0001104659-26-057725 | 10-Q | XBRL Viewer

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Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Disaggregation of Revenue
Short-term deferred revenue	$ 68,352	$ 65,494
Long-term deferred revenue	$ 41,214	$ 43,445
Systems
Disaggregation of Revenue
Payment upon shipment of the system, as a percent	90.00%
Payment upon acceptance, as a percent	10.00%
Systems \| Minimum
Disaggregation of Revenue
Pre-shipment deposit, as a percent	20.00%
Systems \| Maximum
Disaggregation of Revenue
Pre-shipment deposit, as a percent	60.00%
Aftermarket \| Minimum
Disaggregation of Revenue
Payment upon delivery of parts, period	30 days
Aftermarket \| Maximum
Disaggregation of Revenue
Payment upon delivery of parts, period	60 days

Stock-Based Compensation	3 Months Ended
Mar. 31, 2026
Stock-Based Compensation
Stock-Based Compensation	Note 2. Stock-Based Compensation We maintain the Axcelis Technologies, Inc. 2012 Equity Incentive Plan, as amended (the “2012 Equity Plan”), which permits the issuance of options, restricted stock, restricted stock units (“RSUs”) and performance awards to selected employees, directors, and consultants of the Company. The 2012 Equity Plan is more fully described in Note 13 to the consolidated financial statements in our 2025 Form 10-K. We recognized stock-based compensation expense of $4.9 million for both the three-month periods ended March 31, 2026 and 2025. These amounts include compensation expense related to RSUs. In the three-month periods ended March 31, 2026 and 2025, we issued 16,000 and 38,459 shares of common stock, respectively, upon vesting of RSUs granted under the 2012 Equity Plan. In both the three-month periods ended March 31, 2026 and 2025, we received no proceeds in connection with purchases under the 2020 Employee Stock Purchase Plan.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Stock-Based Compensation

Note 2. Stock-Based Compensation

We maintain the Axcelis Technologies, Inc. 2012 Equity Incentive Plan, as amended (the “2012 Equity Plan”), which permits the issuance of options, restricted stock, restricted stock units (“RSUs”) and performance awards to selected employees, directors, and consultants of the Company.

The 2012 Equity Plan is more fully described in Note 13 to the consolidated financial statements in our 2025 Form 10-K.

We recognized stock-based compensation expense of $4.9 million for both the three-month periods ended March 31, 2026 and 2025. These amounts include compensation expense related to RSUs.

In the three-month periods ended March 31, 2026 and 2025, we issued 16,000 and 38,459 shares of common stock, respectively, upon vesting of RSUs granted under the 2012 Equity Plan. In both the three-month periods ended March 31, 2026 and 2025, we received no proceeds in connection with purchases under the 2020 Employee Stock Purchase Plan.

Nature of Business	3 Months Ended
Mar. 31, 2026
Nature of Business
Nature of Business	Note 1. Nature of Business Axcelis Technologies, Inc. (“Axcelis” or the “Company”) was incorporated in Delaware in 1995 and is a producer of ion implantation equipment used in the fabrication of semiconductor chips in the United States, Europe and Asia. In addition, we provide extensive worldwide aftermarket service and support, including spare parts, equipment upgrades, used equipment, and maintenance services to the semiconductor industry. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments which are of a normal recurring nature and considered necessary for a fair presentation of these financial statements have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for other interim periods or for the year as a whole. The balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. As of March 31, 2026, there have been no material changes in the Company’s significant accounting policies. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).

Nature of Business

3 Months Ended

Mar. 31, 2026

Nature of Business

Nature of Business

Note 1. Nature of Business

Axcelis Technologies, Inc. (“Axcelis” or the “Company”) was incorporated in Delaware in 1995 and is a producer of ion implantation equipment used in the fabrication of semiconductor chips in the United States, Europe and Asia. In addition, we provide extensive worldwide aftermarket service and support, including spare parts, equipment upgrades, used equipment, and maintenance services to the semiconductor industry.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments which are of a normal recurring nature and considered necessary for a fair presentation of these financial statements have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for other interim periods or for the year as a whole.

The balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. As of March 31, 2026, there have been no material changes in the Company’s significant accounting policies. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).

Receivables and Allowances for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Receivables and Allowances for Credit Losses
Recoveries		$ 0
Bad debt expense	$ 100
Allowance for credit losses	0	0
Provision for doubtful accounts	$ 65	$ 0

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2026

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Note 7. Accumulated Other Comprehensive Loss

The following table presents the changes in accumulated other comprehensive loss, by component, for the three months ended March 31, 2026:


								Unrealized gains (losses) on
		Foreign			Defined benefit			available-for-sale
		currency			pension plan			investments			Total

		(in thousands)
Balance at December 31, 2025		$	(2,657)		$	19		$	436		$	(2,202)
Other comprehensive income and reclassifications			(2,256)			(19)			(849)			(3,124)
Balance at March 31, 2026		$	(4,913)		$	—		$	(413)		$	(5,326)

Recent Accounting Guidance

3 Months Ended

Mar. 31, 2026

Recent Accounting Guidance

Recent Accounting Guidance

Note 18. Recent Accounting Guidance

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to enhance the disclosures for expenses for all public entities in accordance with ASC Topic 220, Income Statement-Reporting Comprehensive Income. ASU 2024-03 addresses investor requests for more detailed information about expenses, specifically cost of sales and selling, general, and administrative expenses. ASU 2024-03 requires a public entity to disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation,

depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption presented on the face of the income statement as well as a qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 also requires a public entity to disclose the total amount of selling expenses and the entity’s definition of selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. A public entity should apply ASU 2024-03 either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its future consolidated financial statements and related disclosures.

