Q1 Highlights:
- Revenue of $192.6 million
- GAAP Gross Margin of 46.1%, and Non-GAAP Gross Margin of 46.4%
- GAAP Operating Margin of 15.1% and Non-GAAP Operating Margin of 18.3%
- GAAP Diluted earnings per share of $0.88, and Non-GAAP Diluted earnings per share of $1.04
BEVERLY, Mass., May 6, 2025 -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2025.
President and CEO Russell Low commented, "We executed well in the first quarter, delivering strong profitability despite a moderation in customer investments and a more uncertain broader economic backdrop. Axcelis is well positioned to navigate a dynamic macroeconomic and global trade environment with an agile global manufacturing and supply chain footprint that we have optimized over the past few years. This provides a solid platform for us to meet our customers' needs while continuing to invest in innovation to capture the long-term growth opportunities that lie ahead."
Executive Vice President and Chief Financial Officer Jamie Coogan said, "We delivered strong margins and cash flow in the first quarter, reflecting solid execution and the resilience of our operating model. We exited the quarter with a robust cash position and no debt, and are repurchasing shares in an opportunistic but disciplined manner, while continuing to invest in our business."
Results Summary | |||||
(In thousands, except per share amounts and percentages) | |||||
Three months ended March 31, | |||||
2025 | 2024 | ||||
Revenue | $ | 192,563 | $ | 252,372 | |
Gross margin | 46.1 % | 46.0 % | |||
Operating margin | 15.1 % | 22.4 % | |||
Net income | $ | 28,579 | $ | 51,595 | |
Diluted earnings per share | $ | 0.88 | $ | 1.57 | |
Non-GAAP Results | |||||
Non-GAAP gross margin | 46.4 % | 46.1 % | |||
Non-GAAP operating margin | 18.3 % | 24.1 % | |||
Adjusted EBITDA | $ | 39,520 | $ | 64,545 | |
Non-GAAP net income | $ | 33,784 | $ | 55,234 | |
Non-GAAP diluted earnings per share | $ | 1.04 | $ | 1.68 | |
Business Outlook
For the second quarter ending June 30, 2025, Axcelis expects revenues of approximately $185 million. GAAP earnings per diluted share of approximately $0.57, and non-GAAP earnings per share of approximately $0.73.
Please refer to Second Quarter Outlook under the "Notes on our Non-GAAP Financial Information" section of this document for detail relating to the computation of non-GAAP earnings per diluted share as well as the Safe Harbor Statement section of this document.
First Quarter 2025 Conference Call
The Company will host a call today to discuss the results at 8:30 a.m. ET. The call will be available via 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-conf.media-server.com/register/BI454c6816ae884406ade486cc1372dc9f
Webcast replays will be available for 30 days following the call.
Use of Non-GAAP Financial Results
This press release includes financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("Non-GAAP financial measures"). These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP income tax provision, Adjusted EBITDA, non-GAAP net income, and non-GAAP diluted earnings per share, and reflect adjustments for the impact of share-based compensation expense and certain items related to restructuring and severance charges and any associated adjustments.
Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.
For further information regarding these non-GAAP financial measures, please refer to the tables presenting reconciliations of our non-GAAP results to our GAAP results and the "Notes on Our Non-GAAP Financial Information" at the end of this press release.
Safe Harbor Statement
This press release contains, and the conference call will contain, forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. 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 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, including with respect to the imposition of tariffs on our products or components of our products, 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.
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