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| --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------|---------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | Veeco Instruments | | | | | | | | | Q1 2024 Financial Results | | | | | | | May 7 th | Conference Call , 2024 | | | | | | | | | | | | | | 1 | Q1 2024 Financial Results Conference Call Copyright © 2024 Veeco Instruments Inc. All Rights Reserved. | | | | | | ...

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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 Incorporation o ...

Veeco Instruments, Inc. (NASDAQ:VECO) Q4 2023 Earnings Conference Call February 14, 2024 5:00 PM ET Company Participants Anthony Pappone - Head of IR William Miller - Chief Executive Officer John Kiernan - Senior Vice President and Chief Financial Officer Conference Call Participants Rick Schafer - Oppenheimer Co Brian Lee - Goldman Sachs Charles Shi - Needham & Company. Mark Miller - Benchmark David Duley - Steelhead Securities Gus Richard - Northland Capital William Levy - Barclays Operator Greetings, and ...

| --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | Veeco Instruments | | | | | Q3 2023 Financial Results Conference Call - November 6th, 2023 | | | | | | | | | | | | | | | | | | | | Q3 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 1 | | | | | --- | --- | --- | --- | |-------|---------------------------------------------------- ...

Financial Data and Key Metrics Changes - Veeco reported Q3 2023 revenue of $177 million, a 10% increase from Q2 2023, with non-GAAP EPS of $0.53, exceeding guidance [7][27] - Gross margin improved to approximately 44%, up from 43% in the previous quarter, driven by higher volume and a favorable product mix [29] - Net income for the quarter was $31 million, with a diluted share count of 59 million shares [30] Business Line Data and Key Metrics Changes - Semiconductor business revenue was $98 million, accounting for 56% of total revenue, while data storage revenue increased to $34 million, representing 19% of total revenue [27] - Revenue from the compound semiconductor market declined to 14% from the prior quarter [27] Market Data and Key Metrics Changes - Revenue from the United States increased to 33% of total revenue, up from 22% in the prior quarter, while revenue from Asia-Pacific declined to 29% from 36% [28] - Revenue from China decreased from 31% to 23% of total revenue, with expectations for an increase in Q4 [28] Company Strategy and Development Direction - The company is focused on expanding its laser annealing technology and has received significant orders for new applications, including automotive and EUV pellicle mask blank production [8][10] - Veeco is investing in GaN power and microLED markets, anticipating long-term growth opportunities [15] - The company aims to capitalize on the growing demand for data storage and AI chip manufacturing technologies [18][19] Management's Comments on Operating Environment and Future Outlook - Management noted that the data storage industry remains challenging due to excess inventory, but long-term growth projections for exabyte growth are positive [52] - The company expects semiconductor business to outperform WFE and grow about 10% for the year [14] - Management expressed confidence in the potential for initial high-volume manufacturing orders for nanosecond annealing systems by late 2024 or 2025 [22] Other Important Information - The company ended the quarter with cash and short-term investments of $287 million, with accounts receivable declining to $122 million [31] - The projected annual effective tax rate was reduced from 14% to 11%, positively impacting net income [30] Q&A Session Summary Question: Context on NSA tool shipment and adoption - Management expressed excitement about the shipment of the first evaluation system to a Tier 1 logic customer, indicating it represents a significant milestone and a complementary technology to existing systems [44][45] Question: Timing for EUV pellicles and high-volume orders - Management clarified that pellicles are being introduced today, with expectations for production tools to be used for making pellicles over time [47] Question: Data storage segment outlook - Management indicated that the data storage industry is challenging but expects a long-term growth trajectory, with backlog extending into 2024 [51][53] Question: China market exposure and revenue expectations - Management noted strong current activity with customers in China, expecting a pickup in revenue in Q4 compared to Q3 [55][60] Question: High bandwidth memory opportunity - Management stated that the high bandwidth memory opportunity is significant, with potential incremental revenue from additional customers expected in mid-2025 [78][79]

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 September 30, 2023 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 Incorp ...