ACLS 10-K

Axcelis Technologies Inc (ACLS)

10-K 2024-02-23 For: 2023-12-31

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Added on April 08, 2026

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(Mark One)
☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $.001 par value	ACLS	Nasdaq Global Select Market


	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Program	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program

	(in thousands except per share amounts)
January 1 through January 31	32	$102.49	32	$	39,174
February 1 through February 28	48	$120.31	48		33,459
March 1 through March 31	27	$129.74	27		30,006
April 1 through April 30	27	$126.06	27		26,665
May 1 through May 31	56	$126.51	56		19,581
June 1 through June 30	12	$161.88	12		17,506
July 1 through July 31	22	$179.93	22		13,507
August 1 through August 31	27	$175.80	27		208,761	(1)
September 1 through September 30	22	$174.80	22		205,007
October 1 through October 31	44	$154.98	44		198,188
November 1 through November 30	63	$130.28	63		190,006
December 1 through December 31	—	N/A	—
Total	380		380

(1) The increase in the dollar value available for repurchases under the program at August 31, 2023 reflects the additional funding authorized under the program in August 2023.


		(A)	(B)	(C)
Plan category		Number of shares to be issued upon exercise of outstanding options, warrants and rights (1)	Weighted‑average exercise price of outstanding options, warrants and rights (2)	Number of shares remaining available for future issuance under equity compensation plans (excluding shares reflected in column (A)) (3)
Equity compensation plans approved by stockholders		541,898	$ 0.34	1,659,502
Equity compensation plans not approved by stockholders		—	NA	NA
Total		541,898		1,659,502
Weighted average exercise price of outstanding options at December 31, 2023		$61.81
Weighted average remaining term of outstanding options at December 31, 2023		4.9 years

(1) Represents, as of December 31, 2023: (A) 3,000 shares issuable on exercise of outstanding options under the 2012 Equity Plan, plus (B) 538,098 shares issuable on vesting of outstanding RSUs under the 2012 Equity Plan (some of which will be withheld in respect of tax withholding obligations).
(2) For the purposes of this table, the weighted-average exercise price of outstanding options, warrants and rights includes RSUs as if they had a $0.00 exercise price. The weighted-average exercise price of outstanding options at December 31, 2023 was $61.81.
(3) Represents the total shares available for issuance under our 2012 Equity Plan and our 2020 Employee Stock Purchase Plan, as of December 31, 2023, as follows:
(A)	750,550 shares were available for future issuance under the 2012 Equity Plan. Such amount represents the total number of shares reserved for issuance under the 2012 Equity Plan ((7,762,500 shares approved by the shareholders, plus 1,777,029 shares added in accordance with the terms of the 2012 Equity Plan as a result of the expiration or forfeiture of awards granted under our prior equity grant plan that were outstanding at the time of the adoption of the 2012 Equity Plan), less the shares issuable on options and restricted stock units (counted at 1.5 shares each) outstanding under the 2012 Equity Plan included in column (A)) and the shares issued prior to such date on exercise of options and vesting of restricted stock units granted under the 2012 Equity Plan. This plan is generally used for grants to employees and directors and was initially approved by our stockholders at our 2012 annual meeting.
(B)	908,952 shares were available under our 2020 Employee Stock Purchase Plan, which represents the total number of shares reserved for issuance under the plan (1,000,000) less the shares purchased through December 31, 2023.


	Year ended
	December 31,
	2023		2022
Revenue:
Product	96.9	%	96.8	%
Services	3.1		3.2
Total revenue	100.0		100.0
Cost of revenue:
Product	53.8		53.5
Services	2.7		2.8
Total cost of revenue	56.5		56.3
Gross profit	43.5		43.7
Operating expenses:
Research and development	8.6		8.5
Sales and marketing	5.6		5.8
General and administrative	5.8		6.2
Total operating expenses	20.0		20.5
Income from operations	23.5		23.2
Other income (expense):
Interest income	1.6		0.5
Interest expense	(0.5)		(0.6)
Other, net	—		(0.7)
Total other income (expense)	1.1		(0.8)
Income before income taxes	24.6		22.4
Income tax provision	2.9		2.4
Net income	21.7	%	20.0	%


