Kulicke & Soffa (KLIC) reported QQ2 2025 revenue of $161.99 million with gross margin of 24.93%, culminating in a GAAP net loss of $84.52 million. The majority of the quarterly net loss was driven by wind-down charges related to the discontinuation of the EA equipment business, totaling $86.6 million in the March quarter, including inventory write-downs, impairment and restructuring charges. Excluding these wind-down costs, GAAP operating expenses would have been approximately $76.5 million, underscoring the temporary earnings drag from the wind-down process. Management guided for the June quarter to deliver revenue around $145 million (±$10 million) with gross margins of 46.5%, non-GAAP operating expenses near $68 million (±2%), and a GAAP EPS loss of $0.09 vs. a non-GAAP EPS gain of $0.05. This implies a material margin recovery in the core business as EA-related costs roll off, though the near‑term top‑line remains pressured by the wind-down and macro uncertainty around tariffs and regional demand. Management emphasized continued progress in core growth engines—Vertical Wire, Power/Wedge, Advanced Dispense and Thermo‑Compression—and highlighted TCB fluxless technology as a near‑term growth driver, with potential durable profitability once the wind-down is complete and through-cycle demand normalizes. The balance sheet remains very solid, with substantial cash and short-term investments and an ongoing buyback program, supporting a patient, high‑conviction investment thesis focused on multi‑year technology transitions in memory and logic packaging.