Earnings release
Page 1
Axcelis Announces Financial Results forThird Quarter 2026 November 5, 2026 at 7:00 AM EST Q3 2026 Highlights: Revenue of $237.8 million GAAP Gross Margin of 41.0%, and Non-GAAP Gross Margin of 41.2% GAAP Operating Margin of 11.5% and Non-GAAP Operating Margin of 16.6% GAAP Diluted Earnings Per Share of $1.21, and Non-GAAP Diluted Earnings Per Share of $1.26 BEVERLY, Mass., Nov. 5, 2026 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2026. President and CEO Russell Low commented, "We are pleased with our third quarter performance, as improving demand drove sequential growth in systems revenue, complemented by another quarterly record in CS&I. We are particularly encouraged by the strong increase in bookings, reflecting a broadening recovery across our end markets, with continued momentum in Memory and increasing activity in Power and General Mature. At the same time, we continue to see sustained strength in our CS&I business." Low added, "Our strategy of investing in next-generation technologies is beginning to yield tangible results and positions us well to capitalize on expanding market opportunities as customer investment recovers. We expect to finish 2026 with positive momentum and anticipate further growth in 2027." Senior Vice President and Interim CFO David Ryzhik stated, "Our third quarter results exceeded our expectations, supported by stronger shipments and record CS&I revenue, despite the impact from foreign exchange headwinds on our gross margin. We continue to generate healthy cash flow and maintain a strong balance sheet, providing us with ample financial flexibility. The combination of improving demand, a growing installed base and continued strength in CS&I provides a solid foundation as we enter 2027." Results Summary(In thousands, except per share amounts and percentages) Three months ended September 30, 2026 2025 Revenue $ 237,781 $ 213,611 Gross margin 41.0 % 41.6 % Operating margin 11.5 % 11.7 % Net income $ 37,759 $ 25,986 Diluted earnings per share $ 1.21 $ 0.83
Page 2
Non-GAAP Results Three months ended September 30, 2026 2025 Non-GAAP gross margin 41.2 % 41.8 % Non-GAAP operating margin 16.6 % 18.2 % Adjusted EBITDA $ 44,047 $ 43,202 Non-GAAP net income $ 39,215 $ 37,900 Non-GAAP diluted earnings per share $ 1.26 $ 1.21 Business Outlook For the fourth quarter ending December 31, 2026, Axcelis expects revenues of approximately $275 million, GAAP earnings per diluted share of approximately $1.15, and non-GAAP earnings per share of approximately $1.50. Please refer to Fourth Quarter 2026 Outlook under the "Notes on our Non-GAAP Financial Information" section of this document for detail relating to the computation of non-GAAP earnings per diluted share as well as the Safe Harbor Statement section of this document. Third Quarter 2026 Conference Call The Company will host a call to discuss the results for the third quarter 2026 today at 8:30 a.m. ET. The call will be available via webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by registering as a participant here: https://register-conf.media-server.com/register/BI02437563728a4138be5d107cd344f382 Webcast replays will be available for 30 days following the call. Use of Non-GAAP Financial Results This press release includes financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("non-GAAP financial measures"). These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP other income, non-GAAP income tax provision, Adjusted EBITDA, non-GAAP net income, and non-GAAP diluted earnings per share, and reflect adjustments for the impact of share-based compensation expense, certain items related to restructuring and severance charges and any associated adjustments and transaction and integration costs associated with the merger agreement with Veeco Instruments announced on October 1, 2025. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release. For further information regarding these non-GAAP financial measures, please refer to the tables presenting reconciliations of our non-GAAP results to our GAAP results and the "Notes on Our Non-GAAP Financial Information" at the end of this press release. Safe Harbor Statement This press release contains, and the conference call will contain, forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions, including with respect to the imposition of tariffs on our products or components of our products, could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission. About Axcelis Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 45 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.
Page 3
CONTACTS: Investor Relations Contact: David Ryzhik Senior Vice President and Interim CFO Telephone: (978) 787-2352 Email: David.Ryzhik@axcelis.com Press/Media Relations Contact: Maureen Hart Senior Director, Corporate & Marketing Communications Telephone: (978) 787-4266 Email: Maureen.Hart@axcelis.com Axcelis Technologies,Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) Three months ended Nine months ended September 30, September 30, 2026 2025 2026 2025 Revenue 237,781 213,611 651,912 600,718 Cost of revenue 140,357 124,805 382,717 335,802 Gross profit 97,424 88,806 269,195 264,916 Operating expenses: Research and development 30,177 24,640 87,670 78,832 Sales and marketing 16,834 15,838 53,742 45,965 General and administrative 23,070 23,308 72,208 56,976 Total operating expenses 70,081 63,786 213,620 181,773 Income from operations 27,343 25,020 55,575 83,143 Other income (expense): Interest income 7,422 5,465 16,459 16,547 Interest expense (1,960) (1,305) (4,514) (4,028) Other, net 3,203 970 4,461 2,569 Total other income 8,665 5,130 16,406 15,088 Income before income taxes 36,008 30,150 71,981 98,231 Income tax (benefit) provision (1,751) 4,164 1,717 12,290 Net income $ 37,759 $ 25,986 $ 70,264 $ 85,941 Net income per share: Basic $ 1.22 $ 0.83 $ 2.28 $ 2.70 Diluted $ 1.21 $ 0.83 $ 2.26 $ 2.70 Shares used in computing net income per share: Basic weighted average shares of common stock 30,882 31,287 30,804 31,796 Diluted weighted average shares of common stock 31,105 31,450 31,089 31,863 Beginning in the third quarter of 2026, Axcelis will no longer separately present revenue and cost of revenue attributable to Services, which represents a small percentage of Axcelis' overall business.
