Total Revenue

+4.8% (from $892M to $935M)

Improved sales in Q4 2024 helped boost total revenue compared to Q4 2023, where revenue was lower. This positive change is attributed to a better market environment and operational execution that reversed prior period pressures. " " "

Operating Income (EBIT)

+462% YoY (from $24M to $135M)

Operating Income surged primarily because prior period earnings were heavily impacted by one‐time charges (such as impairments and restructuring costs) which were absent in Q4 2024. Enhanced cost management and a favorable product mix contributed to a significant margin improvement. " " "

Net Income

Turned positive ($90M vs. a loss of $69M)

Net Income improved drastically as the reversal of non-recurring impairment charges and other adverse items from previous periods allowed underlying operational gains to drive a turnaround from a net loss of $69M in Q4 2023 to a $90M profit in Q4 2024. " " "

EPS – Basic

Improved to $1.34 from -$1.01

EPS recovery reflects the transformation in net income; the removal of previous period impairments and improved operational profitability turned a negative EPS into a positive $1.34 in Q4 2024. " " "

R&D Expenses

+828% YoY (from $7M to $65M)

R&D investment increased dramatically as the company ramped up compensation-related costs and other R&D expenditures to drive innovation, contrasting with the minimal spend in Q4 2023. " " "

Interest Expense

+500% YoY (from $9M to $54M)

Financing costs surged due to higher borrowings and rising interest rates associated with recent debt modifications and acquisitions, which sharply increased interest expense compared to the prior period. " " "

Net Change in Cash

Decrease to -$147M from +$16M

Liquidity pressures intensified as increased outflows in financing (e.g., debt repayments and dividend payments) and investing activities outweighed operating cash inflows, reversing the modest positive cash flow seen in Q4 2023. " " "

Revenue

Q1 2025

$910 million, ±$40 million "

$910 million, ±$40 million "

no change

Semiconductor Market Revenue

Q1 2025

$380 million, ±$15 million "

$400 million, ±$15 million "

raised

Electronics and Packaging Revenue

Q1 2025

$240 million, ±$10 million "

$4–$5 million, ±$10 million "

lowered

Specialty Industrial Market Revenue

Q1 2025

$290 million, ±$15 million "

$265 million, ±$15 million "

lowered

Gross Margin

Q1 2025

47%, ±100 basis points "

46.5%, ±100 basis points "

lowered

Operating Expenses

Q1 2025

$240 million, ±$5 million "

$255 million, ±$5 million "

raised

Adjusted EBITDA

Q1 2025

$226 million, ±$23 million "

$217 million, ±$23 million "

lowered

Tax Rate

Q1 2025

6% "

22% "

raised

Net Earnings per Diluted Share

Q1 2025

$1.95, ±$0.32 "

$1.40, ±$0.27 "

lowered

NAND Market Recovery and Spending

Described as still at very low levels with slow inventory burn down, a prolonged “bottom‐of‐market” phase, and reliance on node upgrades to drive future demand " " " ; Q3 emphasized muted market and expectations of recovery in 2025. " "

Q4 highlighted “green shoots” with some recovery signs, gradual improvement in spending dynamics through both upgrade and greenfield capacity opportunities, yet still below historical demand. " "

Cautiously Optimistic: While still early in recovery, sentiment has shifted from a purely muted market to early positive signs, though the overall level remains depressed.

AI-Driven Demand and Applications

Consistently noted strong order activity, promising design wins and equipment/chemistry orders across PCB segments for advanced packaging and semiconductor applications, with emphasis on secular AI trends from Q1 to Q3. " " " "

Q4 reiterated AI’s pivotal role in driving semiconductor and packaging demand, with robust advancement in chemistry, equipment orders, and integration into advanced applications, reinforcing its importance. " " "

Strong and Consistent: The narrative remains bullish with incremental improvements in order momentum and strategic positioning in AI-related markets.

Debt Reduction and Financial Leverage Management

Earlier quarters reported multiple voluntary prepayments, debt refinancing, and a convertible note offering to reduce interest expense and leverage, with net leverage ratios around 4.3–4.6x. " " " "

Q4 emphasized significant prepayments (totaling over $426 million plus additional repayments) and an upsized $1.4 billion convertible note offering, reducing interest expense by over $130 million. " "

Consistently Focused: Continuous aggressive deleveraging with improving metrics, reflecting disciplined financial management.

