Veeco: Fiscal 1Q24 Financial Results

In 1FQ24, revenue came in at $174 million above the midpoint of guidance range, up 14% from 1FQ23, and flat Q/Q.

Semiconductor revenue increased 29% year-over-year and 5% sequentially to a record $120 million, comprising 69% of total revenue. Sales to the semiconductor market continue to be driven by strong demand for laser annealing systems. In the compound semiconductor market, revenue increased from the prior quarter to $21 million, totalling 12% of revenue.

Revenue from data storage customers contributed 10% at $18.0 million vs. $21.5 million in 1FQ23, and lastly, scientific and other made up 9%. Data storage refers to the HDD market, for which systems enable customers to manufacture thin film magnetic heads for HDDs as part of large capacity storage applications.

Revenue from the AsiaPac region excluding China totalled 42%, an increase from 34% in the prior quarter driven by semiconductor customers.

Veeco expects revenue in data storage market to be flat to up in 2024.

Historical revenue for storage
(in $ million)

Earnings call transcript