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Here are 1-2 brief analogies for Veeco Instruments (VECO):

• Applied Materials, but for specialized chip-making equipment.
• Lam Research, focused on advanced packaging and compound semiconductor tools.

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• MOCVD Systems: Equipment used for depositing thin films of semiconductor materials, critical for manufacturing LEDs, power electronics, and photonics.
• Atomic Layer Deposition (ALD) and Etch Systems: Advanced tools for depositing and etching ultra-thin films with precise control, essential for next-generation logic and memory chips.
• Ion Beam Etch & Deposition Systems: Precision systems that use ion beams to etch or deposit thin films, utilized in advanced packaging, MEMS, and photonics.
• Laser Annealing Systems: Systems employing lasers to modify material properties at the atomic level, crucial for advanced semiconductor device fabrication.
• Advanced Packaging Lithography Systems: Tools designed for high-resolution patterning in advanced semiconductor packaging applications.

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Veeco Instruments (VECO) primarily sells its advanced process equipment and metrology solutions to other companies (B2B) and institutions in various high-tech manufacturing sectors.

While Veeco's annual reports (10-K filings) indicate significant customer concentration (for example, in 2023, two customers represented 16% and 11% of their net revenue), the company does not publicly disclose the specific names of its individual major customers due to confidentiality. Therefore, it is not possible to list the exact names and symbols of these specific companies.

However, Veeco's customer base can be broadly categorized into the following types of companies and institutions:

• Semiconductor Manufacturers: This includes Integrated Device Manufacturers (IDMs), foundries, and compound semiconductor manufacturers. These companies utilize Veeco's equipment for various stages of microchip production, advanced packaging, and the manufacturing of specialty semiconductors.
• Outsourced Assembly and Test (OSAT) Companies: Firms that provide third-party semiconductor assembly, packaging, and test services for other chip manufacturers.
• Data Storage Industry: Original Equipment Manufacturers (OEMs) and end users within the data storage sector, which leverage Veeco's advanced thin-film deposition and etch technologies for components like hard disk drives.
• Research & Development Facilities: Academic and governmental laboratories, as well as other corporate R&D facilities, across a broad range of scientific and industrial markets, using Veeco's tools for material science research and development.

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William J. Miller, Ph.D. Chief Executive Officer

William J. Miller joined Veeco in 2005 and was appointed Chief Executive Officer in October 2018, having previously served as President since January 2016. Prior to his time at Veeco, Dr. Miller held various engineering and operations leadership positions at Advanced Energy and Exxon. He holds a Bachelor of Science, Master of Science, and Doctor of Philosophy in Mechanical Engineering from the University of Pennsylvania.

John P. Kiernan Senior Vice President and Chief Financial Officer

John P. Kiernan was appointed Senior Vice President and Chief Financial Officer in January 2020. He joined Veeco in 1994 and has held a variety of financial leadership roles with increasing responsibility, including Senior Vice President, Finance, Chief Accounting Officer, and Treasurer, and Corporate Controller. Before joining Veeco, Mr. Kiernan was a senior manager at Ernst & Young LLP. He is a CPA and holds a Bachelor of Science in Accounting from Long Island University.

Robert Bradshaw Chief Administrative Officer

Robert Bradshaw serves as Chief Administrative Officer at Veeco Instruments, having joined the company in August 2005.

Adrian Devasahayam, Ph.D. Senior Vice President, Product Line Management

Adrian Devasahayam, Ph.D. is the Senior Vice President, Product Line Management at Veeco Instruments.

Peter Porshnev, Ph.D. Senior Vice President, Unified Engineering

Peter Porshnev, Ph.D. serves as the Senior Vice President, Unified Engineering. He has been Senior Vice President and General Manager of Ultratech at Veeco Instruments Inc. since the acquisition of Ultratech.

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The key risks to Veeco Instruments' (VECO) business are primarily rooted in the cyclical and rapidly evolving nature of its target industries, compounded by significant geopolitical and supply chain vulnerabilities.

1. Market and Industry Cyclicality, Demand Volatility, and Rapid Technological Change: Veeco operates in highly cyclical industries, specifically semiconductor and data storage, which are characterized by rapid technological advancements and fluctuating market demands. This results in unpredictable sales cycles, potential order cancellations, and a continuous need for innovation to remain competitive. Recent financial reports indicate a slowdown in legacy businesses and a significant weakening in the data storage market, directly impacting revenue.
2. Geopolitical and Regulatory Risks, particularly U.S.-China Trade Relations: As a global business, Veeco is significantly exposed to geopolitical tensions, changes in trade policies, and regulatory challenges. U.S.-China relations, including export controls and tariffs, pose a substantial risk, with the company anticipating a decline in revenue from China in 2025 due to moderated customer engagement.
3. Supply Chain Dependence and Customer Concentration: Veeco relies on a limited number of third-party suppliers and outsourcing partners for key components and manufacturing processes. This dependency creates a risk of supply chain interruptions and operational difficulties if these partners fail to perform as expected. Additionally, a concentrated customer base increases the company's vulnerability to shifts in demand or economic challenges faced by a few major customers.

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Veeco Instruments (NASDAQ: VECO) operates in several key addressable markets within the semiconductor industry, with projections for significant growth in the coming years. Their main products and services contribute to the overall semiconductor, compound semiconductor, and data storage markets, with a strong focus on advanced packaging, laser annealing, and ion beam technologies.

