What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-26 compared with 2025-02-28 · 35 added, 33 removed, 287 unchanged (19% of the section changed)

8 unchanged sentences

We are headquartered in Beverly, Massachusetts and maintain an internet site at www.axcelis.com.

On or through our website, investors may access, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission.

On or through our website, investors may access, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S.

Securities and Exchange Commission (“SEC”).

Our website and the information contained therein or connected thereto shall not be deemed to be incorporated into this Annual Report on Form 10-K.

9 unchanged sentences

● We remained a technology leader and supplier of choice in the implant-intensive power device segment, which accounted for 55% of the value of our 2025 system shipments.

● We continued working to expand our footprint with existing and new customers and currently have two Purion evaluation systems in the field at strategic customer sites in key market segments.

● We continued working to expand our footprint with existing and new customers and currently have four Purion evaluation systems in the field at strategic customer sites in key market segments.

● We continued our investment in our Customer Solutions & Innovation (“CS&I”) aftermarket business to drive financial growth and increased customer satisfaction levels, including the “Digital Tool Box,” an innovative service offering with online training, remote diagnosis and install, and automated troubleshooting guide.

● We received 16 customer satisfaction awards in 2025.

In addition, Axcelis was named to both the 2023 and 2024 editions of Forbes’ List of America’s Best Mid-Cap Companies and to both the Fortune Magazine’s 2023 and 2024 lists of the Top 100 Fastest Growing Companies.

In addition, Axcelis was named to the 2024 editions of Forbes’ List of America’s Best Mid-Cap Companies and to Fortune Magazine’s 2024 lists of the Top 100 Fastest Growing Companies.

We continue to work diligently to ensure that manufacturing and operating expense levels remain well aligned to business conditions.

89 unchanged sentences

With high energy capability far beyond competitive implanters, the Purion M is ideal for fabs at higher elevations or those dealing with heavy mass species.

The Purion M is 20% more energy efficient than competing platforms, and is among the industry’s lowest cost of ownership.

The Purion M is energy efficient and is among the industry’s lowest cost of ownership.

We believe our ion implant products will continue to meet customer demand for advantages in productivity, process performance and technical extendibility.

3 unchanged sentences

The service and support that we provide includes used tools, spare parts, equipment upgrades, and maintenance services.

We offer varying levels of sales, service and application support out of our field offices.

Our field offices offer varying levels of sales, service and application support.

Revenue generated through our CS&I business of $268.0 million, $235.3 million, and $247.0 million represents 31.9%, 23.1% and 21.8% of total revenue in 2025, 2024 and 2023, respectively.

12 unchanged sentences

See also Item 1A, “Risk Factors,” for information about risks attendant to our foreign operations.

In 2024, according to Gartner Inc., the top 20 semiconductor chip manufacturers accounted for approximately 87.6% of total semiconductor capital equipment spending, which decreased from 92.0% in 2023.

In 2025, according to TechInsights Inc., the top 20 semiconductor chip manufacturers accounted for approximately 86.4% of total semiconductor capital equipment spending, which decreased slightly from 87.6% in 2024.

These manufacturers are from the largest semiconductor chip manufacturing regions in the world:

the United States, Asia Pacific (Taiwan, South Korea, Singapore, Japan and China) and Europe.

the United States, Asia Pacific (China, Japan, Singapore, South Korea and Taiwan) and Europe.

Information on net sales to unaffiliated customers is included in Note 2 of Notes to Consolidated Financial Statements.

For the year ended December 31, 2024, no customer represented 10% or more of our consolidated revenues.

For the year ended December 31, 2025, one customer accounted for 11.0% of consolidated revenues.

export controls impact our ability to sell to certain customers in China, a country that has represented a significant portion of our sales in recent years.

12 unchanged sentences

government and the Chinese government, and other challenges reflecting China’s stage of development and rapid growth.

For example, the U.S.

government has imposed tariffs on certain foreign products, including most recently from Canada, Mexico and China, that in the past have resulted in and may result in future retaliatory tariffs on U.S.

goods and products.

We cannot predict whether these policies will continue, or if new policies will be enacted, or the impact, if any, that any policy changes could have on our business.

1 unchanged sentence

Our industry continues to experience rapid technological change, requiring us to frequently introduce new products and enhancements.

