The following is a summary of the Nova Ltd. (NVMI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Nova reported total revenues of $142 million in Q1 2024, marking a 6% increase from the previous quarter and a 7% year-over-year growth.

• Gross margin for Q1 increased to 59% on a GAAP basis and 61% on a non-GAAP basis.

• The distribution of product revenue was 60% from logic and foundry, with 40% from memory.

• On a GAAP basis, earnings per share in Q1 were $1.15 per diluted share. Non-GAAP earnings per share were $1.39 per diluted share.

• At the end of Q1 2024, the company's cash reserves totaled approximately $700 million.

Business Progress:

• Nova experienced favorable product mix with increased demand for its advanced portfolio, and a robust operational model is driving the company's growth.

• The division of product revenue from memory increased to 40% in Q1, largely driven by advanced DRAM devices such as DDR5 and HBM.

• The company is investing in hybrid bonding and TSV technologies, contributing to the growth of process control.

• Strong market traction is being experienced for Gate-All-Around and packaging solutions, including high bandwidth memory, with multiple advancements in progress.

• The company's service business is expected to maintain its growth path in 2024, and revenues from packaging-related processes are projected to grow by more than 50% in 2024.

• The growth in Q1 was primarily driven by both DRAM and high bandwidth memory, and the company is focusing its efforts on high bandwidth memory with tools on both the optical and chemical sides.

More details: Nova IR

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