Note 5 — Commitments and Contingencies

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Leases

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The Company’s operating leases primarily include real estate leases for properties used for manufacturing, R&D activities, sales and service, and administration, as well as certain equipment leases. Some leases may include options to renew for a period of up to 5 years, while others may include options to terminate the lease. The weighted average remaining lease term of the Company’s operating leases as of June 30, 2026 was 10 years, and the weighted average discount rate used in determining the present value of future lease payments was 5.6%.

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The following table provides the maturities of lease liabilities at June 30, 2026:

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Operating lease costs for the three and six months ended June 30, 2026 were $1.2 million and $2.5 million, respectively, and $1.3 million and $2.5 million, respectively for the comparable 2025 period. Variable lease costs for the three and six months ended June 30, 2026 were $0.2 million and $0.4 million, respectively and $0.3 million and $0.6 million, respectively for the comparable 2025 period. Additionally, the Company has an immaterial amount of short-term leases. Cash outflows from operating leases for the six months ended June 30, 2026 and 2025 were $4.0 million and $3.7 million, respectively.

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Receivable Purchase Agreement

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The Company entered into a receivable purchase agreement with a financial institution to sell certain of its trade receivables from customers without recourse, up to $30.0 million at any point in time. Pursuant to this agreement, the Company sold no receivables for the three and six months ended June 30, 2026, and $30.0 million was available under the agreement for additional sales of receivables as of June 30, 2026. The Company sold no receivables for the three and six months ended June 30, 2025.

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Purchase Commitments

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Veeco has purchase commitments of $331.0 million at June 30, 2026 to secure the rights to various assets and services to be used in the future in the normal course of business, substantially all of which become due within one year.

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Bank Guarantees

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Veeco has bank guarantees and letters of credit issued by a financial institution on its behalf as needed. At June 30, 2026, outstanding bank guarantees and standby letters of credit totaled $5.7 million, and unused bank guarantees and letters of credit of $36.3 million were available to be drawn upon.

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Legal Proceedings

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The Company is involved in various legal proceedings arising in the normal course of business. The Company does not believe that the ultimate resolution of these matters will have a material adverse effect on its consolidated financial position, results of operations, or cash flows.

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Tariffs

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On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act. The Company is continuing to evaluate the impact of these developments on its business and financial statements, and has initiated various processes and procedures to file claims for refunds for these previously paid duties. However, as the tariff landscape continues to shift and evolve, there remains uncertainty as to additional amounts that will ultimately be refunded, the Company’s ability to collect such refunds, and the timing of such refunds. The Company has elected to recognize the tariff refunds when all contingencies have been resolved and the gain is realized or realizable. For the three and six months ended June 30, 2026 the Company has received approximately $0.4 million of refunds, which has been included within “Cost of Sales” in the Consolidated Statements of Operations. Subsequent to June 30, 2026, the Company has collected an additional $2.8 million of tariff refunds. While the Company continues to implement measures to mitigate tariff-related cost pressures, these actions may not fully offset increased costs in future periods.