	Year ended						Period-to-Period
	December 31,						Change
	2023			2022			$		%

	(dollars in thousands)
Revenue:
Product	$	1,095,650		$	890,582		$	205,068	23.0	%
Percentage of revenue		96.9	%		96.8	%
Services		34,954			29,416			5,538	18.8	%
Percentage of revenue		3.1	%		3.2	%
Total revenue	$	1,130,604		$	919,998		$	210,606	22.9	%


			Amount of
			Commitment
			Expiration by Period
Other Commercial Commitments	Total		2024		2025		2026
Surety bonds	$	10,193	$	4,457	$	3,492	$	2,244
Standby letters of credit and deposits		6,640		6,575		—		65
Total	$	16,833	$	11,032	$	3,492	$	2,309


			Payments Due by Period
Contractual Obligations	Total		2024		2025-2026		2027-2028		2029-Beyond
Sale leaseback obligation	$	85,905	$	6,252	$	11,938	$	12,379	$	55,336
Purchase order commitments		304,081		293,795		9,217		1,015		54
Operating leases		42,773		6,529		8,583		4,456		23,205
Total	$	432,759	$	306,576	$	29,738	$	17,850	$	78,595


Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)		38
Consolidated Statements of Operations — For the years ended December 31, 2023, 2022 and 2021		40
Consolidated Statements of Comprehensive Income — For the years ended December 31, 2023, 2022 and 2021		41
Consolidated Balance Sheets — December 31, 2023 and 2022		42
Consolidated Statements of Stockholders’ Equity — For the years ended December 31, 2023, 2022 and 2021		43
Consolidated Statements of Cash Flows — For the years ended December 31, 2023, 2022 and 2021		44
Notes to Consolidated Financial Statements		45

		primarily due to the size of the account, as well as the focus on revenue from readers of the financial statements.
How We Addressed the Matter in Our Audit		We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s systems revenue recognition process, including controls designed to mitigate the risk of override of controls. This included testing controls over management’s review of manual journal entries and revenue related account reconciliations. To test systems revenue recognition, we reconciled revenue recognized to the Company’s general ledger to test completeness and performed substantive test of details over significant transactions deemed to be key items and a representative sample of the remaining transactions. For example, we selected and read a sample of arrangements to evaluate the completeness of the promised products and services and the related revenue recognized. We also confirmed directly with certain of the Company’s customers the terms of the selected system revenue arrangements.
		Estimate of Excess Inventory
Description of the Matter		The Company’s inventories totaled $306.5 million, net, as of December 31, 2023. As described in Note 2 and Note 6 to the consolidated financial statements, the Company records a provision for estimated excess inventory. Management determines the provision using its assumptions of future materials usage, based on estimates of demand and market conditions. Auditing the Company’s provision for excess inventory is complex due to the highly judgmental nature of the factors used to estimate demand and market conditions. Specifically, the Company’s estimated materials usage may be significantly affected by management’s assumptions of forecasted system sales and the size and utilization of the installed base of systems. Management’s identification and measurement of these factors are forward looking and could be affected by future economic and market conditions that could have a significant effect on the excess inventory reserve.
How We Addressed the Matter in Our Audit		We obtained an understanding, evaluated the design, and tested the operating effectiveness of internal controls, including management review controls, over the Company’s excess inventory reserve estimation process. This included management’s assessment of the assumptions and data underlying the excess inventory provision. For example, we tested controls over management’s review of its systems sales forecasts, as well as management’s review of the assumptions relating to the market size and utilization of installed systems. We also tested management’s controls over the completeness and accuracy of the data used in the estimation model. Our substantive audit procedures included, among others, evaluating the significant assumptions stated above and testing the accuracy and completeness of the underlying data used by management to compute the value of excess inventory. For example, we compared the quantities of on-hand inventories to historical and forecasted materials usage and evaluated adjustments to forecasts for specific product considerations, such as technological changes or alternative uses. We also assessed the historical accuracy of management’s estimates and performed sensitivity analyses over the significant assumptions to evaluate the changes in the excess inventory estimates that would result from changes in the underlying assumptions.


