Our annual report states that in 2025 the number of inspection units shipped for AI advanced‑packaging chips actually decreased from the year before—a reported, backward‑looking fact. At the same time, our earnings calls guide advanced‑packaging growth of more than 30% and later more than 50%, with backlog nearly doubling in three months. Both can be true, you know, and we see a mix shift toward metrology tools like Atlas G6 and a digestion cycle between packaging waves, with both threads still running as of the March 2026 quarter.

Great question, Craig – our three largest customers were about 20%, 15%, and 14% of full‑year revenue, roughly half the total. The filings tag them, of course, as TSMC, Samsung and SK Hynix, which means Taiwan and Korea together are about 60% of revenue. We still serve more than 190 customers in 25‑plus countries, and a Chinese NAND maker, YMTC, appeared at 14% through the first nine months but fell below 10% for the full year – it’s under U.S. export restrictions, so that size is a regulatory point to watch.

Great question, Craig—our quarter ended March 31, 2026 came in at $292 million, a record and up nearly 10% sequentially, and it was actually above our own guidance range. Gross margin improved 110 bps to 55.7% and operating margin rose 150 bps to 26.7%, helped by Atlas G6 and the first Dragonfly G5 shipments. We’re raising the full‑year view to more than 30% growth, above $1.3 billion, with advanced packaging now expected to grow more than 50% and advanced nodes about 25%, though we note material‑cost, fuel and shipping headwinds.

Great question, Craig — our quarter ended March 31 2026 came in at $292 million, a record and up nearly 10% sequentially, above our guidance range. Gross margin improved 110

Great question - we measure what the partnership builds, and our own filings show a divergence we don't resolve. The annual report states inspection units for AI advanced packaging decreased in 2025, while the calls guide advanced packaging up more than 50% with backlog nearly doubling. A mix shift toward metrology - Atlas G6 for newest logic and DRAM - and a digestion cycle between packaging waves both look operative as of the March quarter, not one or the other. That's the measurement we're living with.

Great question - our end of it is measurement, you know. We make process-control tools - metrology, inspection, lithography software - that measure and inspect wafers rather than build them: bump height, film thickness, alignment, defects across 2.5D/3D integration and HBM stack inspection. About half last year's revenue came from advanced packaging, roughly $504 million. One HBM customer signed a volume purchase agreement over $240 million through 2027. Two years ago bumps were 15 to 25 microns; now we're sampling below 6. The inspection is technology-generic.

Great question, Craig. Onto Innovation's three largest customers were about 20%, 15%, and 14% of full-year revenue — roughly half the total. The filings tag them as TSMC, Samsung, and SK Hynix, so Taiwan and Korea together are about 60% of revenue. We still serve more than 190 customers in 25‑plus countries, and a Chinese NAND maker, YMTC, showed up at 14% through the first nine months but fell below 10% for the full year, which is a regulatory point to watch.

Great question - March quarter: $292 million, record, up nearly 10% sequentially, above guidance. Gross margin up 110 bps to 55.7%, operating margin up 150 bps to 26.7% on Atlas G6 adoption and first Dragonfly G5 shipments. Raising full-year: total revenue growth more than 30%, above $1.3 billion, advanced packaging more than 50%, advanced nodes about 25%. Q2 guided $320-330 million; expect to exit Q4 with operating margin above 30%. Management's forward figures, with caveats on material-cost, fuel, and shipping headwinds.

Great question - the filing shows inspection units for AI advanced packaging down in 2025, the calls guide advanced packaging up more than 50%. First, a mix shift toward metrology, Atlas G6 for newest logic and DRAM. Second, a digestion cycle between packaging waves. Third, the ordinary gap between what a filing reports and what a call forecasts. As of the March quarter both the metrology-mix-shift and the inspection-recovery threads are running at once, not resolved. That's the measurement we're living with.

Great question - our own record shows the same tension you're describing. The annual report says inspection units for AI advanced packaging actually fell in 2025, while the calls guide advanced packaging up more than 50% with backlog nearly doubling. Both threads run at once: a mix shift toward metrology - Atlas G6 for newest logic and DRAM - and a digestion cycle between packaging waves. As of the March quarter we see both explanations operative, not resolved. That's the measurement we're living with.

Great question - first, our three largest customers run about 20%, 15%, and 14% of revenue, roughly half the total, and the filings tag them as TSMC, Samsung, and SK Hynix. Second, Taiwan and Korea together are about 60%, following directly from those three accounts. Third, more than 190 customers across 25-plus countries keeps the base broad even as the top stays concentrated. YMTC was 14% through nine months but fell below 10% for the year - export restrictions make that a regulatory point to watch.

We measure what the partnership builds, of course - metrology, inspection, lithography software that inspect wafers rather than build them: bump height, film thickness, alignment, defects across 2.5D and 3D integration, HBM stack inspection. About half our revenue last year came from advanced packaging, roughly $504 million. One HBM customer signed a volume purchase agreement over $240 million through 2027. Two years ago bumps were 15 to 25 microns; now we're sampling below 6. The inspection is technology-generic.

Great question - quarter ended March 31 came in at $292 million, a record, up nearly 10% sequentially and above our guidance range. Gross margin improved 110 bps to 55.7%, operating margin up 150 bps to 26.7%. We're raising the full-year view: total revenue growth more than 30%, above $1.3 billion, advanced packaging now expected to grow more than 50%, advanced nodes about 25%. Q2 guided $320-330 million, and we expect to exit Q4 with operating margin above 30%. Those are management's forward figures, of course, with our caveats on material-cost, fuel, and shipping headwinds.