In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 requires companies to start capitalizing eligible software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted and may be applied using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact of ASU 2025-06 on its future consolidated financial statements and related disclosures.

In September 2025, the FASB issued Accounting Standards Update 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) – Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07 applies to all entities that enter into non-exchange-traded contracts with underlyings based on operations or activities specific to one of the parties to the contract. The new guidance excludes from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. ASU 2025-07 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-07 on its future consolidated financial statements and related disclosures.

In December 2025, the FASB issued Accounting Standards Update 2025-11, Interim Reporting (Topic 270) – Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 applies to all entities that provide interim financial statements and notes in accordance with generally accepted accounting principles. The new guidance improves the navigability of the required interim disclosures, clarifies when that guidance is applicable and provides additional guidance on what disclosures should be provided in interim reporting periods. ASU 2025-11 also adds a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim and annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-11 on its future consolidated financial statements and related disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue

Schedule of revenue by categories used by management


	Three months ended
	March 31,
	2026		2025

	(in thousands)
Systems	$	126,326	$	137,609
Aftermarket		72,630		54,954
Total Revenue	$	198,956	$	192,563

Schedule of revenue by geographic markets


	Three months ended
	March 31,
	2026		2025

	(in thousands)
North America	$	22,767	$	40,525
Asia Pacific		144,418		134,426
Europe		31,771		17,612
Total Revenue	$	198,956	$	192,563

Schedule of Contract liabilities


	March 31,		December 31,
	2026		2025

	(in thousands)
Contract liabilities	$	109,566	$	108,939

Contract liabilities are reflected as deferred revenue on the consolidated balance sheets and include payments received in advance of system sales as well as deferral of revenue from systems sales for installation and other future performance obligations. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations.


	Three months ended
	March 31,
	2026		2025

	(in thousands)
Balance, beginning of the period	$	108,939	$	138,174
Deferral of revenue		20,663		26,359
Other adjustments *		(450)		—
Recognition of deferred revenue		(19,586)		(25,209)
Balance, end of the period	$	109,566	$	139,324

* Adjustment to contracts with customers are assessed to determine if amounts paid by customers represent deferred revenue or liabilities payable to customers and such amounts are accordingly reclassified pursuant to our revenue recognition policy and ASC 606.

Leases - Cash Flow by Lease Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases
Operating cash outflows from operating leases	$ 2,777	$ 2,663
Operating cash outflows from finance leases	1,121	1,156
Financing cash outflows from finance leases	374	349
Operating lease assets obtained in exchange for operating lease liabilities	$ 489	$ 500

Product Warranty (Tables)

3 Months Ended

Mar. 31, 2026

Product Warranty

Schedule of product warranty liability


		Three months ended
		March 31,
		2026			2025

		(in thousands)
Balance at January 1 (beginning of year)		$	11,587		$	15,183
Warranties issued during the period			3,208			2,165
Settlements made during the period			(1,680)			(3,298)
Changes in estimate of liability for pre-existing warranties during the period			(1,710)			(396)
Balance at March 31 (end of period)		$	11,405		$	13,654

Amount classified as current		$	9,314		$	11,882
Amount classified as long-term (within other long-term liabilities)			2,091			1,772
Total warranty liability		$	11,405		$	13,654

Leases - Operating and Finance Lease Right-of-use-assets and Related Lease Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Leases
Operating lease assets	$ 27,943	$ 28,927
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease assets	Operating lease assets
Finance lease assets	$ 13,835	$ 14,154
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Finance lease assets	Finance lease assets
Total leased assets	$ 41,778	$ 43,081
Operating liabilities current	$ 4,649	$ 4,859
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Finance liabilities current	$ 1,648	$ 1,575
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Finance liabilities current	Finance liabilities current
Operating liabilities noncurrent	$ 23,897	$ 24,613
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance liabilities noncurrent	$ 40,310	$ 40,754
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Finance liabilities noncurrent	Finance liabilities noncurrent
Total lease liabilities	$ 70,504	$ 71,801
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Finance lease, net of accumulated depreciation	$ 47,800	$ 47,700
Prepaid financing costs	$ 500		$ 500

Business Segment (Tables)

3 Months Ended

Mar. 31, 2026

Business Segment

Schedule of company's single operating segment


	Three months ended March 31,
	2026			2025

	(in thousands)
Revenue:	$	198,956		$	192,563
Less:
Cost of revenue		118,375			103,795
Research and development		28,516			27,128
Sales and marketing		17,354			15,124
General and administrative		26,761			17,357
Total other income		2,675			3,925
Income tax provision		1,411			4,505
Segment Net Income		9,214			28,579
Reconciliation of profit or loss Adjustments and reconciling items		-			-
Net income	$	9,214		$	28,579

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Schedule of Company's assets and liabilities by level within the fair value hierarchy


		March 31, 2026
		Fair Value Measurements
		Level 1			Level 2			Level 3			Total

		(in thousands)
Assets
Cash equivalents and other short-term investments:
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)		$	115,195		$	—		$	—		$	115,195
Short-term investments (U.S. Government Securities and Agency Investments)			215,771			—			—			215,771
Mark-to-market adjustment on forward exchange contracts			—			(479)			—			(479)
Long-term investments (U.S. Government Securities and Agency Investments)			203,339			—			—			203,339
Total		$	534,305		$	(479)		$	—		$	533,826


		December 31, 2025
		Fair Value Measurements
		Level 1			Level 2			Level 3			Total

		(in thousands)
Assets
Cash equivalents and other short-term investments:
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)		$	93,348		$	—		$	—		$	93,348
Short-term investments (U.S. Government Securities and Agency Investments)			228,802			—			—			228,802
Mark-to-market adjustment on forward exchange contracts			—			435			—			435
Long-term investments (U.S. Government Securities and Agency Investments)			182,396			—			—			182,396
Total		$	504,546		$	435		$	—		$	504,981

Schedule of contractual maturities of our cash equivalents and investments

The following table summarizes the contractual maturities of our cash equivalents and investments as of March 31, 2026:


		Amortized Cost			Fair Value

		(in thousands)
Due within one year		$	330,946		$	330,966
Due after one year through two years			203,773			203,339
Total		$	534,719		$	534,305

Leases

3 Months Ended

Mar. 31, 2026

Leases

Leases

Note 3. Leases

We have operating leases for manufacturing, office space, warehouse space, computer and office equipment and vehicles used in our business operations. We have a finance lease in relation to the 2015 sale-leaseback of our corporate headquarters in Beverly, Massachusetts. We review all agreements to determine if the agreement contains a lease component. An agreement contains a lease component if it provides for the use of a specific physical space or a specific physical item.

