Veeco Instruments (VECO) Investor presentation summary

Company overview and strategic positioning

• Global provider of semiconductor capital equipment with $664M in 2025 revenue and ~1,300 employees.

• Holds ~350 patents and focuses on differentiated technologies for high-value materials challenges.

• Key markets include semiconductor, compound semiconductor, and data storage, with a strong history in ion beam and MOCVD technologies.

• Technologies are critical for several semiconductor manufacturing process steps, including deposition, annealing, and advanced packaging.

• Leading-edge customers drive growth, especially in advanced chips and industry inflections.

Market opportunities and growth drivers

• Served available market (SAM) projected to grow to ~$4.4B by 2029, with a 15% CAGR.

• Semiconductor SAM expected to reach ~$2.7B, driven by laser annealing, ion beam deposition, and advanced packaging.

• Compound semiconductor SAM projected at ~$1.2B, led by GaN power and photonics equipment.

• Growth opportunities in enabling technologies for logic, memory, and advanced packaging, including GAA, HBM, and 3D devices.

• Nanosecond annealing and ion beam deposition offer substantial expansion into new leading-edge applications.

Financial performance and outlook

• 2025 revenue at $664M, with semiconductor segment comprising over 70% of total revenue.

• Non-GAAP gross margin for 2025 at 41%, with operating income of $84.3M and diluted EPS of $1.33.

• FY 2026 revenue guidance of $740M–$800M, non-GAAP gross margin 41%–43%, and diluted EPS $1.50–$1.85.

• Q4 2025 revenue at $165M, non-GAAP gross margin 37.7%, and diluted EPS $0.24.

• Strong cash position with $390M in cash and short-term investments at Q4 2025.