Rehovot, Israel, October 10, 2023 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing,  today announced that it expects to release its financial results for the third quarter of 2023 before the Nasdaq market opens on Thursday, November 9.

Q3 2023 Conference Call Details:

Gaby Waisman, President and Chief Executive Officer, and Dror David, Chief Financial Officer, will host a conference call to review the Company’s third quarter 2023 financial results on November 9, 2023 at 8:30 a.m. Eastern Time. To attend the conference call, please dial one of the following numbers 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: 1-833-816-1427

ISRAEL TOLL-FREE: 1-80-9213284

INTERNATIONAL: 1-412-317-0519
WEBCAST LINK:  https://viavid.webcasts.com/starthere.jsp?ei=1637506&tp_key=87873d02b0

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. A replay of the conference call will be available from November 9, 2023 to November 16, 2023. 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: 10183091

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. 

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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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 and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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 14, 2023 - Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that senior management will participate in the following investor conferences in August and September:

  • Needham 4th Annual Virtual Semiconductor and SemiCap 1x1 Conference

Format: Virtual one-on-one meetings

When: Wednesday, August 23

Attendee: Gaby Waisman, President and Chief Executive Officer

  • Jefferies Semiconductor, IT Hardware & Communications Technology Summit

Format: In-person one-on-one meetings

When: Wednesday, August 30

Attendee: Dror David, Chief Financial Officer

Location: Chicago, IL

  • Citi 2023 Global Technology Conference

Format: In-person fireside chat and one-on-one meetings

When: Wednesday, September 6 (fireside chat 3:15 pm)

Attendees: Gaby Waisman, President and Chief Executive Officer and Dror David, Chief Financial Officer

Location: New York, NY

  • Evercore 2023 Semiconductor & Semiconductor Equipment Conference

Format: In-person one-on-one meetings

When: Thursday, September 7

Attendees: Gaby Waisman, President and Chief Executive Officer and Dror David, Chief Financial Officer

Location: New York, NY

  • Jefferies Israel Tech Trek

Format: In-person one-on-one meetings

When: Wednesday, September 13

Attendees: Gaby Waisman, President and Chief Executive Officer and Dror David, Chief Financial Officer

Location: Tel Aviv, Israel

Management will be available for one-on-one meetings during these conferences. To schedule a meeting, contact your bank representative.

A live webcast of the Citi Conference fireside chat will be available from Nova’s investor relations page link https://www.novami.com/investors/lobby/.  

 

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/.

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: 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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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 and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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. 3, 2023 /PRNewswire/ -- Nova (NASDAQ: NVMI) today announced financial results for the second quarter, the three-month period ended June 30, 2023.

Second Quarter 2023 Highlights:

  • Quarterly revenue of $122.7 million, above the midpoint of guidance range of $117 to $125 million and down 13% year over year.
  • GAAP net income of $29.9 million, or $0.94 per diluted share, higher than the company guidance of $0.75 to $0.89 and down 14% year over year on a per-share basis.
  • Non-GAAP net income of $33.8 million, or $1.06 per diluted share, reaching the top of the company's guidance range of $0.92 to $1.06 and down 15% year over year on a per-share basis.
  • Continued adoption of advanced dimensional and materials product portfolio, including the Elipson and multiple procurements of Nova's newest Veraflex model by a leading Memory customer.
  • Heightened interest in Nova's unique technology offerings, including advanced packaging solutions, manifested by multiple evaluation processes at leading customers.

 

GAAP Results (K)

 

Q2 2023

Q1 2023

Q2 2022

Revenues

$122,702

$132,193

$141,628

Net Income

$29,926

$34,627

$34,878

Earnings per Diluted Share

$0.94

$1.09

$1.09

Non-GAAP Results (K)

 

Q2 2023

Q1 2023

Q2 2022

Net Income

$33,814

$39,075

$39,546

Earnings per Diluted Share

$1.06

$1.23

$1.24

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's results for the quarter met our expectations, highlighting the resilience of our portfolio, our wide exposure to new advanced applications, a well-maintained operational model, an effective combination of customers' focus and our roadmap of continuous investment in every division," said Gaby Waisman, President and CEO. "The value of our broad Materials and Dimensional portfolio propels increased traction with several notable achievements this quarter, including new penetrations and additional orders following successful evaluations of our new portfolio products. These opportunities will allow us to broaden our position and capitalize on larger opportunities once the industry fully recovers."

