A maker of advanced machines that help manufacture semiconductors, Veeco builds systems for deposition, etching, annealing, and lithography used in markets from data storage to power electronics. Its tools include laser annealing systems for advanced computer chips, NEXUS ion beam systems for EUV mask blanks and data storage, and MOCVD systems for gallium-nitride power and radio-frequency devices. In late 2025 it signed a merger agreement with Axcelis Technologies.
Veeco reports Q4 and FY2025 results with revenue of $165.0M and $664.3M, respectively.
Q4 2025 revenue was $165.0 million, down from $182.1 million in Q4 2024.
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Q4 2025 GAAP net income was $1.1 million ($0.02 per diluted share), down from $15.0 million ($0.26 per diluted share) in Q4 2024.
Q4 2025 non-GAAP net income was $14.7 million ($0.24 per diluted share), down from $24.2 million ($0.41 per diluted share) in Q4 2024.
Full-year 2025 revenue was $664.3 million, down from $717.3 million in 2024; GAAP net income was $35.4 million ($0.59 per diluted share), down from $73.7 million ($1.23 per diluted share).
For Q1 2026, Veeco guides revenue of $150-$170 million, GAAP EPS of ($0.03)-$0.07, and non-GAAP EPS of $0.14-$0.24; for FY2026, revenue of $740-$800 million, GAAP EPS of $0.83-$1.17, and non-GAAP EPS of $1.50-$1.85.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Veeco stockholders approve merger with Axcelis at special meeting
On February 6, 2026, Veeco Instruments Inc. held a special meeting of stockholders to vote on proposals related to its pending merger with Axcelis Technologies, Inc.
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The Merger Agreement Proposal was approved with 53,408,907 votes for, 469,828 against, and 10,875 abstentions.
The Merger Compensation Proposal was approved on a non-binding advisory basis with 53,258,029 votes for, 600,723 against, and 30,858 abstentions.
A quorum was present, with 53,889,610 shares (approximately 89.37% of outstanding shares) represented at the meeting.
The merger remains subject to customary closing conditions, including regulatory approval from the State Administration for Market Regulation of the People's Republic of China, and is expected to complete in the second half of 2026.
5.07 Submission of Matters to a Vote of Security Holders · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Veeco updates on Axcelis merger approvals and $15M revenue uncertainty from customs-held shipments.
On January 22, 2026, the UK Investment Security Unit issued a no further action letter regarding the Axcelis-Veeco merger.
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Axcelis and Veeco waived the closing condition related to Sweden's Investment Screening Law on January 27, 2026.
The merger still requires approval from China's State Administration for Market Regulation and stockholder votes scheduled for February 6, 2026.
Veeco shipped approximately $15 million in Laser Annealing systems to China customers, but revenue is not recognized due to pending U.S. Customs and BIS review.
If revenue is not recognized, Veeco's Q4 2025 revenue and EPS may fall below previously communicated guidance.
Veeco supplements proxy disclosures and faces stockholder lawsuits over Axcelis merger.
Veeco Instruments Inc. will hold a special stockholder meeting on February 6, 2026, to vote on the proposed merger with Axcelis Technologies, Inc.
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Fifteen demand letters and three complaints have been filed by purported stockholders challenging the adequacy of disclosures in the proxy statement related to the merger.
The complaints, including Turner, Clark, and Garfield actions, allege negligence, misrepresentation, and breach of fiduciary duties, seeking to enjoin the merger or rescission.
Veeco denies all allegations and believes no supplemental disclosure is required, but voluntarily supplemented the Definitive Proxy Statement to avoid litigation burden and delay.
Supplemental disclosures include details on the August 12, 2025 Axcelis proposal, financial advisor analyses, and background of merger discussions.