EXHIBIT 99.1

VEECO REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS

First Quarter 2023 Highlights:

●

Revenues of $153.5 million, compared with $156.4 million in the same period last year

●

GAAP net income of $8.7 million, or $0.17 per diluted share, compared with $13.3 million, or $0.24 per diluted share in the same period last year

●

Non-GAAP net income of $16.9 million, or $0.30 per diluted share, compared with $21.7 million, or $0.38 per diluted share in the same period last year

Plainview, N.Y., May 8, 2023 -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its first quarter ended March 31, 2023. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.

U.S. Dollars in millions, except per share data


	1st Quarter
GAAP Results	Q1 '23		Q1 '22
Revenue	$	153.5	$	156.4
Net income	$	8.7	$	13.3
Diluted earnings per share	$	0.17	$	0.24


	1st Quarter
Non-GAAP Results	Q1 '23		Q1 '22
Operating income	$	20.4	$	24.7
Net income	$	16.9	$	21.7
Diluted earnings per share	$	0.30	$	0.38

“We delivered solid first quarter results above the high-end of our guidance range led by our semiconductor business,” commented Bill Miller, Veeco’s Chief Executive Officer. “In particular, our laser annealing business is gaining momentum, as demonstrated by recent orders for additional annealing steps at leading logic customers. We’re also seeing traction within the memory market for advanced nodes, which represents a significant long-term growth opportunity for the Company.

“As we look ahead in 2023, we remain committed to investing in the leading edge with differentiated solutions, winning new customers, and new applications positioning Veeco for long term growth.”

Guidance and Outlook

The following guidance is provided for Veeco’s second quarter 2023:

●

Revenue is expected in the range of $145 million to $165 million

●

GAAP diluted earnings (loss) per share are expected in the range of $0.11 to $0.21

●

Non-GAAP diluted earnings per share are expected in the range of $0.26 to $0.34

Conference Call Information

A conference call reviewing these results has been scheduled for today, May 8, 2023 starting at 5:00pm ET. To join the call, dial 1-877-407-8029 (toll free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.

About Veeco

Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

Forward-looking Statements

This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; the effects of regional or global health epidemics, including the effects of the COVID-19 pandemic on the Company’s operations and on those of our customers and suppliers; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

-financial tables attached-

Veeco Contacts:

Investors:Anthony Pappone (516) 500-8798[email protected]

Media:Kevin Long (516) 714-3978[email protected]

Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)
(unaudited)


	Three months ended March 31,
	2023		2022
Net sales	$	153,504	$	156,426
Cost of sales		91,487		90,413
Gross profit		62,017		66,013
Operating expenses, net:
Research and development		27,562		24,117
Selling, general, and administrative		22,627		22,894
Amortization of intangible assets		2,111		2,504
Other operating expense (income), net		(89)		(19)
Total operating expenses, net		52,211		49,496
Operating income		9,806		16,517
Interest expense, net		(802)		(2,803)
Income before income taxes		9,004		13,714
Income tax expense (benefit)		263		384
Net income	$	8,741	$	13,330

Income per common share:
Basic	$	0.17	$	0.27
Diluted	$	0.17	$	0.24

Weighted average number of shares:
Basic		50,559		49,614
Diluted		59,856		65,285

Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

(in thousands)


	March 31,		December 31,
	2023		2022
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	140,721	$	154,925
Restricted cash		476		547
Short-term investments		112,170		147,488
Accounts receivable, net		120,091		124,221
Contract assets		17,727		16,507
Inventories		225,717		206,908
Prepaid expenses and other current assets		26,368		18,305
Total current assets		643,270		668,901
Property, plant and equipment, net		113,228		107,281
Operating lease right-of-use assets		26,279		26,467
Intangible assets, net		50,316		23,887
Goodwill		214,964		181,943
Deferred income taxes		115,949		116,349
Other assets		3,242		3,355
Total assets	$	1,167,248	$	1,128,183

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	61,973	$	52,049
Accrued expenses and other current liabilities		69,490		56,031
Customer deposits and deferred revenue		133,187		127,223
Income taxes payable		2,525		2,432
Current portion of long-term debt		—		20,169
Total current liabilities		267,175		257,904
Deferred income taxes		6,938		1,285
Long-term debt		254,713		254,491
Long-term operating lease liabilities		33,513		33,581
Other liabilities		19,350		3,098
Total liabilities		581,689		550,359

Total stockholders’ equity		585,559		577,824
Total liabilities and stockholders’ equity	$	1,167,248	$	1,128,183

Note on Reconciliation Tables

The below tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors’ operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

Reconciliation of GAAP to Non-GAAP Financial Data (Q1 2023)

(in thousands)
(unaudited)


				Non-GAAP Adjustments
				Share-Based
Three months ended March 31, 2023	GAAP			Compensation	Amortization	Other		Non-GAAP
Net sales	$	153,504						$	153,504
Gross profit		62,017		1,451		232			63,700
Gross margin		40.4	%						41.5	%
Operating expenses		52,211		(5,576)	(2,111)	(1,266)			43,258
Operating income		9,806		7,027	2,111	1,498	^		20,442
Net income		8,741		7,027	2,111	(1,006)	^		16,873

^	- See table below for additional details.

