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Axcelis Technologies, Inc. announced that its stockholders approved all proposals related to the company’s pending merger with Veeco Instruments Inc. at Axcelis’ Special Meeting of Stockholders. The final voting results will be disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission.
Completion of the merger remains subject to customary closing conditions, including final outstanding regulatory approval from the State Administration for Market Regulation of the People’s Republic of China. Axcelis and Veeco continue to expect the transaction to close in the second half of 2026.
Original – Axcelis Technologies
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Veeco Instruments Inc. has reported its financial results for the third quarter ended September 30, 2025. The company delivered solid performance amid continued demand in semiconductor markets, particularly those driven by artificial intelligence and high-performance computing applications.
According to U.S. generally accepted accounting principles (GAAP), Veeco reported revenue of $165.9 million for the third quarter of 2025, compared to $184.8 million in the same period last year. GAAP net income for the quarter was $10.6 million, or $0.17 per diluted share, down from $22.0 million or $0.36 per diluted share in Q3 2024.
On a non-GAAP basis, the company reported operating income of $23.1 million, compared to $31.0 million a year earlier. Non-GAAP net income for the quarter was $21.8 million, or $0.36 per diluted share, compared to $28.3 million or $0.46 per diluted share in the third quarter of 2024.
“Veeco’s strong financial results this quarter reflect continued momentum in the semiconductor market driven by AI and high-performance computing,” said Bill Miller, Ph.D., Chief Executive Officer of Veeco. “We are also excited about new product traction in our MOCVD business. We have won multiple orders for our 300 mm gallium nitride single wafer and arsenide phosphide batch systems.”
Dr. Miller also noted the strategic importance of the pending merger with Axcelis Technologies, Inc., which is expected to broaden Veeco’s technology portfolio and expand market opportunities. “The merger marks a significant step to better serve our customers and to deliver long-term value through an enhanced product offering and scale,” he added.
Outlook for Q4 2025
For the fourth quarter of 2025, Veeco expects:
- Revenue in the range of $155 million to $175 million
- GAAP diluted earnings (loss) per share in the range of ($0.07) to $0.05
- Non-GAAP diluted earnings per share in the range of $0.16 to $0.32
Veeco remains focused on executing its strategic initiatives and leveraging its technology leadership in compound semiconductors, wafer processing, and emerging growth markets.
Original – Veeco Instruments
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GaN / LATEST NEWS / WBGVeeco Secures Order for Propel®300 System to Advance 300mm GaN-on-Silicon Power Device Manufacturing
November 6, 2025
2 Min ReadVeeco Instruments Inc. has announced the receipt of a purchase order for its Propel®300 metal-organic chemical vapor deposition (MOCVD) system from a major integrated device manufacturer (IDM) specializing in power semiconductors. The system will be used for gallium nitride (GaN) epitaxial growth on 300 mm silicon (Si) wafers, underscoring Veeco’s established leadership in 300 mm MOCVD technology.
The order builds on Veeco’s long-standing expertise and history of Propel®300 shipments across the compound semiconductor sector. The platform’s qualification for 300 mm GaN-on-Si epitaxy specifically for power device applications represents a significant milestone in enabling broader commercialization of GaN technology.
“Qualifying Propel®300 for 300 mm GaN-on-Si epitaxy for power devices is a significant achievement in the path to widespread adoption of GaN technology,” stated Anil Vijayendran, Vice President of MOCVD Product Line Management at Veeco. “Moving from 200 mm to 300 mm enables customers to achieve 2.3 times more chips per wafer while utilizing existing 300 mm production infrastructure, which ultimately reduces device costs.”
GaN technology offers high efficiency and superior thermal and switching characteristics that can reduce the size and weight of power systems. These attributes are driving its adoption in critical sectors such as automotive, industrial, and data centers. According to Yole Group, the global GaN device market is projected to expand at a 35% compound annual growth rate from $555 million in 2025 to $2.5 billion by 2030. This growth is expected to be driven in part by rising power demands associated with artificial intelligence workloads and the corresponding need for more efficient power delivery systems.
The Propel®300 system, built on Veeco’s TurboDisc MOCVD technology, is designed for high-performance GaN epitaxy with industry-leading uniformity in thickness and doping. It also offers low defectivity, high productivity, and fully automated wafer handling. Combined with extended campaign runs that do not require in-situ cleaning and a user-friendly design, these features result in a highly competitive cost of ownership per wafer.
With this order, Veeco continues to reinforce its role as a key enabler of scalable GaN production and innovation for next-generation power electronics.
