VEECO INSTRUMENTS INC, 10-Q filed on 8/5/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2026
Jul. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
Document Transition Report false  
Securities Act File Number 0-16244  
Entity Registrant Name VEECO INSTRUMENTS INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 11-2989601  
Entity Address, Address Line One Terminal Drive  
Entity Address, City or Town Plainview  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 11803  
City Area Code 516  
Local Phone Number 677-0200  
Title of 12(b) Security Common Stock  
Trading Symbol VECO  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   61,129,640
Entity Central Index Key 0000103145  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 214,458 $ 163,466
Short-term investments 214,940 226,763
Accounts receivable, net 148,369 110,685
Contract assets 23,430 34,838
Inventories 292,495 275,298
Prepaid expenses and other current assets 36,582 34,286
Total current assets 930,274 845,336
Property, plant, and equipment, net 110,265 108,646
Operating lease right-of-use assets 23,634 24,606
Intangible assets, net 4,384 5,696
Goodwill 214,964 214,964
Deferred income taxes 124,045 122,935
Other assets 6,899 3,612
Total assets 1,414,465 1,325,795
Current liabilities:    
Accounts payable 57,480 55,344
Accrued expenses and other current liabilities 54,087 45,503
Contract liabilities 123,682 74,161
Income taxes payable 1,720 3,048
Total current liabilities 236,969 178,056
Deferred income taxes 492 532
Long-term debt 226,543 226,009
Long-term operating lease liabilities 30,470 31,837
Other liabilities 17,209 3,852
Total liabilities 511,683 440,286
Stockholders' equity:    
Common stock, $0.01 par value; 120,000,000 shares authorized; 61,129,116 shares issued and outstanding at June 30, 2026 and 60,388,539 shares issued and outstanding at December 31, 2025 611 604
Additional paid-in capital 1,312,491 1,306,176
Accumulated deficit (411,532) (423,065)
Accumulated other comprehensive income 1,212 1,794
Total stockholders' equity 902,782 885,509
Total liabilities and stockholders' equity $ 1,414,465 $ 1,325,795
v3.26.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2026
Dec. 31, 2025
Consolidated Balance Sheets    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 500,000 500,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized shares 120,000,000 120,000,000
Common stock, shares issued 61,129,116 60,388,539
Common stock, shares outstanding 61,129,116 60,388,539
v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Consolidated Statements of Operations        
Net sales $ 193,481 $ 166,104 $ 351,822 $ 333,396
Cost of sales 118,649 97,377 221,162 196,202
Gross profit 74,832 68,727 130,660 137,194
Operating expenses, net:        
Research and development 33,343 31,560 63,218 60,074
Selling, general, and administrative 27,629 23,927 53,645 48,955
Amortization of intangible assets 607 821 1,312 1,642
Merger costs 1,464   3,476  
Other operating expense (income), net (64) 49 (186) 5
Total operating expenses, net 62,979 56,357 121,465 110,676
Operating income 11,853 12,370 9,195 26,518
Interest income 3,333 3,195 6,609 6,537
Interest expense (2,162) (2,290) (4,263) (4,796)
Other income (expense), net   (653)   (653)
Income before income taxes 13,024 12,622 11,541 27,606
Income tax expense (benefit) 1,167 889 8 3,926
Net income $ 11,857 $ 11,733 $ 11,533 $ 23,680
Income per common share:        
Basic (in dollars per share) $ 0.19 $ 0.2 $ 0.19 $ 0.41
Diluted (in dollars per share) $ 0.18 $ 0.2 $ 0.18 $ 0.4
Weighted average number of shares:        
Basic (in shares) 61,064 59,076 60,777 58,434
Diluted (in shares) 66,782 60,237 64,936 60,072
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Consolidated Statements of Comprehensive Income (Loss)        
Net income $ 11,857 $ 11,733 $ 11,533 $ 23,680
Available-for-sale securities:        
Unrealized gain (loss) on available-for-sale securities (86) (9) (558) 91
Currency translation adjustments:        
Change in currency translation adjustments (24) 39 (24) 47
Total other comprehensive income (loss), net of tax (110) 30 (582) 138
Total comprehensive income (loss) $ 11,747 $ 11,763 $ 10,951 $ 23,818
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net income $ 11,533 $ 23,680
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 9,941 10,136
Non-cash interest expense 534 550
Deferred income taxes (981) 667
Share-based compensation expense 17,726 18,859
Provision for bad debts 14  
Changes in operating assets and liabilities:    
Accounts receivable and contract assets (26,290) (9,068)
Inventories (25,346) (12,249)
Prepaid expenses and other current assets 1,123 660
Accounts payable and accrued expenses 11,520 1,517
Contract liabilities 61,295 (7,311)
Income taxes receivable and payable, net (2,322) 2,648
Other, net 622 (1,055)
Net cash provided by (used in) operating activities 59,369 29,034
Cash Flows from Investing Activities    
Capital expenditures (8,813) (10,350)
Proceeds from the sale of investments 74,035 104,474
Payments for purchases of investments (62,163) (70,066)
Net cash provided by (used in) investing activities 3,059 24,058
Cash Flows from Financing Activities    
Restricted stock tax withholdings (12,883) (6,747)
Proceeds (net of tax withholdings) from option exercises and employee stock purchase plan 1,478 2,879
Repayment of convertible debt   (5,229)
Debt issuance costs   (885)
Net cash provided by (used in) financing activities (11,405) (9,982)
Effect of exchange rate changes on cash and cash equivalents (31) 60
Net increase (decrease) in cash and cash equivalents 50,992 43,170
Cash and cash equivalents - beginning of period 163,466 145,819
Cash and cash equivalents - end of period 214,458 188,989
Supplemental Disclosure of Cash Flow Information    
Interest paid 3,593 4,622
Income taxes paid (refunded) 885 (406)
Non-cash activities    
Capital expenditures included in accounts payable and accrued expenses 1,163 833
Net transfer of inventory to property, plant and equipment 4,679  
Net transfer of inventory to other noncurrent assets 3,470  
Right-of-use assets obtained in exchange for lease obligations $ 302 $ 890
v3.26.1
Basis of Presentation
 6 Months Ended
Jun. 30, 2026
Basis of Presentation  
Basis of Presentation

Note 1 — Basis of Presentation

​

The accompanying unaudited Consolidated Financial Statements of Veeco have been prepared in accordance with U.S. GAAP as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 270 for interim financial information and with the instructions to Rule 10-01 of Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements as the interim information is an update of the information that was presented in Veeco’s most recent annual financial statements. For further information, refer to Veeco’s Consolidated Financial Statements and Notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal, recurring nature.

​

Veeco reports interim quarters on a 13-week basis ending on the last Sunday of each quarter. The fourth quarter always ends on the last day of the calendar year, December 31. The 2026 interim quarters end on March 29, June 28, and September 27, and the 2025 interim quarters end on March 30, June 29, and September 28. These interim quarters are reported as March 31, June 30, and September 30 in Veeco’s interim consolidated financial statements.

​

The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates.

​

Recent Accounting Standards Not Yet Adopted

​

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statements Expenses (Subtopic 220-40),” to improve income statement expenses disclosure. The standard requires more detailed information related to the types of expenses, including (among other items) the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each interim and annual income statement’s expense caption, as applicable. This authoritative guidance can be applied prospectively or retrospectively and will be effective for financial statements issued for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements.

​

Pending Merger with Axcelis Technologies, Inc.

​

On September 30, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Axcelis Technologies, Inc., a Delaware corporation (“Axcelis”), and Victory Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Axcelis (“Merger Sub”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, Merger Sub will merge with and into Veeco (the “Merger”), with Veeco surviving as a wholly-owned subsidiary of Axcelis. See Note 10 Merger for additional information.
v3.26.1
Income Per Common Share
 6 Months Ended
Jun. 30, 2026
Income Per Common Share  
Income Per Common Share

Note 2 — Income Per Common Share

​

Basic income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted income per share is calculated by dividing net income available to common shareholders by the weighted average number of shares used to calculate basic income per share plus the weighted average number of common share equivalents outstanding during the period. The dilutive effect of outstanding options to purchase common stock and share-based awards is considered in diluted income per share by application of the treasury stock method. The dilutive effect of performance share units is included in diluted income per common share if the performance targets have been achieved, or would have been achieved if the reporting date was the end of the contingency period. Finally, the Company includes the dilutive effect of shares issuable upon conversion of its Notes in the calculation of diluted income per share using the if-converted method. The Company must settle the principal amount of the 2029 Notes in cash, and has the option to settle any excess of the conversion value over the principal amount in any combination of cash or shares. As such, the Company only includes the excess shares that may be issuable above the principal amount of the 2029 Notes in the dilutive share count, if the effect would be dilutive.

​

The computations of basic and diluted income per share for the three and six months ended June 30, 2026 and 2025 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

​

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

​

​

(in thousands, except per share amounts)

​

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

11,857

​

$

11,733

​

$

11,533

​

$

23,680

​

Interest expense associated with convertible notes

​

​

—

​

​

125

​

​

—

​

​

378

​

Net income available to common shareholders

​

$

11,857

​

$

11,858

​

$

11,533

​

$

24,058

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic weighted average shares outstanding

​

 

61,064

​

 

59,076

​

 

60,777

​

 

58,434

​

Effect of potentially dilutive share-based awards

​

​

1,972

​

​

257

​

​

1,505

​

​

297

​

Dilutive effect of convertible notes

​

 

3,746

​

 

904

​

 

2,654

​

 

1,341

​

Diluted weighted average shares outstanding

​

 

66,782

​

 

60,237

​

 

64,936

​

 

60,072

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income per common share:

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

0.19

​

$

0.20

​

$

0.19

​

$

0.41

​

Diluted

​

$

0.18

​

$

0.20

​

$

0.18

​

$

0.40

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive

​

​

0

​

​

1,803

​

​

17

​

​

1,099

​

Maximum potential shares to be issued for settlement of convertible senior notes excluded from the diluted calculation as their effect would be antidilutive

​

​

N/A

​

​

N/A

​

​

N/A

​

​

92

​

​
v3.26.1
Assets
 6 Months Ended
Jun. 30, 2026
Assets.  
Assets

Note 3 — Assets

​

Investments

​

Short-term investments are generally classified as available-for-sale and reported at fair value, with unrealized gains and losses, net of tax, presented as a separate component of stockholders’ equity under the caption “Accumulated other comprehensive income” in the Consolidated Balance Sheets. These securities may include U.S. treasuries, government agency securities, corporate debt, and commercial paper, all with maturities of greater than three months when purchased. All realized gains and losses and unrealized losses resulting from declines in fair value that are other than temporary are included in “Other operating expense (income), net” in the Consolidated Statements of Operations.

​

Fair value is the price that would be received for an asset or the amount paid to transfer a liability in an orderly transaction between market participants. Veeco classifies certain assets based on the following fair value hierarchy:

​

Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;

​

Level 2: Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and

​

Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

​

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Veeco has evaluated the estimated fair value of financial instruments using available market information and valuations as provided by third-party sources. The use of different market assumptions or estimation methodologies could have a significant effect on the estimated fair value amounts.

​

The following table presents the portion of Veeco’s assets that were measured at fair value on a recurring basis at

June 30, 2026 and December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

​

​

(in thousands)

June 30, 2026

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents

​

​

​

​

​

​

​

​

​

​

​

​

Certificate of deposits and time deposits

​

$

85,209

​

$

—

​

$

—

​

$

85,209

Money market cash

​

​

37,624

​

​

—

​

​

—

​

​

37,624

Total

​

$

122,833

​

$

—

​

$

—

​

$

122,833

Short-term investments

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasuries

​

$

59,814

​

$

—

​

$

—

​

$

59,814

Government agency securities

​

​

—

​

​

58,946

​

​

—

​

​

58,946

Corporate debt

​

​

—

​

​

80,362

​

​

—

​

​

80,362

Commercial paper

​

​

—

​

​

15,818

​

​

—

​

​

15,818

Total

​

$

59,814

​

$

155,126

​

$

—

​

$

214,940

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents

​

​

​

​

​

​

​

​

​

​

​

​

Certificate of deposits and time deposits

​

$

63,893

​

$

—

​

$

—

​

$

63,893

Money market cash

​

​

15,327

​

​

—

​

​

—

​

​

15,327

Total

​

$

79,220

​

$

—

​

$

—

​

$

79,220

Short-term investments

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasuries

​

$

77,110

​

$

—

​

$

—

​

$

77,110

Government agency securities

​

​

—

​

​

53,488

​

​

—

​

​

53,488

Corporate debt

​

​

—

​

​

96,165

​

​

—

​

​

96,165

Total

​

$

77,110

​

$

149,653

​

$

—

​

$

226,763

​

There were no transfers between fair value measurement levels during the three and six months ended June 30, 2026.

