Veeco Instruments Inc (VECO) 2025 Q4 法說會逐字稿

Greetings and welcome to the Veeco fourth quarter and full‑year 2025 earnings call. At this time, all participants are in a listen‑only mode. It is now my pleasure to introduce your host, Alex Delacroix, Head of Investor Relations.

大家好，歡迎參加 Veeco 2025 年第四季及全年業績電話會議。目前，所有參與者都處於只聽模式。現在，我很高興向大家介紹主持人，投資者關係主管 Alex Delacroix。

Thank you. You may begin.

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 the webcast are available on the Veeco 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。Veeco 網站上提供了今天的收益報告和網路直播的幻燈片簡報。

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 makes statements about the future, these forward‑looking statements are based on management’s current expectations and are subject to 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.

如果本次電話會議討論對未來收入、未來盈利的預期、與 Axcelis 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，這些前瞻性聲明均基於管理層當前的預期，並受到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聲明存在重大差異。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.

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。

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 can be found in our press release and at the end of the earnings presentation.

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，該表可在我們的新聞稿和收益報告的末尾找到。

We will not be addressing questions related to our pending merger with Axcelis. Please note that on February 6, 2026, our stockholders voted to approve all proposals related to our pending merger with Axcelis. We urge you to read the joint proxy statement relating to the transaction with Axcelis. With that, I would now like to hand the call over to our CEO, Bill Miller.

我們將不會回答與我們即將與 Axcelis 合併相關的任何問題。請注意，2026 年 2 月 6 日，我們的股東投票批准了所有與我們即將與 Axcelis 合併有關的提案。我們敦促您閱讀與 Axcelis 交易相關的聯合委託書。接下來，我將把電話交給我們的執行長比爾·米勒。

Thank you, Alex, and thank you everyone for joining us on our call today.

謝謝Alex，也謝謝大家今天參加我們的電話會議。

Veeco executed well in 2025 and accomplished important milestones, setting the stage for future value creation. We grew our semiconductor business, experienced rapid expansion in our order activity for compound semiconductor and data storage customers supporting strong growth in 2026, and continued to invest strategically in next‑generation technologies. Additionally, on October 1, 2025, we announced an all‑stock merger agreement with Axcelis Technologies to create a leading semiconductor equipment company.

Veeco 在 2025 年表現出色，實現了重要的里程碑，為未來的價值創造奠定了基礎。我們發展了半導體業務，化合物半導體和資料儲存客戶的訂單活動迅速擴張，為 2026 年的強勁成長提供了支持，並繼續對下一代技術進行策略性投資。此外，2025 年 10 月 1 日，我們宣布與 Axcelis Technologies 達成全股票合併協議，以創建一家領先的半導體設備公司。

Our new products are gaining powerful traction, fueled by accelerating demand from AI and high‑performance computing as hyperscalers ramp their next‑generation infrastructure. We are seeing clear acceleration in order activity. This momentum drove a meaningful build in backlog at year‑end, supporting an increase in revenue for 2026. Later in the call, John will provide additional detail on our backlog.

我們的新產品正獲得強勁的市場反響，這得益於人工智慧和高效能運算領域需求的加速成長，以及超大規模資料中心加速建立下一代基礎設施。我們看到訂單活動大幅加速成長。這一勢頭推動了年底訂單積壓的顯著增加，為 2026 年的收入成長提供了支撐。稍後，John 將在通話中提供關於我們積壓工作的更多細節。

Revenue for our semiconductor business reached another record in 2025, driven primarily by laser annealing, wet processing, and ion beam EUV technology. We shipped an LSA evaluation system to our second Tier‑1 DRAM customer, showing exciting progress in penetrating the memory market. A key driver for the semiconductor market came from our advanced packaging business, which we doubled year‑over‑year, supported by wet‑processing and lithography tool shipments for 3D packaging.

2025 年，我們的半導體業務收入再創新高，主要得益於雷射退火、濕式加工和離子束 EUV 技術。我們向第二個一級DRAM客戶交付了LSA評估系統，這在滲透記憶體市場方面取得了令人振奮的進展。半導體市場的一個關鍵驅動因素來自我們的先進封裝業務，該業務同比增長了一倍，這得益於濕式加工和 3D 封裝光刻工具的出貨量。

New products for the compound semiconductor market are gaining significant traction and driving market‑share gains. We received orders for our new Propel 300‑millimeter GaN‑on‑silicon system for GaN power and microLEDs, and Lumina+ arsenide phosphide for photonics and solar end markets, which support revenue growth primarily in the second half of 2026.

化合物半導體市場的新產品正在獲得顯著的市場認可，並推動市場份額的成長。我們收到了用於 GaN 功率和微型 LED 的新型 Propel 300 毫米矽基 GaN 系統的訂單，以及用於光子學和太陽能終端市場的 Lumina+ 砷化物磷化物的訂單，這些訂單將主要支持 2026 年下半年的收入成長。

Additionally, in the data storage market, we see customers expanding capacity, increasing CapEx, and adopting heat‑assisted magnetic recording, resulting in increased orders in the third and fourth quarters of 2025 for our ion beam and wet‑processing equipment. This is driving an increase in revenue principally in the second half of 2026.

