Veeco Instruments Inc (VECO) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Veeco Q3 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Veeco 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Alex Delacroix, Head of Investor Relations. Thank you, you may begin.

現在，我很高興向大家介紹主持人，投資者關係主管 Alex Delacroix。謝謝，你可以開始了。

Thank you, and good afternoon, everyone. Joining me on the call today are Bill Miller, Veeco's Chief Executive Officer, and John Kiernan, our Chief Financial Officer. Today's earnings release and slide presentation to accompany today's webcast is available on Veeco's website.

謝謝大家，大家下午好。今天和我一起參加電話會議的有 Veeco 的執行長 Bill Miller 和我們的財務長 John Kiernan。今天的收益報告和與今天網路直播配套的幻燈片簡報可在 Veeco 網站上取得。

To the extent that this call discusses expectations for future revenues, future earnings, the timing and expected benefits of the proposed transaction with Axcelis, market conditions or otherwise make statements about the future. These forward-looking statements are based on management's current expectations and are subject to the risks and uncertainties that could cause actual results to differ materially from the statements made. These risks are discussed in detail in our Form 10-K annual report and other SEC filings.

本次電話會議討論對未來收入、未來盈利的預期、與 Axcelis 的擬議交易的時間表和預期收益、市場狀況或其他有關未來的聲明。這些前瞻性陳述是基於管理階層目前的預期，並受到各種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與所作陳述有重大差異。這些風險已在我們的 10-K 表格年度報告和其他提交給美國證券交易委員會的文件中進行了詳細討論。

Veeco does not undertake any obligation to update any forward-looking statements, including those made on this call to reflect future events or circumstances after the date of such statements. Unless otherwise noted, management will address non-GAAP financial results. We encourage you to refer to our reconciliation between GAAP and non-GAAP results, which you can find in our press release and at the end of the earnings presentation.

Veeco 不承擔任何義務更新任何前瞻性聲明，包括本次電話會議中所作的聲明，以反映此類聲明發布日期之後的未來事件或情況。除非另有說明，管理層將討論非GAAP財務表現。我們建議您參考我們的 GAAP 和非 GAAP 結果之間的調整表，您可以在我們的新聞稿和收益報告的結尾找到該調整表。

Given the pending merger with Axcelis, we will not be addressing questions related to the transaction. Please note that today's call is neither an offering of securities nor solicitation of a proxy vote in connection with our previously announced transaction with Axcelis. We urge you to read the joint proxy statement relating to the transaction with Axcelis once it becomes available.

鑑於與 Axcelis 的合併正在進行中，我們將不回答與該交易相關的問題。請注意，今天的電話會議既不是證券發行，也不是就我們先前宣布的與 Axcelis 的交易徵集代理投票。我們敦促您在聯合委託書發布後仔細閱讀該委託書，該委託書與 Axcelis 的交易有關。

With that, I would now like to hand the call over to our CEO, Bill Miller.

接下來，我將把電話交給我們的執行長比爾·米勒。

Thank you, Alex. Good afternoon, and thanks for joining us. We entered the quarter focused on execution, and I'm pleased to report that Veeco continues to perform well.

謝謝你，亞歷克斯。下午好，感謝各位的參與。本季我們專注於執行，我很高興地報告，Veeco 繼續表現良好。

Third quarter revenue was $166 million, exceeding the midpoint of our prior guidance of $160 million, and non-GAAP operating income was $23 million. Non-GAAP diluted earnings per share was $0.36, above the prior guidance midpoint of $0.28, reflecting continued operational discipline and strong execution across the business.

第三季營收為 1.66 億美元，超過了我們先前 1.6 億美元的預期中位數；非 GAAP 營業收入為 2,300 萬美元。非GAAP稀釋後每股收益為0.36美元，高於先前預期中位數0.28美元，反映出公司持續的營運紀律和強勁的業務執行力。

This performance underscores the sustained investment in leading-edge semiconductor technologies, particularly in AI and high-performance computing. These trends are driving healthy demand, especially in gate-all-around, high-bandwidth memory and advanced packaging, where Veeco's differentiated equipment enables customers to advance their most complex technology road maps.

這項業績凸顯了對尖端半導體技術，特別是人工智慧和高效能運算領域的持續投入。這些趨勢正在推動健康的需求，尤其是在全方位閘極、高頻寬記憶體和先進封裝領域，Veeco 的差異化設備能夠幫助客戶推進其最複雜的技術路線圖。

On October 1, we announced that we entered into a definitive agreement to combine with Axcelis Technologies in an all-stock transaction to create a leading semiconductor equipment company serving complementary, diversified and expanding end markets. The completion of the merger is subject to, among other things, the approval of our stockholders and various regulatory approvals, which we are focusing on securing. We are hopeful that we will successfully bring this transaction to completion and strongly believe these 2 companies are optimal together and will drive sustainable value creation for all our stakeholders.