​

At June 30, 2026 and December 31, 2025, the amortized cost and fair value of available-for-sale securities consist of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

Gross

  ​ ​ ​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Estimated

​

​

Cost

​

Gains

​

Losses

​

Fair Value

​

​

(in thousands)

June 30, 2026

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasuries

​

$

60,064

​

$

1

​

$

(251)

​

$

59,814

Government agency securities

​

​

59,155

​

​

7

​

​

(216)

​

​

58,946

Corporate debt

​

​

80,583

​

​

6

​

​

(227)

​

​

80,362

Commercial paper

​

​

15,818

​

​

—

​

​

—

​

​

15,818

Total

​

$

215,620

​

$

14

​

$

(694)

​

$

214,940

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasuries

​

$

77,106

​

$

52

​

$

(48)

​

$

77,110

Government agency securities

​

​

53,473

​

​

50

​

​

(35)

​

​

53,488

Corporate debt

​

 

96,144

​

​

86

​

​

(65)

​

 

96,165

Total

​

$

226,723

​

$

188

​

$

(148)

​

$

226,763

​

Available-for-sale securities in a loss position at June 30, 2026 and December 31, 2025 consist of:

​

​

​

​

​

​

​

​

​

​

​

Continuous Loss Position

​

​

​

for Less than 12 Months

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

​

​

Estimated

​

Unrealized

​

​

​

Fair Value

​

Losses

​

​

​

​

(in thousands)

June 30, 2026

​

​

​

​

​

​

​

U.S. treasuries

​

$

53,815

​

$

(251)

​

Government agency securities

​

​

52,782

​

​

(216)

​

Corporate debt

​

 

65,089

​

 

(227)

​

Total

​

$

171,686

​

$

(694)

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​

​

​

​

​

U.S. treasuries

​

$

37,609

​

$

(48)

​

Government agency securities

​

​

24,028

​

​

(35)

​

Corporate debt

​

 

45,675

​

 

(65)

​

Total

​

$

107,312

​

$

(148)

​

​

The contractual maturities of securities classified as available-for-sale at June 30, 2026 were as follows:

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

​

Amortized

​

Estimated

​

​

Cost

​

Fair Value

​

​

​

(in thousands)

Due in one year or less

​

$

129,788

​

$

129,623

Due after one year through two years

​

​

85,832

​

 

85,317

Total

​

$

215,620

​

$

214,940

​

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There were no realized gains or losses, or unrealized losses from declines in fair value that are other than temporary, for the six months ended June 30, 2026 and 2025.

​

Accounts Receivable

​

Accounts receivable is presented net of an allowance for doubtful accounts of $0.9 million and $1.0 million at June 30, 2026 and December 31, 2025, respectively. The Company considers its current expectations of future economic conditions when estimating its allowance for doubtful accounts.

​

Inventories

​

Inventories at June 30, 2026 and December 31, 2025 consist of the following:

​

​

​

​

​

​

​

​

​

​

June 30,

​

December 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in thousands)

Materials

​

$

168,573

​

$

156,385

Work-in-process

​

 

92,067

​

 

80,947

Finished goods

​

 

5,203

​

 

7,017

Evaluation inventory

​

​

26,652

​

​

30,949

Total

​

$

292,495

​

$

275,298

​

Prepaid Expenses and Other Current Assets

​

Prepaid expenses and other current assets primarily consist of supplier deposits, prepaid value-added tax, lease deposits, prepaid insurance, prepaid software and maintenance, and other receivables. The Company had deposits with its suppliers of $15.1 million and $9.8 million for June 30, 2026 and December 31, 2025, respectively.

​

Property, Plant, and Equipment

​

Property, plant, and equipment at June 30, 2026 and December 31, 2025 consist of the following:

​

​

​

​

​

​

​

​

​

​

June 30,

​

December 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in thousands)

Land

​

$

5,061

​

$

5,061

Building and improvements

​

 

61,963

​

 

61,749

Machinery and equipment (1)

​

 

208,246

​

 

198,898

Leasehold improvements

​

 

55,735

​

 

55,210

Gross property, plant, and equipment

​

 

331,005

​

 

320,918

Less: accumulated depreciation and amortization

​

 

220,740

​

 

212,272

Property, plant, and equipment, net

​

$

110,265

​

$

108,646

(1)Machinery and equipment also includes software, furniture, and fixtures

​

For the three and six months ended June 30, 2026, depreciation expense was $4.3 million and $8.6 million, respectively and $4.3 million and $8.5 million, respectively, for the comparable 2025 period.

​

Goodwill

​

Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. There were no changes to goodwill during the six months ended June 30, 2026.

Intangible Assets

​

Intangible assets consist of purchased technology, customer relationships, patents, trademarks and tradenames, licenses, and backlog, and are initially recorded at fair value. Long-lived intangible assets are amortized over their estimated useful lives in a method reflecting the pattern in which the economic benefits are consumed or amortized on a straight-line basis if such pattern cannot be reliably determined.

​

The components of purchased intangible assets were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

December 31, 2025

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

Accumulated

​

​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

Amortization

  ​ ​ ​

​

  ​ ​ ​

Gross

  ​ ​ ​

Amortization

  ​ ​ ​

​

​

​

Carrying

​

and

​

Net

​

Carrying

​

and

​

Net

​

​

Amount

​

Impairment

​

Amount

​

Amount

​

Impairment

​

Amount

​

​

(in thousands)

Technology

​

$

355,928

​

$

355,928

​

$

—

​

$

355,928

​

$

355,437

​

$

491

Customer relationships

​

​

146,925

​

​

142,541

​

​

4,384

​

​

146,925

​

​

141,720

​

​

5,205

Trademarks and tradenames

​

​

30,910

​

​

30,910

​

​

—

​

​

30,910

​

​

30,910

​

​

—

Other

​

 

3,746

​

 

3,746

​

 

—

​

 

3,746

​

 

3,746

​

 

—

Total

​

$

537,509

​

$

533,125

​

$

4,384

​

$

537,509

​

$

531,813

​

$

5,696

​

Other intangible assets primarily consist of patents, licenses, and backlog.
v3.26.1
Liabilities
 6 Months Ended
Jun. 30, 2026
Liabilities.  
Liabilities

Note 4 — Liabilities

​

Accrued Expenses and Other Current Liabilities

​

The components of accrued expenses and other current liabilities at June 30, 2026 and December 31, 2025 consist of:

​

​

​

​

​

​

​

​

​

​

June 30,

​

December 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in thousands)

Payroll and related benefits

​

$

25,704

​

$

21,772

Warranty

​

​

10,025

​

​

10,348

Operating lease liabilities

​

​

4,174

​

​

4,164

Interest

​

​

685

​

​

680

Professional fees

​

​

1,282

​

​

1,315

Sales, use, and other taxes

​

 

1,823

​

 

958

Merger costs

​

​

878

​

​

727

Contingent consideration

​

​

275

​

​

275

Other

​

 

9,241

​

 

5,264

Total

​

$

54,087

​

$

45,503

​

Warranty

​

Warranties are typically valid for one year from the date of system final acceptance. The Company estimates the costs that may be incurred under the warranty which are determined by analyzing specific product and historical configuration statistics and regional warranty support costs and are affected by product failure rates, material usage, and labor costs incurred in correcting product failures during the warranty period. Unforeseen component failures or exceptional component performance can also result in changes to warranty costs. Changes in product warranty reserves for the six months ended June 30, 2026 include:

​

​

​

​

​

​

​

June 30,

​

  ​ ​ ​

2026

​

​

​

(in thousands)

Balance - beginning of the year

​

$

10,348

Warranties issued

​

 

3,587

Consumption of reserves

​

 

(3,369)

Changes in estimate

​

 

(541)

Balance - June 30, 2026

​

$

10,025

​

Contract Liabilities and Performance Obligations

​

Contract liabilities consist of unsatisfied performance obligations related to advanced payments received and billing in excess of revenue recognized. The contract liability balance as of December 31, 2025 was approximately $74.2 million, of which the Company recognized approximately $33.6 million in revenue during the six months ended June 30, 2026.

​

This reduction in contract liabilities was offset in part by new billings for products and services which were unsatisfied performance obligations to customers and revenue had not yet been recognized as of June 30, 2026. Additionally, at June 30, 2026, the Company had approximately $11.8 million of long-term contract liabilities included within “Other Liabilities” on the Consolidated Balance Sheets related to customer orders scheduled to ship beyond the next 12 months.

​

As of June 30, 2026, the Company has approximately $376.5 million of remaining performance obligations on contracts with an original estimated duration of one year or more, of which approximately 37% is expected to be recognized within one year, with the remaining amounts expected to be recognized between one to three years. The Company has elected to exclude disclosures regarding remaining performance obligations that have an original expected duration of one year or less.

​

Convertible Senior Notes

​

2025 Notes

​

On November 17, 2020, as part of the privately negotiated exchange agreement, the Company issued $132.5 million of 3.50% convertible senior notes due 2025 (the “2025 Notes”). The 2025 Notes bear interest at a rate of 3.50% per year, payable semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2021. On May 19, 2023, in connection with the completion of a private offering of $230.0 million aggregate principal amount of 2.875% convertible senior notes due 2029 described below, the Company repurchased and retired approximately $106.0 million in aggregate principal amount of its outstanding 2025 Notes. The remaining principal amount of $26.5 million 2025 Notes matured on January 15, 2025 and were settled through the issuance of 1.1 million shares of the Company’s common stock to the noteholders.

​

2027 Notes

​

On May 18, 2020, the Company completed a private offering of $125.0 million of 3.75% convertible senior notes due 2027 (the “2027 Notes”). The Company received net proceeds of approximately $121.9 million, after deducting underwriting discounts and fees and expenses payable by the Company. Additionally, the Company used approximately $10.3 million of cash to purchase capped calls, discussed below. The 2027 Notes bore interest at a rate of 3.75% per year, payable semiannually in arrears on June 1 and December 1 of each year, commencing on December 1, 2020. The 2027 Notes were scheduled to mature on June 1, 2027, unless earlier purchased by the Company, redeemed, or converted. On May 19, 2023, in connection with the completion of a private offering of $230.0 million aggregate principal amount of 2.875% convertible senior notes due 2029 described below, the Company repurchased and retired approximately $100.0 million in aggregate principal amount of its outstanding 2027 Notes. The remaining principal amount of $25.0 million 2027 Notes were settled on May 15, 2025 in a private transaction with all remaining 2027 Note holders for 1.6 million shares of the Company’s common stock and $5.4 million in cash. The settlement was accounted for as an induced conversion resulting in an inducement expense of approximately $0.7 million and a decrease to additional paid-in capital of $20.2 million on the Consolidated Balance Sheets.

​

2029 Notes

​

On May 19, 2023, the Company completed a private offering of $230.0 million of 2.875% convertible senior notes due 2029 (the “2029 Notes”). The Company received net proceeds of approximately $223.2 million, after deducting underwriting discounts and fees and expenses payable by the Company. Additionally, the Company used approximately $198.8 million of net proceeds from the offering to fund the cash portion of the 2025 Notes and 2027 Notes extinguishments described above and the remainder for general corporate purposes. The 2029 Notes bear interest at a rate of 2.875% per year, payable semiannually in arrears on June 1 and December 1 of each year, commencing on

December 1, 2023. The 2029 Notes mature on June 1, 2029, unless earlier purchased by the Company, redeemed, or converted. The Company will settle any conversions of the 2029 Notes by paying cash up to the aggregate principal amount of the 2029 Notes to be converted, and paying or delivering either cash, shares of Company’s common stock, or a combination of cash and shares of common stock at the Company’s election, in respect of the remainder, if any, of the conversion obligation in excess of the aggregate principal amount of the 2029 Notes being converted.

​

The 2029 Notes are unsecured senior obligations of Veeco and rank senior in right of payment to any of Veeco’s subordinated indebtedness; equal in right of payment to all of Veeco’s unsecured indebtedness that is not subordinated; effectively subordinated in right of payment to any of Veeco’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all indebtedness and other liabilities (including trade payables) of Veeco’s subsidiaries.

​

The Company may redeem for cash, at its option, all or any portion of the outstanding 2029 Notes at any time on or after June 8, 2026, at a redemption price equal to 100% of the principal amount of such 2029 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date, if the last reported sale price of the common stock has been at least 130% of the conversion price for the applicable series of 2029 Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides the redemption notice. Upon the Company’s notice of redemption, holders may elect to convert their 2029 Notes based on the conversion rates and criteria outlined below. Based on the criteria outlined here, the 2029 Notes were callable by the Company as of June 30, 2026.

​

The 2029 Notes are convertible at the option of the holders upon the satisfaction of specified conditions and during certain periods as described below. The initial conversion rate is 34.21852 shares of the Company’s common stock per $1,000 principal amount, representing an initial effective conversion price of $29.22 per share of common stock. The conversion rate may be subject to adjustment upon the occurrence of certain specified events.

