Axcelis Updates and Increases Q4 2023 Guidance

Reaffirms Full Year 2023 Revenue Expectations Above $1.1 billion

BEVERLY, Mass., Jan. 16, 2024 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today increased financial guidance for the fourth quarter of 2023 and reaffirmed its expectations for the full year. Based on preliminary fourth quarter financial results, the Company expects revenue for the fourth quarter of 2023 to be greater than $300 million, above the approximately $295 million prior guidance, and reaffirmed its expectation for full year 2023 revenue above $1.1 billion. Earnings per diluted share for the fourth quarter of 2023 are now forecasted to be greater than $2.05, above prior guidance of approximately $2.00.

President and CEO Russell Low commented, "Our excellent financial performance in the fourth quarter and for the full year 2023 resulted from strong execution by Axcelis employees, combined with our leadership position in the growing power device market." Low continued, "Based on our strong yearend backlog and fourth quarter bookings, especially in power devices, we expect the power device market to remain healthy in 2024. We also believe that the mature process technology and memory segments, two markets in which Axcelis is well-positioned, will recover in the second half of the year, enabling strong growth in 2025."

James Coogan, executive vice president and chief financial officer said, "We look forward to discussing our results for 2023 and expectations for 2024 on our upcoming fourth quarter and full year earnings call. We believe we are still on track to achieve our $1.3 billion revenue model in 2025. This expectation is based on continued demand for the Purion product family, continued bookings strength, and a backlog stretching into 2025."  Coogan continued, "Additionally, we continue to manage spending to improve our earnings power and to invest in R&D to strengthen our market position."

Fourth Quarter and Full Year 2023 Conference Call
The Company will release financial results for the fourth quarter and full year 2023 on Wednesday, February 7, 2024, at 4:00 p.m. Eastern Time (ET). The Company will host a call to discuss the results for the fourth quarter and full year 2023 on Thursday, February 8, 2024, 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://edge.media-server.com/mmc/p/su3u4oev. Webcast replays will be available for 30 days following the call.

Safe Harbor Statement
This press release contains forward-looking statements under the SEC safe harbor provisions. These statements, which include our 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, many of which are outside the control of the Company, including the timing of orders and shipments, the conversion of orders to revenue in any particular quarter, or at all, the continuing demand for semiconductor equipment, relative market growth, continuity of business relationships with and purchases by major customers, competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and global economic, political and financial conditions. 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.

CONTACTS:

Maureen Hart (editorial/media) 978.787.4266
Doug Lawson (investor relations) 978.787.9552

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SOURCE Axcelis Technologies, Inc.