Veeco(VECO) - 2025 Q2 - Quarterly Report

Safe Harbor Statement This statement outlines the nature of forward-looking information, the inherent uncertainties in financial reporting, and potential factors that could cause actual results to differ materially - This report contains forward-looking statements based on management's expectations, estimates, projections, and assumptions, identified by words like "expects," "anticipates," and "plans"[9] - The preparation of financial statements requires management to make estimates and assumptions, which may differ from actual results. Operating results for the three and six months ended June 30, 2025, are not necessarily indicative of the full year[10] - Factors that could cause actual results to differ materially include changes in U.S. and foreign trade policies (including tariffs), risks of global operations (e.g., U.S.-China trade disputes), inability to obtain export licenses, unfavorable market conditions, significant competition, rapid technological change, dependency on consumer electronics and automobiles, concentrated customer base, industry cyclicality, inaccurate demand estimation, reliance on limited suppliers, and risks associated with outsourcing activities[11][13] PART I—FINANCIAL INFORMATION Item 1. Financial Statements This section presents Veeco Instruments Inc.'s unaudited consolidated financial statements for the periods ended June 30, 2025, and December 31, 2024 (Balance Sheets), and June 30, 2025, and 2024 (Statements of Operations, Comprehensive Income, and Cash Flows), along with detailed notes explaining the basis of presentation, accounting policies, and specific financial line items Consolidated Balance Sheets This statement provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at specific points in time | Metric | Dec 31, 2024 (in thousands) | Jun 30, 2025 (in thousands) | Change (in thousands) | % Change | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------- | :------- | | Total assets | $1,251,577 | $1,274,705 | $23,128 | 1.8% | | Total liabilities | $480,807 | $418,509 | $(62,298) | -13.0% | | Total stockholders' equity | $770,770 | $856,196 | $85,426 | 11.1% | | Cash and cash equivalents | $145,595 | $188,902 | $43,307 | 29.7% | | Short-term investments | $198,719 | $165,890 | $(32,829) | -16.5% | | Accounts receivable, net | $96,834 | $106,524 | $9,690 | 10.0% | | Inventories | $246,735 | $258,984 | $12,249 | 5.0% | | Total current liabilities | $192,282 | $155,238 | $(37,044) | -19.3% | | Current portion of long-term debt | $26,496 | $— | $(26,496) | -100.0% | | Long-term debt | $249,702 | $225,441 | $(24,261) | -9.7% | | Additional paid-in capital | $1,227,134 | $1,288,709 | $61,575 | 5.0% | | Accumulated deficit | $(458,455) | $(434,775) | $23,680 | -5.2% | Consolidated Statements of Operations This statement reports the company's revenues, expenses, and net income over specific periods, reflecting operational performance | Metric (in thousands) | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change | % Change | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | % Change | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | :------- | :-------------------------- | :-------------------------- | :--------- | :------- | | Net sales | $166,104 | $175,879 | $(9,775) | -5.6% | $333,396 | $350,363 | $(16,967) | -4.8% | | Gross profit | $68,727 | $75,390 | $(6,663) | -8.8% | $137,194 | $150,809 | $(13,615) | -9.0% | | Operating income | $12,370 | $16,722 | $(4,352) | -26.0% | $26,518 | $38,767 | $(12,249) | -31.6% | | Net income | $11,733 | $14,944 | $(3,211) | -21.5% | $23,680 | $36,798 | $(13,118) | -35.6% | | Basic EPS | $0.20 | $0.27 | $(0.07) | -25.9% | $0.41 | $0.66 | $(0.25) | -37.9% | | Diluted EPS | $0.20 | $0.25 | $(0.05) | -20.0% | $0.40 | $0.61 | $(0.21) | -34.4% | Consolidated Statements of Comprehensive Income This statement presents net income and other comprehensive income items, providing a complete view of changes in equity from non-owner sources | Metric (in thousands) | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change | % Change | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | % Change | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | :------- | :-------------------------- | :-------------------------- | :--------- | :------- | | Net income | $11,733 | $14,944 | $(3,211) | -21.5% | $23,680 | $36,798 | $(13,118) | -35.6% | | Total other