Veeco Instruments Inc. (VECO) 2026 Q2 法說會逐字稿

Greetings and welcome to the Veeco second-quarter 2026 earnings call. (Operator Instructions)

各位好，歡迎參加 Veeco 2026 年第二季財報電話會議。(接線員指示)

It is now my pleasure to introduce your host, Alex Delacroix, Head of Investors Relations.

現在我很榮幸介紹本次會議主持人：投資人關係主管 Alex Delacroix。

Thank you. You may begin.

謝謝。您可以開始了。

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.

謝謝，各位下午好。今天與我一同參與電話會議的有 Veeco 執行長 Bill Miller，以及我們的財務長 John Kiernan。

The earnings release and slide presentation to accompany today's webcast is available on the Veeco website. 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 their risks and uncertainties that could cause actual results to differ materially from the statements made.

今日網路直播所搭配的新聞稿與簡報投影片已公布於 Veeco 官網。在本次電話會議中，若討論到對未來營收、未來獲利、與 Axcelis 擬議交易的時程與預期效益、市場狀況之預期，或以其他方式對未來作出陳述，此等前瞻性陳述係基於管理階層目前的預期，並受各項風險與不確定性影響，可能導致實際結果與所述內容出現重大差異。

These risks are discussed in detail in our Form 10-K annual report and other SEC filings. 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.

相關風險已在我們的 Form 10-K 年度報告及其他向美國證券交易委員會（SEC）提交的文件中詳加說明。Veeco 不承擔更新任何前瞻性陳述之義務，包括本次電話會議中所作之陳述，以反映該等陳述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 you can find in our press release and at the end of the earnings presentation.

除非另有說明，管理階層將以非 GAAP 財務結果進行說明。我們建議您參閱 GAAP 與非 GAAP 結果之調節表，可於新聞稿及財報簡報末頁查閱。

Please note that we will not be addressing questions related to our pending merger with Axcelis. We urge you to read the joint proxy statement relating to the transaction with Axcelis.

請注意，我們不會回應與我們與 Axcelis 之待決合併案相關的問題。我們建議您閱讀與 Axcelis 交易相關的聯合委託書說明書（joint proxy statement）。

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

接下來，我想把電話會議交給我們的執行長 Bill Miller。

Thank you, Alex, and thank you, everyone, for joining us today. We believe the industry is at an important inflection point where AI-driven investments are accelerating demand for enabling semiconductor technologies at an unprecedented pace.

謝謝你，Alex，也謝謝各位今天加入我們。我們認為產業正處於重要的轉折點，AI 驅動的投資正以前所未有的速度加速推升對關鍵半導體使能技術的需求。

Veeco is uniquely positioned at the intersection of the fastest-growing segments of WFE, high-performance computing, advanced packaging, and silicon photonics, creating a significant opportunity for accelerated multi-year growth.

Veeco 具備獨特定位，位於晶圓製造設備（WFE）、高效能運算、先進封裝與矽光子等成長最快的領域交會點，為未來多年加速成長創造重大機會。

Let me review our top four key takeaways from the quarter. First, we had strong quarterly performance, exceeding our guidance ranges and Street's expectations. Revenue was $193 million, non-GAAP operating income was $23 million, and non-GAAP diluted EPS was $0.33.

我先回顧本季四項重點結論。第一，我們本季表現強勁，超越我們的財測區間與華爾街預期。營收為 1.93 億美元，非 GAAP 營業利益為 2,300 萬美元，非 GAAP 稀釋後每股盈餘為 0.33 美元。

Second, order momentum accelerated across all major end markets. During the second quarter, we secured $200 million in advanced packaging orders for wet processing and lithography systems, strengthening our visibility into 2027. Third, we're focused on executing our growth opportunities through a manufacturing expansion plan to meet customers' requirements. We're making deliberate investments ahead of revenue in the second half of 2026 to meet the demands of 2027.

第二，所有主要終端市場的接單動能皆加速成長。第二季期間，我們取得 2 億美元的先進封裝訂單，涵蓋濕製程與微影系統，強化了我們對 2027 年的能見度。第三，我們聚焦透過製造擴產計畫來落實成長機會，以滿足客戶需求。我們在 2026 年下半年於營收之前進行審慎投資，以因應 2027 年的需求。

Lastly, Veeco is achieving meaningful commercial validation with our next-generation nanosecond annealing system, hitting major milestones in our evaluation program and securing a follow-on order. We're excited about the compelling long-term growth runway supported by AI infrastructure and high-performance computing. We remain focused on executing our strategy and delivering sustained value for our shareholders.

最後，Veeco 的次世代奈秒退火系統正取得具意義的商業驗證，在評估計畫中達成多項重要里程碑，並取得後續追加訂單。我們對 AI 基礎設施與高效能運算所支撐的長期成長動能感到振奮。我們將持續專注於執行策略，為股東創造可持續的價值。

Before moving on, I'll briefly note that the merger with Axcelis continues to progress as planned, with shareholder approval from both companies and all regulatory clearance is secured other than China antitrust approval. We continue to target a second half 2026 closing. Interaction among integration teams remains on schedule and further supports our conviction in the compelling strategic fit and potential long-term value creation of the combination.