2023 Third Quarter Financial Outlook

Management provided an outlook for the third quarter, the period ending September 30, 2023. Based on current estimates, management expects:

  • $119 million to $126 million in revenue
  • $0.83 to $0.94 in diluted GAAP EPS
  • $1.02 to $1.13 in diluted non-GAAP EPS

2023 Second Quarter Results

Total revenues for the second quarter of 2023 were $122.7 million, a decrease of 7% compared with the first quarter of 2023 and a decrease of 13% compared with the second quarter of 2022.

Gross margin in the second quarter of 2023 was 57%, compared with 58% in the first quarter of 2023 and 56% in the second quarter of 2022.

Operating expenses in the second quarter of 2023 were $40.9 million, compared with $41.5 million in the first quarter of 2023 and $42.1 million in the second quarter of 2022.

On a GAAP basis, the Company reported net income of $29.9 million, or $0.94 per diluted share, in the second quarter of 2023. This is compared with net income of $34.6 million, or $1.09 per diluted share, in the first quarter of 2023, and net income of $34.9 million, or $1.09 per diluted share, in the second quarter of 2022.

On a non-GAAP basis, the Company reported net income of $33.8 million, or $1.06 per diluted share, in the second quarter of 2023. This is compared with net income of $39.1 million, or $1.23 per diluted share, in the first quarter of 2023, and net income of $39.5 million, or $1.24 per diluted share, in the second quarter of 2022.

Conference Call Information

Nova will host a conference call today, August 03, 2023, at 8:30 a.m. Eastern Time, to discuss the Company's second quarter 2023 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: 1-877-300-8521
ISRAEL TOLL-FREE Dial-in Number: 1809-213-284
INTERNATIONAL Dial-in Number: 1-412-317-6026

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 3, 2023, at 11:30 a.m. Eastern Time until August 10, 2023, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:

Replay Dial-in U.S. TOLL-FREE: 1-844-512-2921
Replay Dial-in INTERNATIONAL : 1-412-317-6671
Replay Pin Number: 10180161

A replay will also be available for 90 days on Nova's website link 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 rapid technological change; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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

 

June 30,

December 31,

ASSETS

2023

2022

Current assets

   

Cash and cash equivalents

129,190

111,121

Short-term interest-bearing bank deposits

99,036

95,305

Marketable securities

188,163

167,073

Trade accounts receivable, net

82,904

109,320

Inventories

149,001

116,600

Other current assets

16,220

13,527

Total current assets

664,514

612,946

Non-current assets

   

Marketable securities

148,379

153,462

Interest-bearing bank deposits and restricted cash

5,971

2,083

Deferred tax assets

23,756

20,097

Operating lease right-of-use assets

43,134

44,885

Property plant and equipment, net

60,471

55,886

Intangible assets, net

41,434

43,586

Goodwill

49,539

49,009

Other long-term assets

1,906

2,151

Total non-current assets

374,590

371,159

Total assets

1,039,104

984,105

LIABILITIES AND SHAREHOLDERS' EQUITY

   

Current liabilities

   

   Convertible senior notes, net

197,030

-

Trade accounts payable

35,951

42,732

Deferred revenues

27,181

30,543

Operating lease current liabilities

5,728

5,968

Other current liabilities

47,323

54,825

Total current liabilities

313,213

134,068

Non-current liabilities

   

Convertible senior notes, net

-

196,394

Operating lease long-term liabilities

40,564

43,697

Long-term deferred tax liability

11,675

12,190

Other long-term liabilities

11,324

10,793

Total non-current liabilities

63,563

263,074

Shareholders' equity

662,328

586,963

Total liabilities and shareholders' equity 

1,039,104

984,105

 

 

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,

 

2023

2022

2023

2022

Revenues:

       

