$VECO

VEECO INSTRUMENTS INC

CIK:0000103145|SEC Filings

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

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

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