--- title: "Besi booked record €342.6 million orders and 324% profit growth; the stock is down more than 50%" description: "Record orders of €342.6 million and a 323.7% jump in net income bought Besi's shares no relief on results day. Investors are pricing deliveries pushed into 2027 and ASML's 27 patent filings, not this quarter's numbers." publisher: "The Inference" section: "Chips" published: 2026-10-22T14:13:47.636Z modified: 2026-10-22T14:13:47.636Z canonical: https://theinference.org/article/besi-booked-record-342-6-million-orders-and-324-profit-growth-the-stock-is-down-more-than-50 language: en keywords: "Besi, Semiconductors, Earnings, Hybrid Bonding, ASML, Advanced Packaging" --- # Besi booked record €342.6 million orders and 324% profit growth; the stock is down more than 50% > Record orders of €342.6 million and a 323.7% jump in net income bought Besi's shares no relief on results day. Investors are pricing deliveries pushed into 2027 and ASML's 27 patent filings, not this quarter's numbers. [Besi](https://theinference.org/markets/companies/be-semiconductor), the Dutch maker of the machines that weld stacked chips together, [posted the strongest order quarter in its history on October 22](https://theinference.org/article/camtek-set-a-1-2-billion-revenue-target-then-fell-41-from-its-high-besi-s-october-22-report-is-the-test), and the shares slipped 2.55% to €158.30, leaving the stock more than 50% below its 52-week high of €328.40 [1][2][5]. Order intake hit a record €342.6 million, up 96% year on year and 17% on the quarter, against [the €298 million analysts polled by Visible Alpha expected](https://www.msn.com/en-us/money/technology/besi-says-asml-is-not-hybrid-bonding-rival-as-ai-demand-drives-orders/ar-AA2fMOWj) [3]. The profit line kept pace. Revenue rose 113.6% to €283.4 million, net income jumped 323.7% to €107.2 million, and gross margin reached 65.2%, three points above a year earlier [4]. ## The order book keeps outrunning the shipments Hybrid bonding, which welds the silicon faces of stacked chips together instead of joining them with solder bumps, carried the quarter. Orders for those systems more than doubled in the first nine months of 2026 against all of 2025, and the customer list has grown to 23, with cumulative demand above 215 systems [1][3]. Orders ran ahead of shipments, a book-to-bill of about 1.2, roughly €1.20 of new orders for every euro delivered [5], after first-half bookings of €562.6 million against first-half revenue of €434.7 million [6]. *Chart: **Order intake ran ahead of revenue again in Q3, and Q4 is guided flat** Besi quarterly order intake versus revenue, second to fourth quarter 2026, with orders above revenue in each reported quarter and fourth-quarter revenue shown as guidance* *Quarterly order intake and revenue, in millions of euros. The Q4 point is company guidance: broadly flat with the third quarter, plus or minus 5%. Sources: Reuters; Investing.com; Ad-hoc News; AInvest. [2][3][4][5]* ## Two questions the quarter cannot answer The flat guide is the trigger. Fourth-quarter revenue is guided broadly unchanged from the third quarter's €283.4 million, give or take 5%, below the €291.5 million analysts polled by LSEG expected, and some customers asked for third-quarter deliveries to land in the first half of 2027 [3]. The orders stay on the books; Besi calls the shift timing, and ING analyst Marc Hesselink called the shortfall timing-related [3][5]. ## The memory market may not convert until 2029 The first open question is memory. Investors fear [Micron](https://theinference.org/markets/companies/micron) and [SK Hynix](https://theinference.org/markets/companies/sk-hynix) will be slow to adopt hybrid bonding for high-bandwidth memory, the DRAM stack beside every AI chip, and [SemiAnalysis](https://theinference.org/markets/companies/semianalysis), the research firm behind the patent analysis, [expects adoption to slip to 2029 or later](https://www.ainvest.com/news/semiconductor-300-quarter-didn-save-halved-stock-2610/) [3][5]. JPMorgan cut its target from €342 to €275 on October 19 on a likely adoption delay, the 23-analyst consensus fell to €268 from €290, and UBS at €159 sat below the €162.15 price of October 21 [2][6]. *Chart: **UBS now