Revenue Cyclicality / DeclineRevenue contraction signals sensitivity to semiconductor capital spending cycles. If end-market capex weakens or customers delay node transitions, equipment sales can drop materially, reducing scale, backlog conversion and the base for recurring service revenue, pressuring medium-term growth.
Historical Cash Flow VolatilityPast negative operating cash flow and volatile conversion indicate working-capital swings or timing of large system deliveries. Such volatility can strain tactical funding for R&D, service expansion or buybacks during downturns despite current strength, making planning harder over 2-6 months.
Concentrated End-Market ExposureHeavy exposure to photomask/EUV and semiconductor capex ties performance to a narrow set of customers and technology transitions. Structural shifts (e.g., different inspection needs, slower EUV adoption) or intensified competition could disproportionately reduce demand and service revenue over the medium term.