ASML Quarterly Figures: New Orders Double Sales

Image: ASML

ASML generated sales of €3.5 billion in the same period, with new orders worth €7 billion, of which €2.5 billion are planned for EUV systems in classic and high NA variants. The future, therefore, will continue to be not bad.

High NA orders already from 5 customers

Multiple orders for high NA systems were not only seen in the first quarter, explains ASML CFO Roger Dassen, but only recently this month, which is part of the second quarter. Meanwhile, ASML has received orders for the next generation of EUVs from three customers in the logic industry, presumably Intel, TSMC and Samsung, as well as from two vendors in the memory division. Almost only Micron and SK Hynix remain here, so almost all the big names would be represented on the ASML shopping list. So far, only Intel has officially committed to High-NA, but all manufacturers should at least have plans for testing, so order at least one of these devices. According to the parties involved, the high NA (high numerical aperture) promises a benefit similar to the jump from immersion lithography to EUV.

EUV is followed by High-NA EUV
EUV is followed by High-NA EUV (Image: Intel)

ASML is of course delighted with this development, but now it has to do even more to turn these orders into products. Because the order book is expected to grow from €17 billion to €29 billion in total within a year, including higher prices for the newer NXE:3600D as classic EUV systems and the future NXE:5200 as the first high NA variant.

ASML intends to produce 55 EUV systems in 2022 and 70 per year by 2025. But the plans go further due to the high number of orders: Will the supplier industry be able to equip up to 90 EUV systems from 2025? And then up to 20 High NA systems a year?

solid room

At first glance, €3.5bn in sales seems like a significant dent, after all, a year ago there was €4.4bn on the business books. Earlier in the year, ASML stated that it would switch bookings for systems that were delivered faster but ultimately billed later. This is exactly where this gap first appeared, because, for example, nine EUV systems were delivered but only three were reserved. This will have normalized from the second quarter, and sales should rise again to 5,300 million euros.

However, the missing EUV systems from the figures left a much clearer mark on net profit: at €695m, this is just over half of last year. Large and expensive machines have become ASML’s source of revenue, at least $170 million, one of these systems costs at least $170 million, with High-NA the price is estimated to be about double, if not more. In January, ASML and Intel said the first test systems, also known as the NXE:5000, would cost around $340 million/€300 million, with larger production units like the NXE:5200 and up. “significantly more expensive” and should quickly break the 400 million mark. This also quickly explains why state-of-the-art factories for the years 2025 and beyond will be even more expensive than before.

So, as Roger said at the press conference, this is the tool that will be priced well above €300 million.

ASML in January 2022

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