Veeco Instruments Inc. · NASDAQ:VECO
Veeco Instruments — Q4 2025 Earnings Presentation
24 slides from Veeco Instruments's earnings presentation, Feb 25, 2026
Slide 1: Q4 & FY 2025 Financial Results Conference Call
Veeco Instruments Q4 & FY 2025 Financial Results Conference Call February 25th, 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: Strong 2025 Execution for Future Value Creation
Strong 2025 Execution for Future Value Creation Semiconductor Market Growth • Shipped LSA System evaluation to second Tier 1 DRAM customer • Doubled Advanced Packaging business year-over-year Compound Semiconductor Market Orders • Received multiple orders for Propel 300mm and Lumina+ tools • Support
Slide 5: Q4 & FY 2025 Financial Highlights
Q4 & FY 2025 Financial Highlights • Q4 revenue & Q4 EPS at mid-point of Q4 2025 FY 2025 guidance range Revenue $165M $664M Non-GAAP Operating Income $14M $84M • Year-over-year semiconductor market Diluted Non-GAAP EPS $0.24 $1.33 growth, hitting a record high • FY 2025 semiconductor business, compri
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 Processing Litho 300 EUV New products Driving business today System Tier 1 Customer Current Evaluations Key: Logic
Slide 7: Semi SAM Expansion To Drive Outperformance
Semi SAM Expansion To Drive Outperformance Key Process 2025 2029 Total Served Available Market ~$2.7B Laser Spike Annealing (LSA) Advanced Packaging Projected ~18% Annealing ~$700M ~$1.3B CAGR Ion Beam Nanosecond Annealing (NSA) ~$1.3B Deposition Advanced Packaging Laser Ion Beam IBD300 Front End Se
Slide 8: CFO Overview
CFO Overview John Kiernan vee
Slide 9: FY 2025 Revenue by Market & Region
FY 2025 Revenue by Market & Region Revenue by Market Revenue by Region Scientific & ROW is negligible Other 13% China Compound Semiconductor 27% 9% Data $664M 6% Storage United States APAC 15% 50% 72% Semiconductor EMEA 8% Revenue Trend ($M) FY 23 FY 24 FY 25 Revenue Trend ($M) FY 23 FY 24 FY 25 Sem
Slide 10: FY 2025 Operating Results
FY 2025 Operating Results GAAP Non-GAAP In millions (except per share amounts) FY 24 FY 25 FY 24 FY 25 Revenue $717.3 $664.3 $717.3 $664.3 Gross Profit 304.0 265.4 310.4 272.3 Gross Margin 42.4% 40.0% 43.3% 41.0% Operating Expenses 237.0 229.7 194.4 188.0 Operating Income 67.0 35.7 116.1 84.3 Net In
Slide 11: Q4 2025 Revenue by Market & Region
Q4 2025 Revenue by Market & Region Revenue by Market Revenue by Region Scientific & ROW is negligible Other 15% China 23% Compound 12% Semiconductor United $165M States 18% 6% APAC 67% Data Storage 54% Semiconductor EMEA 5% Revenue Trend ($M) Q4 24 Q3 25 Q4 25 Revenue Trend ($M) Q4 24 Q3 25 Q4 25 Se
Slide 12: Q4 2025 Operating Results
Q4 2025 Operating Results GAAP Non-GAAP Non-GAAP In millions Q4 25 Guidance (except per share amounts) Q3 25 Q4 25 Q3 25 Q4 25 (as of Nov 6th, 2025) Revenue $165.9 $165.0 $165.9 $165.0 $155M - $175M Gross Profit 67.7 60.5 69.5 62.3 Gross Margin 40.8% 36.7% 41.9% 37.7% 37% - 39% Operating Expenses 57
Slide 13: Balance Sheet and Cash Flow Highlights
Balance Sheet and Cash Flow Highlights $ millions Q3 25 Q4 25 Cash & Short-Term Investments 369 390 Accounts Receivable 116 111 Inventories 263 275 Accounts Payable 44 55 Long-Term Debt 226 226 Cash Flow from Operations 16 25 Capital Expenditures 3 3 DSO (days) 63 60 DIO (days) 239 232 DPO (days) 41
Slide 14: Q1 2026 & FY 2026 Outlook
Q1 2026 & FY 2026 Outlook Q1 2026 FY 2026 GAAP Non-GAAP GAAP Non-GAAP Revenue $150M - $170M $150M - $170M $740M - $800M $740M - $800M Gross Margin 36% - 37% 37% - 38% 40% - 42% 41% - 43% Operating Expenses $58M - $60M $48M - $50M $244M - $259M $205M - $220M Net Income (Loss) ($2M) – $4M $9M - $15M $
Slide 15: Q&A
Q&A e€ec
Slide 16: Backup & Financial Tables
Backup & Financial Tables vee
Slide 17: 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 Q4 FY Semi 77.6 97.5 100.4 93.8 369.4 93.1 106.3 98.2 115.2 412.7 120.4 109.9 124.1 112.1 466.6 123.8 123.9 118.3 110.5 476.6 Compound 37.1 31.1 28.1 24.9 121.2 21.2 24.1 25.7 16.3 87.3 21.0
Slide 18: 2029 Convertible Notes Outstanding
2029 Convertible Notes Outstanding As of December 31, 2025 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
Slide 19: 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 20: Supplemental Information—GAAP to Non-GAAP Reconciliation
Supplemental Information—GAAP to Non-GAAP Reconciliation $ millions, except per share amounts Q3 25 Q4 25 2025 2024 $ millions Q3 25 Q4 25 2025 2024 GAAP Basic weighted average shares 60.1 60.1 59.3 56.4 Net sales $165.9 $165.0 $664.3 $717.3 GAAP Diluted weighted average shares 61.0 61.5 60.6 61.6 G
Slide 21: Q4 2025 Actual: GAAP to Non-GAAP Reconciliation
Q4 2025 Actual: GAAP to Non-GAAP Reconciliation $ millions Non-GAAP Adjustments Share-Based GAAP Compensation Amortization Other Non-GAAP Net Sales $165.0 $165.0 Gross Profit 60.5 1.7 — — 62.3 Gross Margin 36.7% 37.7% Operating Expenses $61.9 (7.3) (0.7) (5.4) $48.5 Operating Income (Loss) ($1.4) 9.
Slide 22: FY 2025 Actual: GAAP to Non-GAAP Reconciliation
FY 2025 Actual: GAAP to Non-GAAP Reconciliation $ millions Non-GAAP Adjustments Share-Based GAAP Compensation Amortization Other Non-GAAP Net Sales $664.3 $664.3 Gross Profit 265.4 6.8 — — 272.3 Gross Margin 40.0% 41.0% Operating Expenses $229.7 (30.2) (3.1) (8.4) $188.0 Operating Income $35.7 37.0
Slide 23: Q1 2026 Guidance
Q1 2026 Guidance ($ 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 $150–$170 $150–$170 Gross Profit 54–63 2 — — 56–65 Gross Margin 36%–37% 37%–38% Operating Expenses $58–$6
Slide 24: FY 2026 Guidance
FY 2026 Guidance ($ 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