Press Releases & Announcements

Demonstrating In-Line Raman Spectroscopy (Nova Elipson™) for Nanosheet devices

Rehovot, Israel – April 26, 2022 – Nova (Nasdaq: NVMI) today announced that its co-authored paper with IBM Research on “In-Line Raman Spectroscopy for Stacked Nanosheet Device Manufacturing” has been selected as the winner of the Diana Nyyssonen award for “best paper at SPIE’s 2021 Advanced Lithography Symposia.” The award was granted to Nova and IBM on the opening day of the 2022 conference. The paper is a result of a continuous collaboration between the companies that drove numerous innovative joint development programs to enhance advanced chip manufacturing. The paper demonstrates the novel technologies Nova promotes in advanced process control by utilizing its unique and differentiated solutions. As part of the collaboration with IBM Research, Nova installed its most advanced portfolio at IBM Research’s lab in Albany, New York.

Monitoring and controlling strain in next-generation devices within intricate nanoscale structures is a new challenge. A suitable non-destructive and fast in-line technique is critical for successful research and development and manufacturing. The joint effort demonstrates in-line Raman spectroscopy for non-destructive strain metrology at multiple critical process steps throughout the front-end-of-line (FEOL) manufacturing cycle of stacked nanosheet devices. This paper establishes the importance of in-line Raman and support the growing demand for materials metrology in high volume manufacturing.

“Our in-line Raman spectroscopy work with Nova supports critical advances in logic scaling that offer new pathways of managing strain metrology for nanosheet transistors,” said Dr. Huiming Bu, Vice President, Hybrid Cloud Technology Research & Albany Operations at IBM Research. “This joint effort is indicative of the collaborative ecosystem IBM and partners have cultivated in Albany to steer our leading edge logic technology R&D roadmap.”

“We are honored to be selected for this prestigious award in collaboration with IBM Research,” said Dr. Shay Wolfling, Chief Technology Officer of Nova. “controlling Nanosheets strain at critical process steps is enabled by our innovative Nova Elipson^TM Raman Spectroscopy solution that is designed to measure materials properties such as stress, crystallinity, and surface properties for both Memory and Logic devices. The joint work with IBM Research has demonstrated that through collaboration with our customers, we can introduce new technologies, offering groundbreaking solutions to enable the transition to next-generation manufacturing.”

About Nova:

Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova’s unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found at Nova’s website link – https://www.novami.com/.

Nova is traded on Nasdaq & TASE, Nasdaq ticker symbol NVMI.

Forward looking statement:

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 be materially different 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: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in global trade policies; inability to protect intellectual property; open source technology exposure; failure to compete effectively or to respond to the rapid technological changes; consolidation in our industry; difficulty to predict the length and strength of any downturn or expansion period of the market we target; risks associated with violations of environmental, safety and health regulations; 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 to integrate current or future acquisitions; lengthy sales cycle and customer delays in orders; failures to attract, recruit and retain qualified employees due to intense competition for highly skilled personnel; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

REHOVOT, Israel, May 12, 2022 /PRNewswire/ — Nova (Nasdaq: NVMI) today announced financial results for the first quarter ended March 31, 2022.

First Quarter 2022 Highlights:

Record quarterly revenue of $134.0 million, exceeding the high end of a guidance of $132 million. Up 59% year over year
Record GAAP net income of $34.2 million, or $1.07 per diluted share, exceeding the high end of a guidance of $0.96. Up 78% year over year on a per-share basis
Record non-GAAP net income of $41.5 million, or $1.30 per diluted share, exceeding the high end of a guidance of $1.14. Up 86% year over year on a per-share basis
Diversified geographic contributions led by China quarterly record revenue
Strong customer mix driven by five major customers contributing over 10% each to products revenue, including the world leading IDM

GAAP Results ($K)
	Q1 2022	Q4 2021	Q1 2021
Revenues	$133,957	$121,521	$84,133
Net Income	$34,162	$22,226	$17,616
Earnings per Diluted Share	$1.07	$0.73	$0.60

Non-GAAP Results ($K)
	Q1 2022	Q4 2021	Q1 2021
Net Income	$ 41,487	$32,752	$20,485
Earnings per Diluted Share	$ 1.30	$1.08	$0.70

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. See also “Use of Non-GAAP Adjusted Financial Measures” section.