Other Non-GAAP Adjustments (Q1 2023)

(in thousands)
(unaudited)


Three months ended March 31, 2023
Transition expenses related to San Jose expansion project	$	780
Acquisition related		718
Subtotal		1,498
Non-cash interest expense		226
Non-GAAP tax adjustment *		(2,730)
Total Other	$	(1,006)

*	- The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

Net Income per Common Share (Q1 2023)

(in thousands, except per share amounts)
(unaudited)


	Three months ended March 31, 2023
	GAAP		Non-GAAP
Numerator:
Net income	$	8,741	$	16,873
Interest expense associated with convertible notes		1,277		2,354
Net income available to common shareholders	$	10,018	$	19,227

Denominator:
Basic weighted average shares outstanding		50,559		50,559
Effect of potentially dilutive share-based awards		355		355
Dilutive effect of 2023 Convertible Senior Notes		—		82
Dilutive effect of 2025 Convertible Senior Notes		—		5,521
Dilutive effect of 2027 Convertible Senior Notes ⁽¹⁾		8,942		6,771
Diluted weighted average shares outstanding		59,856		63,288

Net income per common share:
Basic	$	0.17	$	0.33
Diluted	$	0.17	$	0.30

⁽¹⁾ - The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

Reconciliation of GAAP to Non-GAAP Financial Data (Q1 2022)

(in thousands, except per share amounts)
(unaudited)


				Non-GAAP Adjustments
				Share-based
Three months ended March 31, 2022		GAAP		Compensation	Amortization	Other		Non-GAAP
Net sales	$	156,426						$	156,426
Gross profit		66,013		938		534			67,485
Gross margin		42.2	%						43.1	%
Operating expenses		49,496		(3,543)	(2,504)	(691)			42,758
Operating income		16,517		4,481	2,504	1,225	^		24,727
Net income		13,330		4,481	2,504	1,387	^		21,702

^	- See table below for additional details.

Other Non-GAAP Adjustments (Q1 2022)

(in thousands)
(unaudited)


Three months ended March 31, 2022
Transition expenses related to San Jose expansion project	$	1,165
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting		60
Subtotal		1,225
Non-cash interest expense		237
Non-GAAP tax adjustment *		(75)
Total Other	$	1,387

*	- The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

Net Income per Common Share (Q1 2022)

(in thousands, except per share amounts)
(unaudited)


	Three months ended March 31, 2022
	GAAP		Non-GAAP
Numerator:
Net income	$	13,330	$	21,702
Interest expense associated with convertible notes		2,544		2,467
Net income available to common shareholders	$	15,874	$	24,169

Denominator:
Basic weighted average shares outstanding		49,614		49,614
Effect of potentially dilutive share-based awards		1,208		1,208
Dilutive effect of 2023 Convertible Senior Notes		—		504
Dilutive effect of 2025 Convertible Senior Notes		5,521		5,521
Dilutive effect of 2027 Convertible Senior Notes ⁽¹⁾		8,942		6,771
Diluted weighted average shares outstanding		65,285		63,618

Net income per common share:
Basic	$	0.27	$	0.44
Diluted	$	0.24	$	0.38

Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q1 2023 and 2022)

(in thousands)
(unaudited)


	Three months ended		Three months ended
	March 31, 2023		March 31, 2022
GAAP Net income	$	8,741	$	13,330
Share-based compensation		7,027		4,481
Amortization		2,111		2,504
Transition expenses related to San Jose expansion project		780		1,165
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting		—		60
Acquisition related		718		—
Interest (income) expense, net		802		2,803
Income tax expense (benefit)		263		384
Non-GAAP Operating income	$	20,442	$	24,727

Reconciliation of GAAP to Non-GAAP Financial Data (Q2 2023)

(in millions, except per share amounts)

(unaudited)


