Technology

Scaling Autonomous Freight: Inside Pony.ai’s Robotruck Business

Published

2 hours ago

August 6, 2026

From Gen-4 heavy-duty trucks to L4 urban delivery vehicles, shared technology, automotive-grade production and industry partnerships are shaping the next phase of Pony.ai’s autonomous freight business

GUANGZHOU, CHINA, Aug. 6, 2026 /PRNewswire/ — At a media briefing on August 3, He Xing, Vice President of Pony.ai and Head of the company’s Robotruck business, discussed how nearly a decade of technology development in L4 autonomous driving is beginning to support broader commercial deployment in freight transportation.

Over the next two to three years, Pony.ai expects 500 to 1,000 Gen-4 autonomous heavy-duty trucks to be deployed across three primary scenarios in China: long-haul freight, bulk commodity transportation and port logistics. Pony.ai also expects light-duty trucks to scale faster, with a longer-term goal of reaching 100,000 L4 autonomous light-duty trucks by 2030.

The targets reflect several developments coming together: a more mature autonomous driving system, lower hardware costs, automotive-grade redundant vehicle platforms and deeper collaboration with vehicle manufacturers and logistics operators.

Why freight, and why now

Pony.ai began developing autonomous trucks in 2018. The first vehicles were largely hand-built prototypes. Subsequent generations moved progressively closer to automotive-grade production through partnerships with truck manufacturers. The question gradually shifted from whether the technology could work to where and under what conditions, it could create the most operational value.

Road freight presents a clear need. The industry faces persistent structural pressures, including a shortage of qualified heavy-duty truck drivers, an aging workforce and sharp fluctuations in demand during peak seasons. Long hours, overnight driving and demanding routes can also increase fatigue-related safety risks. L4 autonomy can help supplement freight capacity, particularly on repetitive routes and during overnight or peak-demand periods that are difficult to staff, while supporting safer, more consistent operations.

Turning that potential into scaled operations, however, requires more than technical capability. Autonomous driving systems must also be safe, reliable, ready for automotive-grade production and commercially viable at scale. For Pony.ai, the timing of large-scale deployment has therefore also depended on bringing down the cost of the autonomous driving system.

“We had been waiting for the right moment,” He said. “Our truck technology had already reached a high level, but the cost of building an L4 Robotruck remained high. The reduction in ADK costs benefited both heavy- and light-duty trucks. That is why we did not rush into large-scale production earlier.”

Pony.ai’s Gen-4 autonomous heavy-duty truck has reduced autonomous driving hardware costs by approximately 70% compared with the previous generation. Developed for automotive-grade mass production, the vehicle is designed for a service life of 20,000 operating hours or up to 1 million kilometers.

The Robotruck business has already moved beyond technology testing. As of November 2025, Pony.ai operated a fleet of around 200 trucks and had transported more than 1 billion ton-kilometers of freight. In the first quarter of 2026, Robotruck services generated US$10.2 million in revenue, up 31% from a year earlier, driven primarily by the expansion of commercial operations.

Two vehicle platforms across the freight network

Pony.ai’s current Robotruck strategy covers both heavy-duty trucks and light-duty trucks, reflecting the different roles they play across the freight network.

Heavy-duty trucks are designed primarily for transportation between logistics hubs, including long-haul highway freight, bulk commodity routes and port transportation. Pony.ai’s Gen-4 models are based on battery-electric platforms and support both single-vehicle autonomous operation and L4 platooning, depending on the requirements of each operating environment.

Production of the Gen-4 heavy-duty trucks is now underway. Vehicles are expected to roll off the production line in batches and enter commercial service across several use cases over the coming months.

Shenzhen’s Mawan Port will be among the first deployment sites. Pony.ai has secured a project there and expects to deploy dozens of Gen-4 Robotrucks for commercial operations. Ports represent one of the three priority scenarios for the platform, alongside highway freight and bulk commodity transportation in western China.

Light-duty trucks address a different part of the logistics chain. They are commonly used between urban distribution centers, retail stores, delivery outlets and cold-chain facilities—environments that overlap substantially with the complex urban road conditions in which Pony.ai’s Robotaxis already operate.

