Axcelis Technologies Inc 8-K, filed Nov 5, 2026

Axcelis Technologies Inc (ACLS)

8-K 2026-11-05 For: 2026-11-05

Added on November 05, 2026

About this 8-K

Axcelis Technologies Inc filed this 8-K on November 5, 2026.

Axcelis Technologies, Inc. reported third-quarter revenue of $237.8 million and GAAP diluted earnings per share of $1.21 for the quarter ended September 30, 2026. It expects fourth-quarter revenue of approximately $275 million and GAAP diluted EPS of approximately $1.15. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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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)

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

Exhibit No.		Description

99.1		Press Release dated November 5, 2026. Filed herewith
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Date: November 5, 2026	Axcelis Technologies, Inc.

	By:	/s/ David Ryzhik
		David Ryzhik
		Senior Vice President and Interim Chief Financial Officer

¨	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))

	Three months ended September 30,
	2026			2025
Revenue	$	237,781		$	213,611
Gross margin		41.0	%		41.6	%
Operating margin		11.5	%		11.7	%
Net income	$	37,759		$	25,986
Diluted earnings per share	$	1.21		$	0.83

Non-GAAP Results

	Three months ended September 30,
	2026			2025
Non-GAAP gross margin		41.2	%		41.8	%
Non-GAAP operating margin		16.6	%		18.2	%
Adjusted EBITDA	$	44,047		$	43,202
Non-GAAP net income	$	39,215		$	37,900
Non-GAAP diluted earnings per share	$	1.26		$	1.21

	Three months ended						Nine months ended
	September 30,						September 30,
	2026			2025			2026			2025
Revenue		237,781			213,611			651,912			600,718
Cost of revenue		140,357			124,805			382,717			335,802
Gross profit		97,424			88,806			269,195			264,916
Operating expenses:
Research and development		30,177			24,640			87,670			78,832
Sales and marketing		16,834			15,838			53,742			45,965
General and administrative		23,070			23,308			72,208			56,976
Total operating expenses		70,081			63,786			213,620			181,773
Income from operations		27,343			25,020			55,575			83,143
Other income (expense):
Interest income		7,422			5,465			16,459			16,547
Interest expense		(1,960	)		(1,305	)		(4,514	)		(4,028	)
Other, net		3,203			970			4,461			2,569
Total other income		8,665			5,130			16,406			15,088
Income before income taxes		36,008			30,150			71,981			98,231
Income tax (benefit) provision		(1,751	)		4,164			1,717			12,290
Net income	$	37,759		$	25,986		$	70,264		$	85,941
Net income per share:
Basic	$	1.22		$	0.83		$	2.28		$	2.70
Diluted	$	1.21		$	0.83		$	2.26		$	2.70
Shares used in computing net income per share:
Basic weighted average shares of common stock		30,882			31,287			30,804			31,796
Diluted weighted average shares of common stock		31,105			31,450			31,089			31,863

	September 30,			December 31,
	2026			2025
ASSETS
Current assets:
Cash and cash equivalents	$	190,769		$	145,451
Short-term investments		281,588			228,802
Accounts receivable, net		154,713			168,479
Inventories, net		376,341			329,010
Prepaid income taxes		7,604			4,658
Prepaid expenses and other current assets		88,935			66,802
Total current assets		1,099,950			943,202
Property, plant and equipment, net		59,468			56,146
Operating lease assets		27,993			28,927
Finance lease assets, net		13,198			14,154
Long-term restricted cash		10,638			10,627
Deferred income taxes		79,268			79,895
Long-term investments		142,982			182,396
Other assets		44,015			46,004
Total assets	$	1,477,512		$	1,361,351
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	78,632		$	42,309
Accrued compensation		28,103			34,233
Warranty		10,615			9,516
Income taxes		5,873			11,383
Deferred revenue		95,620			65,494
Current portion of finance lease obligation		1,799			1,575
Other current liabilities		27,755			33,150
Total current liabilities		248,397			197,660
Long-term finance lease obligation		39,367			40,754
Long-term deferred revenue		42,424			43,445
Other long-term liabilities		34,090			44,815
Total liabilities		364,278			326,674

Stockholders’ equity:
Common stock, $0.001 par value, 75,000 shares authorized; 30,884 shares issued and outstanding at September 30, 2026; 30,717 shares issued and outstanding at December 31, 2025		31			31
Additional paid-in capital		542,467			533,309
Retained earnings		573,803			503,539
Accumulated other comprehensive loss		(3,067	)		(2,202	)
Total stockholders’ equity		1,113,234			1,034,677
Total liabilities and stockholders’ equity	$	1,477,512		$	1,361,351

	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
GAAP gross Profit	$	97,424		$	88,806		$	269,195		$	264,916
Restructuring¹		—			—			—			226
Stock-based compensation		605			499			1,802			1,421
Non-GAAP gross profit	$	98,029		$	89,305		$	270,997		$	266,563
Non-GAAP gross margin		41.2	%		41.8	%		41.6	%		44.4	%