We recognize operating lease obligations under Accounting Standards Codification Topic 842, Leases (“Topic 842”). The guidance in Topic 842 requires recognition of lease assets and related liabilities on a discounted basis using the explicit or implicit discount rate stated within the agreement. We recognize a corresponding right-of-use asset, which is initially determined based upon the net present value of the associated liability and is adjusted for deferred costs and possible impairment, if any. For those lease agreements that do not indicate the applicable discount rate, we use our incremental borrowing rate. We have made the following policy elections: (i) operating leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets; (ii) we recognize lease expense for operating leases on a straight-line basis over the lease term; and (iii) we account for lease components and non-lease components that are fixed payments as one component. Some of our operating leases include one or more options to renew, with renewal terms that can extend the respective lease term by one to three years. The exercise of lease renewal options is at our sole discretion. For lease extensions that are reasonably certain to occur, we have included the renewal periods in our calculation of the net present value of the lease obligation and related right-of-use asset. Certain leases also include options to purchase the leased property. The depreciable life of certain assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The amounts of operating and finance lease right-of-use assets and related lease obligations recorded within our consolidated balance sheets are as follows:


		March 31,			December 31,
Leases	Classification	2026			2025

Assets		(in thousands)
Operating leases	Operating lease assets	$	27,943		$	28,927
Finance lease	Finance lease assets*		13,835			14,154
Total leased assets		$	41,778		$	43,081
Liabilities
Current
Operating	Other current liabilities	$	4,649		$	4,859
Finance	Current portion of finance lease obligation		1,648			1,575
Non-current
Operating	Other long-term liabilities		23,897			24,613
Finance	Finance lease obligation		40,310			40,754
Total lease liabilities		$	70,504		$	71,801

*As of March 31, 2026, finance lease assets are recorded net of accumulated depreciation of $47.8 million and include $0.5 million of prepaid financing costs. As of December 31, 2025, finance lease assets are recorded net of accumulated depreciation of $47.7 million and include $0.5 million of prepaid financing costs.

Our operating lease office locations support local selling and servicing functions. Our Axcelis Asia Operations Center facility in South Korea is used to manufacture our products for Asia-based customers. We lease a logistics and flex manufacturing center in Beverly, Massachusetts to support our principal product manufacturing operations at our corporate headquarters. Operating lease expense and depreciation and interest expense relating to our finance lease obligation are recognized within our Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 as follows:


			Three months ended
			March 31,
Lease cost	Classification		2026			2025

Operating lease cost			(in thousands)
Product / services*	Cost of revenue		$	1,684		$	1,674
Research and development	Operating expenses			280			219
Sales and marketing*	Operating expenses			535			444
General and administrative*	Operating expenses			278			326
Total operating lease cost			$	2,777		$	2,663
Finance lease cost
Depreciation of leased assets	Cost of revenue, Research and development, Sales and marketing and General and administrative		$	319		$	321
Interest on lease liabilities	Interest expense			1,121			1,156
Total finance lease cost			$	1,440		$	1,477

Total lease cost			$	4,217		$	4,140

* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.7 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively.

The lease of our corporate headquarters, shown below under finance leases, had an original lease term of 22 years, beginning in January 2015 and expiring in January 2037, with renewal options. All other locations are treated as operating leases, with lease terms ranging from one to 16 years. The tables below reflect the minimum cash outflow regarding our current lease obligations as well as the weighted-average remaining lease term and weighted-average discount rates used in our calculation of our lease obligations and right-of-use assets as of March 31, 2026:


	Finance		Operating			Total
Maturity of Lease Liabilities	Leases		Leases			Leases

	(in thousands)
2026	$	4,514	$	4,775		$	9,289
2027		6,128		4,564			10,692
2028		6,251		3,213			9,464
2029		6,376		2,650			9,026
2030		6,503		2,654			9,157
Thereafter		42,456		20,217			62,673
Total lease payments	$	72,228	$	38,073		$	110,301
Less interest portion*		(30,270)		(9,527)			(39,797)
Finance lease and operating lease obligations	$	41,958	$	28,546		$	70,504

* Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate.

The table above does not include options to renew lease terms that are not reasonably certain of being exercised.