​

Holders may convert all or any portion of their 2029 Notes, in multiples of one thousand dollar principal amount, at their option at any time prior to the close of business on the business day immediately preceding February 1, 2029, only under the following circumstances:

​

(i)During any calendar quarter (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

​

(ii)During the five consecutive business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per one thousand dollar principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Veeco’s common stock and the conversion rate on each such trading day;

​

(iii)If the Company calls any or all of applicable series of the 2029 Notes for redemption at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

​

(iv)Upon the occurrence of specified corporate events.

​

For the calendar quarter ended June 30, 2026, the last reported sales price of the common stock during the 30 consecutive trading days, based on the criteria outlined in (i) above, was greater than 130% of the conversion price of the 2029 Notes, and as such the 2029 Notes are convertible by the holders until September 30, 2026.

​

Holders may convert their 2029 Notes at any time, regardless of the foregoing circumstances, on February 1, 2029, until the close of business on the business day immediately preceding the maturity date.

​

The 2025, 2027, and 2029 Notes were recorded as a single unit within liabilities in the consolidated balance sheets as the conversion features within the Notes were not derivatives that require bifurcation and the Notes did not involve a substantial premium. Transaction costs of $1.9 million, $3.1 million, and $6.8 million incurred in connection with the issuance of the 2025 Notes, 2027 Notes, and 2029 Notes, respectively, were recorded as direct deductions from the related debt liabilities and recognized as non-cash interest expense using the effective interest method over the expected terms of the Notes.

​

The carrying value of the 2029 Notes is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

​

December 31, 2025

​

  ​

​

Principal Amount

  ​

​

Unamortized
transaction costs

  ​

​

Net carrying value

  ​

​

Principal Amount

  ​

​

Unamortized
transaction costs

  ​

​

Net carrying value

​

​

​

(in thousands)

2029 Notes

​

$

230,000

​

$

(3,457)

​

$

226,543

​

$

230,000

​

$

(3,991)

​

$

226,009

Net carrying value

​

$

230,000

​

$

(3,457)

​

$

226,543

​

$

230,000

​

$

(3,991)

​

$

226,009

​

Total interest expense related to the 2025 Notes, 2027 Notes, and 2029 Notes is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

​

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

 

(in thousands)

​

Cash Interest Expense

 

​

  ​

​

​

  ​

​

​

  ​

​

​

  ​

​

Coupon interest expense - 2025 Notes

​

$

—

​

$

—

​

$

—

​

$

39

​

Coupon interest expense - 2027 Notes

​

​

—

​

​

113

​

​

—

​

​

347

​

Coupon interest expense - 2029 Notes

​

​

1,653

​

​

1,653

​

​

3,306

​

​

3,306

​

Non-cash Interest Expense

​

 

​

​

 

  ​

​

 

​

​

 

  ​

​

Amortization of debt discount/transaction costs- 2025 Notes

​

​

—

​

​

—

​

​

—

​

​

4

​

Amortization of debt discount/transaction costs- 2027 Notes

​

​

—

​

​

12

​

​

—

​

​

30

​

Amortization of debt discount/transaction costs- 2029 Notes

​

​

290

​

​

281

​

​

534

​

​

516

​

Total Interest Expense

​

$

1,943

​

$

2,059

​

$

3,840

​

$

4,242

​

​

The Company determined the 2029 Notes are Level 2 liabilities in the fair value hierarchy and had an estimated fair value at June 30, 2026 of $611.2 million.

​

Capped Call Transactions

​

In connection with the offering of the 2027 Notes, on May 13, 2020, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”), pursuant to capped call confirmations, covering the initial underlying shares of the 2027 Notes of approximately 8.9 million shares, for an aggregate premium of $10.3 million. The Capped Call Transactions feature a $13.98 exercise price and a capped price of approximately $18.46 per share, and mature on June 1, 2027. The Capped Call Transactions are subject to certain adjustments under the terms of the capped call confirmations.

​

The Capped Call Transactions are separate transactions entered into by the Company with the capped call counterparties, are not part of the terms of the 2027 Notes and did not change the previous holders’ rights under the 2027 Notes. Previous holders of the 2027 Notes did not have any rights with respect to the Capped Call Transactions. The cost of the Capped Call Transactions is not expected to be tax-deductible as the Company did not elect to integrate the Capped Call Transactions into the 2027 Notes for tax purposes. The Company used a portion of the net proceeds from the offering of the 2027 Notes to pay for the Capped Call Transactions, and the cost of the Capped Call Transactions was recorded as a reduction of the Company’s additional paid-in capital in the accompanying consolidated financial statements.

​

Revolving Credit Facility

​

On December 16, 2021, the Company entered into a Loan and Security Agreement (the “Loan and Security Agreement”) providing for a senior secured revolving credit facility in an aggregate principal amount of $150 million including a $15 million letter of credit sublimit. The Loan and Security Agreement was subsequently amended to increase the aggregate principal amount to $225 million on August 2, 2024 (the “Third Amendment”), and $250 million on June 16, 2025 (the “Fourth Amendment”). On September 30, 2025, the Loan and Security Agreement was subsequently amended to make certain amendments to the definition of “Changes of Control” and “Merger, Consolidation and Sale of Assets” covenant in the Loan and Security Agreement following the announcement of the Company’s Merger Agreement with Axcelis (the “Fifth Amendment”) (as amended to date, the “Credit Facility”). The Credit Facility matures on June 16, 2030, subject to a springing maturity date of March 2, 2029 upon the occurrence of certain liquidity events described in the Fourth Amendment. The Credit Facility is guaranteed by the Company’s direct material U.S. subsidiaries, subject to customary exceptions. Borrowings under the Credit Facility are secured by a first-priority lien on substantially all of the assets of the Company, subject to customary exceptions. Subject to certain conditions and the receipt of commitments from the lenders, the Loan and Security Agreement allows for revolving commitments under the Credit Facility to be increased by up to $100 million, with additional amounts available so long as the Secured Net Leverage Ratio (as defined in the Loan and Security Agreement) does not exceed 2.50 to 1.00. The existing lenders under the Credit Facility, are entitled, but not obligated, to provide such incremental commitments.

​

Borrowings will bear interest at a floating rate which can be, at the Company’s option based on certain conditions in the Loan and Security Agreement, either (a) an alternate base rate plus an applicable rate ranging from 0.25% to 1.00% or (b) a Secured Overnight Financing Rate (“SOFR”) (with a floor of 0.00%) for the specified interest period plus an applicable rate ranging from 1.25% to 2.00%, in each case, depending on the Company’s Secured Net Leverage Ratio (as defined in the Loan and Security Agreement). The Company will pay an unused commitment fee ranging from 0.20% to 0.30% based on unused capacity under the Credit Facility and the Company’s Secured Net Leverage Ratio. The Company may use the proceeds of borrowings under the Credit Facility to pay transaction fees and expenses, provide for its working capital needs and reimburse drawings under letters of credit and for other general corporate purposes.

​

The Loan and Security Agreement, contains customary affirmative covenants for transactions of this type, including, among others, the provision of financial and other information to the administrative agent, notice to the administrative agent upon the occurrence of certain material events, preservation of existence, maintenance of properties and insurance, compliance with laws, including environmental laws, the provision of additional guarantees, and an affiliate transactions covenant, subject to certain exceptions. The Loan and Security Agreement, contains customary negative covenants, including, among others, restrictions on the ability to merge and consolidate with other companies, incur indebtedness, refinance our existing convertible notes, grant liens or security interests on assets, make investments, acquisitions, loans, or advances, pay dividends, and sell or otherwise transfer assets.

​

The Loan and Security Agreement, contains financial maintenance covenants that require the Borrower to maintain an Interest Coverage Ratio (as defined in the Loan and Security Agreement) of not less than 3.00 to 1.00, a Total Net Leverage Ratio (as defined in the Loan and Security Agreement) of not more than 4.50 to 1.00, and a Secured Net Leverage Ratio (as defined in the Loan and Security Agreement) of not more than 3.00 to 1.00, in each case, tested at the end of each fiscal quarter. The Loan and Security Agreement, also provides for a number of customary events of default, including, among others: payment defaults to the lenders; voluntary and involuntary bankruptcy proceedings; covenant defaults; material inaccuracies of representations and warranties; certain change of control events; material money judgments; and other customary events of default. The occurrence of an event of default could result in the acceleration of obligations and the termination of lending commitments under the Loan and Security Agreement.

​

No amounts were outstanding under the Credit Facility as of June 30, 2026 or December 31, 2025.

​

Other Liabilities

​

Other Liabilities at June 30, 2026 and December 31, 2025 was approximately $17.2 million and $3.9 million, respectively, which included customer deposits, merger costs, medical and dental benefits for former executives, asset retirement obligations, and tax liabilities.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies  
Commitments and Contingencies

Note 5 — Commitments and Contingencies

​

Leases

​

The Company’s operating leases primarily include real estate leases for properties used for manufacturing, R&D activities, sales and service, and administration, as well as certain equipment leases. Some leases may include options to renew for a period of up to 5 years, while others may include options to terminate the lease. The weighted average remaining lease term of the Company’s operating leases as of June 30, 2026 was 10 years, and the weighted average discount rate used in determining the present value of future lease payments was 5.6%.

​

The following table provides the maturities of lease liabilities at June 30, 2026:

​

​

​

​

​

​

​

Operating

​

  ​ ​ ​

Leases

​

​

(in thousands)

Payments due by period:

​

​

​

2026

​

$

2,083

2027

​

​

5,083

2028

​

​

4,560

2029

​

​

4,340

2030

​

​

4,083

Thereafter

​

​

26,539

Total future minimum lease payments

​

​

46,688

Less: Imputed interest

​

​

(12,044)

Total

​

$

34,644

​

​

​

​

Reported as of June 30, 2026

​

​

​

Accrued expenses and other current liabilities

​

$

4,174

Long-term operating lease liabilities

​

​

30,470

Total

​

$

34,644

​

Operating lease costs for the three and six months ended June 30, 2026 were $1.2 million and $2.5 million, respectively, and $1.3 million and $2.5 million, respectively for the comparable 2025 period. Variable lease costs for the three and six months ended June 30, 2026 were $0.2 million and $0.4 million, respectively and $0.3 million and $0.6 million, respectively for the comparable 2025 period. Additionally, the Company has an immaterial amount of short-term leases. Cash outflows from operating leases for the six months ended June 30, 2026 and 2025 were $4.0 million and $3.7 million, respectively.

​

Receivable Purchase Agreement

​

The Company entered into a receivable purchase agreement with a financial institution to sell certain of its trade receivables from customers without recourse, up to $30.0 million at any point in time. Pursuant to this agreement, the Company sold no receivables for the three and six months ended June 30, 2026, and $30.0 million was available under the agreement for additional sales of receivables as of June 30, 2026. The Company sold no receivables for the three and six months ended June 30, 2025.

​

Purchase Commitments

​

Veeco has purchase commitments of $331.0 million at June 30, 2026 to secure the rights to various assets and services to be used in the future in the normal course of business, substantially all of which become due within one year.

​

Bank Guarantees

​

Veeco has bank guarantees and letters of credit issued by a financial institution on its behalf as needed. At June 30, 2026, outstanding bank guarantees and standby letters of credit totaled $5.7 million, and unused bank guarantees and letters of credit of $36.3 million were available to be drawn upon.

​

Legal Proceedings

​

The Company is involved in various legal proceedings arising in the normal course of business. The Company does not believe that the ultimate resolution of these matters will have a material adverse effect on its consolidated financial position, results of operations, or cash flows.

