Axcelis Announces Financial Results for Fourth Quarter and Full Year 2024

$ACLS
Industrial Machinery/Components
Technology
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Q4 Highlights:

  • Revenue of $252.4 million
  • Operating Margin of 21.6%
  • Diluted earnings per share of $1.54

BEVERLY, Mass., Feb. 10, 2025 /PRNewswire/ -- Axcelis Technologies, Inc. (NASDAQ:ACLS) today announced financial results for the fourth quarter and full year ended December 31, 2024.

For the full year 2024, the Company reported revenue of $1.02 billion, compared with $1.13 billion for the full year 2023. Systems revenue for the year was $782.6 million, compared to $883.6 million in 2023. Operating profit was $210.8 million in 2024, compared to $265.8 million in 2023. Net income for the year was $201 million with diluted earnings per share of $6.15, compared to net income of $246.3 million and diluted earnings per share of $7.43 in 2023. Gross margin for the year was 44.7%, compared to 43.5% in 2023.

The Company reported fourth quarter revenue of $252.4 million, compared to $256.6 million for the third quarter of 2024. Gross margin for the quarter was 46.0%, compared to 42.9% in the third quarter. Operating profit for the quarter was $54.5 million, compared to $46.9 million for the third quarter. Net income for the quarter was $50 million, or $1.54 per diluted share, compared to $48.6 million, or $1.49 per diluted share in the third quarter.

President and CEO Russell Low commented, "Axcelis exited the year on a strong note, with fourth quarter revenue and profitability exceeding our expectations. As we look ahead to 2025, we anticipate a near term cyclical digestion period, as customers absorb the robust investments they've made into mature node capacity over the past few years – particularly in China. We are focused on capturing the long-term growth opportunities that lie ahead by investing in product innovation, managing our costs, and working closely with customers on their technology roadmaps – all of which will put us in an even stronger position for the next upturn." 

Executive Vice President and Chief Financial Officer Jamie Coogan said, "We are pleased with our financial execution in 2024. Despite a decline in revenue, we were able to deliver higher gross margins, generate solid free cash flow, return capital to shareholders via buyback, and exit the year with a stronger balance sheet that allows us to invest during this cyclical digestion period and drive long term value creation."

Business Outlook

For the first quarter ending March 31, 2025, Axcelis expects revenues of approximately $185 million, and earnings per diluted share of approximately $0.38.

Fourth Quarter and Full Year 2024 Conference Call

The Company will host a call to discuss the results for the fourth quarter and full year 2024 on Tuesday, February 11, 2025, at 8:30 a.m. ET. The call will be available via 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/BIb4b94bbc1cf744869eeb20b9a9be88a7

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 45 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.

CONTACTS:

Investor Relations Contact:

David Ryzhik

Senior Vice President, Investor Relations and Corporate Strategy

Telephone: (978) 787-2352

Email: David.Ryzhik@axcelis.com

Press/Media Relations Contact:

Maureen Hart

Senior Director, Corporate & Marketing Communications

Telephone: (978) 787-4266

Email: Maureen.Hart@axcelis.com

 

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)



































Three months ended 



Twelve months ended









December 31,



December 31,







2024



2023



2024



2023



Revenue:



























Product



$

241,254



$

300,603



$

976,881



$

1,095,650



Services





11,163





9,685





40,984





34,954



Total revenue





252,417





310,288





1,017,865





1,130,604



Cost of revenue:



























Product





125,402





163,801





524,451





608,112



Services





10,792





8,591





38,760





31,191



Total cost of revenue





136,194





172,392





563,211





639,303



Gross profit





116,223





137,896





454,654





491,301



Operating expenses:



























Research and development





27,654





24,911





105,497





96, 907



Sales and marketing





16,563





16,659





68,046





62,805



General and administrative





17,475





17,275





70,317





65,794



Total operating expenses





61,692





58,845





243,860





225,506



Income from operations





54,531





79,051





210,794





265,795



Other income (expense):



























Interest income





6,277





5,375





24,403





18,199



Interest expense





(1,444)





(1,320)





(5,462)





