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- **Q3 Beat**: Revenue $214M (+15% YoY), non-GAAP EPS $1.21, driven by record CS&I ($70M) and system shipments. Q4 bookings expected to rebound.
- **Strategic Merger**: Veeco deal positions Exelis as a compound semiconductor leader, with cross-sell opportunities in AI and electrification.
- **Silicon Carbide Growth**: Power business momentum in China and next-gen tech, with new product launches targeting expanded applications.
- **Memory Recovery**: Q4 revenue up, 2026 DRAM/HBM investments expected to drive demand.

**【CEO Summary Section】**
- **Q3 Results**: Revenue of $214M, non-GAAP EPS of $1.21, both exceeding expectations. Record CS&I revenue ($70M) and better-than-expected system revenue drove profitability. Sequential bookings decline (52M) due to softer power and general mature segments, but Q4 bookings expected to improve.
- **Merger with Veeco**: Strategic combination to create a leading semiconductor equipment company. Synergies include cross-selling solutions (e.g., ion implantation and laser annealing), expanded market reach in compound semiconductors (silicon carbide, GaN), and enhanced R&D capabilities. All-stock transaction positions the combined entity for organic growth and shareholder returns.
- **Market Trends**: 
  - **Power Business**: Silicon carbide shipments grew sequentially, driven by China capacity expansion and next-gen tech adoption (trench/superjunction). New Purion Power Plus series targets next-gen power devices. XEmax evaluation unit shipped for 300mm power management ICs.
  - **Memory**: Q3 revenue muted, but Q4 expected to rise due to AI-related demand. 2026 outlook positive for DRAM and HBM investments.
  - **Advanced Logic**: Limited revenue, but active engagement with next-gen applications.
  - **NAND**: Near-term muted, but early signs of demand recovery.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net income $420M, non-GAAP EPS $1.21 (vs. $1.00 outlook). Gross margin 41.8% (mix-driven), operating expenses $50.4M (lower than $53M outlook due to cost savings). Free cash flow $43M, share repurchases $32M, ending cash $593M.
- **Q4 Outlook**: Revenue $215M, non-GAAP EPS $1.12. Gross margin expected to improve to 43% (mix recovery). Operating expenses $56M (annual merit increases).

Axcelis Technologies, Inc. (ACLS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ACLS

ACLS fundamentals

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