing adoption to new leading-edge Logic and Memory applicatio
Slide 10: IBD300 – 300mm Front End Semi Opportunity
IBD300– 300mm Front End Semi Opportunity ILLUSTRATION OF GRAIN SIZE AND DISTRIBUTION TODAY FUTURE Incumbent Technology IBD • Industry leader in Ion Beam Technology • Lower resistance metals essential for customer scaling and have direct impact on device performance, speed, and battery life • IBD ach
Slide 11: Technologies for Artificial Intelligence
Technologies for Artificial Intelligence GPU High-Bandwidth Memory (HBM) DRAM Advanced Packaging Current PTOR Current PTOR Current PTOR • Laser-Spike Annealing (LSA) • Laser-Spike Annealing (LSA) • Wet Processing for micro-bump flux • IBD for EUV mask blanks • IBD for EUV mask blanks clean • Nanosec
Slide 12: 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 13: Compound Semi Projected SAM Growth
Compound Semi Projected SAM Growth Total Served Available Market Key Drivers 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 platf
Slide 14: Why own Veeco?
Why own ? Enabling SAM Expansion Technologies For to Deliver Industry Outperformance Inflections Long-Term Investment 2 3 Strategy to WFE Growth Drive Long- Term Value 1 4 14
Slide 15: Financials
Financials Cec
Slide 16: Revenue by End-Market
Revenue by End-Market $790 - $820M $717M $666M $664M $646M $583M $454M 2020 2021 2022 2023 2024 2025 2026 Semiconductor Compound Semiconductor Data Storage Scientific & Other Semiconductor CAGR of ~23% drives increase from 37% of total 2020 revenue to >70% in 2025 16 Amounts may not calculate precis
Slide 17: Historical Financials (Non-GAAP)
Historical Financials (Non-GAAP) Revenue ($m) Gross Margin (%) 790 - 820 717 646 666 664 44% 43% 583 43% 42% 42% 41% ~40% 454 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Operating Income (%) Diluted EPS ($) 1.69 1.74 16% 16% 1.57 15% 15% 1.43 1.32 – 1.52 13% 12% - 13% 1.33
Slide 18: Customers, Veeco Team & ESG
Customers, Veeco Team & ESG 18
Slide 19: Serving a Diverse Customer Base
Serving a Diverse Customer Base Compound Data Semiconductor Semiconductor Storage Logic Memory Power Photonics RF Power Device Optoelectronics RF Filter & HDD Foundries OSATs IDMs Producers Providers Amplifier Fabs Manufacturers 19 RF – Radio Frequency OSAT – Outsourced Semiconductor Assembly and Te
Slide 20: Strong Management with Deep Semi Experience
Strong Management with Deep Semi Experience Bill Miller Susan Wilkerson CEO Global Customer Operations John Kiernan Adrian Devasahayam CFO Product Organization Peter Porshnev Jean-Charles Bossert Product Organization Global Operations CTO Robert Bradshaw Thirumal Thanigaivelan CAO Product Organizati
Slide 21: Sustainability Goals: Commitment to Corporate Responsibility
Sustainability Goals: Commitment to Corporate Responsibility “Making a material difference as a Environment sustainable and transparent company is • Renewable Energy at the core of the Veeco United team” • Emissions Reduction • Hazardous Chemical Management –Bill Miller, CEO Social • Advance employe
Slide 22: Backup & Financial Tables
Backup & Financial Tables e€eC
Slide 23: Q3 2026 Revenue by Market & Region
Q3 2026 Revenue by Market & Region Revenue by Market Revenue by Region Scientific & Other EMEA & ROW Data Semiconductor Storage 6% 10% 12% China Compound 12% United States APAC Semiconductor 19% $209M 45% 65% United States 31% Revenue Trend ($M) Q3 25 Q2 26 Q3 26 Revenue Trend ($M) Q3 25 Q2 26 Q3 26
