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Axcelis Announces Financial Results for Fourth Quarter and Full Year 2024

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Q4 Highlights:

Revenue of $252.4 millionOperating Margin of 21.6%Diluted earnings per share of $1.54

BEVERLY, Mass., Feb. 10, 2025 /PRNewswire/ — Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2024.

For the full year 2024, the Company reported revenue of $1.02 billion, compared with $1.13 billion for the full year 2023. Systems revenue for the year was $782.6 million, compared to $883.6 million in 2023. Operating profit was $210.8 million in 2024, compared to $265.8 million in 2023. Net income for the year was $201 million with diluted earnings per share of $6.15, compared to net income of $246.3 million and diluted earnings per share of $7.43 in 2023. Gross margin for the year was 44.7%, compared to 43.5% in 2023.

The Company reported fourth quarter revenue of $252.4 million, compared to $256.6 million for the third quarter of 2024. Gross margin for the quarter was 46.0%, compared to 42.9% in the third quarter. Operating profit for the quarter was $54.5 million, compared to $46.9 million for the third quarter. Net income for the quarter was $50 million, or $1.54 per diluted share, compared to $48.6 million, or $1.49 per diluted share in the third quarter.

President and CEO Russell Low commented, “Axcelis exited the year on a strong note, with fourth quarter revenue and profitability exceeding our expectations. As we look ahead to 2025, we anticipate a near term cyclical digestion period, as customers absorb the robust investments they’ve made into mature node capacity over the past few years – particularly in China. We are focused on capturing the long-term growth opportunities that lie ahead by investing in product innovation, managing our costs, and working closely with customers on their technology roadmaps – all of which will put us in an even stronger position for the next upturn.” 

Executive Vice President and Chief Financial Officer Jamie Coogan said, “We are pleased with our financial execution in 2024. Despite a decline in revenue, we were able to deliver higher gross margins, generate solid free cash flow, return capital to shareholders via buyback, and exit the year with a stronger balance sheet that allows us to invest during this cyclical digestion period and drive long term value creation.”

Business Outlook
For the first quarter ending March 31, 2025, Axcelis expects revenues of approximately $185 million, and earnings per diluted share of approximately $0.38.

Fourth Quarter and Full Year 2024 Conference Call
The Company will host a call to discuss the results for the fourth quarter and full year 2024 on Tuesday, February 11, 2025, 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.vevent.com/register/BIb4b94bbc1cf744869eeb20b9a9be88a7
Webcast replays will be available for 30 days following the call.

Safe Harbor Statement
This press release and the conference call 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 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, Investor Relations and Corporate Strategy
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 

Twelve months ended

December 31,

December 31,

2024

2023

2024

2023

Revenue:

Product

$

241,254

$

300,603

$

976,881

$

1,095,650

Services

11,163

9,685

40,984

34,954

Total revenue

252,417

310,288

1,017,865

1,130,604

Cost of revenue:

Product

125,402

163,801

524,451

608,112

Services

10,792

8,591

38,760

31,191

Total cost of revenue

136,194

172,392

563,211

639,303

Gross profit

116,223

137,896

454,654

491,301

Operating expenses:

Research and development

27,654

24,911

105,497

96, 907

Sales and marketing

16,563

16,659

68,046

62,805

General and administrative

17,475

17,275

70,317

65,794

Total operating expenses

61,692

58,845

243,860

225,506

Income from operations

54,531

79,051

210,794

265,795

Other income (expense):

Interest income

6,277

5,375

24,403

18,199

Interest expense

(1,444)

(1,320)

(5,462)

(5,347)

Other, net

(719)

4,300

539

(48)

Total other income

4,114

8,355

19,480

12,804

Income before income taxes

58,645

87,406

230,274

278,599

Income tax provision

8,689

16,350

29,282

32,336

Net income

$

49,956

$

71,056

$

200,992

$

246,263

Net income per share:

Basic

$

1.54

$

2.17

$

6.17

$

7.52

Diluted

$

1.54

$

2.15

$

6.15

$

7.43

Shares used in computing net income per share:

Basic weighted average shares of common stock

32,424

32,708

32,552

32,758

Diluted weighted average shares of common stock

32,514

33,031

32,704

33,165

 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

December 31,

December 31,

2024

2023

ASSETS

Current assets:

Cash and cash equivalents

$

123,512

$

167,297

Short-term investments

447,831

338,851

Accounts receivable, net

203,149

217,964

Inventories, net

282,225

306,482

Prepaid income taxes

6,420

—

Prepaid expenses and other current assets

60,471

49,397

Total current assets

1,123,608

1,079,991

Property, plant and equipment, net

53,784

53,971

Operating lease assets

29,621

30,716

Finance lease assets, net

15,346

16,632

Long-term restricted cash

7,552

6,654

Deferred income taxes

68,277

53,428

Other assets

50,593

40,575

Total assets

$

1,348,781

$

1,281,967

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

46,928

$

54,400

Accrued compensation

25,536

31,445

Warranty

13,022

14,098

Income taxes

—

6,164

Deferred revenue

94,673

164,677

Current portion of finance lease obligation

1,345

1,511

Other current liabilities

26,018

12,834

Total current liabilities

207,522

285,129

Long-term finance lease obligation

42,329

43,674

Long-term deferred revenue

43,501

46,208

Other long-term liabilities

42,639

42,074

Total liabilities

335,991

417,085

Stockholders’ equity:

Common stock, $0.001 par value, 75,000 shares authorized; 32,365 shares issued and outstanding at December 31, 2024; 32,685 shares issued and outstanding at December 31, 2023

32

33

Additional paid-in capital

548,654

547,189

Retained earnings

470,318

319,506

Accumulated other comprehensive loss

(6,214)

(1,846)

Total stockholders’ equity

1,012,790

864,882

Total liabilities and stockholders’ equity

$

1,348,781

$

1,281,967

 

Axcelis Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Three months ended

Twelve months ended

December 31,

December 31,

2024

2023

2024

2023

Cash flows from operating activities

Net income

$

49,956

$

71,056

$

200,992

$

246,263

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

4,267

3,581

15,809

13,069

Stock-based compensation expense

5,380

5,239

20,951

18,269

Other

(442)

(14,565)

(11,532)

(23,503)

Change in operating assets and liabilities, net

(46,381)

264

(85,402)

(97,229)

Net cash provided by operating activities

12,780

65,575

140,818

156,869

Cash flows from investing activities

Expenditures for property, plant and equipment and capitalized software

(4,658)

(10,153)

(12,181)

(20,656)

Other changes in investing activities, net

13,779

(16,526)

(96,545)

(80,202)

Net cash provided by (used in) investing activities

9,121

(26,679)

(108,726)

(100,858)

Cash flows from financing activities

Repurchase of common stock

(15,131)

(15,001)

(60,489)

(52,499)

Other changes from financing activities, net

588

(22)

(10,703)

(15,769)

Net cash used in financing activities

(14,543)

(15,023)

(71,192)

(68,268)

Effect of exchange rate changes on cash and cash equivalents

(3,013)

1,128

(3,787)

(139)

Net increase (decrease) in cash, cash equivalents and restricted cash

4,345

25,001

(42,887)

(12,396)

Cash, cash equivalents and restricted cash at end of period

$

131,064

$

173,951

$

131,064

$

173,951

 

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SOURCE Axcelis Technologies, Inc.

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HKAGE Showcases Gifted Students’ Learning Journeys at InnoCarnival 2026

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Promoting “Technology for Good” Through Innovation and Creativity 

HONG KONG, Oct. 24, 2026 /PRNewswire/ — The Hong Kong Academy for Gifted Education (HKAGE) has been invited to participate in InnoCarnival 2026, organised by the Innovation and Technology Commission. Under the theme “Technology for Good, Innovation for All”, HKAGE will showcase the learning journeys of gifted students who have completed programmes on AI robotic arms, underwater archaeology, etc., demonstrating how technology can be harnessed to address societal needs.