​

Tariffs

​

On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act. The Company is continuing to evaluate the impact of these developments on its business and financial statements, and has initiated various processes and procedures to file claims for refunds for these previously paid duties. However, as the tariff landscape continues to shift and evolve, there remains uncertainty as to additional amounts that will ultimately be refunded, the Company’s ability to collect such refunds, and the timing of such refunds. The Company has elected to recognize the tariff refunds when all contingencies have been resolved and the gain is realized or realizable. For the three and six months ended June 30, 2026 the Company has received approximately $0.4 million of refunds, which has been included within “Cost of Sales” in the Consolidated Statements of Operations. Subsequent to June 30, 2026, the Company has collected an additional $2.8 million of tariff refunds. While the Company continues to implement measures to mitigate tariff-related cost pressures, these actions may not fully offset increased costs in future periods.
v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity  
Equity

Note 6 — Equity

​

Statement of Stockholders’ Equity

​

The following tables present the changes in Stockholders’ Equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Accumulated

  ​ ​ ​

​

​

​

​

​

​

​

​

​

Additional

​

​

​

​

Other

​

​

​

​

​

Common Stock

​

Paid-in

​

Accumulated

​

Comprehensive

​

​

​

​

​

Shares

​

Amount

​

Capital

​

Deficit

​

Income

​

Total

​

​

(in thousands)

Balance at December 31, 2025

 

60,389

​

$

604

​

$

1,306,176

​

$

(423,065)

​

$

1,794

​

$

885,509

Net income (loss)

 

—

​

 

—

​

 

—

​

 

(324)

​

 

—

​

 

(324)

Other comprehensive income (loss), net of tax

 

—

​

 

—

​

 

—

​

 

—

​

 

(472)

​

 

(472)

Share-based compensation expense

 

—

​

 

—

​

 

8,511

​

 

—

​

 

—

​

 

8,511

Net issuance under employee stock plans

​

643

​

​

6

​

​

(9,568)

​

​

—

​

​

—

​

​

(9,562)

Balance at March 31, 2026

 

61,032

​

$

610

​

$

1,305,119

​

$

(423,389)

​

$

1,322

​

$

883,662

Net income

 

—

​

 

—

​

 

—

​

 

11,857

​

 

—

​

 

11,857

Other comprehensive income (loss), net of tax

 

—

​

 

—

​

 

—

​

 

—

​

 

(110)

​

 

(110)

Share-based compensation expense

 

—

​

 

—

​

 

9,215

​

 

—

​

 

—

​

 

9,215

Net issuance under employee stock plans

 

97

​

​

1

​

​

(1,843)

​

​

—

​

​

—

​

​

(1,842)

Balance at June 30, 2026

 

61,129

​

$

611

​

$

1,312,491

​

$

(411,532)

​

$

1,212

​

$

902,782

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Accumulated

  ​ ​ ​

​

​

​

​

​

​

​

​

​

Additional

​

​

​

​

Other

​

​

​

​

​

Common Stock

​

Paid-in

​

Accumulated

​

Comprehensive

​

​

​

​

​

Shares

​

Amount

​

Capital

​

Deficit

​

Income

​

Total

​

​

(in thousands)

Balance at December 31, 2024

 

56,828

​

$

569

​

$

1,227,134

​

$

(458,455)

​

$

1,522

​

$

770,770

Net income

 

—

​

 

—

​

 

—

​

 

11,947

​

 

—

​

 

11,947

Other comprehensive income (loss), net of tax

 

—

​

 

—

​

 

—

​

 

—

​

 

108

​

 

108

Share-based compensation expense

 

—

​

 

—

​

 

9,208

​

 

—

​

 

—

​

 

9,208

Settlement of the 2025 Notes

​

1,104

​

​

11

​

​

26,489

​

​

—

​

​

—

​

​

26,500

Net issuance under employee stock plans

​

360

​

​

3

​

​

(6,678)

​

​

—

​

​

—

​

​

(6,675)

Balance at March 31, 2025

 

58,292

​

$

583

​

$

1,256,153

​

$

(446,508)

​

$

1,630

​

$

811,858

Net income

 

—

​

 

—

​

 

—

​

 

11,733

​

 

—

​

 

11,733

Other comprehensive income (loss), net of tax

 

—

​

 

—

​

 

—

​

 

—

​

 

30

​

 

30

Share-based compensation expense

 

—

​

 

—

​

 

9,651

​

 

—

​

 

—

​

 

9,651

Settlement of the 2027 Notes

​

1,643

​

​

16

​

​

20,215

​

​

​

​

​

​

​

​

20,231

Net issuance under employee stock plans

​

226

​

​

3

​

​

2,690

​

​

—

​

​

—

​

​

2,693

Balance at June 30, 2025

 

60,161

​

$

602

​

$

1,288,709

​

$

(434,775)

​

$

1,660

​

$

856,196

​

Accumulated Other Comprehensive Income (“AOCI”)

​

The following table presents the changes in the balances of each component of AOCI, net of tax:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrealized

​

​

​

​

​

​

​

Gains (Losses)

​

​

​

​

​

Foreign

​

on Available-

​

​

​

​

​

Currency

​

for-Sale 

​

​

​

​

  ​ ​ ​

Translation

  ​ ​ ​

Securities

  ​ ​ ​

Total

​

​

(in thousands)

Balance - December 31, 2025

​

$

1,855

​

$

(61)

​

$

1,794

Other comprehensive income (loss)

​

 

(24)

​

 

(558)

​

 

(582)

Balance - June 30, 2026

​

$

1,831

​

$

(619)

​

$

1,212

​

There were immaterial reclassifications from AOCI into net income for the three and six months ended June 30, 2026 and 2025.

v3.26.1
Share-based Compensation
 6 Months Ended
Jun. 30, 2026
Share-based Compensation  
Share-based Compensation

Note 7 — Share-based Compensation

​

Restricted share awards are issued to employees and to members of our board of directors that are subject to specified restrictions and a risk of forfeiture. The restrictions typically lapse over one to four years and may entitle holders to dividends and voting rights. Other types of share-based compensation include performance share awards, performance share units, and restricted share units (collectively with restricted share awards, “restricted shares”), as well as options to purchase common stock.

​

Share-based compensation expense was recognized in the following line items in the Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

​

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

​

​

(in thousands)

​

Cost of sales

 

$

1,600

 

$

1,991

 

$

3,111

 

$

3,334

 

Research and development

​

​

2,776

​

​

3,014

​

​

5,282

​

​

6,062

​

Selling, general, and administrative

​

​

4,839

​

​

4,646

​

​

9,333

​

​

9,463

​

Total

​

$

9,215

​

$

9,651

​

$

17,726

​

$

18,859

​

​

For the six months ended June 30, 2026, equity activity related to non-vested restricted shares and performance shares was as follows:

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

​

​

​

​

Average

​

​

Number of

​

Grant Date

​

​

Shares

​

Fair Value

​

​

(in thousands)

​

​

​

Balance - December 31, 2025

​

2,551

​

$

28.89

Granted

​

1,170

​

​

31.82

Performance award adjustments

​

117

​

​

32.25

Vested

​

(1,115)

​

​

28.33

Forfeited

​

(53)

​

​

24.97

Balance - June 30, 2026

​

2,670

​

$

30.63

​
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Taxes  
Income Taxes

Note 8 — Income Taxes

​

Income taxes are estimated for each of the jurisdictions in which the Company operates. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. Realization of net deferred tax assets is dependent on future taxable income.

​

At the end of each interim reporting period, the effective tax rate is aligned with expectations for the full year. This estimate is used to determine the income tax provision on a year-to-date basis and may change in subsequent interim periods.

​

Income before income taxes and income tax expense for the three and six months ended June 30, 2026 and 2025 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

 

​

​

(in thousands, except percentages)

 

Income before income taxes

​

$

13,024

​

$

12,622

​

$

11,541

​

$

27,606

​

Income tax expense

 

$

1,167

 

$

889

​

$

8

​

$

3,926

​

Effective tax rate

 

​

8.96%

 

​

7.04%

​

​

0.07%

 

​

14.22%

​

​

The Company’s income tax expense for the three ended June 30, 2026 was $1.2 million and was immaterial for the six months ended June 30, 2026, compared to $0.9 million and $3.9 million, respectively, for the comparable prior period.

​

For the three and six months ended June 30, 2026, the effective tax rate was favorably impacted by the tax benefits related to Foreign-Derived Deduction Eligible Income and research and development tax credits. Additionally, the effective tax rate was also impacted by a discrete income tax benefit resulting from share-based compensation windfall. For the three and six months ended June 30, 2025, the effective tax rate was favorably impacted by the tax benefits related to Foreign-Derived Intangible Income and research and development tax credits. Additionally, the effective tax rate was also impacted by a discrete income tax expense resulting from the share-based compensation shortfall.
v3.26.1
Segment Reporting and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting and Geographic Information  
Segment Reporting and Geographic Information

Note 9 — Segment Reporting and Geographic Information

​

The Company operates and measures its results in one operating segment and therefore has one reportable segment: the development, manufacture, sales, and support of semiconductor and thin film process equipment primarily sold to make electronic devices. The accounting policies of this one operating segment are the same as those described in the Company’s 2025 Form 10-K. The Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, assesses segment performance and decides how to allocate resources based on net income that is reported on the Consolidated Statements of Operations. The measure of segment assets is reported on the Consolidated Balance Sheet as total assets. The Company does not have intra-entity sales or transfers. The CODM uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the segment or into other parts of the Company, such as for acquisitions. Net income is used to monitor forecast versus actual results. The CODM also uses net income in competitive analysis by benchmarking the Company’s competitors. The competitive analysis along with the monitoring of forecasted versus actual results are used in assessing performance of the segment. The Company regularly provides management reports to the CODM on a consolidated expense basis which includes actuals, forecasted, and budgeted information. These reports are similar to the Company’s consolidated financial statements.

​

There are no additional expenses categories and amounts that meet the definition of significant expense items that are regularly provided to the CODM and included in the reported measure of net income.

​

Veeco serves the following four end-markets:

​

Semiconductor

​

The Semiconductor market refers to early process steps in logic and memory applications where silicon wafers are processed. There are many different process steps in forming patterned wafers, such as deposition, etching, masking, and doping, where the microchips are created but remain on the silicon wafer. This market includes mask blank production for extreme ultraviolet (“EUV”) lithography, as well as Advanced Packaging, which refers to a portfolio of wafer-level assembly technologies that enable improved performance of electronic products, such as smartphones, high-end servers, and graphical processors.

​

Compound Semiconductor

​

The Compound Semiconductor market includes Photonics, Power Electronics, RF Filters and Amplifiers, and Solar applications. Photonics refers to light source technologies and laser-based solutions for 3D sensing, datacom and telecom applications. This includes micro-LED, laser diodes, edge emitting lasers and vertical cavity surface emitting lasers (“VCSELs”). Power Electronics refers to semiconductor devices such as rectifiers, inverters and converters for the control and conversion of electric power in applications such as fast or wireless charging of consumer electronics and automotive applications. RF power amplifiers and filters (including surface acoustic wave (“SAW”) and bulk acoustic wave (“BAW”) filters) are used in 5G communications infrastructure, smartphones, tablets, and mobile devices. They make use of radio waves for wireless broadcasting and/or communications. Solar refers to power obtained by harnessing the energy of the sun through the use of compound semiconductor devices such as photovoltaics.

​

Data Storage

​

Data Storage refers to the Hard Disk Drive (“HDD”) market, for which our systems enable customers to manufacture thin film magnetic heads for hard disk drives as part of large capacity storage applications.

​

Scientific & Other

​

Scientific & Other refers to advanced materials research and a range of manufacturing applications including optical coatings (laser mirrors, optical filters, and anti-reflective coatings).

​

Sales by end-market and geographic region for the three and six months ended June 30, 2026 and 2025 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

​

​

  ​ ​ ​

2026

​

2025

  ​ ​ ​

2026

​

2025

  ​ ​ ​

​

​

(in thousands)

​

Sales by end-market

​

​

​

​

​

​

​

​

​

​

​

​

​

Semiconductor

​

$

130,678

​

$

123,874

​

$

239,720

​

$

247,697

​

Compound Semiconductor

​

​

20,527

​

​

14,197

​

​

39,335

​

​

28,594

​

Data Storage

​

 

22,201

​

 

12,354

​

 

32,414

​

 

19,059

​

Scientific & Other

​

 

20,075

​

 

15,679

​

 

40,353

​

 

38,046

​

Total

​

$

193,481

​

$

166,104

​

$

351,822

​

$

333,396

​

Sales by geographic region

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

59,068

​

$

21,852

​

$

91,293

​

$

45,914

​

EMEA(1)

​

​

16,003

​

​

18,533

​

​

31,787

​

​

30,870

​

China

​

​

48,085

​

​

27,490

​

​

68,041

​

​

98,382

​

Rest of APAC

​

​

69,798

​

​

98,186

​

​

160,162

​

​

158,162

​

Rest of World

​

 

527

​

 

43

​

 

539

​

 

68

​

Total

​

$

193,481

​

$

166,104

​

$

351,822

​

$

333,396

​

(1)EMEA consists of Europe, the Middle East, and Africa

For geographic reporting, sales are attributed to the location in which the customer facility is located.
v3.26.1
Merger
 6 Months Ended
Jun. 30, 2026
Merger  
Merger

Note 10 — Merger

​

Merger Agreement with Axcelis Technologies, Inc.

​

On September 30, 2025, the Company entered into Merger Agreement with Axcelis, and Merger Sub. Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, Merger Sub will merge with and into Veeco, with Veeco surviving as a wholly-owned subsidiary of Axcelis. The Merger Agreement was approved by Veeco’s board of directors (except for one (1) independent director who serves on the Axcelis board of directors as well and thus recused himself) and, on February 6, 2026, by the stockholders of each company. The completion of the Merger remains subject to the satisfaction or (to the extent permissible) waiver of customary closing conditions, including the final pending regulatory approval from the State Administration for Market Regulation of the People’s Republic of China, and is currently expected to close in the second half of 2026.

​

Under the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of Company common stock issued and outstanding immediately prior to the Effective Time (other than shares owned by Axcelis, the Company, Merger Sub, or their wholly-owned subsidiaries) will be converted into the right to receive 0.3575 newly issued shares of Axcelis common stock (the “Axcelis Common Stock”). No fractional shares of Axcelis will be issued in the Merger, and the Company stockholders will receive cash in lieu of fractional shares as part of the merger consideration. Following the Merger, Axcelis’ common stockholders are expected to own approximately 58.4% of the shares of Axcelis Common Stock on a fully diluted basis, and the Company’s common stockholders will own approximately 41.6%.