comprehensive income (loss), net of tax | $30 | $(12) | $42 | -350.0% | $138 | $(140) | $278 | -198.6% | | Total comprehensive income | $11,763 | $14,932 | $(3,169) | -21.2% | $23,818 | $36,658 | $(12,840) | -35.0% | Consolidated Statements of Cash Flows This statement details the inflows and outflows of cash from operating, investing, and financing activities over specific periods | Metric (in thousands) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | % Change | | :-------------------------------------- | :-------------------------- | :-------------------------- | :--------- | :------- | | Net cash provided by (used in) operating activities | $29,034 | $17,816 | $11,218 | 63.0% | | Net cash provided by (used in) investing activities | $24,058 | $10,781 | $13,277 | 123.1% | | Net cash provided by (used in) financing activities | $(9,982) | $(13,220) | $3,238 | -24.5% | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $43,170 | $15,333 | $27,837 | 181.5% | | Cash, cash equivalents, and restricted cash - end of period | $188,989 | $174,453 | $14,536 | 8.3% | Note 1 — Basis of Presentation This note outlines the accounting principles and standards used in preparing the unaudited interim consolidated financial statements - The unaudited Consolidated Financial Statements are prepared in accordance with U.S. GAAP for interim financial information[26] - Interim quarters are reported on a 13-week basis, with the fourth quarter ending on December 31[27] - The Company adopted ASU 2024-04 (Debt with Conversion and Other Options) prospectively for the three and six months ended June 30, 2025, applying it to the repurchase of the 2027 Notes[30] - The Company is evaluating ASU 2024-03 (Disaggregation of Income Statements Expenses), which will be effective for annual periods beginning after December 15, 2026[31] Note 2 — Income Per Common Share This note explains the calculation of basic and diluted earnings per share, including the impact of potentially dilutive securities - Basic income per share is calculated by dividing net income by the weighted average number of shares outstanding, while diluted income per share includes the dilutive effect of outstanding options, share-based awards, and convertible notes[33] | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :----------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income per common share: Basic | $0.20 | $0.27 | $0.41 | $0.66 | | Net income per common share: Diluted | $0.20 | $0.25 | $0.40 | $0.61 | | Diluted weighted average shares outstanding (in thousands) | 60,237 | 62,535 | 60,072 | 61,733 | | Potentially dilutive shares excluded (in thousands) | 1,803 | 226 | 1,099 | 26 | Note 3 — Assets This note provides detailed information on the company's various asset categories, including short-term investments, inventories, and property, plant, and equipment - Short-term investments are classified as available-for-sale and reported at fair value, with unrealized gains and losses presented in accumulated other comprehensive income[35] | Asset Category (in thousands) | Dec 31, 2024 | Jun 30, 2025 | Change | % Change | | :---------------------------- | :----------- | :----------- | :----- | :------- | | Short-term investments | $198,719 | $165,890 | $(32,829) | -16.5% | | Inventories | $246,735 | $258,984 | $12,249 | 5.0% | | Property, plant, and equipment, net | $113,789 | $111,098 | $(2,691) | -2.4% | | Intangible assets, net | $8,832 | $7,189 | $(1,643) | -18.6% | | Goodwill | $214,964 | $214,964 | $0 | 0.0% | - Accounts receivable, net, includes an allowance for doubtful accounts of $1.0 million at both June 30, 2025, and December 31, 2024[42] Note 4 — Liabilities This note details the company's liabilities, including accrued expenses, contract liabilities, and long-term debt, with specifics on convertible notes and credit facilities | Liability Category (in thousands) | Dec 31, 2024 | Jun 30, 2025 | Change | % Change | | :-------------------------------- | :----------- | :----------- | :----- | :------- | | Accrued expenses and other current liabilities | $55,195 | $47,412 | $(7,783) | -14.1% | | Contract liabilities | $64,986 | $57,675 | $(7,311) | -11.2% | | Current portion of long-term debt | $26,496 | $— | $(26,496) | -100.0% | | Long-term debt | $249,702 | $225,441 | $(24,261) | -9.7% | - The 2025 Notes matured on January 15, 2025, and were settled by issuing 1.1 million shares of common stock[55] - The