Pony.ai introduced its first L4 autonomous light-duty truck in April 2026. Co-developed with CATL and built on CATL’s Kunshi Chassis Platform, the vehicle uses automotive-grade components and a fully redundant safety architecture. It offers approximately 18 cubic meters of cargo space and is intended for both urban and intercity freight.

The first vehicles have now entered intensive road testing in operating environments provided by logistics partners. Initial use cases include express delivery, retail distribution and food and beverage cold-chain logistics. Pony.ai plans to pursue the regulatory approvals required for fully driverless operation as testing and validation progress.

Based on current operating assumptions, Pony.ai estimates that fully driverless light-duty trucks could reduce per-kilometer operating costs by 40% to 50% compared with conventional human-driven operations. The vehicle can also carry 2.6 times the cargo volume of mainstream low-speed autonomous delivery vehicles, while operating at speeds suitable for regular urban and intercity roads.

One Virtual Driver across vehicle types

Pony.ai’s approach is built around applying the same underlying Virtual Driver technology across Robotaxis, heavy-duty trucks and light-duty trucks.

The light-duty truck uses the same core technology stack as Pony.ai’s Gen-7 Robotaxi. Because the two platforms operate in many of the same urban environments, they can also share supporting infrastructure and operating capabilities, including charging, ground support, service centers, fleet management and remote assistance. Pony.ai estimates that the overall technological and operational synergies between the two platforms exceed 90%.

Heavy-duty trucks require more vehicle-specific adaptation. Their size, weight, mechanical structure and longer braking distances create different control requirements, while highway and bulk commodity routes introduce operating conditions not commonly encountered by passenger vehicles. Even so, the core capabilities used to understand traffic, interact with other road users and make driving decisions draw on the same underlying technology and development methodology.

Data and operating experience from the different vehicle platforms also contribute to a shared development loop. PonyWorld 2.0, Pony.ai’s proprietary world model, is designed to identify areas where the Virtual Driver requires further improvement, guide targeted data collection and support more efficient training and evaluation.

“Autonomous driving has to progress step by step—from technology driving product development, to the product enabling a business model, and ultimately to that model reshaping the industry,” He said.

The shared safety architecture is equally important. Pony.ai’s current Robotaxi, heavy-duty truck and light-duty truck platforms use redundant systems covering steering, braking, communication, power supply, computing and sensing. This fail-operational design allows a vehicle to maintain core driving functions and select an appropriate location to pull over safely if certain hardware or software components fail.

A partner-led route to scale

Scaling autonomous freight requires more than producing vehicles. It also requires access to freight demand, established operating networks, maintenance capabilities and infrastructure such as logistics hubs and charging facilities.

Pony.ai has therefore built its Robotruck business around partnerships with vehicle manufacturers and logistics operators. Its Gen-4 heavy-duty trucks were developed in collaboration with manufacturers including SANY Truck, while the light-duty truck was co-developed with CATL. Pony.ai also works with Sinotrans across long-haul freight and urban logistics scenarios.

The commercial model can vary depending on the maturity and requirements of a project. In some earlier-stage deployments, Pony.ai participates more directly in vehicle ownership and freight operations through a Transportation-as-a-Service, or TaaS, model. This allows the company and its partners to validate operating performance and unit economics in real commercial environments.

As the market matures, Pony.ai expects partner-led deployment under an Autonomous Driving-as-a-Service, or ADaaS, model to play a larger role. Under this model, vehicle manufacturers produce the trucks, logistics partners own and operate the fleets, and Pony.ai provides its Virtual Driver and related technical services. Some port projects are already beginning to adopt this approach.

“We are not here to run e-commerce or postal services ourselves,” He said. “Our role is to become a partner to logistics companies and integrate into the systems they already use to serve their customers.”

This structure allows each participant to focus on its established strengths: vehicle manufacturers on automotive-grade production and sales, logistics companies on freight demand and fleet operations, and Pony.ai on autonomous driving technology.

The next phase

The next phase of Pony.ai’s Robotruck business will focus on ramping up production of the Gen-4 heavy-duty truck and deploying it in commercial projects, while completing the testing and regulatory work required to deploy the light-duty truck at scale.

In heavy-duty trucking, Pony.ai will initially focus on highway freight corridors, bulk commodity routes and ports. The company is also exploring an innovative model for highway transportation, which could simplify trailer handoffs between autonomous highway operations and human-driven first- and last-mile delivery.

