Nova Ltd. (NVMI) 2026 Q2 法說會逐字稿

Good day and welcome to the Nova Ltd second-quarter 2026 results conference call. (Operator Instructions) Please note, today's event is being recorded.

大家好，歡迎參加 Nova Ltd 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的活動將被錄音。

I would now like to turn the conference over to Ms. Miri Segal, CEO of MS-IR. Please go ahead.

現在我想將會議交給 MS-IR 執行長 Miri Segal 女士。請開始。

Thank you, operator, and good day, everyone. I would like to welcome all of you to Nova's second-quarter 2026 financial results conference call. With us on the line today are Gaby Waisman, President and CEO; and Guy Kizner, CFO.

謝謝接線員，大家好。我謹代表公司歡迎各位參加 Nova 2026 年第二季財務業績電話會議。今天在線上與會的有總裁兼執行長 Gaby Waisman，以及財務長 Guy Kizner。

Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements, and the Safe Harbor statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please view it in the Investor Relations section of the company's website.

在開始之前，我想提醒各位聽眾，本次電話會議中提供的部分資訊可能包含前瞻性陳述，而今日新聞稿中所載的「安全港」聲明同樣適用於本次電話會議。若您尚未收到該新聞稿，請至公司網站的投資人關係專區查閱。

Gaby will begin the call with a business update, followed by Guy with an overview of the financials. We will then open the call for the question-and-answer session. I will now turn the call over to Gaby Waisman, Nova's President and CEO. Gaby, please go ahead.

Gaby 將先就業務近況進行更新，接著由 Guy 概述財務表現。之後我們將開放問答環節。現在我把電話交給 Nova 總裁兼執行長 Gaby Waisman。Gaby，請開始。

Thank you, Miri, and thank you all for joining us today. I will start the call by summarizing our second -quarter performance highlights. Following my commentary, Guy will review the quarterly financial results in detail.

謝謝你，Miri，也謝謝各位今天加入我們。我將先總結我們第二季的績效亮點。在我說明之後，Guy 將詳細回顧本季財務結果。

We delivered an exceptional quarter, achieving record revenue of $255 million at the top end of our guidance and record profitability. This performance marks a significant milestone for Nova, with quarterly revenue surpassing $250 million and non-GAAP earnings per share exceeding $2.50, demonstrating the scale and earning power envisioned in our long-term strategic plan.

我們交出一個表現卓越的季度，營收達到 2.55 億美元，位於指引區間上緣，並創下獲利能力新高。這項表現對 Nova 而言是重要里程碑：單季營收突破 2.5 億美元，且非 GAAP 每股盈餘超過 2.50 美元，展現我們長期策略規劃所描繪的規模與獲利能力。

Looking ahead, we expect to deliver another year of double-digit growth supported by sustained customer investment, broader adoption of our solution and continued market share gain. We are now working on the next phase of our long-term growth strategic planning, and we will share more about this in our upcoming Investor Day during the first quarter of 2027.

展望未來，我們預期在客戶持續投資、解決方案更廣泛採用以及市占率持續提升的支持下，仍可再交出一年雙位數成長。我們目前正著手規劃長期成長策略的下一階段，並將於 2027 年第一季舉行的投資人日分享更多內容。

Our results reflect strong execution amid a favorable industry backdrop, characterized by accelerating technology transition and capacity investments. Demand was broad-based across our portfolio, driving record sales in multiple product lines and services led by advanced logic and advanced packaging applications.

我們的成果反映出在有利的產業環境下的強勁執行力；該環境以技術轉換加速與產能投資為特徵。需求在我們的產品組合中呈現全面性成長，帶動多條產品線與服務創下銷售新高，其中以先進邏輯與先進封裝應用為主。

With enhanced visibility and a robust pipeline of opportunities, we are well positioned to extend this momentum and deliver another year of profitable growth. We continue to see strong AI-driven demand across the semiconductor industry, supported by ongoing investments in infrastructure and the emergence of agentic AI.

在能見度提升與強勁商機管線的支撐下，我們已具備良好條件延續這股動能，並再交出一年具獲利性的成長。我們持續看到半導體產業中由 AI 驅動的強勁需求，並受基礎設施持續投資以及代理式 AI（agentic AI）興起所支持。

The need for related leading-edge silicon, including CPUs, memory and storage is robust, supporting continued investments in manufacturing capacity and the process control solution required to enable it. Sustained investment in innovation remains central to our strategy. We invest approximately 15% of revenue in research and development to ensure that our technology road map remains aligned with the industry's most advanced manufacturing challenges.

對相關先進矽晶的需求（包括 CPU、記憶體與儲存）依然強勁，支撐製造產能的持續投資，以及為實現該產能所需的製程控制解決方案投資。持續投入創新仍是我們策略的核心。我們約將營收的 15% 投入研發，以確保我們的技術藍圖與產業最先進的製造挑戰保持一致。

As device architecture becomes more complex and customers pursue new approaches in advanced logic, memory, and packaging, the need for new metrology capabilities, higher levels of automation, and greater software intelligence continue to increase. Recent product introductions demonstrate the breadth of our innovation.

