The Q1 miss and GAAP loss are negative, but the unchanged FY guidance and strong Q2 midpoint ($180M) suggest management expects a material H2 recovery. Traders should watch order activity (especially in silicon photonics) and any updates on the Axcelis merger for signs of acceleration. The stock may be range-bound until Q2 results confirm the inflection.
Price Chart
Executive Summary
Veeco reported Q1 2026 revenue of $158.3M, down 5.3% YoY, and a GAAP net loss of -$0.3M (-$0.01/diluted share) vs. net income of $11.9M ($0.20/diluted share) in Q1 2025. The decline in revenue and swing to a GAAP loss represent a clear miss vs. the prior year, though full-year FY2026 guidance was reaffirmed (revenue $740M-$800M). Q2 revenue guidance of $170M-$190M implies a sequential recovery, but the weak Q1 results raise near-term execution risk.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $158.3M down 5.3% YoY from $167.3M
- GAAP diluted EPS of ($0.01) vs. $0.20 in Q1 2025
- Non-GAAP diluted EPS $0.14 vs. $0.37 in Q1 2025
- Q2 2026 revenue guidance $170M-$190M (midpoint $180M, +13.7% QoQ)
- FY2026 guidance unchanged: revenue $740M-$800M, GAAP EPS $0.83-$1.17, Non-GAAP EPS $1.50-$1.85
- Operating cash flow $8M, capex $5M, FCF $3M
Financial Impact
Revenue decline of $8.95M YoY and GAAP net loss of $0.3M vs. prior year profit of $11.9M; FY guidance implies strong second-half ramp but adds execution risk.
Risk Factors
- Execution risk on FY guidance requiring significant H2 revenue ramp
- Pending Axcelis merger (regulatory approval in China) could delay or fail
- Continued revenue concentration in China (20% of Q1 2026 revenue) exposes to tariff/trade risks
- GAAP net loss and declining cash flow from operations may pressure valuations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-055640 |
| Document: veco-20260505xex99d2.htm | 0001104659-26-055640 |
| Document: veco-20260505x8k.htm | 0001104659-26-055640 |
| Document: 0001104659-26-055640-index-headers.html | 0001104659-26-055640 |
| Document: 0001104659-26-055640-index.html | 0001104659-26-055640 |
| Document: 0001104659-26-055640.txt | 0001104659-26-055640 |
| 8-K Data (Synthetic) | 0001104659-26-055640 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 6w ago | Insider Cluster | $47.20 $41.41 | ▼ −12.27% | ▼ −12.27% | $57.38 (+21.57%) |
Jun 11, 2026 16w ago | Institutional Cluster | $71.55 $57.45 | ▲ +19.71% | ▲ +21.60% | $57.38 (+19.80%) |
Jun 10, 2026 16w ago | Insider Cluster | $71.55 $57.45 | ▼ −19.71% | ▼ −21.60% | $57.38 (−19.80%) |
Jun 10, 2026 16w ago | Insider Cluster | $71.55 $57.45 | ▼ −19.71% | ▼ −21.60% | $57.38 (−19.80%) |
May 27, 2026 18w ago | Insider Cluster | $59.13 $70.95 | ▲ +19.99% | ▲ +23.13% | $57.38 (−2.96%) |
May 18, 2026 19w ago | Insider Cluster | $54.69 $75.78 | ▼ −38.56% | ▼ −37.58% | $57.38 (−4.92%) |
May 7, 2026 21w ago | Insider Cluster | $57.72 $60.46 | ▼ −4.75% | ▼ −1.61% | $57.38 (+0.59%) |
May 5, 2026 21w ago | 8-K | $62.01 $60.46 | ▲ +2.50% | ▲ +5.28% | $57.38 (+7.47%) |
Apr 21, 2026 23w ago | Press Release | $50.37 $54.69 | ▲ +8.58% | ▲ +5.41% | $57.38 (+13.92%) |
Mar 19, 2026 28w ago | DEFA14A | $30.65 $46.73 | ▲ +52.46% | ▲ +43.14% | $57.38 (+87.21%) |
US Market Status
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