在進入下一部分之前，我簡要說明：與 Axcelis 的合併案仍按計畫推進，已取得兩家公司股東核准，且除中國反壟斷核准外，其他監管許可均已取得。我們仍以 2026 年下半年完成交割為目標。整合團隊之間的協作仍依進度進行，進一步強化我們對此一組合在策略契合度與長期價值創造潛力方面的信心。

As we move to the next slide, I'll highlight Veeco's role in our largest market: semiconductor manufacturing, and share our served available market opportunity through 2030. The accelerating investment in AI infrastructure and high-performance computing is driving a fundamental shift in leading-edge enabling technologies. This trend aligns well with Veeco's differentiated portfolio and positions us to benefit from the industry's evolving growth opportunities.

接著進入下一張投影片，我將說明 Veeco 在我們最大市場——半導體製造——中的角色，並分享我們至 2030 年的可服務市場（SAM）機會。AI 基礎設施與高效能運算的投資加速，正推動先進製程使能技術出現根本性轉變。此一趨勢與 Veeco 具差異化的產品組合高度契合，使我們得以受惠於產業演進中的成長機會。

I'll begin with advanced packaging, which is rapidly becoming a larger and increasingly important part of our business through our wet processing and lithography portfolio. The demand remains robust as AI-driven investments accelerate the adoption of heterogeneous integration and increasingly complex 2.5 and 3D architectures. Building on the strong momentum we experienced in the first quarter, activity among leading customers continues to strengthen and provides us with a unique level of visibility into customer expansion plans.

我將先從先進封裝談起。透過我們的濕製程與微影產品組合，先進封裝正快速成為我們業務中更大且日益重要的一部分。隨著 AI 驅動的投資加速異質整合的採用，以及更複雜的 2.5D 與 3D 架構日益普及，需求仍然強勁。延續第一季的強勁動能，領先客戶的活動持續升溫，並為我們提供對客戶擴產計畫極具獨特性的能見度。

As a result, we have significant backlog for 2027 and our customers' forecasted roadmaps reinforce our confidence in the long-term growth trajectory of the business. As one example, we are actively engaged with a Tier 1 foundry on a panel processing opportunity and we're encouraged by the progress.

因此，我們已累積可觀的 2027 年在手訂單（backlog），而客戶預測的產品與產能路線圖也進一步強化我們對該業務長期成長軌跡的信心。舉例而言，我們正與一家第一級晶圓代工廠（Tier 1 foundry）積極合作一項面板製程（panel processing）機會，且對進展感到鼓舞。

Looking longer term, we expect advanced packaging to become an increasingly meaningful contributor to Veeco's growth as we gain share in a growing market that we project will approach $1 billion by 2030. To support this growth, we're expanding our manufacturing footprint in-house and with our outsource partners in Southeast Asia.

從更長期來看，隨著我們在成長中的市場提升市占，我們預期先進封裝將對 Veeco 的成長做出愈來愈重要的貢獻；我們預估該市場至 2030 年將接近 10 億美元。為支援此一成長，我們正擴大自有製造據點，並與東南亞的外包合作夥伴一同擴充產能。

In the front-end wafer manufacturing process, we serve both advanced logic and foundry as well as memory customers. In logic and foundry, we have long-standing and trusted customer relationships and remain the production tool of record at all three Tier 1 customers for our Laser Spike annealing system, driving repeat business.

在前段晶圓製造流程方面，我們同時服務先進邏輯與晶圓代工客戶，以及記憶體客戶。在邏輯與晶圓代工領域，我們與客戶建立長期且互信的合作關係；我們的雷射尖峰退火（Laser Spike annealing）系統在三家第一級客戶（Tier 1）皆仍為量產指定機台（tool of record），帶動重複採購。

We're also pleased with our progress for our next-generation nanosecond annealing system and recently announced that a Tier 1 customer successfully completed their evaluation and placed a follow-on order for a second system to ship in the second half of 2026. We also announced that the third Tier 1 Logic customer received an NSA evaluation tool. Veeco has now successfully engaged all three Tier 1 Logic customers with our NSA technology, and we continue working closely with them to support future roadmaps.

我們也對次世代奈秒退火（nanosecond annealing）系統的進展感到滿意；近期我們宣布，一家第一級客戶已成功完成評估，並下達後續訂單，採購第二套系統，預計於 2026 年下半年出貨。我們也宣布，第三家第一級邏輯客戶已收到一套 NSA 評估機台。Veeco 現已成功以 NSA 技術與三家第一級邏輯客戶全面展開合作，我們將持續與其密切協作，以支援未來路線圖。

Now I'll discuss the memory semiconductor market, which represents a significant long-term growth opportunity as AI-driven compute architecture accelerates demand for DRAM and NAND technologies.

