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v3.25.1

Assets | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (in thousands)
March 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificate of deposits and time deposits | ​ | $ | 67,362 | ​ | $ | — | ​ | $ | — | ​ | $ | 67,362
Government agency securities | ​ | ​ | — | ​ | ​ | 1,998 | ​ | ​ | — | ​ | ​ | 1,998
U.S. treasuries | ​ | ​ | 9,974 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,974
Money market cash | ​ | ​ | 21,866 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 21,866
Total | ​ | $ | 99,202 | ​ | $ | 1,998 | ​ | $ | — | ​ | $ | 101,200
Short-term investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 52,922 | ​ | $ | — | ​ | $ | — | ​ | $ | 52,922
Government agency securities | ​ | ​ | — | ​ | ​ | 44,036 | ​ | ​ | — | ​ | ​ | 44,036
Corporate debt | ​ | ​ | — | ​ | ​ | 79,952 | ​ | ​ | — | ​ | ​ | 79,952
Commercial paper | ​ | ​ | — | ​ | ​ | 1,485 | ​ | ​ | — | ​ | ​ | 1,485
Total | ​ | $ | 52,922 | ​ | $ | 125,473 | ​ | $ | — | ​ | $ | 178,395
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Certificate of deposits and time deposits | ​ | $ | 66,023 | ​ | $ | — | ​ | $ | — | ​ | $ | 66,023
Money market cash | ​ | ​ | 15,003 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,003
Total | ​ | $ | 81,026 | ​ | $ | — | ​ | $ | — | ​ | $ | 81,026
Short-term investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 84,032 | ​ | $ | — | ​ | $ | — | ​ | $ | 84,032
Government agency securities | ​ | ​ | — | ​ | ​ | 30,167 | ​ | ​ | — | ​ | ​ | 30,167
Corporate debt | ​ | ​ | — | ​ | ​ | 83,051 | ​ | ​ | — | ​ | ​ | 83,051
Commercial paper | ​ | ​ | — | ​ | ​ | 1,469 | ​ | ​ | — | ​ | ​ | 1,469
Total | ​ | $ | 84,032 | ​ | $ | 114,687 | ​ | $ | — | ​ | $ | 198,719
​ There were no transfers between fair value measurement levels during the three months ended March 31, 2025. ​ At March 31, 2025 and December 31, 2024, 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)
March 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 52,906 | ​ | $ | 26 | ​ | $ | (10) | ​ | $ | 52,922
Government agency securities | ​ | ​ | 44,067 | ​ | ​ | 8 | ​ | ​ | (39) | ​ | ​ | 44,036
Corporate debt | ​ | ​ | 80,018 | ​ | ​ | 24 | ​ | ​ | (90) | ​ | ​ | 79,952
Commercial paper | ​ | ​ | 1,485 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,485
Total | ​ | $ | 178,476 | ​ | $ | 58 | ​ | $ | (139) | ​ | $ | 178,395
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 84,008 | ​ | $ | 45 | ​ | $ | (21) | ​ | $ | 84,032
Government agency securities | ​ | ​ | 30,244 | ​ | ​ | 13 | ​ | ​ | (90) | ​ | ​ | 30,167
Corporate debt | ​ |  | 83,209 | ​ | ​ | 17 | ​ | ​ | (175) | ​ |  | 83,051
Commercial paper | ​ | ​ | 1,469 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,469
Total | ​ | $ | 198,930 | ​ | $ | 75 | ​ | $ | (286) | ​ | $ | 198,719
​ Available-for-sale securities in a loss position at March 31, 2025 and December 31, 2024 consist of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Continuous Loss Position | ​ | Continuous Loss Position
​ | ​ | for Less than 12 Months | ​ | for 12 Months or More
​ |  | ​ | ​ |  | Gross |  | ​ | ​ |  | Gross
​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
​ | ​ | Fair Value | ​ | Losses | ​ | Fair Value | ​ | Losses
​ | ​ | ​ | (in thousands)
March 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 31,249 | ​ | $ | (10) | ​ | $ | — | ​ | $ | —
Government agency securities | ​ | ​ | 38,128 | ​ | ​ | (39) | ​ | ​ | — | ​ | ​ | —
Corporate debt | ​ |  | 51,294 | ​ |  | (90) | ​ |  | — | ​ |  | —
