Slide 1: Q1 2025 Earnings Presentation
Q1 2025 EARNINGS PRESENTATION MAY 6, 2025
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 Highlights
Q1 HIGHLIGHTS REVENUE GAAP DILUTED EPS NON-GAAP DILUTED EPS* $193M $0.88 $1.04 Revenue and profitability exceeded expectations Strong gross margins and cost control Sequential growth in bookings to $110M (+30% Q/Q), with book-to-bill of 0.8x 4 *A reconciliation of U.S. GAAP results to non-GAAP resul
Slide 5: Q1 2025 Shipped System Revenue by Segment
Q1 2025 SHIPPED SYSTEM REVENUE BY SEGMENT matu re n od es 47% GENERAL MATURE1 2% SILICON IGBT 14% MEMORY 37% SILICON CARBIDE (SiC) pow er 1 Starting with Q1 2025 results, shipped system revenue from Image Sensor applications is now included in the General Mature category 5
Slide 6: Mature Process Technology Nodes
MATURE PROCESS TECHNOLOGY NODES 86% OF TOTAL SYSTEM REVENUE IN Q1 2025 POWER GENERAL MATURE1 39% OF TOTAL SYSTEM REVENUE IN Q1 2025 47% OF TOTAL SYSTEM REVENUE IN Q1 2025 • Seeing pockets of continued SiC investment in China, • Moderating capacity investments as Auto, Industrial while ROW is digesti
Slide 7: Advanced Logic & Memory Technology
ADVANCED LOGIC & MEMORY TECHNOLOGY ADVANCED LOGIC MEMORY NO SYSTEM REVENUE IN Q1 2025 14% OF TOTAL SYSTEM REVENUE IN Q1 2025 • Expect to receive follow on purchase order with DRAM existing customer • Strong sequential growth in shipments to DRAM in Q1 for capacity expansion • Continue to engage with
Slide 8: Axcelis Is Well Positioned as an Ion Implant Leader with Highly Proprietary Technology
AXCELIS IS WELL POSITIONED AS AN ION IMPLANT LEADER ….WITH HIGHLY PROPRIETARY TECHNOLOGY • Axcelis adapting to global tariffs and macroeconomic landscape – to continue to control costs and drive resilience in global operations • Despite softer demand backdrop, seeing robust technology engagement wit
Slide 9: Q1 Revenue Detail
Q1 REVENUE DETAIL (in millions) Q1 2025 Q4 2024 Q1 2024 Systems Revenue $137.6 $187.4 $195.4 CS&I Revenue $55.0 $65.0 $56.9 Total Revenue $192.6 $252.4 $252.4 Systems Bookings $109.9 $84.5 $107.1 Systems Backlog $618.2 $645.8 $972.9 Geographic Breakdown (% of Systems Revenue) China 37% 49% 59% US 23
Slide 10: Q1 Select GAAP & Non-GAAP Financial Measures
Q1 SELECT GAAP & NON-GAAP FINANCIAL MEASURES Select Income Statement Information (in millions) Q1 2025 Q1 2024 Revenue $192.6 $252.4 Select GAAP Financial Measures Gross Margin 46.1% 46.0% Operating Expenses $59.6 $59.5 Operating Income $29.2 $56.5 Operating Margin 15.1% 22.4% Net Income $28.6 $51.6
Slide 11: Q1 Cash Flow and Balance Sheet
Q1 CASH FLOW AND BALANCE SHEET Select Balance Sheet & Cash Flow Information (in millions) Q1 2025 Q4 2024 Q1 2024 Cash, Cash Equivalents & Short-Term Investments $587.1 $571.3 $530.2 Cash From Operations $39.8 $12.8 $42.2 Capital Expenditures $5.0 $4.7 $1.6 Free Cash Flow $34.8 $8.1 $40.6 Share Repu
Slide 12: Q2 2025 Outlook
Q2 2025 OUTLOOK Q2 2025 Revenue ~$185M FULL YEAR COMMENTARY Non-GAAP Gross Margin* ~42.0% • 2H 2025 Revenue expected to be relatively consistent with 1H 2025 levels Non-GAAP Operating Expenses* ~$54M • 2H 2025 Non-GAAP Gross Margin expected to be relatively similar to estimated Q2 levels, inclusive
Slide 13: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX: GAAP TO NON-GAAP RECONCILIATIONS
Slide 14: Appendix: GAAP to Non-GAAP Reconciliation
APPENDIX: GAAP TO NON-GAAP RECONCILIATION Q1'25 Q1'24 Adjusted EBITDA Reconciliation Q1'25 Q1'24 Revenue $ 192,563 $ 252,372 Net income $ 28,579 $ 51,595 Other (income)/expense (3,925) (2,460) Gross Profit $ 88,768 $ 116,051 Income tax provision 4,505 7,404 Restructuring1 226 - Depreciation & amorti
Slide 15: Appendix: Q2 2025 Outlook GAAP to Non-GAAP Reconciliation
APPENDIX: Q2 2025 OUTLOOK GAAP TO NON-GAAP RECONCILIATION Q2 2025 Q2 2025 Outlook Adjusted EBITDA Reconciliation Outlook Revenue $185 Net Income $18 Other (Income)/Expense ($4) GAAP Gross Margin 41.7% Income tax provision $3 Stock-based compensation 0.3% Depreciation & Amortization $5 Non-GAAP Gross