Original – Veeco Instruments
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Imec, the Belgian research and innovation hub specializing in nanoelectronics and digital technologies, has announced the launch of a new 300mm gallium nitride (GaN) open innovation program for power electronics. AIXTRON, GlobalFoundries, KLA Corporation, Synopsys, and Veeco have joined as the first partners in this initiative, which aims to accelerate the development of both low- and high-voltage GaN power devices.
The program, part of imec’s Industrial Affiliation Program (IIAP) on GaN power electronics, focuses on advancing 300mm GaN epitaxial growth and high electron mobility transistor (HEMT) process flows. The use of larger 300mm substrates is expected to lower GaN device manufacturing costs while enabling more advanced, high-performance power electronics such as compact, energy-efficient converters for CPUs and GPUs.
Imec’s new initiative builds on the success of 200mm GaN technology, extending its expertise to larger wafer diameters to support industrial-scale production. The move to 300mm wafers allows GaN technology to access state-of-the-art CMOS-compatible equipment, paving the way for the next generation of low-voltage p-GaN gate HEMTs for power distribution in computing and data applications.
The program’s first phase will establish a baseline lateral p-GaN HEMT platform for low-voltage applications (100 V and beyond), using 300mm Si(111) substrates. Development work currently focuses on key process modules such as p-GaN etching and Ohmic contact formation. Later stages will target high-voltage applications above 650 V, utilizing 300mm QST engineered substrates that offer mechanical strength and bow control suitable for advanced CMOS-compatible processing.
According to Stefaan Decoutere, fellow and program director of GaN power electronics at imec, the transition to 300mm wafers offers advantages beyond cost reduction. It enables the creation of more sophisticated GaN devices, supporting compact and efficient power solutions for applications like automotive on-board chargers, solar inverters, and power systems in telecom and AI data centers.
Imec expects to complete installation of its full 300mm GaN processing capabilities in its cleanroom by the end of 2025. The program’s success relies on strong collaboration between partners across the value chain, combining expertise in epitaxy, process integration, design, and packaging to drive the next wave of GaN power innovation.
Original – Imec
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Axcelis Technologies, Inc. and Veeco Instruments Inc. announced that they have entered into a definitive agreement to combine in an all-stock merger. The combined company is expected to have an enterprise value of approximately $4.4 billion based on Axcelis’ and Veeco’s closing share prices as of September 30, 2025, and outstanding debt as of June 30, 2025.
Together, Axcelis and Veeco will be a leading semiconductor equipment company serving complementary, diversified and expanding end markets. The combined company will have an attractive operating profile, a robust R&D innovation engine and an expanded product portfolio with opportunities for cost and revenue synergies. On a pro-forma basis for Fiscal Year 2024, the combined company generated revenue of $1.7 billion, non-GAAP gross margin of 44% and adjusted EBITDA of $387 million. These pro-forma figures do not reflect the anticipated synergies of the combination.
Under the terms of the agreement, Veeco shareholders will receive 0.3575 Axcelis shares for each share of Veeco they own. At closing, Axcelis shareholders are expected to own approximately 58%, and Veeco shareholders are expected to own approximately 42%, of the combined company, on a fully diluted basis. The merger agreement was approved unanimously by the boards of directors of both companies.
“This combination marks a transformational milestone for both Axcelis and Veeco, establishing a new leader in semiconductor capital equipment with complementary technologies, a diversified portfolio and an expanded addressable market opportunity,” said Dr. Russell Low, President and Chief Executive Officer of Axcelis. “We have long admired Veeco’s history of innovation and its track record of delivering breakthrough products. I had the privilege of previously working at Veeco and I hold deep appreciation for its incredible talent, culture and innovation. Together, we will be well-positioned to serve large and growing end markets poised to benefit from significant secular tailwinds, creating exciting opportunities for employees and accelerating next-generation innovation for our customers.”
“This merger capitalizes on the core competencies of both Veeco and Axcelis to address our customers’ critical needs,” said Dr. Bill MiIler, Chief Executive Officer of Veeco. “With increased R&D scale, the combination of these two exceptional businesses will accelerate our ability to solve material challenges, enable advanced chip manufacturing and build an even stronger company that can deliver superior value for all stakeholders.”
Strategic Rationale and Financial Benefits
- Increases addressable market opportunity. By integrating complementary technologies, solutions and offerings, the combined company will expand its total addressable market to over $5 billion, with greater exposure to secular tailwinds including artificial intelligence and the corresponding demand for power solutions.