Optical Assemblies and Photonics Business

Prior periods described steady design wins, robust sales in lithography/metrology, and gradual revenue growth (with run rates growing from $150 million) while emphasizing long design cycles. " " " "

Q4 showcased a healthy pace of design wins, complex optical assemblies, and accelerated revenue growth (expanded run rate now around $300 million), underscoring increased capabilities and competitive advantage. " " "

Improving and Expansion-Oriented: Persistent strength with accelerated growth and deepening strategic wins that promise long-term market leadership.

Specialty Industrial Market Performance

Earlier calls showed mixed performance: Q1 saw slight sequential improvement, Q2 and Q3 reported declines (7% and 1% sequentially, respectively) with ongoing pressures from industrial softness. " " "

Q4 revealed a sequential decline of 2% and an 8% year-over-year drop, with near-term guidance expecting further softness due to market factors like the Lunar New Year impacts. " "

Downward Under Pressure: Continued weakness with sequential declines and caution moving forward, indicating ongoing challenges in this segment.

Gross Margin Dynamics

Q1 margins exceeded guidance (around 47.8%), Q2 ended near 47.3% with some nonrecurring boosts, and Q3 demonstrated above-guidance margins with favorable product mix and operating leverage. " " "

Q4 delivered a 190‑basis‑point improvement YoY (from 23% to 24%) with strong commercial actions, operational excellence and an expectation of seasonal mix impacts in Q1 2025. " "

Steady Improvement: Operational efficiencies and mix improvements continue to yield better margins, although seasonal factors will cause near-term fluctuations.

Rising Operating Expenses

Across Q1–Q3, OpEx was managed close to guidance with Q1 around $240 million, Q2 lower at $227 million, and Q3 at $237 million, reflecting cautious cost control and timing of new hires. " " "

Q4 operating expenses were reported at $242 million (within guidance) with an outlook for a step-up in 2025 as investments in long-term growth and efficiency initiatives increase. " " "

Controlled with Future Increases: Cost discipline remains intact while strategic investments are expected to raise OpEx levels modestly in the coming period.

Advanced Packaging Segment Dynamics

Q1 indicated a reduced revenue share relative to historical levels, Q2 and Q3 noted encouraging chemistry orders and equipment deals (including integration synergies with Atotech), and modest recovery in order activity. " " "

Q4 emphasized a strong strategic drive with enhanced integration, significant design wins, and advanced packaging solutions driven by AI, increasing complexity, and long‐term growth opportunities. " " "

Upward Momentum: Transitioning from a corrective phase to a growth trajectory bolstered by strategic integrations and increased AI-driven complexity.

High-Bandwidth Memory (HBM) Technology

Q1 through Q3 consistently highlighted HBM-related orders, precision laser applications, and robust utilization in DRAM segments, reinforcing its role in back-end processes. " " " "

Q4 maintained momentum with continued strong orders in back-end applications and a focus on leveraging HBM technology for enhanced chip stacking and yield improvements. "

Stable Strength: Consistent demand underlines HBM as a key technology area with strong market fundamentals.

Memory Pricing and Utilization Trends

Q1 reported early signs of improved pricing and demand, Q2 and Q3 discussed muted NAND and strong DRAM/logic utilization, with cautious optimism in recovery trends. " " " "

Q4 did not address memory pricing in depth, with only indirect references (via NAND inventory burn-off and stable DRAM/logic demand), leaving the topic less emphasized than before. " "

Less Emphasis in Q4: While earlier quarters discussed encouraging pricing and utilization indicators, Q4’s focus shifted, creating some ambiguity about near‐term trends.

Low Earth Orbit Applications

Q1 and Q2 mentioned additional demand for laser drilling systems in LEO applications and a small, synergistic design win in copper plating for satellites, indicating initial traction. " "

Q3 and Q4 show no mention of LEO applications, suggesting that the topic was dropped from the current narrative [–].

Disappeared: Previously emerging opportunities in LEO have been omitted in the latest period, hinting at either a strategic pause or lower priority relative to other areas.