What changed in this filing

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Item 1. Business

2024-02-23 compared with 2023-02-24 · 145 added, 106 removed, 189 unchanged (57% of the section changed)

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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.

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

2022 was an exceptional year for Axcelis despite logistical challenges brought on by the geo-political environment and the COVID-19 pandemic.

As a result of the strength of the overall electronics market and the continued growth of the Purion product family in 2022, we delivered record full year revenue, operating profit and gross margin since our first full year as a public company in 2001.

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.

2023 was an exceptional year for Axcelis during an industry downturn.

As a result of the demand for the Company’s products and aftermarket support, we delivered record full year revenue and operating profit since our first full year as a public company in 2001.

Revenue for 2023 was $1,130.6 million, an increase of 22.9% from 2022 revenue of $920.0 million.

Systems revenue for 2023 was $883.6 million, compared to $692.1 million in 2022.

Gross margin percent for the year was 43.5% compared to 43.7% in 2022.

Operating profit was $265.8 million in 2023, compared to $212.4 million in 2022.

Gross margin for the year was 43.7% compared to 43.2% in 2021.

Net income for the year was $183.1 million, an increase of 85.6% following a 97.4% increase in revenue from the prior year.

The Company is in a strong competitive position as we participated in a period of extended industry growth in 2021 and 2022.

A focused strategy on ion implant, combined with the hard work and dedication of our employees and the encouragement and support of our customers and suppliers, enabled us to achieve numerous critical milestones in our drive to market leadership.

Net income for the year was $246.3 million, an increase of 34.5% from 2022, following an 85.6% increase in net income from 2021.

The Company is in a strong competitive position.

A focused strategy on ion implant, combined with the hard work and dedication of our employees and the support of our customers and suppliers, enabled us to achieve numerous critical milestones in our drive to market leadership.

Axcelis had a number of important accomplishments in 2023:

● Axcelis’ revenue grew 39% year over year;

● Our full year revenue, gross margins and operating profit were all at record levels since our first full year as a public company in 2001;

● The market for mature semiconductor devices grew rapidly, producing greater than 80% of our systems shipments, and within that total, the electrification of the automotive market drove the power device market to contribute approximately 39% of our systems shipments;

● Our global footprint in growing markets continued to expand, including through multiple evaluation units at key customers in memory, mature process technologies and advanced logic, sales of our Purion product extensions into the Silicon Carbide market, follow-on orders for our Purion products in Japan, and device qualification for leading edge CMOS Image Sensor processes;

● Rapid growth of our manufacturing capabilities through solid execution, strong supply chain partnerships and bringing online new capacity at both our Beverly, Massachusetts facility and Axcelis Asia Operations Center in South Korea.

● Axcelis delivered record revenue of $1.130.6 million dollars in 2023, and record earnings per share of $7.43.

Our 23% revenue growth over 2022 was achieved despite a significant industry downturn and was enabled by the mature process technology segment, which represented 88% of the value of our 2023 system shipments.

● Axcelis is considered a technology leader and supplier of choice in the implant-intensive power device segment, which accounted for 59% of the value of our 2023 system shipments.

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

● We opened the Axcelis Logistics Center in Beverly, Massachusetts in the third quarter of 2023, providing significant efficiencies to US manufacturing.

● 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.

● Axcelis received nine customer satisfaction awards in 2023.

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

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

We believe that the most fundamental interest of our stockholders is consistent, profitable financial performance, which we expect to continue to deliver in 2023.

We believe that the most fundamental interest of our stockholders is consistent, profitable financial

performance, which we expect to continue to deliver in 2024.

Our performance is subject to risks and uncertainties discussed below under Item 1A, Risk Factors.

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and “system on chip” devices (which have both logic and memory features).

The demand for chips continues to increase, as a result of the electrification of vehicles, the evolution of digital communications (including the introduction of 5G mobile networks and the growth in the Internet of Things), and the increasing complexity of device features.

The demand for chips continues to increase, as a result of the electrification of vehicles, the evolution of digital communications (including the introduction of 5G mobile networks), artificial intelligence, large language models (ChatGPT), data analytics and visualization, and the growth in the Internet of Things, and the increasing complexity of device features.