For light-duty trucks, the immediate focus is to work with logistics partners to validate operations in express delivery, retail distribution and cold-chain transportation. The ability to operate overnight when drivers are more difficult to recruit and fatigue-related safety risks are higher could become an early commercial use case.

Pony.ai also sees potential for autonomous trucks in overseas markets, particularly at ports and other well-defined logistics sites where driver shortages and labor costs strengthen the economics of automation.

For Pony.ai, the objective is not simply to place more autonomous trucks on the road. It is to build a repeatable operating model in which technology, vehicles, infrastructure and freight demand can scale together.

View original content:https://www.prnewswire.com/news-releases/scaling-autonomous-freight-inside-ponyais-robotruck-business-302844854.html

SOURCE Pony AI Inc.

Technology

Kodiak Sciences Completes Enrollment in First Pivotal Cohort in the Phase 3 PEAK Trial of KSI-101 for Macular Edema Secondary to Inflammation and Reaffirms Topline Clinical Data Release Remains on Track for December 2026

Published

48 minutes ago

August 6, 2026

First pivotal cohort enrolled 300 subjects, with topline clinical data from 24-week primary endpoint on track for December 2026 releaseCompletion of enrollment in the second pivotal cohort evaluating 600 subjects across the PEAK and PINNACLE studies is expected in 4Q 2026, with topline clinical data release anticipated in 2Q 2027

PALO ALTO, Calif., Aug. 6, 2026 /PRNewswire/ — Kodiak Sciences Inc. (Nasdaq: KOD) today announced that it has completed enrollment of the first 300-patient cohort in its PEAK trial, supporting Pivotal Analysis 1 of the KSI-101 Phase 3 program in macular edema secondary to inflammation (“MESI”). Kodiak also reaffirmed its plan to release the topline data from Pivotal Analysis 1 in December 2026.

“We were pleased to complete this important enrollment milestone in early June , and we can now confidently plan for the topline data to be released in December 2026,” said Victor Perlroth, M.D., Chief Executive Officer of Kodiak. “Our data from the Phase 1b APEX study meaningfully increased our conviction in KSI-101’s potential to be a cornerstone therapy for MESI patients. The global registrational PEAK trial is the first pivotal test of that conviction, and we look forward to sharing topline data before the end of this year.”

“Pivotal Analysis 1 gives us the opportunity to evaluate KSI-101 in patients with more severe MESI across our global site footprint,” said J. Pablo Velazquez-Martin, M.D., Chief Medical Officer of Kodiak. “These are patients at high risk of losing meaningful vision, and the goal of treatment is not only to reduce inflammation but to dry the retina and improve vision without the toxicities and other limitations associated with today’s complex patchwork of systemic and ocular therapies. KSI-101 was designed for this clinical challenge, and we are grateful to the patients, investigators and study teams who have helped bring the program to this important milestone.”

“MESI encompasses a broad range of diseases resulting in a swollen macula and which are not attributable to other common causes of retinal edema such as wet AMD, diabetic macular edema and retinal vein occlusion. MESI represents a meaningful number of patients in my retina practice,” said David Eichenbaum, M.D., Director of Research at Retina Vitreous Associates of Florida and a principal investigator in the PEAK and PINNACLE clinical trials. “Many of these patients have experience with corticosteroid use and understand its limitations, including the risks of elevated intraocular pressure and cataract. I am encouraged by the data generated to date with KSI-101 in which the therapy appears to work well and to date is demonstrating a favorable safety profile. KSI-101 could open up treatment for MESI to many more patients and may meaningfully change the treatment paradigm for this diagnosis in retina practice in the years ahead. I’m thrilled to be on the leading edge of this program.”

About Macular Edema Secondary to Inflammation (MESI)

MESI is a heterogeneous group of diseases that clinically present with macular edema and visual impairment which are caused by a common pathophysiology of inflammation and blood retinal barrier disruption. The clinical presentation of retinal fluid and visual impairment is a mainstay in these patients, irrespective of the location of the inflammation inside of the eye (anterior, intermediate, posterior or all intraocular compartments) or the specific etiology (defined autoimmune associated, idiopathic, post-procedural, or inflammatory choroidal neovascularization).