Having proactively aligned its work with the education development strategies of the Education Bureau (EDB), HKAGE fully supports the EDB’s Blueprint for Digital Education in Primary and Secondary Schools, which seeks to advance the digital transformation of school education in Hong Kong. Building on its Talent Development Model, HKAGE systematically develops programmes, provides diversified learning experiences and engages in cross-sector collaborations to nurture gifted talents equipped with innovative capabilities, technological literacy, and a strong sense of social responsibility. At the exhibition this year, HKAGE will present how students applied knowledge gained through gifted education programmes and learning experiences in areas such as artificial intelligence, quantum computing, environmental science, underwater archaeology and sustainable development to design socially conscious solutions. These experiences reflect the students’ ability to serve society with knowledge and respond creatively to diverse challenges.

Among the highlights is the learning journey of students in the “Artificial Intelligence Course: Creative AI Robotic Arm for Inclusion”. After acquiring foundational knowledge in artificial intelligence, robotics and sensor applications, students designed, tested and refined intelligent robotic arm prototypes through real-time data analysis and algorithms. With the aim of improving the quality of life for the elderly and caregivers, students explored various application scenarios for intelligent robotic arms. Another showcase features the “Environmental Science Course: Bat Echoes – Voices of the Night”. Through acoustic monitoring, the exhibition demonstrates how students recorded bat voices and analysed related activity data and characteristics. The programme enabled students to gain a deeper understanding of local biodiversity and explore practical approaches to ecological conservation.

The HKAGE exhibition booth also features an interactive photo-taking device, allowing visitors to take photos with different gifted programme themes and share the joy of learning.

On the first day of the exhibition, a “Build Your Own Glider Parent-Child Workshop” is specially organised by HKAGE for the visitors. Under the guidance of instructors and assisted by HKAGE students, participants will learn the basic principles of aerodynamics, including lift, gravity, thrust and drag. They will also learn to design, assemble and decorate their own gliders by using lightweight and durable materials, experiencing the joy of science and engineering.

Mr WONG Chung Po, Acting Executive Director of HKAGE, said: “The Academy is committed to providing gifted students with diversified learning platforms and encouraging them to transform knowledge into innovative practices that generate positive social impact. Participation in this exhibition not only provides students with a valuable learning experience that helps consolidate the knowledge acquired in gifted programmes, but also enables the public to better understand how gifted education nurtures a new generation of creative and socially responsible talents to jointly advance the philosophy of ‘Technology for Good’.”

InnoCarnival 2026 – The Hong Kong Academy for Gifted Education

Date:

24 Oct – 1 Nov

Venue:

The Hong Kong Science Park

Booth:

C08-09

Time:

10:00 – 17:00 (Mon to Fri)

10:00 – 18:00 (Sat & Sun)

 

About the HKAGE

Established in 2008 and subvented by the Education Bureau, the HKAGE offers gifted education services actively to local primary and secondary school students to unleash their potential. It also provides gifted education-related information and support for teachers, parents, and other relevant stakeholders.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/hkage-showcases-gifted-students-learning-journeys-at-innocarnival-2026-302918606.html

SOURCE Hong Kong Academy for Gifted Education

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LEAP Group Relaunches HumanView, a Growth Intelligence System Built to Explain Why Customers Behave the Way They Do

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Reimagined from the ground up, HumanView pairs statistical modeling with expert analysts to turn millions of real-world customer signals into business decisions

LOUISVILLE, Ky., Oct. 23, 2026 /PRNewswire/ — LEAP Group today announced the relaunch of HumanView, its growth intelligence service. The new version has been rebuilt from the ground up and now has a dedicated home at leapgroupnetwork.com/humanview.

HumanView analyzes what customers say and do across social platforms, e-commerce sites, review platforms, search behavior and user-generated content, including signals from Reddit, TikTok, YouTube, Meta, Amazon and Walmart+ that general AI tools cannot always access. Because the data reflects unprompted, real-world behavior, it avoids the response bias built into surveys and focus groups.