Products

95,627

114,120

200,958

224,032

Services

27,075

27,508

53,937

51,553

Total revenues

122,702

141,628

254,895

275,585

Total cost of revenues

53,044

62,595

107,971

121,877

Gross profit

69,658

79,033

146,924

153,708

Operating expenses:

       

Research and development, net

22,413

22,115

45,381

41,244

Sales and marketing

12,927

12,500

26,449

24,884

General and administrative

5,602

7,455

10,641

13,511

Total operating expenses

40,942

42,070

82,471

79,639

Operating income

28,716

36,963

64,453

74,069

Financing income, net

5,628

3,568

10,356

4,786

Income before taxes on income

34,344

40,531

74,809

78,855

Income tax expenses

4,418

5,653

10,256

9,815

Net income for the period

29,926

34,878

64,553

69,040

         

Earnings per share:

       

Basic

1.04

1.22

2.25

2.41

Diluted

0.94

1.09

2.02

2.16

         

Shares used in calculation of earnings per share
 (in thousands):

       

Basic

28,766

28,688

28,706

28,662

Diluted

31,928

31,902

31,927

31,963

 

 

NOVA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands) - (Unaudited)

 
   
 

Three months ended

June 30,

Six months ended

 June 30,

 

2023

2022

2023

2022

Cash flows from operating activities:

       

Net income

29,926

34,878

64,553

69,040

Adjustments to reconcile net income to net cash provided by operating activities:

       

     Depreciation of property and equipment

2,476

2,001

4,816

4,036

     Amortization of intangible assets

1,475

1,513

2,919

3,126

     Amortization of premium and accretion of discount on marketable securities, net

(621)

715

(1,049)

1,544

     Amortization of debt discount and issuance costs

320

318

636

638

     Share-based compensation

3,667

4,072

8,061

7,932

     Net effect of exchange rate fluctuation

407

2,178

1,756

2,971

Changes in assets and liabilities:

       

     Trade accounts receivable, net

18,064

(17,264)

26,681

(16,794)

     Inventories

(14,689)

(5,637)

(35,024)

(12,535)

     Other current and long-term assets

5,513

7,925

(2,718)

(8,071)

     Deferred tax assets, net

(2,406)

(2,331)

(4,343)

(4,940)

     Operating lease right-of-use assets

839

1,123

1,641

2,035

     Trade accounts payable

(7,773)

881

(7,273)

(1,060)

     Deferred revenues

(3,055)

5,266

(3,368)

4,522

     Operating lease liabilities

(1,617)

(4,332)

(3,262)

(5,138)

     Other current and long-term liabilities

(8,288)

(6,234)

(6,618)

(9,385)

     Accrued severance pay, net

(71)

10

(169)

71

Net cash provided by operating activities

24,167

25,082

47,239

37,992

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

14,452

66,872

(8,610)

116,504

Investment in marketable securities

(44,458)

(34,691)

(98,140)

(51,527)

Proceeds from maturity of marketable securities

42,423

18,428

84,315

34,198

Purchase of property and equipment

(3,274)

(4,239)

(6,032)

(7,957)

Net cash provided by (used in) investing activities

9,143

46,370

(28,467)

12,749

Cash flows from financing activities:

       

Purchases of treasury shares

-

(4,270)

(112)

(4,270)

Proceeds from exercise of options

115

82

115

82

Net cash provided by (used in) financing activities

115

(4,188)

3

(4,188)

Effect of exchange rate fluctuations on cash and cash equivalents

(310)

(2,160)

(1,306)

(2,954)

Changes in cash and cash equivalents and restricted cash

33,115

65,104

17,469

43,599

Cash and cash equivalents and restricted cash -beginning of period

96,075

105,193

111,721

126,698

Cash and cash equivalents - end of period

129,190

170,297

129,190

170,297

 

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,
2023

March 31,
2023

June 30,
2022

   

GAAP gross profit

69,658

77,266

79,033

   

Stock-based compensation*

1,071

1,165

1,021

   

Amortization of acquired intangible assets

1,368

1,338

1,355

   

Acquisition related inventory step-up

-

-

366

   

Non-GAAP gross profit

72,097

79,769

81,775

   