Page 4
Axcelis Technologies,Inc. Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) September 30, December 31, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 190,769 $ 145,451 Short-term investments 281,588 228,802 Accounts receivable, net 154,713 168,479 Inventories, net 376,341 329,010 Prepaid income taxes 7,604 4,658 Prepaid expenses and other current assets 88,935 66,802 Total current assets 1,099,950 943,202 Property, plant and equipment, net 59,468 56,146 Operating lease assets 27,993 28,927 Finance lease assets, net 13,198 14,154 Long-term restricted cash 10,638 10,627 Deferred income taxes 79,268 79,895 Long-term investments 142,982 182,396 Other assets 44,015 46,004 Total assets $ 1,477,512 $ 1,361,351 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 78,632 $ 42,309 Accrued compensation 28,103 34,233 Warranty 10,615 9,516 Income taxes 5,873 11,383 Deferred revenue 95,620 65,494 Current portion of finance lease obligation 1,799 1,575 Other current liabilities 27,755 33,150 Total current liabilities 248,397 197,660 Long-term finance lease obligation 39,367 40,754 Long-term deferred revenue 42,424 43,445 Other long-term liabilities 34,090 44,815 Total liabilities 364,278 326,674 Stockholders' equity: Common stock, $0.001 par value, 75,000 shares authorized; 30,884 shares issued and outstanding at September 30, 2026; 30,717 shares issued andoutstanding at December 31, 2025 31 31 Additional paid-in capital 542,467 533,309 Retained earnings 573,803 503,539 Accumulated other comprehensive loss (3,067) (2,202) Total stockholders' equity 1,113,234 1,034,677 Total liabilities and stockholders' equity $ 1,477,512 $ 1,361,351
Page 5
Axcelis Technologies,Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three months ended Nine months ended September 30, September 30, 2026 2025 2026 2025 Cash flows from operating activities Net income $ 37,759 $ 25,986 $ 70,264 $ 85,941 Adjustments to reconcile net income to net cashprovided by operating activities: Depreciation and amortization 4,489 4,328 13,364 13,152 Stock-based compensation expense 6,467 5,344 17,791 15,668 Other (11,324) 6,907 (8,165) (4,110) Change in other assets and liabilities, net 2,830 2,785 (16,521) 14,221 Net cash provided by operating activities 40,221 45,350 76,733 124,872 Cash flows from investing activities Expenditures for property, plant and equipment and capitalized software (2,504) (2,015) (7,897) (8,960) Other changes in investing activities, net (3,644) 3,393 (14,987) 46,194 Net cash (used in) provided by investing activities (6,148) 1,378 (22,884) 37,234 Cash flows from financing activities Repurchase of common stock — (32,335) — (95,850) Other changes from financing activities, net (558) (440) (9,806) (4,022) Net cash used in financing activities (558) (32,775) (9,806) (99,872) Effect of exchange rate changes on cash and cashequivalents 2,263 (106) 1,286 1,829 Net increase in cash, cash equivalents and restrictedcash 35,778 13,847 45,329 64,063 Cash, cash equivalents and restricted cash atbeginning of period 165,629 181,280 156,078 131,064 Cash, cash equivalents and restricted cash at end of period $ 201,407 $ 195,127 $ 201,407 $ 195,127
Page 6
Axcelis Technologies,Inc. Schedule Reconciling Selected Non-GAAP Financial Measures (In thousands, except per share amounts) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 GAAP gross Profit $97,424 $ 88,806 $ 269,195 $ 264,916 Restructuring1 — — — 226 Stock-based compensation 605 499 1,802 1,421 Non-GAAP gross profit $98,029 $ 89,305 $ 270,997 $ 266,563 Non-GAAP gross margin 41.2 % 41.8 % 41.6 % 44.4 % GAAP operating expense $70,081 $ 63,786 $ 213,620 $ 181,773 Transaction and integration2 (4,967) (8,274) (20,192) (8,274) Bad debt expense — — (65) — Restructuring1 — (236) — (1,130) Other3 (781) — (781) — Stock-based compensation (5,862) (4,845) (15,989) (14,247) Non-GAAP operating expense $58,471 $ 50,431 $ 176,593 $ 158,122 GAAP operating income $27,343 $ 25,020 $ 55,575 $ 83,143 Transaction and integration2 