Management Comments

“Nova delivered a robust opening for 2022, outperforming guidance and locking down eight consecutive quarters of revenue growth. Our remarkable performance was driven by our burgeoning position across various industry sectors and technology nodes,” commented Eitan Oppenhaim, President and Chief Executive Officer. “Following the ancosys acquisition, this is the first quarter that we are embedding chemical metrology sales results into our consolidated reporting. During the quarter, we continued to integrate ancosys as a division into Nova, developing a strong pipeline of products and opportunities in both the front-end and back-end semiconductor processes. The demand for Nova’s solutions across dimensional, materials and chemical applications, continues to be strong and along with our record quarterly bookings and yearly backlog, we expect to continue our solid growth this year as well.”

2022 Second Quarter Financial Outlook

Management provided an outlook for the second quarter, the period ending June 30, 2022. Based on current estimates, management expects:

$133 million to $141 million in revenue
$0.82 to $0.96 in diluted GAAP EPS
$1.09 to $1.23 in diluted non-GAAP EPS

2022 First Quarter Results

Total revenues for the first quarter of 2022 were $134.0 million, an increase of 10% compared with the fourth quarter of 2021 and an increase of 59% compared with the first quarter of 2021.

Gross margin in the first quarter of 2022 was 57%, compared with 56% in the fourth quarter of 2021 and 57% in the first quarter of 2021.

Operating expenses in the first quarter of 2022 were $39.0 million, compared with $38.4 million in the fourth quarter of 2021 and $28.2 million in the first quarter of 2021.

On a GAAP basis, the Company reported net income of $34.2 million, or $1.07 per diluted share, in the first quarter of 2022. This is compared with net income of $22.2 million, or $0.73 per diluted share, in the fourth quarter of 2021, and net income of $17.6 million, or $0.60 per diluted share, in the first quarter of 2021.

On a non-GAAP basis, the Company reported net income of $41.5 million, or $1.30 per diluted share, in the first quarter of 2022. This is compared with net income of $32.8 million, or $1.08 per diluted share, in the fourth quarter of 2021, and net income of $20.5 million, or $0.70 per diluted share, in the first quarter of 2021.

Conference Call Information

Nova will host a conference call today, May 12, 2022, at 8:30 a.m. Eastern Time, to discuss the financial results and outlook. To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your calls five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

U.S. TOLL-FREE Dial-in Number: 1-800-239-9838
ISRAEL TOLL-FREE Dial-in Number: 1-809-407-724
INTERNATIONAL Dial-in Number: 1-323-794-2551

At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time

The conference call will also be webcast live from a Link on Nova’s website at https://www.novami.com/investors/events/.

A replay of the conference call will be available from May 12, 2022, at 11:30 a.m. Eastern Time to May 19, 2022, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:

Replay Dial-in TOLL-FREE: 1-844-512-2921
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-6671
Replay Pin Number: 2902650

A replay will also be available for 90 days on Nova’s website at https://www.novami.com/investors/events/.

About Nova

Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.

Use of Non-GAAP Adjusted Financial Measures

This press release provides financial measures that exclude amortization of acquired intangible assets, acquisition related expenses, inventory step-up and contingent consideration revaluation, stock-based compensation expenses, revaluation of operating lease liabilities, amortization of debt discount and issuance costs, tax effect of non-GAAP adjustment and taxes attributed to one-time elective tax settlement, as applicable, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova’s performance because they reflect our operational results and enhance management’s and investors’ ability to evaluate Nova’s performance before charges or benefits considered by management to be outside Nova’s ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allow greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.

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: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to the 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 and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

(Tables to Follow)

NOVA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands) - (Unaudited)

	As of
ASSETS	March 31, 2022	December 31, 2021
Current assets
Cash and cash equivalents	105,193	126,698
Short-term interest-bearing bank deposits	172,264	221,897
Marketable securities	63,425	61,568
Trade accounts receivable, net	77,985	68,446
Inventories	96,193	78,665
Other current assets	25,116	9,242

Total current assets	540,176	566,516

Non-current assets
Marketable securities	132,011	137,415
Interest-bearing bank deposits	3,595	3,672
Restricted interest-bearing bank deposits	1,602	1,600
Deferred tax assets	9,448	6,161
Severance pay funds	1,308	1,327
Operating lease right-of-use assets	45,809	30,627
Property and equipment, net	44,367	34,460
Intangible assets, net	49,308	2,601
Goodwill	50,540	20,114
Other long-term assets	744	661

Total non-current assets	338,732	238,638

Total assets	878,908	805,154

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Convertible senior notes, net	195,432	183,037
Trade accounts payable	35,973	36,218
Deferred revenues	14,583	15,338
Operating lease current liabilities	5,897	4,452
Other current liabilities	59,775	48,885