						Non-GAAP Adjustments
Guidance for the three months ending						Share-based
June 30, 2023	GAAP					Compensation	Amortization	Other	Non-GAAP
Net sales	$	145	-	$	165				$	145	-	$	165
Gross profit		59	-		68	2	—	—		61	-		70
Gross margin		41%	-		41%					42%	-		42%
Operating expenses		51	-		53	(6)	(2)	—		44	-		46
Operating income (loss)		8	-		15	8	2	—		18	-		25
Net income (loss)	$	6	-	$	12	8	2	(2)	$	14	-	$	20

Income (loss) per diluted common share	$	0.11	-	$	0.21				$	0.26	-	$	0.34

Income per Diluted Common Share (Q2 2023)

(in millions, except per share amounts)
(unaudited)


Guidance for the three months ending June 30, 2023	GAAP					Non-GAAP
Numerator:
Net income (loss)	$	6	-	$	12	$	14	-	$	20
Interest expense associated with convertible notes		—			1		2			2
Net income (loss) available to common shareholders	$	6	-	$	13	$	17	-	$	22

Denominator:
Basic weighted average shares outstanding		51			51		51			51
Effect of potentially dilutive share-based awards		—			—		—			—
Dilutive effect of 2025 Convertible Senior Notes		—			—		6			6
Dilutive effect of 2027 Convertible Senior Notes ⁽¹⁾		—			9		7			7
Diluted weighted average shares outstanding		51			60		64			64

Net income (loss) per common share:
Income (loss) per diluted common share	$	0.11	-	$	0.21	$	0.26	-	$	0.34

Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q2 2023)

(in millions)
(unaudited)


Guidance for the three months ending June 30, 2023
GAAP Net income (loss)	$	6	-	$	12
Share-based compensation		8	-		8
Amortization		2	-		2
Income tax expense (benefit)		2	-		3
Non-GAAP Operating income	$	18	-	$	25

Note: Amounts may not calculate precisely due to rounding.

Exhibit 99.2

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 2 Safe Harbor This presentation contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; the effects of regional or global health epidemics, including the effects of the COVID-19 pandemic on the Company’s operations and on those of our customers and suppliers; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections and assumptions as of the date of this presentation. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this presentation.

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 4 Q1 2023 Highlights $154M $20M 30¢ Revenue Non-GAAP Operating Income Diluted Non-GAAP EPS • Top & bottom-line results exceed high-end of guidance • Solid execution of our strategy • Semiconductor demand remains elevated • Further signs of supply chain improvement Solid execution and Semiconductor demand yield strong results A reconciliation of GAAP to Non-GAAP financial measures can be found in the backup section of this presentation.

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 5 Mobility and Immersive User Experience Connecting people on the move with technologies such as 5G, sensors, advanced displays The Cloud High speed communication and storage of enormous amounts of data Differentiated Technologies Aligned with Megatrends Compound Semiconductor Semiconductor Megatrends Growth Markets Core Technologies Laser Annealing AP Ion Beam Lithography Wet Processing Epitaxy Transformation of the Automotive Industry Electrification and autonomous advancements High Performance Computing/AI Faster and more efficient computing to enable large scale data center applications and artificial intelligence Data Storage Ion Beam Deposition Ion Beam Etch AI – Artificial Intelligence 5G – Fifth generation wireless technology AP – Advanced Packaging

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 6 2023 Priorities – Executing Our Growth Strategy Protect ▪ Product Development ▪ Advance evaluation program ▪ SiC market penetration ▪ Safety ▪ Culture ▪ Outperform WFE in Semiconductor revenue ▪ Revenue growth in Data Storage ▪ Maintain profitability levels ▪ Supply chain ▪ Customer satisfaction Growth & Profitability Commitment to our strategy to facilitate profitability and long-term growth Execute Innovate & Invest Strategy Execution

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 8 Q1 2023 Revenue by Market & Region 60% 14% 14% 12% Revenue by Market Revenue by Region Scientific & Other Semiconductor Compound Semiconductor Data Storage 25% 20% 40% 15% EMEA China United States Rest of APAC $154M Revenue Trend ($M) Q1 22 Q4 22 Q1 23 Semiconductor 78 94 93 Compound Semi 37 25 21 Data Storage 22 17 22 Scientific & Other 20 18 18 Total 156 154 154 Amounts may not calculate precisely due to rounding. ROW is negligible

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 9 Q1 2023 Operating Results In millions (except per share amounts) GAAP Non-GAAP Q4 22 Q1 23 Q4 22 Q1 23 Revenue $153.8 $153.5 $153.8 $153.5 Gross Profit 62.9 62.0 65.1 63.7 Gross Margin 40.9% 40.4% 42.3% 41.5% Operating Expenses 49.5 52.2 41.3 43.3 Operating Income 13.4 9.8 23.8 20.4 Net Income 128.9 8.7 21.9 16.9 Diluted Earnings Per Share $2.00 $0.17 $0.38 $0.30 Diluted Shares 65.7 59.9 63.5 63.3 Amounts may not calculate precisely due to rounding. A reconciliation of GAAP to Non-GAAP financial measures can be found in the backup section of this presentation.

