Rehovot, Israel – August 9, 2021 – Nova (Nasdaq: NVMI), announced today the appointment of Sarit Sagiv to its Board of Directors effective immediately.
Ms. Sagiv is a seasoned executive, who served for four years as General Manager of the Global Business division at Amdocs (NASDAQ), leading the teams for Alliances, Channels and Partnerships. Prior to this role, Ms. Sagiv served as the Chief Financial Officer of Nice Ltd. (NASDAQ and TASE), with responsibility for the finance, legal, operations and IT areas, as well as the Chief Financial Officer of Retalix Ltd. (NASDAQ and TASE), playing a key role in the transaction with NCR.
“We are excited that Ms. Sagiv accepted the appointment to our Board of Directors. Sarit’s wealth of experience in high tech global companies in operation and business roles will certainly contribute to the company future growth” commented Dr. Micha Brunstein, Nova’s Chairman of the Board.
“I am excited to join Nova and have the opportunity to contribute to its strategic targets and continued growth.” added Ms. Sagiv.
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, which combines high-precision hardware and cutting-edge software, provides its 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 acts as a partner to semiconductor manufacturers from its offices around the world. Additional information may be found at Nova 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 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 Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Rehovot, Israel – August 11, 2021 – Nova (Nasdaq: NVMI), today announced that Dror David, Chief Financial Officer, will participate in the following upcoming virtual investor conferences:
· Needham Virtual 2nd Annual SemiCap and EDA Conference
The conference will take place on August 24, 2021. Dror David will be available for one-on-one meetings throughout the day. To schedule a meeting, contact your Needham representative.
· Jefferies Semiconductor, IT Hardware & Communications Infrastructure Summit
The conference will take place on August 31, 2021. Dror David will be available for one-on-one meetings throughout the day. To schedule a meeting, contact your Jefferies representative.
For more information regarding these events, please visit Nova’s events page link.
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, which combines high-precision hardware and cutting-edge software, provides its 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 acts as a partner to semiconductor manufacturers from its offices around the world. Additional information may be found at Nova 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 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 Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Rehovot, Israel – September 2, 2021 – Nova (Nasdaq: NVMI), today announced that Dror David, Chief Financial Officer, will participate in Citi’s 2021 Global Technology Virtual Conference.
Dror will participate in a fireside chat on Tuesday, September 14, 2021 at 9:40am ET. Dror will also be available for one-on-one meetings the same day. To schedule a meeting, contact your Citi representative or Miri Segal at [email protected]. Access to the live webcast and replay can be found here – https://www.novami.com/investors/events/.
For more information regarding this event, please visit Nova’s Investor Relations page.
About Citi’s 2021 Global Technology Virtual Conference:
The conference traditionally hosts over 200 companies within the technology sector and over 3,000 investors. The conference is an excellent opportunity to connect with key global investors and corporations. The format will consist of virtual fireside chats hosted by Citi’s research team, as well as virtual interactive 1×1’s/small group meetings.
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, which combines high-precision hardware and cutting-edge software, provides its 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 acts as a partner to semiconductor manufacturers from its offices around the world. Additional information may be found at Nova 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 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 Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Rehovot, Israel – September 30, 2021 – Nova (Nasdaq: NVMI) announced today that a leading global integrated circuits (IC) manufacturer recently ordered an additional Elipson platform for high-volume manufacturing of advanced memory devices.
Nova’s Elipson platform is already being utilized through the R&D stages and following its successful contribution to device development, the leading manufacturer has decided to implement the solution in its production lines. The platform was chosen due to its ability to utilize advanced Raman Spectroscopy technology to extract material properties of complex in-die structures by fast and non-destructive means.
Nova’s Elipson solution was evaluated by now by numerous IC manufacturers in different segments and proved successfully its ability to solve a wide range of materials applications, including key applications in DRAM, Logic and NAND.
“This increasing adoption by one of the world’s leading semiconductor manufacturers proves the value of Nova’s innovative materials metrology portfolio,” stated Mr. Eitan Oppenhaim, Nova’s president and CEO. “The next generation of semiconductors requires a different breed of solutions addressing new complex challenges beyond critical dimensions and Nova is well positioned to lead in this market. We are encouraged by our customers’ reactions to our new Raman solution, which is supporting our strategic goal to establish the materials metrology portfolio as one of our key growth engines in 2022.”
