Axcelis Announces Financial Results for Second Quarter 2026
PR Newswire
BEVERLY, Mass., Aug. 6, 2026
Q2 2026 Highlights:
- Revenue of $215.2 million
- GAAP Gross Margin of 42.4%, and Non-GAAP Gross Margin of 42.7%
- GAAP Operating Margin of 9.4% and Non-GAAP Operating Margin of 14.7%
- GAAP Diluted Earnings Per Share of $0.75, and Non-GAAP Diluted Earnings Per Share of $1.06
BEVERLY, Mass., Aug. 6, 2026 /PRNewswire/ — Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter ended June 30, 2026.
President and CEO Russell Low commented, “We executed well in the second quarter, delivering results that exceeded our forecasts driven by stronger system shipments and higher CS&I volume.” Low continued, “Demand in the Memory market remains robust, and we are also benefitting from positive momentum in our Power market. In General Mature, we are encouraged by improving engagement and utilization trends as customers respond to growing end-demand in data center, industrial and automotive segments. As a result, we now expect to deliver year-over-year revenue growth in 2026, with momentum carrying through to 2027. We are focused on satisfying the remaining conditions to complete our pending merger with Veeco and look forward to closing the transaction in the second half of 2026.”
Senior Vice President and Interim CFO David Ryzhik stated, “Axcelis delivered better than expected revenue and operating income in our second quarter, reflecting the attractive operating leverage in our business.” Ryzhik concluded, “With improving systems demand in our markets and continued strength in our CS&I aftermarket business, we anticipate that Axcelis’ financial performance will continue to improve over the balance of 2026.”
|
Results Summary |
||||||
|
(In thousands, except per share amounts and percentages) |
||||||
|
Three months ended June 30, |
||||||
|
2026 |
2025 |
|||||
|
Revenue |
$ |
215,175 |
$ |
194,544 |
||
|
Gross margin |
42.4 % |
44.9 % |
||||
|
Operating margin |
9.4 % |
14.9 % |
||||
|
Net income |
$ |
23,291 |
$ |
31,376 |
||
|
Diluted earnings per share |
$ |
0.75 |
$ |
0.98 |
||
|
Non-GAAP Results |
Three months ended June 30, |
|||||
|
2026 |
2025 |
|||||
|
Non-GAAP gross margin |
42.7 % |
45.2 % |
||||
|
Non-GAAP operating margin |
14.7 % |
17.7 % |
||||
|
Adjusted EBITDA |
$ |
35,972 |
$ |
38,872 |
||
|
Non-GAAP net income |
$ |
32,968 |
$ |
36,013 |
||
|
Non-GAAP diluted earnings per share |
$ |
1.06 |
$ |
1.13 |
||
Business Outlook
For the third quarter ending September 30, 2026, Axcelis expects revenues of approximately $230 million, GAAP earnings per diluted share of approximately $0.76, and non-GAAP earnings per share of approximately $1.11.
Please refer to Third 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.
Second Quarter 2026 Conference Call
The Company will host a call to discuss the results for the second 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/BIf61211144e3b4baeb4c13ba3b1f529fa
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 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.
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 |
Six months ended |
||||||||||||
|
June 30, |
June 30, |
||||||||||||
|
2026 |
2025 |
2026 |
2025 |
||||||||||
|
Revenue: |
|||||||||||||
|
Product |
$ |
200,488 |
$ |
183,402 |
$ |
388,497 |
$ |
366,226 |
|||||
|
Services |
14,687 |
11,142 |
25,634 |
20,881 |
|||||||||
|
Total revenue |
215,175 |
194,544 |
414,131 |
387,107 |
|||||||||
|
Cost of revenue: |
|||||||||||||
|
Product |
106,998 |
95,462 |
212,734 |
189,962 |
|||||||||
|
Services |
16,988 |
11,739 |
29,627 |
21,034 |
|||||||||
|
Total cost of revenue |
123,986 |
107,201 |
242,361 |
210,996 |
|||||||||
|
Gross profit |
91,189 |
87,343 |
171,770 |
176,111 |
|||||||||
|
Operating expenses: |
|||||||||||||
