Veeco Instruments Inc. (VECO): Business Model Canvas [Dec-2025 Updated]

Honestly, you need to see the nuts and bolts of how this specialized thin-film equipment maker is playing the AI and HPC megatrend, especially with that pending merger hanging in the air. I've spent two decades analyzing these deep-tech plays, and the structure here is telling: Tier 1 chipmakers are driving 71% of their Q3 2025 revenue, showing deep customer lock-in. Plus, they're sitting on $369 million in cash as of Q3 2025 to fund that intensive R&D for Gate-All-Around and LSA platforms. Below, we map out the full nine-block Business Model Canvas-it shows you exactly where the recurring service revenue comes from and the real cost of keeping up with next-gen process tech. Let's dig in.

Veeco Instruments Inc. (VECO) - Canvas Business Model: Key Partnerships

You're looking at the alliances that are shaping Veeco Instruments Inc.'s future, especially with that big merger on the horizon. These aren't just handshake deals; they are deep technical integrations that underpin their revenue, like the $165.9 million in revenue they posted for Q3 2025, which beat the guidance midpoint of $160 million.

Pending merger with Axcelis Technologies to expand product portfolio

The definitive agreement to combine with Axcelis Technologies, announced on October 1, 2025, is a massive structural partnership. This all-stock deal values the transaction at approximately $4.4 billion based on enterprise value. The exchange ratio sets Veeco shareholders to receive 0.3575 Axcelis shares for each Veeco share they own. Post-close, expected in the second-half of 2026, Axcelis shareholders will own roughly 58%, and Veeco shareholders 42% of the new entity. The combined company is projected to have generated pro-forma revenue of $1.7 billion in fiscal year 2024, with an adjusted gross margin of 44% and $387 million in adjusted EBITDA, before synergies. Management expects this combination to generate $35 million in annual cost savings within two years of closing. The merged entity will also assume Veeco's $230 million in outstanding 2029 convertible bonds.

Strategic collaborations with Tier 1 semiconductor memory companies for LSA evaluation

Veeco Instruments Inc. is deepening its relationship with top-tier memory makers, which is crucial given the projected growth in High Bandwidth Memory (HBM). In December 2025, a leading semiconductor memory company selected Veeco's Laser Spike Annealing (LSA) system for evaluation within its advanced DRAM R&D group. This evaluation period is expected to last around one year, with potential follow-on orders targeted for 2027 and beyond. This push comes as the HBM market is estimated by Yole market research to grow to $100 billion or more in annualized revenues by 2030, representing a compound annual growth rate (CAGR) of nearly 30% through that year. This LSA technology is key for activating dopants in next-generation DRAM and HBM structures.

R&D partnerships with academic and quantum research institutions like Sparrow Quantum

Veeco is actively partnering to enable next-generation quantum technologies. In early December 2025, the company announced new Molecular Beam Epitaxy (MBE) system wins with Sparrow Quantum in Denmark and Yeungnam University in South Korea. Sparrow Quantum specifically selected Veeco's GENxcel R&D MBE system to develop high-performance quantum dot single-photon emitters. These deployments add to Veeco's global footprint of more than 30 MBE systems currently used in quantum technology development. This aligns with broader market trends, as public investment announcements into quantum computing startups accelerated to reach $10 billion in early 2025, up from $2 billion total in 2024, according to McKinsey and Company.

Supply chain partners for complex, high-precision components and materials

While specific upstream suppliers aren't detailed, the complexity of Veeco's customer wins implies reliance on a high-precision supply chain for specialized materials and components. The nature of these partnerships is demonstrated by the technology they are shipping for high-value applications:

The company's Q3 2025 non-GAAP diluted EPS of $0.36, beating the guidance midpoint of $0.28, reflects successful execution across these technology areas. Veeco ended Q3 2025 with $369 million in cash and short-term investments.

Recognized as a top-tier supplier, validated by the Intel 2025 EPIC Supplier Award

Veeco Instruments Inc. is recognized by its largest customers as a top-tier partner. The company earned the exclusive Intel EPIC Supplier Award for 2025 on April 15, 2025. This places Veeco among an elite group, as it is one of only 37 recipients in Intel's entire global supply chain. Out of thousands of Intel suppliers worldwide, only a few hundred qualify to participate in the EPIC Supplier Program, underscoring the high bar for partnership and performance.

