On Tuesday, ASM International, the Dutch semiconductor equipment maker, upgraded its 2025 revenue target, noting that its innovative strategy and its transition to new technologies will deliver it increased revenue.

Based out of Amsterdam, the tech-firm now forecasts it will make revenues of 3 billion euros to 3.6 billion euros ($3.81 billion) in two year’s time, increased from the previous estimate of 2.8 billion to 3.4 billion euros.

The company also reiterated its gross margin target at 46-50%, as well as an operating margin target of 26-31% for 2023-2025. It held those targets steady for 2026-2027, saying that afterward, it expects the operating margin to begin an upward trend.

Benjamin Loh, ASM International’s chief executive and president said, “Despite the weakening in economic conditions and softening in the semiconductor equipment market this year we believe we remain on track to deliver on our targets.”

The firm also reiterated its sales target for the next quarter at 580 million to 620 million euros.

Last October the company had been hit hard by export restrictions limiting technology transfers to China, which threatened to disrupt trade with a key customer. However it has since said the deficits from the restrictions have been offset by a massive demand for higher end chips with artificial intelligence applications.

($1 = 0.9449 euros)