These chips are used in power management, data input, such as image sensors, which are often manufactured using mature processing technologies, as well as for memory to support the storage of data, internet streaming and “cloud computing” data analytics.

Most semiconductor chips are built on silicon wafers of either 200mm (8 inches) or 300mm (12 inches) in diameter.

Most semiconductor chips are built on silicon or silicon carbide (“SiC”) wafers of 150mm (6 inches), 200mm (8 inches) or 300mm (12 inches) in diameter.

Each semiconductor chip is made up of millions of tiny transistors or “switches” to control the functions of the device.

Transistors are created in the silicon wafer by introducing various precisely placed impurities into the silicon in specific patterns.

Transistors are created in the wafer by introducing various precisely placed dopants into the silicon or SiC in specific patterns.

Semiconductor chip manufacturers own or manage wafer fabrication facilities (often referred to as “fabs”), which utilize many different types of equipment in the making of integrated circuits.

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Axcelis’ 2024 strategic goals are to:

● Exceed our $1.0 billion revenue model in 2023, positioning us to achieve our $1.3 billion revenue ion implant only model in future years by insuring high levels of customer satisfaction and quality

• Grow the Purion footprint with our existing customer base as well as at new accounts in targeted market segments and geographies

— Capitalize on strong spending in the mature process technology segment, especially by power device customers

— Capture additional high value memory business

— Continue to penetrate leading edge logic and foundry customers

• Drive Customer Solutions & Innovation (“CS&I”) revenues by delivering excellent customer satisfaction via innovative, high value products and services

• Continue to drive gross margin improvements through supply chain optimization, value engineering, lean manufacturing, quality improvements, product and service innovation and sales excellence

● Deliver attractive earnings per share and cash as defined in targeted business models

• Manage revenues and expenses in line with growth initiatives and industry trends

• Execute a capital strategy that allows for appropriate business investments while returning value to shareholders

● Drive profitable growth by focusing on key customers and targeted market/geographic segments

o Achieve market share leadership across all served markets

o Deliver attractive earnings per share and cash generation as defined in targeted business models

o Monitor spending in line with growth initiatives and industry trends

o Execute capital strategy that allows for appropriate business investments while returning value to shareholders

● Continue to build the foundation to achieve our $1.3 billion implant-only business model in 2025

o Win with Purion products and aftermarket offerings that solve high value customer challenges with differentiated, valuable, and sustainable (referred to as “DVS”) solutions

o Improve customer satisfaction to drive repeat business

o Execute on identified growth opportunities in Japan and advanced logic

o Deliver CS&I target business model revenues of approximately 25% of total revenues, in line with expectations

● Increase gross margins by deriving maximum value from enabling upgrades, system specials and product extensions while lowering cost through use of “Design for X” (“ DFx”) principles, right sourcing, and providing the industry’s best products and services

● Expand beyond ion implant by launching identified corporate development growth initiatives

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Global customer teams and a focused account management structure maintain and strengthen our customer relationships and increase customer satisfaction.

Finally, we endeavor to maintain a strong cash balance to ensure sufficient capital to fund business growth.

Finally, we endeavor to generate strong cash flows from operations and maintain a sufficient cash balance to ensure we continue to have the necessary capital to fund business growth.

Ion Implantation Systems

Ion implantation is a principal step in the transistor formation cycle of the semiconductor chip manufacturing process.

Ion implantation is also used to change the material characteristics of the silicon for reasons other than electrical doping, a process known as “material modification.” An ion implanter is a large, technically advanced system that injects dopants such as arsenic, boron or phosphorus into a wafer.

Ion implantation is also used to change the material characteristics of the silicon or silicon carbide for reasons other than electrical doping, a process known as “material modification.” An ion implanter is a large, technically advanced system that injects dopants such as arsenic, boron or phosphorus into a wafer.

These dopants are ionized and therefore have an electrical charge state.

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● Medium current implanters are the original model of ion implanter, with mid to low-range energy and dose capability.