Currently there are no available intravitreal biologic therapies addressing the spectrum of MESI diseases. Existing therapies remain limited by side effects and tolerability, underscoring the need for safer and more effective treatment options. MESI represents a new macular edema market segment separate from the established anti-VEGF market.

About KSI-101

KSI-101 is a novel, potent and high strength (100 mg/mL) bispecific protein targeting IL-6 and VEGF for the treatment of MESI. Data from our dose-finding Phase 1b APEX study demonstrated robust anatomical and visual responses across MESI patients. More than half of patients achieved ≥15-letter gains in best corrected visual acuity, with additional benefit at higher dose levels. Rapid vision improvements and anatomical response were observed with 10-letter gains by Week 4 in top dose groups and OCT CST <325 microns achieved as early as Week 1 in top dose groups. Continued anatomical improvement was observed over time with >90% resolution of intraretinal (“IRF”) and subretinal fluid (“SRF”) by Week 8 and 20/25 Snellen visual acuity by Week 20. In top dose groups, ≥90% achieved complete absence of IRF and SRF, indicating retinal dryness and normalization of retinal architecture. KSI-101 also continued to be well tolerated with a favorable safety profile. The top two dose levels in APEX have been advanced into the Phase 3 pivotal studies, PEAK and PINNACLE. The PEAK and PINNACLE studies are actively enrolling.

About PEAK and PINNACLE

The PEAK and PINNACLE studies are superiority studies evaluating two dose levels of KSI-101 (5 mg and 10 mg) compared to sham treatment in patients with MESI. PEAK and PINNACLE are identical in study design with key differences in patient population. PEAK includes patients with more severe disease (moderate to severe macular edema and vision impairment) and PINNACLE includes patients with milder disease (mild macular edema and any vision impairment), as well as patients with moderate to severe macular edema with good vision. Together, PEAK and PINNACLE are designed to enroll complementary patient populations and to cover a wide spectrum of MESI patients.

Patients randomized to the KSI-101 treatment arms will receive fixed monthly dosing for 6 doses (from Day 1 to Week 20), with subsequent individualized dosing (up to monthly dosing) for 6 additional visits (Week 24 to Week 44). Patients in the sham arm will receive monthly sham dosing for 6 doses followed by sham PRN. The primary and key secondary endpoints will be evaluated at Week 24. PEAK and PINNACLE are now actively enrolling patients. Topline data readouts for Pivotal Analysis 1 (PEAK patients 1 – 300) and Pivotal Analysis 2 (PEAK patients 301 – 600 and PINNACLE patients 1 – 300) are expected in December 2026 and 2Q 2027, respectively.

About Kodiak Sciences Inc.

Kodiak Sciences (Nasdaq: KOD) is a pre-commercial retina-focused biotechnology company committed to researching, developing and commercializing transformative therapeutics. We are focused on bringing new science to the design and manufacture of next-generation retinal medicines to prevent and treat the leading causes of blindness globally. We are developing a portfolio of three late-stage clinical programs. Zenkuda™ (tarcocimab tedromer) has a BLA-ready profile in diabetic retinopathy, retinal vein occlusion and wet AMD, and, together with KSI-501, is being explored in the BLA-facing Phase 3 DAYBREAK wet AMD study, with topline data expected in September 2026. Zenkuda and KSI-501 target the $15 billion anti-VEGF market across retinal vascular diseases. KSI-101 is a bispecific protein being explored in two BLA-facing Phase 3 studies in Macular Edema Secondary to Inflammation (MESI). Topline data for Pivotal Analysis 1 (PEAK) are expected in December 2026 and Pivotal Analysis 2 (PEAK+PINNACLE) in 2Q 2027.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not based on historical fact and include statements regarding: Kodiak’s plans to release topline data; Kodiak’s expectation regarding the timing of completion of enrollment in the PEAK and PINNACLE studies; Kodiak’s belief regarding KSI-101’s efficacy and safety profile based on data from the Phase 1b APEX study and in the PEAK and PINNACLE studies. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “could,” “expect,” “plan,” “believe,” “intend,” “pursue,” “anticipate,” and other similar expressions, among others. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that data observed to date in the Phase 1b APEX study or in the ongoing PEAK and PINNACLE studies may not continue or persist, or may not be replicated in later analyses or in a larger or more diverse patient population; the risk that KSI-101 may not achieve the primary or key secondary endpoints in the PEAK or PINNACLE studies or may not do so on the anticipated timeline; the risk that cessation, modification, or delay of the PEAK or PINNACLE studies, or of Kodiak’s development of KSI-101 or any other product candidate, may occur; the risk that KSI-101 may not be successfully developed, approved, or commercialized; the risk that Kodiak’s research and development efforts and ability to advance product candidates into later stages of development may fail; adverse conditions in the general domestic and global economic markets, which may significantly impact Kodiak’s business and operations, including its clinical trial sites, as well as the business or operations of its manufacturers, contract research organizations, or other third parties with whom Kodiak conducts business; as well as the other risks identified in the section entitled “Risk Factors” in Kodiak’s most recent Annual Report on Form 10-K, as well as discussions of potential risks, uncertainties, and other important factors in Kodiak’s subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and Kodiak undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.