10 月 1 日，我們宣布已達成最終協議，將與 Axcelis Technologies 以全股票交易的方式合併，以創建一家領先的半導體設備公司，服務於互補、多元化和不斷擴大的終端市場。合併的完成取決於許多因素，其中包括獲得股東批准和各種監管機構的批准，而我們正在全力以赴爭取這些批准。我們有信心順利完成這項交易，並堅信這兩家公司強強聯合將為所有利害關係人創造可持續的價值。

We expect to see many growth synergies from the transaction that will be integral in driving success for the combined company. First, expansion of our served available market, which combined was over $5 billion on a pro forma 2024 basis. Second, we believe the transaction will enable a broader and complementary product portfolio and provide better solutions and services for the combined company's customers.

我們預計此次交易將帶來許多成長協同效應，這對於推動合併後公司的成功至關重要。首先，我們擴大了服務市場，以 2024 年的預測，市場規模總計超過 50 億美元。其次，我們相信此交易將帶來更廣泛、更互補的產品組合，並為合併後公司的客戶提供更好的解決方案和服務。

A few items include adjacent technology steps with Axcelis' ion implantation and our laser annealing, likely providing significant opportunities to enhance device performance and yield. Accelerated development of ion beam deposition technologies, likely enabling greater market share gain from traditional deposition technologies. Third, we believe the transaction will provide expansion of the combined company's channel reach and regional leverage.

其中一些項目包括與 Axcelis 的離子注入和我們的雷射退火技術相結合的相鄰技術步驟，可能會為提高裝置性能和良率提供重要的機會。離子束沉積技術的加速發展，可能會使傳統沉積技術獲得更大的市場份額。第三，我們相信此交易將擴大合併後公司的通路覆蓋範圍和區域影響力。

Together, this will allow us to penetrate Tier 1 foundry, logic, memory and IDM customers more effectively. Fourth, the combination will increase R&D scale and enhance capabilities, which we believe will accelerate benefits to the combined company's collective customers. And lastly, with over $900 million in combined cash, we expect the combined company to benefit from a strong operating profile and the financial foundation to drive returns to shareholders.

兩者結合起來，將使我們能夠更有效地打入一級晶圓代工廠、邏輯晶片、記憶體和IDM客戶市場。第四，此次合併將擴大研發規模，增強研發能力，我們相信這將加速為合併後公司的全體客戶帶來利益。最後，憑藉超過 9 億美元的合併現金，我們預計合併後的公司將受益於強勁的營運狀況和財務基礎，為股東帶來回報。

Now I'll turn to our critical role in the semi manufacturing process and provide updates on our evaluation programs for the quarter. We are the production tool of record for laser spike annealing for all leading logic customers and one Tier 1 DRAM customer. We expect to grow our penetration in leading DRAM by shipping an LSA evaluation system to a second Tier 1 DRAM customer in the fourth quarter of this year.

現在我將談談我們在半導體製造過程中發揮的關鍵作用，並介紹我們本季的評估計劃的最新情況。我們是所有領先的邏輯晶片客戶和一家一級DRAM客戶的雷射尖峰退火生產設備供應商。我們預計將在今年第四季向第二家一級DRAM客戶交付LSA評估系統，從而提高我們在領先DRAM領域的滲透率。

Additionally, our next-generation nanosecond annealing system expands our capabilities to the nanosecond regime, and our systems are being evaluated at 2 advanced logic customers for advanced low thermal budget applications. These evaluations are progressing well, and we plan to ship additional NSA evaluation systems during 2026 to Tier 1 customers.

此外，我們的下一代奈秒退火系統將我們的能力擴展到了奈秒級，目前我們的系統正在 2 家先進邏輯客戶處進行評估，用於先進的低熱預算應用。這些評估進展順利，我們計劃在 2026 年向一級客戶交付更多 NSA 評估系統。

We're also the market leader for IBD EUV systems for the deposition of defect-free films. Our product road map is well aligned as the industry adopts next-generation high-NA EUV lithography, and we're expanding our EUV-related business to EUV pellicles, which are increasingly being used to improve the productivity of EUV steps. Our IBD EUV system is used to form the high transparency membrane used in pellicles.