The Purion Platform and Family of Ion Implanters

Axcelis Ion Implanters

Axcelis offers a complete line of high energy, high current, and medium current implanters for all application requirements.

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Combining a state-of-the-art single wafer end station, with advanced spot beam architectures (that ensures all points across the wafer see the same beam condition at the same beam angle), Purion products enable exceptional process control to optimize device performance and yield, at high productivity.

In addition to the Purion family of ion implanters, the Company offers the Ovation™ family of multi-wafer, or “batch” implanters.

These systems extend Axcelis’ industry benchmark GSD platform into the future, delivering the highest reliability, serviceability, and lowest cost of operations The Ovation configuration is designed to seamlessly integrate with the existing fleet of Axcelis batch implanters, while providing incremental performance improvements with updated components for long-term sustainability.

Beyond the traditional categories of implanters, Axcelis has developed systems designed for specific applications.

For example, the Axcelis Purion Power Series , which provides full recipe coverage for power device applications critical to electric vehicles and industrial applications.

The Purion Power Series is comprised of a group of high current, medium current and high energy implanters that optimize semiconductor devices created on SiC wafers, which are advantageous for certain power devices.

An overview of specific Axcelis ion implantation products is below:

● High Current Implant.

Our Purion H, Purion Dragon and Purion H200 spot beam, high current systems cover all traditional high current requirements as well as those associated with emerging and future devices.

Our Purion H, Purion Dragon, Purion H200, and GSD/E2 Ovation spot beam, high current systems cover all traditional high current requirements as well as those associated with emerging and future devices.

Our Purion high current capabilities extend beyond traditional high current energy and dose ranges, in order to cover new device fabrication requirements as well as to maximize capital utilization and flexibility.

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● High Energy Implant .

Our Purion XE and other Purion high energy systems combine Axcelis’ production-proven RF Linac high energy, spot beam technology with the Purion platform wafer handling system.

Axcelis has been a market leader in high energy ion implanters for many years and continues to offer legacy high energy systems, as well as a range of new Purion systems which have differentiated capabilities for specialty applications.

Axcelis has been a market leader in high energy ion implanters for many years, and offers a range of new Purion systems which have differentiated capabilities for specialty applications as well as legacy high energy systems.

Our Purion XE, EXE, and other Purion high energy systems combine Axcelis’ production-proven RF Linac high energy, spot beam technology with the Purion platform wafer handling system.

The Purion XE Power Series implanters includes Purion XE and EXE models for high volume power devices aluminum implantation, available with 150mm SiC wafer handling or 200mm thin Si wafer handling.

Our batch high energy systems include the GSD/HE Ovation implanter, a 10 stage Linac with energies up to 3 MeV and the GSD/VHE Ovation system, a 14 stage Linac with energies up to 4.9 MeV.

● Medium Current Implant.

Our Purion M Si and SiC medium current system offers higher productivity and lower electrical energy consumption compared to competitive offerings, in addition to other advantages.

Our Purion M systems also offer differentiated capabilities for specialty applications.

In addition to the above categories, ion implanters may also be categorized by the types of applications for which they are designed.

For example, the Axcelis Purion Power Series, which provides full recipe coverage for power device applications critical to mobile devices and electric vehicles, is comprised of a group of high current, medium current and high energy implanters that have been developed to optimize semiconductor devices created on Silicon Carbide wafers, which are advantageous for certain power devices.

Our Purion M Si and SiC medium current systems offer higher productivity and lower electrical energy consumption compared to competitive offerings, in addition to other advantages.

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, representing 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.

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In 2023, approximately 94.2% of our sales were denominated in U.S.

See Note 17 to our Consolidated Financial Statements contained in Item 15 of this Form 10-K for a breakdown of our revenue and long-lived assets in the United States, Europe and Asia.

See Note 17 to our Consolidated Financial Statements contained in Item 15 of this Annual Report on Form 10-K for a breakdown of our revenue and long-lived assets in the United States, Europe and Asia.

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

In 2022, according to Gartner Inc., the top 20 semiconductor chip manufacturers accounted for approximately 89.0% of total semiconductor capital equipment spending, which decreased from 92.0% in 2021.

