Axcelis Technologies Inc. (ACLS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$866.1M

Revenue growth

-3.3%

Net income, last twelve months

$92.8M

Earnings per share

$2.98

Gross margin

43.0%

Operating margin

10.3%

Net margin

10.7%

Free cash flow

$65.6M

Return on equity

8.7%

Market value

$3.5B

Price to earnings

38.1x

Cash

$155.0M

Debt

$0

Debt to equity

0.00

Shares outstanding

30.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 6 August 2026.

• Revenue rose from last year. Revenue was $215.2 million, against $194.5 million a year earlier and $199.0 million in the first quarter. Six-month revenue was $414.1 million.
• Net income and diluted EPS lower. Net income was $23.3 million against $31.4 million. Diluted EPS was $0.75 against $0.98, and non-GAAP diluted EPS was $1.06 against $1.13.
• Operating income below prior year. Income from operations was $20.3 million against $29.0 million a year earlier. Six-month income from operations was $28.2 million against $58.1 million.
• Six-month net income lower. Six-month net income was $32.5 million against $60.0 million, and six-month diluted EPS was $1.05 against $1.87. First-quarter net income was $9.2 million.
• General Mature engagement improving. Management said engagement and utilization trends in General Mature are improving as customers respond to end-demand in data center, industrial and automotive.
• Memory and Power momentum. Management described Memory demand as robust and cited positive momentum in the Power market.
• CS&I described as strategic driver. The prior release described CS&I as an increasingly important strategic driver across cycles, particularly as the installed base expands.
• Product revenue up year on year. Product revenue was $200.5 million against $183.4 million. Six-month product revenue was $388.5 million against $366.2 million.
• Services revenue rose. Services revenue was $14.7 million against $11.1 million. Six-month services revenue was $25.6 million against $20.9 million.
• Services cost exceeded services revenue. Services cost of revenue was $17.0 million in the quarter, against $14.7 million of services revenue.
• GAAP margins below last year. GAAP gross margin was 42.4% against 44.9%, and GAAP operating margin was 9.4% against 14.9% a year earlier.
• Non-GAAP margins below last year. Non-GAAP gross margin was 42.7% against 45.2%, and non-GAAP operating margin was 14.7% against 17.7%.
• Adjusted EBITDA margin lower. Adjusted EBITDA was $36.0 million, a margin of 16.7% against $38.9 million and 20.0%. Six-month Adjusted EBITDA margin was 15.4%.
• First-quarter margins for comparison. The first-quarter release reported gross margin of 40.5% and operating margin of 4.0%, against 46.1% and 15.1% a year earlier.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 176 held.

Every filing

The newest filings with the SEC of 446 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

489 funds held it at 30 Jun 2026: 216 added and 146 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• ASML Holding N.V. (ASML): revenue $36.9B, market value $641.2B
• Lam Research Corp. (LRCX): revenue $26.1B, market value $317.1B
• ACM Research, Inc. (ACMR): revenue $1.0B, market value $3.8B
• Veeco Instruments Inc. (VECO): revenue $682.7M, market value $2.7B
• Azenta, Inc. (AZTA): revenue $613.8M, market value $1.8B

What the company does

Axcelis Technologies designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips. Its business began in 1978, its current corporate entity was incorporated in Delaware in 1995, and it is headquartered in Beverly, Massachusetts. Ion implantation made up 98.2% of its revenue in 2025. The remaining 1.8% came from aftermarket sales tied to other legacy processing systems. About 3,400 of its products are in use in 27 countries, and the company had 1,465 employees at 31 December 2025.

What its machines do

An ion implanter injects dopants such as arsenic, boron or phosphorus into a wafer. The dopants are ionized, then accelerated, focused and filtered with electric and magnetic fields into a beam. The beam has a set energy level, up to eight million electron-volts, and a set current level. Implantation is a principal step in forming transistors. It is also used to change the material characteristics of silicon or silicon carbide, a process called material modification. Implanters fall into three traditional categories: high current, high energy and medium current.

What it sells

Axcelis sells high energy, high current and medium current implanters. Its Purion family includes the Purion H, Purion Dragon, Purion H200, Purion XE, Purion EXE and Purion M. The Purion Power Series is aimed at power devices made on silicon carbide wafers, used in electric vehicles and industrial applications. The Ovation family of multi-wafer "batch" implanters builds on the GSD platform. The GSD/HE Ovation reaches energies up to 3 MeV, and the GSD/VHE Ovation reaches up to 4.9 MeV.

Under the Axcelis Managed Inventory offering, Axcelis keeps responsibility for the full spare parts supply chain through a consignment arrangement. The company also offers the "Digital Tool Box," which it calls an innovative service with online training, remote diagnosis and install, and an automated troubleshooting guide.

Who buys from it

Customers are semiconductor chip manufacturers. Some are integrated electronics makers that build chips for their own devices. Some also act as foundries, and others are foundries only. Axcelis sells mainly through its own direct sales force, with sales offices in the United States, Taiwan, South Korea, China, Singapore, Japan, Germany and Italy.

The customer base is concentrated. Its ten largest customers accounted for 55.2% of total revenue in 2025, and one customer accounted for 11.0%. The implant-intensive power device segment accounted for 55% of the value of 2025 system shipments. International revenue was 83.7% of the total, and about 88.6% of sales were denominated in U.S. dollars.

China matters to the company and carries export control limits. Semiconductor Manufacturing International Corporation (SMIC) is on the U.S. Entity List but is subject to a 2020 licensing policy that allows shipments to certain mature process fabs. The company says it can currently ship to substantially all of its Chinese customers.

Where it makes things

Systems are built at a 417,000 square foot plant in Beverly, Massachusetts. A 38,000 square foot Axcelis Asia Operations Center in South Korea and a 101,800 square foot Axcelis Logistics Center in Beverly complete the manufacturing footprint. System assembly and testing stay in house. Vacuum systems, wafer handling and commodity-level components are sourced from global partners. The supply chain team is based in Beverly, South Korea and Singapore. Products are assembled and tested in modules, which supports a "ship-from-cell" delivery process.

The Advanced Technology Center in Beverly has a 13,500 square foot clean room where customers can test their own process steps on Axcelis systems. It also houses a 17,500 square foot customer training center.

How it competes

The company names Applied Materials as its main competitor in ion implantation. It says the two are the only implant manufacturers with a full range of implant products. Other implant competitors are Sumitomo Heavy Industries Ion Technology and Nissin Ion Equipment in Japan, Advanced Ion Beam Technology in Taiwan, and Kingstone Semiconductor and CETC Electronics Equipment Group in China. The filing lists price, cost of ownership, equipment performance, customer support, capabilities and breadth of product line as the competitive factors. Aftermarket service has many competitors, often based near the customer.

The company relies on patents, copyrights, trademarks and trade secrets. At 31 December 2025 it held 169 active patents in the United States and 356 in other countries, with 167 applications on file. It says it is not substantially dependent on any single patent or group of patents.

Its people

Of the 1,465 employees and 50 agency temporary staff, 1,038 work in North America, 398 in Asia and 79 in Europe. Employees work in 27 countries. Voluntary employee turnover in 2025 was 7.4%. Manufacturing staff receive 35 hours of training when they start, and every employee must complete at least 15 hours of training a year.

*From Axcelis's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1113232/000110465926020461/acls-20251231x10k.htm)*

From the company's 10-K.