Total | ​ | $ | 120,671 | ​ | $ | (139) | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 26,756 | ​ | $ | (21) | ​ | $ | — | ​ | $ | —
Government agency securities | ​ | ​ | 20,062 | ​ | ​ | (90) | ​ | ​ | — | ​ | ​ | —
Corporate debt | ​ |  | 58,967 | ​ |  | (175) | ​ |  | — | ​ |  | —
Total | ​ | $ | 105,785 | ​ | $ | (286) | ​ | $ | — | ​ | $ | —
​ The contractual maturities of securities classified as available-for-sale at March 31, 2025 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025
​ | ​ | Amortized | ​ | Estimated
​ | ​ | Cost | ​ | Fair Value
​ | ​ | ​ | (in thousands)
Due in one year or less | ​ | $ | 113,581 | ​ | $ | 113,515
Due after one year through two years | ​ | ​ | 64,895 | ​ |  | 64,880
Total | ​ | $ | 178,476 | ​ | $ | 178,395
​ 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 three months ended March 31, 2025 and 2024. ​ Accounts Receivable ​ Accounts receivable is presented net of an allowance for doubtful accounts of $1.0 million at March 31, 2025 and December 31, 2024. The Company considers its current expectations of future economic conditions when estimating its allowance for doubtful accounts. ​ Inventories ​ Inventories at March 31, 2025 and December 31, 2024 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2025 |  | 2024
​ | ​ | (in thousands)
Materials | ​ | $ | 132,909 | ​ | $ | 129,178
Work-in-process | ​ |  | 87,726 | ​ |  | 88,361
Finished goods | ​ |  | 6,950 | ​ |  | 3,016
Evaluation inventory | ​ | ​ | 26,466 | ​ | ​ | 26,180
Total | ​ | $ | 254,051 | ​ | $ | 246,735
​ 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 $18.8 million and $18.7 million at March 31, 2025 and December 31, 2024, respectively. ​ Property, Plant, and Equipment ​ Property, plant, and equipment at March 31, 2025 and December 31, 2024 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2025 |  | 2024
​ | ​ | (in thousands)
Land | ​ | $ | 5,061 | ​ | $ | 5,061
Building and improvements | ​ |  | 61,527 | ​ |  | 61,504
Machinery and equipment (1) | ​ |  | 194,117 | ​ |  | 190,810
Leasehold improvements | ​ |  | 54,641 | ​ |  | 53,759
Gross property, plant, and equipment | ​ |  | 315,346 | ​ |  | 311,134
Less: accumulated depreciation and amortization | ​ |  | 201,559 | ​ |  | 197,345
Property, plant, and equipment, net | ​ | $ | 113,787 | ​ | $ | 113,789
(1) | Machinery and equipment also includes software, furniture and fixtures
​ For the three months ended March 31, 2025 and 2024, depreciation expense was $4.2 million and $4.5 million, respectively. ​ 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 three months ended March 31, 2025. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025 | ​ | December 31, 2024
​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​
​ |  | Gross |  | Amortization |  | ​ |  | Gross |  | Amortization |  | ​
​ | ​ | Carrying | ​ | and | ​ | Net | ​ | Carrying | ​ | and | ​ | Net
​ | ​ | Amount | ​ | Impairment | ​ | Amount | ​ | Amount | ​ | Impairment | ​ | Amount
​ | ​ | (in thousands)
Technology | ​ | $ | 355,928 | ​ | $ | 354,446 | ​ | $ | 1,482 | ​ | $ | 355,928 | ​ | $ | 354,066 | ​ | $ | 1,862
Customer relationships | ​ | ​ | 146,925 | ​ | ​ | 140,397 | ​ | ​ | 6,528 | ​ | ​ | 146,925 | ​ | ​ | 139,955 | ​ | ​ | 6,970
Trademarks and tradenames | ​ | ​ | 30,910 | ​ | ​ | 30,910 | ​ | ​ | — | ​ | ​ | 30,910 | ​ | ​ | 30,910 | ​ | ​ | —
Other | ​ |  | 3,746 | ​ |  | 3,746 | ​ |  | — | ​ |  | 3,746 | ​ |  | 3,746 | ​ |  | —
Total | ​ | $ | 537,509 | ​ | $ | 529,499 | ​ | $ | 8,010 | ​ | $ | 537,509 | ​ | $ | 528,677 | ​ | $ | 8,832
​ Other intangible assets primarily consist of patents, licenses, and backlog.

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