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, which combines high-precision hardware and cutting-edge software, provides its 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 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 around the world. Additional information may be found at the Nova 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 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 Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Rehovot, Israel – October 12, 2021 – Nova (Nasdaq: NVMI) announced today that a leading multinational logic manufacturer recently selected the Nova VeraFlex IV for its next-generation IC development.
The Company expects that global growth in the manufacturer’s production capacity and the transition to advanced nodes will spur worldwide implementation of Nova’s materials metrology platform.
Nova VeraFlex® IV, the industry standard for non-destructive X-ray photoelectron spectroscopy, was selected due to its unique value in materials and thin-film measurements for advanced process control. The unique combination of proprietary hardware and advanced software enables Nova VeraFlex® IV to measure the most complex 3D logic devices, which combine new architectures with new innovative materials compositions. Designed to address the challenging metrology requirements, precise sub-angstrom thickness and composition measurements can now be resolved inline and closer to the process.
“Since its launch in 2021 the latest generation of the VeraFlex® platform is gaining increasing traction across customers and segments,” stated Mr. Eitan Oppenhaim, Nova’s president and CEO. “This major selection by one of the world’s leading semiconductor manufacturers serves as further evidence of our innovative leadership and evolving position in the growing segment of materials engineering for advanced 3D devices.”
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, which combines high-precision hardware and cutting-edge software, provides its 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 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 around the world. Additional information may be found at the Nova 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 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 Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Rehovot, Israel, October 14, 2021 – Nova (NASDAQ: NVMI) today announced that it expects to release its financial results for the third quarter of 2021 before the Nasdaq market opens on Thursday, November 4, 2021.
Q3 Conference Call Details:
Mr. Eitan Oppenhaim, President and Chief Executive Officer, and Mr. Dror David, Chief Financial Officer, will host a conference call to review the Company’s third quarter 2021 financial results on November 4, 2021, 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=1503947&tp_key=bf95aab94b
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
2.30 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 November 4, 2021, to November 11, 2021. 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: 10016821
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, which combines high-precision hardware and cutting-edge software, provides its 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 acts as a partner to semiconductor manufacturers from its offices around the world. Additional information may be found at Nova 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 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 Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
REHOVOT, Israel, Nov. 4, 2021 – Nova (Nasdaq: NVMI) today announced record financial results for the third quarter of 2021, the period ended September 30, 2021.
Third Quarter 2021 Highlights:
- Record quarterly revenue of $112.7 million, up 62% year over year
- Record GAAP net income of $30.3 million, or $1.02 per diluted share, up 113% year over year on a per-share basis
- Record non-GAAP net income of $34.5 million, or $1.16 per diluted share, up 104% year over year on a per-share basis
- Record materials metrology revenue driven by expanded product portfolio and new logic penetration
- Continuous adoption of the NovaPrism® standalone platform across segments and customers
GAAP Results ($K)
|
Q3 2021 |
Q2 2021 |
Q3 2020 |
|
|
Revenues |
$112,713 |
$97,746 |
$69,485 |
|
Net Income |
$30,335 |
$22,924 |
$13,869 |
|
Earnings per Diluted Share |
$1.02 |
$0.77 |
$0.48 |
NON-GAAP Results ($K)
|
Q3 2021 |
Q2 2021 |
Q3 2020 |
|
|
Net Income |
$34,546 |
$26,886 |
$16,511 |
|
Earnings per Diluted Share |
$1.16 |
$0.90 |
$0.57 |
Management Comments
“We remain confident in our strategy and the long-term value we create for our customers as they move towards production of next-generation devices across all technologies and segments. With the global surge in demand and the commensurate challenges to production capacity, our technology value continues to resonate strongly with a wide range of customers. This was demonstrated in the third quarter by several selection wins and by the successful proliferation of our industry-leading technologies,” commented Eitan Oppenhaim, President and Chief Executive Officer. “The increasing demand for our innovative portfolio along with the current market demand, paves us the way to another outperformance year in 2021 and builds a solid momentum towards 2022.”
2021 Fourth Quarter Financial Outlook
Management provided an outlook for the fourth quarter, the period ending December 31, 2021. Based on current estimates, management expects:
- $113 million to $123 million in revenue
- $0.78 to $0.96 in diluted GAAP EPS
- $0.94 to $1.12 in diluted non-GAAP EPS
2021 Third Quarter Results
Total revenues for the third quarter of 2021 were $112.7 million, an increase of 15% compared with the second quarter of 2021 and an increase of 62% compared with the third quarter of 2020.
Gross margin in the third quarter of 2021 was 58%, compared with 57% in the second quarter of 2021 and 57% in the third quarter of 2020.
