Nova Ltd. Reports Q1 2024 Financial Results

TL;DR

Nova Ltd. dropped its Q1 2024 earnings report, check it out.

AI Summary

Nova Ltd. reported its first quarter 2024 financial results on May 9, 2024. The company, which operates in the optical instruments and lenses sector, is a foreign private issuer filing a Form 6-K. The filing incorporates by reference a press release detailing these results.

Why It Matters

This filing provides investors with the latest financial performance data for Nova Ltd., crucial for understanding the company's current operational health and future prospects.

Risk Assessment

Risk Level: low — This is a routine financial results filing and does not contain new or unusual risk factors.

Key Players & Entities

• Nova Ltd. (company) — Registrant
• May 9, 2024 (date) — Filing Date
• 000-30668 (dollar_amount) — Commission File Number
• 5 David Fikes Street, Rehovot, Israel (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $141.8 m — 2024 Highlights: Quarterly revenue of $141.8 million, up 6% QoQ, exceeding the high en
• $140 million — the high end of the Company guidance of $140 million. GAAP net income of $36.9 million, or
• $36.9 m — ce of $140 million. GAAP net income of $36.9 million, or $1.15 per diluted share, down
• $1.15 — . GAAP net income of $36.9 million, or $1.15 per diluted share, down 4% QoQ, exceedi
• $1.12 — the high end of the Company guidance of $1.12. Record Non-GAAP net income of $44.6 m
• $44.6 m — f $1.12. Record Non-GAAP net income of $44.6 million, or $1.39 per diluted share, up 2
• $1.39 — on-GAAP net income of $44.6 million, or $1.39 per diluted share, up 2% QoQ, exceeding
• $1.33 — the high end of the Company guidance of $1.33. Record operating and free cash flow.
• $141,798 — ) Q1 2024 Q4 2023 Q1 2023 Revenues $141,798 $134,219 $132,193 Net Income $36,86
• $134,219 — Q4 2023 Q1 2023 Revenues $141,798 $134,219 $132,193 Net Income $36,860 $38,068
• $132,193 — Q1 2023 Revenues $141,798 $134,219 $132,193 Net Income $36,860 $38,068 $34,627
• $36,860 — 41,798 $134,219 $132,193 Net Income $36,860 $38,068 $34,627 Earnings per Diluted
• $38,068 — 134,219 $132,193 Net Income $36,860 $38,068 $34,627 Earnings per Diluted Share $
• $34,627 — $132,193 Net Income $36,860 $38,068 $34,627 Earnings per Diluted Share $1.15 $1.
• $1.20 — 627 Earnings per Diluted Share $1.15 $1.20 $1.10 Non-GAAP Results (K) Q1 2024

Filing Documents

• zk2431425.htm (6-K) — 301KB
• image00002.jpg (GRAPHIC) — 4KB
• 0001178913-24-001663.txt ( ) — 307KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: May 9, 2024 NOVA LTD. (Registrant) By: /s/ Dror David —————————————— Dror David Chief Financial Officer Company Contact: Dror David, Chief Financial Officer Tel: +972-73-229-5760 E-mail - investors@novami.com Nova website link - https://www.novami.com/ Investor Relations Contact: Miri Segal MS-IR LLC Tel: +917-607-8654 E-mail - msegal@ms-ir.com Nova Reports First Quarter 2024 Financial Results REHOVOT, Israel - May 9, 2024 - Nova (Nasdaq: NVMI) today announced financial results for the first quarter, the three-month period ended March 31, 2024. First Quarter 2024 Highlights: Quarterly revenue of $141.8 million, up 6% QoQ, exceeding the high end of the Company guidance of $140 million. GAAP net income of $36.9 million, or $1.15 per diluted share, down 4% QoQ, exceeding the high end of the Company guidance of $1.12. Record Non-GAAP net income of $44.6 million, or $1.39 per diluted share, up 2% QoQ, exceeding the high end of the Company guidance of $1.33. Record operating and free cash flow. Continued adoption of Nova's innovative portfolio by leading customers for cutting-edge applications in logic, memory, and advanced packaging. Service business continued to expand, growing 13% year over year, driven by increasing utilization rates and tool life extensions. Memory product revenue share increased to 40%, driven by advanced DRAM and HBM demand. GAAP Results (K) Q1 2024 Q4 2023 Q1 2023 Revenues $141,798 $134,219 $132,193 Net Income $36,860 $38,068 $34,627 Earnings per Diluted Share $1.15 $1.20 $1.10 Non-GAAP Results (K) Q1 2024 Q4 2023 Q1 2023 Net Income $44,612 $43,597 $39,075 Earnings per Diluted Share $1.39 $1.36 $1.23 A reconciliation between GAAP operating results and non-GAAP operating results is provided

financial statements included in this release. See also "Use of Non-GAAP Adjusted Financial Measures" section

financial statements included in this release. See also "Use of Non-GAAP Adjusted Financial Measures" section. Management Comments "Our results this quarter exceeded the high end of the guidance we provided in revenue and profit, driven by increased demand for our state-of-the-art portfolio, and supported by a robust operational model," said Gaby Waisman, President and CEO. "Our performance was bolstered by diverse exposure to opportunities across markets, territories, customers, and technologies, which include the transition to Gate-All-Around, rising need for advanced packaging solutions, and a healthy demand for mature nodes. Our Chemical Metrology division consistently delivers solid results, penetrating multiple HBM customers. As we anticipate the transition to the most advanced technology nodes, we saw an increase in market traction for our new technologies, Elipson and Metrion, with multiple evaluations underway at various customers." 2024 Second Quarter Financial Outlook Management provided an outlook for the second quarter, the period ending June 30, 2024. Based on current estimates, management expects: $144 million to $152 million in revenue $1.07 to $1.21 in diluted GAAP EPS $1.27 to $1.42 in diluted non-GAAP EPS 2024 First Quarter Results Total revenues for the first quarter of 2024 were $141.8 million, an increase of 6% compared with the fourth quarter of 2023 and an increase of 7% compared with the first quarter of 2023. Gross margin in the first quarter of 2024 was 59%, compared with 55% in the fourth quarter of 2023 and 58% in the first quarter of 2023. Operating expenses in the first quarter of 2024 were $46.0 million, compared with $40.4 million in the fourth quarter of 2023 and $41.5 million in the first quarter of 2023. On a GAAP basis, the Company reported net income of $36.9 million, or $1.15 per diluted share, in the first quarter of 2024. This is compared with net income of $38.1 million, or $1.20 per diluted share, in the fourth

Forward-Looking Statements

Forward-Looking Statements This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia – Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events; inability to protect our intellectual property; open source technology exposure, including risks related to artificial intelligence; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle an

View Full Filing

View this 6-K filing on SEC EDGAR