remaining $25.0 million aggregate principal amount of 2027 Notes was settled on May 15, 2025, for approximately 1.6 million common shares and $5.4 million cash, resulting in a $0.7 million induced conversion expense[56][57] - The Company has $230.0 million of 2.875% convertible senior notes due 2029 outstanding, convertible at an initial rate of 34.21852 shares per $1,000 principal amount under specified conditions[58][61] - The revolving credit facility was increased to $250 million on June 16, 2025, and matures on June 16, 2030. No amounts were outstanding as of June 30, 2025, or December 31, 2024[71][77] Note 5 — Commitments and Contingencies This note outlines the company's contractual obligations, purchase commitments, bank guarantees, and potential impacts of legal proceedings | Operating Lease Liabilities (in thousands) | Amount | | :--------------------------------------- | :----- | | Total future minimum lease payments | $51,214 | | Less: Imputed interest | $(13,886) | | Total | $37,328 | - Cash outflows from operating leases for the six months ended June 30, 2025, were $3.7 million, up from $3.4 million in the comparable 2024 period[81] - The Company had purchase commitments of $140.4 million at June 30, 2025, substantially all due within one year[83] - Outstanding bank guarantees and standby letters of credit totaled $8.7 million at June 30, 2025[84] - Legal proceedings are not expected to have a material adverse effect on the Company's financial position, results of operations, or cash flows[85] Note 6 — Equity This note details changes in stockholders' equity, including net income, share-based compensation, and the impact of convertible note settlements | Stockholders' Equity (in thousands) | Dec 31, 2024 | Jun 30, 2025 | Change | % Change | | :---------------------------------- | :----------- | :----------- | :----- | :------- | | Total Stockholders' Equity | $770,770 | $856,196 | $85,426 | 11.1% | | Accumulated Other Comprehensive Income | $1,522 | $1,660 | $138 | 9.1% | - Key drivers of the increase in stockholders' equity for the six months ended June 30, 2025, include net income of $23.7 million, share-based compensation expense of $18.9 million, and the settlement of 2025 and 2027 Notes through common stock issuance[87] - The increase in Accumulated Other Comprehensive Income was primarily due to foreign currency translation adjustments[88] Note 7 — Share-based Compensation This note provides information on the company's share-based compensation expense and the balance of non-vested equity awards | Share-based Compensation Expense (in thousands) | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change | % Change | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | % Change | | :---------------------------------------------- | :-------------------------- | :-------------------------- | :--------- | :------- | :-------------------------- | :-------------------------- | :--------- | :------- | | Total | $9,651 | $9,233 | $418 | 4.5% | $18,859 | $17,315 | $1,544 | 8.9% | - The balance of non-vested restricted shares and performance shares increased from 2,604 thousand at December 31, 2024, to 2,777 thousand at June 30, 2025[90] Note 8 — Income Taxes This note details the company's income tax expense and effective tax rates, including the impact of tax benefits and recent legislative changes | Income Tax Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change | % Change | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | % Change | | :---------------- | :-------------------------- | :-------------------------- | :--------- | :------- | :-------------------------- | :-------------------------- | :--------- | :------- | | Income tax expense (in thousands) | $889 | $2,127 | $(1,238) | -58.2% | $3,926 | $3,023 | $903 | 29.9% | | Effective tax rate | 7.04% | 12.46% | -5.42% | -43.5% | 14.22% | 7.59% | 6.63% | 87.3% | - The effective tax rates for both periods were favorably impacted by tax benefits related to Foreign-Derived Intangible Income and research and development tax credits[93] - The One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025, is not currently expected to materially impact the Company's financial position, results of operations, or cash flows in the current fiscal year[94] Note 9 — Segment Reporting and Geographic Information This note provides a breakdown of the company's sales by operating segment, end-market, and