View original content:https://www.prnewswire.com/news-releases/kodiak-sciences-completes-enrollment-in-first-pivotal-cohort-in-the-phase-3-peak-trial-of-ksi-101-for-macular-edema-secondary-to-inflammation-and-reaffirms-topline-clinical-data-release-remains-on-track-for-december-2026-302844806.html

SOURCE Kodiak Sciences Inc.

Technology

Axcelis Announces Financial Results for Second Quarter 2026

Published

48 minutes ago

August 6, 2026

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,

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

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,

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

—

(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

—

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

—

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

—

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-second-quarter-2026-302844749.html

SOURCE Axcelis Technologies, Inc.

Technology

As AI-Agent Liability Lands on Deployers, Bodaty’s Open Source AICtrlNet Puts a Named Human on Every Consequential AI Action

Published

48 minutes ago

August 6, 2026

California law now bars “the AI acted on its own” as a defense. AICtrlNet’s answer: the “person of record” as a software feature, MIT-licensed at the core.

NAPERVILLE, Ill., Aug. 6, 2026 /PRNewswire/ — The question of who pays when an AI agent misbehaves stopped being hypothetical this year. California’s AB 316 bars companies that developed, modified, or used an AI system from arguing it acted autonomously. The European Union’s revised Product Liability Directive treats firms that modify or brand an AI system as its manufacturer. And insurers, using Verisk’s generative-AI exclusion forms, are writing AI incidents out of general-liability renewals. As NYU’s Haran Segram wrote in The Wall Street Journal this week, the exposure “sits on nobody’s books.”

A named human approval on every consequential AI action, with a tamper-evident audit record. Open source at the core.

Bodaty LLC’s answer has been in production since June: AICtrlNet, the open source platform for Governed AI Orchestration. Every consequential action an AI takes through AICtrlNet — a customer email, an invoice, a payment instruction — can be gated behind a named person’s approval, and every approval lands in a timestamped, tamper-evident audit record. The person of record is not a contract clause in AICtrlNet; it is how the software runs. The platform never moves money on its own.

“The 1979 IBM training rule said a computer must never make a management decision, because it can never be held accountable,” said Bobby Koritala, Bodaty’s founder and CEO, previously chief product officer at Infogix (acquired by Precisely), whose data-integrity products served many of the country’s largest banks and insurers. “That rule is becoming case law and insurance policy. Businesses don’t need braver AI. They need to answer ‘who approved that?’ in one query. We built software that makes that the default.”

AICtrlNet deploys anywhere — sovereign, air-gapped, or managed cloud — and is model-independent (Claude, OpenAI, Gemini, local open-weight runtimes). The MIT-licensed Community Edition is freely available at github.com/bodaty/aictrlnet-community; Business and Enterprise tiers are commercially available. HitLai, Bodaty’s small-business product, brings the same governance to SMB operations: AI does the work, your team approves what matters.

About Bodaty LLC: Bodaty is the holding company for AICtrlNet (aictrlnet.com), HitLai (hitlai.net), and the HitLai Institute, which hosts a one-day workshop September 23 in Naperville. “Governed AI Orchestration” is a trademark of Bodaty LLC.

View original content:https://www.prnewswire.com/news-releases/as-ai-agent-liability-lands-on-deployers-bodatys-open-source-aictrlnet-puts-a-named-human-on-every-consequential-ai-action-302844210.html

SOURCE Bodaty LLC