	Twelve months ended
	December 31,
	2023		2022		2021
Revenue:
Product	$	1,095,650	$	890,582	$	634,445
Services		34,954		29,416		27,983
Total revenue		1,130,604		919,998		662,428
Cost of revenue:
Product		608,112		492,104		349,558
Services		31,191		26,104		26,425
Total cost of revenue		639,303		518,208		375,983
Gross profit		491,301		401,790		286,445
Operating expenses:
Research and development		96,907		78,356		65,431
Sales and marketing		62,805		53,599		47,548
General and administrative		65,794		57,474		46,141
Total operating expenses		225,506		189,429		159,120
Income from operations		265,795		212,361		127,325
Other income (expense):
Interest income		18,199		4,551		209
Interest expense		(5,347)		(5,576)		(4,835)
Other, net		(48)		(6,451)		(2,271)
Total other income (expense)		12,804		(7,476)		(6,897)
Income before income taxes		278,599		204,885		120,428
Income tax provision		32,336		21,806		21,778
Net income	$	246,263	$	183,079	$	98,650
Net income per share:
Basic	$	7.52	$	5.54	$	2.94
Diluted	$	7.43	$	5.46	$	2.88
Shares used in computing net income per share:
Basic weighted average shares of common stock		32,758		33,043		33,555
Diluted weighted average shares of common stock		33,165		33,542		34,268


						Accumulated		Accumulated
				Additional		Deficit /		Other		Total
	Common Stock			Paid-in		Retained		Comprehensive		Stockholders’
	Shares	Amount		Capital		Earnings		Income (Loss)		Equity
Balance at December 31, 2020	33,633	$	34	$	570,102	$	(91,969)	$	3,435	$	481,602
Net income	—		—		—		98,650		—		98,650
Foreign currency translation adjustments	—		—		—		—		(1,881)		(1,881)
Change in pension obligation, net of tax	—		—		—		—		211		211
Exercise of stock options	396		—		3,687		—		—		3,687
Issuance of stock under Employee Stock Purchase Plan	26		—		1,179		—		—		1,179
Issuance of restricted common shares	326		—		(6,564)		—		—		(6,564)
Stock-based compensation expense	—		—		12,067		—		—		12,067
Repurchase of common stock	(1,141)		(1)		(20,588)		(29,403)		—		(49,992)
Balance at December 31, 2021	33,240		33		559,883		(22,722)		1,765		538,959
Net income	—		—		—		183,079		—		183,079
Foreign currency translation adjustments	—		—		—		—		(4,058)		(4,058)
Change in pension obligation, net of tax	—		—		—		—		325		325
Exercise of stock options	103		—		1,247		—		—		1,247
Issuance of stock under Employee Stock Purchase Plan	29		—		1,662		—		—		1,662
Issuance of restricted common shares	291		—		(9,907)		—		—		(9,907)
Stock-based compensation expense	—		—		13,444		—		—		13,444
Repurchase of common stock	(888)		—		(16,030)		(41,465)		—		(57,495)
Balance at December 31, 2022	32,775		33		550,299		118,892		(1,968)		667,256
Net income	—		—		—		246,263		—		246,263
Foreign currency translation adjustments	—		—		—		—		38		38
Change in pension obligation, net of tax	—		—		—		—		84		84
Exercise of stock options	3		—		25		—		—		25
Issuance of stock under Employee Stock Purchase Plan	16		—		2,057		—		—		2,057
Issuance of restricted common shares	271		—		(16,611)		—		—		(16,611)
Stock-based compensation expense	—		—		18,269		—		—		18,269
Repurchase of common stock	(380)		—		(6,850)		(45,649)		—		(52,499)
Balance at December 31, 2023	32,685	$	33	$	547,189	$	319,506	$	(1,846)	$	864,882


Asset Classification	Estimated Useful Life
Land, buildings and equipment (under lease)		Lesser of the lease term or estimated useful life of the asset
Machinery and equipment		3 to 10 years



	Year ended December 31,
	2023		2022		2021

	(in thousands, except per share data)
Net income available to common stockholders	$	246,263	$	183,079	$	98,650
Weighted average shares of common stock outstanding used in computing basic income per share		32,758		33,043		33,555
Incremental options and RSUs		407		499		713
Weighted average shares of common stock used in computing diluted net income per share		33,165		33,542		34,268
Net income per share
Basic	$	7.52	$	5.54	$	2.94
Diluted	$	7.43	$	5.46	$	2.88


	Foreign		Defined benefit
	currency		pension plan		Total

	(in thousands)
Balance at December 31, 2022	$	(1,994)	$	26	$	(1,968)
Other comprehensive income and pension reclassification		38		84		122
Balance at December 31, 2023	$	(1,956)	$	110	$	(1,846)


