What changed in this filing

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Item 1. Business

2025-02-28 compared with 2024-02-23 · 79 added, 93 removed, 241 unchanged (42% of the section changed)

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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.

Revenue for 2024 was $1,017.9 million, compared to $1,130.6 million in 2023.

Systems revenue for 2024 was $782.6 million, compared to $883.6 million in 2023.

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.

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.

Gross margin percent for 2024 was 44.7% compared to 43.5% in 2023.

Operating profit for 2024 was $210.8 million, compared to $265.8 million in 2023.

Net income for 2024 was $201.0 million, compared to $246.3 million in 2023.

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 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.

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 critical milestones in our drive to market leadership.

Important accomplishments in 2024 included:

● We delivered revenue of $1,017.9 million in 2024 and earnings per share of $6.15.

● We remained a technology leader and supplier of choice in the implant-intensive power device segment, which accounted for 56% of the value of our 2024 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 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 received 22 customer satisfaction awards in 2024.

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.

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 2024.

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

We believe that the most fundamental interest of our stockholders is consistent, profitable financial performance, which we expect to continue to deliver in 2025.

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

Industry Overview

Semiconductor chips, also known as integrated circuits, are used in a continuously evolving range of consumer and industrial products, including for example, personal computers, mobile devices, automobiles, sensors and controllers for the “internet of things” and data storage servers.

Types of semiconductor chips include dynamic random-access memory (“DRAM”) and “Not AND” (“NAND”) Flash memory;

Types of semiconductor chips include dynamic random-access memory

(“DRAM”) and “Not AND” (“NAND”) Flash memory;

logic devices to process information;

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), 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.

(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.

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The timing of purchases by foundry customers will depend on their success in securing manufacturing contracts.

Also, foundry customers will look for equipment that can deliver the broadest capabilities in order to be prepared to manufacture all chip types, while integrated electronics manufacturers may invest in processing equipment dedicated to a specific application they require for their products.

Also, foundry customers will look for equipment that can deliver the broadest capabilities to be prepared to manufacture all chip types, while integrated electronics manufacturers may invest in processing equipment dedicated to a specific application they require for their products.

The semiconductor capital equipment industry has historically been cyclical as global chip production capacities successively exceed, then lag behind, global chip demand.

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Changes in consumer and business demand for products in which chips are used also affect the industry.

A successful semiconductor capital equipment manufacturer must not only provide some of the most technically complex products manufactured in the world but also must manage its business to thrive during low points in the cycle.

Axcelis’ Strategy

Axcelis’ 2025 strategic goals are to:

● Continue to build the foundation on our long-term implant-only business model

o Win new customers with Purion products and aftermarket offerings that solve high value customer challenges with differentiated, valuable, and sustainable (“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

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

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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

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We continue to invest in research and development to ensure our products meet the needs of our customers.

We take pride in our scientists and engineers who are adding to our portfolio of patents and unpatented proprietary technology to ensure that our investment in technology leadership translates into unique product advantages.

We take pride in our scientists and engineers who are adding to our portfolio of patents and proprietary technology to ensure that our investment in technology leadership translates into unique product advantages.

We strive for operational excellence by focusing on ways to lower our product, manufacturing, and design costs and to improve our delivery times to our customers.

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dopant type, dose (amount of dopant), energy (depth into the silicon) and tilt/twist (angle of wafer relative to the ion beam).

In order to efficiently cover the wide range of implant steps, three different broad categories of implanters have been developed, each targeted at a specific range of applications, primarily defined by dose and energy.

To efficiently cover the wide range of implant steps, three different broad categories of implanters have been developed, each targeted at a specific range of applications, primarily defined by dose and energy.

The three traditional implanter categories are referred to as high current, high energy and medium current:

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Our Purion flagship systems are all based on a common platform which enables a unique combination of implant purity, precision, and productivity.

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.

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.

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.

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 is advantageous for certain power devices.

An overview of specific Axcelis ion implantation products is below:

● High Current Implant.

● High Current Ion Implant.

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.

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

In addition, Axcelis’ Purion systems provide advantages for material modification applications, including those requiring hot and cold implant capabilities.

● High Energy Implant .

● High Energy Ion Implant .

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.

The Purion XE Power Series implanters include 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.

● Medium Current Ion Implant.

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.

The Purion M is 20% more energy efficient than competing platforms, 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.

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Through our CS&I business, we offer our customers extensive aftermarket service and support throughout the lifecycle of the equipment we manufacture.

We believe that approximately 3,200 of our products are in use in 28 countries worldwide.

Approximately 3,300 of our products are in use in 28 countries worldwide.

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.

Revenue generated

through our CS&I business of $247.0 million, $227.9 million, and $207.8 million represents 21.8%, 24.8% and 31.4% of total revenue in 2023, 2022 and 2021, respectively.

Revenue generated through our CS&I business of $235.3 million, $247.0 million, and $227.9 million represents 23.1%, 21.8% and 24.8% of total revenue in 2024, 2023 and 2022, respectively.

To support our aftermarket business, we have sales and marketing personnel, field service engineers, and spare parts and applications engineers, as well as employees located at our manufacturing facilities who work with our customers to provide customer training and documentation, and product, process, and applications support.

