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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): November 1, 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 November 1, 2023, Axcelis Technologies, Inc. (the “Company”) issued a press release regarding its financial results for its quarter ended September 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 November 1, 2023. Filed herewith.
104Cover 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: November 1, 2023 Axcelis Technologies, Inc.
  By: /s/ James Coogan
    James Coogan
    Executive Vice President
    and Chief Financial Officer





Exhibit 99.1



News Release  


Axcelis Announces Financial Results for Third Quarter 2023


Financial Results Continue to be Driven by Strong Purion Demand in the Global Silicon Carbide Power Device Market


BEVERLY, Mass. — Nov. 1, 2023 — Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter of 2023.


Highlights include:


·The Company reported third quarter revenue of $292.3 million, compared to $274.0 million for the second quarter of 2023.


·Operating profit for the quarter was $71.7 million, compared to $63.7 million for the second quarter.


·Net income for the quarter was $65.9 million, or $1.99 per diluted share, compared to $61.6 million, or $1.86 per diluted share in the second quarter.


·Gross margin for the quarter was 44.4%, compared to 43.7% in the second quarter.


·Third quarter ended with systems backlog of $1.2 billion on quarterly bookings of $198 million.


President and CEO Russell Low commented, “Axcelis delivered strong third quarter financial performance due to robust demand for the Purion product family, especially in the silicon carbide power market. Axcelis is the only company with a product line that can deliver complete recipe coverage for all power device applications. We are the technology leader and the supplier of choice providing the best device manufacturing capabilities. This uniquely positions Axcelis to benefit from high growth in this market. Axcelis expects to achieve revenue of greater than $1.1 billion in 2023.”


Executive Vice President and Chief Financial Officer James Coogan said, “We are very pleased with our third quarter 2023 financial results. Revenue, EPS and gross margins all finished well above guidance. Axcelis has had the rare opportunity to grow revenue 20% year over year as well as improve profitability during a significant industry downturn. This is a result of strong product positioning and continued strong execution in a challenging environment.”


Business Outlook


For the fourth quarter ending December 31, 2023, Axcelis expects revenues of approximately $295 million. Gross margin in the fourth quarter is expected to be approximately 45%. Fourth quarter operating profit is forecast to be approximately $73 million with earnings per diluted share of approximately $2.00. For the full year, the Company expects to achieve revenue of greater than $1.1 billion and to achieve full year gross margins of approximately 43.6% as shown in the $1.1 billion model.







News Release  


Third Quarter 2023 Conference Call


The Company will host a call to discuss the results for the third quarter on Thursday, November 2, 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/BI1a199f2035664eafaa3226da79b560e5. 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.







News Release


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   Nine months ended 
   September 30,   September 30, 
   2023   2022   2023   2022 
Product  $283,367   $221,540   $795,047   $631,998 
Services   8,959    7,635    25,269    21,949 
Total revenue   292,326    229,175    820,316    653,947 
Cost of revenue:                    
Product   154,798    118,992    444,311    342,387 
Services   7,844    6,862    22,600    19,291 
Total cost of revenue   162,642    125,854    466,911    361,678 
Gross profit   129,684    103,321    353,405    292,269 
Operating expenses:                    
Research and development   24,093    20,563    71,996    56,267 
Sales and marketing   16,465    14,573    46,146    38,567 
General and administrative   17,446    14,983    48,519    41,163 
Total operating expenses   58,004    50,119    166,661    135,997 
Income from operations   71,680    53,202    186,744    156,272 
Other income (expense):                    
Interest income   4,580    1,111    12,824    1,558 
Interest expense   (1,325)   (1,333)   (4,027)   (4,101)
Other, net   (1,260)   (7,971)   (4,348)   (14,640)
Total other income (expense)   1,995    (8,193)   4,449    (17,183)
Income before income taxes   73,675    45,009    191,193    139,089 
Income tax provision   7,744    4,726    15,986    13,002 
Net income  $65,931   $40,283   $175,207   $126,087 
Net income per share:                    
Basic  $2.01   $1.22   $5.35   $3.81 
Diluted  $1.99   $1.21   $5.28   $3.75 
Shares used in computing net income per share:                    
Basic weighted average shares of common stock   32,807    33,011    32,775    33,116 
Diluted weighted average shares of common stock   33,159    33,389    33,208    33,638 







News Release


Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)



   September 30,   December 31, 
   2023   2022 
Current assets:          
Cash and cash equivalents  $142,300   $185,595 
Short-term investments   318,710    246,571 
Accounts receivable, net   192,327    169,773 
Inventories, net   312,223    242,406 
Prepaid expenses and other current assets   49,481    33,300 
Total current assets   1,015,041    877,645 
Property, plant and equipment, net   47,169    39,664 
Operating lease assets   31,082    12,146 
Finance lease assets, net   16,981    17,942 
Long-term restricted cash   6,650    752 
Deferred income taxes   44,323    31,701 
Other assets   40,448    33,791 
Total assets  $1,201,694   $1,013,641 
Current liabilities:          
Accounts payable  $60,061   $62,346 
Accrued compensation   26,535    35,540 
Warranty   11,464    8,299 
Income taxes   582    4,304 
Deferred revenue   148,299    123,471 
Current portion of finance lease obligation   1,438    1,229 
Other current liabilities   12,799    12,943 
Total current liabilities   261,178    248,132 
Long-term finance lease obligation   44,070    45,185 
Long-term deferred revenue   53,730    31,306 
Other long-term liabilities   41,745    21,762 
Total liabilities   400,723    346,385 
Stockholders’ equity:          
Common stock, $0.001 par value, 75,000 shares authorized; 32,772 shares issued and outstanding at September 30, 2023; 32,775 shares issued and outstanding at December 31, 2022   33    33 
Additional paid-in capital   543,577    550,299 
Retained earnings   261,521    118,892 
Accumulated other comprehensive loss   (4,160)   (1,968)
Total stockholders’ equity   800,971    667,256 
Total liabilities and stockholders’ equity  $1,201,694   $1,013,641