|
Research and development |
28,977 |
27,064 |
57,493 |
54,192 |
|||||||||
|
Sales and marketing |
19,554 |
15,003 |
36,908 |
30,127 |
|||||||||
|
General and administrative |
22,377 |
16,311 |
49,138 |
33,668 |
|||||||||
|
Total operating expenses |
70,908 |
58,378 |
143,539 |
117,987 |
|||||||||
|
Income from operations |
20,281 |
28,965 |
28,231 |
58,124 |
|||||||||
|
Other income (expense): |
|||||||||||||
|
Interest income |
4,575 |
5,481 |
9,037 |
11,082 |
|||||||||
|
Interest expense |
(1,263) |
(1,355) |
(2,554) |
(2,722) |
|||||||||
|
Other, net |
1,755 |
1,906 |
1,259 |
1,597 |
|||||||||
|
Total other income |
5,067 |
6,032 |
7,742 |
9,957 |
|||||||||
|
Income before income taxes |
25,348 |
34,997 |
35,973 |
68,081 |
|||||||||
|
Income tax provision |
2,057 |
3,621 |
3,468 |
8,126 |
|||||||||
|
Net income |
$ |
23,291 |
$ |
31,376 |
$ |
32,505 |
$ |
59,955 |
|||||
|
Net income per share: |
|||||||||||||
|
Basic |
$ |
0.76 |
$ |
0.99 |
$ |
1.06 |
$ |
1.87 |
|||||
|
Diluted |
$ |
0.75 |
$ |
0.98 |
$ |
1.05 |
$ |
1.87 |
|||||
|
Shares used in computing net income per share: |
|||||||||||||
|
Basic weighted average shares of common stock |
30,805 |
31,847 |
30,764 |
32,051 |
|||||||||
|
Diluted weighted average shares of common stock |
31,134 |
31,882 |
31,084 |
32,103 |
|||||||||
|
Axcelis Technologies, Inc. |
|||||||
|
Consolidated Balance Sheets |
|||||||
|
(In thousands, except per share amounts) |
|||||||
|
(Unaudited) |
|||||||
|
June 30, |
December 31, |
||||||
|
2026 |
2025 |
||||||
|
ASSETS |
|||||||
|
Current assets: |
|||||||
|
Cash and cash equivalents |
$ |
154,996 |
$ |
145,451 |
|||
|
Short-term investments |
247,220 |
228,802 |
|||||
|
Accounts receivable, net |
154,149 |
168,479 |
|||||
|
Inventories, net |
338,174 |
329,010 |
|||||
|
Prepaid income taxes |
4,863 |
4,658 |
|||||
|
Prepaid expenses and other current assets |
80,369 |
66,802 |
|||||
|
Total current assets |
979,771 |
943,202 |
|||||
|
Property, plant and equipment, net |
58,022 |
56,146 |
|||||
|
Operating lease assets |
27,568 |
28,927 |
|||||
|
Finance lease assets, net |
13,516 |
14,154 |
|||||
|
Long-term restricted cash |
10,633 |
10,627 |
|||||
|
Deferred income taxes |
78,815 |
79,895 |
|||||
|
Long-term investments |
174,829 |
182,396 |
|||||
|
Other assets |
43,684 |
46,004 |
|||||
|
Total assets |
$ |
1,386,838 |
$ |
1,361,351 |
|||
|
Current liabilities: |
|||||||
|
Accounts payable |
$ |
58,807 |
$ |
42,309 |
|||
|
Accrued compensation |
20,010 |
34,233 |
|||||
|
Warranty |
9,634 |
9,516 |
|||||
|
Income Taxes |
2,833 |
11,383 |
|||||
|
Deferred revenue |
81,679 |
65,494 |
|||||
|
Current portion of finance lease obligation |
1,722 |
1,575 |
|||||
|
Other current liabilities |
25,416 |
33,150 |
|||||
|
Total current liabilities |
200,101 |
197,660 |
|||||
|
Long-term finance lease obligation |
39,845 |
40,754 |
|||||
|
Long-term deferred revenue |
36,863 |
43,445 |
|||||
|
Other long-term liabilities |
44,208 |
44,815 |
|||||
|
Total liabilities |
321,017 |
326,674 |
|||||
|
Stockholders’ equity: |
|||||||
|
Common stock, $0.001 par value, 75,000 shares authorized; 30,881 shares issued and |
31 |
31 |
|||||
|
Additional paid-in capital |
536,152 |
533,309 |
|||||
|
Retained earnings |
536,044 |
503,539 |
|||||
|
Accumulated other comprehensive loss |
(6,406) |
(2,202) |
|||||
|
Total stockholders’ equity |
1,065,821 |
1,034,677 |
|||||
|
Total liabilities and stockholders’ equity |
$ |
1,386,838 |
$ |
1,361,351 |
|||
|
Axcelis Technologies, Inc. |
||||||||||||||||||
|
Condensed Consolidated Statements of Cash Flows |
||||||||||||||||||
|
(In thousands) |
||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||
|
Three months ended |
Six months ended |
|||||||||||||||||
|
June 30, |
June 30, |