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 10 Balance Sheet and Cash Flow Highlights $ millions Q4 22 Q1 23 Cash & Short-Term Investments 303 253 Accounts Receivable 124 120 Inventories 207 226 Accounts Payable 52 62 Long-Term Debt Including Current Portion 275 255 Cash Flow from Operations 33 14 DSO (days) 73 70 DIO 196 213 DPO 52 62 Capital Expenditures 3 7 Amounts may not calculate precisely due to rounding. A reconciliation of GAAP to Non-GAAP financial measures can be found in the backup section of this presentation.

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 11 2023 Guidance GAAP Non-GAAP Revenue $145M - $165M $145M - $165M Gross Margin ~41% ~42% Operating Expenses $51M - $53M $44M - $46M Net Income / (Loss) $6M - $12M $14M - $20M Diluted Earnings / (Loss) Per Share $0.11 – $0.21 $0.26 - $0.34 A reconciliation of Q2 GAAP to Non-GAAP financial measures can be found in the backup section of this presentation. Q2 2023 Reiterating 2023 Full Year Outlook • 2023 Revenue: $630 - $670 million • 2023 Non-GAAP EPS: $1.15 - $1.35

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 14 Historical Revenue by End-Market $M 2019 2020 2021 2022 2023 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Semiconductor 175.6 37.4 37.5 33.6 57.4 165.9 51.6 53.7 76.3 65.4 247.1 77.6 97.5 100.4 93.8 369.4 93.1 Compound Semi 85.9 18.4 17.8 26.6 45.2 107.9 24.8 24.2 23.3 34.7 107.0 37.1 31.1 28.1 24.9 121.2 21.2 Data Storage 84.1 38.9 28.3 36.9 19.2 123.3 41.0 52.0 39.3 36.5 168.8 21.6 21.5 27.7 16.7 87.5 21.5 Scientific & Other 73.8 9.8 15.1 15.0 17.1 57.0 16.4 16.4 11.4 16.3 60.5 20.1 13.8 15.7 18.4 68.0 17.7 Total 419.3 104.5 98.6 112.1 138.9 454.2 133.7 146.3 150.2 153.0 583.3 156.4 164.0 171.9 153.8 646.1 153.5 Amounts may not calculate precisely due to rounding.

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 15 Convertible Notes as of March 31, 2023 (1) Conversion price for 2027 Convertible Notes includes the effect of the Capped Call transaction (2) Weighted average Amounts may not calculate precisely due to rounding. Convertible Debt Principal Amount Carrying Value Coupon Annual Cash Interest Annual Non-Cash Interest Initial Conversion Price Convertible Notes Due Jan 2025 $133M $132M 3.5% $4.6M $0.5M $24.00 Convertible Notes Due June 2027 $125M $123M 3.75% $4.7M $0.4M $18.461 Total Convertible Debt $258M $255M 3.6%2 $9.8M $0.9M

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 16 Note on Reconciliation Tables These tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, incremental transaction-related compensation, and certain integration costs. These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors' operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating Income, which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 17 Supplemental Information—GAAP to Non-GAAP Reconciliation Amounts may not calculate precisely due to rounding. In millions Q4 22 Q1 23 Net sales $153.8 $153.5 GAAP gross profit 62.9 62.0 GAAP gross margin 40.9% 40.4% Add: Share-based comp 1.2 1.5 Add: Other 1.0 0.2 Non-GAAP gross profit $65.1 $63.7 Non-GAAP gross margin 42.3% 41.5% In millions Q4 22 Q1 23 GAAP Net income $128.9 $8.7 Add: Share-based comp 6.0 7.0 Add: Amortization 2.5 2.1 Add: Transition expenses related to San Jose expansion project 1.8 0.8 Add: Acquisition related - 0.7 Add: Interest expense 1.6 0.8 Add: Tax expense (benefit) (117.1) 0.3 Non-GAAP operating income $23.8 $20.4 In millions, except per share amounts Q4 22 Q1 23 GAAP Basic weighted average shares 49.9 50.6 GAAP Diluted weighted average shares 65.7 59.9 GAAP Basic EPS $2.58 $0.17 GAAP Diluted EPS $2.00 $0.17 GAAP Net income $128.9 $8.7 Add: Share-based comp 6.0 7.0 Add: Amortization 2.5 2.1 Add: Transition expenses related to San Jose expansion project 1.8 0.8 Add: Acquisition related - 0.7 Add: Non-cash interest expense 0.2 0.2 Add: Release of valuation allowance on DTA (105.0) - Add: Tax adjustment from GAAP to Non-GAAP (12.7) (2.7) Non-GAAP net income 21.9 16.9 Non-GAAP basic EPS $0.44 $0.33 Non-GAAP diluted EPS $0.38 $0.30 Non-GAAP basic weighted average shares 49.9 50.6 Non-GAAP diluted weighted average shares 63.5 63.3 In millions Q4 22 Q1 23 GAAP operating expenses $49.5 $52.2 Share-based compensation (4.9) (5.6) Amortization (2.5) (2.1) Other (0.8) (1.3) Non-GAAP operating expenses $41.3 $43.3