現在我將討論記憶體半導體市場。隨著 AI 驅動的運算架構加速對 DRAM 與 NAND 技術的需求，該市場代表一項重大的長期成長機會。

These technology transitions are creating new thermal processing and material requirements that align well with Veeco's differentiated annealing capabilities. The memory industry is at the early stages of adopting laser-based technologies for annealing applications. We continue to make solid progress with leading memory customers, including serving as the production tool of record at a Tier 1 high-bandwidth memory manufacturer that is accelerating their investments in 2026.

這些技術轉換正在帶來新的熱處理與材料需求，與 Veeco 具差異化的退火能力高度契合。記憶體產業正處於採用雷射式技術用於退火應用的早期階段。我們持續與領先的記憶體客戶取得扎實進展，其中包括在一家第一級（Tier 1）高頻寬記憶體製造商擔任量產指定機台（production tool of record），該客戶正加速其於 2026 年的投資。

We're also advancing an LSA evaluation at a second Tier 1 DRAM customer and are excited about the potential for additional follow-on orders in the 2027, '28 timeframe. Customer engagement continues to expand with a third DRAM customer with potential to enter an evaluation agreement over the coming quarters.

我們也正在第二家第一級（Tier 1）DRAM 客戶推進 LSA 評估，並對於在 2027、2028 年期間可能出現的額外後續訂單感到振奮。與第三家 DRAM 客戶的互動亦持續擴大，該客戶有機會在未來幾季內進入評估協議。

Furthermore, we're encouraged by strong engagement with several NAND customers who are exploring applications for our LSA and NSA platforms, which are continuing to advance well. Overall, our annealing platform continues to perform exceptionally well. And in the second quarter, we delivered record revenue across our LSA and NSA product lines. Looking ahead, we projected annealing sample of approximately $1.3 billion by 2030 as advanced logic and memory devices become increasingly complex and require more precise thermal processing solutions.

此外，我們也受到多家 NAND 客戶的高度互動所鼓舞，這些客戶正在探索我們 LSA 與 NSA 平台的應用，而相關進展持續良好。整體而言，我們的退火平台持續展現卓越表現。且在第二季，我們在 LSA 與 NSA 產品線合計交付了創紀錄的營收。展望未來，隨著先進邏輯與記憶體元件日益複雜並需要更精準的熱處理解決方案，我們預估到 2030 年退火的可服務可用市場（SAM）約為 13 億美元。

Our memory market opportunity continues to advance through our ion beam deposition technology with multiple IBD300 systems under evaluation for advanced DRAM applications, such as bitline metalization. These evaluations continue to progress with high customer engagement. Collectively, these engagements strengthen our position in the memory market and provide additional avenues for future growth.

我們在記憶體市場的機會也持續透過離子束沉積技術推進，目前有多套 IBD300 系統正針對先進 DRAM 應用（例如位線金屬化）進行評估。這些評估在客戶高度參與下持續推進。整體而言，這些互動強化了我們在記憶體市場的地位，並提供未來成長的額外途徑。

Lastly, Veeco continues to be a leader in ion beam deposition for EUV mask blanks and is well positioned as the industry advances towards high NA lithography. We have expanded the use of our ion beam technology for EUV pellicles, which protect defect-free masks and improve productivity as EUV utilization scales.

最後，Veeco 仍是 EUV 光罩基板（mask blanks）離子束沉積領域的領導者，並在產業邁向高 NA 微影之際具備良好布局。我們已擴大離子束技術在 EUV 薄膜（pellicles）上的應用；EUV 薄膜可保護無缺陷光罩，並在 EUV 使用率擴大時提升生產力。

We continue to win production business at a Tier 1 foundry and engage new customers for EUV pellicles. More broadly, we see an ion beam deposition SAM opportunity of approximately $500 million by 2030, driven by adoption of our IBD300 platform for low-resistance metals and our leadership position in deposition for EUV applications.

我們持續在一家第一級（Tier 1）晶圓代工廠贏得量產業務，並與 EUV 薄膜的新客戶展開合作。更廣泛而言，我們預期到 2030 年離子束沉積的可服務可用市場（SAM）約為 5 億美元，動能來自採用我們 IBD300 平台以沉積低電阻金屬，以及我們在 EUV 應用沉積領域的領先地位。

On the next slide, I'll discuss our compound semiconductor market and the projected served available market opportunity through 2030. Our outlook remains supported by the secular growth of AI infrastructure in silicon photonics, optical connectivity, and power efficiency. We believe these trends are driving a significant inflection in compound semiconductors, where adoption is accelerating across both optical networking and power applications, which continues to create an increasingly attractive opportunity for Veeco.

