VECO earnings analysis
What we found in VECO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Veeco Instruments Inc. reported disappointing Q1 2026 results, with revenue of $158.3 million and a net loss of $(0.3) million, missing consensus estimates for revenue and EPS. Though semiconductor market revenue decreased, the compound semiconductor and data storage segments showed growth, while management remains optimistic about future growth driven by AI and advanced computing technologies.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decrease
- Total revenue fell to $158.3 million, down 5% from $167.3 million in Q1 2025.
- Glaring EPS Miss
- Reported EPS of $(0.14) significantly missed consensus estimate of $0.19.
- Compound Semiconductor Growth
- Revenue from the Compound Semiconductor segment increased by 31%, contributing 12% of total revenue.
- Data Storage Segment Surges
- Data Storage revenue rose 52% year-over-year, making up 6% of total revenues.
- Cash Position Strengthens
- Cash and cash equivalents increased to $179.5 million from $163.5 million in December 2025.
- Increased Merger Costs
- Total operating expenses increased by 8% to $58.5 million primarily due to $2.0 million in merger-related costs.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Severe Revenue Decline in China
- Sales in China plummeted by 72%, impacting overall revenue expectations.
- Operating Loss
- Operating loss of $(2.7) million compared to an operating income of $14.1 million in Q1 2025.
- High Logistics Costs
- Adverse product mix and rising logistics costs adversely affected gross margins, decreasing to 35% from 41%.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.14
- Gross margin
- 35%
- Operating margin
- -2%
- Segment
- Semiconductor revenue down 12%
- Segment
- Compound Semiconductor revenue up 31%
- Segment
- Data Storage revenue up 52%
- Segment
- Scientific & Other revenue down 9%
What they said about what is next.
Management expects Q2 2026 revenue between $170 million to $190 million and EPS between $0.02 to $0.15.
The filing reads worse than the one before it.
What came before.
- 10-K · February 25, 2026
- Veeco reports fiscal 2025 revenue of $664.3 million and GAAP net income of $35.4 million (diluted EPS $0.59), with backlog rising to $554.9 million at December 31, 2025. Results show margin compression (Q4 gross margin…
- 10-Q · November 5, 2025
- Veeco reported Q3 net sales of $165,881,000 and diluted EPS of $0.17, with year-over-year declines in revenue, gross margin and operating income versus Q3 2024. Liquidity strengthened (cash $193,192,000; short-term…
- 10-Q · May 7, 2025
- Veeco reported Q1 net sales of $167.3M and diluted EPS of $0.20. Revenue and gross profit declined versus Q1 2024 (sales down $7.2M to $167.3M; gross profit down $6.95M to $68.47M) while operating income fell to…
- 10-K · February 16, 2024
- Veeco positions itself as a diversified supplier of advanced process equipment across Semiconductor, Compound Semiconductor, Data Storage and Scientific markets, emphasizing roadmap items such as nanosecond laser…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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