Beverly, Mass. – November 05, 2026 -- Axcelis Technologies (Nasdaq: ACLS) reported third-quarter 2026 revenue of $237.8 million and guided fourth-quarter revenue to approximately $275 million, about 16% above the quarter just reported.
Axcelis posts non-GAAP EPS of $1.26 on a 41.2% gross margin
GAAP gross margin was 41.0% and non-GAAP gross margin was 41.2%. GAAP operating margin reached 11.5%, against 16.6% on a non-GAAP basis. Diluted earnings per share came in at $1.21 on a GAAP basis and $1.26 non-GAAP.
Interim CFO David Ryzhik said results exceeded company expectations on stronger shipments and record revenue from Customer Solutions and Installed base (CS&I). He said foreign exchange headwinds weighed on gross margin.
Bookings rise sharply as memory leads a broader recovery
CEO Russell Low cited a strong increase in bookings and a "broadening recovery across our end markets." Memory momentum continued, while activity in Power and General Mature markets increased. Improving demand lifted systems revenue sequentially, and CS&I set another quarterly record.
Low said investment in next-generation technologies is beginning to yield tangible results. He expects the company to finish 2026 with positive momentum and anticipates further growth in 2027.
Fourth-quarter guidance points to a wider non-GAAP and GAAP earnings gap
For the quarter ending December 31, 2026, Axcelis expects GAAP diluted EPS of approximately $1.15 and non-GAAP EPS of approximately $1.50. The $0.35 spread compares with $0.05 in the third quarter.
Non-GAAP measures exclude share-based compensation, restructuring and severance items, and transaction and integration costs tied to the merger agreement with Veeco Instruments announced on October 1, 2025.
Ryzhik said the company continues to generate healthy cash flow and maintains a strong balance sheet, giving it ample financial flexibility heading into 2027.
Beginning in the third quarter of 2026, Axcelis no longer separately presents revenue and cost of revenue for Services, which it describes as a small share of overall business.