我們也是用於沉積無缺陷薄膜的 IBD EUV 系統的市場領導者。我們的產品路線圖與業界採用下一代高數值孔徑 EUV 微影技術的目標高度契合，我們正在將 EUV 相關業務擴展到 EUV 薄膜，這種薄膜正越來越多地用於提高 EUV 步驟的生產效率。我們的 IBD EUV 系統用於形成薄膜中使用的高透明度膜。

Demand tied to AI and high-performance compute remains strong and is pulling innovation forward. Our next-generation IBD300 system is being evaluated by 2 DRAM customers. This technology differentiates itself from incumbent technologies through its ability to achieve superior thin film properties with lower resistance, which is essential for device scaling, performance and power consumption.

與人工智慧和高效能運算相關的需求依然強勁，並推動著創新向前發展。我們的下一代 IBD300 系統正在接受 2 個 DRAM 客戶的評估。該技術與現有技術的區別在於，它能夠實現具有更低電阻的優異薄膜性能，這對於裝置尺寸縮小、性能提升和功耗降低至關重要。

Additionally, advanced packaging for wet processing and lithography continues to grow from AI-related demand. Our wet processing system orders increased quarter-over-quarter, and we see continued order activity in our lithography system.

此外，受人工智慧相關需求的影響，用於濕式加工和光刻的先進封裝技術也持續成長。我們的濕式加工系統訂單季增，光刻系統訂單活動也持續活躍。

Last month, we announced multiple orders for our advanced packaging wet processing and lithography systems from a leading foundry, supporting critical end markets through AI, automotive, aerospace, defense and communications. Across our portfolio, we continue to focus on performance and yield advantages that matter most to our customers in advanced nodes.

上個月，我們宣布從一家領先的代工廠獲得了多份關於我們先進封裝濕式加工和光刻系統的訂單，這些系統將為人工智慧、汽車、航空航太、國防和通訊等關鍵終端市場提供支援。在我們的產品組合中，我們將繼續專注於先進節點中對客戶而言最重要的效能和產量優勢。

As we look ahead, we believe our portfolio enables technologies for key inflections supporting innovation in gate-all-around, high-bandwidth memory, EUV lithography and advanced packaging. These growth areas create significant opportunities in our served available markets. In annealing, we project our SAM to be approximately $1.3 billion by 2029 as devices continue to shrink and shallower anneals are required to improve performance and adapt to changing structures.

展望未來，我們相信我們的產品組合能夠為關鍵轉折點提供技術支持，從而促進全方位柵極技術、高頻寬記憶體、EUV光刻技術和先進封裝領域的創新。這些成長領域為我們現有的服務市場創造了巨大的機會。在退火領域，我們預計到 2029 年，隨著裝置不斷縮小，需要更淺的退火來提高性能並適應不斷變化的結構，我們的 SAM 市場規模將達到約 13 億美元。

For our ion beam deposition technology in semi, we project our SAM to be approximately $500 million in 2029 as the market expands to adopt EUV and high-NA lithography. This growth is also driven by the need for lower resistance metals deposition in a uniform manner required for improved device performance and power consumption. Lastly, in advanced packaging, we project SAM growth to be approximately $650 million by 2029, with growth mainly driven by wet processing systems supporting AI and high-performance computing.

對於我們在半導體領域的離子束沉積技術，我們預計到 2029 年，隨著市場擴大採用 EUV 和高 NA 微影技術，我們的 SAM 規模將達到約 5 億美元。這種增長也是由於需要以均勻的方式沉積電阻較低的金屬，以提高裝置性能並降低功耗。最後，在先進封裝領域，我們預計到 2029 年，SAM 的成長將達到約 6.5 億美元，成長主要由支援人工智慧和高效能運算的濕式加工系統驅動。

As we look across the business, we continue to invest in programs that position us for the next leg of growth and focus our R&D to advance the industry.

縱觀整個業務，我們將繼續投資於能夠幫助我們實現下一階段成長的項目，並將研發重點放在推動產業發展上。

I'll now turn the call over to John to walk through the financials for the quarter and provide our outlook for Q4 2025.

現在我將把電話交給約翰，讓他來介紹本季的財務狀況，並展望 2025 年第四季。

Thank you, Bill.

謝謝你，比爾。

Revenue came in at $166 million, above the midpoint of our guidance, in line with the previous quarter. Our semiconductor business reported $118 million, a decline of 5% quarter-over-quarter and 71% of total revenue.

營收為 1.66 億美元，高於我們先前預期的中位數，與上一季持平。我們的半導體業務營收為 1.18 億美元，季減 5%，佔總營收的 71%。

Our performance was driven by LSA, IBD EUV for mask blanks and our advanced packaging wet processing systems. In the compound semiconductor market, revenue was $11 million, down from the prior quarter, totaling 7% of revenue. Data storage revenue was $10 million, totaling 6% of revenue. And scientific and other revenue increased to $27 million, totaling 16% of revenue, driven by an increase in optical deposition systems.