|||||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||||
|
Cash flows from operating activities |
||||||||||||||||||
|
Net income |
$ |
23,291 |
$ |
31,376 |
$ |
32,505 |
$ |
59,955 |
||||||||||
|
Adjustments to reconcile net income to net cash provided by operating |
||||||||||||||||||
|
Depreciation and amortization |
4,439 |
4,515 |
8,875 |
8,824 |
||||||||||||||
|
Stock-based compensation expense |
6,425 |
5,421 |
11,324 |
10,324 |
||||||||||||||
|
Other |
(645) |
(9,335) |
3,160 |
(11,017) |
||||||||||||||
|
Change in other assets and liabilities, net |
(15,137) |
7,750 |
(19,352) |
11,436 |
||||||||||||||
|
Net cash provided by operating activities |
18,373 |
39,727 |
36,512 |
79,522 |
||||||||||||||
|
Cash flows from investing activities |
||||||||||||||||||
|
Expenditures for property, plant and equipment and capitalized software |
(3,554) |
(1,985) |
(5,393) |
(6,945) |
||||||||||||||
|
Other changes in investing activities, net |
(2,543) |
(2,628) |
(11,343) |
42,801 |
||||||||||||||
|
Net cash (used in) provided by investing activities |
(6,097) |
(4,613) |
(16,736) |
35,856 |
||||||||||||||
|
Cash flows from financing activities |
||||||||||||||||||
|
Repurchase of common stock |
(244) |
(45,337) |
(244) |
(63,515) |
||||||||||||||
|
Other changes from financing activities, net |
(7,608) |
(1,650) |
(9,005) |
(3,582) |
||||||||||||||
|
Net cash used in financing activities |
(7,852) |
(46,987) |
(9,249) |
(67,097) |
||||||||||||||
|
Effect of exchange rate changes on cash and cash equivalents |
(252) |
1,643 |
(976) |
1,935 |
||||||||||||||
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
4,172 |
(10,230) |
9,551 |
50,216 |
||||||||||||||
|
Cash, cash equivalents and restricted cash at beginning of period |
161,457 |
191,510 |
156,078 |
131,064 |
||||||||||||||
|
Cash, cash equivalents and restricted cash at end of period |
$ |
165,629 |
$ |
181,280 |
$ |
165,629 |
$ |
181,280 |
||||||||||
|
Axcelis Technologies, Inc. |
|||||||||||||||||||||
|
Schedule Reconciling Selected Non-GAAP Financial Measures |
|||||||||||||||||||||
|
(In thousands, except per share amounts) |
|||||||||||||||||||||
|
Three months ended June 30, |
Six months ended June 30, |
||||||||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
||||||||||||||||||
|
GAAP gross Profit |
$ |
91,189 |
$ |
87,343 |
$ |
171,770 |
$ |
176,111 |
|||||||||||||
|
Restructuring1 |
— |
— |
— |
226 |
|||||||||||||||||
|
Stock-based compensation |
755 |
569 |
1,197 |
922 |
|||||||||||||||||
|
Non-GAAP gross profit |
$ |
91,944 |
$ |
87,912 |
$ |
172,967 |
$ |
177,259 |
|||||||||||||
|
Non-GAAP gross margin |
42.7 % |
45.2 % |
41.8 % |
45.8 % |
|||||||||||||||||
|
GAAP operating expense |
$ |
70,908 |
$ |
58,378 |
$ |
143,539 |
$ |
117,987 |
|||||||||||||
|
Transaction and integration2 |
(4,827) |
— |
(15,225) |
(481) |
|||||||||||||||||
|
Bad debt expense |
— |
— |
(65) |
— |
|||||||||||||||||
|
Restructuring1 |
— |
29 |
— |
(894) |
|||||||||||||||||
|
Stock-based compensation |
(5,670) |
(4,852) |
(10,127) |
(9,402) |
|||||||||||||||||
|
Non-GAAP operating expense |
$ |
60,411 |
$ |
53,555 |
$ |
118,122 |
$ |
107,210 |
|||||||||||||
|
GAAP operating income |
$ |
20,281 |
$ |
28,965 |
$ |
28,231 |
$ |
58,124 |
|||||||||||||
|
Transaction and integration2 |
4,827 |
— |
15,225 |
481 |
|||||||||||||||||
|
Bad debt expense |
— |
— |
65 |
— |
|||||||||||||||||
|
Restructuring1 |
— |
(29) |
— |
1,120 |
|||||||||||||||||
|
Stock-based compensation |
6,425 |
5,421 |
11,324 |
10,324 |
|||||||||||||||||
|
Non-GAAP operating income |
$ |
31,533 |
$ |
34,357 |
$ |
54,845 |
$ |
70,049 |
|||||||||||||
|
Non-GAAP operating margin |
14.7 % |
17.7 % |
13.2 % |
18.1 % |
|||||||||||||||||
|
GAAP income tax provision |
$ |
2,057 |
$ |
3,621 |
$ |
3,468 |
$ |
8,126 |
|||||||||||||
|