- Diversifies technology portfolio and market segments to advance customer roadmaps. The combination will create the fourth largest U.S. wafer fabrication equipment supplier by revenue, delivering meaningful scale and resources to better compete throughout the global semiconductor equipment value chain. The combined company will offer a differentiated and comprehensive product portfolio spanning ion implantation, laser annealing, ion beam deposition, advanced packaging solutions and MOCVD. The expanded portfolio will be supported by robust aftermarket services for the combined company’s global customers. These complementary capabilities are expected to provide revenue synergies through the integration of technology expertise, cross-selling and platform optimization.
- Combines complementary expertise and scale to deliver innovative solutions for customers. The combined company’s complementary teams and technical capabilities directly lead to stronger capacity, expanded R&D scale, accelerated innovation and will unlock opportunities across key geographies and end market segments. Furthermore, customers benefit from a more robust partner capable of supporting differentiated, next-generation technologies, accelerating their roadmaps.
- Resilient operating profile and strong balance sheet to drive growth and returns. On a pro-forma basis in 2024, the combined company generated a 44% non-GAAP gross margin and 22% adjusted EBITDA margin (excluding anticipated cost synergies). It is expected to have estimated pro-forma cash of over $900 million upon closing. The combined company’s strong balance sheet is expected to support the organic growth of the combined businesses and provide a solid foundation to deliver capital returns to shareholders. Axcelis and Veeco anticipate that, following the closing of the transaction, the combined company would execute a share repurchase program. Axcelis and Veeco expect annual run-rate cost synergies of $35 million within 24 months following closing, with the majority achieved within the first 12 months, and accretion to non-GAAP earnings per share within the first 12 months post-closing. Run-rate synergies exclude additional savings associated with share based compensation expense. Veeco’s $230 million in outstanding 2029 convertible bonds will be assumed by the combined company in connection with the transaction.
Governance, Leadership and Headquarters
Upon close, the combined company’s Board will be comprised of 11 directors, six of whom are from Axcelis, including Dr. Low, and four from Veeco, including Dr. Miller, who will also chair the Board’s Technology Committee. Thomas St. Dennis, who currently serves on the boards of both companies, will serve as Chairperson of the Board for the combined company. Jorge Titinger, current Chairperson of Axcelis, will remain on the Board of the combined company.
Dr. Low will serve as President and Chief Executive Officer of the combined company. James Coogan, currently Chief Financial Officer of Axcelis, will serve in the same role at the combined company.
Following the closing of the transaction, the combined company will have its headquarters in Beverly, Massachusetts. To reflect the transformational nature of the merger, the combined company will assume a new name, ticker symbol and brand following close.
Timing and Approvals
The transaction is expected to close in the second half of 2026, subject to approval by shareholders of both companies, the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.
Original – Axcelis Technologies
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Veeco Instruments Inc. announced its second-quarter 2025 financial results, showing a year-over-year decline in revenue and profit, but highlighting strong momentum from High-Performance Computing (HPC) and Artificial Intelligence (AI) applications.
For the quarter ended June 30, 2025, Veeco reported revenue of $166.1 million, down from $175.9 million in the same period last year. GAAP net income came in at $11.7 million, or $0.20 per diluted share, compared to $14.9 million, or $0.25 per diluted share, in Q2 2024. On a Non-GAAP basis, the company posted $21.5 million in net income, or $0.36 per diluted share, compared with $25.4 million, or $0.42 per diluted share, last year.
Despite the revenue dip, CEO Bill Miller, Ph.D. emphasized that demand from AI and HPC markets continues to fuel the company’s growth drivers.
“Veeco delivered strong financial results this quarter, fueled by rapid expansion of High-Performance Computing and AI technologies,” Miller said. “This performance was driven by shipments of our wet processing and lithography systems for Advanced Packaging and Ion Beam Deposition systems for EUV mask blanks.”
Looking ahead, Veeco expects third-quarter 2025 revenue in the range of $150 million to $170 million. GAAP diluted EPS is projected between $0.04 and $0.22, while Non-GAAP diluted EPS is anticipated to be in the range of $0.20 to $0.35.
Original – Veeco Instruments
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Veeco Instruments Inc. announced financial results for its fourth quarter and fiscal year ended December 31, 2024. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.
