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 3, 2010

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 3, 2010, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended September 30, 2010.  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

(d)          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 2010

Company Reports 77% Increase in Systems Revenues, and 48% Jump in Systems Orders

BEVERLY, Mass. — November 3, 2010—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2010. The Company reported third quarter revenue of $75.1 million, compared to $58.2 million for the second quarter of 2010, a 29% increase over the prior quarter. Net loss for the quarter was $6.3 million, or $0.06 per share, of which $1.5 million ($0.01 per share) is attributable to non-cash foreign exchange losses.  This compares to a net loss for the second quarter of 2010 of $4.5 million, or $0.04 per share. Loss from operations improved 6.6% over the second quarter. The Company reported a 77% increase in systems revenues and a 48% jump in systems orders over the previous quarter. Cash and cash equivalents, including restricted cash, were $52.9 million at September 30, 2010. The Company ended the quarter with working capital of $156.0 million.

“Momentum across our product lines continues to build.  Ongoing innovation in ion implantation and plasma cleaning technology has propelled significant growth in our revenues and orders across all industry segments,” said Mary Puma, chairman and CEO.  “Our outstanding win rate demonstrates that customers see value in our combination of enabling process technology and industry leading productivity.   We’re confident this will continue to translate into market share gains.  Our strategy and business model support a return to profitability beginning with the fourth quarter of 2010.”

Third Quarter 2010 Conference Call
The Company will host a conference call today at 5:00 pm ET to discuss results for the third quarter 2010.  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 1-888-713-4199 (1-617-213-4861 outside North America).  Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies and pass code: 70472378.  Webcast and telephone replays will be available from 8 pm ET on November 3, 2010 until 11:59 pm on February 1, 2011.  Dial 1- 888-286-8010 (1-617-801-6888 outside North America), and enter conference ID code# 32926165.

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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

Axcelis Technologies, Inc. (Nasdaq: ACLS) 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 support of ion implantation and cleaning systems. The company’s Internet address is: www.axcelis.com.

Company Contacts:

Maureen Hart (editorial/media) 978.787.4266

Maureen.hart@axcelis.com

Stephen Bassett (financial community) 978.787.4110

Stephen.bassett@axcelis.com

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Axcelis Technologies, Inc.

Consolidated Statements of Operations

In thousands, except per share amounts

(Unaudited)

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Axcelis Technologies, Inc.

Consolidated Balance Sheets

In thousands

(Unaudited)

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Axcelis Technologies, Inc.

Consolidated Statements of Cash Flow

In thousands

(Unaudited)

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