Core Insights - Nova achieved record third-quarter results with total revenues of $224.6 million, marking a 25% increase year-over-year and a 2% increase from the previous quarter [2][5] - The company anticipates continued growth into 2026, driven by strong demand in the semiconductor market and AI-related applications [2] Financial Performance - GAAP net income for Q3 2025 was $61.4 million, or $1.90 per diluted share, compared to $68.3 million, or $2.14 per diluted share in Q2 2025, and $51.3 million, or $1.60 per diluted share in Q3 2024 [4][5] - Non-GAAP net income for Q3 2025 was $70 million, or $2.16 per diluted share, slightly down from $70.4 million, or $2.20 per diluted share in Q2 2025, and up from $56.1 million, or $1.74 per diluted share in Q3 2024 [7][20] Revenue Breakdown - Revenue from products was $178.9 million, while services contributed $45.7 million, leading to total revenues of $224.6 million for Q3 2025 [18] - The record quarterly revenue was driven by strong demand for advanced DRAM and HBM devices, as well as advanced logic devices related to Gate-All-Around manufacturing processes [5][11] Cost and Margin Analysis - Gross margin for Q3 2025 was 56.7%, a slight decrease from 57.8% in Q2 2025 and consistent with 56.6% in Q3 2024 [3][20] - Operating expenses increased to $63.6 million in Q3 2025 from $61.6 million in Q2 2025 and $52.1 million in Q3 2024 [3] Future Outlook - Management provided guidance for Q4 2025, expecting revenues between $215 million and $225 million, with diluted GAAP EPS projected between $1.77 and $1.95, and non-GAAP EPS between $2.02 and $2.20 [6][21]

Core Insights - Nova reported record financial results for Q2 2025, with revenues reaching $220 million, a 40% increase year-over-year [5][6] - The company achieved a GAAP net income of $68.3 million, or $2.14 per diluted share, representing a 52% increase compared to Q2 2024 [6][9] - Non-GAAP net income was reported at $70.4 million, or $2.20 per diluted share, a 37% increase year-over-year [6][10] Financial Performance - Total revenues for Q2 2025 were $220 million, up 3% from Q1 2025 and up 40% from Q2 2024 [5] - GAAP net income for Q2 2025 was $68.3 million, compared to $64.8 million in Q1 2025 and $45.1 million in Q2 2024 [9] - Non-GAAP net income for Q2 2025 was $70.4 million, compared to $69.9 million in Q1 2025 and $52.0 million in Q2 2024 [10] Earnings Per Share - Earnings per diluted share on a GAAP basis were $2.14 for Q2 2025, compared to $2.03 in Q1 2025 and $1.41 in Q2 2024 [9] - Non-GAAP earnings per diluted share were $2.20 for Q2 2025, compared to $2.18 in Q1 2025 and $1.61 in Q2 2024 [10] Management Commentary - The CEO highlighted strong client adoption of advanced tools and expects Nova to outperform the wafer fabrication equipment (WFE) market in 2025 [4] Gross Margin and Operating Expenses - Gross margin for Q2 2025 was 57.8%, slightly up from 57.3% in Q1 2025 but down from 59.0% in Q2 2024 [8] - Operating expenses for Q2 2025 were $61.6 million, compared to $59.1 million in Q1 2025 and $46.9 million in Q2 2024 [8] Future Outlook - Management provided guidance for Q3 2025, expecting revenues between $215 million and $227 million and diluted GAAP EPS between $1.77 and $1.97 [7][26]

Financial Performance - Revenue decreased slightly by 0.7% Y/Y, from $21706 million in 1Q24 to $21546 million in 1Q25[21, 32] - Non-GAAP adjusted operating profit increased by 0.9% Y/Y, from $1747 million in 1Q24 to $1763 million in 1Q25[21, 32] - Non-GAAP adjusted operating margin increased by 20 bps Y/Y, from 8.0% in 1Q24 to 8.2% in 1Q25[21, 32] - Non-GAAP adjusted diluted EPS increased by 4.2% Y/Y, from $1.43 in 1Q24 to $1.49 in 1Q25[21, 32] Segment Performance - U S Domestic revenue increased by 1.4% Y/Y, from $14300 million in 1Q24 to $14500 million in 1Q25[39, 41] - U S Domestic non-GAAP adjusted operating profit increased by 19.4% Y/Y, from $0.8 billion in 1Q24 to $1.0 billion in 1Q25[21, 40, 41] - International revenue increased by 2.7% Y/Y, from $4300 million in 1Q24 to $4400 million in 1Q25[44] - International non-GAAP adjusted operating profit decreased by 4.1% Y/Y, from $0.7 billion in 1Q24 to $0.7 billion in 1Q25[44] - Supply Chain Solutions revenue decreased by 14.8% Y/Y, from $3200 million in 1Q24 to $2700 million in 1Q25, impacted by a $563 million reduction in revenue from Coyote[45] - Supply Chain Solutions non-GAAP adjusted operating profit decreased by 55.0% Y/Y, from $218 million in 1Q24 to $98 million in 1Q25[45] Strategic Initiatives and Outlook - The company expects to deliver approximately $1 billion in savings from "Efficiency Reimagined"[24] - The company plans $3.5 billion in cost reductions in 2025[47, 50] - The company is not providing updates to the previously issued full-year consolidated outlook due to market uncertainty[30, 52] - The company expects U S Domestic average daily volume to be down approximately 9.0% Y/Y in 2Q25[53]