隨著元件架構日益複雜，且客戶在先進邏輯、記憶體與封裝上追求新方法，對新量測（metrology）能力、更高程度自動化以及更強軟體智慧的需求持續增加。近期的新產品推出展現了我們創新的廣度。

These include a new generation of PRISM targeted for advanced memory structures, a new generation of VeraFlex for materials metrology, and a new configuration of Nova WMC that extends our dimensional metrology capabilities to panel-level packaging. In software, we introduced Nova Hub, a scalable platform for fleet and AI-driven analytics that enable advanced applications and support the efficient operation of large metrology fleets.

其中包括：針對先進記憶體結構的新一代 PRISM、新一代用於材料量測的 VeraFlex，以及可將我們的尺寸量測能力延伸至面板級封裝的新配置 Nova WMC。在軟體方面，我們推出 Nova Hub，這是一個可擴展的平台，用於機隊管理與 AI 驅動的分析，可支援先進應用並協助大型量測設備機隊高效率運作。

Together, these solutions and additional technological innovations still in the pipeline expand our serviceable market while enabling customers to achieve higher performance, greater productivity and address critical applications across future technology generations.

綜合上述解決方案與仍在研發管線中的其他技術創新，我們得以擴大可服務市場，同時協助客戶在未來各世代技術中達成更高效能、更高生產力，並因應關鍵應用。

Now, let me turn to some business highlights for this quarter. Revenue associated with advanced logic more than doubled sequentially as customers expanded production capacity. Demand stretched across product lines and divisions, reflecting the range of process control solutions required in leading-edge logic manufacturing.

接下來我談談本季的一些業務亮點。隨著客戶擴充產能，與先進邏輯相關的營收較前一季成長逾一倍。需求橫跨多條產品線與事業部門，反映先進邏輯製造所需的多元製程控制解決方案。

This quarter, two areas in particular benefited from advanced logic. In materials metrology, the VeraFlex XPS platform continued to gain traction driven by proliferation in gable around manufacturers as customers continue to increase the number of VeraFlex tools for fast. This traction was one of the factors driving our recent cleanroom expansion in California, which doubles our manufacturing capacity in the US.

本季有兩個領域特別受惠於先進邏輯。在材料量測方面，VeraFlex XPS 平台持續獲得市場動能，主要受 gate-all-around（GAA）製造的普及所帶動，因客戶持續增加 VeraFlex 設備數量以加速導入。這股動能也是我們近期在加州擴建無塵室的因素之一，該擴建將使我們在美國的製造產能倍增。

Another highlight was the increasing need for more powerful capabilities in our dimensional metrology platform to further increase performance while reducing time to solution. Our AI-enabling modeling solution, which combines physics-based and machine learning algorithms, help customers address multiple challenges associated with complex 3D device structures. These capabilities play an increasingly important role in managing the expanding Nova's install base in gate all around manufacturing.

另一項亮點是：市場對我們尺寸量測平台更強大能力的需求日益增加，以在縮短解決方案導入時間的同時進一步提升效能。我們的 AI 賦能建模解決方案結合物理模型與機器學習演算法，協助客戶因應複雜 3D 元件結構所帶來的多項挑戰。這些能力在管理 Nova 於 gate-all-around 製造領域持續擴大的裝機基礎方面，扮演愈來愈重要的角色。

Another highlight was the record sales of our front-end chemical metrology solution, Nova AncoScene, supported by both advanced memory and mature logic applications, reflecting increasing adoption, deeper engagement with existing customers and continued market share gains at the front end of the line. AncoScene's strong performance demonstrates its growing role as an important revenue driver and further reinforces our leadership in chemical metrology.

另一項亮點是我們前段化學量測解決方案 Nova AncoScene 的銷售創下新高，受先進記憶體與成熟邏輯應用共同支持，反映採用率提升、與既有客戶更深度的合作，以及在前段製程（front end of the line）的市占率持續提升。AncoScene 的強勁表現顯示其作為重要營收驅動因素的角色日益提升，並進一步鞏固我們在化學量測領域的領導地位。

Advanced packaging was another area of strength during this quarter with record sales contributing nearly one quarter of our overall product revenue, driven by our dimensional metrology portfolio. This performance was fueled by our customers' continued investment in advanced packaging and high bandwidth memory capacity to support growing demand for AI-related devices.

先進封裝也是本季的強勁領域，創下銷售新高，貢獻了我們整體產品營收近四分之一，主要由我們的尺寸量測產品組合所帶動。此表現源自客戶持續投資先進封裝與高頻寬記憶體（HBM）產能，以支援 AI 相關裝置需求的成長。

An important growth driver was the Nova WMC platform, which continued to gain traction across advanced packaging applications, including a recent tour of record selection by a leading foundry customer for multiple layers measurement in advanced packaging production flows. We also saw accelerating adoption of the Nova WMC across memory and foundry customers, positioning us to benefit from further investments in advanced packaging and high-bandwidth memory manufacturing.

