ASML Net Sales at High End of Guidance; High NA Orders to Drive Long-term Growth

ASML has reported Q1 2022 net sales at the higher end of its guidance. Outlook for the long term is positive due to leading-edge EUV systems and their dominance across the entire product line for older lithography systems, especially DUV, the workhorse of the semiconductor industry in mature nodes.

Q1 2022 update:

  • Installed base as a percentage of net sales highest for any quarter.
  • Net sales of €3.5 billion. Gross margin of 49% as guided.
  • Net bookings at €7 billion, an increase of 47% YoY. €2.5 billion in EUV orders, including High-NA, and DUV at €4.5 billion.
  • Net system sales at €2.3 billion.
  • Installed base business (service and field option sales) at €1.2 billion.
  • Installed base business as a percentage of net sales at 35%, an increase of 7% YoY, the highest in any quarter.
  • Shipped nine EUV systems, an increase of 28% YoY.
  • Higher ASP for EUV systems.
  • Lower net sales as revenue shift of six EUV systems to subsequent quarter due to fast shipments.
  • Total order book of €29 billion at the end of the quarter.

Breakdown: Net system sales

  • Region-wise: Taiwan 22%, South Korea 29%, China 34%
  • End use: Logic 50%, Memory 50%
  • Lithography units: EUV-3, DUV-ArFi 18, ArFdry 6, KrF 26, I-line 9

Counterpoint Research ASML Net Sales by End Use

Business outlook – 2022


  • Net sales between €5.1 billion and €5.3 billion, including installed base sales of around €1.2 billion.
  • Gross margin 49%-50% due to higher volume both for DUV and EUV, offset by cost pressure and lower ASP for EUV going ahead.

Full year:

  • Full-year revenue with around 20% YoY growth will enhance ASML’s prospects of becoming the top wafer fab equipment supplier.
  • DUV, metrology and inspection markets expected to grow faster.
  • Gross margin to be 54% in the second half due to the volume driven by both EUV and DUV systems in addition to increased gross margin on installed base revenue.

Products and businesses

  • EUV revenue for the year will go up about 25%.
  • Expect over 20% YoY increase in non-EUV business revenue driven by immersion, dry and metrology systems.
  • Memory and installed business will be up around 25% and 10% respectively.
  • Logic business will be up more than 20%.

 Developments in Q1 2022

  • On the commercial side, received multiple orders for High-NA EXE:5200 (EUV 0.55 NA), ASML’s next model High-NA systems, and from three logic and two memory customers.
  • On the technology side, integration of the first EUV High-NA system in the new fab at Veldhoven progressing well.
  • In applications business, shipped first eScan460 system, which is a next-generation single-beam inspection system with higher resolution and 50% faster throughput than eScan430.

 Announcement to watch out

  • Capital markets day in the second half of 2022 to revisit medium-term forecast and guidance on growth opportunities beyond 2025.

Impact of increased costs on 2022 margins

An impact of 1% on gross margin is expected for the full year due to cost increases owing to

  • Labor cost associated with adding and training staff and strong competition for talent.
  • Component price increases from suppliers and incremental cost from service fees to secure parts that are in short supply and high in demand.
  • Freight cost going substantially up due to increased fuel prices.

Key takeaways

  • Highest ASP for EUV systems in the quarter.
  • Received multiple orders for High-NA EXE:5200 systems from both logic and memory customers.
  • Increased adoption of EUV in high-volume manufacturing will enable ASML to meet its long-term forecast.
  • Record order book of €29 billion and fast shipments will help ASML deliver over 20% YoY net sales revenue growth in 2022 and further enhance ASML’s prospects of becoming the top wafer fab equipment supplier.

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Ashwath Rao has more than 20 years working experience in industry, research and academics. Ashwath had an opportunity to work with Intel Technology. Ashwath’s major coverage in Counterpoint is semiconductors and component research. Ashwath holds a Doctoral Degree, specializing in Microelectronics from Indian Institute of Information Technology, Master of Science (VLSI) from Manipal University and a Bachelor of Engineering (Electronics & Communication) from Mangaluru University.

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