在下一張投影片，我將討論我們的化合物半導體市場，以及至 2030 年的可服務可用市場機會預估。我們的展望仍受到 AI 基礎設施在矽光子、光學互連與電源效率等長期結構性成長的支持。我們相信這些趨勢正推動化合物半導體出現顯著拐點，其在光網路與電力應用兩端的採用皆加速，持續為 Veeco 創造愈發具吸引力的機會。

In silicon photonics, we project a $700 million SAM by 2030 for our role in the manufacturing of Indium Phosphide lasers. The rapidly evolving landscape of AI data centers is driving demand across our SPECTOR IBD system, WaferStorm and Etch for wet processing solutions, and Lumina MOCVD platform. We continue to see engagement with these customers as they move toward large-scale deployments. I'll provide greater detail in our role in silicon photonics on the next slide.

在矽光子方面，我們預估到 2030 年，憑藉我們在磷化銦（Indium Phosphide）雷射製造中的角色，可服務可用市場（SAM）為 7 億美元。AI 資料中心快速演進的格局正帶動我們 SPECTOR IBD 系統、WaferStorm 與 Etch 濕製程解決方案，以及 Lumina MOCVD 平台的需求。隨著客戶邁向大規模部署，我們持續看到與這些客戶的互動。我將在下一張投影片更詳細說明我們在矽光子領域所扮演的角色。

In the other photonics category, we project $550 million in SAM by 2030. This includes opportunities for red micro LEDs, low Earth orbit satellites, and AR/VR applications. In GaN Power, we project $250 million in SAM by 2030, supported by long-term trends tied to AI data center power efficiency, electrification, and high-power density applications. We remain encouraged by our progress with a leading power IDM customer, where our Propel 300 platform continues to advance towards production.

在其他光子類別中，我們預估到 2030 年的可服務可用市場（SAM）為 5.5 億美元。其中包含紅色微型 LED、低地球軌道衛星，以及 AR/VR 應用的機會。在 GaN 電力（GaN Power）方面，我們預估到 2030 年的可服務可用市場（SAM）為 2.5 億美元，並受到與 AI 資料中心電源效率、電氣化，以及高功率密度應用相關的長期趨勢支持。我們對於與一家領先的電力 IDM 客戶的進展仍感到鼓舞，我們的 Propel 300 平台持續朝量產推進。

Following the previously announced pilot line order, we believe we're well positioned to participate in future capacity expansions. Veeco is also a critical member in the IMEC 300-millimeter GaN Power Consortium program to advance power electronics manufacturing alongside other industry leaders.

在先前已宣布的試產線（pilot line）訂單之後，我們相信自己已具備良好條件參與未來的產能擴充。Veeco 也是 IMEC 300 毫米 GaN Power 聯盟計畫中的關鍵成員，與其他產業領導者共同推進電力電子製造。

On the next slide, I'll dive deeper into the role we play in silicon photonics. Within the compound semiconductor market, we continue to benefit from the growing demand tied to AI, particularly through our exposure to silicon photonics and the Indium Phosphide lasers used for optical connectivity applications. Industry investment remains focused on hyperscalers need for higher bandwidth and optical connectivity across increasingly large AI data clusters.

在下一張投影片，我將更深入探討我們在矽光子中扮演的角色。在化合物半導體市場中，我們持續受惠於與 AI 相關的需求成長，特別是透過我們在矽光子以及用於光學互連應用的磷化銦雷射之布局。產業投資仍聚焦於超大規模業者（hyperscalers）在日益龐大的 AI 資料叢集之間，對更高頻寬與光學互連的需求。

As bandwidth requirements continue to accelerate, the industry is increasingly focused on overcoming the copper wall, where traditional electrical interconnects become less efficient at supporting higher speed data transmission.

隨著頻寬需求持續加速，產業愈發聚焦於克服「銅牆」（copper wall）問題，也就是傳統電互連在支援更高速資料傳輸時效率會降低。

At the same time, hyperscalers continue to advance optical networking architectures, including evolution of EML pluggables, silicon photonics pluggables, as well as the longer-term solutions of near package and co-packaged optics. Collectively, these trends are driving broader adoption of optical connectivity throughout the AI infrastructure ecosystem. These architectures increasingly rely on Indium Phosphide laser technologies.

同時，超大規模業者持續推進光網路架構，包括 EML 可插拔模組的演進、矽光子可插拔模組，以及更長期的近封裝（near package）與共封裝光學（co-packaged optics）解決方案。綜合而言，這些趨勢正推動光學互連在 AI 基礎設施生態系中更廣泛的採用。這些架構也愈來愈依賴磷化銦雷射技術。

Our portfolio spans multiple steps of the laser manufacturing process, including epitaxy, wet processing, and laser facet coating. Given our engagement with our customers, we continue to believe this opportunity represents at least $2 billion over the coming years.