此外，在資料儲存市場，我們看到客戶正在擴大容量、增加資本支出並採用熱輔助磁記錄技術，導致 2025 年第三季和第四季我們離子束和濕式處理設備的訂單增加。這將主要推動2026年下半年營收的成長。

We continue to invest in strategic opportunities for future growth with our next‑generation technologies. We have extended our IBD300 system evaluations at two DRAM memory customers into 2026. Customers are providing positive feedback on film‑quality performance, and we remain excited about the opportunity to introduce ion beam as the fourth deposition technology for the front‑end semiconductor space. Additionally, customers are evaluating our next‑generation nanosecond annealing systems, which are progressing well, and we expect to expand the evaluation program to another customer in 2026.

我們將繼續投資於策略機遇，利用我們的下一代技術實現未來的成長。我們已將兩家 DRAM 記憶體客戶的 IBD300 系統評估延長至 2026 年。客戶對薄膜品質性能給予了積極的回饋，我們仍然對有機會將離子束作為前端半導體領域的第四種沉積技術引入感到興奮。此外，客戶正在評估我們的下一代奈秒退火系統，該系統進展順利，我們預計將在 2026 年將評估計畫擴展到另一位客戶。

Let me briefly update you on the progress of our proposed merger with Axcelis. We are pleased that shareholders of both companies approved the merger at their respective special meetings held on February 6. We have also secured regulatory approvals in several key jurisdictions and remain actively engaged with authorities in China as we work toward the final clearance needed to close. Based on our continued progress, we anticipate completing the transaction in the second half of 2026.

讓我簡單地向您報告我們與 Axcelis 擬議合併的進展。我們很高興兩家公司的股東在2月6日舉行的各自特別股東大會上批准了此次合併。我們也獲得了幾個關鍵司法管轄區的監管批准，並正積極與中國當局溝通，爭取完成交易所需的最終批准。根據我們目前的進展情況，我們預計將於 2026 年下半年完成交易。

Furthermore, our integration work with Axcelis continues to reflect our strategic alignment and confidence in the merger. We believe the combination will increase R&D scale, enable a broader complementary product platform, realize several growth synergies, and ultimately drive sustainable returns for all stakeholders.

此外，我們與 Axcelis 的整合工作也持續體現了我們的策略一致性以及對此次合併的信心。我們相信，此次合併將擴大研發規模，打造更廣泛的互補產品平台，實現多項成長綜效，並最終為所有利害關係人帶來永續的回報。

Switching gears to financial highlights for the quarter and full year. Our fourth quarter revenue came in at $165 million and our EPS came in at $0.24, both at the midpoint of guidance. Our semiconductor business accounted for 67% of revenue. The full‑year top line was $664 million and our EPS was $1.33, with our semiconductor business hitting a record year, accounting for 72% of total revenue. This performance demonstrates we’re well aligned with ongoing investments in advanced semiconductor technologies and customers' roadmaps.

接下來，我們來看看本季和全年的財務亮點。我們第四季營收為 1.65 億美元，每股收益為 0.24 美元，均處於預期值的中點。我們的半導體業務佔總收入的 67%。全年營收為 6.64 億美元，每股收益為 1.33 美元，其中半導體業務創下歷史新高，佔總收入的 72%。這一業績表明，我們在先進半導體技術的持續投資和客戶的發展路線圖方面高度契合。

Next, I’ll review Veeco’s critical role in the semiconductor manufacturing space, where the majority of our revenue is generated and we continue to grow year over year. Veeco has historically had a strong position with foundry and logic customers for annealing applications, and the foundation has provided a high level of trust and repeat business across advanced nodes. At the same time, expanding our presence into memory is one of the most important strategic priorities. The transition to AI‑driven architectures, high‑bandwidth memory scaling, and 3D structures are driving new thermal processing and material requirements, where Veeco has clear technical advantages.

接下來，我將回顧 Veeco 在半導體製造領域的關鍵作用，我們大部分的收入都來自該領域，我們每年都在持續成長。Veeco 在退火應用領域一直深受代工廠和邏輯電路客戶的青睞，並以此為基礎在先進節點領域贏得了高度信任和回頭客。同時，將我們的影響力擴展到記憶領域是最重要的戰略重點之一。向人工智慧驅動架構、高頻寬記憶體擴展和 3D 結構的過渡正在推動新的熱處理和材料要求，而 Veeco 在這方面具有明顯的技術優勢。

For our LSA tool, we’re production tool of record at all three Tier‑1 logic customers, demonstrating our strong competitive position. Our next‑generation NSA system has two evaluations at Tier‑1 logic customers, and we’re planning to ship an evaluation system to the third Tier‑1 logic customer in 2026. These evaluations for our customers’ low‑thermal‑budget applications such as contact annealing, 3D device stacking, and material modifications are progressing well. We’re expecting sign‑off of two evaluations during 2026 with the potential for pilot‑line orders to shortly follow.

