Onto Innovation Backlog Hits $1B on AI Infrastructure Surge

Key Facts

1Onto Innovation reported record Q2 2026 revenue with a backlog exceeding $1 billion.

2The company guides Q3 revenue between $380M and $400M with non-GAAP EPS up to $2.38.

3Growth visibility extends multi-year due to significant Dragonfly G5 volume purchase agreements reaching into 2027.

Onto Innovation reported record Q2 2026 revenue with a backlog exceeding $1 billion. Seeking Alpha reported that the company guides Q3 revenue between $380 million and $400 million, with non-GAAP EPS reaching up to $2.38. The growth is driven by a surge in demand for semiconductor inspection and metrology equipment, specifically for AI-related high-bandwidth memory (HBM) and advanced packaging.

Growth visibility for the company extends multi-year due to significant Dragonfly G5 volume purchase agreements reaching into 2027. ONTO closed at $231.95 on October 15, 2026, having traded between a session low of $220.22 and a high of $232.16 on that date.