我們的業績得益於LSA、IBD EUV掩模坯以及我們先進的封裝濕式加工系統。在化合物半導體市場，營收為 1,100 萬美元，比上一季下降，佔總收入的 7%。資料儲存收入為 1000 萬美元，佔總收入的 6%。科學及其他收入增加至 2,700 萬美元，佔總收入的 16%，這主要得益於光學沉積系統的成長。

Turning to the quarterly revenue by region. Revenue from the Asia Pacific region, excluding China, was 49%, a decrease from 59% in the prior quarter. Sales were driven by customers in Taiwan for LSA, IBD EUV masks and advanced packaging. Revenue from China customers was 28%, an increase from 17% in Q2. Sales were driven primarily by LSA and optical deposition systems. The United States came in at 16% and EMEA was 7%.

接下來來看看各地區的季度營收。除中國以外，亞太地區的營收佔比為 49%，低於上一季的 59%。台灣客戶對LSA、IBD EUV光掩模和先進封裝的需求推動了銷售成長。來自中國客戶的營收佔比為 28%，高於第二季的 17%。銷售額主要由LSA和光學沉積系統推動。美國佔 16%，歐洲、中東和非洲地區佔 7%。

Switching gears to our non-GAAP quarterly results. Gross margin totaled approximately 42% at the top end of our guidance. Gross margin was favorably impacted by higher volume and improved product mix. Operating expenses totaled approximately $46 million, which came in favorably below our previously guided range.

接下來我們來看看非GAAP季度業績。毛利率達到我們預期上限的約 42%。銷售成長和產品組合最佳化對毛利率產生了積極影響。營運支出總計約 4,600 萬美元，遠低於我們先前預期的範圍。

Income tax expense was approximately $3 million, resulting in an effective tax rate of approximately 12%. Net income came in at approximately $22 million, and diluted EPS was $0.36 on 61 million shares.

所得稅費用約為 300 萬美元，實際稅率約為 12%。淨利潤約 2,200 萬美元，稀釋後每股收益為 0.36 美元（流通股數為 6,100 萬股）。

Now moving to the balance sheet and cash flow highlights. We ended the quarter with cash and short-term investments of $369 million, a sequential increase of $14 million. From a working capital perspective, our accounts receivable increased by $10 million to $116 million.

接下來我們來看資產負債表和現金流量表的重點內容。本季末，我們的現金和短期投資為 3.69 億美元，比上一季增加了 1,400 萬美元。從營運資金的角度來看，我們的應收帳款增加了 1,000 萬美元，達到 1.16 億美元。

Inventory increased by $4 million to $263 million, and accounts payable decreased by $6 million to $44 million. Customer deposits included within contract liabilities on the balance sheet remained relatively flat at $36 million. Cash flow from operations totaled $16 million and CapEx totaled $3 million during the quarter.

庫存增加 400 萬美元，達到 2.63 億美元；應付帳款減少 600 萬美元，降至 4,400 萬美元。資產負債表上合約負債中包含的客戶存款保持相對穩定，為 3,600 萬美元。本季經營活動產生的現金流量總計 1,600 萬美元，資本支出總計 300 萬美元。

Now turning to our Q4 outlook. Q4 revenue is expected between $155 million and $175 million. Gross margin for Q4 is expected to range between 37% and 39%, representing a decline from prior periods. This anticipated reduction is primarily driven by a shift in product mix with several discounted evaluation tool acceptances and a greater proportion of revenue from advanced packaging systems.

現在來看我們第四季的展望。預計第四季營收在 1.55 億美元至 1.75 億美元之間。預計第四季毛利率將在 37% 至 39% 之間，較前期下降。預計此減少主要受產品組合變化的影響，包括多種評估工具的折扣接受度以及先進封裝系統收入佔比的增加。

We expect OpEx of approximately $48 million, net income between $10 million and $19 million and diluted EPS between $0.16 and $0.32 on approximately 62 million shares.

我們預計營運支出約為 4,800 萬美元，淨收入在 1,000 萬美元至 1,900 萬美元之間，稀釋後每股收益在 0.16 美元至 0.32 美元之間（約 6,200 萬股）。

I'll now provide additional commentary for each of our markets. In the semiconductor market, we see growth for 2025 compared to 2024, driven by demand in gate-all-around and advanced packaging. Additionally, we see continued momentum for our products into 2026 driven by leading-edge investments for AI and high-performance computing. In the compound semiconductor market, we have revenue growth opportunities in GaN Power, photonics and solar for 2026 after experiencing a down year in 2025.