一項重要的成長動能來自 Nova WMC 平台，其在先進封裝應用中持續獲得市場採用，包括近期一家領先晶圓代工客戶在先進封裝量產流程中，針對多層量測進行的創紀錄機台選用。我們也看到 Nova WMC 在記憶體與晶圓代工客戶間的採用加速，使我們有望受惠於先進封裝與高頻寬記憶體製造的進一步投資。

Service revenue reached another record level in the quarter, augmented by value-added services. This included customer investments in upgrading existing tools to address new process requirements such as tool upgrades, coupled with enhancements to our chemical and metrology team.

本季服務營收再創新高，並由加值服務帶動成長。其中包括客戶為因應新的製程需求而投資升級既有設備（例如機台升級），同時也包含我們化學與量測團隊能力的強化。

These enable customers to address new applications, materials and chemistry. The strength and breadth of demand we see across our end markets provide us with increased visibility into the remainder of the year and into 2027. Customer roadmaps and planned capacity investments continue to support a favorable outlook.

這些措施使客戶能夠因應新的應用、材料與化學需求。我們在各終端市場看到的需求強度與廣度，提升了我們對今年剩餘期間以及 2027 年的能見度。客戶技術路線圖與規劃中的產能投資持續支持正向展望。

Importantly, the drivers behind this demand appear increasingly durable in nature. Given these trends, we believe we are on a path to reaching our organic growth objectives sooner than originally planned, reinforcing our confidence in Nova's long-term growth.

重要的是，推動這些需求的驅動因素看起來愈來愈具持久性。基於這些趨勢，我們相信我們正走在比原先規劃更早達成內生成長目標的道路上，進一步強化我們對 Nova 長期成長的信心。

Now for some more details on our financials, let me hand over the call to Guy.

接下來為各位提供更多財務細節，我把電話交給 Guy。

Thanks, Gaby. Good day, everyone. I will begin by reviewing our quarter financial achievements and then provide guidance for the third quarter. Total revenues in the second quarter of 2026 reached a record level of $255 million at the high end of our guidance. This performance reflects growth of 8% quarter over quarter and 16% year over year, driven by continued strength across our customers base and solid demand for our differentiated process control solutions.

謝謝你，Gaby。各位好。我將先回顧本季的財務成果，接著提供 2026 年第三季的展望指引。2026 年第二季總營收達到創紀錄的 2.55 億美元，位於我們指引區間的高端。此表現反映營收季增 8%、年增 16%，主要受惠於客戶基礎持續強勁，以及市場對我們具差異化的製程控制解決方案需求穩健。

Product revenue distribution was approximately 73% from logic and foundry and 27% from memory and others. Product revenues included two customers and four territories, which contributed each 10% or more to product revenues.

產品營收分布約為：邏輯與晶圓代工占 73%，記憶體與其他占 27%。產品營收包含兩家客戶與四個地區，各自對產品營收的貢獻皆達 10% 或以上。

In the second quarter, blended gross margins were 57% on a GAAP basis and 58% on a non-GAAP basis. Gross margins remained healthy and supported our record revenue and strong profitability performance. As expected, operating expenses increased to $68 million on a GAAP basis and $62.9 million on a non-GAAP basis. This increase reflects our disciplined approach to reinvesting growth into product development and roadmap expansion, positioning the company for continued long-term success.

第二季合併毛利率在 GAAP 基礎下為 57%，在非 GAAP 基礎下為 58%。毛利率維持健康水準，支撐我們的創紀錄營收與強勁獲利表現。如預期，營業費用在 GAAP 基礎下增加至 6,800 萬美元，在非 GAAP 基礎下為 6,290 萬美元。此增幅反映我們以紀律方式將成長再投資於產品開發與產品藍圖擴展，為公司長期持續成功奠定基礎。

Operating margins in the second quarter reached 30% on a GAAP basis and 33% on a non-GAAP basis, on the upper range of our target model of 28% to 33%. This excellent result was driven by the revenue growth and the company robust operational model. The effective tax rate in the second quarter was approximately 16%.

第二季營業利益率在 GAAP 基礎下達 30%，在非 GAAP 基礎下達 33%，位於我們 28% 至 33% 目標模型的上緣區間。這項優異成果主要由營收成長與公司強健的營運模式所帶動。第二季有效稅率約為 16%。

Earnings per share in the second quarter on a GAAP basis were $2.20 per diluted share and earnings per share on a non-GAAP basis were $2.51 per diluted share, exceeding the high end of our second-quarter guidance.

第二季每股盈餘在 GAAP 基礎下為每股稀釋後 2.20 美元，非 GAAP 基礎下為每股稀釋後 2.51 美元，超越我們第二季指引的高端。

Next, I would like to outline our guidance for the third quarter of 2026. We currently expect revenues for the quarter to be between $277 million and $287 million, GAAP earnings per diluted share to range from $2.46 to $2.61, non-GAAP earnings per diluted share to range from $2.70 to $2.85.