		March 31,
Lease term and discount rate		2026
Weighted-average remaining lease term (years):
Operating leases			10.3
Finance leases			10.8
Weighted-average discount rate:
Operating leases			5.3%
Finance leases			10.5%

Our cash outflows from our operating leases include rent expense and other charges associated with these leases. These cash flows are included within the operating activities section of our statement of cash flows. Our cash flows from our finance lease include both an interest component and a principal component. The table below shows our cash outflows by lease type and related section of our statement of cash flows, as well as the non-cash amount capitalized on our balance sheet in relation to our operating lease right-of-use assets for the three months ended March 31, 2026 and 2025, respectively:



		Three months ended March 31,
Cash paid for amounts included in the measurement of lease liabilities		2026			2025

		(in thousands)
Operating cash outflows from operating leases		$	2,777		$	2,663
Operating cash outflows from finance leases			1,121			1,156
Financing cash outflows from finance leases			374			349
Operating lease assets obtained in exchange for operating lease liabilities			489			500
Finance lease assets obtained in exchange for new finance lease liabilities			—			—

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2026

Accumulated Other Comprehensive Loss

Schedule of changes in accumulated other comprehensive loss


								Unrealized gains (losses) on
		Foreign			Defined benefit			available-for-sale
		currency			pension plan			investments			Total

		(in thousands)
Balance at December 31, 2025		$	(2,657)		$	19		$	436		$	(2,202)
Other comprehensive income and reclassifications			(2,256)			(19)			(849)			(3,124)
Balance at March 31, 2026		$	(4,913)		$	—		$	(413)		$	(5,326)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Lease cost
Total operating lease cost	$ 2,777	$ 2,663
Depreciation of leased assets	319	321
Interest on lease liabilities	1,121	1,156
Total finance lease cost	1,440	1,477
Total lease cost	4,217	4,140
Short-term lease and variable lease costs	700	600
Product / services*
Lease cost
Total operating lease cost	1,684	1,674
Research and development
Lease cost
Total operating lease cost	280	219
Sales and marketing*
Lease cost
Total operating lease cost	535	444
General and administrative*
Lease cost
Total operating lease cost	$ 278	$ 326

Revenue - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Balance, beginning of the period	$ 108,939	$ 138,174
Deferral of revenue	20,663	26,359
Other adjustments	(450)
Recognition of deferred revenue	(19,586)	(25,209)
Balance, end of the period	$ 109,566	$ 139,324

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases

Schedule of operating and finance lease right-of-use assets and related lease obligations


		March 31,			December 31,
Leases	Classification	2026			2025

Assets		(in thousands)
Operating leases	Operating lease assets	$	27,943		$	28,927
Finance lease	Finance lease assets*		13,835			14,154
Total leased assets		$	41,778		$	43,081
Liabilities
Current
Operating	Other current liabilities	$	4,649		$	4,859
Finance	Current portion of finance lease obligation		1,648			1,575
Non-current
Operating	Other long-term liabilities		23,897			24,613
Finance	Finance lease obligation		40,310			40,754
Total lease liabilities		$	70,504		$	71,801

*As of March 31, 2026, finance lease assets are recorded net of accumulated depreciation of $47.8 million and include $0.5 million of prepaid financing costs. As of December 31, 2025, finance lease assets are recorded net of accumulated depreciation of $47.7 million and include $0.5 million of prepaid financing costs.

Schedule of lease costs


			Three months ended
			March 31,
Lease cost	Classification		2026			2025

Operating lease cost			(in thousands)
Product / services*	Cost of revenue		$	1,684		$	1,674
Research and development	Operating expenses			280			219
Sales and marketing*	Operating expenses			535			444
General and administrative*	Operating expenses			278			326
Total operating lease cost			$	2,777		$	2,663
Finance lease cost
Depreciation of leased assets	Cost of revenue, Research and development, Sales and marketing and General and administrative		$	319		$	321
Interest on lease liabilities	Interest expense			1,121			1,156
Total finance lease cost			$	1,440		$	1,477

Total lease cost			$	4,217		$	4,140

* Product / services, sales and marketing and general and administrative expense also includes short-term lease and variable lease costs of approximately $0.7 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively.

Schedule of future minimum operating and finance leases


	Finance		Operating			Total
Maturity of Lease Liabilities	Leases		Leases			Leases

	(in thousands)
2026	$	4,514	$	4,775		$	9,289
2027		6,128		4,564			10,692
2028		6,251		3,213			9,464
2029		6,376		2,650			9,026
2030		6,503		2,654			9,157
Thereafter		42,456		20,217			62,673
Total lease payments	$	72,228	$	38,073		$	110,301
Less interest portion*		(30,270)		(9,527)			(39,797)
Finance lease and operating lease obligations	$	41,958	$	28,546		$	70,504

* Finance lease interest calculated using the implied interest rate; operating lease interest calculated using estimated corporate borrowing rate.

Schedule of weighted-average remaining lease term and discount rates


		March 31,
Lease term and discount rate		2026
Weighted-average remaining lease term (years):
Operating leases			10.3
Finance leases			10.8
Weighted-average discount rate:
Operating leases			5.3%
Finance leases			10.5%

Schedule of cash outflows by lease type



		Three months ended March 31,
Cash paid for amounts included in the measurement of lease liabilities		2026			2025

		(in thousands)
Operating cash outflows from operating leases		$	2,777		$	2,663
Operating cash outflows from finance leases			1,121			1,156
Financing cash outflows from finance leases			374			349
Operating lease assets obtained in exchange for operating lease liabilities			489			500
Finance lease assets obtained in exchange for new finance lease liabilities			—			—

Business Segment

3 Months Ended

Mar. 31, 2026

Business Segment

Business Segment

Note 17. Business Segment

The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is our chief executive officer, who assesses financial performance for the Company and decides how to allocate resources based on consolidated net income. Segment asset information is provided to the CODM but it is not used to allocate resources.