Total current liabilities	311,660	287,930

Non-current liabilities
Accrued severance pay	3,728	3,686
Operating lease long-term liabilities	47,293	33,450
Long-term deferred tax liability	13,743	-
Other long-term liabilities	6,936	6,334

Total non-current liabilities	71,700	43,470

Shareholders' equity	495,548	473,754

Total liabilities and shareholders' equity	878,908	805,154

NOVA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data) - (Unaudited)

	Three months ended March 31,
	2022	2021
Revenues:
Products	109,912	66,283
Services	24,045	17,850
Total revenues	133,957	84,133

Total cost of revenues	57,807	36,203

Gross profit	76,150	47,930

Operating expenses:
Research and development, net	19,129	14,518
Sales and marketing	12,246	9,540
General and administrative	6,056	3,539
Amortization of intangible assets	1,613	575
Total operating expenses	39,044	28,172

Operating income	37,106	19,758
Financing income, net	1,218	424
Income before taxes on income	38,324	20,182
Income tax expenses	4,162	2,566
Net income for the period	34,162	17,616

Earnings per share:
Basic	1.20	0.62
Diluted	1.07	0.60

Shares used in calculation of earnings per share (in thousands):
Basic	28,579	28,214
Diluted	31,968	29,306

NOVA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands) - (Unaudited)

	Three months ended March 31,
	2022	2021
Cash flows from operating activities:

Net income	34,162	17,616

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment	2,035	1,579
Amortization of intangible assets	1,613	575
Amortization of premium and accretion of discount on marketable securities, net	829	-
Amortization of debt discount and issuance costs	320	1,034
Share-based compensation	3,860	2,222
Net effect of exchange rate fluctuation	793	362
Changes in assets and liabilities:
Trade accounts receivables, net	470	3,494
Inventories	(6,898)	(4,417)
Other current and long-term assets	(15,996)	(1,162)
Deferred tax assets, net	(2,609)	(598)
Operating lease right-of-use assets	912	406
Trade accounts payables	(1,941)	439
Deferred revenues	(744)	9,021
Operating lease liabilities	(806)	(1,266)
Other current and long-term liabilities	(3,151)	3,718
Accrued severance pay, net	61	(38)
Net cash provided by operating activities	12,910	32,985

Cash flows from investment activities:
Acquisition of subsidiary, net of acquired cash	(78,469)	-
Change in short-term and long-term interest-bearing bank deposits	49,632	(55,805)
Investment in marketable securities	(16,836)	-
Proceeds from maturities of marketable securities	15,770	-
Purchase of property and equipment	(3,718)	(488)

Net cash used in investing activities	(33,621)	(56,293)
Net cash provided by financing activities	-	-
Effect of exchange rate fluctuations on cash and cash equivalents	(794)	(238)
Changes in cash and cash equivalents	(21,505)	(23,546)
Cash and cash equivalents - beginning of period	126,698	232,304
Cash and cash equivalents - end of period	105,193	208,758

NOVA LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(U.S. dollars in thousands, except percentage and per share data) - (Unaudited)

	Three months ended
	March 31, 2022	December 31, 2021	March 31, 2021
GAAP gross profit	76,150	68,249	47,930
Stock-based compensation*	883	803	418
Acquisition-related inventory step-up	2,606	-	-
Non-GAAP gross profit	79,639	69,052	48,348
GAAP gross margin as a percentage of revenues	57%	56%	57%
Non-GAAP gross margin as a percentage of revenues	59%	57%	57%

GAAP operating income	37,106	29,893	19,758
Stock-based compensation*	3,860	3,496	2,222
Acquisition-related inventory step-up	2,606	-	-
Acquisition-related expenses and contingent consideration revaluation	1,355	999	-
Amortization of acquired intangible assets	1,613	735	575
Non-GAAP operating income	46,540	35,123	22,555
GAAP operating margin as a percentage of revenues	28%	25%	23%
Non-GAAP operating margin as a percentage of revenues	35%	29%	27%

GAAP net income	34,162	22,226	17,616
Stock-based compensation*	3,860	3,496	2,222
Acquisition-related inventory step-up	2,606	-	-
Acquisition-related expenses and contingent consideration revaluation	1,355	999	-
Amortization of acquired intangible assets	1,613	735	575
Amortization of debt discount and issuance costs	320	1,075	1,034
Revaluation of operating lease liabilities	(546)	907	(860)
Tax effect of non-GAAP adjustments	(1,883)	(402)	(102)
Taxes attributed to one-time elective tax settlement	-	3,716	-
Non-GAAP net income	41,487	32,752	20,485