		December 31,		December 31,
Leases	Classification	2023		2022

Assets		(in thousands)
Operating leases	Operating lease assets	$	30,716	$	12,146
Finance lease	Finance lease assets*		16,632		17,942
Total leased assets		$	47,348	$	30,088
Liabilities
Current
Operating	Other current liabilities	$	4,978	$	5,367
Finance	Current portion of finance lease obligation		1,511		1,229
Non-current
Operating	Other long-term liabilities		25,724		6,931
Finance	Finance lease obligation		43,674		45,185
Total lease liabilities		$	75,887	$	58,712

*Finance lease assets are recorded net of accumulated depreciation of $46.4 million and include $0.6 million of prepaid financing costs as of December 31, 2023. Finance lease assets are recorded net of accumulated depreciation of $45.9 million and include $0.6 million of prepaid financing costs as of December 31, 2022.


		Year ended
		December 31,
Lease cost	Classification	2023		2022		2021

Operating lease cost		(in thousands)
Product / services*	Cost of revenue	$	7,297	$	5,427	$	2,978
Research and development	Operating expenses		587		322		430
Sales and marketing*	Operating expenses		1,674		1,526		1,605
General and administrative*	Operating expenses		1,111		1,065		996
Total operating lease cost		$	10,669	$	8,340	$	6,009
Finance lease cost
Depreciation of leased assets	Cost of revenue, Research and development, Sales and marketing and General and administrative	$	1,310	$	1,296	$	1,306
Interest on lease liabilities	Interest expense		4,874		4,992		5,086
Total finance lease cost		$	6,184	$	6,288	$	6,392

Total lease cost		$	16,853	$	14,628	$	12,401

* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $2.1 million, $1.8 million and $1.9 million for the years ended December 31, 2023, 2022 2021, respectively.


	Finance		Operating		Total
Maturity of Lease Liabilities	Leases		Leases		Leases

	(in thousands)
2024	$	6,252	$	6,529	$	12,781
2025		5,930		4,970		10,900
2026		6,008		3,613		9,621
2027		6,128		2,530		8,658
2028		6,251		1,926		8,177
Thereafter		55,336		23,205		78,541
Total lease payments	$	85,905	$	42,773	$	128,678
Less interest portion*		(40,720)		(12,071)		(52,791)
Finance lease and operating lease obligations	$	45,185	$	30,702	$	75,887

* Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate.


	December 31,
Lease term and discount rate	2023
Weighted-average remaining lease term (years):
Operating leases		11.5
Finance leases		13.1
Weighted-average discount rate:
Operating leases		5.5%
Finance leases		10.5%



	Year ended December 31,
Cash paid for amounts included in the measurement of lease liabilities	2023		2022		2021

	(in thousands)
Operating cash outflows from operating leases	$	10,669	$	8,340	$	6,009
Operating cash outflows from finance leases		4,874		4,992		5,086
Financing cash outflows from finance leases		1,240		987		763
Operating lease assets obtained in exchange for operating lease liabilities		26,890		6,173		8,670
Finance lease assets obtained in exchange for new finance lease liabilities		—		—		—



			2021
Weighted-average expected volatility			53.07%
Weighted-average expected term			4.71 years
Risk-free interest rate			1.22%
Expected dividend yield			0.00%


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Options	Price		Term	Value
	(in thousands)			(years)	(in thousands)
Outstanding at December 31, 2022	5	$	43.33
Granted	—		—
Exercised	(2)		13.75
Canceled	—		—
Expired	—		—
Outstanding at December 31, 2023	3	$	61.81	4.9	$	204
Exercisable at December 31, 2023	2	$	61.81	4.9	$	102
Options Vested at December 31, 2023	2	$	61.81	4.9	$	102


		Weighted-Average
		Grant Date Fair
	Shares/units	Value per Share
	(in thousands)
Outstanding at December 31, 2022	725	$	39.23
Granted	220		125.11
Vested	(397)		131.71
Forfeited	(10)		51.94
Outstanding at December 31, 2023	538	$	77.22


	December 31, 2023
	Fair Value Measurements
	Level 1		Level 2		Level 3		Total

	(in thousands)
Assets
Cash equivalents and other short-term investments:
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)	$	118,278	$	—	$	—	$	118,278
Short-term investments (U.S. Government Securities and Agency Investments)		339,240		—		—		339,240
Total	$	457,518	$	—	$	—	$	457,518