接下來，我想說明我們對 2026 年第三季的指引。我們目前預期本季營收介於 2.77 億至 2.87 億美元；GAAP 每股稀釋後盈餘介於 2.46 至 2.61 美元；非 GAAP 每股稀釋後盈餘介於 2.70 至 2.85 美元。

At the midpoint of our third-quarter 2026 estimates, we anticipate the following: gross margins of approximately 57% on a GAAP basis and approximately 59% on a non-GAAP basis, operating expenses on a GAAP basis to increase to approximately $74 million, operating expenses on a non-GAAP basis to increase to approximately $68 million, financial income on a non-GAAP basis to remain similar to that of the second quarter, effective tax rate is expected to be approximately 17%.

以我們 2026 年第三季預估的中位數來看，我們預期如下：GAAP 毛利率約 57%，非 GAAP 毛利率約 59%；GAAP 營業費用增加至約 7,400 萬美元；非 GAAP 營業費用增加至約 6,800 萬美元；非 GAAP 財務收入與第二季大致相當；有效稅率預期約為 17%。

Looking back at the first half of 2026, we are pleased with the strong momentum across the business. We achieved record revenues, delivered operating margins at the upper end of our target model and generated earnings above the high end of our guidance. These results highlight both the demand of our solutions and the leverage inherent in our operating model.

回顧 2026 年上半年，我們對業務各面向的強勁動能感到滿意。我們達成創紀錄營收，營業利益率落在目標模型的上緣，且獲利高於指引高端。這些結果凸顯市場對我們解決方案的需求，以及我們營運模式所具備的槓桿效益。

Our financial position remains strong with more than $1.7 billion in cash and investments, providing substantial flexibility to continue investing in R&D, support strategic growth initiatives and pursue selective M&A opportunities that align with our long-term objectives. Combined with our positive third-quarter outlook, we believe we are well positioned to continue driving profitable growth throughout 2026.

我們的財務狀況依然強健，現金與投資超過 17 億美元，提供充足彈性以持續投入研發、支持策略性成長計畫，並尋求符合長期目標的選擇性併購（M&A）機會。結合我們對第三季的正向展望，我們相信公司已具備良好定位，可在 2026 年持續推動獲利性成長。

With that, we will be pleased to take your questions. Operator?

接下來，我們很樂意回答各位的提問。接線員？

(Operator Instructions) Tom O'Malley, Barclays.

(接線員指示) Barclays 的 Tom O'Malley。

This is Trip Smith on for Tom O'Malley. Nice results today. I was just a little curious about what's going on in the split between logic/foundry and memory. Just based on the numbers you guys gave, the 73:27 split, it implies nice sequential growth for logic/foundry, but a step down in memory, down 14% quarter over quarter. I was just wondering what the puts and takes were there.

我是代替 Tom O'Malley 的 Trip Smith。今天的結果很不錯。我有點好奇邏輯/晶圓代工與記憶體之間的分拆情況。就你們提供的數字來看，73:27 的分拆意味著邏輯/晶圓代工有不錯的季增，但記憶體則下滑，季減 14%。我想了解其中有哪些拉抬與抵銷的因素。

Thank you, Tripp, for the question, and thank you for the kind comments. We are projecting memory to be about 30% for us this year. Obviously, the intensity in logic is higher, and our long-term model calls for about 60:40 in favor of logic.

謝謝你，Tripp 的提問，也謝謝你的肯定。我們預估今年記憶體約占我們營收的 30%。顯然邏輯端的強度更高，而我們的長期模型大約是 60:40，偏向邏輯。

But we do see strong demand from DRAM, somehow muted demand from 3D NAND still this year, which may change. But we see growth in both logic and memory, whereas the intensity and growth on the advanced nodes in logic is obviously higher.

不過我們確實看到 DRAM 需求強勁，而 3D NAND 今年的需求仍偏弱，未來可能會改變。但我們看到邏輯與記憶體兩邊都在成長，只是邏輯先進製程節點的強度與成長顯然更高。

And then just as a quick follow-up. We've heard buy side, sell side talking about potentially 40% growth next year for WFE. That implies something closer to like $210 billion, $215 billion. I was just wondering if you could support those levels today or what you might need to do to support those levels?

再快速追問一下。我們聽到買方與賣方在談，明年 WFE 可能成長 40%。那意味著規模更接近 2,100 億到 2,150 億美元。我想請問你們今天是否能支持這樣的水準，或需要做些什麼才能支持這樣的水準？

Sure. So we do have visibility into 2027 where our customers are planning further ahead. And obviously, we're working closely with them to plot capacity and inventory levels.

當然。我們對 2027 年確實有一定能見度，因為客戶正在做更長期的規劃。而且我們顯然正與他們密切合作，規劃產能與庫存水位。

In some cases, we're already receiving orders and planning the 2027 deliveries. We did see some pull-ins by the way, that drove both the first half and are obviously driving the second half of the year.

在某些情況下，我們已經開始收到訂單並規劃 2027 年的交付。順帶一提，我們也看到一些拉貨（pull-ins），推動了上半年表現，並且顯然也正在推動下半年。

But obviously, in overall, customers are planning further ahead, and we do work closely with them on their capacity planning. It's too early to say whether 2027 will grow 40%. We do anticipate it to be a growth year for us.