geographic region - The Company operates and measures its results in one operating segment: the development, manufacture, sales, and support of semiconductor and thin film process equipment[95] | Sales by End-Market (in thousands) | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change | % Change | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | % Change | | :--------------------------------- | :-------------------------- | :-------------------------- | :--------- | :------- | :-------------------------- | :-------------------------- | :--------- | :------- | | Semiconductor | $123,874 | $109,936 | $13,938 | 12.7% | $247,697 | $230,320 | $17,377 | 7.5% | | Compound Semiconductor | $14,197 | $18,223 | $(4,026) | -22.1% | $28,594 | $39,225 | $(10,631) | -27.1% | | Data Storage | $12,354 | $33,960 | $(21,606) | -63.6% | $19,059 | $51,977 | $(32,918) | -63.3% | | Scientific & Other | $15,679 | $13,760 | $1,919 | 13.9% | $38,046 | $28,841 | $9,205 | 31.9% | | Total | $166,104 | $175,879 | $(9,775) | -5.6% | $333,396 | $350,363 | $(16,967) | -4.8% | | Sales by Geographic Region (in thousands) | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change | % Change | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | % Change | | :---------------------------------------- | :-------------------------- | :-------------------------- | :--------- | :------- | :-------------------------- | :-------------------------- | :--------- | :------- | | United States | $21,852 | $42,744 | $(20,892) | -48.9% | $45,914 | $70,612 | $(24,698) | -35.0% | | EMEA | $18,533 | $23,802 | $(5,269) | -22.1% | $30,870 | $32,290 | $(1,420) | -4.4% | | China | $27,490 | $65,376 | $(37,886) | -58.0% | $98,382 | $129,684 | $(31,302) | -24.1% | | Rest of APAC | $98,186 | $43,935 | $54,251 | 123.5% | $158,162 | $117,155 | $41,007 | 35.0% | | Rest of World | $43 | $22 | $21 | 95.5% | $68 | $622 | $(554) | -89.1% | | Total | $166,104 | $175,879 | $(9,775) | -5.6% | $333,396 | $350,363 | $(16,967) | -4.8% | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the Company's financial condition and results of operations for the three and six months ended June 30, 2025, compared to the prior year, including an executive summary, business updates across key markets, and detailed analysis of revenue, expenses, and liquidity Executive Summary This summary introduces Veeco as an innovative semiconductor process equipment manufacturer and highlights long-term growth drivers for the industry - Veeco is an innovative manufacturer of semiconductor process equipment, specializing in ion beam, laser annealing, lithography, MOCVD, and single wafer wet processing technologies[106] - The Semiconductor industry is forecasted for long-term growth, driven by secular trends such as artificial intelligence, high-performance computing, mobile connectivity, and automotive electrification[107] Business Update This section discusses industry trends, Veeco's performance in the Semiconductor market, and revenue expectations for various end-markets - Growth in the Semiconductor industry and increasing technological complexity are expected to drive long-term growth in Wafer Fab Equipment (WFE) spending, benefiting Veeco[108] - Veeco's Semiconductor business has outperformed WFE growth for four consecutive years, driven by investments in advanced logic and memory, including high-performance AI chips and High-Bandwidth Memory (HBM)[109] - Semiconductor revenue increased by 13% in Q2 2025, primarily due to increased system shipments of Ion Beam Deposition LDD systems for mask blanks and Advanced Packaging wet processing systems[111][112] - The Company anticipates growth in leading-edge investment driven by new nodes and AI-related demand, but expects a continued decline in China revenue for the second half of 2025[119] - Data Storage revenue declined in Q2 2025, with an expected $60 to $70 million reduction in 2025 revenue due to customers not investing in new system capacity[121][123] Results of Operations This section provides a comparative analysis of the company's financial performance for the three and six months ended June 30, 2025, versus the prior year Results of Operations (Three Months Ended June 30, 2025 and 2024) This section analyzes the company's financial performance for the three months ended June 30, 2025, compared to the same period in 2024 | Metric (in thousands) | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change | % Change | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | :------- | | Net sales | $166,104 | $175,879 | $(9,775) | -5.6% | | Gross profit | $68,727 | $75,390 | $(6,663) | -8.8% | | Operating income | $12,370 | $16,722 | $(4,352) | -26.0% | | Net income | $11,733 | $14,944 | $(3,211) | -21.5% | | Interest income, net | $905 | $349 | $556 | 159.3% | | Income tax expense | $889 | $2,127 | $(1,238) | -58.2% | - Sales decreased primarily due to declines in the Data Storage (-64%) and Compound Semiconductor (-22%) markets, partially offset by increases in Semiconductor (+13%) and Scientific & Other (+14%)[127] - Gross margins decreased from 43% to 41% due to lower sales volume and higher manufacturing costs, partially offset by favorable product mix[128] - Net interest income increased due to reduced interest expense on the 2025 Notes (matured) and 2027 Notes (settled)[132] Results of Operations (Six Months Ended June 30, 2025 and 2024) This section analyzes the company's financial performance for the six months ended June 30, 2025, compared to the same period in 2024 | Metric (in thousands) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | % Change | | :-------------------- | :-------------------------- | :-------------------------- | :--------- | :------- | | Net sales | $333,396 | $350,363 | $(16,967) | -4.8% | | Gross profit | $137,194 | $150,809 | $(13,615) | -9.0% | | Operating income | $26,518 | $38,767 | $(12,249) | -31.6% | | Net income | $23,680 | $36,798 | $(13,118) | -35.6% | | Interest income, net | $1,741 | $1,054 | $687 | 65.2% | | Income tax expense | $3,926 | $3,023 | $903 | 29.9% | - Sales decreased primarily due to declines in the Data Storage (-63%) and Compound Semiconductor (-27%) markets, partially offset by increases in Semiconductor (+8%) and Scientific & Other (+32%)[137] - Gross margins decreased from 43% to 41% due to lower volume, unfavorable product mix, and higher manufacturing costs[140] - Net interest income increased due to reduced interest expense on the 2025 Notes (matured) and 2027 Notes (settled)[144] Liquidity and Capital Resources This section assesses the company's cash position, investment portfolio, cash flow activities, and ability to meet future financial obligations | Cash & Investments (in thousands) | Dec 31, 2024 | Jun 30, 2025 | Change | % Change | | :-------------------------------- | :----------- | :----------- | :----- | :------- | | Cash and cash equivalents | $145,595 | $188,902 | $43,307 | 29.7% | | Restricted cash | $224 | $87 | $(137) | -61.2% | | Short-term investments | $198,719 | $165,890 | $(32,829) | -16.5% | | Total | $344,538 | $354,879 | $10,341 | 3.0% | - Management believes projected cash flow from operations, combined with cash and short-term investments, will be sufficient to meet working capital requirements and contractual obligations for the next twelve months[148] | Cash Flow Activity (in thousands) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | % Change | | :-------------------------------- | :-------------------------- | :-------------------------- | :--------- | :------- | | Net cash provided by operating activities | $29,034 | $17,816 | $11,218 | 63.0% | | Net cash provided by investing activities | $24,058 | $10,781 | $13,277 | 123.1% | | Net cash used in financing activities | $(9,982) | $(13,220) | $3,238 | -24.5% | - The Company has $230.0 million outstanding principal balance of 2.875% convertible senior notes due June 1, 2029[152] - The revolving credit facility was increased to $250 million in June 2025 and extended to June 16, 2030, with no immediate plans to draw down[153] Item 3. Quantitative and Qualitative Disclosures about Market Risk This section details the Company's exposure to market risks, specifically interest rate risk and currency exchange risk, and the strategies employed to manage these risks Interest Rate Risk This section describes the company's exposure to interest rate fluctuations, primarily affecting its fixed-income investment portfolio - The Company's exposure to market rate risk primarily relates to its investment portfolio of fixed-income securities, which had a fair value of approximately $165.9 million at June 30, 2025[156] - A 100 basis point increase in interest rates would result in a $1.0 million decrease in the fair value of the investment portfolio[156] Currency Exchange Risk This section discusses the company's exposure to foreign