​

The Merger Agreement contains customary representations, warranties, and covenants, including restrictions on the conduct of business prior to closing and provisions regarding the treatment of the Company’s outstanding equity awards and employee benefits. The Merger Agreement may be terminated under certain circumstances, including by mutual consent of the Company and Axcelis or if the Merger is not consummated by September 30, 2026 (subject to automatic extensions until as late as June 30, 2027 under certain conditions with respect to the receipt of regulatory approvals).

​

If the board of directors of either party makes an Adverse Recommendation Change, as defined in the Merger Agreement, the other party shall have the right to terminate the Merger Agreement, and the non-terminating party will be required to pay the other party the following termination fee: (i) if the non-terminating party is Axcelis, a termination fee of $108,700,000; and (ii) if the non-terminating party is Veeco, a termination fee of $77,500,000. Each party may also be required to pay such termination fee if such party enters into a competing proposal within twelve months of termination of the Merger Agreement under certain circumstances. In addition, if the Merger Agreement is terminated by a party due to the other party’s breach of the Merger Agreement that would result in a failure of an applicable closing condition (subject to the applicable cure period set forth in the Merger Agreement), then the non-terminating party will be required to pay a fixed expense reimbursement amount of $15,000,000.

​

Additional information regarding the Merger Agreement and the proposed Merger is included in the Company’s Current Report on Form 8-K filed with the SEC on October 1, 2025.

​
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Pay vs Performance Disclosure            
Net Income (Loss) $ 11,857 $ (324) $ 11,733 $ 11,947 $ 11,533 $ 23,680
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Modified false
John Kiernan  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On May 11, 2026, John Kiernan, our Chief Financial Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Mr. Kiernan’s plan covers the sale of 35,000 shares of our common stock, between August 10, 2026 and August 6, 2027. Transactions under the plan are based upon pre-established dates and stock price thresholds.
Name John Kiernan
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 11, 2026
Expiration Date August 6, 2027
Aggregate Available 35,000
William J. Miller  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On May 14, 2026, William J. Miller, Ph.D., our Chief Executive Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Dr. Miller’s plan covers the sale of 200,000 shares of our common stock, between August 17, 2026 and December 31, 2026. Transactions under the plan are based upon pre-established dates and stock price thresholds.
Name William J. Miller
Title Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 14, 2026
Expiration Date December 31, 2026
Aggregate Available 200,000
Adrian Devasahayam  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On June 1, 2026, Adrian Devasahayam, Ph.D., our Senior Vice President, Product Line Management, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Dr. Devasahayam’s plan covers the sale of 20,000 shares of our common stock, between September 1, 2026 and June 2, 2027. Transactions under the plan are based upon pre-established dates and stock price thresholds.
Name Adrian Devasahayam
Title Senior Vice President
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 1, 2026
Expiration Date June 2, 2027
Aggregate Available 20,000
v3.26.1
Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2026
Basis of Presentation  
Basis of Presentation Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of Veeco have been prepared in accordance with U.S. GAAP as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 270 for interim financial information and with the instructions to Rule 10-01 of Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements as the interim information is an update of the information that was presented in Veeco’s most recent annual financial statements. For further information, refer to Veeco’s Consolidated Financial Statements and Notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal, recurring nature.

​

Veeco reports interim quarters on a 13-week basis ending on the last Sunday of each quarter. The fourth quarter always ends on the last day of the calendar year, December 31. The 2026 interim quarters end on March 29, June 28, and September 27, and the 2025 interim quarters end on March 30, June 29, and September 28. These interim quarters are reported as March 31, June 30, and September 30 in Veeco’s interim consolidated financial statements.

​

The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates.
Recent Accounting Standards Not Yet Adopted

​

Recent Accounting Standards Not Yet Adopted

​

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statements Expenses (Subtopic 220-40),” to improve income statement expenses disclosure. The standard requires more detailed information related to the types of expenses, including (among other items) the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each interim and annual income statement’s expense caption, as applicable. This authoritative guidance can be applied prospectively or retrospectively and will be effective for financial statements issued for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements.
Pending Merger with Axcelis Technologies, Inc.

Pending Merger with Axcelis Technologies, Inc.

​

On September 30, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Axcelis Technologies, Inc., a Delaware corporation (“Axcelis”), and Victory Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Axcelis (“Merger Sub”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, Merger Sub will merge with and into Veeco (the “Merger”), with Veeco surviving as a wholly-owned subsidiary of Axcelis. See Note 10 Merger for additional information.
v3.26.1
Income Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2026
Income Per Common Share  
Schedule of computations of basic and diluted income per share

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

​

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

​

​

(in thousands, except per share amounts)

​

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

11,857

​

$

11,733

​

$

11,533

​

$

23,680

​

Interest expense associated with convertible notes

​

​

—

​

​

125

​

​

—

​

​

378

​

Net income available to common shareholders

​

$

11,857

​

$

11,858

​

$

11,533

​

$

24,058

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic weighted average shares outstanding

​

 

61,064

​

 

59,076

​

 

60,777

​

 

58,434

​

Effect of potentially dilutive share-based awards

​

​

1,972

​

​

257

​

​

1,505

​

​

297

​

Dilutive effect of convertible notes

​

 

3,746

​

 

904

​

 

2,654

​

 

1,341

​

Diluted weighted average shares outstanding

​

 

66,782

​

 

60,237

​

 

64,936

​

 

60,072

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income per common share:

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

0.19

​

$

0.20

​

$

0.19

​

$

0.41

​

Diluted

​

$

0.18

​

$

0.20

​

$

0.18

​

$

0.40

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Potentially dilutive shares excluded from the diluted calculation as their effect would be antidilutive

​

​

0

​

​

1,803

​

​

17

​

​

1,099

​

Maximum potential shares to be issued for settlement of convertible senior notes excluded from the diluted calculation as their effect would be antidilutive

​

​

N/A

​

​

N/A

​

​

N/A

​

​

92

​

​
v3.26.1
Assets (Tables)
 6 Months Ended
Jun. 30, 2026
Assets.  
Schedule of assets measured on a recurring basis at fair value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

​

​

(in thousands)

June 30, 2026

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents

​

​

​

​

​

​

​

​

​

​

​

​

Certificate of deposits and time deposits

​

$

85,209

​

$

—

​

$

—

​

$

85,209

Money market cash

​

​

37,624

​

​

—

​

​

—

​

​

37,624

Total

​

$

122,833

​

$

—

​

$

—

​

$

122,833

Short-term investments

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasuries

​

$

59,814

​

$

—

​

$

—

​

$

59,814

Government agency securities

​

​

—

​

​

58,946

​

​

—

​

​

58,946

Corporate debt

​

​

—

​

​

80,362

​

​

—

​

​

80,362

Commercial paper

​

​

—

​

​

15,818

​

​

—

​

​

15,818

Total

​

$

59,814

​

$

155,126

​

$

—

​

$

214,940

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents

​

​

​

​

​

​

​

​

​

​

​

​

Certificate of deposits and time deposits

​

$

63,893

​

$

—

​

$

—

​

$

63,893

Money market cash

​

​

15,327

​

​

—

​

​

—

​

​

15,327

Total

​

$

79,220

​

$

—

​

$

—

​

$

79,220

Short-term investments

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasuries

​

$

77,110

​

$

—

​

$

—

​

$

77,110

Government agency securities

​

​

—

​

​

53,488

​

​

—

​

​

53,488

Corporate debt

​

​

—

​

​

96,165

​

​

—

​

​

96,165

Total

​

$

77,110

​

$

149,653

​

$

—

​

$

226,763
Schedule of amortized cost and fair value of available-for-sale securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

Gross

  ​ ​ ​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Estimated

​

​

Cost

​

Gains

​

Losses

​

Fair Value

​

​

(in thousands)

June 30, 2026

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasuries

​

$

60,064

​

$

1

​

$

(251)

​

$

59,814

Government agency securities

​

​

59,155

​

​

7

​

​

(216)

​

​

58,946

Corporate debt

​

​

80,583

​

​

6

​

​

(227)

​

​

80,362

Commercial paper

​

​

15,818

​

​

—

​

​

—

​

​

15,818

Total

​

$

215,620

​

$

14

​

$

(694)

​

$

214,940

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasuries

​

$

77,106

​

$

52

​

$

(48)

​

$

77,110

Government agency securities

​

​

53,473

​

​

50

​

​

(35)

​

​

53,488

Corporate debt

​

 

96,144

​

​

86

​

​

(65)

​

 

96,165

Total

​

$

226,723

​

$

188

​

$

(148)

​

$

226,763
Schedule of fair value and unrealized losses of available-for-sale securities in a loss position

​

​

​

​

​

​

​

​

​

​

​

Continuous Loss Position

​

​

​

for Less than 12 Months

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

​

​

Estimated

​

Unrealized

​

​

​

Fair Value

​

Losses

​

​

​

​

(in thousands)

June 30, 2026

​

​

​

​

​

​

​

U.S. treasuries

​

$

53,815

​

$

(251)

​

Government agency securities

​

​

52,782

​

​

(216)

​

Corporate debt

​

 

65,089

​

 

(227)

​

Total

​

$

171,686

​

$

(694)

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

​

​

​

​

​

U.S. treasuries

​

$

37,609

​

$

(48)

​

Government agency securities

​

​

24,028

​

​

(35)

​

Corporate debt

​

 

45,675

​

 

(65)

​

Total

​

$

107,312

​

$

(148)

​
Schedule of contractual maturities of securities classified as available-for-sale

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

​

Amortized

​

Estimated

​

​

Cost

​

Fair Value

​

​

​

(in thousands)

Due in one year or less

​

$

129,788

​

$

129,623

Due after one year through two years

​

​

85,832

​

 

85,317

Total

​

$

215,620

​

$

214,940
Schedule of inventories

​

​

​

​

​

​

​

​

​

​

June 30,

​

December 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in thousands)

Materials

​

$

168,573

​

$

156,385

Work-in-process

​

 

92,067

​

 

80,947

Finished goods

​

 

5,203

​

 

7,017

Evaluation inventory

​

​

26,652

​

​

30,949

Total

​

$

292,495

​

$

275,298
Schedule of property, plant, and equipment

​

​

​

​

​

​

​

​

​

​

June 30,

​

December 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in thousands)

Land

​

$

5,061

​

$

5,061

Building and improvements

​

 

61,963

​

 

61,749

Machinery and equipment (1)

​

 

208,246

​

 

198,898

Leasehold improvements

​

 

55,735

​

 

55,210

Gross property, plant, and equipment

​

 

331,005

​

 

320,918

Less: accumulated depreciation and amortization

​

 

220,740

​

 

212,272

Property, plant, and equipment, net

​

$

110,265

​

$

108,646

(1)Machinery and equipment also includes software, furniture, and fixtures

​
Schedule of intangible assets excluding goodwill

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

December 31, 2025

​

​

​

​

​

Accumulated

​

​

​

​

​

​

​

Accumulated

​

​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

Amortization

  ​ ​ ​

​

  ​ ​ ​

Gross

  ​ ​ ​

Amortization

  ​ ​ ​

​

​

​

Carrying

​

and

​

Net

​

Carrying

​

and

​

Net

​

​

Amount

​

Impairment

​

Amount

​

Amount

​

Impairment

​

Amount

​

​

(in thousands)

Technology

​

$

355,928

​

$

355,928

​

$

—

​

$

355,928

​

$

355,437

​

$

491

Customer relationships

​

​

146,925

​

​

142,541

​

​

4,384

​

​

146,925

​

​

141,720

​

​

5,205

Trademarks and tradenames

​

​

30,910

​

​

30,910

​

​

—

​

​

30,910

​

​

30,910

​

​

—

Other

​

 

3,746

​

 

3,746

​

 

—

​

 

3,746

​

 

3,746

​

 

—

Total

​

$

537,509

​

$

533,125

​

$

4,384

​

$

537,509

​

$

531,813

​

$

5,696
v3.26.1
Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Liabilities.  
Schedule of accrued expenses and other current liabilities

​

​

​

​

​

​

​

​

​

​

June 30,

​

December 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in thousands)

Payroll and related benefits

​

$

25,704

​

$

21,772

Warranty

​

​

10,025

​

​

10,348

Operating lease liabilities

​

​

4,174

​

​

4,164

Interest

​

​

685

​

​

680

Professional fees

​

​

1,282

​

​

1,315

Sales, use, and other taxes

​

 

1,823

​

 

958

Merger costs

​

​

878

​

​

727

Contingent consideration

​

​

275

​

​

275

Other

​

 

9,241

​

 

5,264

Total

​

$

54,087

​

$

45,503
Schedule of changes in product warranty reserves

​

​

​

​

​

​

​

June 30,

​

  ​ ​ ​

2026

​

​

​

(in thousands)