	December 31, 2022
	Fair Value Measurements
	Level 1		Level 2		Level 3		Total

	(in thousands)
Assets
Cash equivalents and other short-term investments:
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)	$	111,771	$	25,000	$	—	$	136,771
Short-term investments (U.S. Government Securities and Agency Investments)		245,247		—		—		245,247
Total	$	357,018	$	25,000	$	—	$	382,018


			Long-Lived
	Revenue		Assets

	(in thousands)
2023
United States	$	749,288	$	86,482
Europe		45,583		382
Asia Pacific		335,733		4,040
	$	1,130,604	$	90,904
2022
United States	$	634,081	$	66,227
Europe		38,963		212
Asia Pacific		246,954		3,464
	$	919,998	$	69,903
2021
United States	$	519,408	$	63,590
Europe		36,622		191
Asia Pacific		106,398		3,194
	$	662,428	$	66,975


	Balance at		Charged to				Balance at
	Beginning of		Costs and				End of
	Period		Expenses		Deductions		Period
Year ended December 31, 2023
Allowance for doubtful accounts and returns	$	—	$	1,117	$	657	$	460
Deferred tax valuation allowance		8,370		3,196		603		10,963
Year ended December 31, 2022
Allowance for doubtful accounts and returns	$	—	$	—	$	—	$	—
Deferred tax valuation allowance		7,689		1,529		848		8,370
Year ended December 31, 2021
Allowance for doubtful accounts and returns	$	—	$	—	$	—	$	—
Deferred tax valuation allowance		9,133		780		2,224		7,689


Exhibit No.		Description
3.1		Restated Certificate of Incorporation of the Company, filed November 2, 2017. Incorporated by reference to Exhibit 3.1 of the Company’s Form 10-Q filed with the Commission on November 3, 2017.

3.2		Bylaws of the Company, as amended and restated as of May 11, 2022. Incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed with the Commission on May 11, 2022.

4.4		Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934. Incorporated by reference to Exhibit 4.4 of the Company’s Form 10-K for the year ended December 31, 2019 filed with the Commission on March 2, 2020.

10.1*		Axcelis Technologies, Inc. 2012 Equity Incentive Plan, as approved by stockholders on May 14, 2019 and as amended by the Board of Directors on August 11, 2022. Incorporated by reference to Exhibit 10.1 of the Company’s Form 10-Q for the quarter ended September 30, 2022 filed with the Commission on November 3, 2022.

10.2*		Axcelis Management Incentive Plan, as amended and restated by the Compensation Committee of the Board of Directors on February 11, 2010. Incorporated by reference to Exhibit 10.2 of the Company’s report on Form 10-K for the year ended December 31, 2009 filed with the Commission on March 15, 2010.

10.3*		Form of Indemnification Agreement approved by the Board of Directors of the Company on February 9, 2012 for use with each of its directors and officers. Incorporated by reference to Exhibit 10.4 of the Company’s report on Form 10-K for the year ended December 31, 2011 filed with the Commission on February 29, 2012.

10.4*		Form of Change in Control Agreement, as amended, as approved by the Compensation Committee of the Board of Directors on November 11, 2016, between the Company and each of its executive officers. Incorporated by reference to Exhibit 10.6 of the Company’s Form 10-K for the year ended December 31, 2016 filed with the Commission on March 14, 2017.

10.5*		Form of Employee Non-Qualified Stock Option Certificate under the 2012 Equity Incentive Plan, adopted June 18, 2012. Incorporated by reference to Exhibit 10.2 of the Company’s report on Form 10-Q for the quarter ended June 30, 2012 filed with the Commission on August 7, 2012.

10.6*		Form of Non-Employee Director Non-Qualified Stock Option Certificate under the 2012 Equity Incentive Plan, adopted June 18, 2012. Incorporated by reference to Exhibit 10.3 of the Company’s report on Form 10-Q for the quarter ended June 30, 2012 filed with the Commission on August 7, 2012.

10.7*		Form of Restricted Stock Unit Award Agreement under the 2012 Equity Incentive Plan, adopted June 18, 2012. Incorporated by reference to Exhibit 10.4 of the Company’s report on Form 10-Q for the quarter ended June 30, 2012 filed with the Commission on August 7, 2012.

