Axcelis Technologies reported third‑quarter 2025 financial results, posting revenue of $213.6 million, down 16.5 % from $256.6 million in the same period a year earlier. The company’s GAAP diluted earnings per share were $0.83, matching consensus estimates, while non‑GAAP diluted earnings per share rose to $1.21, exceeding the consensus of $1.01.
Operating margin fell to 11.7 % from 18.3 % in Q3 2024, driven by higher raw‑material costs and increased capital spending on next‑generation ion‑implantation technology. Net income was $25.99 million and adjusted EBITDA was $43.2 million. Cash and cash equivalents stood at $187.5 million, with total cash and investments exceeding $590 million, providing a strong liquidity base.
Axcelis highlighted record revenue from its Customer Solutions & Innovations (CS&I) segment, the highest in company history, and reiterated its focus on high‑margin CS&I services. Management emphasized continued investment in silicon carbide and advanced power device markets, positioning the company to benefit from growing demand for AI and electrification applications.
For the fourth quarter, the company guided to approximately $215 million in revenue, GAAP diluted EPS of $0.76, and non‑GAAP diluted EPS of $1.12. The guidance reflects a modest upside relative to the third quarter and signals a potential rebound as the semiconductor cycle begins to recover.
In addition to its earnings release, Axcelis announced a merger with Veeco Instruments on October 1 2025. The transaction will combine the companies’ strengths in semiconductor equipment, creating a leading provider positioned to capitalize on industry consolidation and the demand for advanced chips.
Axcelis remains in a cyclical digestion period but maintains a robust backlog and strong cash flow, supporting its strategic initiatives and future growth prospects.
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