GAAP gross margin as a percentage of revenues

57 %

58 %

56 %

   

Non-GAAP gross margin as a percentage of revenues

59 %

60 %

58 %

   
           

GAAP operating income

28,716

35,737

36,963

   

Stock-based compensation*

3,667

4,394

4,072

   

Acquisition-related inventory step-up

-

-

366

   

Acquisition-related expenses and contingent

 consideration revaluation

-

-

2,392

   

Amortization of acquired intangible assets

1,475

1,444

1,513

   

Non-GAAP operating income

33,858

41,575

45,306

   

GAAP operating margin as a percentage of revenues

23 %

27 %

26 %

   

Non-GAAP operating margin as a percentage of revenues

28 %

31 %

32 %

   
           

GAAP net income

29,926

34,627

34,878

   

Stock-based compensation*

3,667

4,394

4,072

   

Acquisition-related inventory step-up

-

-

366

   

Acquisition-related expenses and contingent

 consideration revaluation

-

-

2,392

   

Amortization of acquired intangible assets

1,475

1,444

1,513

   

Amortization of debt discount and issuance costs

320

316

318

   

Revaluation of operating lease liabilities

(768)

(822)

(3,350)

   

Tax effect of non-GAAP adjustments

(806)

(884)

(643)

   

Non-GAAP net income

33,814

39,075

39,546

   
           

GAAP basic earnings per share

1.04

1.21

1.22

   

Non-GAAP basic earnings per share

1.18

1.36

1.38

   
           

GAAP diluted earnings per share

0.94

1.09

1.09

   

Non-GAAP diluted earnings per share

1.06

1.23

1.24

   
           

Shares used for calculation of earnings per share
(in thousands):

         

Basic

28,766

28,678

28,688

   

Diluted

31,928

31,824

31,902

   
     

* Stock-based compensation for the three months ended June 30, 2023, included in – Cost of revenues - 1,071;
Research and development, net – 1,403; Sales and marketing – 688; General and administrative – 505.

   

 

 

NOVA LTD.
SUPPLEMENTAL INFORMATION - RECONCILIATION OF SECOND QUARTER 2023
GAAP TO NON-GAAP GUIDANCE

(U.S. dollars) (Unaudited)

 
 

Low

High

Estimated GAAP net income per diluted share

0.83

0.94

Estimated non-GAAP items:

   

Stock-based compensation

0.18

0.18

Amortization of acquired intangible assets

0.04

0.04

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

1.02

1.13

 

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

Logo - https://mma.prnewswire.com/media/1446151/Nova_Logo.jpg [mma.prnewswire.com]

 

 

Rehovot, Israel, May 24, 2023 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that Gaby Waisman, President and Chief Executive Officer and Dror David, Chief Financial Officer, will participate in the following investor conferences in June and in Semicon West in July:

  • Stifel Cross Sector Insight Conference

Format: In-person one-on-one meetings

When: Tuesday, June 6

Location: InterContinental Hotel, Boston

  • Bank of America 2023 Global Technology Conference

Format: In-person fireside chat and one-on-one meetings

When: Meetings will be held on Wednesday, June 7, and the fireside chat, moderated by Vivek Aya, Managing Director, is scheduled for Thursday, June 8 at 8:40 a.m. PT

Location: The Westin St. Francis Hotel, Union Square, San Francisco

  • Semicon West Investor Meetings

Format: In-person one-on-one meetings

When: July 11-12

Location: Hotel Zelos, San Francisco

Management will be available for one-on-one meetings during these conferences. To schedule a meeting, contact your Stifel or Bank of America representative.

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

To schedule meetings at Semicon West, please contact Miri Segal at E-mail: msegal@ms-ir.com.

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/.

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: 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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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 and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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 11, 2023 /PRNewswire/ — Nova (Nasdaq: NVMI) today announced financial results for the first quarter ended March 31, 2023.

