Axcelis Technologies, Inc.

Axcelis Technologies (Nasdaq: ACLS) makes ion implantation systems used in semiconductor manufacturing. These machines alter the electrical properties of materials inside a chip. Revenue also comes from parts, service and support for installed equipment.

Sales recovery has not restored last year’s profit

Second-quarter 2026 sales grew 10.6% from a year earlier, but operating and net income fell. Operating cash flow also weakened. This makes profit conversion an important measure of the recovery, alongside new equipment sales.

Both quarters ended June 30. For the first six months of 2026, operating cash flow was $36.5 million, compared with $79.5 million a year earlier.

At June 30, cash was $155.0 million, short-term investments were $247.2 million and long-term investments were $174.8 million. Finance lease liabilities totaled $41.6 million across current and long-term balances.

Earlier promises and the next result

In May, Axcelis forecast second-quarter revenue of $205 million and GAAP diluted earnings of $0.57 a share. It delivered $215.2 million and $0.75. Its August forecast for third-quarter revenue was $230 million. Those third-quarter results had not been reported when this profile was updated.

The proposed Veeco combination

Axcelis agreed to combine with Veeco in September 2025. Both sets of shareholders approved the deal in February 2026. Each Veeco share would convert into 0.3575 Axcelis shares.

On November 2, the companies moved their expected closing from the second half of 2026 to the end of the first quarter of 2027. Chinese approval remains outstanding. They also plan a new U.S. antitrust filing because the existing clearance is approaching expiry.

The pending deal has not yet combined their financial statements. Axcelis also appointed Jeroen Delsman as chief financial officer effective November 12, 2026.