GAAP basic earnings per share	1.20	0.78	0.62
Non-GAAP basic earnings per share	1.45	1.15	0.73

GAAP diluted earnings per share	1.07	0.73	0.60
Non-GAAP diluted earnings per share	1.30	1.08	0.70

Shares used for calculation of earnings per share (in thousands):
Basic	28,579	28,539	28,214
Diluted	31,968	30,285	29,306

* Stock-based compensation for the three months ended March 31, 2022 included in – Cost of revenues – 883; Research and development, net – 1,525; Sales and marketing – 786; General and administrative – 666

NOVA LTD.
SUPPLEMENTAL INFORMATION - RECONCILIATION OF SECOND QUARTER 2022
GAAP TO NON-GAAP GUIDANCE
(Unaudited)

	Low	High
Estimated GAAP net income per diluted share	0.82	0.96
Estimated non-GAAP items:
Stock-based compensation	0.13	0.13
Amortization of acquired intangible assets	0.06	0.06
Acquisition-related expenses and contingent consideration revaluation	0.07	0.07
Acquisition-related inventory step-up	0.01	0.01
Amortization of issuance costs	0.01	0.01
Tax effect of non-GAAP adjustments	(0.01)	(0.01)
Estimated non-GAAP net income per diluted share	1.09	1.23

Rehovot, Israel, June 8, 2022 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that Eitan Oppenhaim, President & Chief Executive Officer, and Dror David, Chief Financial Officer, will attend SEMICON West and hold investor meetings on July 12 and 13 at the Zelos Hotel, 12 4^th Street, San Francisco, CA.

SEMICON West will be held as a hybrid event from July 11-14, 2022, both live at San Francisco’s Moscone Center as well as in a virtual format. Concurrently, Nova’s management will hold meetings in a nearby location in San Francisco. To schedule a meeting and get all the pertinent details, please contact Miri Segal of MS-IR at [email protected].

SEMICON West is the world marketplace for microelectronics innovation, featuring nearly 1,500 international exhibitors from 54 different countries showcasing products and services across the manufacturing ecosystem – from design to fabrication. The global industry looks to SEMICON West for the most up-to-date information on the tools, technologies, and trends driving the design, manufacture, and business of microelectronics.

About Nova

Nova is a leading innovator and key provider of material, optical, and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova’s unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields, and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information can be found at Nova’s website link – https://www.novami.com/. Nova is traded on Nasdaq & TASE, Nasdaq ticker: NVMI

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: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to the 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 and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Rehovot, Israel, July 7, 2022 – Nova (Nasdaq: NVMI) announced today that a leading analog and mixed-signal device manufacturer recently adopted the Nova VeraFlex^® solution for advanced process control. Nova has already delivered numerous tools to several of the customer’s fabrication sites.

Analog device manufacturing today requires tighter process control for ultra-thin films to shorten the time for device qualification and yield growth. Nova’s x-ray photoelectron spectroscopy (XPS) is uniquely equipped for this purpose and was selected over other traditional methods due to its superior technology benefits. Over recent years Nova VeraFlex^® has revolutionized materials metrology and is the industry standard for materials characterization, providing inline composition and thin film process control in various process steps.

“This selection signifies the great potential of our materials metrology portfolio for a variety of IC devices. This new win bolsters our strategy to grow our materials metrology beyond Nova’s traditional markets,” said Eitan Oppenhaim, President and Chief Executive Officer of Nova. “Our ability to develop unique and differentiated solutions allows us to offer a broader range of capabilities, which resonates well with various customers in different steps of the IC manufacturing value chain.”

About Nova

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: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to the 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 and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance, or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Rehovot, Israel, July 12, 2022 – Nova (Nasdaq: NVMI) announced today that a leading logic manufacturer recently selected Nova Metrion® for next-generation Integrated Circuit (IC) development. This recent deal is part of the Company’s long-term collaboration agreement with the customer to establish a full suite of Nova’s materials metrology portfolio for future device development. The customer previously installed a broad range of Nova’s advanced solutions, including Nova Elipson™ and Nova VeraFlex®.