對於我們的 LSA 工具，我們已將其作為所有三個一級邏輯客戶的生產記錄工具，這表明我們擁有強大的競爭優勢。我們的下一代 NSA 系統已在兩家一級邏輯客戶處進行了評估，我們計劃在 2026 年向第三家一級邏輯客戶交付一套評估系統。為我們的客戶進行的這些評估，包括低熱預算應用（如接觸退火、3D裝置堆疊和材料改質），進展順利。我們預計將在 2026 年獲得兩項評估的批准，並有可能很快獲得試點生產線訂單。

On the memory side, we continue to make meaningful progress penetrating the space and are expanding our footprint with Tier‑1 DRAM manufacturers. In addition to being the production tool of record at a leading HBM DRAM customer, we recently shipped an LSA evaluation system to a second DRAM manufacturer, an important milestone that reflects growing confidence in our laser annealing capabilities for memory applications. We also have two IBD300 systems under evaluation at leading DRAM customers with evaluations extended into 2026. Our IBD300 system enables deposition of low‑resistance films that are critical for advanced DRAM structures such as bitline.

在記憶體方面，我們繼續取得實質進展，成功打入市場，並正在與一級DRAM製造商擴大合作範圍。除了成為一家領先的 HBM DRAM 客戶的生產記錄工具外，我們最近還向第二家 DRAM 製造商交付了一套 LSA 評估系統，這是一個重要的里程碑，反映了我們對自身在記憶體應用方面的雷射退火能力的日益增長的信心。我們還有兩套 IBD300 系統正在領先的 DRAM 客戶處進行評估，評估將持續到 2026 年。我們的 IBD300 系統能夠沉積低電阻薄膜，這對於位線等先進的 DRAM 結構至關重要。

This provides Veeco with another opportunity to expand our SAM with the next‑generation memory nodes. Further penetrating the memory space represents a significant long‑term growth opportunity as DRAM requirements become increasingly complex with the transition to HBM, stacked architectures, and low‑resistance metallization designs. Our recent wins in evaluation activity represent early but significant steps toward establishing meaningful long‑term growth in the DRAM market as this segment accelerates within the industry.

這為 Veeco 提供了另一個機會，讓我們能夠利用下一代儲存節點來擴展我們的 SAM。隨著向 HBM、堆疊架構和低電阻金屬化設計的過渡，DRAM 的要求變得越來越複雜，進一步滲透儲存領域代表著一個重要的長期成長機會。我們最近在評估活動中取得的成功，代表我們在 DRAM 市場建立有意義的長期成長方面邁出的早期但重要的一步，因為該細分市場正在行業內加速發展。

Veeco is also the market leader for IBD EUV systems for the deposition of defect‑free mask blanks. Leading logic and memory device makers continue to expand adoption of EUV and future adoption of High‑NA EUV lithography, which our IBD technology is a key enabler. We’re also expanding our business to include EUV pellicles, which are increasingly being used to protect the mask from particles. We’re confident our product roadmap is well aligned with the industry and our customers' needs.

Veeco 也是用於沉積無缺陷掩模坯的 IBD EUV 系統的市場領導者。領先的邏輯和儲存裝置製造商不斷擴大 EUV 光刻技術的應用，並計劃未來採用高數值孔徑 EUV 光刻技術，而我們的 IBD 技術是實現這一目標的關鍵推動因素。我們也在拓展業務，將 EUV 薄膜納入其中，這種薄膜越來越多地用於保護口罩免受顆粒物侵害。我們相信我們的產品路線圖與產業和客戶需求高度契合。

Lastly, in advanced packaging, we’ve doubled our business from $75 million in 2024 to $150 million in 2025 driven by AI‑related demand. We’ve won multiple orders for advanced wet processing and lithography systems from leading foundries, and we continue to see strong demand driven by heterogeneous integration and 3D packaging. Looking ahead, we forecast semiconductor market growth at the leading edge driven by AI and high‑performance computing. We expect our semiconductor served available market to continue to expand, driven by new nodes and AI‑related demand, including investment in Gate‑All‑Around, high‑bandwidth memory, and 3D packaging.

最後，在先進包裝領域，受人工智慧相關需求的推動，我們的業務規模從 2024 年的 7,500 萬美元成長到 2025 年的 1.5 億美元，翻了一番。我們已經從領先的代工廠贏得了多份先進濕式加工和光刻系統的訂單，並且我們繼續看到由異構整合和 3D 封裝驅動的強勁需求。展望未來，我們預測人工智慧和高效能運算將推動半導體市場在尖端領域實現成長。我們預計，在新的製程節點和人工智慧相關需求的推動下，包括對環柵封裝、高頻寬記憶體和 3D 封裝的投資，我們半導體服務的可用市場將繼續擴大。

In annealing, we project our SAM to be $1.3 billion by 2029 as devices continue to shrink and shallower and more precise anneals are required to improve performance. In 2026, we see our logic, foundry, and memory customers all increasing capacity for our annealing tools. Next, our IBD300 platform for low‑resistance metals, together with our ion beam deposition systems for EUV mask blanks and pellicles, represent a total SAM opportunity projected to reach $500 million by 2029. The need for low‑resistance metals deposited in a uniform manner is required for better device performance and to minimize power consumption.

在退火領域，我們預計到 2029 年，隨著裝置不斷縮小，需要更淺、更精確的退火來提高效能，我們的 SAM 市場規模將達到 13 億美元。到 2026 年，我們預計我們的邏輯、代工和記憶體客戶都將增加對我們退火工具的需求。接下來，我們的 IBD300 低電阻金屬平台，以及我們的 EUV 掩模坯和薄膜離子束沉積系統，代表 SAM 的整體市場機會，預計到 2029 年將達到 5 億美元。為了提高裝置性能並最大限度地降低功耗，需要以均勻的方式沉積低電阻金屬。

Lastly, in the back‑end semiconductor process, our advanced packaging business for our wet processing and lithography tools continues to expand, and the SAM is projected to reach $650 million by 2029. Throughout the year we’ve demonstrated the ability to respond successfully in meeting our customers' extreme high‑volume manufacturing ramp of advanced packaging for AI.