Veeco Instruments Inc. (VECO) - Canvas Business Model: Key Activities

High-precision design and manufacturing of semiconductor process equipment is central to Veeco Instruments Inc.'s operations, evidenced by segment performance. The Semiconductor segment, which includes Front-End, Back-End, EUV Mask Blank systems, and Advanced Packaging, contributed $123.9 million in the second quarter of 2025, making up 75% of total revenue for that period. This segment showed year-over-year growth of 13% over the $109.9 million it represented in the second quarter of 2024, when it was 63% of total revenue. The trailing twelve-month revenue as of September 30, 2025, was $681.41 million. For the third quarter of 2025, revenue was reported at $165.9 million.

Intensive R&D for next-generation technologies like Gate-All-Around (GAA) is a key driver, with management noting continued investment. The company projects its Annealing Served Available Market (SAM) to grow to approximately $1.3 billion by 2029. Furthermore, each application win during customer evaluations has the potential to generate follow-on business valued between $30 million and $60 million.

Global installation, maintenance, and aftermarket service of complex systems contribute to stability. The Compound Semiconductor segment, which includes Power Electronics, RF Filter & Device applications, and Photonics, contributed $14.2 million in the second quarter of 2025, representing 9% of total revenue. The Data Storage segment revenue is expected to be low or declining in 2025. The company's Non-GAAP gross margin was approximately 42% in the third quarter of 2025, though guidance for the fourth quarter of 2025 suggests a dip to 37% to 39%.

Continuous development of Laser Spike Annealing (LSA) and Ion Beam Deposition (IBD) platforms is critical for next-generation nodes. The LSA platform is recognized as a production tool at leading logic and memory customers. IBD technology is cited as the technology of choice in the semiconductor industry for EUV mass point production. AI revenue is projected to increase to 20% of total revenue in 2025, up from about 10% in 2024. The company is seeing continued demand for laser spike annealing systems supporting GAA and High-Bandwidth Memory (HBM) applications.

Managing a global supply chain and logistics for specialized equipment involves navigating trade dynamics. Full-year 2024 operating expenses rose 8% to $194.4 million from $180.6 million in 2023, driven primarily by increased R&D investment. The geographic revenue mix shows a shift; China comprised 36% of revenue in full-year 2024, but the forecast for first-half 2025 is for China to fall to 25-30% of total revenue. Conversely, Asia-Pacific (excluding China) revenue share in Q2 2025 reached 59% ($98 million).

Here are the key financial metrics related to these activities for recent periods:

The focus on high-growth areas is reflected in the segment performance:

• Semiconductor Segment Revenue (Q2 2025): $123.9 million (75% of total)
• Compound Semiconductor Segment Revenue (Q2 2025): $14.2 million (9% of total)
• Expected AI Revenue Share (2025): 20%
• Q4 2025 Guidance Non-GAAP Gross Margin: 37% to 39%

Veeco Instruments Inc. (VECO) - Canvas Business Model: Key Resources

You're looking at the core assets Veeco Instruments Inc. (VECO) relies on to execute its strategy in the semiconductor equipment space. These aren't just line items; they are the engines driving their technology leadership, especially with the pending merger with Axcelis Technologies looming.

Extensive Intellectual Property (IP) portfolio in thin-film deposition and process technology

Veeco Instruments Inc. maintains a portfolio of technologies critical for advanced device fabrication. The book value of these assets, as represented on the balance sheet, provides a concrete financial measure of this resource.

• Intangible assets, net, as of September 30, 2025, totaled $6,418 thousand.
• Key technology areas include Laser Annealing (LSA), Ion Beam Deposition (IBD), Metal Organic Chemical Vapor Deposition (MOCVD), single wafer etch & clean, and lithography.
• Specific recent wins include multiple orders for 300 mm Gallium Nitride (GaN) single wafer and Arsenide Phosphide (AsP) batch systems in Q3 2025.
• The company's IBD technology is used for the multi-layer EUV reflective coating in mask blank production.

Highly specialized engineering and R&D talent pool

The human capital driving innovation is a major resource. While the exact 2025 headcount isn't fully detailed, we can look at the structure from the end of 2024 and the latest estimate for context. Here's a quick look at the workforce composition:

Based on the 2024 figures, this suggests approximately 308 employees were dedicated to R&D functions at that time.