Nova Metrion^® is expected to replace traditional lab-based SIMS (secondary ion mass spectrometry) measurements, providing a depth profile of materials composition in next-generation devices. The system is designed from the ground up for a high-volume manufacturing environment. Nova Metrion^® provides quantitative and actionable results with high-depth resolution and precision. This breakthrough technology enables advanced process control of complex and critical multilayer films.

“We are delighted with this close partnership that keeps yielding breakthrough solutions for logic manufacturing. Nova is unique in its ability to bridge the chasm between lab and fab environments, which is becoming a critical factor in enabling next-generation device manufacturing,” said Eitan Oppenhaim, President and Chief Executive Officer of Nova. “As production becomes more challenging than ever before, our advanced platforms allow customers to address the increasing need for process control. With multiple Nova Metrion^® systems installed by various customers, we are advancing well towards establishing a new method of measuring material profiles in high-volume manufacturing.”

The company expects to recognize revenues from this selection by the end of calendar year 2022.

About Nova

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: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to the 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 and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance, or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Conference call to be held on the same day at 8:30 a.m. Eastern Time

Rehovot, Israel, July 12, 2022 – Nova (Nasdaq: NVMI) today announced that it expects to release its financial results for the second quarter of 2022 before the Nasdaq market opens on Thursday, August 4, 2022.

Q2 2022 Conference Call Details:

Eitan Oppenhaim, President and Chief Executive Officer, and Dror David, Chief Financial Officer, will host a conference call to review the Company’s second quarter 2022 financial results on August 4, 2022 at 8:30 a.m. Eastern Time.

To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your call at least five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

U.S. TOLL-FREE: 1-855-327-6837

ISRAEL TOLL-FREE: 1-809-458-327

INTERNATIONAL: 1-631-891-4304
WEBCAST LINK: https://viavid.webcasts.com/starthere.jsp?ei=1555124&tp_key=3175622040

At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time

The conference call will also be available via a live webcast from a link on Nova’s Investor Relations website – https://www.novami.com/investors/events/.

A replay of the conference call will be available from August 4, 2022, to August 11, 2022. To access the replay, please dial one of the following numbers:

Replay TOLL-FREE: 1-844-512-2921
Replay TOLL/INTERNATIONAL: 1-412-317-6671
Replay Pin Number: 10019423

About Nova:

Nova is traded on Nasdaq & TASE, Nasdaq ticker symbol NVMI.

Forward looking statement:

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: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to the 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 and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance, or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

REHOVOT, Israel, Aug. 4, 2022 /PRNewswire/ — Nova (Nasdaq: NVMI) today announced financial results for the second quarter, the three-month period ended June 30, 2022.

Second Quarter 2022 Highlights:

Record quarterly revenue of $141.6 million. Up 45% year over year
GAAP net income of $34.9 million, or $1.09 per diluted share. Up 42% year over year on a per-share basis
Non-GAAP net income of $39.5 million, or $1.24 per diluted share. Up 38% year over year on a per-share basis
Record Optical CD Standalone revenue driven by multiple customer selections
Diversified geographic mix, including four major territories contributing over 15% of revenue each
Continued proliferation of Nova Metrion®. Selected by Advanced Logic Manufacturer

GAAP Results ($K)

	Q2 2022	Q1 2022	Q2 2021
Revenues	$141,628	$133,957	$97,746
Net Income	$34,878	$34,162	$22,924
Earnings per Diluted Share	$1.09	$1.07	$0.77

Non-GAAP Results ($K)

	Q2 2022	Q1 2022	Q2 2021
Net Income	$39,546	$41,487	$26,886

Management Comments

“Nova delivered sound results for the second quarter, demonstrating strength in all product lines across our dimensional, materials, and chemical metrology portfolio. Our business performance yielded another quarterly revenue record with both revenue and profitability reaching the high end of the guidance,” commented Eitan Oppenhaim, President and Chief Executive Officer. “Our solid backlog and the demand for our products across the various semiconductor technology nodes solidify our goal to continue our profitable growth this year as well. With the company revenues exceeding $500 million in the last four quarters, we mark the realization of our Nova 500 strategic plan, which cemented the fundamentals to support our future organic and inorganic growth in the long term.”

2022 Third Quarter Financial Outlook

Management provided an outlook for the third quarter, the period ending September 30, 2022. Based on current estimates, management expects:

$137 million to $147 million in revenue
$0.89 to $1.08 in diluted GAAP EPS
$1.06 to $1.25 in diluted non-GAAP EPS

2022 Second Quarter Results

Total revenues for the second quarter of 2022 were $141.6 million, an increase of 6% compared with the first quarter of 2022 and an increase of 45% compared with the second quarter of 2021.