最後，在後端半導體製程方面，我們用於濕式加工和光刻工具的先進封裝業務持續擴張，預計到 2029 年，SAM 將達到 6.5 億美元。在過去一年中，我們展現了成功應對客戶對人工智慧先進封裝產品超大批量生產需求的能力。

Based on the strong relationships we’ve developed with Tier‑1 foundry and memory customers, we’re invited to engage with their R&D teams and becoming a critical partner in their future roadmaps. We continue to focus the organization on our key growth areas and remain excited about successfully positioning our business to align with industry advancements and meeting our customers’ growing needs.

基於我們與一級晶圓代工廠和記憶體客戶建立的牢固關係，我們受邀與他們的研發團隊合作，成為他們未來發展路線圖中的關鍵合作夥伴。我們將繼續把組織重點放在關鍵成長領域，並對成功地調整業務方向以適應行業發展趨勢並滿足客戶不斷增長的需求感到興奮。

I’ll now hand the call over to John to walk through the financials and provide an outlook for 2026.

現在我將把電話交給約翰，讓他來分析財務狀況並展望 2026 年。

Thank you, Bill.

謝謝你，比爾。

To begin with, revenue for the year, revenue came in at $664 million declining 7% from the prior year. Our semiconductor business delivered $477 million in revenue, up 2% year over year and comprising 72% of revenue. Revenue in the semiconductor market was driven largely by laser annealing.

首先，本年度的收入為 6.64 億美元，比前一年下降了 7%。我們的半導體業務實現了 4.77 億美元的收入，年增 2%，佔總收入的 72%。半導體市場的收入主要由雷射退火技術推動。

Ion beam technology and our advanced packaging, wet processing and lithography products as disclosed in January, two LSA tool shipments to customers in China were under customs review. These matters have since been resolved, and we recognized $15 million of revenue related to these systems in the fourth quarter of 2025. Compound semiconductor revenue totaled $60 million, a decline from the prior year, representing 9% of revenue. Data storage revenue totaled $39 million, declining from the prior year and comprising 6% of revenue.

正如我們在 1 月所揭露的那樣，離子束技術以及我們先進的封裝、濕式加工和光刻產品，有兩批 LSA 工具發送給中國客戶，目前正在接受海關審查。這些問題現已解決，我們在 2025 年第四季確認了與這些系統相關的 1500 萬美元收入。化合物半導體收入總計 6,000 萬美元，較前一年下降，佔總收入的 9%。資料儲存收入總計 3,900 萬美元，較前一年下降，佔總收入的 6%。

Lastly, scientific and other revenue was $89 million, increasing from the prior year, making up 13% of revenue. Turning to revenue by region, the Asia‑Pacific region was 50% of revenue, led by shipments to leading Taiwanese semiconductor customers for multiple Veeco products. Our China portion was 27% of revenue with a decrease from the prior year in laser annealing systems. The U.S. accounted for 15% of revenue and lastly, EMEA was 8% of revenue.

最後，科學研究及其他收入為 8,900 萬美元，比前一年有所增長，佔總收入的 13%。從各地區的收入來看，亞太地區佔總收入的 50%，這主要得益於向台灣領先的半導體客戶出貨的多種 Veeco 產品。中國市場佔總收入的 27%，雷射退火系統業務較前一年下降。美國佔總收入的 15%，歐洲、中東和非洲地區佔總收入的 8%。

Our order backlog ended the year at $555 million, a significant increase of $145 million from the prior year. This 35% growth in backlog reflects the strong acceleration in orders in the second half of 2025. This positions us well for revenue growth in 2026, principally in the second half. I will provide additional market segment commentary in the guidance section.

本年度末訂單積壓額為 5.55 億美元，較上年大幅增加 1.45 億美元。積壓訂單成長 35%，反映出 2025 年下半年訂單量的強勁成長。這將使我們在 2026 年，尤其是在下半年，獲得良好的營收成長。我將在指導部分提供更多市場細分方面的評論。

Moving to our full year 2025 non‑GAAP operating results, gross margin came in at 41%. Operating expenses totaled $188 million. Operating income was $84 million and net income was $80 million. With tax expense of $10 million yielding an effective tax rate of 11%.

展望我們 2025 年全年非 GAAP 經營業績，毛利率為 41%。營運支出總計1.88億美元。營業收入為 8,400 萬美元，淨收入為 8,000 萬美元。稅金支出為 1000 萬美元，實際稅率為 11%。

Diluted EPS was $1.33 for the year on approximately 61 million shares. I'll now provide selected GAAP full‑year data. Amortization expense was $3 million. Our equity compensation expense was $37 million. Depreciation $17 million and net interest income was $4 million.

