Financial Data and Key Metrics Changes - Revenue for Q2 2024 totaled $176 million, up 9% year-over-year and 1% sequentially, in line with guidance [4][11] - Non-GAAP operating income was $28 million, with a non-GAAP EPS of $0.42 [4][12] - Gross margin was approximately 44%, at the high end of guidance, while operating expenses were $49 million, above guidance due to R&D investments [12] - Net income was approximately $25 million, with a diluted share count increasing by about two million shares from Q1 [12] Business Line Data and Key Metrics Changes - Semiconductor business accounted for 63% of revenue, with record laser annealing revenue, although it declined 9% from Q1 [11] - Compound semiconductor revenue was $18 million, making up 10% of total revenue, while data storage revenue increased to $34 million, comprising 19% [11] - Scientific and other revenue made up 8% of total revenue [11] Market Data and Key Metrics Changes - Revenue from China was 37%, consistent with the prior quarter, driven by semiconductor customer sales [11] - Revenue from Asia Pacific (excluding China) was 25%, the United States contributed 24%, and EMEA accounted for 14% [11] Company Strategy and Development Direction - The company is focused on expanding its served available market (SAM) in laser annealing from $600 million to over $1 billion, driven by new applications [6] - Investments in core technologies are aimed at supporting long-term growth and addressing high-value problems for Tier 1 customers [6] - The company is also targeting growth in ion beam deposition for front-end semiconductor applications, with a SAM growth target of $350 million [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the semiconductor market, noting strong demand for new annealing capabilities due to scaling challenges [7][10] - The company anticipates continued growth in AI chip manufacturing, with several technologies expected to benefit from this trend [10] - Management tightened the 2024 revenue guidance to $690 to $730 million, reflecting a slight increase in semiconductor expectations but lower contributions from the compound semiconductor space [14] Other Important Information - Cash and short-term investments at the end of the quarter were $305 million, with a slight increase in accounts receivable and inventory [12] - The company expects Q3 revenue between $170 million and $190 million, with gross margin between 43% and 44% [13] Q&A Session Summary Question: High-level growth opportunities and evaluation systems - Management noted a high success rate with evaluation systems and plans to increase the number of evaluations in 2025 while managing resources effectively [15][17] Question: Follow-on business from DRAM customers - Management confirmed ongoing orders from a leading DRAM customer, with revenue typically coming in chunks of $25 million to $35 million over 12 to 18 months [20][23] Question: Data storage revenue expectations - Management indicated that data storage revenue is expected to be up about 5% to 10% year-over-year, with some quarterly lumpiness anticipated [25] Question: Impact of increased CapEx from DRAM customers - Management highlighted exposure to DRAM growth through existing customers and ongoing evaluations with other players in the market [26][27] Question: Expectations for China market - Management expects China to remain about a third of the business, with strong activity from customers despite a decrease in customer deposits [34][35] Question: Q4 expectations and seasonal trends - Management indicated that there are no significant changes in expectations for Q4, with revenue guidance remaining consistent [36][37] Question: Compound semiconductor progress - Management reported progress in silicon carbide and GaN evaluations, with plans to place additional systems in early 2025 [40]

Veeco Instruments (VECO) came out with quarterly earnings of $0.42 per share, missing the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -4.55%. A quarter ago, it was expected that this precision manufacturing equipment maker would post earnings of $0.41 per share when it actually produced earnings of $0.45, delivering a surprise of 9.76%. Over t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-16244 VEECO INSTRUMENTS INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 11-2989601 (State or Other Jurisdiction of Incorporati ...

EXHIBIT 99.1 VEECO REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS Second Quarter 2024 Highlights: ● Revenue of $175.9 million, compared with $161.6 million in the same period last year ● GAAP net income of $14.9 million, or $0.25 per diluted share, compared with net loss of $85.3 million, or $1.61 loss per diluted share in the same period last year ● Non-GAAP net income of $25.4 million, or $0.42 per diluted share, compared with $20.6 million, or $0.36 per diluted share in the same period last year Plainview ...

To join the call, dial 1-877-407-8029 (toll free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website beginning at 8:00 PM ET that same evening. PLAINVIEW, N.Y., July 16, 2024 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) plans to release its second quarter 2024 financial results after the market closes on Tuesday, August 6, 202 ...

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Financial Data and Key Metrics Changes - Revenue for Q1 2024 totaled $174 million, up 14% year-over-year and flat sequentially [6][17] - Non-GAAP operating income was $29 million, with non-GAAP EPS at $0.45 [6][17] - Gross margin was approximately 44%, exceeding guidance [17] - Net income was approximately $26 million, with diluted EPS of $0.45 on 60 million shares [17][19] Business Line Data and Key Metrics Changes - Semiconductor revenue reached a record $120 million, up 29% year-over-year and 5% sequentially, comprising 69% of total revenue [17] - Revenue from the compound semiconductor market increased to $21 million, accounting for 12% of total revenue [17] - Data storage revenue contributed 10%, while scientific and other segments made up 9% [17] Market Data and Key Metrics Changes - Revenue from the Asia-Pacific region (excluding China) increased to 42%, up from 34% in the prior quarter [18] - Revenue from China remained at 37%, driven by mature node semiconductor customers [18] - Revenue from the United States was 16%, with EMEA contributing 5% [18] Company Strategy and Development Direction - The company is focused on expanding its served available market (SAM) for laser annealing from $600 million to over $1 billion [9] - Investment in advanced logic and memory has allowed the semiconductor business to outperform wafer fabrication equipment (WFE) growth for three consecutive years [8] - The company is targeting new applications in the compound semiconductor market, particularly in power electronics and photonics [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for EUV lithography and next-generation high NA lithography [8] - The company anticipates initial high-volume manufacturing orders from logic customers in 2025 [12] - Management reiterated the 2024 revenue outlook between $680 million and $740 million, with diluted non-GAAP EPS targeted between $1.60 and $1.90 per share [20] Other Important Information - The company ended the quarter with cash and short-term investments of $297 million, a decline of $9 million sequentially [19] - Cash flow from operations was $9 million, with capital expenditures at $6 million [19] Q&A Session Summary Question: Clarification on the nanosecond anneal product and its relationship with laser anneal - Management clarified that nanosecond anneal (NSA) does not cannibalize laser spike anneal (LSA) but opens unique opportunities for applications like backside power distributions and 3D structures [24][26] Question: HBM opportunity and qualification status - Management confirmed that LSA is now qualified for high bandwidth memory (HBM) applications, expanding from logic chip qualification [28] Question: Backlog and leading-edge vs trailing-edge mix - Management indicated that the current backlog is more weighted towards trailing nodes, but expects a shift towards leading-edge engagements in the second half of 2024 [37] Question: Pricing uplift for NSA compared to LSA - Management expects a pricing uplift of 10% to 15% for NSA due to its additional capabilities [39] Question: Update on compound semiconductor business and GaN power - Management reported a transition from 6-inch to 8-inch wafers, with plans to ship a 300-millimeter evaluation system to a Tier 1 customer [42] Question: Data storage outlook and AI impact - Management expects the data storage business to be flat to up 10% compared to last year, with long-term growth driven by generative AI projected at a 20% CAGR [61][62]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-16244 VEECO INSTRUMENTS INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 11-2989601 (State or Other Jurisdiction of Incorporat ...

EXHIBIT 99.1 VEECO REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS First Quarter 2024 Highlights: Plainview, N.Y., May 7, 2024 -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its first quarter ended March 31, 2024. Results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and are also reported adjusting for certain items ("Non-GAAP"). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release. | U ...