Lithography systems: ASML posts record figures

The mood at the world's most important manufacturer of lithography systems for chip production could hardly be better after the low in fall 2024: ASML from the Netherlands achieved a new record turnover of just under 9.3 billion euros in the fourth quarter. That is just enough for a record year – The manufacturer generated revenue of 28.3 billion euros in 2024, an increase of 2.6 percent.

ASML already generated record sales of 7.5 billion euros in the third quarter of 2024, but bookings for new lithography systems collapsed abruptly. The stock market punished this with a massive drop. Meanwhile, bookings have returned to a healthy level of 7.1 billion euros.

The bottom line is a net profit of a good 2.6 billion euros in the fourth quarter and just under 7.4 billion euros in 2024 as a whole. The annual profit is therefore slightly lower than in 2023 (just over EUR 7.6 billion). This is due to slightly higher development expenditure (4.3 billion instead of 4 billion) and higher taxes (just under 1.7 billion instead of just over 1.4 billion).

Less EUV, but high-NA EUV included for the first time

Meanwhile, the figures at the end of 2024 exceeded expectations. According to ASML, system upgrades brought an unexpected boost to sales. The manufacturer replaces modules in older machines in return for payment to improve their performance. This enables chip manufacturers to produce faster or increase yields, for example.

In 2024 as a whole, ASML earned 21.8 billion euros from the sale of lithography systems. 38 percent of this was attributable to 44 EUV machines. ASML is the only company that manufactures such systems in series. They expose silicon wafers with extreme ultraviolet instead of deep ultraviolet light.

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ASMLs Buchungen aufgeschlüsselt (2 Bilder)

Viertes Quartal 2024

ASML nominally sold nine fewer EUV systems in 2024 than in 2023. However, the first two EXE:5000 systems, which enable even finer chip structures with a high numerical aperture (high-NA EUV), were included last year. While normal EUV machines cost 160–180 million euros, high-NA systems are approaching half a billion euros. ASML has delivered a third High-NA model, but has not yet recorded it in its figures.

ASML earned the remaining 6.5 billion euros from servicing machines that have already been sold.

China's share declines again

Over the year as a whole, China was ASML's most important customer country. Chinese chip contract manufacturers such as SMIC accounted for 41 percent of system sales, i.e., around 8.9 billion euros. Due to export restrictions, ASML is only allowed to sell older types to China.

At the end of 2024, China's share fell sharply again, but sales in the USA, South Korea and Japan increased. In the USA, TSMC and Samsung equipped their new semiconductor plants; in South Korea, memory manufacturer SK Hynix played a key role alongside Samsung. In Japan, the state-funded start-up Rapidus purchased the first lithography systems to make its own 2-nanometer process ready for series production. The revenue share of memory manufacturers rose to 39 percent.

In the current first quarter of 2025, ASML expects sales of 7.5–8 billion euros. Over the year as a whole, it is expected to reach 30–35 billion euros. The stock market received the annual report with joy – the share price rose by seven percent after the announcement.

(mma)