Nova (NVMI) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue, with figures reported as $213.4M and $215M, up 50% year-over-year, and record profitability in dimensional metrology solutions.

• Non-GAAP EPS up 56% year-over-year, with GAAP EPS reported as $2.03 and $2.05, and non-GAAP EPS as $2.18.

• Growth driven by robust demand in logic, foundry, advanced packaging, and Gate-All-Around technologies, with record sales in dimensional metrology and software solutions.

• Completed acquisition and integration of Centronics/Sentronics, expanding backend semiconductor metrology capabilities and doubling chemical metrology capacity.

• Published 2025 sustainability insights report, highlighting progress in renewable energy and emissions reduction.

Financial highlights

• Q1 2025 revenue reached $215M and $213.4M, up 10% sequentially and 50% year-over-year.

• Blended gross margin was 57% GAAP and up to 60% non-GAAP, at the upper end of the target range.

• Operating margin was 30% GAAP and up to 35% non-GAAP, exceeding the updated target model.

• GAAP EPS was $2.03–$2.05; non-GAAP EPS was $2.18.

• Ended Q1 with cash, cash equivalents, and marketable securities reported as $812M and $141.1M.

Outlook and guidance

• Q2 2025 revenue expected between $210M and $220M.

• Q2 GAAP EPS guidance: $1.70–$1.88; non-GAAP EPS: $1.96–$2.14.

• Gross margin guidance for Q2: ~56% GAAP, ~58% non-GAAP; operating expenses to rise.

• Full-year gross margin model of 57%–60% reaffirmed despite tariff impacts.

• Service revenue growth model of 10%–15% year-over-year for 2025.