Veeco Instruments Inc. reported its financial results for the first quarter of 2025, revealing a net sales figure of $167.3 million, a decrease of 4% from $174.5 million in the same period of 2024. The company's gross profit also fell to $68.5 million, down from $75.4 million, resulting in a gross margin of 41% compared to 43% in the prior year. Operating income decreased significantly by 36% to $14.1 million, while net income dropped 45% to $11.9 million, translating to earnings per share of $0.20 on a diluted basis, down from $0.37 a year earlier.
The decline in revenue was primarily attributed to reduced sales in the Data Storage and Compound Semiconductor markets, which saw decreases of 63% and 31%, respectively. However, the Semiconductor market experienced a 3% increase, driven by higher system shipments in Advanced Packaging and lithography systems. Geographically, sales in China rose by 10%, while the United States and the Rest of APAC saw declines of 14% and 18%, respectively. The company noted that ongoing trade dynamics and tariffs have led to shipment delays for some customers in China, contributing to the overall revenue decline.
In terms of operational developments, Veeco continues to focus on innovation and product development. The company has made significant strides in its laser annealing solutions, which are gaining traction among leading-edge logic customers. Additionally, Veeco's Ion Beam Deposition technology is positioned to support the growing demand for EUV lithography in semiconductor manufacturing. The company is also evaluating next-generation systems that could expand its market share in advanced node applications.
As of March 31, 2025, Veeco's total assets increased to $1.28 billion from $1.25 billion at the end of 2024, with cash and cash equivalents rising to $174.9 million. The company reported a total stockholders' equity of $811.9 million, up from $770.8 million. The headcount remained stable, reflecting the company's commitment to maintaining its workforce amid fluctuating market conditions. Looking ahead, Veeco anticipates continued growth in the Semiconductor industry, driven by advancements in AI and high-performance computing, although it expects a decline in revenue from its China operations in 2025 due to ongoing geopolitical tensions and trade restrictions.
About VEECO INSTRUMENTS INC
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