Balance - beginning of the year

​

$

10,348

Warranties issued

​

 

3,587

Consumption of reserves

​

 

(3,369)

Changes in estimate

​

 

(541)

Balance - June 30, 2026

​

$

10,025
Schedule of carrying value of Convertible Senior Notes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

​

December 31, 2025

​

  ​

​

Principal Amount

  ​

​

Unamortized
transaction costs

  ​

​

Net carrying value

  ​

​

Principal Amount

  ​

​

Unamortized
transaction costs

  ​

​

Net carrying value

​

​

​

(in thousands)

2029 Notes

​

$

230,000

​

$

(3,457)

​

$

226,543

​

$

230,000

​

$

(3,991)

​

$

226,009

Net carrying value

​

$

230,000

​

$

(3,457)

​

$

226,543

​

$

230,000

​

$

(3,991)

​

$

226,009
Schedule of interest expense related to Convertible Senior Notes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

​

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

 

(in thousands)

​

Cash Interest Expense

 

​

  ​

​

​

  ​

​

​

  ​

​

​

  ​

​

Coupon interest expense - 2025 Notes

​

$

—

​

$

—

​

$

—

​

$

39

​

Coupon interest expense - 2027 Notes

​

​

—

​

​

113

​

​

—

​

​

347

​

Coupon interest expense - 2029 Notes

​

​

1,653

​

​

1,653

​

​

3,306

​

​

3,306

​

Non-cash Interest Expense

​

 

​

​

 

  ​

​

 

​

​

 

  ​

​

Amortization of debt discount/transaction costs- 2025 Notes

​

​

—

​

​

—

​

​

—

​

​

4

​

Amortization of debt discount/transaction costs- 2027 Notes

​

​

—

​

​

12

​

​

—

​

​

30

​

Amortization of debt discount/transaction costs- 2029 Notes

​

​

290

​

​

281

​

​

534

​

​

516

​

Total Interest Expense

​

$

1,943

​

$

2,059

​

$

3,840

​

$

4,242

​
v3.26.1
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies  
Schedule of maturities of lease liabilities

The following table provides the maturities of lease liabilities at June 30, 2026:

​

​

​

​

​

​

​

Operating

​

  ​ ​ ​

Leases

​

​

(in thousands)

Payments due by period:

​

​

​

2026

​

$

2,083

2027

​

​

5,083

2028

​

​

4,560

2029

​

​

4,340

2030

​

​

4,083

Thereafter

​

​

26,539

Total future minimum lease payments

​

​

46,688

Less: Imputed interest

​

​

(12,044)

Total

​

$

34,644

​

​

​

​

Reported as of June 30, 2026

​

​

​

Accrued expenses and other current liabilities

​

$

4,174

Long-term operating lease liabilities

​

​

30,470

Total

​

$

34,644
v3.26.1
Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Equity  
Schedule of Stockholders' Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Accumulated

  ​ ​ ​

​

​

​

​

​

​

​

​

​

Additional

​

​

​

​

Other

​

​

​

​

​

Common Stock

​

Paid-in

​

Accumulated

​

Comprehensive

​

​

​

​

​

Shares

​

Amount

​

Capital

​

Deficit

​

Income

​

Total

​

​

(in thousands)

Balance at December 31, 2025

 

60,389

​

$

604

​

$

1,306,176

​

$

(423,065)

​

$

1,794

​

$

885,509

Net income (loss)

 

—

​

 

—

​

 

—

​

 

(324)

​

 

—

​

 

(324)

Other comprehensive income (loss), net of tax

 

—

​

 

—

​

 

—

​

 

—

​

 

(472)

​

 

(472)

Share-based compensation expense

 

—

​

 

—

​

 

8,511

​

 

—

​

 

—

​

 

8,511

Net issuance under employee stock plans

​

643

​

​

6

​

​

(9,568)

​

​

—

​

​

—

​

​

(9,562)

Balance at March 31, 2026

 

61,032

​

$

610

​

$

1,305,119

​

$

(423,389)

​

$

1,322

​

$

883,662

Net income

 

—

​

 

—

​

 

—

​

 

11,857

​

 

—

​

 

11,857

Other comprehensive income (loss), net of tax

 

—

​

 

—

​

 

—

​

 

—

​

 

(110)

​

 

(110)

Share-based compensation expense

 

—

​

 

—

​

 

9,215

​

 

—

​

 

—

​

 

9,215

Net issuance under employee stock plans

 

97

​

​

1

​

​

(1,843)

​

​

—

​

​

—

​

​

(1,842)

Balance at June 30, 2026

 

61,129

​

$

611

​

$

1,312,491

​

$

(411,532)

​

$

1,212

​

$

902,782

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Accumulated

  ​ ​ ​

​

​

​

​

​

​

​

​

​

Additional

​

​

​

​

Other

​

​

​

​

​

Common Stock

​

Paid-in

​

Accumulated

​

Comprehensive

​

​

​

​

​

Shares

​

Amount

​

Capital

​

Deficit

​

Income

​

Total

​

​

(in thousands)

Balance at December 31, 2024

 

56,828

​

$

569

​

$

1,227,134

​

$

(458,455)

​

$

1,522

​

$

770,770

Net income

 

—

​

 

—

​

 

—

​

 

11,947

​

 

—

​

 

11,947

Other comprehensive income (loss), net of tax

 

—

​

 

—

​

 

—

​

 

—

​

 

108

​

 

108

Share-based compensation expense

 

—

​

 

—

​

 

9,208

​

 

—

​

 

—

​

 

9,208

Settlement of the 2025 Notes

​

1,104

​

​

11

​

​

26,489

​

​

—

​

​

—

​

​

26,500

Net issuance under employee stock plans

​

360

​

​

3

​

​

(6,678)

​

​

—

​

​

—

​

​

(6,675)

Balance at March 31, 2025

 

58,292

​

$

583

​

$

1,256,153

​

$

(446,508)

​

$

1,630

​

$

811,858

Net income

 

—

​

 

—

​

 

—

​

 

11,733

​

 

—

​

 

11,733

Other comprehensive income (loss), net of tax

 

—

​

 

—

​

 

—

​

 

—

​

 

30

​

 

30

Share-based compensation expense

 

—

​

 

—

​

 

9,651

​

 

—

​

 

—

​

 

9,651

Settlement of the 2027 Notes

​

1,643

​

​

16

​

​

20,215

​

​

​

​

​

​

​

​

20,231

Net issuance under employee stock plans

​

226

​

​

3

​

​

2,690

​

​

—

​

​

—

​

​

2,693

Balance at June 30, 2025

 

60,161

​

$

602

​

$

1,288,709

​

$

(434,775)

​

$

1,660

​

$

856,196
Schedule of the changes in the balances of each component of AOCI, net of tax

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrealized

​

​

​

​

​

​

​

Gains (Losses)

​

​

​

​

​

Foreign

​

on Available-

​

​

​

​

​

Currency

​

for-Sale 

​

​

​

​

  ​ ​ ​

Translation

  ​ ​ ​

Securities

  ​ ​ ​

Total

​

​

(in thousands)

Balance - December 31, 2025

​

$

1,855

​

$

(61)

​

$

1,794

Other comprehensive income (loss)

​

 

(24)

​

 

(558)

​

 

(582)

Balance - June 30, 2026

​

$

1,831

​

$

(619)

​

$

1,212
v3.26.1
Share-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-based Compensation  
Schedule of share-based compensation expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

​

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

​

​

(in thousands)

​

Cost of sales

 

$

1,600

 

$

1,991

 

$

3,111

 

$

3,334

 

Research and development

​

​

2,776

​

​

3,014

​

​

5,282

​

​

6,062

​

Selling, general, and administrative

​

​

4,839

​

​

4,646

​

​

9,333

​

​

9,463

​

Total

​

$

9,215

​

$

9,651

​

$

17,726

​

$

18,859

​
Summary of non-vested restricted and performance shares activity

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

​

​

​

​

Average

​

​

Number of

​

Grant Date

​

​

Shares

​

Fair Value

​

​

(in thousands)

​

​

​

Balance - December 31, 2025

​

2,551

​

$

28.89

Granted

​

1,170

​

​

31.82

Performance award adjustments

​

117

​

​

32.25

Vested

​

(1,115)

​

​

28.33

Forfeited

​

(53)

​

​

24.97

Balance - June 30, 2026

​

2,670

​

$

30.63

​
v3.26.1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2026
Income Taxes  
Schedule of income before income taxes and income tax expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

 

​

​

(in thousands, except percentages)

 

Income before income taxes

​

$

13,024

​

$

12,622

​

$

11,541

​

$

27,606

​

Income tax expense

 

$

1,167

 

$

889

​

$

8

​

$

3,926

​

Effective tax rate

 

​

8.96%

 

​

7.04%

​

​

0.07%

 

​

14.22%

​
v3.26.1
Segment Reporting and Geographic Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting and Geographic Information  
Schedule of sales by end-market

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

​

​

  ​ ​ ​

2026

​

2025

  ​ ​ ​

2026

​

2025

  ​ ​ ​

​

​

(in thousands)

​

Sales by end-market

​

​

​

​

​

​

​

​

​

​

​

​

​

Semiconductor

​

$

130,678

​

$

123,874

​

$

239,720

​

$

247,697

​

Compound Semiconductor

​

​

20,527

​

​

14,197

​

​

39,335

​

​

28,594

​

Data Storage

​

 

22,201

​

 

12,354

​

 

32,414

​

 

19,059

​

Scientific & Other

​

 

20,075

​

 

15,679

​

 

40,353

​

 

38,046

​

Total

​

$

193,481

​

$

166,104

​

$

351,822

​

$

333,396

​

Sales by geographic region

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

59,068

​

$

21,852

​

$

91,293

​

$

45,914

​

EMEA(1)

​

​

16,003

​

​

18,533

​

​

31,787

​

​

30,870

​

China

​

​

48,085

​

​

27,490

​

​

68,041

​

​

98,382

​

Rest of APAC

​

​

69,798

​

​

98,186

​

​

160,162

​

​

158,162

​

Rest of World

​

 

527

​

 

43

​

 

539

​

 

68

​

Total

​

$

193,481

​

$

166,104

​

$

351,822

​

$

333,396

​

(1)EMEA consists of Europe, the Middle East, and Africa
Schedule of sales by geographic region

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

Six months ended June 30,

​

​

  ​ ​ ​

2026

​

2025

  ​ ​ ​

2026

​

2025

  ​ ​ ​

​

​

(in thousands)

​

Sales by end-market

​

​

​

​

​

​

​

​

​

​

​

​

​

Semiconductor

​

$

130,678

​

$

123,874

​

$

239,720

​

$

247,697

​

Compound Semiconductor

​

​

20,527

​

​

14,197

​

​

39,335

​

​

28,594

​

Data Storage

​

 

22,201

​

 

12,354

​

 

32,414

​

 

19,059

​

Scientific & Other

​

 

20,075

​

 

15,679

​

 

40,353

​

 

38,046

​

Total

​

$

193,481

​

$

166,104

​

$

351,822

​

$

333,396

​

Sales by geographic region

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

59,068

​

$

21,852

​

$

91,293

​

$

45,914

​

EMEA(1)

​

​

16,003

​

​

18,533

​

​

31,787

​

​

30,870

​

China

​

​

48,085

​

​

27,490

​

​

68,041

​

​

98,382

​

Rest of APAC

​

​

69,798

​

​

98,186

​

​

160,162

​

​

158,162

​

Rest of World

​

 

527

​

 

43

​

 

539

​

 