currency exchange rate fluctuations, particularly for international sales - Approximately 87% of total net sales for the three months ended June 30, 2025, and 86% for the six months ended June 30, 2025, were to customers located outside the United States[159] - Most sales outside the United States are denominated in U.S. dollars, leading to an immaterial impact on consolidated results from a 10% change in foreign exchange rates[160] - The Company may use monthly forward derivative contracts to mitigate currency risk, but these are not designated as hedges[158] Item 4. Controls and Procedures This section confirms the effectiveness of the Company's disclosure controls and procedures and reports no material changes in internal control over financial reporting Evaluation of Disclosure Controls and Procedures This section confirms the effectiveness of the company's disclosure controls and procedures as of the reporting date - The principal executive and financial officers concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025[161] Changes in Internal Control Over Financial Reporting This section reports no material changes in the company's internal control over financial reporting during the quarter - There were no changes in internal control over financial reporting during the quarter ended June 30, 2025, that materially affected or are reasonably likely to materially affect internal control[162] PART II—OTHER INFORMATION Item 1. Legal Proceedings This section states that the Company is involved in various legal proceedings in the normal course of business, but does not expect their ultimate resolution to have a material adverse effect on its financial position, results of operations, or cash flows - The Company is involved in various legal proceedings arising in the normal course of business[165] - The ultimate resolution of these matters is not believed to have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows[165] Item 1A. Risk Factors This section refers to previously disclosed risk factors, indicating no material changes from those presented in prior SEC filings - There have been no material changes from the risk factors previously disclosed in the Safe Harbor Statement, the 2024 Form 10-K, and the quarterly report on Form 10-Q for the quarter ended March 31, 2025[166] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section reports that there were no unregistered sales of equity securities or use of proceeds during the period - No unregistered sales of equity securities or use of proceeds to report[167] Item 3. Defaults Upon Senior Securities This section indicates that there were no defaults upon senior securities during the reporting period - No defaults upon senior securities to report[168] Item 4. Mine Safety Disclosures This section states that mine safety disclosures are not applicable to the Company - Mine Safety Disclosures are not applicable[169] Item 5. Other Information This section discloses Rule 10b5-1 trading arrangements adopted by the CEO and SVP during the fiscal quarter ended June 30, 2025 - On May 20, 2025, CEO William J. Miller adopted a Rule 10b5-1 trading plan for the sale of 200,000 shares of common stock between September 2, 2025, and March 1, 2028[170] - On June 4, 2025, SVP Adrian Devasahayam adopted a Rule 10b5-1 trading plan for the sale of 11,911 shares of common stock between September 4, 2025, and June 2, 2026[171] - No "non-Rule 10b5-1 trading arrangements" were adopted, modified, or terminated by directors and Section 16 officers during the fiscal quarter ended June 30, 2025[172] Item 6. Exhibits This section lists the exhibits filed with the Securities and Exchange Commission as part of this Form 10-Q, including amendments to the Loan and Security Agreement and various certifications - Exhibits include the Fourth Amendment to Loan and Security Agreement (dated June 16, 2025), Veeco Amended and Restated Senior Executive Change in Control Policy (effective July 29, 2025), and certifications from the Chief Executive Officer and Chief Financial Officer[174] SIGNATURES This section formally attests to the accuracy and completeness of the report, signed by the company's principal executive and financial officers - The report was signed on behalf of Veeco Instruments Inc. by William J. Miller, Ph.D., Chief Executive Officer, and John P. Kiernan, Senior Vice President and Chief Financial Officer, on August 6, 2025[176][177]