Manufacturing facilities for large-scale, high-vacuum process equipment

Veeco Instruments Inc. operates facilities capable of producing complex, high-vacuum process equipment. One example of their operational footprint includes the facility that shipped a key product line.

• The San Jose, California facility shipped its first LSA101 Laser Spike Annealing System in 2021.

Cash and short-term investments totaling $369 million as of Q3 2025

This liquidity provides the financial muscle for operations, strategic investments, and navigating the cyclical nature of the capital equipment market. The components of this balance sheet strength are clear:

This strong cash position supported Q3 2025 Non-GAAP operating income of $23.1 million.

Installed base of systems generating recurring service revenue

The installed base represents a stream of predictable, high-margin revenue that supports the core equipment sales. While the specific dollar amount for service revenue isn't in the latest public filings, the resource itself is a core component of the business model.

• Veeco Instruments Inc. offers systems and service offerings, indicating an active installed base supporting recurring revenue streams.
• The company's focus on high-performance computing and AI-driven technologies suggests the installed base is comprised of advanced equipment like LSA, EUV IBD, and advanced packaging tools.

Finance: draft 13-week cash view by Friday.

Veeco Instruments Inc. (VECO) - Canvas Business Model: Value Propositions

You're looking at how Veeco Instruments Inc. translates its deep vacuum and thin-film expertise into tangible customer benefits, especially as AI and electrification drive the need for better materials. Honestly, the value propositions are tightly linked to the biggest semiconductor trends right now.

Enabling next-generation devices (HBM, GAA) for AI and HPC markets

Veeco Instruments Inc. is positioning its technology as fundamental to the infrastructure supporting Artificial Intelligence and High-Performance Computing (HPC). The momentum in these areas directly fuels demand for their advanced process equipment. For instance, the company's Q2 2025 revenue of $166.1 million was explicitly driven by shipments supporting these segments, alongside Advanced Packaging wet processing and lithography systems. Furthermore, the Served Available Market (SAM) for Veeco's Semiconductor segment is a key part of their overall SAM, which is projected to reach about $4.4 billion by 2029 from a 2025 base. The High Bandwidth Memory (HBM) market, a direct beneficiary of AI workloads, is projected by Yole market research to grow at a compound annual growth rate (CAGR) of nearly 30% through 2030, potentially reaching $100 billion in annualized revenues, which is the environment where Veeco's enabling technologies thrive.

Providing superior thin-film properties for EUV mask blanks via IBD systems

For the most advanced lithography, Veeco Instruments Inc. provides Ion Beam Deposition (IBD) systems critical for manufacturing EUV mask blanks. These systems are essential for achieving the precise, superior thin-film properties required for patterning the smallest features on leading-edge logic and memory chips. Shipments of these IBD systems were cited as a primary driver for the company's strong Q2 2025 results, showing direct revenue capture from the most advanced nodes in the industry.

High-productivity and superior performance in advanced DRAM/HBM manufacturing with LSA

The Laser Spike Annealing (LSA) platform is engineered to meet the rigorous demands of next-generation DRAM and High Bandwidth Memory (HBM) production. This millisecond annealing technology activates dopants to lower resistance in transistor structures while operating within the reduced thermal budgets required by advanced devices. A leading semiconductor memory company began evaluating Veeco Instruments Inc.'s LSA system in its advanced DRAM R&D group in December 2025. This evaluation period is expected to last approximately one year, with the potential for follow-on orders anticipated in 2027 and beyond. The LSA platform is claimed to offer market-leading performance and high productivity, which is crucial as the HBM market expands rapidly.

Specialized MOCVD systems for 300mm Gallium Nitride (GaN) power applications

Veeco Instruments Inc. is making significant strides in compound semiconductors, particularly with its Propel300 Metal-Organic Chemical Vapor Deposition (MOCVD) system for Gallium Nitride (GaN) epitaxy on 300mm silicon wafers. In November 2025, the company announced an order for a Propel300 from a major power semiconductor Integrated Device Manufacturer (IDM). Qualifying this system for 300mm GaN-on-Si epitaxy is a major step, as moving from 200mm to 300mm enables customers to achieve 2.3 times more chips per wafer, directly lowering device costs. This is timely, as the GaN device market is forecast to grow at a 35% CAGR from $555 million in 2025 to $2.5 billion by 2030, fueled by power efficiency needs in data centers, automotive, and industrial applications.