GAAP operating expense	$	70,081		$	63,786		$	213,620		$	181,773
Transaction and integration²		(4,967	)		(8,274	)		(20,192	)		(8,274	)
Bad debt expense		—			—			(65	)		—
Restructuring¹		—			(236	)		—			(1,130	)
Other³		(781	)		—			(781	)		—
Stock-based compensation		(5,862	)		(4,845	)		(15,989	)		(14,247	)
Non-GAAP operating expense	$	58,471		$	50,431		$	176,593		$	158,122

GAAP operating income	$	27,343		$	25,020		$	55,575		$	83,143
Transaction and integration²		4,967			8,274			20,192			8,274
Bad debt expense		—			—			65			—
Restructuring¹		—			236			—			1,356
Other³		781			—			781			—
Stock-based compensation		6,467			5,344			17,791			15,668
Non-GAAP operating income	$	39,558		$	38,874		$	94,404		$	108,441
Non-GAAP operating margin		16.6	%		18.2	%		14.5	%		18.1	%

GAAP other income (expense)	$	8,665		$	5,130		$	16,406		$	15,088
Discrete tax related items⁴		(1,726	)		—			(1,726	)		—
Non-GAAP other income	$	6,939		$	5,130		$	14,680		$	15,088

GAAP income tax (benefit) provision	$	(1,751	)	$	4,164		$	1,717		$	12,290
Discrete tax related items⁴		7,565			—			7,565			—
Income tax effect of non-GAAP adjustments⁵		1,468			1,940			5,194			3,542
Non-GAAP income tax provision	$	7,282		$	6,104		$	14,476		$	15,832
GAAP net income	$	37,759		$	25,986		$	70,264		$	85,941
Transaction and integration²		4,967			8,274			20,192			8,274
Bad debt expense		—			—			65			—
Restructuring¹		—			236			—			1,356
Other³		781			—			781			—
Discrete tax related items⁴		(9,291	)		—			(9,291	)		—
Stock-based compensation		6,467			5,344			17,791			15,668
Income tax effect of non-GAAP adjustments⁵		(1,468	)		(1,940	)		(5,194	)		(3,542	)
Non-GAAP net income	$	39,215		$	37,900		$	94,608		$	107,697
GAAP diluted EPS	$	1.21		$	0.83		$	2.26		$	2.70
Transaction and integration²		0.16			0.26			0.65			0.26
Bad debt expense		—			—			—			—
Restructuring¹		—			0.01			—			0.04
Other³		0.03			—			0.03			—
Discrete tax related items⁴		(0.30	)		—			(0.30	)		—
Stock-based compensation		0.21			0.17			0.57			0.49
Income tax effect of non-GAAP adjustments⁵		(0.05	)		(0.06	)		(0.17	)		(0.11	)
Non-GAAP diluted EPS	$	1.26		$	1.21		$	3.04		$	3.38

Axcelis Technologies, Inc.
Fourth Quarter 2026 Outlook
GAAP to Non-GAAP Diluted Earnings Per Share

	Three months ended December 31, 2026
GAAP diluted EPS	$	1.15
Transaction and Integration¹		0.19
Stock-based compensation		0.22
Income tax effect of non-GAAP adjustments²		(0.06	)
Non-GAAP diluted EPS	$	1.50

	Three months ended						Nine months ended
	September 30,						September 30,
	2026			2025			2026			2025
Cash flows from operating activities
Net income	$	37,759		$	25,986		$	70,264		$	85,941
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,489			4,328			13,364			13,152
Stock-based compensation expense		6,467			5,344			17,791			15,668
Other		(11,324	)		6,907			(8,165	)		(4,110	)
Change in other assets and liabilities, net		2,830			2,785			(16,521	)		14,221
Net cash provided by operating activities		40,221			45,350			76,733			124,872

Cash flows from investing activities
Expenditures for property, plant and equipment and capitalized software		(2,504	)		(2,015	)		(7,897	)		(8,960	)
Other changes in investing activities, net		(3,644	)		3,393			(14,987	)		46,194
Net cash (used in) provided by investing activities		(6,148	)		1,378			(22,884	)		37,234

Cash flows from financing activities
Repurchase of common stock		—			(32,335	)		—			(95,850	)
Other changes from financing activities, net		(558	)		(440	)		(9,806	)		(4,022	)
Net cash used in financing activities		(558	)		(32,775	)		(9,806	)		(99,872	)

Effect of exchange rate changes on cash and cash equivalents		2,263			(106	)		1,286			1,829
Net increase in cash, cash equivalents and restricted cash		35,778			13,847			45,329			64,063

Cash, cash equivalents and restricted cash at beginning of period		165,629			181,280			156,078			131,064
Cash, cash equivalents and restricted cash at end of period	$	201,407		$	195,127		$	201,407		$	195,127