In 2023, according to Gartner Inc., the top 20 semiconductor chip manufacturers accounted for approximately 92.0% of total semiconductor capital equipment spending, which increased from 89.0% in 2022.

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

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

For the year ended December 31, 2022, revenues from Samsung Electronics Co, Ltd.

and Semiconductor Manufacturing International Corporation (“SMIC”) represented 10% or more of our consolidated revenues.

The loss of either of these customers would have a material adverse effect on our business.

For the year ended December 31, 2023, no customer represented 10% or more of our 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.

Since the placement of SMIC on the U.S.

Entity List in 2020, we are required to obtain export control licenses to ship to mature process SMIC fabs, which to date, we have been able to obtain.

Another chipmaker, Yangtze Memory Technologies Co., Ltd.

(“YMTC”), was placed on the Entity List in 2022, without a similar policy allowing licensed shipments.

A new export controls regulatory framework was issued by the U.S.

in October 2022 that limits all semiconductor equipment shipments to Chinese customers who are producing or developing logic, DRAM and NAND chips that meet specific advanced parameters.

While these regulations have further excluded exports to certain Chinese customers, we currently are able to continue to ship to the majority of our Chinese customers.

One of our major Chinese customers, Semiconductor Manufacturing International Corporation (“SMIC”), is on the U.S.

Entity List, but is subject to a 2020 licensing policy that allows shipments to certain mature process SMIC fabs, which to date, we have been able to obtain.

Other Chinese chipmakers are on the U.S.

Entity List, without a similar policy allowing licensed shipments.

In October 2022 (with modifications in October 2023), the U.S.

Commerce Department established an export controls regulatory framework for U.S.

exports of semiconductor equipment to China.

This framework limits all semiconductor equipment shipments to Chinese customers who are producing or developing logic, DRAM and NAND chips that meet specific advanced parameters.

While these regulations have further excluded exports to certain Chinese customers, we currently are able to continue to ship to substantially all of our Chinese customers.

In general, however, sales to Chinese customers represent a higher risk than sales to customers in other international locations because of trade tensions between the U.S.

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

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

Research and Development

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.

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.

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Manufacturing

We manufacture products at our 417,000 square feet ISO 9001:2015 and ISO 14001:2015 certified plant in Beverly, Massachusetts as well as our 38,000 square feet Axcelis Asia Operations Center in South Korea.

We manufacture products at our 417,000 square feet ISO 9001:2015 and ISO 4001:2015 and ISO 45001:2018 certified plant in Beverly, Massachusetts as well as our 38,000 square feet Axcelis Asia Operations Center in South Korea.

Our facilities employ best in class manufacturing techniques, including lean manufacturing, six sigma controls and advanced inventory management, purchasing and quality systems.

In 2022, we signed an additional lease of property in Beverly, Massachusetts, on which a state-of-the-art logistics and flex manufacturing center with 98,000 square feet is being built to our specifications, referred to as the Axcelis Logistics Center.

In 2023, we opened the Axcelis Logistics Center, a state-of-the-art logistics and flex manufacturing center with 101,800 square feet built to our specifications, in Beverly, Massachusetts.

Our clean manufacturing process uses class 1,000/10,000 space to facilitate most of our manufacturing requirements.

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In 2023, Axcelis audited 56 suppliers for compliance with our Supplier Code of Conduct and other quality standards.

The outcome of these and prior audits included (i) the issuance of a total of over 190 corrective actions to suppliers, (ii) requiring more than 30 of our suppliers to participate in quarterly reviews focused on improvement projects, and (iii) subjecting two suppliers to more comprehensive audits and action plans.

The outcome of these and prior audits included (i) the issuance of a total of over 270 corrective actions to suppliers, (ii) requiring more than 40 of our suppliers to participate in quarterly reviews focused on improvement projects, and (iii) subjecting 3 suppliers to more comprehensive audits and action plans.

Our products are designed to be assembled and tested in a modular fashion, which facilitates our industry-recognized “ship-from-cell” process.

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Significant competitive factors in the semiconductor capital equipment market include price, cost of ownership, equipment performance, customer support, capabilities and breadth of product line.