First Quarter 2023 Highlights:

  • Quarterly revenue of $132.2 million, down 1% year over year
  • GAAP net income of $34.6 million, or $1.09 per diluted share, up 2% year over year on a per-share basis, exceeding management guidance of $0.77 to $0.98
  • Non-GAAP net income of $39.1 million, or $1.23 per diluted share, down 5% year over year on a per-share basis, exceeding management guidance of $0.93 to $1.14
  • Significant improvement in blended gross margin, driven by record software revenues and a favorable product mix
  • Record bookings for materials metrology, including VERAFLEX, METRION, and ELIPSON platforms

GAAP Results (K)

 

Q1 2023

Q4 2022

Q1 2022

Revenues

$132,193

$151,238

$133,957

Net Income

$34,627

$36,098

$34,162

Earnings per Diluted Share

$1.09

$1.14

$1.07

 

Non-GAAP Results (K)

 

Q1 2023

Q4 2022

Q1 2022

Net Income

$39,075

$40,778

$41,487

Earnings per Diluted Share

$1.23

$1.28

$1.30

 

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’s performance in the first quarter displays resilience amidst a challenging industry environment. Our excellent profitability attests to the exceptional value our portfolio offers to customers and to the agility of our operational model,” said Gaby Waisman, President and CEO. “We’re encouraged by the record bookings for our materials metrology solutions and believe our positioning in this strategic domain is a growth engine for years to come. As our industry charts a path forward, navigating a host of global volatile conditions, we at Nova remain focused on our strategic plans and infrastructure investments that will enable our long-term growth.”

2023 Second Quarter Financial Outlook

Management provided an outlook for the second quarter, the period ending June 30, 2023. Based on current estimates, management expects:

  • $117 million to $125 million in revenue
  • $0.75 to $0.89 in diluted GAAP EPS
  • $0.92 to $1.06 in diluted non-GAAP EPS

2023 First Quarter Results

Total revenues for the first quarter of 2023 were $132.2 million, a decrease of 13% compared with the fourth quarter of 2022 and a decrease of 1% compared with the first quarter of 2022.

Gross margin in the first quarter of 2023 was 58%, compared with 55% in the fourth quarter of 2022 and 56% in the first quarter of 2022.

Operating expenses in the first quarter of 2023 were $41.5 million, compared with $45.5 million in the fourth quarter of 2022 and $37.6 million in the first quarter of 2022.

On a GAAP basis, the Company reported net income of $34.6 million, or $1.09 per diluted share, in the first quarter of 2023. This is compared with net income of $36.1 million, or $1.14 per diluted share, in the fourth quarter of 2022, and net income of $34.2 million, or $1.07 per diluted share, in the first quarter of 2022.

On a non-GAAP basis, the Company reported net income of $39.1 million, or $1.23 per diluted share, in the first quarter of 2023. This is compared with net income of $40.8 million, or $1.28 per diluted share, in the fourth quarter of 2022, and net income of $41.5 million, or $1.30 per diluted share, in the first quarter of 2022.

Conference Call Information

Nova will host a conference call today, May 11, 2023, 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: 1-844-826-3035
ISRAEL TOLL-FREE Dial-in Number: 1-80-921-3284
INTERNATIONAL Dial-in Number: 1-412-317-5195

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 11, 2023, at 11:30 a.m. Eastern Time until May 18, 2023, 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: 10177465

A replay will also be available for 90 days on Nova’s website link 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: 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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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 and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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.

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

 

As of

 

March 31,

December 31,

ASSETS

2023

2022

Current assets

   

Cash and cash equivalents

96,075

111,121

Short-term interest-bearing bank deposits

113,562

95,305

Marketable securities

179,761

167,073

Trade accounts receivable, net

100,985

109,320

Inventories

137,096

116,600

Other current assets

21,639

13,527

Total current assets

649,118

612,946

Non-current assets

   

Marketable securities

154,825

153,462

Interest-bearing bank deposits and restricted cash

5,998

2,083

Deferred tax assets

21,656

20,097

Operating lease right-of-use assets

43,968

44,885

Property plant and equipment, net

56,821

55,886

Intangible assets, net

42,969

43,586

Goodwill

49,585

49,009

Other long-term assets

1,997

2,151

Total non-current assets

377,819

371,159

Total assets

1,026,937

984,105

LIABILITIES AND SHAREHOLDERS’ EQUITY

   

Current liabilities

   