Best-in-class cost of ownership for advanced memory applications

The value proposition of low cost of ownership (CoO) is central to both the LSA and MOCVD offerings. For LSA, the system is explicitly stated to deliver best-in-class cost of ownership for advanced memory applications, making it a preferred solution for tier 1 manufacturers evaluating the technology. Similarly, the Propel300 MOCVD system contributes to a low CoO per wafer through features like long campaigns that do not require in-situ cleaning, combined with high productivity and low defectivity. This focus on operational efficiency is what helps customers scale production profitably.

Here's a quick look at how the 2025 performance and market projections tie into these value drivers:

To be fair, while the technology traction is clear-like the LSA evaluation starting in December 2025-the near-term financials show some pressure. Veeco Instruments Inc.'s Q3 2025 revenue was $165.9 million, down from $184.8 million in Q3 2024, and management guided Q4 2025 revenue between $155 million and $175 million. Still, the TTM revenue as of late 2025 was nearly $681.41 million, showing the scale of the business executing on these value propositions.

Finance: draft 13-week cash view by Friday.

Veeco Instruments Inc. (VECO) - Canvas Business Model: Customer Relationships

You're managing the service contracts for multi-million dollar deposition tools, so you know the relationship extends far beyond the initial sale. Veeco Instruments Inc. structures its customer interactions around high-value, long-lifecycle equipment, which necessitates deep, ongoing engagement.

Dedicated field service and support teams for high-value equipment are a core part of the model, supporting the complex semiconductor process equipment that drove $118 million in revenue for the Semiconductor segment in Q3 2025, which represented 71% of total revenue of $165.9 million for that quarter. This level of installed base requires dedicated, specialized attention to maintain uptime.

The company cultivates long-term, consultative relationships with Tier 1 foundry and logic customers. This is reinforced by strategic moves like the pending merger with Axcelis, which management stated would enhance global channel and regional reach, allowing for strength across the globe penetrating Tier 1 customers more effectively. These relationships are key to securing future capital equipment orders, especially in areas like Gate-All-Around and Advanced Packaging.

Technical collaboration during extensive evaluation periods for new tool acceptance is a known process. The Q4 2025 guidance notes an anticipated gross margin decline to 37% to 39% (down from 42% in Q3) driven partly by a greater proportion of revenue from systems and several discounted evaluation tool acceptances. This shows the upfront investment in customer validation before a full-margin sale is secured.

For complex processes, customer-specific training and application support are inherent to the value proposition for advanced systems. The company is seeing traction with new orders for its 300 mm gallium nitride single wafer and arsenide phosphide batch systems, which require specialized operational expertise.

The focus on aftermarket service contracts for recurring, high-margin revenue is evident in segment performance. While system revenue in the Data Storage market declined in 2025 compared to 2024 because customers weren't adding new capacity, the company specifically noted that its service revenue has increased, reflecting higher customer utilization. This recurring stream supports the overall financial structure, even when new equipment sales fluctuate.

Here's a look at the revenue distribution from Q3 2025, which shows where the installed base requiring service resides:

The company's commitment to the installed base is also supported by a strong balance sheet; the pro-forma cash position, including short-term and long-term investments as of June 30, 2025, was over $900 million. This financial foundation helps support the necessary OpEx, which is expected to be approximately $48 million in Q4 2025.

The consultative approach is also visible in the technology focus:

• Enables customers to advance complex roadmaps in areas like AI and High-Performance Computing.
• Securing supplier awards, such as Intel's 2025 EPIC supplier award, which validates deep customer alignment.
• Focus on advanced packaging and EUV mask blanks drives demand for specialized support.

Veeco Instruments Inc. (VECO) - Canvas Business Model: Channels

You're looking at how Veeco Instruments Inc. gets its complex equipment into the hands of semiconductor manufacturers globally, and how it keeps those systems running. The channel strategy here is high-touch, reflecting the high-value nature of the capital equipment they sell.

The direct sales force is the primary conduit for high-value, complex system sales across the globe. This approach is necessary because the equipment, like the Ion Beam Deposition systems for EUV mask blanks or the 300mm MOCVD systems, requires deep technical consultation. For context on the global footprint supporting this, as of the end of 2024, Veeco Instruments Inc. had 1,231 employees, with 290 located in the Asia-Pacific region, 60 in EMEA, and 881 in the United States. This structure supports the fact that 77% of Veeco Instruments Inc.'s revenue came from non-U.S. customers in fiscal year 2024.

