Axcelis Technologies, Inc. · NASDAQ:ACLS
Axcelis Technologies — Q1 2026 Earnings Presentation
15 slides from Axcelis Technologies's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 EARNINGS PRESENTATION May 7, 2026
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation 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 financia
Slide 3: Use of Non-GAAP Measures
USE OF NON-GAAP MEASURES This presentation 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
Slide 4: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS REVENUE1 GAAP DILUTED EPS NON-GAAP DILUTED EPS* $199M $0.30 $0.72 Stronger than expected CS&I revenue Sequential growth in Memory sales as demand recovers Bookings activity was consistent on a sequential basis, following the strong step-up in Q4 2025 1 Q1 2026 results include a re
Slide 5: Q1 2026 Shipped System Revenue by Segment
Q1 2026 SHIPPED SYSTEM REVENUE BY SEGMENT mature nodes 33% GENERAL MATURE 10% OTHER POWER (IGBT, OTHER) 25% SILICON CARBIDE (SiC) POWER 32% MEMORY po we r 5
Slide 6: Mature Process Technology
MATURE PROCESS TECHNOLOGY 68% OF TOTAL SHIPPED SYSTEM REVENUE IN Q1 2026 POWER GENERAL MATURE 35% OF TOTAL SHIPPED SYSTEM REVENUE IN Q1 2026 33% OF TOTAL SHIPPED SYSTEM REVENUE IN Q1 2026 • Shipments to SiC applications moderated on a • Revenue declined sequentially as customers manage sequential ba
Slide 7: Advanced Logic & Memory Technology
ADVANCED LOGIC & MEMORY TECHNOLOGY ADVANCED LOGIC MEMORY NO SHIPPED SYSTEM REVENUE IN Q1 2026 32% OF TOTAL SHIPPED SYSTEM REVENUE IN Q1 2026 • Continue to work closely with customers on next • Strong sequential increase driven by DRAM and generation technology needs HBM applications, to support AI-d
Slide 8: Update on Trends in 2026
UPDATE ON TRENDS IN 2026 MEMORY POWER & GENERAL MATURE ADVANCED LOGIC Revenue from the Memory Anticipated Y/Y decline in revenue Revenue expected to be relatively market on track for strong growth from Power and General Mature similar to 2025 levels. Engaging in 2026 to meet accelerating AI- markets
Slide 9: Q1 2026 Revenue Detail
Q1 2026 REVENUE DETAIL (In millions) Q1 20261 Q4 2025 Q1 2025 Systems Revenue $126.3 $156.5 $137.6 CS&I Revenue $72.6 $81.9 $55.0 Total Revenue $199.0 $238.3 $192.6 Systems Bookings $128.2 $127.6 $109.9 Systems Backlog $453.3 $457.0 $618.2 Q1 2026 Q4 2025 Q1 2025 Geographic Breakdown (% of Total Rev
Slide 10: Q1 2026 Select GAAP & Non-GAAP Financial Measures
Q1 2026 SELECT GAAP & NON-GAAP FINANCIAL MEASURES (In millions, expect per share amounts) Q1 20261 Q1 20252 Revenue $199.0 $192.6 Select GAAP Financial Measures Gross Margin 40.5% 46.1% Operating Expenses $72.6 $59.6 Operating Income $8.0 $29.2 Operating Margin 4.0% 15.1% Net Income $9.2 $28.6 Dilut
Slide 11: Q1 2026 Select Cash Flow and Balance Sheet Results
Q1 2026 SELECT CASH FLOW AND BALANCE SHEET RESULTS Q1 2026 Q4 2025 Q1 2025 (In millions) Cash, Cash Equivalents & Marketable Securities1 $570.0 $556.6 $587.1 Cash From Operations $18.1 ($6.6) $39.8 Capital Expenditures $1.8 $2.3 $5.0 Free Cash Flow $16.32 ($8.9)2 $34.8 Share Repurchase - $25.2 $
Slide 12: Q2 2026 Outlook
Q2 2026 OUTLOOK Q2 2026 ADDITIONAL COMMENTARY Revenue $205M • 2026 Full Year Revenue still anticipated to be relatively flat compared to 2025 levels. Non-GAAP Gross Margin* 43.0% • 2026 Full Year Non-GAAP Gross Margin still expected to be low to mid 40% range. Non-GAAP Operating Expenses* $59M Adjus
Slide 13: Appendix
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Slide 14: Appendix: GAAP to Non-GAAP Reconciliation
APPENDIX: GAAP TO NON-GAAP RECONCILIATION Q1’26 Q1’25 Adjusted EBITDA Reconciliation Q1’26 Q1’25 Revenue $ 198,956 $ 192,563 Net income $ 9,214 $ 28,579 Other (income)/expense (2,675) (3,925) Gross Profit $ 80,581 $ 88,768 Income tax provision 1,411 4,505 Restructuring1 - 226 Depreciation & amortiza
Slide 15: Appendix: Q2 2026 Outlook GAAP to Non-GAAP Reconciliation
APPENDIX: Q2 2026 OUTLOOK GAAP TO NON-GAAP RECONCILIATION Q2 2026 Q2 2026 Outlook Adjusted EBITDA Reconciliation Outlook Revenue $205 Net Income $18 Other (Income)/Expense ($3) GAAP Gross Margin 42.7% Income tax provision $3 Restructuring - Depreciation & Amortization $5 Stock-based compensation 0.3