AXCELIS ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2022

System Backlog Continues to Hit Record Levels

BEVERLY, Mass., Nov. 2, 2022 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter of 2022.

Highlights for the third quarter are as follows:

• Revenue for the quarter was $229.2 million, compared to $221.2 million for the second quarter of 2022.
• Operating profit for the quarter was $53.2 million, compared to $54.1 million for the second quarter.
• Net income for the quarter was $40.3 million, or $1.21 per diluted share, compared to $44.2 million, or $1.32 per diluted share in the second quarter.
• Gross margin for the quarter was 45.1%, compared to 44.8% in the second quarter.
• Record systems backlog of $1.1 billion and bookings of $337.1 million in the third quarter.
• Cash, cash equivalents and short-term investments were $342.1 million on September 30, 2022, compared to $287.2 million on June 30, 2022. This is net of $12.5 million of repurchased shares in the third quarter.

President and CEO Mary Puma commented, "We are pleased that Axcelis delivered strong third quarter financial performance well above our guidance, due to robust demand for our Purion products and strong execution by the Axcelis team. Axcelis is well positioned for growth in 2023, driven by continued strength in the highly implant intensive power market."

Business Outlook
For the fourth quarter ending December 31, 2022, Axcelis expects revenues of $232-240 million. Gross margin in the fourth quarter is expected to be approximately 40-41%. Fourth quarter operating profit is forecast to be between $41-45 million with earnings per diluted share of $1.00-1.10. For the full year, the Company expects to achieve revenue of greater than $885 million with gross margins of greater than 43%.

Third Quarter 2022 Conference Call
The Company will host a call to discuss the results for the third quarter of 2022 on Thursday, November 3, 2022, at 8:30 a.m. 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 registering as a Participant here:  https://register.vevent.com/register/BI9be1e3f05ec14c00a451864e1872d4f5. Webcast replays will be available for 30 days following the call.

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
978.787.9552

Editorial/Media:
Maureen Hart
978.787.4266

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SOURCE Axcelis Technologies, Inc.