Operating expenses in the third quarter of 2021 were $29.7 million, compared with $28.7 million in the second quarter of 2021 and $24.1 million in the third quarter of 2020.
On a GAAP basis, the Company reported net income of $30.3 million, or $1.02 per diluted share, in the third quarter of 2021. This is compared with net income of $22.9 million, or $0.77 per diluted share, in the second quarter of 2021, and net income of $13.9 million, or $0.48 per diluted share, in the third quarter of 2020.
On a non-GAAP basis, the Company reported net income of $34.5 million, or $1.16 per diluted share, in the third quarter of 2021. This is compared with net income of $26.9 million, or $0.90 per diluted share, in the second quarter of 2021, and net income of $16.5 million, or $0.57 per diluted share, in the third quarter of 2020.
Conference Call Information
Nova will host a conference call today, November 4, 2021, 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: 1-855-327-6837
ISRAEL TOLL-FREE Dial-in Number: 1-809-458-327
INTERNATIONAL Dial-in Number: 1-631-891-4304
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
2:30 p.m. Israel Time
Please reference conference ID: 10016821
The conference call will also be webcast live from a link on Nova’s website at https://www.novami.com/investors/events/ [public.viavid.com].
A replay of the conference call will be available from November 4, 2021 at 11:30 a.m. Eastern Time to November 11, 2021 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: 10016821
A replay will also be available for 90 days on Nova’s website at https://www.novami.com/investors/events/- Link .
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, which combines high-precision hardware and cutting-edge software, provides its 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 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 around the world. Additional information may be found at Nova website link – https://www.novami.com/.
Nova is traded on the Nasdaq & 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, 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 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 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 |
||
|
ASSETS |
September 30, 2021 |
December 31, 2020 |
|
Current assets |
||
|
Cash and cash equivalents |
72,127 |
232,304 |
|
Short-term interest-bearing bank deposits |
258,970 |
191,567 |
|
Marketable securities |
78,889 |
- |
|
Trade accounts receivable, net |
64,630 |
63,314 |
|
Inventories |
73,390 |
61,734 |
|
Other current assets |
10,056 |
9,782 |
|
Total current assets |
558,062 |
558,701 |
|
Non-current assets |
||
|
Marketable securities |
120,940 |
- |
|
Interest-bearing bank deposits |
3,536 |
2,547 |
|
Restricted interest-bearing bank deposits |
1,750 |
1,476 |
|
Deferred tax assets |
5,117 |
2,869 |
|
Other long-term assets |
571 |
462 |
|
Severance pay funds |
1,253 |
1,281 |
|
Operating lease right-of-use assets |
28,570 |
29,109 |
|
Property and equipment, net |
32,791 |
34,168 |
|
Intangible assets, net |
3,336 |
5,059 |
|
Goodwill |
20,114 |
20,114 |
|
Total non-current assets |
217,978 |
97,085 |
|
Total assets |
776,040 |
655,786 |
|
Liabilities and shareholders' Equity |
||
|
Current liabilities |
||
|
Convertible senior notes, net |
181,962 |
- |
|
Trade accounts payable |
29,008 |
24,096 |
|
Deferred revenues |
31,910 |
4,717 |
|
Operating lease current liabilities |
4,153 |
3,703 |
|
Other current liabilities |
35,754 |
28,418 |
|
Total current liabilities |
282,787 |
60,934 |
|
Non-current liabilities |
||
|
Convertible senior notes, net |
- |
178,808 |
|
Accrued severance pay |
3,745 |
3,719 |
|
Operating lease long-term liabilities |
31,039 |
31,905 |
|
Other long-term liability |
9,923 |
8,882 |
|
Total non-current liabilities |
44,707 |
223,314 |
|
Shareholders' equity |
448,546 |
371,538 |
|
Total liabilities and shareholders' equity |
776,040 |
655,786 |
|
NOVA LTD. |
||||
|
Three months ended |
Nine months ended |
|||
|
2021 |
2020 |
