The following is a summary of the Veeco Instruments Inc. (VECO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Veeco reported Q2 2024 revenue at $176 million, in line with the guidance.

• Non-GAAP operating income was $28 million for the quarter.

• Non-GAAP EPS equaled $0.42.

• Gross margin stood at approximately 44%, higher than expected.

• Q3 revenue is anticipated between $170 million and $190 million and expects to increase semiconductor revenue sequentially.

Business Progress:

• Veeco's semiconductor business remains strong with record laser annealing revenue and new LSA orders in advanced logic and memory.

• Focused on expanding the U.S. available market by qualifying new device architectures and technologies such as laser spike annealing, with potential expansion to $1 billion SAM.

• Investments in core technologies are targeting SAM increases and market expansion in the compound semiconductor market.

Opportunities:

• New business opportunities in ion beam deposition, especially for low-resistance metals, potentially important for advanced semiconductor applications.

• Increased adoption of Veeco's advanced technologies driven by the rise of AI and high-value applications in GPU and CPU production, as well as HBM DRAM.

• Exploiting emerging market opportunities in power electronics and photonics within the compound semi-market.

Risks:

• Recognition of revenue from new orders, like the one from the tier-one DRAM customer, could be delayed to later periods, affecting short-term revenue expectations.

More details: Veeco Instruments IR

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