Our Beverly, Massachusetts Advanced Technology Center houses a process development

laboratory with a 13,500 square feet class 10/100/1000 clean room for product demonstrations and process development and a 17,500 square feet customer training center.

The Advanced Technology Center provides infrastructure and process capabilities that allow customers to test their unique process steps on our systems under conditions that substantially replicate the customers’ production environments.

Our Beverly, Massachusetts Advanced Technology Center houses a process development laboratory with a 13,500 square feet class 10/100/1000 clean room for product demonstrations and process development and a 17,500 square feet customer training center.

The Advanced Technology Center provides infrastructure and process

capabilities that allow customers to test their unique process steps on our systems under conditions that substantially replicate the customers’ production environments.

This facility also provides significant capability for our research and development efforts.

46 unchanged sentences

Systems backlog, including deferred systems revenue, was $457.0 million and $645.8 million as of December 31, 2025 and 2024, respectively.

The systems backlog amount at December 2023 reflects a correction reported in our Form 8-K filed on November 6, 2024.

We believe it is meaningful to investors to include deferred systems revenue as part of our backlog.

9 unchanged sentences

During 2025, our total employee and temporary staff headcount decreased by approximately 3%.

While the majority of our headcount is

based in the U.S.

at our main manufacturing facility in Beverly, Massachusetts, our business requires our presence where our customers are located around the world, resulting in Axcelis employees working in 28 different countries.

While the majority of our headcount is based in the U.S.

at our main manufacturing facility in Beverly, Massachusetts, our business requires our presence where

our customers are located around the world, resulting in Axcelis employees working in 27 different countries.

Of our total year end 2025 employees and agency temporary staff, 1,038 work in North America, 398 in Asia and 79 in Europe.

1 unchanged sentence

We provide competitive compensation and benefits programs.

In addition to salaries, all Axcelis employees are eligible for cash incentive programs with annual payouts tied to annual financial metrics, as described in our proxy statements, with two exceptions:

(i) certain sales staff receive commission and other sales compensation, and (ii) in order to provide greater certainty of compensation to lower level U.S.

employees, we pay quarterly bonuses to those employees in amounts communicated at the start of the year.

In addition to salaries, all Axcelis employees are eligible for cash incentive programs with annual payouts tied to annual financial metrics, as described in our proxy statements, with one exception:

certain sales staff receive commission and other sales compensation.

Beyond these basic forms of cash compensation, we offer recognition bonuses, equity awards, an Employee Stock Purchase Plan, a 401(k) plan with a competitive employer match, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family leave, family care resources, flexible work schedules, employee assistance programs, and tuition assistance.

14 unchanged sentences

Axcelis is dedicated to accessing a workforce that has the skills and qualities required for our jobs, fostering a culture built on the principle of inclusion, and maintaining a workplace free from discrimination.

We strongly believe that a the experiences, perspectives and backgrounds of our entire workforce will lead to a better environment for our employees and better products for our customers.

We strongly believe that the experiences, perspectives and backgrounds of our entire workforce will lead to a better environment for our employees and better products for our customers.

Axcelis’ commitment extends to our Board of Directors, our leadership team and all teams and functions across our global locations.

We encourage you to review our 2024 ESG Report (located in the “ESG Hub” under the “Investors” section of our Axcelis.com website).

Nothing on our website, including our ESG Report or sections thereof, shall be deemed incorporated by reference into this Annual Report on Form 10-K.

We encourage you to review our Axcelis Sustainability Report (located in the “Sustainability Document Hub” under the “Investors” section of our Axcelis.com website).

Nothing on our website, including our Sustainability Report or sections thereof, shall be deemed incorporated by reference into this Annual Report on Form 10-K.

Environmental

2 unchanged sentences

In doing so, we expect to bolster our own sustainability work with the power of the semiconductor ecosystem.

By collaborating with

SCC member companies' joint knowledge and innovative technologies, Axcelis hopes to promote progressive action towards climate change.

By collaborating with SCC member companies' joint knowledge and innovative technologies, Axcelis hopes to promote progressive action towards climate change.

We are proud that our Power Series ion implantation systems have become enabling technology for the production of power management devices, which are critical to the electrification of vehicles, an important component of our society’s actions to address climate change.