Supporting the installed base is a global network of field service engineers for installation and maintenance. This service component is clearly a focus, as management noted in the Q2 2025 call that service revenue has increased, reflecting higher customer utilization. This service revenue stream is critical, especially as the company sees opportunities in the compound semiconductor market potentially driving revenue growth beginning in late 2025 into 2026. The function of sales, order administration, marketing, and service combined accounted for 56% of the company's operations and manufacturing employees in 2024.

Shipments are direct to customer fabrication facilities (fabs), which is standard for this industry, covering key geographies like Asia Pacific, China, and the US. The company's Q3 2025 revenue was $165.9 million, and the guidance for Q4 2025 revenue was set between $155 million and $175 million. The trailing twelve month revenue as of September 30, 2025, stood at $681.41 million. The distribution of this revenue across segments shows where the direct sales effort is focused:

Investor Relations and public communications form a distinct channel for reaching financial stakeholders. You can see the cadence of this communication clearly; for instance, the Q3 2025 Financial Results Conference Call occurred on November 5, 2025, and an Investor Presentation followed on November 6, 2025. The company's market capitalization as of October 30, 2025, was $1.75B.

The direct engagement model is supported by specific product traction that drives these sales channels:

• Shipments of wet processing and lithography systems for Advanced Packaging.
• Ion Beam Deposition systems for EUV mask blanks.
• Recent major order for the Propel® 300 GaN system.
• Multiple customers designating the Laser Spike Annealing platform as production tool of record.

Honestly, the reliance on direct sales for complex systems means that the sales cycle timing heavily influences quarterly results, as evidenced by the Q4 2025 revenue guidance range of $155 million to $175 million.

Finance: draft 13-week cash view by Friday.

Veeco Instruments Inc. (VECO) - Canvas Business Model: Customer Segments

You're looking at the core customers Veeco Instruments Inc. serves as of late 2025, which really dictates where their revenue comes from right now. It's heavily weighted toward the leading edge of semiconductor fabrication, so understanding these buckets is key to seeing the near-term picture.

The largest group is definitely the Tier 1 Semiconductor Manufacturers, covering foundry, logic, and memory operations. This group was responsible for a massive 71% of Veeco Instruments Inc.'s total revenue in Q3 2025. To put that in dollar terms, that segment brought in $118 million out of the total Q3 2025 revenue of $165.9 million. That concentration means their fortunes are closely tied to the capex cycles of the biggest chipmakers globally. This revenue stream was specifically driven by demand for Laser Spike Annealing (LSA) for logic and memory, and Ion Beam Deposition (IBD) for EUV mask blanks.

Within that semiconductor focus, you see strong demand from producers involved in the next wave of computing power. These are the customers driving the need for advanced process steps:

• Advanced Packaging and High-Bandwidth Memory (HBM) producers, where Veeco Instruments Inc.'s differentiated equipment is enabling customers to advance their most complex technology road maps.
• Demand is strong in areas like gate-all-around (GAA) technology, which requires advanced processing steps where Veeco Instruments Inc. has production tool placements.

Next up, you have the Compound Semiconductor device manufacturers, which includes producers of GaN Power and Photonics devices. This segment generated $11 million in revenue for Q3 2025, representing 7% of the total. Veeco Instruments Inc. recently secured multiple orders for its 300 mm Gallium Nitride (GaN) single wafer and Arsenide Phosphide batch systems, showing traction in these specialized, high-growth areas.

The Data Storage head and media manufacturers segment is smaller but still a defined customer base. This group accounted for exactly 6% of Q3 2025 revenue, which translated to $10 million. While system revenue declined year-over-year as customers paused new system capacity additions, service revenue increased, reflecting higher utilization of existing installed equipment.

Finally, there's the Scientific and Research Institutions group, which focuses on advanced materials and quantum computing applications. This segment was quite significant in Q3 2025, bringing in $27 million, which was 16% of the total revenue. This was driven by an increase in orders for optical deposition systems.

Here's a quick look at the Q3 2025 revenue contribution by the major reported segments:

Honestly, the split shows you that if the leading-edge logic/memory cycle slows, it really hits the top line hard, given that 71% concentration. Finance: draft 13-week cash view by Friday.

Veeco Instruments Inc. (VECO) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Veeco Instruments Inc.'s operations as of late 2025. The cost structure is heavily weighted toward engineering and product development, which is typical for a complex equipment manufacturer.

