Axcelis Announces Second Quarter 2024 Financial Results

• Revenue of US$ 256.5 million

• Operating margin of 20.6%

• Diluted earnings per share of $1.55

BEVERLY, Mass., July 31, 2024 /PRNewswire/ — Axcelis TechnologiesNEW YORK, Jan. 25, 2021 (GLOBE NEWSWIRE) — Acls Inc. (NASDAQ: ACLS) today announced financial results for the second quarter ended June 30, 2024. The Company reported revenue of $256.5 million in the second quarter, compared to $252.4 million in the first quarter of 2024. Gross margin for the quarter was 43.8%, compared to 46.0% in the first quarter. Operating income for the quarter was $52.8 million, compared to $56.5 million in the first quarter. Net income for the quarter was $50.9 million, or $1.55 per diluted share, compared to $51.6 million, or $1.57 per diluted share, in the first quarter.

Axcelis (PRNewsfoto/Axcelis Technologies, Inc.)

President and CEO Russell Low commented: “Axcelis delivered solid financial results in the second quarter, exceeding our expectations. This was driven by better-than-expected conversion of evaluation units to revenue, as well as continued robust demand in our energy segment – ​​particularly silicon carbide, which continues to be an important growth driver for Axcelis. We are well positioned to execute on our long-term strategy. As we look to the second half of the year, we expect revenue to be slightly better than the first half, with momentum expected to build into 2025.”

Executive Vice President and Chief Financial Officer Jamie Coogan said, “We are very pleased with our second quarter results. Revenue, operating margin and earnings per share exceeded our guidance for the period, and we delivered another quarter of healthy cash flow. Our product positioning and disciplined cost structure provide a solid foundation to grow revenue and profitability as our markets recover.”

Business prospects
For the third quarter ended September 30, 2024, Axcelis expects revenues of approximately $255 million and earnings per diluted share of approximately $1.43.

Q2 2024 Conference Call
The Company will host a conference call to discuss its second quarter 2024 results on Thursday, August 1, 2024, at 8:30 a.m. ET. The conference call will be available via a webcast that can be accessed through the Investors page of the Axcelis website at www.axcelis.comor by registering as a Participant here: https://register.vevent.com/register/BIc2d772b56d7b46c0a39772ba7468e5a0

Webcast replays will be available for 30 days after the call.

Safe Harbor Statement
This press release and conference call contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management’s current expectations and should be viewed with caution. They are subject to a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are beyond the Company’s control, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not convert 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 and purchases by large customers. Increased competitive pressure on sales and pricing, increases in materials and other production costs that cannot be recovered in product pricing, and instability caused by changes in 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 in more detail in Axcelis’ most recent Form 10-K and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Massachusetts, has been providing innovative, high-productivity solutions to the semiconductor industry for more than 45 years. Axcelis is dedicated to developing process-enabling applications through the design, manufacturing and full lifecycle support in Ion implantation systems, one of the most critical and facilitating steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

CONTACTS:

Investor Relations Contact:
David Ryzhik
Senior Vice President, Investor Relations and Corporate Strategy
Phone: (978) 787-2352
Email: David.Ryzhik@axcelis.com

Press Contact/Media Relations:
Maureen Hart
Senior Director, Corporate and Marketing Communications
Phone: (978) 787-4266
Email: Maureen.Hart@axcelis.com

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SOURCE Axcelis Technologies, Inc.

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