EX-99.1 2 tm2114974d1_ex99-1.htm EXHIBIT 99.1


Exhibit 99.1


News Release



The Company Expects to Exceed $550M Revenues in 2021


BEVERLY, Mass. — May 4, 2021—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the first quarter ended March 31, 2021.


Highlights for the first quarter are as follows:


·The Company reported first quarter revenue of $132.8 million, compared to $122.2 million for the fourth quarter of 2020.
·Operating profit for the quarter was $20.3 million, compared to $14.1 million for the fourth quarter.
·Net income for the quarter was $16.5 million, or $0.48 per diluted share, compared to net income of $14.7 million, or $0.43 per diluted share for the fourth quarter.
·Gross margin for the quarter was 42.5%, compared to 43.4% in the fourth quarter.
·Cash, cash equivalents and restricted cash were $207.5 million on March 31, 2021, compared to $204.2 million on December 31, 2020.
·Shipped the first Purion H200™ SiC tool, enabling Axcelis to provide power device customers with a full suite of Purion products to support all of their ion implant needs.
·Closed the evaluation of a Purion VXE™ and shipped a Purion XEmax™ evaluation to a second customer for use in advanced image sensor development.


President and CEO Mary Puma commented, “Axcelis delivered strong first quarter financial performance, driven by the growing demand for our Purion™ products and strength across a number of markets. Given market trends and the traction of our Purion base products and product line extensions, Axcelis is on track to exceed $550 million in revenue for the full year 2021, achieving this goal a full year ahead of schedule.”


Business Outlook


For the second quarter ending June 30, 2021, Axcelis expects revenues ranging from $135 to $140 million. Gross margin in the second quarter is expected to be approximately 41.5%. Second quarter operating profit is forecasted to be in the range of $19-21 million with earnings per diluted share in the range of $0.43-0.47.


First Quarter 2021 Conference Call


The Company will host a call to discuss the results for the first quarter on Wednesday, May 5, 2021 at 8:30 am ET. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Audience Passcode: 7664896. Webcast replays will be available for 30 days following the call.






News Release

Safe Harbor Statement


This press release and the conference call 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 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 40 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.


Company Contacts


Investor Relations:

Doug Lawson



Maureen Hart






News Release


Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)



   Three months ended 
   March 31, 
   2021   2020 
Product  $126,609   $112,133 
Services   6,167    6,858 
Total revenue   132,776    118,991 
Cost of revenue:          
Product   70,334    67,172 
Services   6,007    6,270 
Total cost of revenue   76,341    73,442 
Gross profit   56,435    45,549 
Operating expenses:          
Research and development   15,685    14,606 
Sales and marketing   10,387    8,204 
General and administrative   10,013    9,036 
Total operating expenses   36,085    31,846 
Income from operations   20,350    13,703 
Other (expense) income:          
Interest income   33    482 
Interest expense   (1,029)   (1,303)
Other, net   (1,153)   (620)
Total other expense   (2,149)   (1,441)
Income before income taxes   18,201    12,262 
Income tax provision   1,721    1,041 
Net income  $16,480   $11,221 
Net income per share:          
Basic  $0.49   $0.34 
Diluted  $0.48   $0.33 
Shares used in computing net income per share:          
Basic weighted average common shares   33,715    32,872 
Diluted weighted average common shares   34,643    34,057 





News Release 


Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)



   March 31,   December 31, 
   2021   2020 
Current assets:          
Cash and cash equivalents  $206,766   $203,479 
Accounts receivable, net   75,932    86,865 
Inventories, net   174,381    161,076 
Prepaid expenses and other current assets   22,513    19,371 
Total current assets   479,592    470,791 
Property, plant and equipment, net   30,459    29,840 
Operating lease assets   4,213    4,542 
Finance lease assets, net   20,216    20,544 
Long-term restricted cash   753    753 
Deferred income taxes   54,936    57,851 
Other assets   39,123    40,303 
Total assets  $629,292   $624,624 
Current liabilities:          
Accounts payable  $40,476   $24,013 
Accrued compensation   8,573    24,562 
Warranty   4,181    4,280 
Income taxes   648    654 
Deferred revenue   20,417    21,221 
Current portion of finance lease obligation   809    756 
Other current liabilities   8,774    8,945 
Total current liabilities   83,878    84,431 
Long-term finance lease obligation   47,167    47,393 
Long-term deferred revenue   1,725    1,837 
Other long-term liabilities   8,862    9,361 
Total liabilities   141,632    143,022 
Stockholders’ equity:          
Common stock, $0.001 par value, 75,000 shares authorized; 33,679 shares issued and outstanding at March 31, 2021; 33,633 shares issued and outstanding at December 31, 2020   34    34 
Additional paid-in capital   567,199    570,102 
Accumulated deficit   (81,656)   (91,969)
Accumulated other comprehensive income   2,083    3,435 
Total stockholders’ equity   487,660    481,602 
Total liabilities and stockholders’ equity  $629,292   $624,624