我們的產品組合涵蓋雷射製造流程的多個步驟，包括磊晶、濕製程，以及雷射端面鍍膜。基於我們與客戶的互動，我們仍相信此機會在未來數年合計至少達 20 億美元。

Let me briefly touch on each of our products in the laser manufacturing space. First, the MOCVD epitaxy steps play a crucial role, and we're continuing to penetrate the market with our Lumina MOCVD Indium Phosphide platform as leading photonics customers expand capacity. As announced in today's press release, a global leader in optical and photonics technologies has selected our Lumina Plus MOCVD system to fabricate Indium Phosphide lasers in the datacom industry.

我簡要說明我們在雷射製造領域的各項產品。首先，MOCVD 磊晶步驟扮演關鍵角色；隨著領先的光子客戶擴充產能，我們持續以 Lumina MOCVD 磷化銦平台滲透市場。如同今日新聞稿所宣布，一家全球光學與光子技術領導者已選擇我們的 Lumina Plus MOCVD 系統，用於資料通訊（datacom）產業的磷化銦雷射製造。

This system offers the largest batch size in the MOCVD industry, best-in-class throughput, and lowest cost per wafer. Lumina Plus also has the ability to deposit high-quality epitaxial layers on Indium Phosphide wafers of any size, bringing much-needed scale to the optical transceiver industry. Additionally, we're a market leader with our WaferEtch and WaferStorm wet processing technologies for advanced etching and surface preparation.

該系統提供 MOCVD 產業中最大的批次尺寸、同級最佳的產出率（throughput），以及最低的每片晶圓成本。Lumina Plus 亦具備在任何尺寸的磷化銦晶圓上沉積高品質磊晶層的能力，為光收發器產業帶來亟需的規模化。此外，我們以 WaferEtch 與 WaferStorm 濕製程技術在先進蝕刻與表面前處理方面亦為市場領導者。

Lastly, we're a market leader with our SPECTOR Ion Beam Deposition Tool for the critical laser facet coating step. From ongoing customer engagements, we believe our IBD technology remains differentiated from traditional approaches as the industry transitions to higher powered lasers, which demand stricter film specifications.

最後，我們在關鍵的雷射端面鍍膜製程步驟上，憑藉 SPECTOR 離子束沉積（IBD）設備居於市場領導地位。根據持續的客戶互動，我們相信，隨著產業轉向更高功率雷射（其對薄膜規格要求更嚴格），我們的 IBD 技術相較於傳統方法仍具差異化優勢。

In order to capture this opportunity in silicon photonics, we're executing our product road maps to meet our customers' needs and are spending ahead of revenue.

為了把握矽光子領域的這項機會，我們正執行產品路線圖以滿足客戶需求，並在營收到來之前提前投入支出。

With that, I'll turn the call over to John to review the financial results.

接下來，我把電話交給 John 來回顧財務結果。

Thank you, Bill. Revenue came in at $193 million, above the midpoint of our guidance in previous quarter. For the second quarter, our semiconductor revenue was $131 million, an increase of 20% from the prior quarter and comprising 68% of revenue.

謝謝你，Bill。營收為 1.93 億美元，高於我們上一季所提供指引區間的中點。第二季半導體營收為 1.31 億美元，較上一季成長 20%，占總營收的 68%。

It was largely driven by laser annealing systems to leading-edge foundry logic and memory customers and web processing systems for advanced packaging. For full year 2026, we expect semiconductor revenue to grow by more than 10% compared to the prior full year. This performance is driven primarily by additional sales to leading memory, foundry logic, and EUV customers serving AI and high-performance computing applications.

這主要由雷射退火系統對先進製程晶圓代工邏輯與記憶體客戶的出貨，以及用於先進封裝的網狀（web）製程系統所帶動。對於 2026 全年，我們預期半導體營收將較前一完整年度成長超過 10%。此表現主要由對領先記憶體、晶圓代工邏輯與 EUV 客戶的額外銷售所驅動，這些客戶服務於 AI 與高效能運算應用。

In 2027, building on this momentum, we expect revenue growth to meaningfully accelerate, particularly in advanced packaging. Compound semiconductor revenue for the second quarter totaled $21 million, a 9% increase from the prior quarter, totaling 11% of revenue. For full year 2026, we expect compound semiconductor revenue to approximately double versus full year 2025.

在 2027 年，延續這股動能，我們預期營收成長將顯著加速，尤其是在先進封裝方面。第二季化合物半導體營收合計 2,100 萬美元，較上一季成長 9%，占總營收的 11%。對於 2026 全年，我們預期化合物半導體營收將較 2025 全年約翻倍。

Growth is primarily driven by our Lumina MOCVD and SPECTOR IBD systems for silicon photonics. Looking ahead in 2027, we expect revenue growth to accelerate, driven by backlog for these tools.

成長主要由我們用於矽光子的 Lumina MOCVD 與 SPECTOR IBD 系統所帶動。展望 2027 年，我們預期在這些設備的在手訂單（backlog）帶動下，營收成長將加速。

Turning to data storage, revenue for the second quarter was $22 million, a 117% increase from the prior quarter, representing 11% of revenue. We expect revenue to double year over year in 2026. Demand remains robust, supported by customer investments in next-generation storage technologies and capacity expansion initiatives.

