0001113232 false 0001113232 2023-08-02 2023-08-02 iso4217:USD xbrli:shares iso4217:USD xbrli:shares





Washington, D.C. 20549





Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): August 2, 2023


Axcelis Technologies, Inc.

(Exact name of registrant as specified in its charter)


Delaware   000-30941   34-1818596
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)


108 Cherry Hill Drive, Beverly, Massachusetts   01915
(Address of principal executive offices)   (Zip Code)


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 (see General Instruction A.2.):


¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company ¨


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Securities registered pursuant to Section 12(b) of the Act:


Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.001 per share ACLS NASDAQ Global Select Market






Item 2.02 Results of Operations and Financial Condition 


On August 2, 2023, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for its quarter ended June 30, 2023. 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.


Exhibit No.   Description
99.1   Press Release dated August 2, 2023. Filed herewith.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)







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.


Date: August 2, 2023 Axcelis Technologies, Inc.
    Kevin J. Brewer
    Executive Vice President and Chief Financial Officer




Exhibit 99.1


News Release


Axcelis Announces Financial Results for Second Quarter 2023


Financial Results Exceed Guidance Driven by Strong Purion Demand and Strength in Power Devices


BEVERLY, Mass. — Aug. 2, 2023 — Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the second quarter of 2023.


Highlights include:


·The Company reported second quarter revenue of $274.0 million, compared to $254.0 million for the first quarter of 2023.


·Operating profit for the quarter was $63.7 million, compared to $51.4 million for the first quarter.


·Net income for the quarter was $61.6 million, or $1.86 per diluted share, compared to $47.7 million, or $1.43 per diluted share in the first quarter.


·Gross margin for the quarter was 43.7%, compared to 40.9% in the first quarter.


·Second quarter ended with systems backlog of $1.23 billion on quarterly bookings of $193 million.


President and CEO Russell Low commented, “Axcelis delivered strong second quarter financial performance as a result of significant demand for the Purion product family, especially in the silicon carbide power market. Axcelis is the only company with a product line capable of covering all implant recipes in the mature process technology markets. This uniquely positions Axcelis for strong growth. We now believe it is possible to achieve $1.3 billion in revenue in the next one or two years, depending on market conditions.”


Executive Vice President and Chief Financial Officer Kevin Brewer said, “We are very pleased with our second quarter 2023 financial results which finished well above guidance due to solid execution and continuing strong demand for Purion. We are upwardly revising expectations for 2023 revenue to greater than $1.1 billion, representing year over year growth of approximately 20%.”


Business Outlook
For the third quarter ending September 30, 2023, Axcelis expects revenues of approximately $280 million. Gross margin in the third quarter is expected to be approximately 44%. Third quarter operating profit is forecast to be approximately $64 million with earnings per diluted share of approximately $1.72. For the full year, the Company expects to achieve revenue greater than $1.1 billion and to achieve full year gross margins of approximately 44% as shown in the $1.1 billion model.





News Release


Second Quarter 2023 Conference Call
The Company will host a call to discuss the results for the second quarter on Thursday, August 3, 2023, at 8:30 a.m. ET. The call will be available to interested listeners via an audio 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/BI9757e7e7d17f4188872f4146e314ba26. 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 revenues, gross margin, operating profit and other guidance for our future financial performance and spending in our industry, 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.


Company Contacts

Investor Relations:

Doug Lawson



Maureen Hart





News Release


Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)



   Three months ended   Six months ended 
   June 30,   June 30, 
   2023   2022   2023   2022 
Product  $265,673   $213,926   $511,680   $410,458 
Services   8,297    7,251    16,310    14,314 
Total revenue   273,970    221,177    527,990    424,772 
Cost of revenue:                    
Product   146,741    115,754    289,512    223,395 
Services   7,526    6,242    14,756    12,429 
Total cost of revenue   154,267    121,996    304,268    235,824 
Gross profit   119,703    99,181    223,722    188,948 
Operating expenses:                    
Research and development   24,130    18,731    47,903    35,704 
Sales and marketing   15,537    12,703    29,681    23,994 
General and administrative   16,328    13,602    31,073    26,180 
Total operating expenses   55,995    45,036    108,657    85,878 
Income from operations   63,708    54,145    115,065    103,070 
Other income (expense):                    
Interest income   4,307    352    8,243    447 
Interest expense   (1,349)   (1,250)   (2,702)   (2,768)
Other, net   (2,050)   (5,051)   (3,088)   (6,669)
Total other income (expense)   908    (5,949)   2,453    (8,990)
Income before income taxes   64,616    48,196    117,518    94,080 
Income tax provision   3,037    4,007    8,242    8,276 
Net income  $61,579   $44,189   $109,276   $85,804 
Net income per share:                    
Basic  $1.88   $1.34   $3.34   $2.59 
Diluted  $1.86   $1.32   $3.29   $2.54 
Shares used in computing net income per share:                    
Basic weighted average shares of common stock   32,775    33,096    32,759    33,170 
Diluted weighted average shares of common stock   33,189    33,562    33,237    33,770 





News Release


Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)



   June 30,   December 31, 
   2023   2022 
Current assets:          
Cash and cash equivalents  $132,504   $185,595 
Short-term investments   320,360    246,571 
Accounts receivable, net   159,199    169,773 
Inventories, net   299,841    242,406 
Prepaid expenses and other current assets   38,265    33,300 
Total current assets   950,169    877,645 
Property, plant and equipment, net   43,156    39,664 
Operating lease assets   31,998    12,146 
Finance lease assets, net   17,305    17,942 
Long-term restricted cash   6,652    752 
Deferred income taxes   38,944    31,701 
Other assets   33,494    33,791 
Total assets  $1,121,718   $1,013,641 
Current liabilities:          
Accounts payable  $60,504   $62,346 
Accrued compensation   17,216    35,540 
Warranty   10,867    8,299 
Income taxes   6,598    4,304 
Deferred revenue   138,890    123,471 
Current portion of finance lease obligation   1,367    1,229 
Other current liabilities   13,018    12,943 
Total current liabilities   248,460    248,132 
Long-term finance lease obligation   44,455    45,185 
Long-term deferred revenue   43,650    31,306 
Other long-term liabilities   41,116    21,762 
Total liabilities   377,681    346,385 
Stockholders’ equity:          
Common stock, $0.001 par value, 75,000 shares authorized; 32,836 shares issued and outstanding at June 30, 2023; 32,775 shares issued and outstanding at December 31, 2022   33    33 
Additional paid-in capital   540,120    550,299 
Retained earnings   206,813    118,892 
Accumulated other comprehensive loss   (2,929)   (1,968)
Total stockholders’ equity   744,037    667,256 
Total liabilities and stockholders’ equity  $1,121,718   $1,013,641