In the area ion implantation, we mainly compete against Applied Materials, Inc.

Axcelis and Applied Materials are the only ion implant manufacturers with a full range of implant products, as well as service and support infrastructures able to service our customers globally.

Other non-U.S.

players we compete with include Sumitomo Heavy Industries Ion Technology Co.

In the market for ion implantation systems, we mainly compete against Applied Materials, Inc.

(“Applied Materials”).

Axcelis and Applied Materials are the only ion implant system manufacturers with a full range of implant products.

Other implantation equipment manufacturers we compete with include Sumitomo Heavy Industries Ion Technology Co.

and Nissin Ion Equipment Co., Ltd in Japan, Advanced Ion Beam Technology, Inc.

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export controls regulation for shipments to China.

We also provide aftermarket service and parts to service our customers globally.

In this market, there are many competitors, often based in the customer’s location, offering alternatives to Axcelis services and certified products.

Intellectual Property

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

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

Of our total year end 2022 employees, 966 work in North America, 349 in Asia and 73 in Europe.

at our main manufacturing facility in Beverly, MA, our business requires our presence where our customers are located around the world, resulting in Axcelis employees working

in 28 different countries.

Of our total year end 2023 employees and agency temporary staff, 1,216 work in North America, 406 in Asia and 84 in Europe.

Our future success largely depends upon our continued ability to attract and retain highly skilled employees.

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We provide our employees and their families with access to health and wellness insurance and programs that offer choice where possible so they can customize their benefits to meet their needs and the needs of their families.

During the COVID-19 pandemic, we implemented significant changes that we determined were in the best interest of our employees, as well as the communities in which we operate, and which comply with government regulations.

This included having those employees that could productively work from home continue to do so, while implementing additional safety measures for employees continuing critical on-site work.

While all employees may now return to work in the Beverly facility, we are maintaining certain restrictions related to the manufacturing areas of the building to ensure that those members of our workforce are not unnecessarily exposed to other workers.

Axcelis is dedicated to building a diverse workforce, fostering a culture built on the principle of inclusion, and maintaining a workplace free from discrimination.

Following the COVID-19 pandemic, we have maintained flexible working opportunities for those employees who can, and wish to, work remotely.

This flexibility allows us to access workers who do not live near our facilities and also provides a desired quality of life benefit to those who wish to work remotely for personal reasons.

Axcelis is dedicated to accessing the diverse workforce who have 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 diversity of experience, perspectives and backgrounds will lead to a better environment for our employees and better products for our customers.

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

We encourage you to review the “Focus on Diversity” report (located in the “Investors” and “About Us” sections of our Axcelis.com website) for more detailed information regarding diversity and inclusion at Axcelis.

Nothing on our website, including our Focus on Diversity Report or sections thereof, shall be deemed incorporated by reference into this Annual Report.

We encourage you to review our 2023 ESG Report (located in the “ESG Hub” under the “Investors” section of our Axcelis.com website) for more detailed information regarding diversity and inclusion at Axcelis.

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.

Environmental

We are subject to environmental laws and regulations in the countries in which we operate that regulate, among other things:

Axcelis is deeply committed to our role as a responsible corporate citizen and dedicated to our Environmental, Social, Governance (“ESG”) and Net Zero commitments.

In 2022, Axcelis became a founding member of the Semiconductor Climate Consortium (“SCC”) of Semiconductor Equipment and Materials International (“SEMI”), our industry organization serving the manufacturing supply chain for the micro- and nano-electronics industries.

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.

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 2023 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.

Axcelis is subject to environmental laws and regulations in the countries in which we operate that regulate, among other things:

air emissions;

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As with other companies engaged in like businesses, the nature of our operations exposes us to the risk of environmental liabilities, claims, penalties and orders.

We are proud of our commitment to improving our environment.

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 and ISO 14001:2015 certified at our Beverly, MA facility.

We are also 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.

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.

Information about our Executive Officers

Puma, 65, has been our President and Chief Executive Officer since January 2002, having served as Chairman from 2005 to 2015.