本年度稀釋後每股收益為 1.33 美元，股票數量約 6,100 萬股。現在我將提供部分 GAAP 全年數據。攤銷費用為300萬美元。我們的股權激勵支出為 3700 萬美元。折舊額為1700萬美元，淨利息收入為400萬美元。

Turning to Q4 revenue by market and geography, revenue came in at $165 million flat from the prior quarter and at the midpoint of our guidance. Semiconductor revenue declined slightly, comprising 67% of revenue. In the compound semiconductor market, revenue increased from the prior quarter to $20 million totaling 12% of revenue. Data storage revenue remained flat at $10 million comprising 6% of revenue. Similarly, scientific and other revenue remained flat at $24 million making up 15% of revenue during the quarter.

從市場和地理位置來看，第四季營收為 1.65 億美元，與上一季持平，處於我們預期的中點。半導體收入略有下降，佔總收入的 67%。在化合物半導體市場，營收較上一季成長至 2,000 萬美元，佔總營收的 12%。資料儲存收入保持不變，為 1,000 萬美元，佔總收入的 6%。同樣，科學研究及其他收入也保持平穩，為 2,400 萬美元，佔本季營收的 15%。

Looking at revenue by region, the percentage of revenue from Asia‑Pacific increased to 54% due to an increase in semiconductor sales, mainly in Taiwan. Revenue from China was 23%, U.S. 18%, and EMEA was 5%. Now moving to our quarterly non‑GAAP operating results. Gross margin totaled 38% at the midpoint of our guidance. Operating expenses totaled $49 million also in line with our guidance. Income tax expense was approximately $1 million resulting in an effective tax rate of 4%. Net income came in at $15 million and diluted EPS was $0.24 on 62 million shares.

從各地區的收入來看，由於半導體銷售額的成長（主要來自台灣），亞太地區的營收佔比成長至 54%。中國市場收入佔 23%，美國市場收入佔 18%，歐洲、中東和非洲地區收入佔 5%。現在來看我們的季度非GAAP營運表現。毛利率達到我們預期值的中點，為 38%。營運支出總計 4900 萬美元，與我們的預期一致。所得稅費用約為 100 萬美元，實際稅率為 4%。淨利潤為 1500 萬美元，稀釋後每股收益為 0.24 美元（股票數量為 6200 萬股）。

On the next slide, I will discuss our balance sheet and cash flow highlights. We ended the quarter with cash and short‑term investments of $390 million a sequential increase of $21 million. From a working capital perspective, our accounts receivable decreased by $6 million to $111 million. Inventory increased by $12 million to $275 million and accounts payable increased by $12 million to $55 million.

下一張投影片，我將討論我們的資產負債表和現金流量表要點。本季末，我們持有現金和短期投資 3.9 億美元，比上一季增加了 2,100 萬美元。從營運資金的角度來看，我們的應收帳款減少了 600 萬美元，降至 1.11 億美元。庫存增加 1,200 萬美元，達到 2.75 億美元；應付帳款增加 1,200 萬美元，達到 5,500 萬美元。

Customer deposits included within contract liabilities on the balance sheet increased by $14 million to $50 million. Cash flow from operations increased from the prior quarter to $25 million bringing our total for the year to $69 million and CapEx totaled $3 million during the quarter and $16 million for the year. I would now like to provide a non‑GAAP outlook for Q1 and fiscal year 2026. Q1 revenue is forecasted between $150 and $170 million. We expect gross margin between 37% and 38%. OpEx between $48 million and $50 million.

資產負債表上合約負債中包含的客戶存款增加了 1,400 萬美元，達到 5,000 萬美元。經營活動產生的現金流量較上一季增加至 2,500 萬美元，使全年現金流量總額達到 6,900 萬美元；本季資本支出總額為 300 萬美元，全年資本支出總額為 1,600 萬美元。現在我想提供 2026 年第一季和 2026 財年的非 GAAP 展望。預計第一季營收在 1.5 億美元至 1.7 億美元之間。我們預計毛利率在37%到38%之間。營運支出在 4800 萬美元至 5000 萬美元之間。

Net income between $9 million and $15 million and diluted EPS between $0.14 and $0.24 on 62 million shares. The momentum of orders secured in the back half of 2025 will contribute to meaningful revenue growth. Primarily in the second half of 2026, supporting a strong full‑year outlook. Full year 2026 revenue is forecasted between $740 million and $800 million. We expect gross margin between 41% and 43%. OpEx between $205 million and $220 million net income between $94 million and $115 million. And diluted EPS between $1.50 and $1.85 on 63 million shares.

淨利潤在 900 萬美元至 1500 萬美元之間，稀釋後每股收益在 0.14 美元至 0.24 美元之間（股票數量為 6200 萬股）。2025年下半年獲得的訂單動能將有助於實現顯著的收入成長。主要集中在 2026 年下半年，支撐著強勁的全年前景。預計 2026 年全年營收將在 7.4 億美元至 8 億美元之間。我們預計毛利率在 41% 到 43% 之間。營運支出在 2.05 億美元至 2.2 億美元之間，淨收入在 9,400 萬美元至 1.15 億美元之間。稀釋後每股收益在 1.50 美元至 1.85 美元之間，流通股數為 6,300 萬股。

Let me provide commentary for each of our market segments. Beginning with the semiconductor market, we expect strong growth from our Tier‑1 customers driven by AI and high‑performance computing, more than offsetting declines in mature node China business. We are seeing accelerating demand for our LSA tools at advanced nodes, along with growth in wet processing applications for advanced packaging as customers scale capacity driven by AI and HBM. In the compound semiconductor market, we see growth in 2026 weighted in the second half. We received several orders in 2025 for our new Propel 300 millimeter GaN‑on‑silicon system for GaN power and microLED applications.