68

​

Total

​

$

193,481

​

$

166,104

​

$

351,822

​

$

333,396

​

(1)EMEA consists of Europe, the Middle East, and Africa
v3.26.1
Basis of Presentation - Fiscal Period (Details)
 6 Months Ended
Jun. 30, 2026
Basis of Presentation  
Fiscal period duration (in days) 91 days
v3.26.1
Income Per Common Share - Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Numerator:        
Net income $ 11,857 $ 11,733 $ 11,533 $ 23,680
Interest expense associated with convertible notes   125   378
Net income available to common shareholders $ 11,857 $ 11,858 $ 11,533 $ 24,058
Denominator:        
Basic weighted average shares outstanding 61,064 59,076 60,777 58,434
Effect of potentially dilutive share-based awards 1,972 257 1,505 297
Dilutive effect of convertible notes 3,746 904 2,654 1,341
Diluted weighted average shares outstanding 66,782 60,237 64,936 60,072
Net income per common share:        
Basic (in dollars per share) $ 0.19 $ 0.2 $ 0.19 $ 0.41
Diluted (in dollars per share) $ 0.18 $ 0.2 $ 0.18 $ 0.4
v3.26.1
Income Per Common Share - Shares Excluded from EPS (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Potentially dilutive shares        
Antidilutive securities        
Securities excluded from the diluted calculation as their effect would be antidilutive 0 1,803 17 1,099
Convertible senior notes        
Antidilutive securities        
Securities excluded from the diluted calculation as their effect would be antidilutive       92
v3.26.1
Assets - Fair Value (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Short-term investments    
Transfer of assets from Level 1 to Level 2 $ 0  
Transfer of assets from Level 2 to Level 1 0  
Measured on a recurring basis    
Cash equivalents    
Total Cash equivalents 122,833 $ 79,220
Short-term investments    
Total Short-term investments 214,940 226,763
Measured on a recurring basis | U.S. treasuries    
Short-term investments    
Total Short-term investments 59,814 77,110
Measured on a recurring basis | Government agency securities    
Short-term investments    
Total Short-term investments 58,946 53,488
Measured on a recurring basis | Corporate debt    
Short-term investments    
Total Short-term investments 80,362 96,165
Measured on a recurring basis | Commercial paper    
Short-term investments    
Total Short-term investments 15,818  
Measured on a recurring basis | Certificate of deposits and time deposits    
Cash equivalents    
Total Cash equivalents 85,209 63,893
Measured on a recurring basis | Money market cash    
Cash equivalents    
Total Cash equivalents 37,624 15,327
Measured on a recurring basis | Level 1    
Cash equivalents    
Total Cash equivalents 122,833 79,220
Short-term investments    
Total Short-term investments 59,814 77,110
Measured on a recurring basis | Level 1 | U.S. treasuries    
Short-term investments    
Total Short-term investments 59,814 77,110
Measured on a recurring basis | Level 1 | Certificate of deposits and time deposits    
Cash equivalents    
Total Cash equivalents 85,209 63,893
Measured on a recurring basis | Level 1 | Money market cash    
Cash equivalents    
Total Cash equivalents 37,624 15,327
Measured on a recurring basis | Level 2    
Short-term investments    
Total Short-term investments 155,126 149,653
Measured on a recurring basis | Level 2 | Government agency securities    
Short-term investments    
Total Short-term investments 58,946 53,488
Measured on a recurring basis | Level 2 | Corporate debt    
Short-term investments    
Total Short-term investments 80,362 $ 96,165
Measured on a recurring basis | Level 2 | Commercial paper    
Short-term investments    
Total Short-term investments $ 15,818  
v3.26.1
Assets - Available-For-Sale Securities (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Total available-for-sale securities      
Amortized Cost $ 215,620   $ 226,723
Gross Unrealized Gains 14   188
Gross Unrealized Losses (694)   (148)
Estimated Fair Value 214,940   226,763
Available-for-sale securities in a loss position      
Investments, Continuous loss position for less than 12 months, Estimated Fair Value 171,686   107,312
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses (694)   (148)
Contractual maturities - Amortized Cost      
Amortized Cost, Due in one year or less 129,788    
Amortized Cost, Due after one year through two years 85,832    
Amortized Cost 215,620   226,723
Contractual maturities - Estimated Fair Value      
Estimated Fair Value, Due in one year or less 129,623    
Estimated Fair Value, Due after one year through two years 85,317    
Available-for-sale Securities, Debt Securities, Total 214,940   226,763
Realized gains or losses      
Realized gains or losses 0 $ 0  
Unrealized losses 0 $ 0  
U.S. treasuries      
Total available-for-sale securities      
Amortized Cost 60,064   77,106
Gross Unrealized Gains 1   52
Gross Unrealized Losses (251)   (48)
Estimated Fair Value 59,814   77,110
Available-for-sale securities in a loss position      
Investments, Continuous loss position for less than 12 months, Estimated Fair Value 53,815   37,609
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses (251)   (48)
Contractual maturities - Amortized Cost      
Amortized Cost 60,064   77,106
Contractual maturities - Estimated Fair Value      
Available-for-sale Securities, Debt Securities, Total 59,814   77,110
Government agency securities      
Total available-for-sale securities      
Amortized Cost 59,155   53,473
Gross Unrealized Gains 7   50
Gross Unrealized Losses (216)   (35)
Estimated Fair Value 58,946   53,488
Available-for-sale securities in a loss position      
Investments, Continuous loss position for less than 12 months, Estimated Fair Value 52,782   24,028
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses (216)   (35)
Contractual maturities - Amortized Cost      
Amortized Cost 59,155   53,473
Contractual maturities - Estimated Fair Value      
Available-for-sale Securities, Debt Securities, Total 58,946   53,488
Corporate debt      
Total available-for-sale securities      
Amortized Cost 80,583   96,144
Gross Unrealized Gains 6   86
Gross Unrealized Losses (227)   (65)
Estimated Fair Value 80,362   96,165
Available-for-sale securities in a loss position      
Investments, Continuous loss position for less than 12 months, Estimated Fair Value 65,089   45,675
Investments, Continuous loss position for less than 12 months, Gross Unrealized Losses (227)   (65)
Contractual maturities - Amortized Cost      
Amortized Cost 80,583   96,144
Contractual maturities - Estimated Fair Value      
Available-for-sale Securities, Debt Securities, Total 80,362   $ 96,165
Commercial paper      
Total available-for-sale securities      
Amortized Cost 15,818    
Estimated Fair Value 15,818    
Contractual maturities - Amortized Cost      
Amortized Cost 15,818    
Contractual maturities - Estimated Fair Value      
Available-for-sale Securities, Debt Securities, Total $ 15,818    
v3.26.1
Assets - Accounts Receivable (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Assets.    
Allowance for doubtful accounts receivable $ 0.9 $ 1.0
v3.26.1
Assets - Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Inventories    
Materials $ 168,573 $ 156,385
Work-in-process 92,067 80,947
Finished goods 5,203 7,017
Evaluation inventory 26,652 30,949
Total $ 292,495 $ 275,298
v3.26.1
Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Prepaid expenses and other current assets    
Deposits with suppliers $ 15.1 $ 9.8
v3.26.1
Assets - Property, Plant, and Equipment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Property, plant, and equipment          
Gross property, plant and equipment $ 331,005   $ 331,005   $ 320,918
Less: accumulated depreciation and amortization 220,740   220,740   212,272
Property, plant, and equipment, net 110,265   110,265   108,646
Depreciation expense 4,300 $ 4,300 8,600 $ 8,500  
Land          
Property, plant, and equipment          
Gross property, plant and equipment 5,061   5,061   5,061
Building and improvements          
Property, plant, and equipment          
Gross property, plant and equipment 61,963   61,963   61,749
Machinery and equipment          
Property, plant, and equipment          
Gross property, plant and equipment 208,246   208,246   198,898
Leaseholds improvements          
Property, plant, and equipment          
Gross property, plant and equipment $ 55,735   $ 55,735   $ 55,210
v3.26.1
Assets - Goodwill (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Changes in goodwill balances  
Increase (decrease) in goodwill $ 0.0
v3.26.1
Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible assets    
Gross Carrying Amount, Intangible assets $ 537,509 $ 537,509
Accumulated Amortization and Impairment, Intangible assets 533,125 531,813
Total Net Intangible Assets 4,384 5,696
Technology    
Intangible assets    
Gross Carrying Amount, Intangible assets 355,928 355,928
Accumulated Amortization and Impairment, Intangible assets 355,928 355,437
Total Net Intangible Assets   491
Customer relationships    
Intangible assets    
Gross Carrying Amount, Intangible assets 146,925 146,925
Accumulated Amortization and Impairment, Intangible assets 142,541 141,720
Total Net Intangible Assets 4,384 5,205
Trademarks and tradenames    
Intangible assets    
Gross Carrying Amount, Intangible assets 30,910 30,910
Accumulated Amortization and Impairment, Intangible assets 30,910 30,910
Other Intangible Assets    
Intangible assets    
Gross Carrying Amount, Intangible assets 3,746 3,746
Accumulated Amortization and Impairment, Intangible assets $ 3,746 $ 3,746
v3.26.1
Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Accrued expenses and other current liabilities    
Payroll and related benefits $ 25,704 $ 21,772
Warranty 10,025 10,348
Operating lease liabilities 4,174 4,164
Interest 685 680
Professional fees 1,282 1,315
Sales, use, and other taxes 1,823 958
Merger costs 878 727
Contingent consideration 275 275
Other 9,241 5,264
Total accrued expenses and other current liabilities $ 54,087 $ 45,503
v3.26.1
Liabilities - Warranty (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Warranty  
Warranty period 1 year
Balance, beginning of the period $ 10,348
Warranties issued 3,587
Consumption of reserves (3,369)
Changes in estimate (541)
Balance, end of the period $ 10,025
v3.26.1
Liabilities - Contract Liabilities (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Changes in deferred revenue    
Contract liability   $ 74.2
Amount of contract liability recognized into revenue $ 33.6  
Long-term contract liabilities $ 11.8  
v3.26.1
Liabilities - Performance Obligations Timing (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Performance obligations  
Remaining performance obligations $ 376.5
Revenue, Practical Expedient, Remaining Performance Obligation true
Minimum  
Performance obligations  
Performance obligation at time of contract origination 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Performance obligations  
Percentage of remaining performance obligation expected to be recognized 37.00%
Remaining performance obligations, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Minimum  
Performance obligations  
Remaining performance obligations, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Maximum  
Performance obligations  
Remaining performance obligations, expected timing of satisfaction 3 years
v3.26.1
Liabilities - 2025, 2027 and 2029 Convertible Senior Notes (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 6 Months Ended
May 15, 2025
Jan. 15, 2025
May 19, 2023
May 18, 2020
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Nov. 17, 2020
Debt                    
Principal amount             $ 230,000   $ 230,000  
Settlement of convertible notes         $ 20,231 $ 26,500        
Cash paid for repurchase of notes               $ 5,229    
2025 Notes                    
Debt                    
Principal amount                   $ 132,500
Interest rate (as a percent)                   3.50%
Repurchased and retired amount     $ 106,000              
Settlement of convertible notes   $ 26,500                
Settlement of convertible notes (in shares)   1.1                
2027 Notes                    
Debt                    
Principal amount $ 25,000     $ 125,000            
Interest rate (as a percent)       3.75%            
Proceeds from issuance of Notes, net of issuance cost       $ 121,900            
Purchase of capped calls       $ 10,300            
Repurchased and retired amount     100,000              
Settlement of convertible notes             700      
Settlement of convertible notes (in shares) 1.6                  
Cash paid for repurchase of notes $ 5,400                  
Reduction of additional paid-in capital for extinguishment of equity component of note repurchased/exchanged $ 20,200                  
2029 Notes                    
Debt                    
Principal amount     $ 230,000       $ 230,000   $ 230,000  
Interest rate (as a percent)     2.875%              
Proceeds from issuance of Notes, net of issuance cost     $ 223,200              
Repurchased and retired amount     $ 198,800              
v3.26.1
Liabilities - Convertible Senior Notes (Details)
 6 Months Ended
May 19, 2023
USD ($)
$ / shares
Nov. 17, 2020
USD ($)
May 18, 2020
USD ($)
Jun. 30, 2026
USD ($)
D
Jun. 30, 2025
USD ($)
Debt          
Transaction costs         $ 885,000
2025 Notes          
Debt          
Transaction costs   $ 1,900,000      
2027 Notes          
Debt          
Transaction costs     $ 3,100,000    
2029 Notes          
Debt          
Redemption price as a percent of principal amount       100.00%  
Stock price conversion trigger (as a percent)       130.00%  
Trading days threshold | D       20  
Number of consecutive trading days, scenario one | D       30  
Conversion rate 0.3421852        
Multiples of principal holders may convert 1,000     1,000  
Conversion price (in dollars per share) | $ / shares $ 29.22        
Number of consecutive business days | D       5  
Number of consecutive trading days, scenario two | D       5  
Trading price conversion trigger (as a percent)       98.00%  
Transaction costs $ 6,800,000        
v3.26.1