From May 2000 until January 2002, Ms.

Puma was our President and Chief Operating Officer.

In 1998, she became General Manager and Vice President of the Implant Systems Division of Eaton Corporation, a global diversified industrial manufacturer.

In May 1996, she joined Eaton as General Manager of the Commercial Controls Division.

Prior to joining Eaton, Ms.

Puma spent 15 years in various marketing and general management positions for General Electric Company.

Puma is also a director of Nordson Corporation, a manufacturer of precision dispensing equipment for industrial liquid and powder coatings, adhesives, and sealants, and serves as a director and, since early 2023, as Chairperson of the Board of Semiconductor Equipment and Materials International.

Brewer, 64, became our Executive Vice President and Chief Financial Officer in September 2013, having served as interim Chief Financial Officer beginning in June 2013.

Brewer also manages our Global Operations.

Brewer had previously been our Executive Vice President, Global Operations since 2008 and our Senior Vice President, Manufacturing Operations since May 2005, prior to which he had been Vice President of Manufacturing Operations since October 2002 and Director of Operations from 1999 to 2002.

Prior to joining Axcelis in 1999, Mr.

Brewer was Director of Operations, Business Jets at Raytheon Aircraft Company, a leading manufacturer of business and special mission aircraft owned by Raytheon Company, a manufacturer of defense, government and commercial electronics, as well as aircraft.

Prior to that, Mr.

Brewer held various management positions in operations and strategic planning in Raytheon Company’s Electronic Systems and Missile Systems groups.

, 52, is our Executive Vice President, Global Customer and Engineering Operations, a position he assumed in January 2021, having served as Executive Vice President, Engineering since joining Axcelis in October 2016.

Low joined Axcelis in October 2016 as Executive Vice President, Engineering.

Low, Ph.D ., 53, became Axcelis’ CEO in May 2023, also joining the Company’s Board of Directors at that time.

Low joined Axcelis in October 2016, first serving as Executive Vice President, Engineering and then as Executive Vice President, Global Customer and Engineering Operations effective January 2021.

Prior to joining the Company, Dr.

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Low held engineering positions in the thermal processing and ion implant divisions of Applied Materials, Inc.

from 1997 to 2003.

Greg Redinbo, Ph.D., 58, is our Executive Vice President, Marketing and Applications, a position he assumed in September 2022.

Redinbo joined Axcelis in 2021 as Senior Vice President of Strategic Marketing and Business Development.

Redinbo has over 25 years of experience in the semiconductor capital equipment industry.

Prior to joining Axcelis, Dr.

Redinbo held the position of Vice President, Global Strategic Accounts at ASML.

Redinbo’s past positions also include Global Vice President of Sales, Service and Applications at FEI, 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.

Fallon, 63, is our Executive Vice President, Human Resources/Legal and General Counsel, a position she has held since May 2005.

Prior to that, Ms.

Fallon was Senior Vice President HR/Legal and General Counsel since 2002, and Senior Vice President and General Counsel since 2001.

Fallon has also been our corporate Secretary since 2001.

Before joining Axcelis in 2001, Ms.

Fallon had been a partner in the Boston law firm of Palmer & Dodge LLP since 1992, where she was head of the Business Law Department from 1997 to 2001.

Fallon is also a member of the Board

of Directors of ClearPoint Neuro, Inc., a global therapy-enabling platform company providing stereotactic navigation and delivery to the brain.

Low joined the North American Advisory Board (NAAB) of SEMI International in 2023.

He is also a member of the Massachusetts High Tech Council.

Coogan , 43, joined Axcelis as Executive Vice President and CFO in September 2023.

Coogan brings more than 20 years of finance, accounting, and investor relations experience across multiple industries, most recently in aerospace and defense.

Coogan joins Axcelis after serving as Senior Vice President, Chief Financial Officer at Kaman Corporation, a leading provider of aerospace and defense products.

During his 15 years with Kaman, he held various management positions including Vice President, Investor Relations and Corporate Development, Assistant Vice President, External Reporting and SEC Compliance, and Director, External Reporting and SEC Compliance.

