Q2 2026 Highlights:
Revenue of $215.2 millionGAAP 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
outstanding at June 30, 2026; 30,717 shares issued and outstanding at December 31, 2025
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
activities:
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
adjustments3
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
adjustments3
(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
adjustments3
(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.
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