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026			2025

	(in thousands)
Revenue:	$	198,956		$	192,563
Less:
Cost of revenue		118,375			103,795
Research and development		28,516			27,128
Sales and marketing		17,354			15,124
General and administrative		26,761			17,357
Total other income		2,675			3,925
Income tax provision		1,411			4,505
Segment Net Income		9,214			28,579
Reconciliation of profit or loss Adjustments and reconciling items		-			-
Net income	$	9,214		$	28,579

The above table includes depreciation expense and amortization expense of $4.4 million and $4.3 million for the three month periods ended March 31, 2026 and 2025, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Leases (Details)	3 Months Ended
Leases (Details)	Mar. 31, 2026
Lease
Option to extend	true
Minimum
Lease
Renewal term	1 year
Maximum
Lease
Renewal term	3 years

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Changes in accumulated other comprehensive (loss) income, net of tax
Balance	$ 1,034,677	$ 1,012,790
Other comprehensive income and reclassifications	(3,124)	727
Balance	1,044,643	1,027,238
Foreign currency
Changes in accumulated other comprehensive (loss) income, net of tax
Balance	(2,657)
Other comprehensive income and reclassifications	(2,256)
Balance	(4,913)
Defined benefit pension plan
Changes in accumulated other comprehensive (loss) income, net of tax
Balance	19
Other comprehensive income and reclassifications	(19)
Unrealized gains (losses) on available-for-sale investments
Changes in accumulated other comprehensive (loss) income, net of tax
Balance	436
Other comprehensive income and reclassifications	(849)
Balance	(413)
Total
Changes in accumulated other comprehensive (loss) income, net of tax
Balance	(2,202)	(6,214)
Other comprehensive income and reclassifications	(3,124)
Balance	$ (5,326)	$ (5,487)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Product Warranty

3 Months Ended

Mar. 31, 2026

Product Warranty

Product Warranty

Note 10. Product Warranty

We generally offer a one-year warranty for all of our systems, the terms and conditions of which vary depending upon the product sold. For all systems sold, we accrue a liability for the estimated cost of standard warranty at the time of

system shipment and, if applicable, defer the portion of systems revenue attributable to non-standard warranty. Costs for non-standard warranty are expensed as incurred. Factors that affect our warranty liability include the number of installed units, historical and anticipated product failure rates, material usage and service labor costs. We periodically assess the adequacy of our recorded liability and adjust the amount as necessary.

The changes in our standard product warranty liability are as follows:


		Three months ended
		March 31,
		2026			2025

		(in thousands)
Balance at January 1 (beginning of year)		$	11,587		$	15,183
Warranties issued during the period			3,208			2,165
Settlements made during the period			(1,680)			(3,298)
Changes in estimate of liability for pre-existing warranties during the period			(1,710)			(396)
Balance at March 31 (end of period)		$	11,405		$	13,654

Amount classified as current		$	9,314		$	11,882
Amount classified as long-term (within other long-term liabilities)			2,091			1,772
Total warranty liability		$	11,405		$	13,654

Revenue - Revenue by discipline & geographical areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue
Total Revenue	$ 198,956	$ 192,563
North America
Disaggregation of Revenue
Total Revenue	22,767	40,525
Asia Pacific
Disaggregation of Revenue
Total Revenue	144,418	134,426
Europe
Disaggregation of Revenue
Total Revenue	31,771	17,612
Systems
Disaggregation of Revenue
Total Revenue	126,326	137,609
Aftermarket
Disaggregation of Revenue
Total Revenue	$ 72,630	$ 54,954

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Business Segment and Geographic Region Information - Number of Segments (Details)	3 Months Ended
	Mar. 31, 2026 segment
Business Segment
Number of business segments	1

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value Measurements
Short-term investments (U.S. Government Securities and Agency Investments)	$ 215,771		$ 228,802
Unrealized loss on forward exchange contracts	(479)	$ 130
Level 2 \| Foreign Exchange Contract [Member] \| Estimate of fair value measurement
Fair Value Measurements
Unrealized loss on forward exchange contracts	(500)
Recurring \| Estimate of fair value measurement
Fair Value Measurements
Long-term investments (U.S. Government Securities and Agency Investments)			182,396
Total	533,826		504,981
Recurring \| Money market funds, U.S. Government Securities and Agency Investments \| Estimate of fair value measurement
Fair Value Measurements
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)	115,195		93,348
Recurring \| U.S. Government Securities and Agency Investments \| Estimate of fair value measurement
Fair Value Measurements
Short-term investments (U.S. Government Securities and Agency Investments)	215,771		228,802
Long-term investments (U.S. Government Securities and Agency Investments)	203,339
Recurring \| Foreign Exchange Contract [Member] \| Estimate of fair value measurement
Fair Value Measurements
Mark-to-market adjustment on forward exchange contracts	(479)		435
Recurring \| Level 1
Fair Value Measurements
Long-term investments (U.S. Government Securities and Agency Investments)			182,396
Total	534,305		504,546
Recurring \| Level 1 \| Money market funds, U.S. Government Securities and Agency Investments
Fair Value Measurements
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)	115,195		93,348
Recurring \| Level 1 \| U.S. Government Securities and Agency Investments
Fair Value Measurements
Short-term investments (U.S. Government Securities and Agency Investments)	215,771		228,802
Long-term investments (U.S. Government Securities and Agency Investments)	203,339
Recurring \| Level 2
Fair Value Measurements
Total			435
Unrealized loss on forward exchange contracts	(479)
Recurring \| Level 2 \| Foreign Exchange Contract [Member]
Fair Value Measurements
Mark-to-market adjustment on forward exchange contracts	$ (479)		$ 435
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current

Concentration of Risk (Details) - customer	3 Months Ended		12 Months Ended
Concentration of Risk (Details) - customer	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue \| Customer concentration risk
Concentration of Risk
Number of customers	3	2
Revenue \| Customer concentration risk \| First customer
Concentration of Risk
Percentage of concentration risk	19.80%	15.30%
Revenue \| Customer concentration risk \| Second customer
Concentration of Risk
Percentage of concentration risk	13.70%	15.20%
Revenue \| Customer concentration risk \| Third customer
Concentration of Risk
Percentage of concentration risk	10.70%
Accounts Receivable \| Credit concentration risk
Concentration of Risk
Number of customers	4		3
Accounts Receivable \| Credit concentration risk \| First customer
Concentration of Risk
Percentage of concentration risk	14.60%		14.70%
Accounts Receivable \| Credit concentration risk \| Second customer
Concentration of Risk
Percentage of concentration risk	11.10%		13.50%
Accounts Receivable \| Credit concentration risk \| Third customer
Concentration of Risk
Percentage of concentration risk	10.70%		10.30%
Accounts Receivable \| Credit concentration risk \| Fourth customer
Concentration of Risk
Percentage of concentration risk	10.50%