2021 |
2020 |
|
|
Revenues: |
||||
|
Products |
92,552 |
54,757 |
237,128 |
147,579 |
|
Services |
20,161 |
14,728 |
57,464 |
45,514 |
|
Total revenues |
112,713 |
69,485 |
294,592 |
193,093 |
|
Cost of revenues |
47,475 |
29,828 |
125,480 |
82,493 |
|
Gross profit |
65,238 |
39,657 |
169,112 |
110,600 |
|
Operating expenses: |
||||
|
Research and development, net |
15,858 |
12,957 |
45,717 |
37,262 |
|
Sales and marketing |
9,145 |
7,406 |
28,117 |
21,232 |
|
General and administrative |
4,135 |
3,141 |
11,062 |
11,505 |
|
Amortization of acquired intangible assets |
574 |
625 |
1,723 |
1,877 |
|
Total operating expenses |
29,712 |
24,129 |
86,619 |
71,876 |
|
Operating income |
35,526 |
15,528 |
82,493 |
38,724 |
|
Financing income (expense), net |
(889) |
846 |
(1,615) |
2,261 |
|
Income before tax on income |
34,637 |
16,374 |
80,878 |
40,985 |
|
Income tax expenses |
4,302 |
2,478 |
10,003 |
6,735 |
|
Net income for the period |
30,335 |
13,896 |
70,875 |
34,250 |
|
Earnings per share: |
||||
|
Basic |
1.07 |
0.49 |
2.50 |
1.22 |
|
Diluted |
1.02 |
0.48 |
2.39 |
1.18 |
|
Shares used for calculation of earnings per share |
||||
|
Basic |
28,429 |
28,168 |
28,316 |
28,080 |
|
Diluted |
29,858 |
29,020 |
29,660 |
28,933 |
|
NOVA LTD. |
||||
|
Three months ended |
Nine months ended |
|||
|
2021 |
2020 |
2021 |
2020 |
|
|
Cash flows from operating activities: |
||||
|
Net income |
$ 30,335 |
$ 13,896 |
$ 70,875 |
$ 34,250 |
|
Adjustments to reconcile net income to net cash provided by |
||||
|
Depreciation of property and equipment |
1,619 |
1,474 |
4,794 |
4,303 |
|
Amortization of intangible assets |
574 |
625 |
1,723 |
1,877 |
|
Amortization of premium and accretion of discount on |
570 |
- |
853 |
- |
|
Amortization of debt discount and issuance costs |
1,069 |
- |
3,154 |
- |
|
Share-based compensation |
2,642 |
1,946 |
6,992 |
4,718 |
|
Net effect of exchange rate fluctuation |
(63) |
(618) |
(51) |
(397) |
|
Changes in assets and liabilities: |
||||
|
Trade accounts receivables, net |
(6,423) |
3,360 |
(1,316) |
10,506 |
|
Inventories |
(2,245) |
(6,582) |
(12,493) |
(15,052) |
|
Other current and long-term assets |
(276) |
484 |
(884) |
5,223 |
|
Deferred tax assets, net |
(534) |
(182) |
(2,248) |
(728) |
|
Operating lease right-of-use assets |
374 |
352 |
1,191 |
956 |
|
Trade accounts payables |
2,527 |
1,362 |
4,898 |
2,027 |
|
Deferred revenues |
18,319 |
2,626 |
27,193 |
1,535 |
|
Operating lease liabilities |
117 |
(865) |
(1,068) |
(1,255) |
|
Other current and long-term liabilities |
4,027 |
3,050 |
8,332 |
5,622 |
|
Accrued severance pay, net |
(1) |
42 |
54 |
192 |
|
Net cash provided by operating activities |
52,631 |
20,970 |
111,999 |
53,777 |
|
Cash flows from investment activities: |
||||
|
Change in short-term and long-term interest-bearing bank deposits |
(15,335) |
(13,139) |
(68,679) |
(46,141) |
|
Investment in marketable securities |
(107,261) |
- |
(208,727) |
- |
|
Proceed from sales and maturities of marketable securities |
6,521 |
- |
7,721 |
- |
|
Purchase of property and equipment |
(760) |
(1,713) |
(2,566) |
(4,873) |
|
Net cash used in investing activities |
(116,835) |
(14,852) |
(272,251) |
(51,014) |
|
Cash flows from financing activities: |
||||
|
Purchases of treasury shares |
- |
- |
- |
(2,549) |
|
Proceeds from exercise of options |
11 |
114 |
11 |
367 |
|
Net cash used in financing activities |
11 |
114 |
11 |
(2,182) |
|
Effect of exchange rate fluctuations on cash and cash equivalents |
30 |
596 |
64 |
384 |
|
Decrease in cash and cash equivalents |
(64,163) |
6,828 |
(160,177) |
965 |
|
Cash and cash equivalents - beginning of period |
136,290 |
25,885 |
232,304 |
31,748 |
|
Cash and cash equivalents - end of period |
$ 72,127 |
$ 32,713 |
$ 72,127 |
$ 32,713 |
|
NOVA LTD. |
||||
|
Three months ended |
||||
|
September 30, |
June 30, |
September 30, |
||
|
GAAP gross profit |
65,238 |
55,944 |
39,657 |
|
|
Stock-based compensation expenses * |
557 |
382 |
414 |
|
|
Non-GAAP gross profit |
65,795 |
56,326 |