High fixed costs from R&D investment in new process technologies are a major component. This investment is necessary to maintain technological leadership in areas like gate-all-around (GAA) and high-bandwidth memory (HBM) enablement. For context, full-year operating expenses in 2024 rose to $194.4 million, driven primarily by increased Research and Development (R&D) investment. This R&D spend is a fixed-like cost because it must continue to advance roadmaps even when revenue dips.

Significant Cost of Goods Sold (COGS) for complex, custom-built equipment directly impacts the gross margin. Because Veeco Instruments builds highly specialized process tools, the material and direct labor costs embedded in COGS are substantial. This complexity is reflected in the margin outlook; for instance, the non-GAAP gross margin guidance for Q4 2025 is projected to be between 37% and 39%, a notable step down from the 41.9% non-GAAP gross margin achieved in Q3 2025.

Operating Expenses (OpEx) are closely managed, though they are expected to tick up slightly into the final quarter. The company guided OpEx for Q4 2025 at approximately $48 million. This compares to the $46 million non-GAAP OpEx reported for Q3 2025.

Here's a quick look at the recent and guided OpEx and margin figures:

The costs associated with the global sales, service, and support infrastructure are captured within the overall Operating Expenses line item. These costs are essential for maintaining high customer utilization rates and supporting the installed base, which drives service revenue.

You should also factor in the potential tariff-related supplier price increases and gross margin drag. For example, when looking at the Q2 2025 guidance, management specifically noted that the gross margin forecast incorporated approximately 100 basis points (bps) impact primarily from lower volumes due to tariffs and tariff-related costs. This shows how external trade policy can directly compress the margin earned on equipment sales.

The financial foundation supporting these costs is the balance sheet strength, which ended Q3 2025 with cash and short-term investments totaling $369 million.

Finance: draft 13-week cash view by Friday.

Veeco Instruments Inc. (VECO) - Canvas Business Model: Revenue Streams

You're looking at how Veeco Instruments Inc. (VECO) brings in the cash, and it's heavily weighted toward selling the big-ticket items that make chips.

The first, and most significant, stream is the Sales of specialized Semiconductor Process Equipment (systems). These are the tools that the world's leading chipmakers use for critical steps like laser annealing, ion beam deposition, and wet processing, especially for advanced nodes like gate-all-around and high-bandwidth memory applications. This equipment drives the bulk of the top line, so when you look at their performance, you're really looking at capital expenditure cycles in the semiconductor industry.

Second, you have the Recurring revenue from Aftermarket Services (parts, maintenance, upgrades). This is the steadier, more predictable money that comes from servicing the installed base of equipment. While system sales can be lumpy, service contracts and spare parts provide a floor for revenue, helping smooth out the cycles inherent in capital equipment sales. Honestly, this stream is key for financial stability.

For the third quarter of fiscal 2025, the numbers really tell the story of where the focus is. The Semiconductor segment was the powerhouse, bringing in $118 million. That represented 71% of the total revenue for the quarter. To give you a clearer picture of the Q3 2025 revenue mix, here's the breakdown:

The total revenue for Veeco Instruments Inc. for that same period, Q3 2025, was reported at $166 million. You can see how that $\mathbf{\$118 \text{ million}}$ from Semiconductor systems dominates the picture. The Compound Semiconductor market contributed $11 million, or 7% of the total revenue in Q3 2025.

Looking at the longer-term picture, the Total Trailing Twelve Month (TTM) revenue as of Q3 2025 was $681.41 million. That figure smooths out some of the quarterly volatility you see from large equipment deliveries.

Now, for the near-term outlook, management provided guidance for the final quarter. The Q4 2025 revenue is expected to range between $155 million and $175 million. This forecast suggests a slight sequential dip from Q3's $\mathbf{\$166 \text{ million}}$, which the company attributed to a shift in product mix, including some discounted evaluation tool acceptances.

To summarize the key revenue drivers you should track, keep an eye on these elements:

• Sales of specialized Semiconductor Process Equipment (systems)
• Recurring revenue from Aftermarket Services (parts, maintenance, upgrades)
• Revenue from the Semiconductor segment was $118 million in Q3 2025
• Total Trailing Twelve Month (TTM) revenue as of Q3 2025 was $681.41 million
• Q4 2025 revenue is expected to range between $155 million and $175 million

Finance: draft 13-week cash view by Friday.