Gross margin in the second quarter of 2022 was 57%, same as the first quarter of 2022 and the second quarter of 2021.

Operating expenses in the second quarter of 2022 were $43.4 million, compared with $39.0 million in the first quarter of 2022 and $28.7 million in the second quarter of 2021.

On a GAAP basis, the Company reported net income of $34.9 million, or $1.09 per diluted share, in the second quarter of 2022. This is compared with net income of $34.2 million, or $1.07 per diluted share, in the first quarter of 2022, and net income of $22.9 million, or $0.77 per diluted share, in the second quarter of 2021.

On a non-GAAP basis, the Company reported net income of $39.5 million, or $1.24 per diluted share, in the second quarter of 2022. This is compared with net income of $41.5 million, or $1.30 per diluted share, in the first quarter of 2022, and net income of $26.9 million, or $0.90 per diluted share, in the second quarter of 2021.

Conference Call Information

Nova will host a conference call today, August 4, 2022, at 8:30 a.m. Eastern Time, to discuss the financial results and outlook. To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your calls five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

U.S. TOLL-FREE Dial-in Number: 1-800-239-9838
ISRAEL TOLL-FREE Dial-in Number: 1-809-407-724
INTERNATIONAL Dial-in Number: 1-323-794-2551

At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time

The conference call will also be webcast live from a Link on Nova’s website at https://www.novami.com/investors/events/.

A replay of the conference call will be available from August 4, 2022, at 11:30 a.m. Eastern Time to August 11, 2022, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:

Replay Dial-in TOLL-FREE: 1-844-512-2921
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-6671
Replay Pin Number: 2902650

A replay will also be available for 90 days on Nova’s website at https://www.novami.com/investors/events/.

About Nova

Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova’s unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova’s website link – https://www.novami.com/.

Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.

Use of Non-GAAP Adjusted Financial Measures

This press release provides financial measures that exclude amortization of acquired intangible assets, acquisition related expenses, inventory step-up and contingent consideration revaluation, stock-based compensation expenses, revaluation of operating lease liabilities, amortization of debt discount and issuance costs and tax effect of non-GAAP adjustment, as applicable, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova’s performance because they reflect our operational results and enhance management’s and investors’ ability to evaluate Nova’s performance before charges or benefits considered by management to be outside Nova’s ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allow greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.

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: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to the 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 and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

(Tables to Follow)

NOVA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands) - (Unaudited)

	As of
ASSETS	June 30, 2022	December 31, 2021
Current assets
Cash and cash equivalents	170,297	126,698
Short-term interest-bearing bank deposits	105,393	221,897
Marketable securities	88,622	61,568
Trade accounts receivable, net	94,559	68,446
Inventories	101,633	78,665
Other current assets	17,326	9,242
Total current assets	577,830	566,516
Non-current assets
Marketable securities	120,937	137,415
Interest-bearing bank deposits	3,263	3,672
Restricted interest-bearing bank deposits	1,600	1,600
Deferred tax assets	11,306	6,161
Severance pay funds	1,198	1,327
Operating lease right-of-use assets	44,873	30,627
Property and equipment, net	45,781	34,460
Intangible assets, net	45,456	2,601
Goodwill	48,534	20,114
Other long-term assets	723	661
Total non-current assets	323,671	238,638
Total assets	901,501	805,154
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Convertible senior notes, net	-	183,037
Trade accounts payable	36,819	36,218
Deferred revenues	19,829	15,338
Operating lease current liabilities	5,727	4,452
Other current liabilities	53,713	48,885
Total current liabilities	116,088	287,930
Non-current liabilities
Convertible senior notes, net	195,750	-
Accrued severance pay	3,628	3,686
Operating lease long-term liabilities	43,301	33,450
Long-term deferred tax liability	12,593	-
Other long-term liabilities	7,627	6,334
Total non-current liabilities	262,899	43,470
Shareholders' equity	522,514	473,754
Total liabilities and shareholders' equity	901,501	805,154

NOVA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data) - (Unaudited)

