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Revenue growth was primarily driven by a 7% increase in unit-driven business, specifically within liquid filtration, advanced deposition, and selective etch product lines.

Management attributes the significant gross margin beat to productivity actions across the manufacturing network, favorable product mix, and a useful life accounting change.

Advanced logic demand remains robust, with utilization at leading-edge nodes operating near effective capacity, necessitating aggressive industry capacity investments.

The memory market is undergoing a structural shift underpinned by AI workloads, which is reshaping DRAM and NAND architectures and increasing Entegris content per wafer.

Operational discipline is being reinforced through the closure of subscale facilities, such as the Chandler, Arizona site, to optimize the manufacturing footprint and improve operating leverage.

The mainstream logic market remains mixed as memory availability and pricing impact price-sensitive consumer products, though this is partially offset by power management and data center strength.

Management expects mid- to high single-digit industry MSI growth for the remainder of 2026, supported by an improved DRAM outlook and stable advanced logic demand.

CapEx-driven revenue is projected to increase throughout 2026, fueled by strong wafer fab equipment (WFE) growth and improving fab construction trends.

The company expects to reduce net leverage to approximately 3x by the end of 2026, driven by strong free cash flow and planned term loan repayments.

Third-quarter revenue is anticipated to grow approximately 5% sequentially, reflecting historical seasonality and current visibility into the order book.

NAND growth in the short term will be driven by layer scaling and vertical complexity, which management expects will result in double-digit increases in content per wafer.

The first quarter gross margin included approximately 50 basis points of one-time items that are not expected to recur at similar levels in future periods.

New facilities in Taiwan (KSP) and Colorado (Rockrimmon) remain dilutive to the P&L in 2026, with KSP expected to reach break-even by year-end.

Management noted early cost pressure on raw materials, specifically noble gases and resins, due to the conflict in the Middle East, though impacts are currently being absorbed.

China revenue saw a modest decline in Q1, attributed to difficult year-over-year comparisons following tariff-related pull-ins in the prior year.

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Management detailed a 24-month demand cycle: fab construction products ramp first (12 months), followed by WFE and initial filtration (12-18 months), and finally unit-driven business (24 months).

Memory is currently in 'wave 1' of this cycle, while advanced logic is transitioning through waves 2 and 3.

The 240 basis point sequential improvement was driven by the useful life change (100 bps) and productivity/efficiency initiatives (140 bps).

Management believes the company is in a period of sustained structural expansion, with potential for margins to move significantly higher as volume increases and fixed costs are absorbed.

New CFO Sukhi Nagesh was selected for his deep semiconductor engineering background and experience in corporate development and IPO execution.

While the current focus is on deleveraging, management indicated that by 2027, the company will be positioned to consider alternatives like shareholder returns or M&A.

Current revenue from advanced packaging exceeds a $100 million annual run rate, focused on flow control, copper plating, and CMP for high-bandwidth memory.

Management acknowledged limited historical investment in this area but highlighted a pipeline of future products to be detailed at the November Investor Day.

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