values Besi below the market, and the consensus target fell €22 in days** Bar chart of Besi share price and analyst price targets: UBS at 159 euros, the October 21 price at 162.15 euros, the 23-analyst consensus at 268 euros and JPMorgan at 275 euros, all in euros* *Price targets in euros after the October cuts, against the €162.15 close of October 21. UBS moved below the market price; JPMorgan cut from €342 on October 19 and the 23-analyst consensus fell from €290. Sources: Ad-hoc News; Reuters; AInvest. [2][6]* ## ASML has patents, not yet a product The second is [ASML](https://theinference.org/markets/companies/asml), the world's biggest chip-equipment maker. SemiAnalysis [read 27 of its patent filings on October 16 as a rival bonding tool in development](https://money.usnews.com/investing/news/articles/2026-10-16/besi-shares-fall-on-report-asml-is-working-on-rival-hybrid-bonding-product); Besi fell 3% that day, and ASML has confirmed nothing [7]. [Bank of America](https://theinference.org/markets/companies/bank-of-america) cut the stock to neutral on October 6, saying the threat was not reflected in the price [8]. Chief executive Richard Blickman: "We do not view ASML as a hybrid bonding competitor," citing joint work on chip-placement precision [3]. ## Cash buys the argument time The balance sheet funds the wait. Net cash reached €246.6 million at the end of September, up from a negative €7.8 million a year earlier, and [a €100 million buyback starts on October 27](https://finance.yahoo.com/markets/stocks/articles/besi-launches-100-million-buyback-062837443.html) [1][4]. Besi paid an average €210.67 a share for its own stock last quarter, about a third more than the current price [4]. ## Who gets paid, and when The record orders settle that demand for advanced packaging is real and under contract. The delivery calendar stays open, and that is the risk a halved price is charging for. Holders have already paid for the delay; a buyer at €158 gets paid only if the 2027 deliveries ship. Watch whether fourth-quarter orders again outrun revenue, and whether the memory makers commit. ## Takeaway Record orders and tripled profit bought Besi's shares nothing: investors are charging for a flat Q4 guide, deliveries slipping into 2027 and the risk that ASML turns patent filings into a rival hybrid bonding tool. ## Sources 1. [Idéal Investisseur, "Besi: Revenue up 113.6% in third quarter, stable fourth quarter expected", 22 October 2026](https://www.ideal-investisseur.fr/en/stock-news/besi-revenue-up-113-6-in-third-quarter-stable-fourth-quarter-expected/27694.html) 2. [Ad-hoc News, "Besi stock: Consensus target falls to EUR 268 for Besi stock", 21 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/besi-stock-consensus-target-falls-to-eur-268-for-besi-stock/70385254) 3. [Reuters (via MSN), "Besi says ASML is not hybrid bonding rival as AI demand drives orders", 22 October 2026](https://www.msn.com/en-us/money/technology/besi-says-asml-is-not-hybrid-bonding-rival-as-ai-demand-drives-orders/ar-AA2fMOWj) 4. [Investing.com (via Yahoo Finance), "Besi launches €100 million buyback as Q3 orders beat estimates on AI demand", 22 October 2026](https://finance.yahoo.com/markets/stocks/articles/besi-launches-100-million-buyback-062837443.html) 5. [AInvest, "BE Semiconductor's 300% Quarter Didn't Save Its Halved Stock", 22 October 2026](https://www.ainvest.com/news/semiconductor-300-quarter-didn-save-halved-stock-2610/) 6. [Ad-hoc News, "JPMorgan cuts target for Besi stock from EUR 342 to EUR 275", 19 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/jpmorgan-cuts-target-for-besi-stock-from-eur-342-to-eur-275/70359693) 7. [Reuters (via U.S. News), "Besi Shares Fall on Report ASML Is Working on Rival Hybrid Bonding Product", 16 October 2026](https://money.usnews.com/investing/news/articles/2026-10-16/besi-shares-fall-on-report-asml-is-working-on-rival-hybrid-bonding-product) 8. [The Next Web, "ASML's chip packaging move threatens Besi shares, Bank of America says", 6 October 2026](https://thenextweb.com/news/besi-asml-hybrid-bonding-dutch) --- Besi booked record €342.6 million orders and 324% profit growth; the stock is down more than 50% — The Inference. 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