Onto's AI packaging boom drives record results and a $720M strategic bet
Advanced packaging revenue to grow over 50% in 2026 Onto said its advanced packaging revenue should grow more than 50% in 2026, powered by AI computing demand. Its Dragonfly G5 inspection system is qualified at a major 2.5D logic customer, with shipments ahead of plan and a pipeline of 15+ applications across 10+ customers.
This is the core demand driver behind Onto's accelerating growth and explains why the stock is moving.
Record Q2 revenue, $1B backlog, raised Q3 outlook Onto reported record Q2 revenue of $343.1 million, up 35% year over year, with earnings per share of $1.93 and gross margin widening to 57%. Backlog topped $1 billion for the first time, and Q3 guidance of $380–400 million came in well above prior levels.
This is the latest hard financial proof that the AI-driven demand is translating into accelerating sales and profits.
Peer results and NVIDIA's $500B AI push lift sector Onto shares jumped 6% after peer Camtek posted record results and NVIDIA announced a $500 billion AI infrastructure financing partnership. Camtek's bookings exceed $600 million into 2027, signaling strong demand for the metrology and inspection tools used in AI memory and chiplet packaging.
It shows the broader AI infrastructure spending wave is still expanding, directly benefiting Onto's end markets.
Completes $720M Rigaku stake and $1.5B convertible raise Onto completed its $720 million purchase of a 27% stake in Rigaku to jointly develop next-generation X-ray process control, a roughly $1 billion market. It also raised $1.5 billion in zero-percent convertible notes, leaving $1.88 billion in cash and short-term investments.
This strategic investment and strengthened balance sheet support future growth and technology leadership.