Onto Innovation Earnings Call Transcripts
Fiscal Year 2026
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Record Q2 results with revenue up 35% year-over-year and gross margin at 57%. Advanced packaging and nodes segments saw strong growth, with a record $1.1B backlog and raised outlook for H2 2026. Capacity expansion, new product wins, and robust demand in AI and HBM drive confidence into 2027.
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Q1 revenue and margins exceeded guidance, driven by AI and advanced packaging demand. 2026 revenue is projected to grow over 30%, with advanced packaging and nodes segments leading. Strategic Rigaku partnership and new product wins position the company to outpace WFE market growth.
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AI-driven growth is accelerating, with 61% of 2025 revenue tied to the AI supply chain and a stronger 2026 outlook. Product innovation, especially in Dragonfly and charge metrology, is driving higher margins and new opportunities, while operational shifts to Asia and SDI integration support expansion and profitability.
Fiscal Year 2025
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Record Q4 and annual revenue driven by strong advanced packaging and advanced nodes growth, with Q1 2026 revenue expected to rise further. Backlog and customer demand for AI-related solutions support a robust outlook, while supply chain and power semi headwinds remain.
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Q3 2025 results exceeded guidance with $218.2M revenue, 54% gross margin, and $0.92 EPS. Advanced packaging and node segments are driving growth, with strong AI and memory demand. Q4 revenue is guided up 15%-21%, and the Semilab acquisition is expected to close soon.
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Strong AI-driven demand and new product adoption are fueling growth, with advanced nodes revenue nearly doubling and robust performance in packaging and metrology. Operational improvements and strategic acquisitions are set to enhance margins and expand market reach.
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Q2 revenue and margins exceeded guidance, driven by strong AI packaging and advanced node demand. The Semilab acquisition will expand the portfolio and be immediately accretive. Q3 is expected to be a low point, with a sharp Q4 rebound anticipated.
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Record Q1 revenue and EPS growth were driven by advanced nodes and AI-related demand, while US tariffs prompted accelerated manufacturing expansion in Asia. Q2 guidance anticipates a sequential revenue dip, with growth resuming in Q4 and new product launches targeting evolving customer needs.
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Revenue and earnings saw strong double-digit growth in 2024, driven by new product launches and expanding market opportunities in AI packaging, Gate-All-Around, and Power Semiconductors. Advanced metrology tools and strategic acquisitions are expanding the addressable market and supporting continued growth through 2026.
Fiscal Year 2024
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Q4 set a new revenue record with strong growth in AI packaging, advanced nodes, and specialty devices, driving 21% full-year revenue growth and 43% EPS growth. Gross margin reached 55%, and new products are expected to drive further gains in 2025 and 2026.
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Q3 set new records in revenue, margins, and cash flow, driven by advanced packaging and power devices. Acquisitions and new product launches expand market reach, while Q4 guidance remains strong despite some customer-driven delays. Growth is expected to continue into 2025.
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The conference highlighted strong growth in advanced packaging, panel-level packaging, and power semiconductors, with technology differentiation in inspection and metrology. Capital intensity is rising with new node transitions, and facility constraints are expected to ease, supporting future demand.
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Q2 revenue and EPS exceeded guidance, driven by strong AI and Advanced Packaging demand, with record cash flow and improved margins. Growth is expected to continue in the second half, supported by major customer agreements and ongoing investments in new technologies.
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Secular trends in advanced nodes, HBM, and packaging are driving strong growth, with technology innovation and process control intensity increasing. The addressable market is expanding rapidly, and financial performance is on track to meet long-term targets, supported by unique product capabilities and a strong competitive position.