Onto Innovation sees record Q2 revenue, strong AI-driven demand, and upbeat Q3 guidance

Onto Innovation reported record revenue in Q2 FY2026, driven by strong demand for its semiconductor inspection and metrology equipment, especially in AI-related high bandwidth memory and advanced packaging. The company’s backlog surpassed $1 billion, and management expects Q3 revenue between $380 million and $400 million with non-GAAP EPS of $2.18 to $2.38. Adoption of its Dragonfly G5 system is accelerating, supported by significant volume purchase agreements and orders extending into 2027, indicating multi-year growth potential. Risks include customer concentration, semiconductor industry cycles, and execution challenges, but the stock’s valuation suggests an attractive risk-reward profile.

As of Oct 17, 2026 01:01 WIB, Onto Innovation (NYSE: ONTO) shares trade at USD 224.19 on Pluang, down 3.35% in one day. Despite the recent price dip, the company holds a substantial market cap of $11.38 billion and an enterprise value of $10.97 billion. Pluang order activity shows a majority of 83% selling interest, reflecting cautious sentiment among investors. The notable figure here is the market cap of $11.38 billion, underscoring the company's significant presence in the technology sector.