Liabilities - Convertible Senior Notes Carrying Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
May 15, 2025
May 19, 2023
Nov. 17, 2020
May 18, 2020
Debt            
Principal amount $ 230,000 $ 230,000        
Unamortized transaction costs (3,457) (3,991)        
Net carrying value 226,543 226,009        
2025 Notes            
Debt            
Principal amount         $ 132,500  
2027 Notes            
Debt            
Principal amount     $ 25,000     $ 125,000
2029 Notes            
Debt            
Principal amount 230,000 230,000   $ 230,000    
Unamortized transaction costs (3,457) (3,991)        
Net carrying value $ 226,543 $ 226,009        
v3.26.1
Liabilities - Convertible Senior Notes - Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Non-Cash Interest Expense        
Amortization of debt discount/transaction costs     $ 534 $ 550
Total Interest Expense $ 1,943 $ 2,059 $ 3,840 4,242
2025 Notes        
Cash Interest Expense        
Coupon interest expense       39
Non-Cash Interest Expense        
Amortization of debt discount/transaction costs       4
Convertible Debt, Fair Value by Fair Value Hierarchy Level Level 2   Level 2  
2027 Notes        
Cash Interest Expense        
Coupon interest expense   113   347
Non-Cash Interest Expense        
Amortization of debt discount/transaction costs   12   30
Convertible Debt, Fair Value by Fair Value Hierarchy Level Level 2   Level 2  
2029 Notes        
Cash Interest Expense        
Coupon interest expense $ 1,653 1,653 $ 3,306 3,306
Non-Cash Interest Expense        
Amortization of debt discount/transaction costs 290 $ 281 534 $ 516
Estimated fair value $ 611,200   $ 611,200  
Convertible Debt, Fair Value by Fair Value Hierarchy Level Level 2   Level 2  
v3.26.1
Liabilities - Capped Call Transactions (Details) - Capped Call Transactions
$ / shares in Units, shares in Millions, $ in Millions
May 13, 2020
USD ($)
$ / shares
shares
Debt  
Covering the initial underlying shares | shares 8.9
Aggregate price of capped call transaction | $ $ 10.3
Capped call transactions, exercise price $ 13.98
Cap price of the capped call transactions (in dollars per share) $ 18.46
v3.26.1
Liabilities - Revolving Credit Facility (Details)
$ in Millions
 6 Months Ended 12 Months Ended
Dec. 16, 2021
USD ($)
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Jun. 16, 2025
USD ($)
Aug. 02, 2024
USD ($)
Credit Facility          
Debt          
Borrowing capacity $ 150     $ 250 $ 225
Additional increase in borrowing subject to certain conditions $ 100        
Secured net leverage ratio 2.5        
Outstanding amount   $ 0 $ 0    
Credit Facility | Minimum          
Debt          
Unused commitment fee percentage (as a percent) 0.20%        
Interest coverage ratio 3        
Credit Facility | Maximum          
Debt          
Unused commitment fee percentage (as a percent) 0.30%        
Total net leverage ratio 4.5        
Secured net leverage ratio 3        
Credit Facility | Base rate | Minimum          
Debt          
Basis spread on base rate (as a percent) 0.25%        
Credit Facility | Base rate | Maximum          
Debt          
Basis spread on base rate (as a percent) 1.00%        
Credit Facility | SOFR          
Debt          
Floor rate on debt instrument (as a percent) 0.00%        
Credit Facility | SOFR | Minimum          
Debt          
Basis spread on base rate (as a percent) 1.25%        
Credit Facility | SOFR | Maximum          
Debt          
Basis spread on base rate (as a percent) 2.00%        
Credit Facility, Letter of Credit          
Debt          
Borrowing capacity $ 15        
v3.26.1
Liabilities - Other Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Other liabilities    
Other liabilities $ 17,209 $ 3,852
v3.26.1
Commitments and Contingencies - Lease terms (Details)
Jun. 30, 2026
Leases  
Lease renewal term 5 years
Weighted average remaining lease term 10 years
Weighted average discount rate (as a percent) 5.60%
v3.26.1
Commitments and Contingencies - Minimum lease commitments (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Minimum lease commitments, Payments due by period:    
2026 $ 2,083  
2027 5,083  
2028 4,560  
2029 4,340  
2030 4,083  
Thereafter 26,539  
Total future minimum lease payments 46,688  
Less: Imputed interest (12,044)  
Total operating lease liabilities $ 34,644  
Operating Lease, Liability, Statement of Financial Position Long-term operating lease liabilities, Accrued expenses and other current liabilities  
Accrued expenses and other current liabilities $ 4,174 $ 4,164
Operating Lease, Liability, Current, Statement of Financial Position Accrued expenses and other current liabilities  
Long-term operating lease liabilities $ 30,470 $ 31,837
Total operating lease liabilities $ 34,644  
Operating Lease, Liability, Statement of Financial Position Long-term operating lease liabilities, Accrued expenses and other current liabilities  
v3.26.1
Commitments and Contingencies - Lease costs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Lease cost        
Operating lease costs $ 1.2 $ 1.3 $ 2.5 $ 2.5
Variable lease costs $ 0.2 $ 0.3 0.4 0.6
Cash outflows from operating leases     $ 4.0 $ 3.7
v3.26.1
Commitments and Contingencies - Receivable Purchase Agreement (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Commitments and Contingencies        
Maximum amount of trade receivables to be sold under agreement $ 30.0   $ 30.0  
Receivables sold 0.0 $ 0.0 0.0 $ 0.0
Amount of trade receivables available to be sold under agreement $ 30.0   $ 30.0  
v3.26.1
Commitments and Contingencies - Purchase Commitments, Bank Guarantees and Tariffs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 01, 2026
Jun. 30, 2026
Jun. 30, 2026
Purchase commitments      
Purchase commitments due within one year   $ 331.0 $ 331.0
Bank guarantees      
Bank guarantees and letters of credit outstanding   5.7 5.7
Unused bank guarantees and letters of credit   36.3 36.3
Tariff refunds   $ 0.4 $ 0.4
Subsequent event      
Bank guarantees      
Tariff refunds $ 2.8    
v3.26.1
Equity - Statement of Stockholders' Equity (Details) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Increase (Decrease) in Stockholders' Equity            
Balance at the beginning of the period $ 883,662 $ 885,509 $ 811,858 $ 770,770 $ 885,509 $ 770,770
Net income 11,857 (324) 11,733 11,947 11,533 23,680
Other comprehensive income (loss), net of tax (110) (472) 30 108    
Share-based compensation expense 9,215 8,511 9,651 9,208    
Settlement of convertible notes     20,231 26,500    
Net issuance under employee stock plans (1,842) (9,562) 2,693 (6,675)    
Balance at the end of the period 902,782 883,662 856,196 811,858 902,782 856,196
Common Stock            
Increase (Decrease) in Stockholders' Equity            
Balance at the beginning of the period $ 610 $ 604 $ 583 $ 569 $ 604 $ 569
Balance at the beginning of the period (in shares) 61,032 60,389 58,292 56,828 60,389 56,828
Settlement of convertible notes     $ 16 $ 11    
Settlement of convertible notes (in shares)     1,643 1,104    
Net issuance under employee stock plans $ 1 $ 6 $ 3 $ 3    
Net issuance under employee stock plans (in shares) 97 643 226 360    
Balance at the end of the period $ 611 $ 610 $ 602 $ 583 $ 611 $ 602
Balance at the end of the period (in shares) 61,129 61,032 60,161 58,292 61,129 60,161
Additional Paid-in Capital            
Increase (Decrease) in Stockholders' Equity            
Balance at the beginning of the period $ 1,305,119 $ 1,306,176 $ 1,256,153 $ 1,227,134 $ 1,306,176 $ 1,227,134
Share-based compensation expense 9,215 8,511 9,651 9,208    
Settlement of convertible notes     20,215 26,489    
Net issuance under employee stock plans (1,843) (9,568) 2,690 (6,678)    
Balance at the end of the period 1,312,491 1,305,119 1,288,709 1,256,153 1,312,491 1,288,709
Accumulated Deficit            
Increase (Decrease) in Stockholders' Equity            
Balance at the beginning of the period (423,389) (423,065) (446,508) (458,455) (423,065) (458,455)
Net income 11,857 (324) 11,733 11,947    
Balance at the end of the period (411,532) (423,389) (434,775) (446,508) (411,532) (434,775)
Accumulated Other Comprehensive Income            
Increase (Decrease) in Stockholders' Equity            
Balance at the beginning of the period 1,322 1,794 1,630 1,522 1,794 1,522
Other comprehensive income (loss), net of tax (110) (472) 30 108    
Balance at the end of the period $ 1,212 $ 1,322 $ 1,660 $ 1,630 $ 1,212 $ 1,660
v3.26.1
Equity - AOCI Rollforward (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Changes in the balances of each component of AOCI        
Balance at the beginning of the period $ 883,662 $ 811,858 $ 885,509 $ 770,770
Other comprehensive income (loss) (110) 30 (582) 138
Balance at the end of the period 902,782 856,196 902,782 856,196
Accumulated Other Comprehensive Income        
Changes in the balances of each component of AOCI        
Balance at the beginning of the period 1,322 1,630 1,794 1,522
Other comprehensive income (loss)     (582)  
Balance at the end of the period 1,212 $ 1,660 1,212 $ 1,660
Foreign Currency Translation        
Changes in the balances of each component of AOCI        
Balance at the beginning of the period     1,855  
Other comprehensive income (loss)     (24)  
Balance at the end of the period 1,831   1,831  
Unrealized Gains (Losses) on Available-for-Sale Securities        
Changes in the balances of each component of AOCI        
Balance at the beginning of the period     (61)  
Other comprehensive income (loss)     (558)  
Balance at the end of the period $ (619)   $ (619)  
v3.26.1
Share-based Compensation - Recognized Share-based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Recognized share-based compensation        
Total share-based compensation expense $ 9,215 $ 9,651 $ 17,726 $ 18,859
Restricted stock        
Share-based compensation        
Expiration term     1 year  
Restricted stock | Maximum        
Share-based compensation        
Expiration term     4 years  
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold        
Recognized share-based compensation        
Total share-based compensation expense 1,600 1,991 $ 3,111 3,334
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Recognized share-based compensation        
Total share-based compensation expense 2,776 3,014 5,282 6,062
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense        
Recognized share-based compensation        
Total share-based compensation expense $ 4,839 $ 4,646 $ 9,333 $ 9,463
v3.26.1
Share-based Compensation - Restricted shares and performance shares (Details) - Non-vested restricted shares and performance shares
shares in Thousands
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Number of Shares  
Outstanding at the beginning of the period (in shares) | shares 2,551
Granted (in shares) | shares 1,170
Performance award adjustments (in shares) | shares 117
Vested (in shares) | shares (1,115)
Forfeited (in shares) | shares (53)
Outstanding at the end of the period (in shares) | shares 2,670
Weighted Average Grant Date Fair Value  
Outstanding at the beginning of the period (in dollars per share) | $ / shares $ 28.89
Granted (in dollars per share) | $ / shares 31.82
Performance award adjustments (in dollars per share) | $ / shares 32.25
Vested (in dollars per share) | $ / shares 28.33
Forfeited (in dollars per share) | $ / shares 24.97
Outstanding at the end of the period (in dollars per share) | $ / shares $ 30.63
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Tax reconciliation disclosures        
Income before income taxes $ 13,024 $ 12,622 $ 11,541 $ 27,606
Income tax expense $ 1,167 $ 889 $ 8 $ 3,926
Effective tax rate (as a percent) 8.96% 7.04% 0.07% 14.22%
v3.26.1
Segment Reporting and Geographic Information (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
item
segment
Jun. 30, 2025
USD ($)
Revenue reporting by end-market and geographic region        
Number of operating segments | segment     1  
Number of reportable segments | segment     1  
Number of end-markets | item     4  
Net Sales to Unaffiliated Customers $ 193,481 $ 166,104 $ 351,822 $ 333,396
United States        
Revenue reporting by end-market and geographic region        
Net Sales to Unaffiliated Customers 59,068 21,852 91,293 45,914
EMEA        
Revenue reporting by end-market and geographic region        
Net Sales to Unaffiliated Customers 16,003 18,533 31,787 30,870
China        
Revenue reporting by end-market and geographic region        
Net Sales to Unaffiliated Customers 48,085 27,490 68,041 98,382
Rest of APAC        
Revenue reporting by end-market and geographic region        
Net Sales to Unaffiliated Customers 69,798 98,186 160,162 158,162
Rest Of World        
Revenue reporting by end-market and geographic region        
Net Sales to Unaffiliated Customers 527 43 539 68
Semiconductor        
Revenue reporting by end-market and geographic region        
Net Sales to Unaffiliated Customers 130,678 123,874 239,720 247,697
Compound Semiconductor        
Revenue reporting by end-market and geographic region        
Net Sales to Unaffiliated Customers 20,527 14,197 39,335 28,594
Data Storage        
Revenue reporting by end-market and geographic region        
Net Sales to Unaffiliated Customers 22,201 12,354 32,414 19,059
Scientific & Other        
Revenue reporting by end-market and geographic region        
Net Sales to Unaffiliated Customers $ 20,075 $ 15,679 $ 40,353 $ 38,046
v3.26.1
Merger (Details)
Sep. 30, 2025
USD ($)
director
Axcelis Technologies, Inc  
Merger  
Ownership percentage, noncontrolling owner 41.60%
Axcelis Technologies, Inc | Axcelis Technologies, Inc  
Merger  
Ownership percentage 58.40%
Veeco Instruments Inc | Axcelis Technologies, Inc  
Merger  
Number of director who serves on the Axcelis board | director 1
Share exchange ratio of new shares to be received 0.3575
Termination fee, Threshold period for competing proposal 12 months
Fixed expense reimbursement amount $ 15,000,000
Veeco Instruments Inc | Axcelis Technologies, Inc | Non Terminating Party, Axcelis Technologies Inc  
Merger  
Termination fee 108,700,000
Veeco Instruments Inc | Axcelis Technologies, Inc | Non-Terminating Party, Veeco Instruments Inc  
Merger  
Termination fee $ 77,500,000