但整體而言，客戶確實在做更長期的規劃，我們也與他們密切合作進行產能規劃。現在要說 2027 年是否會成長 40% 還太早。我們確實預期那將是我們的成長年度。

And therefore, we are working to ensure that our supply chain can provide us with the needed capacity. They are stretched, but we are managing production as well as the supply chain to ensure that we are meeting the lead times and the increased demand from our customers.

因此，我們正努力確保供應鏈能提供我們所需的產能。供應鏈確實吃緊，但我們正同時管理生產與供應鏈，以確保能滿足交期並因應客戶增加的需求。

Atif Malik, Citi.

Citi 的 Atif Malik。

Gaby, you used the word enhanced visibility in your prepared remarks. And I was curious if you can compare or contrast this cycle, particularly on the DRAM side to any prior memory cycles, maybe perhaps the NAND cycle in 2001 to 2007, which was a fairly long investment cycle.

Gaby，你在事先準備的講稿中用了「能見度提升」這個詞。我想請你比較或對照一下這一輪循環，特別是在 DRAM 端，與過去任何記憶體循環的差異，例如 2001 到 2007 年的 NAND 循環，那是一段相當長的投資循環。

But any kind of qualitative commentary you can provide around your customers' behavior? Are they giving -- putting more down payments or any backlog and RPO that can help us understand how far is your visibility extending?

你能否就客戶行為提供一些定性的評論？他們是否提供更多預付款，或是否有任何積壓訂單（backlog）與 RPO 能幫助我們理解你們的能見度延伸到多遠？

Yeah. Thank you for the question, Atif. I think that it's not really comparable to the previous cycles because we are seeing demand from both logic and memory. And customers understand that in order to provide the product in the lead times that suppliers, including Nova are committed to, they should work closely or closer with us on giving us long-term or longer-term visibility into next year.

是的。謝謝你的提問，Atif。我認為這其實不太能與先前的週期相比，因為我們同時看到來自邏輯與記憶體的需求。而客戶也理解，為了在供應商（包括 Nova）所承諾的交期內提供產品，他們應該與我們更緊密合作，讓我們對明年有長期或更長期的能見度。

That didn't happen in previous cycles, long or short ones. And we are encouraged by that because it does give us the ability to work with our supply chain and making sure that we have the right planning in terms of capacity in order to address the needs of next year. So I would say that comparably, it's an unprecedented cycle in terms of the visibility and also customer intimacy that allows us to have better planning for both the second half of this year as well as into next one.

這在以往的週期中（不論長或短）都沒有發生。我們對此感到鼓舞，因為這確實讓我們能與供應鏈合作，並確保在產能規劃方面做出正確的安排，以滿足明年的需求。所以我會說，相較之下，這是一個前所未有的週期，無論是在能見度方面，還是在客戶緊密度方面，都讓我們能對今年下半年以及明年做出更好的規劃。

Great. And a follow-up for Guy. Guy, can you talk about any impact from higher component costs, particularly memory to your gross margins? And if you can share your philosophy or strategy around pricing? Are there any knobs for you to take your target gross margin model higher in this environment of supply constraints?

很好。接著有一個追問給 Guy。Guy，你能談談較高的零組件成本，特別是記憶體，對你們毛利率的任何影響嗎？以及如果可以的話，分享一下你們在定價方面的理念或策略？在供應受限的環境下，你們是否有任何調整槓桿，可以把目標毛利率模型再往上提高？

Yes. So thank you, Atif. I would say that we do see some impact on the -- on our BOM costs related to memory. Our proportion of -- memory portion of our BOM is not significant, so we don't see any major change to our gross margin profile due to that. So I would say the margin profile and the margin range, the gross margin range that we have in our target model of 57% to 60% is well intact.

是的。謝謝你，Atif。我會說，我們確實看到與記憶體相關的 BOM 成本對我們有一些影響。我們 BOM 中記憶體所占的比重並不高，因此我們不認為這會對我們的毛利率結構造成任何重大改變。所以我會說，我們目標模型中 57% 到 60% 的毛利率區間仍然維持得很好。

Yeah. I would add to that, if I understood correctly, also from the ASP side. Obviously, there is a balance and, let's say, an effort on all sides to ensure that pricing continues to support both the downside and COGS that Guy mentioned as well as customer expectations.

是的。我補充一下，如果我理解正確的話，也包括 ASP 端。顯然，各方之間需要取得平衡並共同努力，以確保定價能同時支撐 Guy 提到的成本面與 COGS，以及客戶的期待。

We are looking at the long term in that respect, and the customers are long-term partners of ours. So we continue to support in the best possible way while considering the different changes on the BOM and COGS. But overall, as Guy said, we are maintaining our gross margin model, and we are confident that we will continue to do so through this year and the next one.

在這方面我們著眼於長期，而客戶也是我們的長期合作夥伴。因此，在考量 BOM 與 COGS 的各種變動之下，我們仍會以最佳方式持續支持客戶。但整體而言，如 Guy 所說，我們維持既有的毛利率模型，並有信心今年與明年都能持續做到。

Shane Brett, Morgan Stanley.