• Total Served Available Market (SAM): Veeco's total served available market is projected to grow from approximately $2.5 billion in 2025 to about $4.4 billion by 2029 globally. Another estimate places the total SAM at approximately $2.3 billion in 2023, expanding to around $4.0 billion by 2027 globally. Following a proposed merger with Axcelis Technologies, the pro-forma SAM is anticipated to exceed $5 billion on a 2024 basis globally.
• Semiconductor Opportunity: The semiconductor market opportunity for Veeco is projected to reach approximately $2.7 billion by 2029, driven by demand for laser annealing, ion beam deposition, and advanced packaging equipment globally. Another projection estimates this segment will grow to approximately $2.0 billion by 2028 globally.
• Advanced Packaging: This represents a significant addressable market, projected to reach $1.3 billion by 2029 globally. Veeco's Advanced Packaging Lithography systems market is projected to grow from approximately $350 million in 2025 to around $650 million by 2029 globally.
• Laser Annealing (LSA) / Annealing: The annealing served available market is projected to reach approximately $1.3 billion by 2029 globally. Specifically, Laser Spike Annealing (LSA) is projected to grow from approximately $600 million in 2025 to about $850 million by 2029 globally, while Nanosecond Annealing (NSA) is expected to grow from around $100 million in 2025 to approximately $450 million by 2029 globally.
• Ion Beam Deposition (IBD): The Ion Beam Based Deposition (IBD) market is projected to reach $1.32 billion in 2025 globally, with a compound annual growth rate (CAGR) of 8.3% from 2025 to 2033. The focused ion beam market was estimated at $1.55 billion in 2024 and is projected to reach $2.36 billion by 2030 globally, growing at a CAGR of 7.3% from 2025 to 2030. The market for IBD EUV Mask Blanks is projected to grow from approximately $70 million in 2025 to about $150 million by 2029 globally.
• Compound Semiconductor Opportunity: This market opportunity is projected to grow to approximately $1.2 billion by 2029, driven by equipment for Gallium Nitride (GaN) power and photonics globally. The broader compound semiconductor market is projected to reach $61.96 billion by 2030 globally, with Veeco positioned to capture a significant share. The GaN device market alone is projected to grow at a 35% CAGR from $555 million in 2025 to $2.5 billion by 2030 globally.
• MOCVD Systems for MicroLEDs and Photonics: While a total market size for MOCVD systems wasn't explicitly stated, the MicroLED market, a key application for MOCVD, is projected to reach $2.41 billion by 2030 globally, growing at a 41.83% CAGR. The photonics sub-sector, also utilizing MOCVD, is expected to reach $5 billion by 2029 globally.

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Veeco Instruments (VECO) anticipates several key drivers for its revenue growth over the next 2-3 years, primarily stemming from advancements in semiconductor technology and strategic market expansion:

1. Growth in AI and High-Performance Computing (HPC) Leading-Edge Investments: Veeco expects sustained investment in leading-edge semiconductor technologies, particularly those related to Artificial Intelligence (AI) and High-Performance Computing (HPC), to drive revenue growth. This momentum is projected to continue into 2026.
2. Increased Demand in Gate-All-Around (GAA) and Advanced Packaging: The semiconductor market's growth in 2025 and 2026 is notably driven by demand for Gate-All-Around (GAA) architectures and advanced packaging solutions. Veeco's laser spike annealing (LSA) and advanced packaging wet processing systems are crucial for these applications.
3. New Product Traction in MOCVD and Advanced Annealing: The company is experiencing positive momentum and securing multiple orders for its 300mm Gallium Nitride and Arsenide Phosphide MOCVD (Metal Organic Chemical Vapor Deposition) systems. Additionally, new annealing technologies, such as Nanosecond Annealing (NSA), are highlighted as significant growth areas.
4. Continued Demand for Ion Beam Deposition (IBD) EUV for Mask Blanks: Veeco's Ion Beam Deposition (IBD) EUV technology, used for mask blanks, remains a key contributor to its semiconductor business performance.
5. Expansion of Technology and Market Opportunities through Axcelis Merger: The pending merger with Axcelis is a strategic move expected to significantly expand Veeco's technology portfolio and market opportunities, further enhancing its ability to serve customers.

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Share Repurchases

• In November 2021, Veeco repurchased approximately $111.5 million in aggregate principal amount of its 2.70% Convertible Senior Notes due 2023 for a cash consideration of approximately $115.6 million, plus $1.0 million in accrued interest.
• This transaction effectively retired over 80% of Veeco's 2023 debt maturity obligation, reducing potential dilution and de-leveraging the balance sheet.

Share Issuance

• Veeco settled $26.5 million in outstanding principal balance of its 3.50% convertible senior notes due in 2025 through the issuance of company shares upon maturity.
• Earlier 2025 and 2027 convertible notes were settled in 2025 through share issuances and a small cash component.
• In May 2025, Veeco announced private exchanges and the cancellation of the remaining 3.75% Convertible Notes due 2027.

Capital Expenditures

• Capital expenditures were reported at $3.6 million for June 2025.
• Veeco has been actively investing in research and development to maintain its competitive advantage in the semiconductor and compound semiconductor markets.
• Investments are focused on advanced semiconductor manufacturing, particularly for AI, power, and packaging, including technologies for high-performance AI chips and High-Bandwidth Memory (HBM).