接下來，我將對我們每個市場進行補充評論。在半導體市場方面，我們預計 2025 年將比 2024 年成長，這主要得益於對環柵封裝和先進封裝的需求。此外，我們預計到 2026 年，在人工智慧和高效能運算領域的前沿投資推動下，我們的產品將繼續保持成長勢頭。在化合物半導體市場，經歷了 2025 年的下滑之後，2026 年我們在 GaN 功率裝置、光子學和太陽能領域擁有收入成長機會。

We are excited about the recent order activity and the acceptance of our new propelled 300-millimeter GaN and Lumina plus arsenic phosphide platforms, which are tailwinds for next year. After an extensive successful evaluation period, today, we announced that we received an order for our Propel 300-millimeter GaN-on-Silicon MOCVD system from a leading power IDM for AI data centers. This order cements our position as a leader in 300-millimeter GaN technology, which is at an important inflection point transitioning from 200-millimeter wafer sizes.

我們對最近的訂單活動以及我們新的推進式 300 毫米 GaN 和 Lumina 加砷磷化物平台的接受度感到興奮，這對明年來說是一個利好因素。經過廣泛的成功評估期後，今天我們宣布，我們已收到一家領先的人工智慧資料中心功率IDM的訂單，訂購我們的Propel 300毫米GaN-on-Silicon MOCVD系統。該訂單鞏固了我們在 300 毫米 GaN 技術領域的領先地位，該技術正處於從 200 毫米晶圓尺寸過渡到 300 毫米晶圓尺寸的重要轉折點。

Additional recent announcements in this market include an order for multiple Lumina indium phosphide MOCVD tools for data center optical communication solutions. We also received the first multi-tool order for our recently released new Lumina+ platform for low earth orbit space-grade solar cells.

該市場近期的其他公告包括訂購多台 Lumina 磷化銦 MOCVD 設備，用於資料中心光通訊解決方案。我們也收到了首個針對我們最近發布的新型 Lumina+ 平台的多功能工具訂單，該平台用於低地球軌道空間級太陽能電池。

These orders support the revenue growth projected for the compound semiconductor market in 2026 with shipments principally in the second half.

這些訂單支持了預計 2026 年化合物半導體市場的收入成長，出貨量主要集中在下半年。

In the data storage market, system revenue declined in 2025 compared to 2024 as customers did not add new system capacity. However, our service revenue has increased, reflecting higher customer utilization, and we are excited to announce we recently received orders for our ion beam and wet processing equipment.

在資料儲存市場，由於客戶沒有增加新的系統容量，2025 年的系統收入比 2024 年有所下降。然而，我們的服務收入有所成長，反映出客戶利用率的提高，我們很高興地宣布，我們最近收到了離子束和濕式處理設備的訂單。

We expect these orders to drive data storage revenue growth in 2026, principally in the second half. We continue to see strong demand in the scientific and other market for our research-driven applications. This segment is expected to deliver growth in 2025, supported by ongoing investment in advanced scientific innovation.

我們預計這些訂單將在 2026 年推動資料儲存收入成長，主要集中在下半年。我們持續看到科學研究及其他市場對我們以研究為導向的應用產品有強勁的需求。預計到 2025 年，該領域將實現成長，這得益於對先進科學創新持續不斷的投資。

With that, I'll now turn the call over to the operator to open up Q&A.

接下來，我將把電話轉交給接線員，開始問答環節。

(Operator Instructions) As a reminder, given the pending merger with Axcelis, Veeco management will not be addressing questions related to the transaction.

（操作員說明）提醒各位，鑑於與 Axcelis 的合併即將完成，Veeco 管理層將不會回答與該交易相關的問題。

We have a question from David Duley of Steelhead Securities. Please go ahead.

我們收到來自 Steelhead Securities 的 David Duley 的提問。請繼續。

Thanks for taking my question. My first question is on some of the 300-millimeter GaN order activity that you've seen. Is there all of a sudden new adoption in these end markets that you're referring to? I think in the press release, you talked about auto, industrial and data center. I was just wondering if you might be able to address why GaN is being adopted in these particular segments at this point.

謝謝您回答我的問題。我的第一個問題是關於您所看到的 300 毫米 GaN 訂單活動。您指的是這些終端市場突然出現新的採用情況嗎？我認為在新聞稿中，你們談到了汽車、工業和資料中心。我想請教一下，為什麼氮化鎵（GaN）目前在這些特定領域得到應用？

Yeah, we've had an evaluation with this leading power IDM for over a year, and we've -- it's been successful, and we just received a follow-on multi-chamber order for a pilot line tool, likely for data center applications. And they're going to pilot production in 2026, and their plan is to ramp to HBM in 2027. ()300 millimeters, sorry.