40,071 |
|
|
GAAP gross margin as a percentage of revenues |
58% |
57% |
57% |
|
|
Non-GAAP gross margin as a percentage of revenues |
58% |
58% |
58% |
|
|
GAAP operating income |
35,526 |
27,209 |
15,528 |
|
|
Stock-based compensation expenses * |
2,642 |
2,128 |
1,946 |
|
|
Amortization of acquired intangible assets |
574 |
574 |
625 |
|
|
Non-GAAP operating income |
38,742 |
29,911 |
18,099 |
|
|
GAAP operating margin as a percentage of revenues |
32% |
28% |
22% |
|
|
Non-GAAP operating margin as a percentage of revenues |
34% |
31% |
26% |
|
|
GAAP net income |
30,335 |
22,924 |
13,896 |
|
|
Stock-based compensation expenses * |
2,642 |
2,128 |
1,946 |
|
|
Amortization of acquired intangible assets |
574 |
574 |
625 |
|
|
Amortization of debt discount and issuance costs |
1,069 |
1,051 |
- |
|
|
Revaluation of operating lease liabilities |
217 |
554 |
161 |
|
|
Tax effect of non-GAAP adjustments |
(291) |
(345) |
(117) |
|
|
Non-GAAP net income |
34,546 |
26,886 |
16,511 |
|
|
GAAP basic earnings per share |
1.07 |
0.81 |
0.49 |
|
|
Non-GAAP basic earnings per share |
1.22 |
0.95 |
0.59 |
|
|
GAAP diluted earnings per share |
1.02 |
0.77 |
0.48 |
|
|
Non-GAAP diluted earnings per share |
1.16 |
0.90 |
0.57 |
|
|
Shares used for calculation of earnings per share |
||||
|
Basic |
28,429 |
28,304 |
28,168 |
|
|
Diluted |
29,858 |
29,815 |
29,020 |
|
* Stock-based compensation expenses for the three months ended September 30, 2021 included in – Cost of revenues – 557; Research and development expenses, net – 1,025; Sales and marketing expenses – 476; General and administrative expenses – 584
|
NOVA LTD. |
||
|
Low |
High |
|
|
Estimated GAAP net income per diluted share |
0.78 |
0.96 |
|
Estimated non-GAAP items: |
||
|
Stock-based compensation expenses |
0.11 |
0.11 |
|
Amortization of acquired intangible assets |
0.02 |
0.02 |
|
Amortization of debt discount and issuance costs |
0.04 |
0.04 |
|
Tax effect of non-GAAP adjustments |
(0.01) |
(0.01) |
|
Estimated non-GAAP net income per diluted share |
0.94 |
1.12 |
- Expands Nova’s position in backend semiconductor
- ancosys solutions to enhance Nova’s materials metrology portfolio
- All-cash transaction valued at approximately $100 million
- Acquisition expected to be accretive on non-GAAP net earnings
Rehovot, Israel, November 16, 2021 –
Nova (Nasdaq: NVMI) announced today that it has entered into a definitive agreement to acquire ancosys GmbH, a privately held company headquartered in Pliezhausen Germany, in an all-cash transaction valued at approximately $100 million, including a performance-based earnout of $10 million.
The acquisition is subject to customary closing and regulatory conditions and approvals and is expected to close within the first quarter of 2022. The Company expects the acquisition to be accretive on a non-GAAP basis within 12 months of closing.
ancosys is a leading provider of chemical analysis and metrology solutions for advanced semiconductor manufacturing. ancosys’ automated analytical systems combine flexible architecture with industry-grade capabilities and support both frontend and backend semiconductor manufacturing.
The combination of Nova’s advanced portfolio and ancosys’ differentiated chemical analysis technology will deliver cutting-edge solutions for advanced semiconductor process control and will expand Nova’s total available market beyond frontend semiconductor manufacturing into the back-end and advanced packaging markets.
“We are very excited with this strategic acquisition that extends our reach to adjacent markets and expands our total addressable market,” commented Eitan Oppenhaim, President and CEO of Nova. “Acquiring ancosys will support our long-term strategy to broaden our portfolio of key technologies to better serve a wider range of process control applications in different semiconductor markets. With ancosys solutions, Nova can offer its customers an advanced portfolio of dimensional, materials, and chemical metrology solutions for better process insight.”
