Axcelis Announces Financial Results for Fourth Quarter and Full Year 2024
Axcelis Technologies (NASDAQ: ACLS) reported Q4 2024 financial results with revenue of $252.4 million and diluted EPS of $1.54. The company's full-year 2024 performance showed revenue of $1.02 billion, down from $1.13 billion in 2023. Systems revenue decreased to $782.6 million from $883.6 million in 2023.
Despite revenue decline, gross margin improved to 44.7% in 2024 from 43.5% in 2023. Net income for 2024 was $201 million with diluted EPS of $6.15, compared to $246.3 million and $7.43 EPS in 2023. For Q1 2025, Axcelis expects revenues of approximately $185 million and diluted EPS of $0.38.
Management anticipates a near-term cyclical digestion period as customers absorb mature node capacity investments, particularly in China. The company plans to focus on product innovation, cost management, and customer collaboration to position for future growth.
Axcelis Technologies (NASDAQ: ACLS) ha comunicato i risultati finanziari del quarto trimestre del 2024, con un fatturato di 252,4 milioni di dollari e un utile per azione diluito di 1,54 dollari. La performance dell'azienda per l'intero anno 2024 ha mostrato un fatturato di 1,02 miliardi di dollari, in calo rispetto a 1,13 miliardi di dollari nel 2023. Il fatturato dei sistemi è diminuito a 782,6 milioni di dollari rispetto a 883,6 milioni di dollari nel 2023.
Nonostante il calo del fatturato, il margine lordo è migliorato al 44,7% nel 2024, rispetto al 43,5% nel 2023. L'utile netto per il 2024 è stato di 201 milioni di dollari con un utile per azione diluito di 6,15 dollari, rispetto a 246,3 milioni di dollari e un utile per azione di 7,43 dollari nel 2023. Per il primo trimestre del 2025, Axcelis prevede ricavi di circa 185 milioni di dollari e un utile per azione diluito di 0,38 dollari.
La direzione prevede un periodo di digestione ciclica a breve termine mentre i clienti assorbono gli investimenti in capacità di nodi maturi, in particolare in Cina. L'azienda intende concentrarsi sull'innovazione dei prodotti, sulla gestione dei costi e sulla collaborazione con i clienti per posizionarsi per una futura crescita.
Axcelis Technologies (NASDAQ: ACLS) informó sobre los resultados financieros del cuarto trimestre de 2024, con ingresos de 252,4 millones de dólares y ganancias por acción diluidas de 1,54 dólares. El desempeño de la empresa para todo el año 2024 mostró ingresos de 1,02 mil millones de dólares, en comparación con 1,13 mil millones de dólares en 2023. Los ingresos por sistemas disminuyeron a 782,6 millones de dólares desde 883,6 millones de dólares en 2023.
A pesar de la disminución en los ingresos, el margen bruto mejoró al 44,7% en 2024 desde el 43,5% en 2023. La utilidad neta para 2024 fue de 201 millones de dólares con ganancias por acción diluidas de 6,15 dólares, en comparación con 246,3 millones de dólares y 7,43 dólares de ganancias por acción en 2023. Para el primer trimestre de 2025, Axcelis espera ingresos de aproximadamente 185 millones de dólares y ganancias por acción diluidas de 0,38 dólares.
La gestión anticipa un período de digestión cíclica a corto plazo a medida que los clientes absorben las inversiones en capacidad de nodos maduros, especialmente en China. La empresa planea enfocarse en la innovación de productos, la gestión de costos y la colaboración con los clientes para posicionarse para el crecimiento futuro.
Axcelis Technologies (NASDAQ: ACLS)는 2024년 4분기 재무 결과를 보고했으며, 수익은 2억 5240만 달러와 희석 주당 순이익은 1.54달러였습니다. 회사의 2024년 전체 실적은 2023년 11억 3000만 달러에서 감소한 10억 2000만 달러의 수익을 기록했습니다. 시스템 수익은 2023년 8억 8360만 달러에서 7억 8260만 달러로 감소했습니다.
수익 감소에도 불구하고 2024년에는 2023년 43.5% 대비 44.7%로 총 마진이 개선되었습니다. 2024년의 순이익은 2억 0100만 달러였으며 희석 주당 순이익은 6.15달러로, 2023년의 2억 4630만 달러와 7.43달러에 비해 감소했습니다. 2025년 1분기에는 Axcelis가 약 1억 8500만 달러의 수익과 0.38달러의 희석 주당 순이익을 예상하고 있습니다.
경영진은 고객들이 특히 중국에서 성숙한 노드 용량 투자에 적응하는 동안 단기적인 경기 순환 소화 기간이 있을 것으로 예상하고 있습니다. 회사는 향후 성장을 위해 제품 혁신, 비용 관리 및 고객 협력에 집중할 계획입니다.