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventories, net
Raw materials	$ 265,737	$ 259,039
Work in process	47,130	51,761
Finished goods (completed systems)	13,185	18,210
Inventories, net	$ 326,052	$ 329,010

Inventories, net

3 Months Ended

Mar. 31, 2026

Inventories, net

Inventories, net

Note 9. Inventories, net

The components of inventories are as follows:


		March 31,			December 31,
		2026			2025

		(in thousands)
Raw materials		$	265,737		$	259,039
Work in process			47,130			51,761
Finished goods (completed systems)			13,185			18,210
Inventories, net		$	326,052		$	329,010

When recorded, inventory reserves reduce the carrying value of inventories to their net realizable value. We establish inventory reserves when conditions exist that indicate inventory may be in excess of anticipated demand or is obsolete based upon assumptions about future demand for our products or market conditions. We regularly evaluate the ability to realize the value of inventories based on a combination of factors including the following: forecasted sales or usage, estimated product end of life dates, estimated current and future market value and new product introductions. Purchasing and usage alternatives are also explored to mitigate inventory exposure.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 05, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Securities Act File Number	000-30941
Entity Registrant Name	AXCELIS TECHNOLOGIES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1818596
Entity Address, Address Line One	108 Cherry Hill Drive
Entity Address, City or Town	Beverly
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01915
City Area Code	978
Local Phone Number	787-4000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ACLS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,733,897
Entity Central Index Key	0001113232
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Computation of Net Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Computation of Net Earnings per Share
Net income available to common stockholders	$ 9,214	$ 28,579
Weighted average shares of common stock outstanding used in computing basic income per share	30,723,000	32,258,000
Incremental RSUs	257,000	77,000
Weighted average shares of common stock used in computing diluted net income per share	30,980,000	32,335,000
Net income per share
Basic	$ 0.3	$ 0.89
Diluted	$ 0.3	$ 0.88
Anti-dilutive common equivalent shares excluded from calculation	15,643	325,364

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Financing Arrangements

3 Months Ended

Mar. 31, 2026

Financing Arrangements

Financing Arrangements

Note 12. Financing Arrangements

On January 30, 2015, we sold our corporate headquarters facility in Beverly, Massachusetts for $48.9 million. As part of the sale, we also entered into a 22-year lease agreement of our headquarters facility. This sale-leaseback is accounted for as a finance lease under generally accepted accounting principles and, as such, we have recorded a finance lease obligation of $42.0 million as of March 31, 2026. The associated lease payments include both an interest component and payment of principal, with the remaining liability being extinguished at the end of the original lease term. As of March 31, 2026, we had a security deposit of $5.9 million related to this lease in the form of a cash collateralized letter of credit, which is classified as long-term restricted cash on our balance sheet.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Cash, cash equivalents and restricted cash
Cash and cash equivalents	$ 150,829	$ 145,451
Long-term restricted cash	10,628	10,627
Total cash, cash equivalents and restricted cash	161,457	$ 156,078	$ 191,510	$ 131,064
Security deposit	5,900
Letter of credit for custom purposes	3,900
Letter of credit related to workers' compensation insurance	700
Deposit related to customs activity	$ 100

Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies

Contingencies

Note 16. Contingencies

(a) Litigation

We are from time to time a party to litigation that arises in the normal course of our business operations. We are not presently a party to any litigation that we believe might have a material adverse effect on our business operations.

(b) Indemnifications

Our system sales agreements typically include provisions under which we agree to take certain actions, provide certain remedies and defend our customers against third-party claims of intellectual property infringement under specified conditions and indemnify customers against any damage and costs awarded in connection with such claims. We have not incurred any material costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in the accompanying consolidated financial statements.

Leases - Future Minimum Cash Outflow and Weighted-average Remaining Lease Term and Discount Rate (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Future minimum lease payments finance lease
2026	$ 4,514
2027	6,128
2028	6,251
2029	6,376
2030	6,503
Thereafter	42,456
Total lease payments	72,228
Less interest portion	(30,270)
Finance lease obligations	41,958
Future minimum lease payments operating lease
2026	4,775
2027	4,564
2028	3,213
2029	2,650
2030	2,654
Thereafter	20,217
Total lease payments	38,073
Less interest portion	(9,527)
Operating lease obligations	28,546
Future minimum lease payments finance and operating lease
2026	9,289
2027	10,692
2028	9,464
2029	9,026
2030	9,157
Thereafter	62,673
Total lease payments	110,301
Less interest portion	(39,797)
Total lease liabilities	$ 70,504	$ 71,801
Lease term and discount rate
Finance lease term	22 years
Operating leases -Weighted-average remaining lease term (in years)	10 years 3 months 18 days
Finance leases - Weighted-average remaining lease term (in years)	10 years 9 months 18 days
Operating leases - Weighted-average discount rate	5.30%
Finance leases - Weighted-average discount rate	10.50%
Minimum
Lease term and discount rate
Operating lease term	1 year
Maximum
Lease term and discount rate
Operating lease term	16 years

Revenue - Contract liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Revenue
Contract liabilities	$ 109,566	$ 108,939	$ 139,324	$ 138,174

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Taxes

Income Taxes

Note 13. Income Taxes

Income tax expense was $1.4 million for the three months ended March 31, 2026, compared to $4.5 million for the three months ended March 31, 2025. The $3.1 million decrease was primarily due to the decrease in pre-tax book income. The reported effective tax rate (“ETR”) for the three months ended March 31, 2026 was 13.3% compared to 13.6% for the three months ended March 31, 2025. The ETR for the three months ended March 31, 2026 was less than the U.S. statutory rate of 21% primarily attributable to the Foreign Derived Intangible Income deduction and Federal research and development tax credits.