Most of our customers maintain spare parts inventories for our machines.

In addition to our web-based spare parts management and replenishment tracking program, we offer a number of Business-to-Business options to support our customers’ parts management requirements.

In addition to our web-based spare parts management and replenishment tracking program, we offer several Business-to-Business options to support our customers’ parts management requirements.

Our Axcelis Managed Inventory service offering provides the customer with full spare parts support through a parts consignment arrangement in which Axcelis retains responsibility for the complete supply chain.

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

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.

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.

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

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Entity List, without a similar policy allowing licensed shipments.

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

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

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

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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.

Commerce Department implemented further regulatory changes in December 2024, creating a new Export Controls Classification Number for certain 300mm ion implanters and adding certain Chinese customers to the U.S.

Entity List, some of which have a licensing policy that should allow us to continue to support them.

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.

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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.

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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We have also sought to reduce the development cycle for new products through a collaborative process whereby our engineering, manufacturing and marketing personnel work closely together with one another and with our customers at an earlier stage in the process.

We use 3D, computer-aided design, finite element analysis and other computer-based modeling methods to test new designs.

We use 3D, computer-aided design, finite element analysis and other computer-based modeling methods to test new designs and accelerate the technology innovation process.

Our expenses for research and development were $105.5 million, $96.9 million and $78.4 million in 2024, 2023 and 2022, respectively, or 10.4%, 8.6% and 8.5% of revenue, respectively.

Manufacturing

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.

We manufacture products at our 417,000 square feet ISO 9001:2015, ISO 4001:2015 and ISO 45001:2018 certified plant in Beverly, Massachusetts as well as our 38,000 square feet ISO 4001:2015 and ISO 45001:2018 certified Axcelis Asia Operations Center in South Korea and our 101,800 square feet state-of-the-art logistics and flex manufacturing Axcelis Logistics Center in Beverly, Massachusetts.

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

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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We continuously pursue outsourcing opportunities where the economics are justified, with a goal of enabling quality and margin improvement.

Our supply chain team is globally focused and is located in Beverly, Korea and Singapore.

Our supply chain team is globally focused and is located in Beverly, South Korea and Singapore.

Customized and commercially available software solutions drive our planning, purchasing and inventory tracking process.

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We want to ensure these companies share our values and have adopted a Supplier Code of Conduct, which contains our expectation that our suppliers will comply with our Environmental Policy, our Corporate Social Responsibility Policy, and other industry standards and policies.

Our Supplier Code of Conduct provides that if a supplier fails to comply with these policies, our business relationship with that company will be permanently ended, although a compliance remediation period of up to 90 days may be allowed.

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 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 Supplier Code of Conduct provides that if a supplier fails to comply with these policies, our business relationship with that company will be permanently severed, although a compliance remediation period of up to 90 days may be allowed.

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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Customers that choose the “ship-from-cell” process substantially improve their delivery times while receiving the same high level of quality provided by more traditional, longer cycle integration techniques.

Product margins and inventory turns also improve as a result of shorter factory cycle times and increased labor productivity.

Product margins and inventory turns also improve because of shorter factory cycle times and increased labor productivity.

Installation of our equipment is provided by factory and field teams.

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

in Taiwan, as well as CETC Electronics Equipment Group Co., Ltd.

in Taiwan, as well as Kingstone Semiconductor and CETC Electronics Equipment Group Co., Ltd.

in the People’s Republic of China.

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Systems backlog, including deferred systems revenue, was $645.8 million and $1,061.2 million as of December 31, 2024 and 2023, 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.

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As of December 31, 2024, we had 1,524 employees and 39 agency temporary staff worldwide.

During 2023, our total employee and temporary staff headcount increased by approximately 15% to support our increased business during the year.

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.

During 2024, our total employee and temporary staff headcount decreased by approximately 8%.

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.

Of our total year end 2024 employees and agency temporary staff, 1,081 work in North America, 396 in Asia and 86 in Europe.

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These programs all contribute to both attracting and retaining a highly skilled employee base, including those with critical leadership and industry skills and experience.

During 2023, our voluntary turnover rate for employees was 6.14%, or 5.51% without retirements, well below the worldwide technology industry (all reported) voluntary turnover average of 15.8% reported in the Aon 2023 Salary Increase and Turnover Study -- December 2023.

During 2024, our voluntary turnover rate for employees was 9.1%, or 6.5% without retirements, below the worldwide technology industry (all reported) voluntary turnover average of 11.4% reported in the Aon 2024 Salary Increase and Turnover Study -- December 2024.

We also recognize that training is an important aspect of both employee retention and talent development.

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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 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.

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

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.

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.

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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 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.

Information about our Executive Officers

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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.

Blumenstock, 56, became Axcelis’ Executive Vice President, Research, Development and 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.

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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.

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.

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

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.

Before joining Axcelis, from October 2022 to December 2024, she served as Chief Legal Officer at SunPower, a solar and energy services provider in North America, whose key assets were acquired by Complete Solaria, Inc.

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

She currently serves on the Board of Directors for the Linux Foundation.

Redinbo, Ph.D., 60 , is our Executive Vice President, Marketing and Applications, a position he assumed in September 2022.

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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.

Christopher J.

Tatnall, Ph.D.

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

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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