Trade accounts payable

43,092

42,732

Deferred revenues

30,238

30,543

Operating lease current liabilities

5,974

5,968

Other current liabilities

56,426

54,825

Total current liabilities

135,730

134,068

Non-current liabilities

   

Convertible senior notes, net

196,710

196,394

Operating lease long-term liabilities

41,932

43,697

Long-term deferred tax liability

12,065

12,190

Other long-term liabilities

11,206

10,793

Total non-current liabilities

261,913

263,074

Shareholders’ equity

629,294

586,963

Total liabilities and shareholders’ equity 

1,026,937

984,105

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

 

Three months ended
March 31,

 

2023

2022

Revenues:

   

Products

105,331

109,912

Services

26,862

24,045

Total revenues

132,193

133,957

Total cost of revenues

54,927

59,282

Gross profit

77,266

74,675

Operating expenses:

   

Research and development, net

22,968

19,129

Sales and marketing

13,522

12,384

General and administrative

5,039

6,056

Total operating expenses

41,529

37,569

Operating income

35,737

37,106

Financing income, net

4,728

1,218

Income before taxes on income

40,465

38,324

Income tax expenses

5,838

4,162

Net income for the period

34,627

34,162

     

Earnings per share:

   

Basic

1.21

1.20

Diluted

1.09

1.07

     

Shares used in calculation of earnings per share
 (in thousands):

   

Basic

28,678

28,579

Diluted

31,824

31,968

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

 

Three months ended
March 31,

 

2023

2022

Cash flows from operating activities:

   

Net income

34,627

34,162

Adjustments to reconcile net income to net cash provided by operating activities:

   

     Depreciation of property and equipment

2,340

2,035

     Amortization of intangible assets

1,444

1,613

     Amortization of premium and accretion of discount on marketable securities, net

(428)

829

     Amortization of debt discount and issuance costs

316

320

     Share-based compensation

4,394

3,860

     Net effect of exchange rate fluctuation

1,349

793

Changes in assets and liabilities:

   

     Trade accounts receivables, net

8,617

470

     Inventories

(20,335)

(6,898)

     Other current and long-term assets

(8,231)

(15,996)

     Deferred tax assets, net

(1,937)

(2,609)

     Operating lease right-of-use assets

802

912

     Trade accounts payables

500

(1,941)

     Deferred revenues

(313)

(744)

     Operating lease liabilities

(1,645)

(806)

     Other current and long-term liabilities

1,670

(3,151)

     Accrued severance pay, net

(98)

61

Net cash provided by operating activities

23,072

12,910

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

(23,062)

49,632

Investment in marketable securities

(53,682)

(16,836)

Proceeds from maturity of marketable securities

41,892

15,770

Purchase of property and equipment

(2,758)

(3,718)

Net cash used in investing activities

(37,610)

(33,621)

Cash flows from financing activities:

   

Purchases of treasury shares

(112)

Net cash used in financing activities

(112)

Effect of exchange rate fluctuations on cash and cash equivalents

(996)

(794)

Changes in cash and cash equivalents and restricted cash

(15,646)

(21,505)

Cash and cash equivalents and restricted cash – beginning of period

111,721

126,698

Cash and cash equivalents – end of period

96,075

105,193

 

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,
2023

December 31,
2022

March 31,
2022

GAAP gross profit

77,266

82,421

74,675

Stock-based compensation*

1,165

1,148

883

Amortization of acquired intangible assets

1,338

1,307

1,475

Acquisition related inventory step-up

2,606

Non-GAAP gross profit

79,769

84,876

79,639

GAAP gross margin as a percentage of revenues

58 %

54 %

56 %

Non-GAAP gross margin as a percentage of revenues

60 %

56 %

59 %

       

GAAP operating income

35,737

36,924

37,106

Stock-based compensation*

4,394

4,381

3,860

Acquisition-related inventory step-up

2,606

Acquisition-related expenses and contingent

 consideration revaluation

(752)

1,355

Amortization of acquired intangible assets

1,444

1,463

1,613

Non-GAAP operating income

41,575

42,016

46,540

GAAP operating margin as a percentage of revenues

27 %

24 %

28 %

Non-GAAP operating margin as a percentage of revenues

31 %

28 %

35 %

       