讓我分別對我們的每個細分市場進行評論。首先來看半導體市場，我們預期在人工智慧和高效能運算的驅動下，一級客戶將實現強勁成長，足以抵銷成熟節點中國業務的下滑。我們看到，隨著人工智慧和 HBM 的推動，客戶擴大產能，先進封裝的濕式加工應用也隨之成長，因此，在先進節點上，我們對 LSA 工具的需求正在加速成長。在化合物半導體市場，我們預計 2026 年將出現成長，且成長主要集中在下半年。2025 年，我們收到了幾份訂單，訂購我們新的 Propel 300 毫米矽基氮化鎵系統，用於氮化鎵功率元件和微型 LED 應用。

As well as orders for our new Lumina+ arsenide phosphide system supporting photonics and solar end markets. These new product wins are driving revenue in the second half of 2026. We're also seeing continued engagement from customers and are taking orders for deliveries into 2027. In the data storage market, we secured orders in the second half of 2025 for our ion beam and wet processing equipment. As we move into 2026, customers are signaling broader HAMR adoption, increasing CapEx investments, and expanding capacity. These trends by our customers are driving momentum for our business as we are fully booked in 2026 and have multiple orders extending into 2027.

此外，我們還收到了針對新型 Lumina+ 砷化物磷化物系統的訂單，該系統支援光子學和太陽能終端市場。這些新產品的成功將推動 2026 年下半年的營收成長。我們也看到客戶持續參與，並已開始接受 2027 年的訂單。在資料儲存市場，我們獲得了 2025 年下半年離子束和濕式處理設備的訂單。隨著我們邁入 2026 年，客戶們正在發出信號，表明他們將更廣泛地採用 HAMR 技術，增加資本支出投資，並擴大產能。客戶的這些趨勢正在推動我們業務的發展，我們 2026 年的訂單已經全部排滿，並且還有多個訂單延續到 2027 年。

Before I hand the call over to the operator for Q&A, I want to reinforce that AI is a critical driver of Veeco’s growth in semi, compound semi, and data storage markets, and we have a strong portfolio of enabling technologies that are increasingly critical to serve leading customers. From a semiconductor market perspective, analysts are projecting the industry to grow to over $1 trillion in the near term, with AI accounting for more than 50% of sales. We are confident that Veeco is well positioned to create long‑term value in an increasingly AI‑driven semiconductor market.

在將電話轉交給接線員進行問答之前，我想強調，人工智慧是 Veeco 在半導體、複合半導體和資料儲存市場成長的關鍵驅動力，我們擁有強大的賦能技術組合，這些技術對於服務領先客戶而言越來越重要。從半導體市場的角度來看，分析師預測該產業在短期內將成長到超過 1 兆美元，其中人工智慧將佔銷售額的 50% 以上。我們相信，Veeco 已做好充分準備，在日益人工智慧驅動的半導體市場中創造長期價值。

We are also excited about the pending Axcelis merger which we feel will enable us to better accelerate our investments in next‑generation technologies and offer an even better product portfolio to our customers. I would now like to turn the call over to the operator to open up for Q&A.

我們也對即將進行的 Axcelis 合併感到興奮，我們認為這將使我們能夠更好地加快對下一代技術的投資，並為我們的客戶提供更好的產品組合。現在我將把通話交給接線員，進行問答環節。

Thank you. We will now be conducting a question‑and‑answer session.

謝謝。接下來我們將進行問答環節。

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

再次提醒，鑑於與 Axcelis 的合併即將進行，Veeco Management 將不會回答與合併相關的問題。（操作說明）

Dave Duley, Steelhead Securities.

Dave Duley，Steelhead Securities。

Yeah, thanks for taking my question. I was wondering for the outlook for 2026 if you could give us an idea of what you expect your semi‑business to grow and your hard disk drive business to grow. Actually, just all three segments to your best of your abilities would be awesome.

好的，謝謝你回答我的問題。我想了解一下您對 2026 年的展望，您能否給我們一些關於您的半導體業務和硬碟業務預計成長的預期？實際上，如果你能盡你所能把這三個部分都做到最好，那就太棒了。

Yeah, I’ll take that, Dave, and thanks for the question.

好的，我接受這個答案，戴夫，謝謝你的提問。

So, we’ve given a guide of $740 million to $780 million of revenue for next year -- $800 million, excuse me, thank you, Bill—$740 million to $800 million next year. If you pick the midpoint of the guide at $770 million, that’s up 16%, and we do expect growth in the semiconductor piece of the business. The compound semiconductor and the data storage piece will also grow; the one area we expect to be down would be scientific and other after a strong year in 2025, and we had some large quantum computing orders that we don’t see at this point continuing into 2026. So we’re going to see that business at about $60 million at the midpoint of our guide, down by about 33%.