Additional disclosures regarding our environmental initiatives and goals can be found in our 2024 ESG Report located in the “ESG Hub” under the “Investors” section of our Axcelis.com website.

We are proud of our commitment to improving our environment.

5 unchanged sentences

We believe that our operations are in compliance with applicable environmental laws and regulations and that there are no pending environmental matters that would have a material impact on our business.

We are ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified at our Beverly, Massachusetts facility and ISO 14001:2015 and ISO 45001:2018 at our Asia Axcelis Operations Center.

We are ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified at our Beverly, Massachusetts facility and ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 at our Asia Axcelis Operations Center.

Information about our Executive Officers

20 unchanged sentences

Prior to that, Mr.

Blumenstock led multiple product business groups as Senior Vice President and General Manager at Veeco Instruments and Vice President and General Manager at Advanced Energy from 2020 to 2022 and as Senior Vice President and General Manager at Veeco Instruments from 2011 to 2020.

Blumenstock led multiple product business groups as Vice President and General Manager at Advanced Energy from 2020 to 2022 and Senior Vice President and General Manager at Veeco Instruments from 2011 to 2020.

Additionally, Mr.

3 unchanged sentences

Blumenstock began his career as an Optics & Materials Engineer at SVGL (ASML) and NASA.

Evans, Esq ., 57, joined Axcelis as Executive Vice President and General Counsel in December 2024.

Evans, Esq ., 58, is our Executive Vice President, HR/Legal, and General Counsel, a position she assumed in March 2025.

She joined Axcelis in December 2024 as Executive Vice President and General Counsel.

Evans brings more than 25 years of legal and technology business experience to Axcelis, including commercial transactions, merger and acquisition integration, intellectual property, compliance, and corporate matters.

1 unchanged sentence

From July 2021 to October 2022, Ms.

Evans held the top legal job at Redaptive, a tech-enabled sustainability-as-a-service company.

Prior to that, from September 2017 to July 2021, she served as Deputy General Counsel at Micro Focus International, a British multinational software and information technology business and before that, as Vice President and Deputy General Counsel at Hewlett Packard Enterprise and Hewlett-Packard Company and Associate General Counsel at Oracle Corporation and Sun Microsystems, Inc.

Evans served as Chief Legal Officer and Chief Administrative Officer at Redaptive, a tech-enabled sustainability-as-a-

service company.

Prior to that, from September 2017 to July 2021, she served as Senior Vice President and Deputy General Counsel at Micro Focus International, a British multinational software and information technology business and before that, as Vice President and Deputy General Counsel at Hewlett Packard Enterprise and Hewlett-Packard Company and Associate General Counsel at Oracle Corporation and Sun Microsystems, Inc.

Evans earned her Juris Doctor from the University of California, Davis and her Bachelor of Arts in Political Science from the University of California, Berkeley.

4 unchanged sentences

Prior to joining Axcelis, he held the position of Vice President, Global Strategic Accounts at ASML from 2017 to 2020, where his focus was on business and relationship growth with a leading logic manufacturer and prior to that was Global Vice President of Sales, Service and Applications at FEI, a microscopy solutions company, where he worked from 2012 to 2017.

Redinbo’s past positions also include Director of Sales, US and Europe, and Director of Product Marketing, High Current Products at Varian Semiconductor and Product Management in the Thermal Processing Division at Applied Materials.

Redinbo’s past positions also include Director of Sales, U.S.

and Europe, and Director of Product Marketing, High Current Products at Varian Semiconductor and Product Management in the Thermal Processing Division at Applied Materials.

Christopher J.

7 unchanged sentences

Tatnall was Senior Director of Customer Operations at Brooks Automation, Semiconductor Sales Manager at Alcatel Vacuum Technology, and Development Engineer at Edwards Vacuum.

Mahoney , 64, became Axcelis’ Executive Vice President, Global Operations in 2025, having formerly served as Senior Vice President, Global Operations since 2014.

He has responsibility for all aspects of production, including the manufacturing, logistics, global sourcing, facilities and EHS organizations.

Mahoney joined Axcelis in 2005, first serving as Vice President of Quality and Product Support, and then as Vice President, Global Service Solutions and Quality.

With over 30 years of experience in manufacturing technology, primarily in the semiconductor capital equipment industry, Mr.

Mahoney brings a unique blend of leadership and technical expertise gained over a distinguished career.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business