10.8*		Named Executive Officer Base Compensation at February 15, 2024. Filed herewith.

10.9*		Non-Employee Director Cash Compensation at February 15, 2024. Filed herewith.

10.10*		Employment Agreement between the Company and Russell J. Low dated May 11, 2023. Incorporated by reference to Exhibit 10.1 of the Company’s report on Form 8-K filed with the Commission on May 12, 2023.

10.11*		2023 Amended and Restated Employment Agreement between the Company and Mary G. Puma dated February 24, 2023. Incorporated by reference to Exhibit 10.1 of the Company’s report on Form 8-K filed with the Commission on April 18, 2023.


Exhibit No.		Description
10.12*		Form of Executive Separation Pay Agreement between the Company and each of its executive officers, including Lynnette C. Fallon, Greg Redinbo, Douglas Lawson, Gerald M. Blumenstock, Christopher Tatnall and James G. Coogan, having dates from May 15, 2019 to September 29, 2023. Incorporated by reference to Exhibit 10.2 of the Company’s Form 10-Q for the quarter ended June 30, 2019 filed with the Commission on August 7, 2019.

10.13		Lease Agreement between the Company and Beverly Property Owner LLC, effective January 30, 2015. Incorporated by reference to Exhibit 10.24 of the Company’s Form 10-K for the year ended December 31, 2014 filed with the Commission on March 11, 2015.

10.14*		Executive Compensation Clawback Policy, as adopted by the Board of Directors on August 10, 2023. Filed herewith.

14.1		Ethical Business Conduct at Axcelis, revised through January 2003. Incorporated by reference to Exhibit 14.1 of the Company’s report on Form 10-K filed with the Commission on March 28, 2003.

19.1		2023 Insider Trading Policy, as adopted by the Board of Directors on August 10, 2023. Filed herewith.

21.1		Subsidiaries of the Company. Filed herewith.

23.1		Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm. Filed herewith.

31.1		Certification of the Principal Executive Officer under Exchange Act Rule 13a-14(a)/15d-14(a) (Section 302 of the Sarbanes-Oxley Act), dated February 23, 2024. Filed herewith.

31.2		Certification of the Principal Financial Officer under Exchange Act Rule 13a-14(a)/15d-14(a) (Section 302 of the Sarbanes-Oxley Act), dated February 23, 2024. Filed herewith.

32.1		Certification of the Principal Executive Officer pursuant to Section 1350 of Chapter 63 of title 18 of the United States Code (Section 906 of the Sarbanes-Oxley Act), dated February 23, 2024. Filed herewith.

32.2		Certification of the Principal Financial Officer pursuant to Section 1350 of Chapter 63 of title 18 of the United States Code (Section 906 of the Sarbanes-Oxley Act), dated February 23, 2024. Filed herewith.

101		The following materials from the Company’s Form 10-K for the year ended December 31, 2022, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Statements of Operations, (ii) Consolidated Statement of Comprehensive Income (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.

104		Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101).


	AXCELIS TECHNOLOGIES, INC.


	By:	/s/ Russell Low
		Russell Low,
		President and Chief Executive Officer
Dated: February 23, 2024

Signature	Title	Date

/s/ Russell J. Low	Director and Principal Executive Officer	February 23, 2024
Russell J. Low	Director and Principal Executive Officer	February 23, 2024

/s/ James G. Coogan	Principal Accounting and Financial Officer	February 23, 2024
James G. Coogan	Principal Accounting and Financial Officer	February 23, 2024

/s/ Mary G. Puma	Director	February 23, 2024
Mary G. Puma	Director	February 23, 2024

	Director	February 23, 2024

Tzu-Yin Chiu

/s/ Joseph P. Keithley	Director	February 23, 2024
Joseph P. Keithley	Director	February 23, 2024

/s/ John T. Kurtzweil	Director	February 23, 2024
John T. Kurtzweil	Director	February 23, 2024

/s/ Jeanne Quirk	Director	February 23, 2024
Jeanne Quirk	Director	February 23, 2024

/s/ Thomas St. Dennis	Director	February 23, 2024
Thomas St. Dennis	Director	February 23, 2024

/s/ Jorge Titinger	Director	February 23, 2024
Jorge Titinger	Director	February 23, 2024

/s/ Dipti Vachani	Director	February 23, 2024

Dipti Vachani