Axcelis Technologies (NASDAQ: ACLS) a annoncé les résultats financiers du quatrième trimestre 2024 avec un chiffre d'affaires de 252,4 millions de dollars et un BPA dilué de 1,54 dollar. La performance de l'entreprise pour l'ensemble de l'année 2024 a montré un chiffre d'affaires de 1,02 milliard de dollars, en baisse par rapport à 1,13 milliard de dollars en 2023. Le chiffre d'affaires des systèmes a diminué à 782,6 millions de dollars contre 883,6 millions de dollars en 2023.
Malgré la baisse du chiffre d'affaires, la marge brute s'est améliorée à 44,7% en 2024 contre 43,5% en 2023. Le bénéfice net pour 2024 était de 201 millions de dollars avec un BPA dilué de 6,15 dollars, contre 246,3 millions de dollars et un BPA de 7,43 dollars en 2023. Pour le premier trimestre de 2025, Axcelis prévoit des revenus d'environ 185 millions de dollars et un BPA dilué de 0,38 dollar.
La direction anticipe une période de digestion cyclique à court terme alors que les clients absorbent les investissements en capacité de nœuds matures, en particulier en Chine. L'entreprise prévoit de se concentrer sur l'innovation des produits, la gestion des coûts et la collaboration avec les clients pour se positionner pour une croissance future.
Axcelis Technologies (NASDAQ: ACLS) berichtete über die finanziellen Ergebnisse des vierten Quartals 2024 mit einem Umsatz von 252,4 Millionen Dollar und einem verwässerten EPS von 1,54 Dollar. Die Gesamtjahresleistung des Unternehmens 2024 zeigte einen Umsatz von 1,02 Milliarden Dollar, ein Rückgang von 1,13 Milliarden Dollar im Jahr 2023. Der Umsatz aus Systemen sank auf 782,6 Millionen Dollar von 883,6 Millionen Dollar im Jahr 2023.
Trotz des Umsatzrückgangs verbesserte sich die Bruttomarge 2024 auf 44,7% von 43,5% im Jahr 2023. Der Nettogewinn für 2024 betrug 201 Millionen Dollar mit einem verwässerten EPS von 6,15 Dollar, im Vergleich zu 246,3 Millionen Dollar und 7,43 Dollar EPS im Jahr 2023. Für das erste Quartal 2025 erwartet Axcelis Umsätze von etwa 185 Millionen Dollar und ein verwässertes EPS von 0,38 Dollar.
Das Management rechnet kurzfristig mit einer zyklischen Verdauungsphase, da die Kunden die Investitionen in ausgereifte Knoten Kapazitäten, insbesondere in China, absorbieren. Das Unternehmen plant, sich auf Produktinnovation, Kostenmanagement und Zusammenarbeit mit Kunden zu konzentrieren, um sich für zukünftiges Wachstum zu positionieren.
- Q4 gross margin improved to 46.0% from 42.9% in Q3 2024
- Q4 operating profit increased to $54.5M from $46.9M in Q3 2024
- Full-year gross margin improved to 44.7% from 43.5% in 2023
- Full-year revenue declined 9.7% to $1.02B from $1.13B in 2023
- Systems revenue decreased 11.4% to $782.6M from $883.6M in 2023
- Net income dropped 18.4% to $201M from $246.3M in 2023
- Q1 2025 guidance shows significant sequential decline to $185M revenue
- Expected Q1 2025 EPS of $0.38 represents substantial decrease from Q4's $1.54
Insights
The Q4 2024 results present a complex picture for Axcelis Technologies, revealing both resilience and upcoming challenges. While quarterly performance exceeded expectations with
Notable strengths emerge in operational efficiency:
- Gross margin expansion to
44.7% in 2024 (vs43.5% in 2023) despite9.7% revenue decline demonstrates robust cost management and pricing power - Q4 gross margin of
46.0% shows continued improvement trajectory - Operating margin of
21.6% reflects maintained operational discipline
The anticipated "cyclical digestion period" stems from two key factors: mature node capacity absorption and China exposure. Management's strategic response focuses on:
- Product innovation investment during the downturn
- Cost management optimization
- Customer engagement on technology roadmaps
- Balance sheet strengthening for future opportunities
This defensive yet forward-looking approach, combined with the company's improved operational efficiency, positions Axcelis to weather the cyclical downturn while maintaining investment in future growth capabilities. The focus on free cash flow generation and shareholder returns through buybacks demonstrates financial discipline during this transitional period.
Q4 Highlights:
- Revenue of
$252.4 million - Operating Margin of
21.6% - Diluted earnings per share of
$1.54
For the full year 2024, the Company reported revenue of
The Company reported fourth quarter revenue of
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
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
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
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, | 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 | |||||
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SOURCE Axcelis Technologies, Inc.
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