Shane Brett，摩根士丹利。

So my first question is, if I take your guidance, you're growing products in the low to mid-20s, which is a bit below WFE this year, but I think that's more so due to process control intensity being quite a bit lower this year and nothing idiosyncratic.

我的第一個問題是，如果我看你們的指引，你們產品成長在低到中 20% 的區間，這比今年 WFE 略低一些，但我認為這更多是因為今年製程控制強度明顯較低，而不是你們自身的特殊因素。

So a bit of a two-part question. Firstly, what is Nova's view on process control intensity recovering into 2027? And my second question is just do we have levers to outgrow process control growth next year?

所以這是一個兩部分的問題。第一，Nova 對製程控制強度在 2027 年前後回升的看法是什麼？第二，我們是否有槓桿能在明年讓成長速度超過製程控制的成長？

Thank you very much, Shane. I would say that in terms of process control intensity, we need to break down the process control into end markets because they behave differently. Logic process control intensity is higher than memory, while advanced packaging is, of course, rapidly growing.

非常感謝你，Shane。我會說，就製程控制強度而言，我們需要把製程控制按終端市場拆開來看，因為它們的表現不同。邏輯的製程控制強度高於記憶體，而先進封裝當然正在快速成長。

Process is also tapping on other growth engines such as 3D NAND, which is investing in upgrades, but it's currently muted in process control. And that, of course, may change in the future. More importantly, the structural drivers that propel our business are still in place. We have increasing complexity in architectures and materials that are driving the need for process control.

製程也正在切入其他成長引擎，例如 3D NAND，這部分正在投資升級，但目前在製程控制方面仍較為低迷。而這當然未來可能會改變。更重要的是，推動我們業務的結構性驅動因素仍然存在。架構與材料的複雜度持續提升，正在推動對製程控制的需求。

And from our perspective, the most important indicators are customer adoption, market share gains and technology wins. And we see continuous strength across these areas and remain confident that those long-term drivers of Nova's growth and outperformance remain firmly intact.

從我們的角度來看，最重要的指標是客戶採用、市占率提升以及技術勝出。我們看到這些領域持續強勁，並且仍然有信心，Nova 長期成長與優於同業表現的驅動因素依然非常穩固。

Got it. And for my follow-up, you previously published a tech blog focusing on your talks at VLSI 2025 on hybrid bonding and Nova solutions for it. Just can you talk about hybrid bonding is impacting your SAM? And if there's just an update you can give on your advanced packaging growth for this year as well, that would be very helpful.

了解。我的追問是，你們之前發表過一篇技術部落格，聚焦於你們在 VLSI 2025 上關於混合鍵合（hybrid bonding）以及 Nova 解決方案的分享。你能談談混合鍵合如何影響你們的 SAM 嗎？另外，如果你能更新一下你們今年先進封裝的成長情況，也會非常有幫助。

Sure. So we mentioned in the call that advanced packaging is nearing 25% of our product revenue in the second quarter of the year. And we see advanced packaging evolving from essentially no revenue several years ago into a meaningful and growing contributor to our business. We view this advanced packaging as a multiyear structural growth opportunity for Nova and opportunities are now spanning both optical, chemical and materials metrology.

當然。我們在電話會議中提到，先進封裝在今年第二季已接近我們產品營收的 25%。我們看到先進封裝從幾年前幾乎沒有營收，演變為對我們業務具有意義且持續成長的貢獻來源。我們將先進封裝視為 Nova 一個跨多年的結構性成長機會，而機會目前涵蓋光學、化學與材料量測。

So it's across the board. It's becoming increasingly similar to front-end manufacturing in terms of complexity, and I'm talking about both logic and memory, of course, and technologies such as chiplets, hybrid bonding, panel level packaging that I also mentioned the 2.5D integration are all increasing the number of measurements required as well as the criticality of those measurements.

也就是全面性的。就複雜度而言，它正變得越來越像前段製造；我指的是邏輯與記憶體，當然也包括像 chiplets、混合鍵合、面板級封裝，以及我也提到的 2.5D 整合等技術，這些都在增加所需量測的數量，以及這些量測的重要性。

So overall, advanced packaging is benefiting our business. We see the hybrid bonding as an additional layer that will accelerate this growth for Nova. So it's a positive momentum and trajectory for us.

因此整體而言，先進封裝正在讓我們的業務受益。我們將混合鍵合視為一個額外的層次，將加速 Nova 的這一波成長。所以對我們而言，這是正向的動能與發展軌跡。

Vedvati Shrotre, Evercore.

Vedvati Shrotre，Evercore。

The first one I wanted to understand is you talked about lead times increasing. Could you compare where the lead times are today versus where they were in the past three months and how they have changed?

我第一個想了解的是，你提到交期正在拉長。你能比較一下目前的交期與過去三個月相比在哪裡，以及它們如何變化嗎？

Thank you, Vedvati. I mentioned the fact that even though the supply chain is stretched, we are managing production to ensure that we are improving the lead times as (technical difficulty) while there was increased demand from customers, and we continue to basically provide almost similar lead times.