4,967 8,274 20,192 8,274 Bad debt expense — — 65 — Restructuring1 — 236 — 1,356 Other3 781 — 781 — Stock-based compensation 6,467 5,344 17,791 15,668 Non-GAAP operating income $39,558 $ 38,874 $ 94,404 $ 108,441 Non-GAAP operating margin 16.6 % 18.2 % 14.5 % 18.1 % GAAP other income (expense) $ 8,665 $ 5,130 $ 16,406 $ 15,088 Discrete tax related items4 (1,726) — (1,726) — Non-GAAP other income $ 6,939 $ 5,130 $ 14,680 $ 15,088 GAAP income tax (benefit) provision $(1,751) $ 4,164 $ 1,717 $ 12,290 Discrete tax related items4 7,565 — 7,565 — Income tax effect of non-GAAP adjustments5 1,468 1,940 5,194 3,542 Non-GAAP income tax provision $ 7,282 $ 6,104 $ 14,476 $ 15,832 GAAP net income $37,759 $ 25,986 $ 70,264 $ 85,941 Transaction and integration2 4,967 8,274 20,192 8,274 Bad debt expense — — 65 — Restructuring1 — 236 — 1,356 Other3 781 — 781 — Discrete tax related items4 (9,291) — (9,291) — Stock-based compensation 6,467 5,344 17,791 15,668 Income tax effect of non-GAAP adjustments5 (1,468) (1,940) (5,194) (3,542) Non-GAAP net income $39,215 $ 37,900 $ 94,608 $ 107,697 GAAP diluted EPS $ 1.21 $ 0.83 $ 2.26 $ 2.70 Transaction and integration2 0.16 0.26 0.65 0.26 Bad debt expense — — — — Restructuring1 — 0.01 — 0.04 Other3 0.03 — 0.03 — Discrete tax related items4 (0.30) — (0.30) — Stock-based compensation 0.21 0.17 0.57 0.49 Income tax effect of non-GAAP adjustments5 (0.05) (0.06) (0.17) (0.11) Non-GAAP diluted EPS $ 1.26 $ 1.21 $ 3.04 $ 3.38
Page 7
Note 1: Restructuring and other costs primarily related to early retirement programs and severance costs, due to global cost-saving initiatives. Note 2: Transaction and integration costs include expenses associated with the merger agreement with Veeco Instruments, announcedon October 1, 2025. Note 3. Other costs include miscellaneous tax related items. Note 4. Discrete items related to tax audits, including changes in uncertain tax positions and associated interest and penalties. Note 5. Impact of taxes from non-GAAP adjustments, uses adjusted tax rate of 14%. Figures may not sum due to rounding. Axcelis Technologies,Inc. Reconciliation of Net Income to Adjusted EBITDA (In thousands, except percentages) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net Income $37,759 $ 25,986 $ 70,264 $ 85,941 Other (income) expense (8,665) (5,130) (16,406) (15,088) Income tax (benefit) provision (1,751) 4,164 1,717 12,290 Depreciation & amortization 4,489 4,328 13,364 13,152 Subtotal 31,832 29,348 68,939 96,295 Transaction and integration1 4,967 8,274 20,192 8,274 Bad debt expense — — 65 — Restructuring2 — 236 — 1,356 Other3 781 — 781 — Stock-based compensation 6,467 5,344 17,791 15,668 Adjusted EBITDA $44,047 $ 43,202 $ 107,768 $ 121,593 Adjusted EBITDA margin 18.5 % 20.2 % 16.5 % 20.2 % Note 1: Transaction and integration costs include expenses associated with the merger agreement with Veeco Instruments, announcedon October 1, 2025. Note 2: Restructuring and other costs primarily related to early retirement programs and severance costs, due to global cost-saving initiatives. Note 3. Other costs include miscellaneous tax related items. Axcelis Technologies, Inc. Fourth Quarter 2026 Outlook GAAP to Non-GAAP Diluted Earnings Per Share Three months ended December 31, 2026 GAAP diluted EPS $ 1.15 Transaction and Integration1 0.19 Stock-based compensation 0.22 Income tax effect of non-GAAP adjustments2 (0.06) Non-GAAP diluted EPS $ 1.50 Note 1: Transaction and Integration costs include expenses associated with the merger agreement with Veeco Instruments, announcedon October 1, 2025. Note 2: Impact of taxes from non-GAAP adjustments, uses adjusted tax rate of 14%. View original content to download multimedia:https://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for- third-quarter-2026-302930211.html SOURCE Axcelis Technologies, Inc. Source investor.axcelis.com Captured5 nov. 2026 13:12 https://investor.axcelis.com/news-releases/news-release-details/axcelis-announces-financial-results-third-quarter-2026