Nova Ltd.

Good morning and welcome to NOMA's third quarter 2025 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mary Siegel, CEO of MSIR. Please go ahead.

Thank you, operator, and good day, everyone. I would like to welcome all of you to NOVA's third 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 a 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. I will start the call today by summarizing our third quarter performance highlights. Following my commentary, Guy will review the quarterly financial results in detail. Nova achieved record quarterly revenue of $224.6 million in the third quarter, marking a robust 25% year-over-year growth. This performance reflects the continued trust of our customers, driven by demand in advanced nodes and advanced packaging. This quarter, we delivered record revenue from memory devices, fueled by strong demand for advanced DRAM and high bandwidth memory. We also reached record revenue from advanced logic nodes predominantly driven by Gable-Around processes. Our materials metrology revenue benefited from adoption of our Ellipson and Metrium platforms, and we also achieved record service revenue, underscoring the resilience and value of our portfolio and business model. According to our fourth quarter guidance, 2025 will be a record year for Nova, reflecting growth of approximately 30% year-over-year at the midpoint. Looking ahead, we anticipate further growth in 2026 with advanced logic, advanced packaging, and DRAM continuing to fuel the momentum. Recent announcements of large-scale investments in artificial intelligence are creating a positive outlook for sustained industry growth and wafer fab equipment spending. Manufacturing integrated circuit devices for AI applications introduces unique process control challenges, such as complex architectures, tighter tolerances, new packaging technologies, and the integration of new materials. Our customers are constantly challenged to reduce REMPA periods and then maximize yields in high-volume production. NOVA's solutions are purpose-built to address these challenges, enabling our customers to deliver the performance and reliability required for next-generation AI devices. With this in mind, in 2026, we expect WFC growth in the mid-single digits, with potential upside as AI-driven demand trickles down the value chain to increased utilization rates and wafer starts. Now, I'd like to review some of the highlights from the past quarter. First, our record sales in memory this quarter was driven by several key achievements. In materials metrology, we saw record VeriFlex sales to memory FAPs. We also secured new orders for our Prism platform supporting HBM manufacturing. In chemical metrology, we anticipate receiving orders for multiple tools from a new memory customer following the successful adoption of the Nova Ancocene front-end platform, which replaces a competing tool. These wins underscore Nova's expanding footprint and the important role our solutions play in enabling advanced memory production. Second, NOVA achieved record sales in advanced logic, driven primarily by a strong demand for our solutions in gate-all-around manufacturing processes. Notably, our Ellipson materials metrology platform was selected as a tool of record by a leading global family, and we have already delivered several systems for use in high-volume production. Ellipson leverages state-of-the-art Raman spectroscopy to provide precise non-destructive material characterization. These capabilities are essential for advanced device tools. In addition, we recognize revenue from the sales of the Metreon platform to a gate-all-around manufacturer, further expanding the adoption of this tool. We expect to see orders from additional customers in the coming months. Third, in advanced packaging, the demand for NOVA's optical metrology solutions continues to increase, particularly for critical dimension measurements in the most complex manufacturing environments. Our portfolio for advanced packaging includes PRISM, WMC, Semdex, integrated metrology, and the Ankylizer. These solutions address multiple stages in the production process, such as post-CMP applications, as well as measurements of through-silicon via, wafer warpage, total thickness variation, and electroplating analysis. This quarter, we introduce our latest optical metrology platform, the Nova WMC, a next-generation modular system designed from the ground up to address the evolving requirements of advanced packaging. The WMC has already been adopted by free customers for HBM and power device manufacturing, with additional customer evaluations and demonstrations underway. The WMC offers exceptional versatility, supporting a wide range of wafer sizes and forms and multiple metrology technologies. This positions WMC as a cornerstone tool for next-generation packaging, including 2.5D, 3D, and hybrid bonding applications. The strong demand for the WMC is a testament to its ability to address industry challenges such as high warpage, non-symmetric shapes, and diverse surface conditions, all with high throughput and nanometer-level fidelity. Additionally, our PRISM and integrated metrology platform were adopted by a leading global logic manufacturer for advanced packaging processes, and our chemical metrology platform, the Ankylizer, was shipped to a gated around customer for back-end packaging processes. All of these embody NOVA's commitment to deliver comprehensive integrated solutions that enable our customers to meet the stringent requirements of advanced packaging and maintain a competitive edge. Finally, we marked a significant milestone in our operational excellence and capacity expansion with the opening of our new state-of-the-art production facility in Mannheim, Germany. This advanced cleanroom, which extends our existing site, enables us to triple our production capacity for advanced packaging optical metrology solutions while further improving our manufacturing process and quality. To conclude my prepared remarks, this quarter reflects the strength of NOVA's strategy and execution across all fronts, from technology leadership to operational scale. As our industry continues to evolve, driven by AI and increasingly complex architectures, Nova is well positioned to support our customers with differentiated, scalable, and innovative solutions. Looking ahead, we remain confident in our ability to deliver long-term growth and value. For more details on the financials, let me hand over the call to Guy. Thanks, Gabi.