$ACLS

AXCELIS TECHNOLOGIES INC

CIK:0001113232|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 215,175	$ 194,544	$ 414,131	$ 387,107
Cost of revenue:
Total cost of revenue	123,986	107,201	242,361	210,996
Gross profit	91,189	87,343	171,770	176,111
Operating expenses:
Research and development	28,977	27,064	57,493	54,192
Sales and marketing	19,554	15,003	36,908	30,127
General and administrative	22,377	16,311	49,138	33,668
Total operating expenses	70,908	58,378	143,539	117,987
Income from operations	20,281	28,965	28,231	58,124
Other income (expense):
Interest income	4,575	5,481	9,037	11,082
Interest expense	(1,263)	(1,355)	(2,554)	(2,722)
Other, net	1,755	1,906	1,259	1,597
Total other income	5,067	6,032	7,742	9,957
Income before income taxes	25,348	34,997	35,973	68,081
Income tax provision	2,057	3,621	3,468	8,126
Net income	$ 23,291	$ 31,376	$ 32,505	$ 59,955
Net income per share:
Basic	$ 0.76	$ 0.99	$ 1.06	$ 1.87
Diluted	$ 0.75	$ 0.98	$ 1.05	$ 1.87
Shares used in computing net income per share:
Basic weighted average shares of common stock	30,805	31,847	30,764	32,051
Diluted weighted average shares of common stock	31,134	31,882	31,084	32,103
Product
Revenue:
Total revenue	$ 200,488	$ 183,402	$ 388,497	$ 366,226
Cost of revenue:
Total cost of revenue	106,998	95,462	212,734	189,962
Services
Revenue:
Total revenue	14,687	11,142	25,634	20,881
Cost of revenue:
Total cost of revenue	$ 16,988	$ 11,739	$ 29,627	$ 21,034

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 32,505	$ 59,955
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,875	8,824
Deferred income taxes	1,037	(4,155)
Stock-based compensation expense	11,324	10,324
Provision for doubtful accounts	65	0
Provision for excess and obsolete inventory	1,998	1,742
Accretion of discounts and premiums on short-term and long-term investments	(1,031)	(2,254)
Unrealized currency loss (gain) on foreign denominated transactions	1,191	(6,807)
Mark-to-market adjustment on forward exchange contracts	(100)	457
Changes in operating assets and liabilities:
Accounts receivable	12,460	67,459
Inventories	(16,692)	(16,760)
Prepaid expenses and other current assets	(13,737)	1,175
Accounts payable and other current liabilities	(5,378)	(28,343)
Deferred revenue	10,935	(9,581)
Income taxes	(8,529)	1,966
Other assets and liabilities	1,589	(4,480)
Net cash provided by operating activities	36,512	79,522
Cash flows from investing activities
Expenditures for property, plant and equipment and capitalized software	(5,393)	(6,945)
Purchases of short-term and long-term investments	(223,249)	(345,174)
Maturities and sales of short-term investments	211,906	387,975
Net cash (used in) provided by investing activities	(16,736)	35,856
Cash flows from financing activities
Net settlement on restricted stock grants	(9,539)	(4,152)
Repurchase of common stock	(244)	(63,515)
Proceeds from Employee Stock Purchase Plan purchases	1,302	1,246
Principal payments on finance lease obligation	(768)	(676)
Net cash used in financing activities	(9,249)	(67,097)
Effect of exchange rate changes on cash and cash equivalents	(976)	1,935
Net increase in cash, cash equivalents and restricted cash	9,551	50,216
Cash, cash equivalents and restricted cash at beginning of period	156,078	131,064
Cash, cash equivalents and restricted cash at end of period	$ 165,629	$ 181,280

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 154,996	$ 145,451
Short-term investments	247,220	228,802
Accounts receivable, net	154,149	168,479
Inventories, net	338,174	329,010
Prepaid income taxes	4,863	4,658
Prepaid expenses and other current assets	80,369	66,802
Total current assets	979,771	943,202
Property, plant and equipment, net	58,022	56,146
Operating lease assets	27,568	28,927
Finance lease assets, net	13,516	14,154
Long-term restricted cash	10,633	10,627
Deferred income taxes	78,815	79,895
Long-term investments	174,829	182,396
Other assets	43,684	46,004
Total assets	1,386,838	1,361,351
Current liabilities:
Accounts payable	58,807	42,309
Accrued compensation	20,010	34,233
Warranty	9,634	9,516
Income taxes	2,833	11,383
Deferred revenue	81,679	65,494
Current portion of finance lease obligation	1,722	1,575
Other current liabilities	25,416	33,150
Total current liabilities	200,101	197,660
Long-term finance lease obligation	39,845	40,754
Long-term deferred revenue	36,863	43,445
Other long-term liabilities	44,208	44,815
Total liabilities	321,017	326,674
Commitments and contingencies (Note 16)
Stockholders' equity:
Common stock, $0.001 par value, 75,000 shares authorized; 30,881 shares issued and outstanding at June 30, 2026; 30,717 shares issued and outstanding at December 31, 2025	31	31
Additional paid-in capital	536,152	533,309
Retained earnings	536,044	503,539
Accumulated other comprehensive loss	(6,406)	(2,202)
Total stockholders' equity	1,065,821	1,034,677
Total liabilities and stockholders' equity	$ 1,386,838	$ 1,361,351