Axcelis Technologies (ACLS) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $237.8M; GAAP diluted EPS was $1.21 and non-GAAP diluted EPS was $1.26. Results exceeded expectations, supported by stronger shipments and record CS&I revenue.

• Systems bookings reached $222.2M, book-to-bill was 1.5, and backlog was $530.7M; broadening recovery supported positive momentum entering 2027.

Financial highlights

• Revenue was $237.8M vs. $213.6M YoY; Systems revenue was $145.1M and CS&I revenue was a quarterly record at $92.6M.

• GAAP net income was $37.8M vs. $26.0M; non-GAAP net income was $39.2M.

• GAAP gross margin was 41.0% and non-GAAP gross margin was 41.2%; Korean won strength pressured margins, partly offset by higher CS&I mix.

• Operating expenses were $58.5M vs. $62M expected; non-GAAP operating margin was 16.6%. Adjusted EBITDA was $44.0M with an 18.5% margin.

Outlook and guidance

• Q4 revenue guidance is $275M, with non-GAAP gross margin of 42.5%, operating expenses of $65M, adjusted EBITDA of $56M and non-GAAP diluted EPS of $1.50.

• Q1 2027 revenue is expected to be relatively similar to Q4 levels despite seasonally lower CS&I revenue.

• Growth is expected across Memory, Power, General Mature and CS&I in 2027; Systems may grow faster than CS&I, with gross margin above 2026 levels YoY.

• Memory growth is expected to be driven chiefly by DRAM; NAND is not expected to contribute significantly, and new fab capacity is expected to come online in phases.