GAAP net income

34,627

36,098

34,162

Stock-based compensation*

4,394

4,381

3,860

Acquisition-related inventory step-up

2,606

Acquisition-related expenses and contingent

 consideration revaluation

(752)

1,355

Amortization of acquired intangible assets

1,444

1,463

1,613

Amortization of debt discount and issuance costs

316

322

320

Revaluation of operating lease liabilities

(822)

294

(546)

Tax effect of non-GAAP adjustments

(884)

(1,028)

(1,883)

Non-GAAP net income

39,075

40,778

41,487

       

GAAP basic earnings per share

1.21

1.26

1.20

Non-GAAP basic earnings per share

1.36

1.42

1.45

       

GAAP diluted earnings per share

1.09

1.14

1.07

Non-GAAP diluted earnings per share

1.23

1.28

1.30

       

Shares used for calculation of earnings per share
(in thousands):

     

Basic

28,678

28,731

28,579

Diluted

31,824

31,737

31,968

         

* Stock-based compensation for the three months ended, March 31, 2023 included in – Cost of revenues – 1,165; Research and development, net – 1,784; Sales and marketing – 847; General and administrative – 598.

NOVA LTD.
SUPPLEMENTAL INFORMATION – RECONCILIATION OF SECOND QUARTER 2023
GAAP TO NON-GAAP GUIDANCE
(Unaudited)

 

Low

High

Estimated GAAP net income per diluted share

0.75

0.89

Estimated non-GAAP items:

   

Stock-based compensation

0.15

0.15

Amortization of acquired intangible assets

0.04

0.04

Amortization of issuance costs

0.01

0.01

Tax effect of non-GAAP adjustments

(0.03)

(0.03)

Estimated non-GAAP net income per diluted share

0.92

1.06

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

Logo – https://mma.prnewswire.com/media/1446151/Nova_Logo.jpg [mma.prnewswire.com]



 

 

Rehovot, Israel, May 10, 2021 – Nova (Nasdaq: NVMI) today announced that Dror David, Chief Financial Officer, will participate in the following upcoming virtual investor conferences:

  • Needham’s 16th Annual Technology & Media Conference

The conference will take place May 17-20, 2021. Dror David will be available for one-on-one meetings on May 19.  

  • The 2021 BofA Securities Global Technology Conference

The conference will take place June 8-10, 2021. Dror David will participate in a fireside chat on June 8 at 9:15 a.m. ET. The session will be moderated by the research analyst Vivek Arya. Dror will be available for one-on-one meetings throughout the same day. 

  • Stifel 2021 Cross Sector Insight Conference

The conference will take place on June 6-8, 2021. Dror David will hold one-on-one meetings on June 9.

To schedule a meeting, please contact your salesperson or Miri Segal at msegal@ms-ir.com.

About Nova: Nova is a leading innovator and key provider of metrology solutions for advanced process control used 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 combines high-precision hardware and cutting-edge software provides customers with deep insight into the development and production of the most advanced semiconductor devices. Nova’s unique capability to deliver innovative X-ray and optical solutions enable its customers to improve performance, enhance product yields and accelerate time to market. Nova partners with semiconductor manufacturers from its offices around the world. Additional information may be found at https://www.novami.com/.

Nova is traded on NASDAQ & TASE under the symbol NVMI.

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 are 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 U.S. 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; 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; 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, 2020 filed with the Securities and Exchange Commission on March 1, 2021. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Measuring Instruments Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Rehovot, Israel – February 28, 2023 – Nova (Nasdaq: NVMI) announced today that its annual report on Form 20-F, containing audited consolidated financial statements for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on February 28, 2023, is available through its website (https://www.novami.com/). Shareholders may receive a hard copy of the annual report free of charge upon request. This press release is being issued pursuant to Nasdaq Listing Rule 5250(d)(1)(C).

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/. 

Rehovot, Israel, April 4, 2023 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that it has published the Company’s first Environmental, Social, and Governance (ESG) Insight Review. The Review provides details on the Company’s ESG strategy and its principles.