是的，我們已經與這家領先的電源IDM進行了一年多的評估，而且評估非常成功，我們剛剛收到了一份後續的多腔體訂單，用於試點生產線工具，很可能是用於數據中心應用。他們計劃在 2026 年進行試生產，並在 2027 年實現 HBM 的量產。 （）300 毫米，抱歉。

And is there a specific reason now why GaN is being adopted in the data centers?

那麼，現在資料中心採用氮化鎵技術有什麼具體原因嗎？

I think the efficiency of power conversion in the data center is a real limiting issue in the data center. And so, any material that can be adopted to convert electricity more efficiently is pretty desirous.

我認為資料中心的電力轉換效率是一個真正的限制性問題。因此，任何能夠更有效地轉換電能的材料都非常受歡迎。

Okay, and then John, if you could just address the gross margin guidance.

好的，約翰，你能談談毛利率預期嗎？

I think you mentioned increased evaluation activity as to why the gross margins would be down, but maybe just elaborate on that a little bit for me.

我想你提到過評估活動增加是毛利率下降的原因，但能否再詳細解釋一下呢？

Sure, Dave. I'd be happy to. So yes, we just ended this quarter with gross margin in Q3 around 42% on the high end of our guided range. But we have guided for Q3 a less favorable -- excuse me, for Q4, a less favorable gross margin in 37% to 39% range, which is lower than we have been experiencing. And we did indicate in our prepared remarks a driver being product mix there. And within the product mix, 2 items to highlight. One, is, as you mentioned here, Dave, we're expecting some eval signoffs this quarter at favorable pricing.

當然可以，戴夫。我很樂意。是的，我們第三季的毛利率約為 42%，處於我們預期範圍的高端。但我們預計第三季——抱歉，是第四季——的毛利率將不太理想，在 37% 到 39% 之間，低於我們之前的水平。我們在事先準備好的發言稿中也指出，產品組合是造成這種情況的一個驅動因素。在產品組合中，有 2 款產品值得重點介紹。一是，正如你在這裡提到的，戴夫，我們預計本季會有一些評估批准，價格也會比較優惠。

Now for clarity, those are not eval related to our NSA at leading logic or eval for our IBD300 for the low-resistance metal. This is more a recurring sort of LSA type of eval and as well as an eval that we have out for in compound semiconductor for micro-LED. So that's the one area. The second area is that we have in our semiconductor business, in our Q4 revenue guide, increased amount of business in advanced packaging for an application where the gross margins for those tools aren't as high as the company average.

為了澄清，這些與我們領先的邏輯 NSA 的評估無關，也與我們低電阻金屬的 IBD300 的評估無關。這更像是一種反覆出現的LSA類型的評估，也是我們針對化合物半導體微型LED進行的評估。這就是其中一個面向。第二個方面是，在我們的半導體業務中，第四季度營收預期顯示，先進封裝業務量有所增加，但該應用領域的工具毛利率並不像公司平均水平那麼高。

Okay. And then just final question from me is you went through the segments in pretty good detail. But I was just wondering if you could elaborate a little bit more on what you would expect the trajectory of your advanced packaging business to be in 2026.

好的。最後，我的問題是，您對各個部分都進行了非常詳細的講解。但我只是想問一下，您能否再詳細說明您對貴公司先進包裝業務在 2026 年的發展軌跡有何預期。

I think it doubled this year. I don't imagine it's going to do that again. But what early indications do you have of growth there?

我認為今年翻了一番。我想它不會再發生這種情況了。但您目前觀察到的成長跡像是什麼？

Yeah, the business has doubled, Dave, and it was not easy, and I have to give kudos to our operations team in the business for ramping -- doubling the business in pretty short order there. We are actually running the business to a road map. And so, we're working with, as you might imagine, industry leaders and helping them with their wet processing challenges, whether they're moving to Under Bump Metal etch, trying to solve some problems there, photoresist removal and hybrid bonding.

是的，戴夫，業務量翻了一番，這並不容易，我必須讚揚我們業務運營團隊的快速發展——在很短的時間內就實現了業務量翻番。我們實際上是按照既定路線圖來經營業務的。因此，正如您所想，我們正在與行業領導者合作，幫助他們應對濕式製程的挑戰，無論是轉向凸點下金屬蝕刻，試圖解決那裡的一些問題，還是光阻去除和混合鍵合。

So, we feel that we've got a number of projects and programs and demo activity to sustain our position. I think it's a bit early for us to comment on the direction of advanced packaging for 2026 specifically, really because the business runs on a shorter backlog and shorter lead time. So, that full year visibility, we just don't have it for that segment.