所以，我們給的明年營收指引為 7.4 億美元至 7.8 億美元——8 億美元，抱歉，謝謝，比爾——明年 7.4 億美元至 8 億美元。如果按照指南的中點 7.7 億美元計算，則成長 16%，我們預期半導體業務部分將實現成長。化合物半導體和資料儲存領域也將成長；我們預計在 2025 年強勁成長之後，科學及其他領域將會下滑，而且我們有一些大型量子運算訂單，但我們目前認為這些訂單不會延續到 2026 年。因此，我們預計該業務的營收將在指導值的中點達到約 6,000 萬美元，下降約 33%。

But let me come back to the semiconductor market first. It is our largest market. We expect growth around 15% at the midpoint of our guide, so about a $550 million revenue year in 2026 for the semiconductor piece of the business. This is fairly in line with the range of estimates for WFE growth between 10% and 20% for next year. On the compound semiconductor side, as Bill mentioned in the prepared remarks, we’re really making traction with some of our new products, particularly the GaN‑on‑silicon 300‑millimeter for both GaN power and microLED, and our new large‑batch arsenide phosphide tool for solar and other applications.

但首先讓我回到半導體市場。這是我們最大的市場。我們預計，到 2026 年，半導體業務的成長率將達到 15% 左右，營收約 5.5 億美元。這與明年 WFE 成長 10% 至 20% 的預測範圍基本一致。在化合物半導體方面，正如比爾在準備好的演講稿中提到的那樣，我們的一些新產品確實取得了進展，特別是用於 GaN 功率裝置和微型 LED 的 300 毫米矽基 GaN 裝置，以及我們用於太陽能和其他應用的新型大批量砷化物磷化物裝置。

We expect that business to be up about a third next year to about $80 million. In data storage, we started signaling that customers were increasing order activity in Q3, and we expected that activity to continue in Q4. It has. We’re expecting that business to double to about $80 million in 2026. We mentioned in our prepared remarks as well that we’re fully booked for system orders for 2026 at this point in time and have even started booking orders into the beginning of 2027.

我們預計明年該業務將成長約三分之一，達到約 8,000 萬美元。在資料儲存方面，我們從第三季開始發出訊號，表明客戶的訂單活動正在增加，我們預計這種活動將在第四季度繼續。確實如此。我們預計到 2026 年，該業務規模將翻一番，達到約 8,000 萬美元。我們在事先準備好的發言稿中也提到，目前我們2026年的系統訂單已經全部預訂完畢，甚至已經開始接受2027年初的訂單。

And along that last point in the hard disk drive business, if you’re fully booked this year and it’s spilling over into next year, I would imagine your customers' CapEx is obviously going up. I would think this would be a multi‑year increase in business in that sector. Maybe you could just help us understand what you think.

就硬碟業務的最後一點而言，如果您今年的訂單已經排滿，並且一直延續到明年，我想您的客戶的資本支出顯然會增加。我認為這將是該行業未來幾年業務量的成長。或許您能幫我們理解一下您的想法。

Yeah, we’re definitely seeing with the adoption of HAMR, the capital intensity is going up. Certainly their CapEx is increasing, and we’re seeing the first round of orders that will be shipping in '26 are really for the front‑end fabs. Now we’re starting to see some orders not only continuing in the front end but also the back‑end fabs we call the slider fabs for shipment in '27. It does seem that the amount of heads that are being shipped is increasing, because the slider fab is really just a function of the number of heads shipping. So that’s a very positive sign. I think there are clearly legs into '27 and potentially beyond.

是的，隨著HAMR的採用，我們確實看到資本密集度正在上升。他們的資本支出肯定在增加，我們看到 2026 年發貨的第一批訂單實際上是前端製造廠的訂單。現在我們開始看到一些訂單不僅在前端繼續進行，而且後端工廠（我們稱之為滑塊工廠）的訂單也在繼續進行，這些訂單將在 2027 年發貨。看起來出貨的機頭數量確實在增加，因為滑塊製造實際上只是機頭出貨數量的函數。所以這是一個非常正面的訊號。我認為它顯然有潛力延續到 2027 年甚至更久。

Great. Final question from me is on the Propel. I was just wondering -- that’s the GaN‑on‑silicon tool. I believe, what you think the opportunity for revenue production is in '26 and '27. I would imagine the outlook there might be increasing just given that there seems to be a lot of momentum to adopt GaN in the data centers.

偉大的。我最後一個問題是關於Propel的。我只是好奇──那是矽上氮化鎵（GaN on Silicon）工具嗎？我認為，你認為2026年和2027年是創造收入的機會。我認為，鑑於資料中心採用氮化鎵技術的勢頭強勁，這方面的前景可能會越來越好。

Yeah, well, what we -- as Dave -- yeah. We’ve had an evaluation system at a leading power IDM for some time, and that’s going very well. We’re in a very solid position there, and I think on our last call we announced that we actually received a pilot‑line order for shipment in 2026, and that’s going to drive incremental business probably approaching $15 million range.

是的，嗯，我們——作為戴夫——是的。我們在一家領先的電力IDM公司已經建立了一套評估系統一段時間了，而且進展非常順利。我們目前處於非常穩固的地位，而且我認為在上次電話會議上，我們宣布我們實際上已經收到了一份將於 2026 年發貨的試點生產線訂單，這將推動增​​量業務，可能接近 1500 萬美元。

I would expect there’s a possibility, if they stick with their plans of continuing to ramp in '27, we might receive orders in the second half of '26 to be shipped in '27 for that. So that’s the power opportunity. We also have a tool in backlog for 300‑millimeter Propel GaN‑on‑silicon for a microLED application, and we’re doing demos with a few different customers for microLEDs as well as other GaN power opportunities.

