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Segment Reporting and Geographic Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting and Geographic Information  
Segment Reporting and Geographic Information

Note 9 — Segment Reporting and Geographic Information

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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 2024 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.

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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.

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Veeco serves the following four end-markets:

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Semiconductor

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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.

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Compound Semiconductor

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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.

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Data Storage

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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.

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Scientific & Other

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

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Sales by end-market and geographic region for the three and nine months ended September 30, 2025 and 2024 were as follows:

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​

​

​

​

​

​

​

​

​

​

​

​

​

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Three months ended September 30,

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Nine months ended September 30,

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​

    

2025

​

2024

    

2025

​

2024

    

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(in thousands)

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Sales by end-market

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​

​

​

​

​

​

​

​

​

​

​

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Semiconductor

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$

118,322

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$

124,143

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$

366,019

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$

354,463

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Compound Semiconductor

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​

10,912

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​

15,556

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​

39,506

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​

54,781

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Data Storage

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9,971

​

 

32,750

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29,030

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84,727

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Scientific & Other

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26,676

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12,358

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64,722

​

 

41,199

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Total

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$

165,881

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$

184,807

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$

499,277

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$

535,170

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Sales by geographic region

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​

​

​

​

​

​

​

​

​

​

​

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United States

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$

26,513

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$

59,207

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$

72,427

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$

129,819

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EMEA(1)

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​

11,581

​

​

9,898

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​

42,451

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​

42,188

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China

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​

45,650

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​

54,590

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​

144,032

​

​

184,274

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Rest of APAC

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​

82,100

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​

60,969

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​

240,262

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​

178,124

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Rest of World

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37

​

 

143

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105

​

 

765

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Total

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$

165,881

​

$

184,807

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$

499,277

​

$

535,170

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(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.