再看資料儲存，第二季營收為 2,200 萬美元，較上一季成長 117%，占總營收的 11%。我們預期 2026 年營收將年增一倍。在客戶投資下一代儲存技術與擴產計畫的支撐下，需求仍然強勁。

We are booked well into 2027 and continue to engage closely with customers on future technology inflections, particularly hammer-based production roadmaps. The combination of strong backlog, favorable industry dynamics, and deep customer collaboration provides us with confidence and growth in this market as we move into 2027. Lastly, scientific and other quarterly revenue remained flat at $20 million, comprising 10% of revenue.

我們的接單已排到 2027 年，並持續與客戶就未來技術拐點密切互動，特別是以錘擊（hammer）為基礎的量產路線圖。強勁的在手訂單、有利的產業動態，以及與客戶的深度合作，使我們對進入 2027 年後在此市場的成長充滿信心。最後，科學及其他業務的季度營收維持持平，為 2,000 萬美元，占總營收的 10%。

Turning to quarterly revenue by region, revenue from the US accounted for 31% of revenue, an increase from the prior quarter, primarily from advanced semiconductor customers. The Asia Pacific region, excluding China, was 36%, a decrease from the previous quarter. Our China portion was 25% of revenue, an increase from the prior quarter. EMEA and the rest of the world accounted for 8% of revenue.

按地區來看第二季營收，美國占總營收的 31%，較上一季增加，主要來自先進半導體客戶。亞太地區（不含中國）占 36%，較上一季下降。中國占總營收的 25%，較上一季增加。歐洲、中東與非洲（EMEA）及世界其他地區占總營收的 8%。

Turning to the second-quarter non-GAAP operating results, we had strong performance with our bottom line exceeding our previously provided guidance ranges and Street expectations. Second-quarter gross margin came in at 39.5% and operating expenses totaled $53.3 million. Income tax expense was approximately $3 million, resulting in an effective tax rate of approximately 12%. Net income was approximately $22 million and diluted EPS was $0.33 on 67 million shares.

再看第二季非 GAAP 營運結果，我們表現強勁，最終獲利超出先前提供的指引區間以及華爾街預期。第二季毛利率為 39.5%，營業費用合計 5,330 萬美元。所得稅費用約 300 萬美元，對應有效稅率約 12%。淨利約 2,200 萬美元，在 6,700 萬股的基礎上，稀釋後每股盈餘（EPS）為 0.33 美元。

Now moving to the balance sheet and cash flow highlights. We ended the quarter with cash and short-term investments of $429 million, an increase of $46 million. From a working capital perspective, our accounts receivable decreased by $3 million to $148 million. Inventory increased by $10 million to $292 million and accounts payable decreased by $3 million to $57 million.

接著看資產負債表與現金流重點。本季末現金及短期投資為 4.29 億美元，增加 4,600 萬美元。就營運資金而言，應收帳款減少 300 萬美元至 1.48 億美元。存貨增加 1,000 萬美元至 2.92 億美元，應付帳款減少 300 萬美元至 5,700 萬美元。

Customer deposits increased by $45 million to $114 million. Cash flow from operations totaled $51 million and CapEx totaled $4 million during the quarter.

客戶預收款增加 4,500 萬美元至 1.14 億美元。本季營運活動現金流合計 5,100 萬美元，資本支出（CapEx）合計 400 萬美元。

Next, I'll turn to our third-quarter and full-year 2026 non-GAAP outlook. Third-quarter revenue is expected to be between $200 million and $220 million. Gross margin is expected to be between 41% and 42%. We expect OpEx between $57 million and $58 million, net income between $23 million and $33 million, and diluted EPS between $0.35 and $0.49 on 67 million shares.

接下來，我將說明我們對 2026 年第三季與全年非 GAAP 的展望。第三季營收預期介於 2.00 億至 2.20 億美元。毛利率預期介於 41% 至 42%。我們預期營業費用（OpEx）介於 5,700 萬至 5,800 萬美元，淨利介於 2,300 萬至 3,300 萬美元；在 6,700 萬股的基礎上，稀釋後每股盈餘介於 0.35 至 0.49 美元。

As discussed earlier, demand across our key markets remains exceptionally strong with many customers providing forecasts that extend well into the future. This increasing visibility is translating into robust order momentum, and today, a significant portion of our anticipated 2027 revenue is already represented in backlog. To capitalize on these opportunities, we remain intensely focused on executing our manufacturing ramp and investing ahead of expected revenue.

