Direct-Write Lithography Equipment

Honestly, when I was putting this forecast together, I had two things running through my head — one was pace, the other was seasonality. First, pace. Looking at revenue across the four quarters, that 2025Q3 low of 279M is textbook "summer off-season" behavior for equipment-type companies — customer acceptance and factory production scheduling both tighten up in Q3, then Q4 surges, Q1 surges — that's basically industry inertia. 2026Q1 already printed 515M and is still growing QoQ versus Q4, which tells me our PCB direct-write lithography main line is still ramping, and the pan-semiconductor side (advanced packaging, Mini LED type stuff) is starting to bring in orders. So I'm putting 2026Q2 at around 549M, on the assumption that PCB's flagship machines continue to capture the domestic substitution dividend, plus new customer revenue recognition from the IC substrate and glass substrate directions. For 2026Q3 I'm pushing it back down to 378M — this isn't bearish, it's respecting seasonality — Q3 has always been the "reservoir period" for equipment makers, customers are waiting for Q4 capex budgets to land. Net profit follows revenue, but I'm giving gross margins of 41% and 39%. Q2 holding Q1's level is because high-end model mix is ticking up; Q3 dipping slightly is because summer deliveries skew toward standardized units for small and mid-sized customers, so the mix dilutes things a bit. OpIncome stays in the 23%–23.5% range, basically in line with history. The biggest risk I have to call out: the capex cycle for semiconductor and PCB fabs is extremely sensitive right now — once downstream utilization rate turns, the acceptance cadence for equipment vendors like us gets dragged down directly. This is an industry-level Beta, not something we can absorb on our own. On top of that, the counterattack from overseas majors (Heidelberg, ORC, ADTEC) in the high-end segment, plus price wars from domestic new entrants — both put pressure on gross margin.