因此，我們認為我們擁有許多項目、計劃和演示活動來維持我們的地位。我認為現在評論 2026 年先進包裝的發展方向還為時過早，因為該行業的業務運營依賴於較短的積壓訂單和較短的交付週期。所以，對於這個細分市場，我們目前還沒有全年的可見度數據。

Thank you.

謝謝。

Thanks Dave.

謝謝你，戴夫。

The next question we have is from Denis Pyatchanin of Needham & Co. Please go ahead.

下一個問題來自 Needham & Co. 公司的 Denis Pyatchanin，請問問題。

Great, thanks for taking our questions. I think you've previously mentioned an uptick in HDD customer utilization. How are the ordering patterns near term? Is there only visible demand right now for the second half of 2026?

太好了，謝謝你們回答我們的問題。我想你之前提到過硬碟用戶使用率上升。近期訂單模式如何？目前看來，只有 2026 年下半年的需求比較明顯嗎？

Denis, our lead time, this is a build-to-order business, and our lead times are approaching a year, maybe a little bit less, but in that range. And so, our first orders we received in Q3 for ion beam and wet processing equipment, and we're negotiating orders in the fourth quarter.

丹尼斯，我們的交貨週期，因為我們是按訂單生產的，我們的交貨週期接近一年，也許會稍微短一點，但大概就在這個範圍內。因此，我們在第三季收到了離子束和濕式加工設備的第一批訂單，我們正在洽談第四季的訂單。

So, just based on the timing of the receipt of the orders kind of dictates that those would be shipped in the second half of next year.

所以，僅根據收到訂單的時間來看，這些訂單應該會在明年下半年出貨。

Great. Thank you for the detail, and on the strength in scientific, could you tell us more about that? Was that driven predominantly by Chinese customers this quarter?

偉大的。感謝您提供的詳細信息，關於科學方面的優勢，您能否再詳細介紹一下？本季這主要受中國客戶推動嗎？

There was some content for Chinese customers this quarter. Some of the strength in that segment this quarter also were for optical deposition tools or general industrial applications there, and there was China content with that.

本季也推出了一些面向中國客戶的內容。本季該領域的部分強勁表現也來自光學沉積工具或一​​般工業應用，其中也包括中國產品。

Got it. And my last one is about NSA, maybe a little bit more high level. So I think you mentioned that it's being tested with logic customers. Do you see NSA adoption as being possible for memory customers as well?

知道了。我的最後一個問題是關於美國國家安全局的，可能涉及的層面更高一些。所以我想你有提到過，它正在對邏輯客戶進行測試。您認為記憶體客戶也有可能採用 NSA 標準嗎？

Yes, they're actually interested in adopting it, particularly because of our NSA can anneal only very thin layer. So, it's very conducive to material modification and 3D stacking, which is happening in memory applications. But yes, the evals are going quite well, moving along with the two that we have.

是的，他們確實有興趣採用它，特別是因為我們的 NSA 只能退火非常薄的一層。因此，它非常有利於材料改質和 3D 堆疊，而這正是記憶體應用中正在發生的事情。是的，評估工作進展順利，我們目前有兩個評估項目都在按計畫進行。

We have strong pull from the third logic customers. And as I just said, memory customers are interested. Our plan would be to ship multiple nanoseconds annealing tools in 2026 to a mix of logic and memory or memory.

我們擁有來自第三方邏輯客戶的強大需求。正如我剛才所說，記憶體使用者對此很感興趣。我們的計劃是在 2026 年向邏輯和記憶體或記憶體混合應用領域交付多台奈秒退火工具。

Great, that's it from us.

好了，我們的報道就到這裡。

Thank you very much.

非常感謝。

Thank you, Denis.

謝謝你，丹尼斯。

The next question we have is from Mark Miller of Benchmark. Please go ahead.

下一個問題來自 Benchmark 公司的 Mark Miller。請繼續。

Thank you for the question. Can you give us a little update on the thin metal films with IBD evals?

謝謝你的提問。能否簡單介紹一下採用 IBD 評估的薄金屬膜的最新情況？

Yeah, yeah, we're making good progress in introducing the fourth deposition technology to front-end semi. It remains an exciting opportunity. Our customers are very much engaged, and we're working together to improve or work on bringing the maturity of the product up for high-volume manufacturing as well as working with our customer to integrate the ion beam deposition technology into their existing production processes. So there's clearly still pull. We have 2 tools in DRAM, Mark, but there's definitely pull in logic and potential for evals there in the future.

