Veeco Instruments Inc.

Semiconductor Equipment & Materials • Technology • Plainview, NY, United States • VECO (NMS)

Quarter: Q3 2025 Reported: November 5, 2025 Sentiment: Neutral

Veeco Instruments Inc., together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems. Its process equipment systems are used in the production of a range of microelectronic components, including logic, dynamic random-access memory, photonics devices, power electronics, radio frequency filters and amplifiers, magnetic heads for hard disk drives, and other semiconductor devices. In addition, the company markets and sells its products to integrated device manufacturers and foundries; outsourced semiconductor assembly and test companies; and hard disk drive and photonics manufacturers, as well as research centers and universities. It operates in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. Veeco Instruments Inc. was founded in 1945 and is headquartered in Plainview, New York.

Analysis Summary

The provided document is a Form 8-K filing from Veeco Instruments Inc. dated November 5, 2025, announcing the release of its Q3 2025 financial results and, more prominently, a significant corporate action. It explicitly states that the detailed financial results for the quarter ended September 30, 2025, along with a conference call presentation, are furnished as Exhibit 99.1 (press release) and Exhibit 99.2 (presentation) to this report, and are not contained within this 8-K filing itself. Therefore, a comprehensive breakdown of financial performance, specific revenue/earnings numbers, growth rates, detailed guidance, or analyst Q&A cannot be provided based solely on this document.

**Strategic Initiatives and Business Segment Analysis:** The primary strategic initiative highlighted is the proposed merger of Veeco with Axcelis Technologies, Inc. Veeco will merge into Victory Merger Sub, Inc., a wholly-owned subsidiary of Axcelis, with Veeco surviving as a wholly-owned subsidiary of Axcelis. This indicates a strategic consolidation within the semiconductor equipment industry, aiming for potential synergies and a stronger combined entity. The document outlines the process for this transaction, including the preparation of a Form S-4 registration statement that will include a joint proxy statement/prospectus for shareholders of both companies.

**Management Commentary and Forward Guidance:** No direct management commentary or specific forward guidance on operational performance is available in this 8-K. The document focuses on the procedural aspects of the merger and the announcement of Q3 results, rather than a detailed earnings call transcript.

**Competitive Positioning and Market Trends:** The merger itself suggests a move to enhance competitive positioning by combining the strengths of Veeco and Axcelis. The forward-looking statements section broadly mentions future industry demand for semiconductors and wafer fabrication equipment, and the combined company's ability to maintain technology advantage and compete with new products, implying an anticipation of continued growth and innovation in the sector.

**Risk Factors and Concerns Raised:** The document extensively details risks associated with the proposed merger. These include the failure to obtain timely regulatory and stockholder approvals, failure to satisfy other closing conditions, negative effects of the announcement, challenges in integrating businesses, failure to realize expected benefits (cost savings, accretion, synergies, growth), disruptions to business plans, unanticipated integration costs, potential litigation, and impacts on relationships with suppliers, customers, employees, and regulators. Broader industry risks like economic conditions, natural catastrophic events, health epidemics, changes in technology and semiconductor industry trends, pricing trends, customer capital spending, and export control licenses (especially for China) are also mentioned as factors that could affect actual results.

Key Highlights

• Veeco Instruments announced Q3 2025 financial results on November 5, 2025.
• Proposed merger with Axcelis Technologies, Inc. is the primary strategic announcement.
• Veeco will become a wholly-owned subsidiary of Axcelis post-merger.
• The merger requires regulatory and stockholder approvals from both companies.
• A joint proxy statement/prospectus will be filed with the SEC for the transaction.
• Significant risks related to merger integration and approvals were highlighted.
• Detailed financial results are available in separate press release and presentation exhibits.

Financial Metrics

eps

YoY: N/A - Not provided in this document. Refer to Exhibit 99.1.

revenue

N/A

YoY: N/A - Not provided in this document. Refer to Exhibit 99.1.

guidance

net income

N/A

YoY: N/A - Not provided in this document. Refer to Exhibit 99.1.

Stock Performance (90 Days)

Data through Feb 13, 2026

Layoff Events

Earnings Calls

Positive Signals

• Definitive agreement for merger with Axcelis Technologies signals strategic growth.
• Anticipated synergies and benefits from the combined entity.
• Commitment to shareholder returns through the proposed transaction.
• Continued focus on developing new technologies and products (implied by forward-looking statements).

Risks & Concerns

— Failure to obtain timely regulatory and stockholder approvals for the merger.
— Risks that the businesses will not be integrated successfully or expected benefits not realized.
— Disruptions from the proposed transaction harming business plans and operations.
— Unanticipated costs of integration and significant transaction expenses.
— Potential impact of the merger announcement on relationships with suppliers, customers, and employees.