UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 1, 2007

Axcelis Technologies, Inc.

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code:   (978) 787-4000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02   Results of Operations and Financial Condition

On November 1, 2007, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended September 30, 2007. The Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01  Financial Statements and Exhibits

(c) Exhibits

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Exhibit 99.1

AXCELIS ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2007

BEVERLY, Mass. — November 1, 2007 — Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2007. The Company reported revenues of $107.6 million, compared to $110.1 million for the second quarter of 2007. Net loss for the third quarter was $8.2 million or $0.08 per share, of which $0.05 is attributable to a charge for impairment of goodwill relating to the discontinuance of future development of RTP and curing products.  This compares to net income for the second quarter of $4.7 million or $0.05 per share. In the corresponding quarter for the previous year, the Company reported revenues of $122.8 million and net income of $12.5 million, or $0.12 per share.

“Increasing weakness in the semiconductor market has caused a more significant softening in our base business than we had anticipated.  During the third quarter, we experienced a push out of several shipments, driven mainly by changes in the timing of memory projects,” commented Chairman and CEO Mary Puma. “As we previously announced, we are streamlining operations to focus on our core implant and dry strip product lines.  We have implemented other significant cost-out actions, including a reduction in force and an extended holiday shutdown, that will reduce our operating expenses by approximately 10%.”

Puma continued, “Despite the ongoing softness in the industry, our customers continue to validate the production and process advantages of the Optima HD.  We received a follow-on order this quarter for an Optima HD for high volume manufacturing where we demonstrated these advantages in head-to-head competition.  Our customers are conveying to us that the Optima HD will capture a measurable split of their future high dose business.”

Third Quarter Detail

Shipments and Margins

Shipments, including aftermarket business, before provision for deferred revenue for the third quarter totaled $103.4 million. Geographically, Axcelis’ systems shipments for the quarter were to: Asia, 66%; North America, 12%; and Europe, 22%. The ion implantation business accounted for 70% of total shipments in the third quarter. Gross margin for the third quarter was approximately 34%.

Orders and Backlog

Orders (new systems bookings and aftermarket) received for the third quarter totaled $76.2 million. New systems bookings, excluding aftermarket, amounted to $33.0 million. Backlog plus deferred systems revenue at quarter end was $63.5 million. Backlog consists of systems orders (aftermarket orders are excluded) that are generally scheduled to ship within six months.

SEN Corporation, an SHI and Axcelis Company (“SEN”)

Axcelis owns 50% of SEN, a Japanese company that is licensed to make and sell certain Axcelis ion implanters in Japan. SEN’s revenue for the third quarter totaled $49.7 million.

Business Outlook

Axcelis’ financial outlook for the fourth quarter of 2007 includes revenues in the range of $80 million to $95 million. The Company also forecasts a fourth quarter loss per share in the range of $0.07 to $0.13 of which $0.02 is attributed to the restructuring of the business.  Axcelis assumes no responsibility to update guidance. Axcelis will only confirm or update guidance via a press release.

Third Quarter 2007 Conference Call

The Company will be hosting a conference call today, Thursday, November 1, 2007, beginning at 5:00 pm ET. The purpose of the call is to discuss third quarter results and to provide guidance for the fourth quarter of 2007.

The call will be available to interested listeners via an audio webcast that can be accessed through Axcelis’ home page at www.axcelis.com, or by dialing 1-800-479-1628 (1-719-457-2729 outside North America). Participants calling into the conference call will be requested to provide the company name: Axcelis Technologies, the conference leader: Stephen Bassett, and pass code: #3354400. A webcast replay will be available from 8:00 pm ET on November 1, 2007 until 5:00 pm ET December 1, 2007.

Safe Harbor Statement

This document contains forward-looking statements under the SEC safe harbor provisions. These statements, which include our 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, many of which are outside the control of the Company, including the timing of orders and shipments, the conversion of orders to revenue in any particular quarter, or at all, our ability to implement successfully our profit plans, the continuing demand for semiconductor equipment, relative market growth, continuity of business relationships with and purchases by major customers, competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and global economic, political and financial conditions. 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 Technologies, Inc.

Axcelis Technologies, Inc., headquartered in Beverly, Massachusetts, provides innovative, high-productivity solutions for the semiconductor industry. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation and cleaning systems. Axcelis also licenses its 50% owned joint venture, SEN Corporation, an SHI and Axcelis Company, to manufacture and sell certain implant products in Japan. The company’s Internet address is: www.axcelis.com.

Axcelis Technologies, Inc.

Consolidated Statements of Operations

In thousands, except per share amounts

(Unaudited)

Axcelis Technologies, Inc.

Consolidated Balance Sheets

In thousands

(Unaudited)