On July 4, 2025, legislation known as the One Big Beautiful Bill Act (OBBBA) was signed into law. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions effective in 2025 and others being implemented through 2027. The impacts of the portions of the OBBBA that have come into effect are reflected in our results for the quarter ended March 31, 2026. We will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

- Definition

The entire disclosure for income tax.

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+ Details

Computation of Net Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2026

Computation of Net Earnings per Share

Schedule of components of net income per share


		Three months ended
		March 31,
		2026			2025

		(in thousands, except per share amounts)
Net income available to common stockholders		$	9,214		$	28,579
Weighted average shares of common stock outstanding used in computing basic income per share			30,723			32,258
Incremental RSUs			257			77
Weighted average shares of common stock used in computing diluted net income per share			30,980			32,335
Net income per share
Basic		$	0.30		$	0.89
Diluted		$	0.30		$	0.88

Receivables and Allowance for Credit Losses

3 Months Ended

Mar. 31, 2026

Receivables and Allowances for Credit Losses

Receivables and Allowances for Credit Losses

Note 5. Receivables and Allowances for Credit Losses

All trade receivables are reported on the consolidated balance sheets at their amortized cost adjusted for any write-offs and net of allowances for credit losses.

We maintain an allowance for credit losses, which represents an estimate of expected losses over the remaining contractual life of our receivables, considering current market conditions and estimates for supportable forecasts when appropriate. The estimate is a result of our ongoing assessments and evaluations of collectability, historical loss experience, and future expectations in estimating credit losses in our receivable portfolio. We use historical loss experience rates and apply them to a related aging analysis while also considering customer and/or economic risk where appropriate.

Determination of the proper amount of allowances requires management to exercise judgment about the timing, frequency and severity of credit losses that could materially affect the provision for credit losses and, as a result, net earnings. The allowance takes into consideration numerous quantitative and qualitative factors that include receivable type, historical loss experience, loss migration, delinquency trends, collection experience, current economic conditions, trade restrictions, estimates for supportable forecasts, when appropriate, and credit risk characteristics.

We evaluate the credit risk of the customer when extending credit based on a combination of financial and qualitative factors that may affect our customers’ ability to pay. These factors may include the customer’s financial condition, past payment experience, and credit bureau report, as well as the value of the underlying collateral.

Management performs detailed reviews of our receivables on a quarterly basis to assess the adequacy of the allowances and to determine if any impairment has occurred. Amounts determined to be uncollectable are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. Changes to the allowances for credit losses are maintained through adjustments to the provision for credit losses, which are charged to current period earnings. We recorded $0.1 million of bad debt expense for the three-month period ended March 31, 2026. We did not incur any credit losses or recoveries for the three-month period ended March 31, 2025. As of both March 31, 2026 and March 31, 2025, we had no allowance for credit losses.

Product Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
Product Warranty (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Product Warranty
Product warranty period	1 year
Changes in standard product warranty liability
Balance (beginning of year)	$ 11,587	$ 15,183
Warranties issued during the period	3,208	2,165
Settlements made during the period	(1,680)	(3,298)
Changes in estimate of liability for pre-existing warranties during the period	(1,710)	(396)
Balance (end of period)	11,405	13,654
Product warranty classification
Amount classified as current	9,314	11,882	$ 9,516
Amount classified as long-term (within other long-term liabilities)	2,091	1,772
Total warranty liability	$ 11,405	$ 13,654	$ 11,587

Fair Value Measurements - Contractual maturities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Amortized Cost
Due within one year	$ 330,946
Due after one year through two years	203,773
Total	534,719
Fair Value
Due within one year	330,966
Due after one year through two years	203,339
Total	$ 534,305

Financing Arrangements (Details) - USD ($) $ in Thousands	Jan. 30, 2015	Mar. 31, 2026	Dec. 31, 2025
Financing Arrangements
Long-term finance lease obligation		$ 40,310	$ 40,754
Finance liabilities current		1,648	$ 1,575
Security deposit		5,900
Sale leaseback obligation
Financing Arrangements
Proceeds from sale of corporate headquarters	$ 48,900
Lease term	22 years
Long-term finance lease obligation		$ 42,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total revenue	$ 198,956	$ 192,563
Cost of revenue:
Total cost of revenue	118,375	103,795
Gross profit	80,581	88,768
Operating expenses:
Research and development	28,516	27,128
Sales and marketing	17,354	15,124
General and administrative	26,761	17,357
Total operating expenses	72,631	59,609
Income from operations	7,950	29,159
Other income (expense):
Interest income	4,462	5,601
Interest expense	(1,292)	(1,367)
Other, net	(495)	(309)
Total other income	2,675	3,925
Income before income taxes	10,625	33,084
Income tax provision	1,411	4,505
Net income	$ 9,214	$ 28,579
Net income per share:
Basic	$ 0.3	$ 0.89
Diluted	$ 0.3	$ 0.88
Shares used in computing net income per share:
Basic weighted average shares of common stock	30,723	32,258
Diluted weighted average shares of common stock	30,980	32,335
Product
Revenue:
Total revenue	$ 188,008	$ 182,824
Cost of revenue:
Total cost of revenue	105,735	94,500
Services
Revenue:
Total revenue	10,948	9,739
Cost of revenue:
Total cost of revenue	$ 12,640	$ 9,295

