Axcelis Technologies, Inc. reported a significant decline in financial performance for the second quarter of 2025, with total revenue of $194.5 million, down 24.2% from $256.5 million in the same period last year. The decrease was primarily driven by a 25.3% drop in product revenue, which fell to $183.4 million from $245.4 million. Service revenue remained relatively stable, increasing slightly to $11.1 million from $11.1 million year-over-year. For the first half of 2025, total revenue was $387.1 million, a decrease of 23.9% compared to $508.9 million in the first half of 2024.
The company's gross profit also saw a decline, totaling $87.3 million for the second quarter, down from $112.4 million in the prior year, resulting in a gross margin of 44.9%. Operating expenses decreased slightly to $58.4 million from $59.6 million, leading to an income from operations of $29.0 million, down from $52.8 million. Net income for the quarter was $31.4 million, or $0.99 per share, compared to $50.9 million, or $1.56 per share, in the same quarter of 2024.
In terms of operational developments, Axcelis reported that its ten largest customers accounted for 55.5% of total revenue for the first half of 2025, indicating a concentration of business within a small number of clients. The company noted that the geopolitical environment surrounding trade and tariffs did not significantly impact its financial results, although it continues to monitor these factors closely. The company’s cash and cash equivalents increased to $173.6 million as of June 30, 2025, up from $123.5 million at the end of 2024.
Axcelis has also been active in its stock repurchase program, utilizing $63.5 million to repurchase shares during the first half of 2025. The company has a total repurchase authorization of $215 million. Additionally, the company is evaluating potential organic and inorganic growth opportunities, which may require significant cash investment. Looking ahead, Axcelis anticipates that its existing cash and cash equivalents will be sufficient to meet its anticipated cash requirements for both the short and long term, despite the challenges posed by fluctuating market conditions.
About AXCELIS TECHNOLOGIES INC
Axcelis Technologies, Inc. designs, manufactures, and services ion implantation and semiconductor processing equipment used in chip fabrication. Its core product line, the Purion family, serves leading global semiconductor manufacturers, focusing on high precision, productivity, and process control. Axcelis supports customers with aftermarket services including upgrades, spare parts, and training. The company operates a direct sales model targeting semiconductor fabs worldwide, emphasizing technology leadership, operational excellence, and customer satisfaction.
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