Income tax effect of non-GAAP |
1,575 |
755 |
3,726 |
1,670 |
|||||||||||||||||
|
Non-GAAP income tax provision |
$ |
3,632 |
$ |
4,376 |
$ |
7,194 |
$ |
9,796 |
|||||||||||||
|
GAAP net income |
$ |
23,291 |
$ |
31,376 |
$ |
32,505 |
$ |
59,955 |
|||||||||||||
|
Transaction and integration2 |
4,827 |
— |
15,225 |
481 |
|||||||||||||||||
|
Bad debt expense |
— |
— |
65 |
— |
|||||||||||||||||
|
Restructuring1 |
— |
(29) |
— |
1,120 |
|||||||||||||||||
|
Stock-based compensation |
6,425 |
5,421 |
11,324 |
10,324 |
|||||||||||||||||
|
Income tax effect of non-GAAP |
(1,575) |
(755) |
(3,726) |
(1,670) |
|||||||||||||||||
|
Non-GAAP net income |
$ |
32,968 |
$ |
36,013 |
$ |
55,393 |
$ |
70,210 |
|||||||||||||
|
GAAP diluted EPS |
$ |
0.75 |
$ |
0.98 |
$ |
1.05 |
$ |
1.87 |
|||||||||||||
|
Transaction and integration2 |
0.16 |
— |
0.49 |
.01 |
|||||||||||||||||
|
Bad debt expense |
— |
— |
— |
— |
|||||||||||||||||
|
Restructuring1 |
— |
— |
— |
0.03 |
|||||||||||||||||
|
Stock-based compensation |
0.21 |
0.17 |
0.36 |
0.32 |
|||||||||||||||||
|
Income tax effect of non-GAAP |
(0.05) |
(0.02) |
(0.12) |
(0.05) |
|||||||||||||||||
|
Non-GAAP diluted EPS |
$ |
1.06 |
$ |
1.13 |
$ |
1.78 |
$ |
2.19 |
|||||||||||||
|
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, announced on October 1, 2025. Transaction and integration costs for the six months ended June 30, 2025 include $481,000 of expenses that were not reflected as a GAAP to Non-GAAP reconciliation line item when the Company reported second quarter 2025 results, given that they occurred prior to transaction announcement on October 1, 2025. |
|
Note 3: |
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 June 30, |
Six months ended June 30, |
|||||||||||||||||
|
2026 |
2025 |
2026 |
2025 |
|||||||||||||||
|
Net Income |
$ |
23,291 |
$ |
31,376 |
$ |
32,505 |
$ |
59,955 |
||||||||||
|
Other (income)/expense |
(5,067) |
(6,032) |
(7,742) |
(9,957) |
||||||||||||||
|
Income tax provision |
2,057 |
3,621 |
3,468 |
8,126 |
||||||||||||||
|
Depreciation & amortization |
4,439 |
4,515 |
8,875 |
8,824 |
||||||||||||||
|
Subtotal |
24,720 |
33,480 |
37,106 |
66,948 |
||||||||||||||
|
Transaction and integration1 |
4,827 |
— |
15,225 |
481 |
||||||||||||||
|
Bad debt expense |
— |
— |
65 |
— |
||||||||||||||
|
Restructuring2 |
— |
(29) |
— |
1,120 |
||||||||||||||
|
Stock-based compensation |
6,425 |
5,421 |
11,324 |
10,324 |
||||||||||||||
|
Adjusted EBITDA |
$ |
35,972 |
$ |
38,872 |
$ |
63,720 |
$ |
78,873 |
||||||||||
|
Adjusted EBITDA margin |
16.7 % |
20.0 % |
15.4 % |
20.4 % |
||||||||||||||
|
Note 1: |
Transaction and integration costs for the six months ended June 30, 2025 include $481,000 of expenses that were not reflected as a GAAP to Non-GAAP reconciliation line item when the Company reported second quarter 2025 results, given that they occurred prior to transaction announcement on October 1, 2025. |
|
Note 2: |
Restructuring and other costs primarily related to early retirement programs and severance costs, due to global cost-saving initiatives. |
|
Axcelis Technologies, Inc. Third Quarter 2026 Outlook GAAP to Non-GAAP Diluted Earnings Per Share |
||
|
Three months ended September 30, 2026 |
||
|
GAAP diluted EPS |
$ |
0.76 |
|
Transaction and Integration1 |
0.19 |
|
|
Stock-based compensation |
0.21 |
|
|
Income tax effect of non-GAAP adjustments2 |
(0.06) |
|
|
Non-GAAP diluted EPS |
$ |
1.11 |
|
Note 1: |
Transaction and Integration costs include expenses associated with the merger agreement with Veeco Instruments, announced on October 1, 2025. |
|
Note 2: |
Impact of taxes from non-GAAP adjustments, uses adjusted tax rate of 14%. |
|
Figures may not sum due to rounding. |
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SOURCE Axcelis Technologies, Inc.