如果他們堅持在 2027 年繼續增產的計劃，我認為有可能在 2026 年下半年收到訂單，並在 2027 年發貨。這就是權力機會。我們還有一款用於微型LED應用的300毫米矽基氮化鎵推進器工具正在開發中，我們正在與一些不同的客戶進行微型LED以及其他氮化鎵功率裝置的展示。

Thank you.

謝謝。

Denis Pyatchanin, Needham.

丹尼斯·皮亞查寧，尼德姆。

Great, thank you. I have a question about the gross margins. It seems like we’ve taken a little bit of a dip here in Q4 and then in Q1. I think in Q4 it was because of some evaluation systems, and I think you’re still guiding a little bit below where you were trending before that.

太好了，謝謝。我有一個關於毛利率的問題。看來我們在第四季和第一季都出現了一些下滑。我認為第四季度的情況是由於一些評估體系的原因，而且我認為你們目前的指導方針仍然略低於先前的趨勢。

Can you tell us about gross margins in Q1 and how you see them progressing through the rest of the year, given that you guided, I think, 41% to 43% for 2026?

您能否談談第一季的毛利率，以及您預計今年剩餘時間的毛利率走勢？我記得您曾預測 2026 年的毛利率將達到 41% 至 43%。

Sure, Denis, thanks for the question, and I’ll be happy to -- Yes, we’re guiding Q1 at a similar level to Q4, and we had highlighted coming into Q4 that we saw a change in our product mix. That product mix moved a little more toward advanced packaging as a bigger percentage of the overall business, with a lower gross‑margin profile, and also some impact from anticipated sign‑offs from evaluation systems. For Q1 we’re seeing a similar revenue profile and similar margin drivers.

當然，丹尼斯，謝謝你的提問，我很樂意回答——是的，我們對第一季度的業績預期與第四季度類似，我們在進入第四季度時就強調過，我們的產品組合發生了變化。該產品組合向先進包裝方向發展，其在整體業務中所佔比例更大，毛利率較低，並且還受到評估系統預期審批的影響。第一季度，我們看到類似的營收狀況和類似的利潤率驅動因素。

As we look into the year, we do see gross margin accelerating, particularly in the second half of the year. That’s driven by business from our new products, and the gross margins on those new products are higher than the most recent averages. An increase in the data‑storage business will help towards gross‑margin improvement, and significantly higher volumes in the second half of the year will also benefit the gross margin profile. As we exit the second half of 2026, we would expect to see gross margins at our 45% target.

展望今年，我們確實看到毛利率正在加速成長，尤其是在下半年。這是由我們新產品的業務推動的，而且這些新產品的毛利率高於最近的平均水平。資料儲存業務的成長將有助於提高毛利率，下半年銷售的顯著成長也將有利於毛利率的提升。到 2026 年下半年結束時，我們預計毛利率將達到 45% 的目標。

Yeah, that’s some great detail. Thank you.

是的，這真是個很棒的細節。謝謝。

Just following up, is there currently any sort of tariff headwind that’s factored into the guide, and could you quantify it if possible?

請容許我進一步說明，目前指南中是否考慮了任何關稅方面的不利因素？如果可以的話，能否量化一下？

Yes. We started to see the impact principally in the second half of last year, and it was running about 100 basis points of gross‑margin headwind to the pre‑tariff regime. We’re baking in a slightly higher tariff regime in our forecast in 2026 compared to 2025.

是的。我們主要在去年下半年開始看到這種影響，它對關稅實施前的毛利率造成了約 100 個基點的不利影響。我們在 2026 年的預測中已將略高的關稅制度納入考量，預計 2026 年的關稅制度將比 2025 年略高。

Great, that's it from us. Thank you so much.

好了，我們的報道就到這裡。太感謝了。

Thank you.

謝謝。

Thank you. That we have at this time. We have no further questions at this time. I’d like to turn the call back over to Bill Miller for closing remarks.

謝謝。這是我們目前所擁有的。目前我們沒有其他問題。我想把電話交還給比爾·米勒，請他做總結發言。

Thank you. As we look ahead to 2026 and beyond, we remain confident in our ability to build momentum. We can continue to be excited about the pending merger with Axcelis, which we believe together will enhance our ability to bring needed solutions to the rapidly evolving semiconductor industry and better serve our customers and shareholders. We look forward to keeping you updated on our progress.

謝謝。展望 2026 年及以後，我們仍對自身保持發展動能的能力充滿信心。我們對即將與 Axcelis 合併感到興奮，我們相信合併後將增強我們為快速發展的半導體產業提供所需解決方案的能力，並更好地服務我們的客戶和股東。我們會持續向您報告最新進展。

I would like to take a moment to thank our customers and shareholders for the continued support, as well as recognizing our employees for their dedication. Have a great evening.

我謹藉此機會感謝我們的客戶和股東們一直以來的支持，同時也要感謝我們員工的奉獻精神。祝你有個美好的夜晚。

Thank you. This concludes today’s conference. You may disconnect your lines at this time, and we thank you for participating.

謝謝。今天的會議到此結束。現在您可以斷開線路了，感謝您的參與。