Nova Ltd.

Welcome to the Nova Limited Second Quarter 2025 Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal the conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad. To withdraw your question, please press star, then 2. Please note, this event is being recorded. I would now like to turn the conference over to Ms. Mircea Goll, CEO of MSIR. Please go ahead.

Thank you, operator, and good day, everyone. I would like to welcome all of you to Nova's Second Quarter 2025 Financial Results Conference Call. With us on the line today are Gabby Weissman, President and CEO, and Guy Kisner, CFO. Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements, and the Safe Harbor statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please view it in the investor relations section of the company's website. Gabby will begin the call with the business update, followed by Guy with an overview of the financials. We will then open the call for the question and answer session. I will now turn the call over to Gabby Weissman, Nova's President and CEO. Gabby, please go ahead.

Thank you, Miri, and thank you all for joining us today. I will start the call by summarizing our second quarter performance highlights. Following my commentary, Guy Kisner, Nova's Chief Financial Officer, will review the quarterly financial results in detail. Nova delivered another record quarter with revenue at the top end of our guidance and profitability that exceeded guidance. Our quarterly revenue grew 3% sequentially and 40% year over year. This performance was driven by multiple revenue streams with record revenue of our chemical metrology division and service business. Our product portfolio and value proposition, which support technological transitions and improvements in yield and productivity, resulted in record results in the logic foundry and advanced packaging segments. In the first half of 2025, our revenue grew 45% compared to the same period last year, fueled by logic capacity build-out across advanced and mature nodes, DRAM and advanced packaging capacity increases, driven by higher metrology intensity. We continue to invest in expanding our business and market share, building on growing technological complexity of our customers' processes. Nova's ability to thrive in a rapidly evolving industry is rooted in a resilient and diversified business model. Our multiple revenue streams are designed to balance fluctuations and sustain growth. This foundation is strengthened by long-standing customer partnerships, agile operations, and the steadfast commitment of our teams. Together, these elements position us to capitalize on emerging opportunities, navigate challenges effectively, and execute on our long-term strategic vision with confidence. AI is a secular growth engine, driving an increasing demand for a variety of highly efficient devices, resulting in more sophisticated designs and manufacturing processes, which in turn drive investment in advanced nodes, packaging, and related metrology. Larger die sizes, greater design diversity, and yield requirements are accelerating development cycles and creating a need for advanced metrology at additional steps. Moreover, there is a demand for advanced packaging solutions specifically designed to accommodate and process wafers of various forms and shapes. All of these translate into demand for more metrology capabilities and create new opportunities. Nova's recent performance offers compelling validation of the alignment of our strategic direction with the market. The strengths and relevance of our portfolio are increasingly evident as we continue to deliver solutions that not only align with customer priorities, but also anticipate their future needs. This reinforces our position as a trusted partner in enabling their success and ours in a shifting industry landscape. More specifically, for the June quarter, there are four areas I want to highlight today. Nova is in a pole position to take advantage of the industry's shift to -all-around architecture. We are already working with the four leading customers who are implementing this process. Notably this quarter, we recognized revenue from a -all-around customer that adopted multiple Nova platforms across the entire portfolio with additional solutions currently under evaluation. This quarter's record performance in advanced packaging has further reinforced our standing in this rapidly expanding segment, with our chemical metrology division performing exceptionally well. In addition, our optical metrology portfolio for advanced packaging, which has expanded to include Nova's synthronics platforms, supports evolving customer needs and captures the increasing demand in this critical segment. To round out key market segments, Nova is also well positioned in the memory market, particularly in DRAM and high bandwidth memory. Our leadership in chemical metrology continues to expand, supported by record results in high bandwidth memory and a recent win at a leading memory manufacturer, which expanded our market share in front-end chemical metrology for interconnect applications. In optical metrology, a leading memory manufacturer has adopted the Nova synthronics platform for key applications in high bandwidth memory. This recent acceptance is the result of the solution's unique ability to address major challenges such as high warpage, non-symmetric shapes, and different surface conditions. On the materials metrology front, we recently introduced the active charge compensation feature on the Nova VeraFlex platform for 3D NAND applications. This innovative solution further enhances accuracy in X-ray metrology by effectively addressing photoelectron-induced charge distortion, enabling precise analysis of critical memory cell components such as nitrogen. With shipments to two leading memory manufacturers this quarter, we believe that active charge compensation will further accelerate the adoption of the VeraFlex platform in advanced 3D NAND manufacturing. Finally, our service business continues to act as a growth driver for us, with 10 consecutive quarters of revenue increase and yet another quarterly record. Service revenue grew 7% sequentially and 31% -over-year. An important driver of this performance is value-added services, which focus on productivity improvements in our install-based and adding capabilities to address new applications. In summary, our teams demonstrated effective execution and delivered consistently strong results in all segments, markets, and regions. Our near-term guidance remains solid and we continue to focus on investing in our portfolio, which proves to be well matched with our customers' expectations and technology inflections. Most importantly, we are fully aligned and committed to executing our strategic plan, which continues to guide our long-term priorities and investments. In October, Guy and I will attend Semicon West and we'll be available for in-person meetings. I invite you to reach out to our IR contacts to schedule a meeting. We look forward to having meaningful conversations with you. Now, for some more details on our financials, let me hand over the call to Guy.