“Nova’s sustainable growth over the years is based on our ability to combine a unique people-centric culture with a distinctive innovative technology and advanced social engagement programs for the benefit of societies around us,” said Gaby Waisman, President and CEO of Nova. “We are working towards embedding ESG principles into our operating model, business management and decision-making processes, leveraging our journey from ‘Dream to Win’, which are the core values of the Company.”

“As a public company, Nova recognizes its corporate responsibility to achieve success while also creating a positive impact on society and the environment. Nova aspires to continue its growth trajectory by positively impacting the world around us, creating meaningful social impact, and exhibiting ethical and responsible behavior for the benefits of society and its stakeholders,” said Eitan Oppenhaim, Executive Chairman of Nova’s Board of Directors.

The review reflects a strategic process outcome that identified the significant ESG topics for Nova and sets clear goals and milestones for the next few years. It is also a major milestone on the Company’s journey toward meeting the goals of the “Nova 1B” strategic plan.

Nova’s vision is to become a more active influencer in creating a sustainable and equitable future. The ESG strategy is built on four pillars that the Company aims to interlace across its daily operations and culture:

  • Governance – elevating ethical and corporate governance methods.
  • People and Social Impact – with a focus on both the individual and the surrounding communities.
  • Innovative Approach – connecting technical roadmap to unique culture for long-term impact.
  • Environment and Supply Chain – managing efficiently footprint, energy and sustainable supply chain.

The review was composed in accordance with the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) guidelines, and the United Nations Sustainable Development Goals (SDGs).

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.

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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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 and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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, April 3, 2023 – Nova (Nasdaq: NVMI) today announced the appointment of Yaniv Garty to its Board of Directors effective April 2, 2023. Garty is a seasoned executive, with vast experience in the semiconductor and chip industry. For the past six years Garty served as a Vice President at Intel and as the General Manager of Intel Israel. Since its acquisition of Envara Inc. in 2004 and prior to his most recent position, Garty  held multiple executive positions in various technology areas within Intel. Throughout his career, Garty has also held multiple engineering, business, and managerial positions in several technology companies. Additionally, Garty has served since 2018 as the Chairman of the America-Israel Chamber of Commerce, a voluntary organization of more than 230 Israeli and multinational companies.

“As Nova moves into its next phase of growth, I am excited to welcome Yaniv Garty to Nova’s Board of Directors,” said Eitan Oppenhaim, Nova’s Chairman of the Board. “Yaniv’s track record in leadership positions within the chip industry, and specifically in one of the leading IC manufacturers in the world, will help us to further expand our growth and support our strategic initiatives across the semiconductor industry.”

“I am exhilarated by the opportunity to join Nova’s Board of Directors and play an instrumental role in shaping the Company’s future growth trajectory. I am highly motivated to provide valuable guidance and support to help the Company capitalize on the numerous exciting opportunities that lie ahead,” added Garty.

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.

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 such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; 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 and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; 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, 2022, filed with the Securities and Exchange Commission on February 28, 2023. 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, March 23, 2023 – Nova (Nasdaq: NVMI) announced today the opening of its new production facility in Israel. The state-of-the-art clean room aims at expanding Nova’s production capacity and complements the existing facilities, allowing the Company to improve production procedures and yields.

The new, highly advanced clean room facility supports the Company’s long-term growth strategy by establishing the required manufacturing environment to produce Nova’s most advanced platforms. The facility utilizes state-of-the-art production methods, including industry 4.0 elements and high levels of automation. In keeping with Nova’s ESG commitment, it is constructed to support high sustainability and environmental standards.

“As part of the NOVA 1B strategic plan, we aim at doubling our production capacity in the next five years. In order to meet that, our plan is to expand production output at all main sites for our three metrology divisions,” explained Eitan Oppenhaim, Nova’s President and CEO. “The new clean room in Israel can support higher yield for our established products but also accommodate high-volume manufacturing of our new products. Built with ESG principles in mind, the new facility meets high industry standards for a safe and smart work environment to enable cutting-edge production methods.”

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.

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 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, 2022, filed with the Securities and Exchange Commission on February 23, 2023. 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.