ONTO
Another record quarter, because why not?
Onto Innovation kicked off 2026 with a strong first quarter, posting record revenue of $292 million. That’s nearly 10% sequential growth from the fourth quarter of 2025 — the kind of number that makes management sound a little smug in the best possible way.
For investors, the headline isn’t just the revenue print. The company said its Dragonfly G5 system qualified at a leading 2.5D logic customer and a high-bandwidth memory customer. Translation: this isn’t just a shiny gadget looking for a job. It’s getting traction in some of the hottest corners of chip manufacturing.
Why the Street is paying attention
If you own semiconductor equipment names, you already know the drill: the market wants proof that AI, advanced packaging, and memory demand are turning into actual orders. Qualification at major customers is the kind of milestone that can turn a promising product into a real revenue engine.
And with revenue already at a record, Onto is showing it can keep growing even when the chip cycle gets moody. That’s the sort of thing investors like to see before they start daydreaming about the next leg up.
The big picture
This looks like a solid check-in on Onto’s growth story: the business is growing, and its latest system is moving deeper into the kind of customer base that can matter for the next few quarters. Big picture: in semis, proof beats promises every time.