Axcelis Technologies, Inc. (ACLS)

Axcelis reported second-quarter 2026 revenue of $215.2 million on 6 August, up from $194.5 million a year earlier 3.

Profit was lower: net income was $23.3 million against $31.4 million, and gross margin, the share of revenue left after production costs, slipped to 42.4 percent from 44.9 percent 3.

Chief executive Russell Low said demand in memory chips remains robust, and the company now expects revenue growth in 2026, with momentum carrying through to 2027 3.

On 27 October 2026 Axcelis named Jeroen Delsman its chief financial officer, effective 12 November 4.

The open question is its pending merger with Veeco, which still needs final approval from China's market regulator, and both companies expect it to close in the second half of 2026 2.

Axcelis says its business began in 1978 and its current company was incorporated in Delaware in 1995 1.

Its business is ion implantation equipment, the machines used to make semiconductor chips, and the company calls its Purion family its flagship line 1.

Revenue for 2025 was $839.0 million, compared to $1,017.9 million in 2024, a year in which customers bought fewer machines 1.

Product revenue, which includes new systems, spare parts, upgrades and used systems, fell to $792.0 million from $976.9 million 1.

New-machine sales dropped to $571.0 million in 2025 from $782.6 million, while aftermarket sales (that same arm), which follow how busy customers' factories are, rose to $268.0 million from $235.3 million 1.

Operating profit was $119.3 million in 2025 against $210.8 million in 2024 1.

General and administrative costs rose $12.9 million in 2025, mainly because merger-related professional and filing fees went up $16.3 million 1.

On 30 September 2025 Axcelis signed a merger agreement with Veeco Instruments, under which Veeco would survive as a wholly owned subsidiary 2.

Axcelis stockholders approved the share issuance for the merger at a special meeting on 6 February 2026 2.

Ion implanters

The Purion Power Series, built for power chips used in electric vehicles and industry, groups high current, medium current and high energy implanters 1.

Ion implantation made up 98.2 percent of 2025 revenue, and selling prices on its systems range from about $2.6 million to $12.0 million 1.

The power device segment accounted for 55 percent of the value of 2025 system shipments 1.

Aftermarket and services

Its aftermarket arm, Customer Solutions and Innovation, sells used tools, spare parts, upgrades and maintenance for about 3,400 products in use in 27 countries 1.

Customers and rivals

Its main rival is Applied Materials, and the two are the only makers with a full range of implant products 1.

Its ten largest customers made up 55.2 percent of 2025 revenue, and one customer alone was 11.0 percent 1.

U.S. export controls limit some sales to China, and SMIC, a major Chinese customer, is on the U.S. Entity List but has a licensing policy covering certain mature fabs 1.

Plants and people

It leases a 417,000 square foot campus in Beverly, Massachusetts, used for manufacturing, research and headquarters, and a 38,000 square foot operations center in South Korea 1.

It had 1,465 employees at the end of 2025 1.

Russell Low is president and chief executive, and Jeroen Delsman becomes chief financial officer on 12 November 2026, succeeding interim chief financial officer David Ryzhik 4.

The umbrella, in words

The annual report's subsidiary list names wholly owned companies in Germany, Italy, France, Japan, Korea, Taiwan, Singapore and China, plus one in Israel and the merger vehicle for Veeco 5.

It owns 23 acres of undeveloped land next to its Beverly headquarters 1.

In the agreed merger, each Veeco share would convert into 0.3575 newly issued Axcelis shares, so Veeco would become a subsidiary 1.

In August Axcelis guided to third-quarter 2026 revenue of about $230 million and GAAP earnings of about $0.76 per diluted share 3.

The merger agreement lets either side end it if the deal is not completed by 30 September 2026, with automatic extensions to as late as 30 June 2027 if only regulatory approvals remain 2.

If a board changes its recommendation, the other side is owed a termination fee of $108.7 million from Axcelis or $77.5 million from Veeco 2.

David Ryzhik will lead integration planning for the Veeco merger in his new role as senior vice president, corporate development and investor relations 4.

No clue on file points to a new direction yet.