Axcelis Eyes Mid-Single-Digit 2026 Revenue Growth as Veeco Merger Awaits China Approval

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Summary · why it matters

Axcelis Technologies is pointing to renewed growth as memory, power and aftermarket demand improve, with management expecting full-year 2026 revenues to grow at a mid-single-digit rate and further growth in 2027. The Zacks Consensus Estimate calls for 2027 revenues of $981 million and earnings of $5.29 per share, versus $884 million and $4.12 expected for 2026. Customer Solutions & Innovation revenues increased 35.1% year over year to $82.8 million in the second quarter of 2026, up 14% sequentially from $72.6 million. Second-quarter non-GAAP gross margin was 42.7%, down from 45.2% a year earlier, and non-GAAP operating margin fell to 14.7% from 17.7%, even as revenues rose 10.6% year over year. Axcelis trades at 21.2X forward 12-month earnings, above the Zacks industry multiple of 20.0X and its five-year median of 18.6X, and its pending all-stock combination with Veeco Instruments still depends on regulatory approval from China's State Administration for Market Regulation after shareholders approved the related share issuance in February 2026.

Impact on stocks 4

Semiconductors▲ · 4 stocks
Axcelis Technologies Inc
ACLS
± MixedCapitalDemandrelevance

Second-quarter non-GAAP gross margin fell to 42.7% from 45.2% and operating margin dropped to 14.7% from 17.7%.

Veeco Instruments Inc
VECO
± MixedRegulationrelevance

Veeco's pending all-stock merger with Axcelis still awaits regulatory approval from China's State Administration for Market Regulation.

Theme Impact 1

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