(5,347)



Other, net





(719)





4,300





539





(48)



Total other income





4,114





8,355





19,480





12,804



Income before income taxes





58,645





87,406





230,274





278,599



Income tax provision





8,689





16,350





29,282





32,336



Net income



$

49,956



$

71,056



$

200,992



$

246,263



Net income per share:



























Basic



$

1.54



$

2.17



$

6.17



$

7.52



Diluted



$

1.54



$

2.15



$

6.15



$

7.43



Shares used in computing net income per share:



























Basic weighted average shares of common stock





32,424





32,708





32,552





32,758



Diluted weighted average shares of common stock





32,514





33,031





32,704





33,165



 

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)





















December 31,



December 31,







2024



2023



ASSETS



Current assets:















Cash and cash equivalents



$

123,512



$

167,297



Short-term investments





447,831





338,851



Accounts receivable, net





203,149





217,964



Inventories, net





282,225





306,482



Prepaid income taxes





6,420







Prepaid expenses and other current assets





60,471





49,397



Total current assets





1,123,608





1,079,991



Property, plant and equipment, net





53,784





53,971



Operating lease assets





29,621





30,716



Finance lease assets, net





15,346





16,632



Long-term restricted cash





7,552





6,654



Deferred income taxes





68,277





53,428



Other assets





50,593





40,575



Total assets



$

1,348,781



$

1,281,967



LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities:















Accounts payable



$

46,928



$

54,400



Accrued compensation





25,536





31,445



Warranty





13,022





14,098



Income taxes









6,164



Deferred revenue





94,673





164,677



Current portion of finance lease obligation





1,345





1,511



Other current liabilities





26,018





12,834



Total current liabilities





207,522





285,129



Long-term finance lease obligation





42,329





43,674



Long-term deferred revenue





43,501





46,208



Other long-term liabilities





42,639





42,074



Total liabilities





335,991





417,085



















Stockholders' equity:















Common stock, $0.001 par value, 75,000 shares authorized; 32,365 shares issued and outstanding at December 31, 2024; 32,685 shares issued and outstanding at December 31, 2023





32





33



Additional paid-in capital





548,654





547,189



Retained earnings





470,318





319,506



Accumulated other comprehensive loss





(6,214)





(1,846)



Total stockholders' equity





1,012,790





864,882



Total liabilities and stockholders' equity



$

1,348,781



$

1,281,967



















 

Axcelis Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

































Three months ended





Twelve months ended







December 31,





December 31,







2024



2023





2024





2023



Cash flows from operating activities



























Net income



$

49,956



$

71,056



$

200,992



$

246,263



Adjustments to reconcile net income to net cash provided by operating activities:



























Depreciation and amortization





4,267





3,581





15,809





13,069



Stock-based compensation expense





5,380





5,239





20,951





18,269



Other





(442)





(14,565)





(11,532)





(23,503)



Change in operating assets and liabilities, net





(46,381)





264





(85,402)





(97,229)



Net cash provided by operating activities





12,780





65,575





140,818





156,869































Cash flows from investing activities



























Expenditures for property, plant and equipment and capitalized software





(4,658)





(10,153)





(12,181)





(20,656)



Other changes in investing activities, net





13,779





(16,526)





(96,545)





(80,202)



Net cash provided by (used in) investing activities





9,121





(26,679)





(108,726)





(100,858)































Cash flows from financing activities



























Repurchase of common stock





(15,131)





(15,001)





(60,489)





(52,499)



Other changes from financing activities, net





588





(22)





(10,703)





(15,769)



Net cash used in financing activities





(14,543)





(15,023)





(71,192)





(68,268)































Effect of exchange rate changes on cash and cash equivalents





(3,013)





1,128





(3,787)





(139)



Net increase (decrease) in cash, cash equivalents and restricted cash





4,345





25,001





(42,887)





(12,396)



Cash, cash equivalents and restricted cash at end of period



$

131,064



$

173,951



$

131,064



$

173,951



 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-fourth-quarter-and-full-year-2024-302371721.html

SOURCE Axcelis Technologies, Inc.

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