	Three months ended June 30,		Six months ended June 30,
	2022	2021	2022	2021
Revenues:
Products	114,120	78,293	224,032	144,576
Services	27,508	19,453	51,553	37,303
Total revenues	141,628	97,746	275,585	181,879
Total cost of revenues	61,240	41,802	119,047	78,005
Gross profit	80,388	55,944	156,538	103,874
Operating expenses:
Research and development, net	22,115	15,341	41,244	29,859
Sales and marketing	12,342	9,432	24,588	18,972
General and administrative	7,455	3,388	13,511	6,927
Amortization of intangible assets	1,513	574	3,126	1,149
Total operating expenses	43,425	28,735	82,469	56,907
Operating income	36,963	27,209	74,069	46,967
Financing income (expense), net	3,568	(1,150)	4,786	(726)
Income before taxes on income	40,531	26,059	78,855	46,241
Income tax expenses	5,653	3,135	9,815	5,701
Net income for the period	34,878	22,924	69,040	40,540

Earnings per share:
Basic	1.22	0.81	2.41	1.43
Diluted	1.09	0.77	2.16	1.37

Shares used in calculation of earnings per share (in thousands):
Basic	28,688	28,304	28,662	28,259
Diluted	31,902	29,815	31,963	29,561

NOVA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands) - (Unaudited)

	Three months ended June 30,		Six months ended June 30,
	2022	2021	2022	2021
Cash flows from operating activities:
Net income	34,878	22,924	69,040	40,540
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment	2,001	1,596	4,036	3,175
Amortization of intangible assets	1,513	574	3,126	1,149
Amortization of premium and accretion of discount on marketable securities, net	715	283	1,544	283
Amortization of debt discount and issuance costs	318	1,051	638	2,085
Share-based compensation	4,072	2,128	7,932	4,350
Net effect of exchange rate fluctuation	2,178	(350)	2,971	12
Changes in assets and liabilities:
Trade accounts receivables, net	(17,264)	1,613	(16,794)	5,107
Inventories	(5,637)	(5,831)	(12,535)	(10,248)
Other current and long-term assets	7,925	554	(8,071)	(608)
Deferred tax assets, net	(2,331)	(1,116)	(4,940)	(1,714)
Operating lease right-of-use assets	1,123	411	2,035	817
Trade accounts payables	881	1,932	(1,060)	2,371
Deferred revenues	5,266	(147)	4,522	8,874
Operating lease liabilities	(4,332)	81	(5,138)	(1,185)
Other current and long-term liabilities	(6,234)	587	(9,385)	4,305
Accrued severance pay, net	10	93	71	55
Net cash provided by operating activities	25,082	26,383	37,992	59,368
Cash flows from investment activities:
Acquisition of subsidiary, net of acquired cash	-	-	(78,469)	-
Change in short-term and long-term interest-bearing bank deposits	66,872	2,461	116,504	(53,344)
Investment in marketable securities	(34,691)	(101,466)	(51,527)	(101,466)
Proceeds from maturities of marketable securities	18,428	1,200	34,198	1,200
Purchase of property and equipment	(4,239)	(1,318)	(7,957)	(1,806)
Net cash provided by (used in) investing activities	46,370	(99,123)	12,749	(155,416)
Cash flows from investment activities:
Purchases of treasury shares	(4,270)	-	(4,270)	-
Proceeds from exercise of options	82	-	82	-
Net cash used in financing activities	(4,188)	-	(4,188)	-
Effect of exchange rate fluctuations on cash and cash equivalents	(2,160)	272	(2,954)	34
Changes in cash and cash equivalents	65,104	(72,468)	43,599	(96,014)
Cash and cash equivalents - beginning of period	105,193	208,758	126,698	232,304
Cash and cash equivalents - end of period	170,297	136,290	170,297	136,290

NOVA LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(U.S. dollars in thousands, except percentage and per share data) - (Unaudited)

	Three months ended
	June 30, 2022	March 31, 2022	June 30, 2021
GAAP gross profit	80,388	76,150	55,944
Stock-based compensation*	1,021	883	382
Acquisition-related inventory step-up	366	2,606	-
Non-GAAP gross profit	81,775	79,639	56,326
GAAP gross margin as a percentage of revenues	57 %	57 %	57 %
Non-GAAP gross margin as a percentage of revenues	58 %	59 %	58 %

GAAP operating income	36,963	37,106	27,209
Stock-based compensation*	4,072	3,860	2,128
Acquisition-related inventory step-up	366	2,606	-
Acquisition-related expenses and contingent consideration revaluation	2,392	1,355	-
Amortization of acquired intangible assets	1,513	1,613	574
Non-GAAP operating income	45,306	46,540	29,911
GAAP operating margin as a percentage of revenues	26 %	28 %	28 %
Non-GAAP operating margin as a percentage of revenues	32 %	35 %	31 %