謝謝你，Vedvati。我提到的重點是，即使供應鏈吃緊，我們仍在管理生產，以確保我們正在改善交期，因為（技術困難）同時客戶需求增加，而我們基本上仍能提供幾乎相近的交期。

So we make a tremendous effort to maintain lead times to customers. I think that we are best-in-class in lead times in the industry. The specific lead times vary from product to product. Overall, I would say that it's been between 4 to 12 months at the latest, depending on the product line.

所以我們投入非常大的努力來維持對客戶的交期。我認為我們在業界的交期表現是同級最佳。具體交期會因產品而異。整體而言，我會說大約在 4 到最長 12 個月之間，取決於產品線。

Understood. And for my follow-up question, I know you talked about advanced packaging being 25% of your product revenues in 2Q. Maybe how do you see the year end up in terms of contribution from advanced packaging? Do we -- does it stay at the 25% for the whole year in the second half?

了解。我的追問是，我知道你提到先進封裝在第二季占你們產品營收的 25%。那麼你們如何看待年底時先進封裝的貢獻？在下半年是否會全年都維持在 25% 左右？

I believe it will be -- we projected it initially to be between 20% and 25%. I think that it's inching towards 25% for the year.

我相信會是——我們最初預估介於 20% 到 25% 之間。我認為今年正逐步接近 25%。

Denis Pyatchanin, Needham.

Denis Pyatchanin，Needham。

So I just wanted to follow up about the end market outlook. So if I understood correctly, you're expecting memory for you to be down this year. If so, maybe could you talk about what you're maybe seeing in more detail in DRAM versus NAND in the second half? And perhaps given your visibility, if you're expecting to see any changes in the memory demand for you entering into first half of '27?

所以我想追問一下終端市場展望。如果我理解正確，你們預期今年你們的記憶體相關業務會下滑。若是如此，能否更詳細談談下半年在 DRAM 相較於 NAND 方面你們看到的情況？另外，考量你們的能見度，你們是否預期在進入 2027 年上半年時，你們的記憶體需求會出現任何變化？

Sure. So first of all, our long-term model is based on a ratio of 60:40, 60% logic/foundry versus 40% memory, and that's because of the higher process control intensity in logic. In 2025, our ratio was 70:30. And this year's memory share is expected to grow slightly, whereas the majority of our memory exposure is DRAM.

當然。首先，我們的長期模型是以 60:40 的比例為基礎，也就是 60% 邏輯/晶圓代工對 40% 記憶體，原因是邏輯的製程控制強度更高。在 2025 年，我們的比例是 70:30。而今年記憶體占比預期會小幅成長，同時我們在記憶體的曝險主要是 DRAM。

On the metrology side, intensity between DRAM and NAND is more or less similar. But NAND, at this point, is a bit muted for us because growth is driven by upgrades rather than capacity and process control intensity or expansion. Looking ahead, we believe that the technology transitions such as 4F square, 6F square advanced DRAM architecture and eventually the 3D DRAM all increase the process complexity and metrology requirements.

在量測（metrology）方面，DRAM 與 NAND 的強度大致相近。但就我們而言，NAND 目前稍顯疲弱，因為成長主要由升級驅動，而非由產能與製程控制強度或擴產所帶動。展望未來，我們認為像是 4F square、6F square 先進 DRAM 架構，以及最終的 3D DRAM 等技術轉換，都會提高製程複雜度與量測需求。

Now in terms of positioning, we sell -- if you look at the NAND specifically, which is relatively muted this year, we sell to all the top players in the NAND market and different -- naturally, we have different positions, of course, depending on the product line. But once capacity is back, and the reason I'm saying that is because I'm hoping that capacity is back sometime next year, we are expected to benefit from it.

就布局而言——如果你特別看 NAND（今年相對疲弱），我們向 NAND 市場所有主要玩家供貨；當然，依產品線不同，我們在各家客戶的切入位置也會不同。但一旦產能回來——我之所以這麼說，是因為我希望產能能在明年某個時點回升——我們預期將從中受益。

Excellent. And for a quick follow-up for Guy regarding the gross margin. So it looks like the gross margin is in with your long-term range, but maybe about 90 basis points below the guidance. Maybe you can tell us about what drove this unexpected change? Was it mix in the quarter or some sort of unforeseen costs?

很好。另外針對 Guy 關於毛利率做個快速追問。看起來毛利率落在你們的長期區間內，但可能比指引低了約 90 個基點。你能否說明是什麼造成這個意外變化？是本季產品組合的因素，還是某些未預見的成本？

Yeah. So the main reason is product mix. And as we say in every quarter, the estimate that we're giving can fluctuate plus/minus 1%. And as I mentioned earlier, this quarter, the gross margins were 58%, which is a healthy level and well within our target model.