Fourth Quarter 2024 Highlights:
- Revenue of $182.1 million, compared with $173.9 million in the same period last year
- GAAP net income of $15.0 million, or $0.26 per diluted share, compared with $21.6 million, or $0.37 per diluted share in the same period last year
- Non-GAAP net income of $24.2 million, or $0.41 per diluted share, compared with $29.8 million, or $0.51 per diluted share in the same period last year
Fiscal Year 2024 Highlights:
- Revenue of $717.3 million, compared with $666.4 million in the same period last year
- GAAP net income of $73.7 million, or $1.23 per diluted share, compared with GAAP net loss of $30.4 million or $0.56 loss per diluted share in the same period last year
- Non-GAAP net income of $104.3 million, or $1.74 per diluted share, compared with $98.3 million, or $1.69 per diluted share in the same period last year
“Veeco had a successful year in 2024, highlighted by our Semiconductor business outperforming WFE growth for the 4th consecutive year,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “We achieved several strategic milestones, grew the top-line and delivered solid profitability, all while continuing to allocate capital toward our largest growth opportunities. Looking ahead, our solutions in Laser Annealing, Ion Beam Deposition, and Advanced Packaging are well-positioned to take advantage of growth in leading edge investment in the coming years.”
The following guidance is provided for Veeco’s first quarter 2025:
- Revenue is expected in the range of $155 million to $175 million
- GAAP diluted earnings per share are expected in the range of $0.11 to $0.22
- Non-GAAP diluted earnings per share are expected in the range of $0.26 to $0.36
Original – Veeco Instruments
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Veeco Instruments Inc. announced financial results for its third quarter ended September 30, 2024. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.
Third Quarter 2024 Highlights:
- Revenue of $184.8 million, compared with $177.4 million in the same period last year
- GAAP net income of $22.0 million, or $0.36 per diluted share, compared with $24.6 million, or $0.42 per diluted share in the same period last year
- Non-GAAP net income of $28.3 million, or $0.46 per diluted share, compared with $31.0 million, or $0.53 per diluted share in the same period last year
“Veeco reported solid third quarter results above the mid-point of our guidance, led by record Semiconductor revenue,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “Our Semiconductor business grew 26% year-over-year and 13% sequentially, highlighted by an increase in shipments to leading-edge customers across several product lines. Our portfolio of enabling technologies is gaining traction for several industry inflections, contributing to our expectations for our Semiconductor business to outperform WFE growth for the 4th consecutive year.”
Original – Veeco Instruments
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Veeco Instruments Inc. announced financial results for its second quarter ended June 30, 2024. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”).
Second Quarter 2024 Highlights:
- Revenue of $175.9 million, compared with $161.6 million in the same period last year
- GAAP net income of $14.9 million, or $0.25 per diluted share, compared with net loss of $85.3 million, or $1.61 loss per diluted share in the same period last year
- Non-GAAP net income of $25.4 million, or $0.42 per diluted share, compared with $20.6 million, or $0.36 per diluted share in the same period last year
“We delivered solid second quarter results in line with our guidance, led by our Semiconductor business,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “Demand for our Laser Annealing systems remains strong, highlighted by record revenue during the quarter. We’re also pleased to have received follow-on LSA orders for a leading logic customer’s gate-all-around process, as well as follow-on business from our Tier 1 DRAM customer to support their planned expansion.”
Guidance and Outlook
The following guidance is provided for Veeco’s third quarter 2024:
- Revenue is expected in the range of $170 million to $190 million
- GAAP diluted earnings per share are expected in the range of $0.21 to $0.31
- Non-GAAP diluted earnings per share are expected in the range of $0.39 to $0.49
Original – Veeco Instruments
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Veeco Instruments Inc. announced financial results for its fourth quarter and fiscal year ended December 31, 2023. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.
Fourth Quarter 2023 Highlights:
- Revenue of $173.9 million, compared with $153.8 million in the same period last year
- GAAP net income of $21.6 million, or $0.37 per diluted share, compared with $128.9 million, or $2.00 per diluted share in the same period last year
- Non-GAAP net income of $29.8 million, or $0.51 per diluted share, compared with $21.9 million, or $0.38 per diluted share in the same period last year
Fiscal Year 2023 Highlights:
- Revenue of $666.4 million, compared with $646.1 million in the same period last year
- GAAP net loss of $30.4 million, or $0.56 loss per diluted share, included a $97.1 million loss related to debt refinancing, compared with net income of $166.9 million, or $2.71 earnings per diluted share in the same period last year
- Non-GAAP net income of $98.3 million, or $1.69 per diluted share, compared with $89.6 million, or $1.57 per diluted share in the same period last year
Original – Veeco Instruments