The service works in three layers. HumanView captures signals at scale, decodes millions of records through validated statistical models such as regression, correlation and clustering, and then relies on experienced analysts to interpret the patterns. Clients receive clear, human-validated insights instead of another dashboard.

“Machines find the patterns. Humans find the point,” said Alan Gilleo, CEO at LEAP Group. “The first version of HumanView showed us how much customers reveal when nobody is asking them questions. This version is built to explain why they act the way they do, and to put those answers in front of everyone making decisions, from product to service to marketing.”

HumanView focuses on three areas:

Growth Intelligence: customer motivations and how people perceive a brand and its competitors

Market and Category Intelligence: product pain points, service friction, unmet needs and competitive gaps

Audience Intelligence: new segments, positioning opportunities and gaps in the market

Every model is designed and validated by data scientists and benchmarked before it informs a recommendation.

To learn more about HumanView, visit leapgroupnetwork.com/humanview.

About LEAP Group
LEAP Group is a boutique marketing agency holding company with offices in Louisville, Indianapolis, Cincinnati and Chicago. Guided by the belief that brands should “Market Less. Matter More.,” LEAP gives clients access to specialized experts across its entire network. Learn more at leapgroupnetwork.com.

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SOURCE LEAP Group

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STEPHEN A. SMITH ADDRESSES WHITE HOUSE DINNER ATTENDANCE, REAFFIRMS COMMITMENT TO HBCUs AND PROTECTING CORPORATE INVESTMENT IN BLACK EDUCATION

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Stephen A. Smith, media mogul, New York Times bestselling author, and proud 1991 graduate of Winston-Salem State University, is addressing the public discussion surrounding his decision to attend a White House dinner with President Donald Trump, emphasizing his commitment to the long-term financial stability of Historically Black Colleges and Universities (HBCUs).

For Smith, the decision was rooted in a commitment to institutions that have educated generations of Black leaders, professionals, entrepreneurs, and public servants.

“I will always advocate for HBCUs and the students whose futures depend on them,” Smith said. “My reason for attending the White House dinner was to discuss the challenges these institutions face in securing long-term funding and to make the case that corporate America must continue to invest in them.”

Smith acknowledged federal support through the FUTURE Act while expressing concern that political tensions surrounding diversity, equity, and inclusion (DEI) could discourage private companies from supporting HBCUs. He maintains that these institutions deserve sustained corporate partnerships, philanthropic contributions, and public investment.

“If we truly believe in free-market capitalism, businesses should be able to support educational institutions and charitable causes without fear of criticism or repercussions,” Smith said. “HBCUs have made extraordinary contributions to this country. They deserve sustained public and private investment.”

Ashley Christopher, Esq., Founder and CEO of the HBCU Week Foundation, recognized Smith’s advocacy and decision to engage with the administration.

“Stephen A. Smith has been a powerful advocate for HBCUs, using his platform and influence to shine a national spotlight on our institutions,” expressed Christopher, “His continued support of HBCU Week helps advance our mission of connecting students with life-changing educational opportunities, and we are proud to have him as our ambassador.”

Since Smith became an HBCU Week Ambassador in 2019, the initiative has facilitated more than 15,000 on-the-spot college acceptances and raised and awarded more than $150 million in scholarships, according to the HBCU Week Foundation.

As public discussion continues, Smith is emphasizing the importance of ensuring HBCUs have the resources and partnerships needed to educate future generations and expand opportunities for students.

CLICK HERE to watch Smith’s full response to his White House visit.

MEDIA CONTACT:

media@mrsasinc.com

View original content:https://www.prnewswire.com/news-releases/stephen-a-smith-addresses-white-house-dinner-attendance-reaffirms-commitment-to-hbcus-and-protecting-corporate-investment-in-black-education-302918547.html

SOURCE Straight Shooter Media

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