After starting his career at PwC, he held several financial management roles at Ann Taylor Stores Corporation and Mohegan Tribal Gaming Authority before joining Kaman.

Blumenstock, 55, became Axcelis’ Executive Vice President, Engineering in June 2023 leading product development, engineering and R&D.

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

Blumenstock brings a unique blend of leadership, technical and business skills gained over a distinguished career.

Immediately before joining Axcelis, Mr.

Blumenstock was self-employed as a management consultant from 2022 to 2023.

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.

Additionally, Mr.

Blumenstock held the role of Chief Marketing Officer at Veeco directing a corporate rebrand.

Prior to that, Mr.

Blumenstock held Senior Director level business roles at KLA, Cymer (ASML) and FormFactor, bringing several new products to market.

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

Fallon, 64, is our Executive Vice President HR/Legal, General Counsel and Corporate Secretary, overseeing Axcelis’ legal and human resources operations.

Fallon has held her current position since May 2005, having

initially joined Axcelis in 2001 as a Senior Vice President and General Counsel.

As a member of Axcelis’ executive team for more than twenty years, Ms.

Fallon has been involved with business development, financial and tax management, investor relations, public offerings, M&A, risk management, executive compensation, and all aspects of international corporate compliance.

Before joining Axcelis, Ms.

Fallon worked at the Boston law firm of Palmer & Dodge LLP, as a partner since 1992, prior to which she was an associate since 1987.

During her more than ten years at Palmer & Dodge, Ms.

Fallon’s work was primarily for clients in the biotech industry.

She was head of Palmer & Dodge’s business law department for the three years prior to joining Axcelis.

Fallon’s M&A and financial transaction experience began in 1984 at a Wall Street boutique firm, doing tax-driven LBOs, venture capital and private equity transactions.

Fallon is also a director of ClearPoint Neuro, Inc.

Lawson, 63, has been our Executive Vice President, Corporate Marketing and Strategy since November 2013, having joined Axcelis as Vice President Business Development in 2010, and holding the position of Senior Vice President of Strategic Initiatives beginning in 2011.

Lawson also manages our Information Technology function.

Prior to joining the company in 2010, he held the position of General Manager of Luminus Devices from 2009 to 2010.

He has over 30 years of experience in the technology industry and has held numerous executive and technical positions at BTU International, PRI Automation, Digital Equipment and Intel.

Puma, 66, is serving as our Executive Chairperson until May 2024, a position she assumed in May 2023.

Prior to that, Ms.

Puma served as President and Chief Executive Officer for 21 years, from January 2002 until May 2023, serving also as Chairman from 2005 to 2015.

From May 2000 until January 2002, Ms.

Puma was our President and Chief Operating Officer.

In 1998, she became General Manager and Vice President of the Implant Systems Division of Eaton Corporation, a global diversified industrial manufacturer.

In May 1996, she joined Eaton as General Manager of the Commercial Controls Division.

Prior to joining Eaton, Ms.

Puma spent 15 years in various marketing and general management positions for General Electric Company.

Puma is International Board Chairman of SEMI Industry Association, and a director of Ciena Corporation, SMART Global Holdings and Allegro Microsystems.

Redinbo, Ph.D., 59 , is our Executive Vice President, Marketing and Applications, a position he assumed in September 2022.

He joined Axcelis in 2021 as Senior Vice President of Strategic Marketing and Business Development.

Redinbo has over 25 years of experience in the semiconductor capital equipment industry.

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.

Christopher Tatnall, Ph.D.

, 51, became Axcelis’ Executive Vice President, Global Customer Operations in September 2023.

In this capacity, Dr.

Tatnall is responsible for Worldwide System Sales and Sales Operations, Global Service, Support and Training and the Axcelis Customer Solutions organization.

Tatnall joined Axcelis in March 2022 as Senior Vice President of Sales.

Prior to joining Axcelis, he was Vice President and General Manager at MKS Instruments, Plasma and Reactive Gas Division from May 2018 to March 2022, where he led a cross functional team of over 200 members with multiple product lines with both semiconductor and industrial applications.

Prior to that, Dr.

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

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