Nova Ltd.

Nova reported first-quarter 2026 revenue of $235.3 million, up 6% quarter over quarter and 10% year over year. GAAP EPS was $2.04 and non-GAAP EPS was $2.33. Gross margin was 57.7% GAAP and 59.4% non-GAAP, while operating margin was 30% GAAP and 34% non-GAAP. Q2 2026 guidance calls for revenue of $245 million to $255 million, GAAP EPS of $2.10 to $2.24, non-GAAP EPS of $2.34 to $2.48, gross margin of about 57% GAAP and 59% non-GAAP, and GAAP operating expenses of about $72 million and non-GAAP operating expenses of about $66 million.

Gaby Waisman framed the quarter as broad-based and record-setting, pointing to customer wins across logic, memory, and advanced packaging. He emphasized that AI-driven capacity expansion is increasing process complexity and metrology intensity, which supports Nova’s portfolio and market-share opportunity. His tone was constructive and confident, with comments that the company is on track toward its $1 billion revenue target by 2027 and that second-half demand should run higher.

Guy Kizner highlighted that the company exceeded the high end of guidance on revenue and delivered record profitability, with blended gross margin of 57.7% GAAP and 59.4% non-GAAP. He noted operating expenses of $64.9 million GAAP and $59.4 million non-GAAP, and said the effective tax rate was about 17% in Q1, expected to normalize as the year progresses. For Q2, he guided to revenue of $245 million to $255 million, non-GAAP gross margin of about 59%, non-GAAP operating expenses of about $66 million, financial income of about $16 million, and an effective tax rate of about 15%.

Analysts pressed on share gains, WFE growth, mix shifts, lead times, supply capacity, China, and the timing of hybrid bonding. Management said it expects to outperform a mid-teens WFE market, sees memory becoming more dominant this year, and is already taking orders and planning some 2027 deliveries. On supply, the company said it is building a new Asia production center toward the end of 2026 and is managing supplier pressure and cost inflation with active cost control and long-term relationships.