GAAP net income	34,878	34,162	22,924
Stock-based compensation*	4,072	3,860	2,128
Acquisition-related inventory step-up	366	2,606	-
Acquisition-related expenses and contingent consideration revaluation	2,392	1,355	-
Amortization of acquired intangible assets	1,513	1,613	574
Amortization of debt discount and issuance costs	318	320	1,051
Revaluation of operating lease liabilities	(3,350)	(546)	554
Tax effect of non-GAAP adjustments	(643)	(1,883)	(345)
Non-GAAP net income	39,546	41,487	26,886

GAAP basic earnings per share	1.22	1.20	0.81
Non-GAAP basic earnings per share	1.38	1.45	0.95

GAAP diluted earnings per share	1.09	1.07	0.77
Non-GAAP diluted earnings per share	1.24	1.30	0.90

Shares used for calculation of earnings per share (in thousands):
Basic	28,688	28,579	28,304
Diluted	31,902	31,968	29,815

* Stock-based compensation for the three months ended June 30, 2022 included in: Cost of revenues – 1,021; Research and development, net – 1,694; Sales and marketing – 756; General and administrative – 601.

NOVA LTD.
SUPPLEMENTAL INFORMATION - RECONCILIATION OF THIRD QUARTER 2022
GAAP TO NON-GAAP GUIDANCE
(Unaudited)

	Low	High
Estimated GAAP net income per diluted share	0.89	1.08
Estimated non-GAAP items:
Stock-based compensation	0.15	0.15
Amortization of acquired intangible assets	0.05	0.05
Amortization of issuance costs	0.01	0.01
Tax effect of non-GAAP adjustments	(0.04)	(0.04)
Estimated non-GAAP net income per diluted share	1.06	1.25

Rehovot, Israel, August 4, 2022 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that Dror David, Chief Financial Officer, will participate in the following virtual investor conferences in August:

Bank of America SMID Cap Ideas Conference

Format: Virtual presentation and one-on-one meetings

When: Tuesday, Aug. 9 at 10:30 am ET

3rd Annual Needham Virtual Semiconductor and SemiCap 1×1 Conference

Format: Virtual one-on-one meetings

When: Wednesday, Aug. 24 and Thursday, Aug. 25

Management will be available for one-on-one meetings during both conferences. To schedule a meeting, contact your Bank of America or Needham representative. A replay of the Bank of America presentation will be available for 90 days following the event and can be accessed through this link – https://bofa.veracast.com/webcasts/bofa/smidcap2h022/id98F310.cfm

A live webcast of the Bank of America presentation will be available from Nova’s investor relations page link https://www.novami.com/investors/lobby/

About Nova

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: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to the 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 and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Rehovot, Israel, August 9, 2022 – Nova (Nasdaq: NVMI), a leading innovator and key provider of metrology solutions for advanced process control used in semiconductor manufacturing, announced today that it will hold its 2022 Investor Event as a lineup of virtual presentations by key members of the executive team.

On Wednesday, September 21, the presentations will begin at 11:00 a.m. EDT / 6:00 p.m. IDT (Israel)
and run to approximately 1:00 p.m. EDT / 8:00 p.m. IDT.

Investors interested in attending the event in real time on September 21 should register through this link: https://www.novami.com/investor-day-2022/

Registered participants will receive a link in advance to join the virtual event ahead of the start time. A replay of the presentation and associated materials in English will be available on the company website following the event.

About Nova

Nova is traded on Nasdaq & TASE, Nasdaq ticker: NVMI

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: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to the 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 and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Rehovot, Israel, August 16, 2022 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that the company’s management team will participate in the following in-person investor conferences in September:

· Citi 2022 Global Technology Conference

In-person one-on-one meetings with Eitan Oppenhaim, CEO & President

Wednesday, September 7^th, at the New York Hilton

· Evercore ISI Technology Conference

In-person with Eitan Oppenhaim, CEO & President

Thursday, September 8^th, at the Westin New York at Times Square. Fireside chat with Nova CEO & President is planned for 3:00 pm EDT on the same day.

· Jefferies Israel Tech Trek

In-person one-one-one meetings with Dror David, CFO

Thursday, September 22^nd, at the David Kempinski Hotel, Tel Aviv, Israel

Management will be available for one-on-one meetings throughout these conferences. To schedule a meeting, contact your Citi, Evercore, or Jefferies representative. Presentation materials will be available in the Investor Relations section on the company’s website following the event.

About Nova

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: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to the 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 and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance, or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.