是的，是的，我們在將第四代沉積技術引入前端半導體方面取得了良好進展。這仍然是一個令人興奮的機會。我們的客戶非常積極參與，我們正在共同努力改進產品，使其更加成熟，以適應大規模生產，同時我們也與客戶合作，將離子束沉積技術整合到他們現有的生產流程中。所以顯然還是有吸引力的。Mark，我們在 DRAM 領域有 2 個工具，但邏輯領域肯定有吸引力，未來還有評估的潛力。

Okay. So, two evals with DRAM manufacturers with the IBD tools.

好的。因此，我們使用 IBD 工具對兩家 DRAM 製造商進行了評估。

Yeah

是的

In terms of your backlog, the visibility you have margins are going to be down. You talked about why, but going out in the future, does the backlog look like the margins will improve when you start shipping out of it in the future?

就你的待辦事項而言，你的可見度以及利潤率都會下降。你談到了原因，但展望未來，積壓訂單的利潤率是否會隨著未來訂單的交付而提高？

You want to take it, John?

你想拿走它嗎，約翰？

Yeah. So, Mark, yeah, so we just said that we expect the gross margin in Q4 to be down for mix reasons. As we look out into the future, past Q4, our expectation is that we could see margin improvement in 2026 over 2025 gross margin improvement. As was mentioned on the call in our prepared remarks, we're getting good visibility.

是的。所以，馬克，是的，我們剛才說過，由於產品組合的原因，我們預期第四季的毛利率會下降。展望未來，展望第四季之後，我們預計 2026 年的毛利率將比 2025 年的毛利率有所提高。正如我們在電話會議的演講稿中所提到的，我們獲得了良好的能見度。

We're starting to get good visibility for data storage with orders starting to come in, in Q3 and more orders being negotiated in Q4 for shipment in the second half of next year as well as orders that we've been receiving for our new products in -- for our MOCVD, which goes into the compound semiconductor market bucket. And again, on a build-to-order type of production there, and we see that in the second half of next year.

隨著第三季開始收到訂單，資料儲存業務的前景逐漸明朗，第四季正在洽談更多訂單，預計明年下半年出貨。此外，我們還收到了新產品的訂單，例如我們的 MOCVD 產品，該產品將進入化合物半導體市場。而且，我們將採取訂單生產的方式，預計明年下半年就會實現。

Just one more question, if you permit me. Your data storage orders you received this quarter for IBD and wet processing, is that from one customer or from multiple customers?

如果允許的話，我再問一個問題。本季您收到的 IBD 和濕式處理的資料儲存訂單，是來自一個客戶還是多個客戶？

It was from multiple customers.

是多位顧客寄來的。

Thank you.

謝謝。

Thanks Mark.

謝謝你，馬克。

At this time, we have no further questions. And I would like to turn the call back over to Bill Miller for closing remarks.

目前我們沒有其他問題了。現在，我想把電話交還給比爾·米勒，請他作總結發言。

Thank you. Our results this quarter reflect strong execution and steady momentum across our business. We believe the pending merger with Axcelis represents the next phase of that progress. It will broaden our technology portfolio, expand our market reach and create multiple opportunities for revenue growth through cross-selling, integrated solutions and accelerated innovation. We're confident in the path ahead, and we'll continue to update you as the process moves forward.

謝謝。本季業績反映了我們業務的強勁執行力和穩步發展勢頭。我們相信，與 Axcelis 的即將進行的合併代表著這一進程的下一個階段。這將拓寬我們的技術組合，擴大我們的市場覆蓋範圍，並透過交叉銷售、整合解決方案和加速創新創造多種收入成長機會。我們對未來的道路充滿信心，並將隨著進程的推進繼續向您報告最新情況。

Overall, we're delighted with the response from our stakeholders across the board and are even more energized to deliver on the compelling merits of this strategic combination. Thank you to our employees for their hard work and dedication to Veeco and thank you to our customers and partners for their continued trust in Veeco. Have a great evening.

總的來說，我們對各利害關係人的回饋感到非常高興，也更加充滿動力去實現這項策略合併的巨大優勢。感謝我們的員工為 Veeco 付出的辛勤努力和奉獻精神，感謝我們的客戶和合作夥伴對 Veeco 的持續信任。祝你有個美好的夜晚。

This concludes today's conference. Thank you for joining us. You may now disconnect your lines.

今天的會議到此結束。感謝您的參與。現在您可以斷開線路了。