如先前所述，我們主要市場的需求仍然異常強勁，許多客戶提供的預測延伸至相當久的未來。能見度提升正轉化為強勁的訂單動能，而目前我們預期 2027 年營收中的相當大一部分已反映在在手訂單中。為把握這些機會，我們仍高度專注於執行製造產能爬坡，並在預期營收之前提前投資。

During 2027, we plan to more than double capacity in advanced packaging and silicon photonics. These investments include expanding manufacturing capacity through a combination of internal production and strategic outsourcing partnerships, adding and training personnel, and expanding our supply chain to support customer demand.

在 2027 年期間，我們計畫在先進封裝與矽光子領域將產能提高至兩倍以上。這些投資包括透過內部生產與策略性外包合作夥伴的組合來擴充製造產能、增聘並訓練人員，以及擴展供應鏈以支援客戶需求。

While we view these investments as critical to capturing significant long-term growth opportunity, they will have a near-term impact. On a full year 2026 basis, we expect approximately $10 million of incremental operating expenses and a gross margin impact of roughly 75 basis points associated with these growth initiatives.

雖然我們認為這些投資對於掌握可觀的長期成長機會至關重要，但短期內將帶來影響。以 2026 全年計，我們預期與這些成長計畫相關的新增營業費用約 1,000 萬美元，並對毛利率造成約 75 個基點的影響。

Given the strength of our order momentum, improved customer visibility and actions we are taking to support future growth, we are updating our full year 2026 non-GAAP outlook. We now expect full year revenue to be between $780 million and $810 million. Gross margin is expected to be between 40% and 42%.

鑑於我們訂單動能強勁、客戶能見度改善，以及我們為支援未來成長所採取的行動，我們正在更新 2026 全年非 GAAP 展望。我們目前預期全年營收介於 7.80 億至 8.10 億美元。毛利率預期介於 40% 至 42%。

Operating expenses are expected to range from $215 million to $225 million. We expect non-GAAP diluted earnings per share of $1.36 to $1.61 based on approximately 67 million shares. Overall, we are entering this next phase of growth from a position of strength.

營業費用預期介於 2.15 億至 2.25 億美元。以約 6,700 萬股為基礎，我們預期非 GAAP 稀釋後每股盈餘為 1.36 至 1.61 美元。整體而言，我們正以強勁的態勢進入下一階段的成長。

The combination of increasing customer visibility, strong order momentum, and expanding opportunities tied to AI infrastructure gives us confidence in our long-term outlook. We believe Veeco is uniquely positioned to capitalize on these opportunities, deliver sustainable profitable growth, and create a substantial value for shareholders.

客戶能見度提升、強勁的訂單動能，以及與 AI 基礎設施相關機會的擴大之結合，讓我們對長期展望充滿信心。我們相信 Veeco 具備獨特優勢，能把握這些機會、實現可持續的獲利成長，並為股東創造可觀價值。

I would now like to turn the call over to the operator for Q&A.

接下來我想把電話會議交給接線員進行問答。

Thank you. We will now be conducting a question-and-answer session. As a reminder, given the pending merger with Axcelis, Veeco management will not be addressing questions related to the transaction.

謝謝。我們現在將進行問答環節。提醒各位，由於與 Axcelis 的合併案仍在進行中，Veeco 管理層將不會回答與該交易相關的問題。

(Operator Instructions)

(接線員指示)

Denis Pyatchanin, Needham and Company, LLC.

Denis Pyatchanin，Needham and Company, LLC。

Great. Thank you for the opportunity. So it looks like your 2026 annual revenue guidance was lifted by about $25 million, but the non-GAS EPS outlook was lowered. And from what looks like gross margin mix and higher OpEx, can we assume that the gross margin impact is from the $200 million order for the advanced packaging? And in terms of the OpEx increase, can you tell us more about what kind of investments you'll be making there?

很好。謝謝給我這個機會。看起來你們 2026 年全年營收指引上調了約 2,500 萬美元，但非 GAAP 每股盈餘（EPS）展望卻下調了。從毛利率組合與較高的營運費用（OpEx）來看，我們是否可以假設毛利率的影響來自先進封裝的 2 億美元訂單？另外，就 OpEx 增加而言，能否多談談你們將在那方面進行哪些投資？

Yeah, sure, Denis. So the $200 million order in advanced packaging is principally for delivery in 2027, so that's not having an impact on the gross margins for this year and the gross margin going forward for the rest of this year.

好的，當然可以，Denis。先進封裝的 2 億美元訂單主要是在 2027 年交付，因此不會影響今年的毛利率，以及今年剩餘期間往後的毛利率。

So what we did highlight in our prepared remarks here is that we are investing ahead of that increased business that we're expecting in advanced packaging as well as increased business in the silicon photonics that we highlighted those orders earlier in the year. So we're adding costs and we're adding costs to be able to increase our manufacturing capacity that we highlighted in our prepared remarks as more than doubling the capacity.