Slide 24: Q3 2026 Operating Results
Q3 2026 Operating Results GAAP Non-GAAP Non-GAAP In millions Q3 26 Guidance (except per share amounts) Q2 26 Q3 26 Q2 26 Q3 26 (as of Aug. 5th, 2026) Revenue $193.5 $209.4 $193.5 $209.4 $200M - $220M Gross Profit 74.8 80.4 76.4 81.8 Gross Margin 38.7% 38.4% 39.5% 39.1% 41% - 42% Operating Expenses 6
Slide 25: Balance Sheet and Cash Flow Highlights
Balance Sheet and Cash Flow Highlights $ millions Q2 2026 Q3 2026 Cash & Short-Term Investments 429 483 Accounts Receivable 148 154 Inventories 292 308 Accounts Payable 57 68 Long-Term Debt 227 227 Cash Flow from Operations 51 58 Capital Expenditures 4 4 DSO (days) 69 66 DIO (days) 218 211 DPO (days
Slide 26: Q4 & FY 2026 Outlook
Q4 & FY 2026 Outlook Q4 2026 FY 2026 GAAP Non-GAAP GAAP Non-GAAP Revenue $230M - $260M $230M - $260M $790M - $820M $790M - $820M Gross Margin 42% - 44% 43% - 44% 39% - 40% 40% Operating Expenses $73M - $75M $64M – $66M $261M - $262M $222M - $224M Net Income $23M – $36M $34M - $47M $48M - $62M $89M -
Slide 27: 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 Q2 Q3 Semi 369.4 93.1 106.3 98.2 115.2 412.7 120.4 109.9 124.1 112.1 466.6 123.8 123.9 118.3 110.5 476.6 109.0 130.7 135.3 Compound 121.2 21.2 24.1 25.7 16.3 87.3 21.0 18.2 15.6 22.8 77.6
Slide 28: 2029 Convertible Notes Outstanding
2029 Convertible Notes Outstanding As of September 30, 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) Convertible Coupon Cash Non-Cash Conversion Amount Valu
Slide 29: 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 30: Supplemental Information—GAAP to Non-GAAP Reconciliation
Supplemental Information—GAAP to Non-GAAP Reconciliation $ millions, except per share amounts Q2 26 Q3 26 $ millions Q2 26 Q3 26 GAAP Basic weighted average shares 61.1 61.1 Net sales $193.5 $209.4 GAAP Diluted weighted average shares 66.8 66.2 GAAP gross profit 74.8 80.4 GAAP Basic EPS $0.19 $0.22
Slide 31: Supplemental Information—GAAP to Non-GAAP Reconciliation
Supplemental Information—GAAP to Non-GAAP Reconciliation 2025 2024 2023 2022 2021 2020 $ millions 2025 2024 2023 2022 2021 2020 $ millions Net sales $664.3 $717.3 $666.4 $646.1 $583.3 $454.2 GAAP Net income (loss) $35.4 $73.7 ($30.4) $166.9 $26.0 ($8.4) GAAP gross profit 265.4 304.0 285.1 263.1 242.
Slide 32: Supplemental Information—GAAP to Non-GAAP Reconciliation
Supplemental Information—GAAP to Non-GAAP Reconciliation $ millions, except per share amounts 2025 2024 2023 2022 2021 2020 $ millions 2025 2024 2023 2022 2021 2020 GAAP Basic weighted average shares 59.3 56.4 53.8 49.9 49.1 48.4 GAAP operating expenses $229.7 $237.0 $215.1 $202.9 $185.6 $171.7 GAAP
Slide 33: Q3 2026 Actual: GAAP to Non-GAAP Reconciliation
Q3 2026 Actual: GAAP to Non-GAAP Reconciliation $ millions Non-GAAP Adjustments Share-Based GAAP Compensation Amortization Other Non-GAAP Net Sales $209.4 $209.4 Gross Profit 80.4 1.4 — — 81.8 Gross Margin 38.4% 39.1% Operating Expenses $66.3 (7.0) (0.4) (2.3) $56.6 Operating Income $14.1 8.4 0.4 2.
Slide 34: Q4 2026 Guidance
Q4 2026 Guidance ($ 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 $230–$260 $230–$260 Gross Profit 97–114 2 — — 99–116 Gross Margin 42%–44% 43%–44% Operating Expenses $73–
Slide 35: FY 2026 Guidance
FY 2026 Guidance ($ 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 $790–$820 $790–$820 Gross Profit 309–325 6 — — 315–331 Gross Margin 39%–40% 40%–40% Operating Expenses $2
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