“Nova is the right partner to support ancosys’ accelerated growth,” stated Jürg Stahl, ancosys’s President and Chief Executive Officer. “The strength of our complementary portfolio will broaden Nova’s available markets and strengthen our position as leader in advanced chemical metrology. We are excited and looking forward to joining Nova’s team.”
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, which combines high-precision hardware and cutting-edge software, provides its 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 acts as a partner to semiconductor manufacturers from its offices around the world. 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 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 are not limited to, the expected completion of the proposed acquisition of ancosys and the timing thereof, the satisfaction or waiver of any closing conditions of the proposed acquisition, anticipated benefits, growth opportunities and other events relating to the proposed acquisition, projections about our business and its future revenues, expenses and profitability. Forward-looking statements are based on management’s current expectations and 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. These risks and other factors include but are not limited to: our ability to satisfy all the conditions to the closing of the proposed acquisition; risks related to unexpected costs, liabilities or delays in the proposed acquisition; the occurrence of any event, change or other circumstances that could give rise to the termination of the purchase agreement; the ability to recognize benefits of the proposed acquisition; risks that the proposed acquisition disrupts current plans and operations; and impact of the proposed acquisition on relationships with customers, distributors and suppliers. 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 Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Rehovot, Israel – December 8, 2021 – Nova (Nasdaq: NVMI) announced today the launch of Nova Metrion®, the latest addition to its materials metrology portfolio, targeting the process control of 3D logic and memory semiconductor devices. The newly introduced technology enables advanced materials profile measurements by bringing secondary ion mass spectrometry (SIMS) into semiconductor production lines. Following multiple tool installations, Nova is expected to recognize revenues from this product in the fourth quarter of 2021.
As the industry increases its reliance on materials engineering to improve performance and scale, there is a greater need to monitor and control advanced materials with accurate repeatability and high precision. Traditionally, SIMS has been used to generate depth profiles of materials composition, exclusively limited to a laboratory environment. With Nova Metrion® customers can incorporate SIMS into inline fabrication nodes, advancing materials process control capabilities that previously weren’t available for high-volume manufacturing.
Nova’s Metrion® system is designed from the ground up for high-volume manufacturing environment, seamlessly integrating wafer-level analysis into an automated factory workflow and eliminating the need to send wafer coupons to external laboratory. The system comprises a novel detection technology that allows simultaneous acquisition of multiple material species. In combination with advanced ion source and optic components, the system is capable of addressing a wide range of applications. Nova Metrion® provides quantitative and actionable results on depth profiling of compositional information with high-depth resolution and precision. This breakthrough technology enables advanced process control of complex and critical multilayer films.
“This latest addition to our growing portfolio of advanced materials metrology solutions further cements our position as a leader in this market and expands our total addressable market,” said Eitan Oppenhaim, President and Chief Executive Officer of Nova. “We continue to bring breakthrough innovations to process control, offering our customers the critical ability to increase yield and shorten time-to-market in the most advanced technology nodes.”
By pressing this link you can watch Dr. Shay Wolfling, Nova’s Chief Technology Officer, presenting the new Nova Metrion® – https://www.novami.com/blog/.
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, which combines high-precision hardware and cutting-edge software, provides its 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 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 around the world. Additional information may be found at Nova 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 U.S. trade policies; inability to protect intellectual property; open-source technology exposure; failure to compete effectively or to respond to 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 Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Rehovot, Israel – January 3, 2022 – Nova (Nasdaq: NVMI), today announced that Eitan Oppenhaim, President and Chief Executive Officer and Dror David, Chief Financial Officer, will present at the 24th Needham Virtual Growth Conference on January 11th, 2022 at 9:15am EST.
Management will also be available for one-on-one meetings during the conference. To schedule a meeting, contact your Needham representative. A replay of the presentation will be available for 90 days following the event and can be accessed here: https://wsw.com/webcast/needham116/nvmi/2269828
For more information regarding this event, please visit Nova’s Investor Relations page here: https://www.novami.com/investors/lobby/
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, which combines high-precision hardware and cutting-edge software, provides its 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 acts as a partner to semiconductor manufacturers from its offices around the world. Additional information may be found at Nova Website Link – https://www.novami.com/.
Nova is traded on NASDAQ & TASE under the 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 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 Ltd. does not assume any obligation to update the forward-looking information contained in this press release.