是的。主要原因是產品組合。而且如同我們每一季都會說的，我們給出的估計可能上下波動正負 1%。如我先前提到，本季毛利率為 58%，這是健康的水準，也完全在我們的目標模型範圍內。

And as we discussed previously, gross margin can fluctuate from quarter to quarter depending on product mix. Looking on the first half of 2026, gross margin was approximately 59%. Our third-quarter outlook is 59%, and we expect full-year gross margin to be approximately 59%. And overall, it reflects the normal dynamic of the business.

如同我們先前討論的，毛利率會因產品組合而在各季之間波動。看 2026 年上半年，毛利率約為 59%。我們對第三季的展望是 59%，並預期全年毛利率約為 59%。整體而言，這反映了業務的正常動態。

Crawford Clark, Jefferies.

Crawford Clark，Jefferies。

You've talked about having a position across all four of the gate-all-around players. One of those customers, I know, has joined with the Terafab project. I was hoping you could help us unpack maybe without divulging any specific information, how does a greenfield project like Terafab, with a new fab operator at a leading-edge node compared to a more typical brownfield expansion in terms of metrology intensity and what your opportunity might look like there?

你們談到在四家 GAA（環繞閘極）玩家上都有布局。我知道其中一位客戶加入了 Terafab 專案。我希望你能在不透露任何具體資訊的前提下，協助我們拆解：像 Terafab 這種由新晶圓廠營運商在先進製程節點建置的綠地（greenfield）專案，相較於較典型的棕地（brownfield）擴產，在量測強度上有何不同？你們在那裡的機會可能會是什麼樣貌？

So I am a bit reluctant to relate to specific customers, as you know. So I will not relate to Terafab specifically. Generally speaking, and that's not a comment related to Terafab. It's a general comment related to greenfield operation, which happened a couple of years ago, for example, in Rapidus. It happens in other territories, of course.

如你所知，我對於連結到特定客戶會有些保留。因此我不會特別談 Terafab。一般而言——這也不是針對 Terafab 的評論。這是關於綠地營運的通用評論；例如幾年前在 Rapidus 就發生過。當然，在其他地區也會發生。

What we see is the higher metrology intensity as the fab is being built out as a result of the need to improve time to market and getting to the yield threshold required for such a new operation. So the general generic answer I have, which is that we see process control intensity at the initial stages of greenfield fabs is higher than ongoing operations of more mature ones.

我們看到的是，當晶圓廠在建置擴充時，量測強度會更高，原因在於需要縮短上市時間，並達到這類新營運所需的良率門檻。所以我給出的通用答案是：在綠地晶圓廠的初期階段，我們看到的製程控制強度高於較成熟晶圓廠的持續營運階段。

Super helpful. And then just as a follow-up. In the release, I know you guys called out records in the ancosys front-end chemical metrology business and in Sentronics. I was hoping maybe we could get an update on where Metrion and Elipson sit on the adoption curve exiting Q2?

非常有幫助。接著再追問一下。在新聞稿中，我知道你們提到 ancosys 前段化學量測業務以及 Sentronics 都創下紀錄。我想請你們更新一下：在第二季結束時，Metrion 和 Elipson 在採用曲線上處於什麼位置？

Sure. So we did speak of the Metrion accelerated adoption in the first quarter of the year, and we continue to see demand for Metrion going forward in terms of both the number of customers, both across logic and memory, as well as the utilization and qualifications that we received for this product.

好的。我們確實在今年第一季談到 Metrion 的加速採用，而我們持續看到未來對 Metrion 的需求，包括客戶數量（涵蓋邏輯與記憶體），以及我們為該產品所獲得的使用率與認證（qualification）。

We also indicated the fact that we moved into high-volume manufacturing proliferation, which is true both for the Metrion and Elipson, and the effort that we're investing right now for both those lab-to-fab concept products is to increase the utilization of the tools, introduce new applications and gain adoption by more customers so that we will replicate the model that we had with XPS in the past.

我們也提到，我們已進入高量產（HVM）擴散階段，這對 Metrion 與 Elipson 都成立；而我們目前對這兩個「從實驗室到晶圓廠」（lab-to-fab）概念產品所投入的工作，是提升設備使用率、導入新應用，並讓更多客戶採用，以便複製我們過去在 XPS 上的模式。

And we're currently working on having multiple tools per fab. I also indicated the fact that on the XPS, we are increasing adoption in logic, thus the advanced nodes right now. And I think that we are in a positive trajectory generally with this strategy and in particular, with the Metrion, as I mentioned before.

我們目前也在推動每座晶圓廠配置多台設備。我也提到，在 XPS 方面，我們正在提高其在邏輯（也就是目前的先進節點）上的採用。我認為整體而言，這項策略正朝正向軌跡發展，尤其是 Metrion，如我先前所提。

This concludes our question-and-answer session. I would like to turn the conference back to Mr. Gaby Waisman, Nova's President and CEO, for any closing remarks.

問答環節到此結束。我想把會議交回 Nova 總裁兼執行長 Gaby Waisman 先生，請他做結語。

Thank you, operator, and thank you all for joining our call today.

謝謝主持人，也謝謝各位今天參加我們的電話會議。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議到此結束。感謝各位出席今天的簡報。您現在可以中斷連線。