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 18 Non-GAAP Adjustments GAAP Share-Based Compensation Amortization Other Non-GAAP Net Sales $153.5 $153.5 Gross Profit 62.0 1.5 — 0.2 63.7 Gross Margin 40.4% 41.5% Operating Expenses $52.2 (5.6) (2.1) (1.3) $43.3 Operating Income $9.8 7.0 2.1 1.5 $20.4 Net Income $8.7 7.0 2.1 (1.0) $16.9 Q1 2023 Actual: GAAP to Non-GAAP Reconciliation Amounts may not calculate precisely due to rounding. Income per Diluted Common Share GAAP Non-GAAP Net Income $8.7 $16.9 Add: Interest on Convertible Senior Notes 1.2 2.4 Net income available to common shareholders 10.0 19.2 Basic weighted average common shares 50.6 50.6 Add: Dilutive effect of share-based awards 0.4 0.4 Add: Dilutive effect of 2023 Convertible Senior Notes — 0.1 Add: Dilutive effect of 2025 Convertible Senior Notes — 5.5 Add: Dilutive effect of 2027 Convertible Senior Notes 8.9 6.8 Diluted weighted average common shares 59.9 63.3 Basic income per common share $0.17 $0.33 Diluted income per common share $0.17 $0.30 Other Non-GAAP Adjustments Transition expenses related to San Jose expansion project $0.8 Acquisition related 0.7 Subtotal 1.5 Non-cash Interest Expense 0.2 Non-GAAP tax adjustment (2.7) Total Other $(1.0)

Q1 2023 Financial Results Conference Call Copyright © 2023 Veeco Instruments Inc. All Rights Reserved. 19 Reconciliation of GAAP to non-GAAP Financial Data Non-GAAP Adjustments GAAP Share-Based Compensation Amortization Other Non-GAAP Net Sales $145–$165 $145–$165 Gross Profit 59–68 2 — — 61–70 Gross Margin 41%–41% 42%–42% Operating Expenses $51–$53 (6) (2) — $44–$46 Operating Income $8–$15 8 2 — $18–$25 Net Income $6–$12 8 2 (2) $14–$20 Income per Diluted Share $0.11–$0.21 $0.26–$0.34 Q2 2023 Guidance (in millions, except per share amounts) Amounts may not calculate precisely due to rounding. Income per Diluted Common Share GAAP Non-GAAP Net Income $6–$12 $14–$20 Add: Interest on Convertible Senior Notes 0-1 2-2 Net income available to common shareholders 6-13 17-22 Basic weighted average common shares 51 51 Add: Dilutive effect of share-based awards - - Add: Dilutive effect of 2025 Convertible Senior Notes - 6-6 Add: Dilutive effect of 2027 Convertible Senior Notes 0-9 7-7 Diluted weighted average common shares 51-60 64-64 Income per diluted common share $0.11-$0.21 $0.26-$0.34 Reconciliation of GAAP Net Income to non-GAAP Operating Income GAAP Net Income $6–$12 Share-Based Compensation 8 Amortization 2 Interest Expense, Net 2 Income tax expense (benefit) — Other — Non-GAAP Operating Income $18–$25


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	VECO	The NASDAQ Global Select Market


Exhibit		Description

99.1		Press release issued by Veeco dated May 8, 2023

99.2		Veeco Q1 2023 Conference Call Presentation May 8, 2023

104		Cover Page Interactive Data File (formatted as inline XBRL).


May 8, 2023	VEECO INSTRUMENTS INC.

	By:	/s/ Kirk Mackey
	Name: Kirk Mackey
	Title: Vice President, General Counsel


Delaware (State or other jurisdiction of incorporation)	0-16244 (Commission File Number)	11-2989601 (IRS Employer Identification No.)