我們在事先準備的講稿中提到，我們正在為預期增加的先進封裝業務，以及我們今年稍早提到的矽光子相關訂單所帶來的業務成長提前投資。因此我們正在增加成本，以提升製造產能；如我們在準備稿中所說，產能將增加到超過兩倍。

And that's both by increasing our internal manufacturing capability here on the East Coast where we manufacture some of those products as well as expanding partnerships with contract manufacturers in Southeast Asia. So the one-time setup costs to get the capacity in place and to bring the contract manufacturers on board, the hiring of additional and training of additional employees to meet those customer demands to build the tools, install the tools, and the like there. So that's on the one end.

這包括提升我們在東岸的內部製造能力（我們在那裡生產部分產品），以及擴大與東南亞代工製造商的合作夥伴關係。因此，為了讓產能到位並導入代工製造商所需的一次性建置成本，以及為滿足客戶需求而增聘並訓練員工，以進行設備製造、安裝等工作。這是一個面向。

On the other end, we're also increasing our OpEx, we said is about a $10 million increase over our planned OpEx. In the second-half of the year to support those activities and about a 75 basis points impact on the full year gross margin.

另一方面，我們也在提高營運費用（OpEx）；我們表示這比原先規劃的 OpEx 約增加 1,000 萬美元。在今年下半年用以支援上述活動，並對全年毛利率造成約 75 個基點的影響。

So that's really what the impact was to bringing down the gross margin percentage for the balance of the year compared to what was previously forecasted and increase our operating expenses compared to what was previously forecasted.

因此，這就是相較於先前預測，導致今年剩餘期間毛利率百分比下調，以及相較於先前預測營運費用上升的主要原因。

That's really helpful. Thank you. And then for my second question, with the industry in an upcycle, you have both these optical networking orders shipping, the data storage-related revenue coming in and now the advanced packaging systems as well.

這非常有幫助。謝謝。接著我的第二個問題是，在產業處於上行週期的情況下，你們既有光網路訂單出貨、資料儲存相關營收進帳，現在也有先進封裝系統。

Could you maybe give us like a recap or an update on when these will begin shipping, like how the revenue ramp profile will look? And if there were any changes from prior expectations for some of these programs?

你們能否回顧或更新一下這些項目何時開始出貨、營收爬坡曲線大概會是什麼樣子？以及這些專案相較於先前預期是否有任何變化？

Yes, Denis. I would say. Most of this is really hitting really starting to ramp beginning a little bit in the end of the fourth quarter of '26, but hitting in starting in Q1 and then probably getting more up to speed in Q2 of '27.

是的，Denis。我會說。大部分會在 2026 年第四季末開始有些爬坡，但主要會在 2027 年第一季開始顯著，並可能在 2027 年第二季更趨於到位。

So it's really ramping the majority of it is in '27 for both for all those for silicon photonics ramp as well as advanced packaging coming online in that timeframe.

因此，主要的爬坡大多發生在 2027 年；無論是矽光子的放量，或是先進封裝在那段時間上線，都是如此。

And one more, if I may. You mentioned that customers are providing outlooks well into the future.

如果可以的話，我再問一個。你提到客戶正在提供延伸到更久以後的展望。

How far would you say on average they're giving you visibility right now and has this visibility increased over the last three months?

你認為目前平均而言，他們能提供你們多長的能見度？而且這個能見度在過去三個月是否有所提升？

I would say our visibility has been increasing. We have very strong -- much stronger visibility, I would say, than historically we've had into 2027 at this point midway through 2026.

我會說我們的能見度一直在提升。在 2026 年年中這個時間點，我們對 2027 年的能見度非常強——我會說比歷史上任何時候都強得多。

And customers are actually sharing forecasts out beyond '27, kind of some long-range forecasts that they wouldn't normally be sharing.

而且客戶實際上也分享了超過 2027 年的預測，也就是一些他們通常不會分享的長期預測。

Thanks, Denis.

謝謝你，Denis。

Thank you, Denis.

謝謝你，Denis。

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

目前沒有其他問題，我想把電話會議交給 Bill Miller 作結語。

Thank you. Veeco delivered another strong quarter, exceeding expectations and continuing to build momentum across the business. We remain well positioned to capitalize on AI investments, which are driving strong customer engagement and increased visibility into 2027.

謝謝。Veeco 再次交出強勁的一季，超出預期，並持續在各項業務上累積動能。我們仍處於有利位置，可把握 AI 投資所帶來的機會；這些投資正推動客戶高度參與，並提升我們對 2027 年的能見度。

At the same time, we continue to make steady progress toward completing our merger with Axcelis, reinforcing our confidence in the significant potential value creation. We remain focused on our execution, and we're excited about the opportunities ahead.

同時，我們也持續穩步推進與 Axcelis 的合併完成，進一步強化我們對可創造重大潛在價值的信心。我們仍專注於執行力，並對未來的機會感到振奮。

Thank you for our shareholders and our Veeco united team for continued support and commitment. Have a great evening.

感謝我們的股東以及 Veeco 團結一致的團隊持續的支持與投入。祝各位晚安。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與。