Share Repurchase (Details) - USD ($) $ in Millions	3 Months Ended
Share Repurchase (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Share Repurchase
Share repurchase program common stock authorized amount	$ 215	$ 100
Stock repurchase program, remaining authorized repurchase amount	$ 110
Number of shares repurchased	0

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 150,829	$ 145,451
Short-term investments	215,771	228,802
Accounts receivable, net	161,814	168,479
Inventories, net	326,052	329,010
Prepaid income taxes	4,609	4,658
Prepaid expenses and other current assets	76,607	66,802
Total current assets	935,682	943,202
Property, plant and equipment, net	57,729	56,146
Operating lease assets	27,943	28,927
Finance lease assets, net	13,835	14,154
Long-term restricted cash	10,628	10,627
Deferred income taxes	80,514	79,895
Long-term investments	203,339	182,396
Other assets	44,874	46,004
Total assets	1,374,544	1,361,351
Current liabilities:
Accounts payable	51,558	42,309
Accrued compensation	16,663	34,233
Warranty	9,314	9,516
Income taxes	14,026	11,383
Deferred revenue	68,352	65,494
Current portion of finance lease obligation	1,648	1,575
Other current liabilities	42,353	33,150
Total current liabilities	203,914	197,660
Long-term finance lease obligation	40,310	40,754
Long-term deferred revenue	41,214	43,445
Other long-term liabilities	44,463	44,815
Total liabilities	329,901	326,674
Commitments and contingencies (Note 16)
Stockholders' equity:
Common stock, $0.001 par value, 75,000 shares authorized; 30,733 shares issued and outstanding at March 31, 2026; 30,717 shares issued and outstanding at December 31, 2025	31	31
Additional paid-in capital	537,185	533,309
Retained earnings	512,753	503,539
Accumulated other comprehensive loss	(5,326)	(2,202)
Total stockholders' equity	1,044,643	1,034,677
Total liabilities and stockholders' equity	$ 1,374,544	$ 1,361,351

Cash, cash equivalents and restricted cash

3 Months Ended

Mar. 31, 2026

Cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash

Note 8. Cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash balances on hand, cash equivalents, which include short-term investments having a maturity of 90 days or less at time of purchase, and restricted cash reported within the consolidated balance sheets to the total of the amounts shown in the statement of cash flows:


	March 31,		December 31,
	2026			2025

	(in thousands)
Cash and cash equivalents	$	150,829	$	145,451
Long-term restricted cash		10,628		10,627
Total cash, cash equivalents and restricted cash	$	161,457	$	156,078

As of March 31, 2026, we had $10.6 million in restricted cash representing the total of (i) a $5.9 million cash collateralized letter of credit serving as a security deposit for our headquarters lease in Beverly, Massachusetts, (ii) a $3.9 million letter of credit for customs purposes, (iii) a $0.7 million cash collateralized letter of credit relating to workers’ compensation insurance and (iv) a $0.1 million deposit relating to customs activity. See Note 12 for further discussion on the $5.9 million cash collateralized letter of credit.

Computation of Net Earnings per Share

3 Months Ended

Mar. 31, 2026

Computation of Net Earnings per Share

Computation of Net Earnings per Share

Note 6. Computation of Net Earnings per Share

Basic earnings per share is computed by dividing income available to common stockholders (the numerator) by the weighted-average number of shares of common stock outstanding (the denominator) for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased by the number of additional shares of common stock that would have been outstanding if the potentially dilutive shares of common stock issuable on vesting of RSUs had been issued, calculated using the treasury stock method.

The components of net earnings per share are as follows:


		Three months ended
		March 31,
		2026			2025

		(in thousands, except per share amounts)
Net income available to common stockholders		$	9,214		$	28,579
Weighted average shares of common stock outstanding used in computing basic income per share			30,723			32,258
Incremental RSUs			257			77
Weighted average shares of common stock used in computing diluted net income per share			30,980			32,335
Net income per share
Basic		$	0.30		$	0.89
Diluted		$	0.30		$	0.88

Diluted weighted average shares of common stock outstanding does not include 15,643 and 325,364 common equivalent shares issuable with respect to outstanding equity awards for the three-month periods ended March 31, 2026 and 2025, respectively, as their effect would have been anti-dilutive.

Share Repurchase

3 Months Ended

Mar. 31, 2026

Share Repurchase

Share Repurchase

Note 15. Share Repurchase

In March 2025, our Board of Directors approved an additional funding of $100 million for our stock repurchase program. This approval brings the current outstanding repurchase authorization to $215 million, with $110 million available for future stock repurchases as of March 31, 2026. During the three months ended March 31, 2026, no shares of common stock were repurchased. The timing and actual number of any additional shares to be repurchased under this program will depend on various factors including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions.

Repurchased shares are accounted for when the transaction is settled and returned to the status of authorized but unissued shares. Accordingly, on our balance sheet, the repurchase price is deducted from common stock par value and from additional paid-in capital for the excess over par value. If additional paid-in capital has been exhausted, the excess

over par value is deducted from retained earnings. Direct costs incurred to acquire the shares are included in the total cost of the shares.

- Definition

The entire disclosure for equity.

+ References

+ Details

Merger (Details) $ / shares in Units, $ in Millions	Mar. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares	Sep. 30, 2025 USD ($) $ / shares
Merger
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Veeco Instruments Inc
Merger
Exchange Ratio			0.3575
Termination fee payable by Axcelis			$ 108.7
Termination fee receivable by Axcelis			77.5
Fixed expense reimbursement			$ 15.0
Veeco Instruments Inc
Merger
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 350
-SubTopic 20
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-Section 50
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+ Details

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Stock Award Plans and Stock-Based Compensation
Stock-based compensation expense	$ 4.9	$ 4.9
2020 Employee Stock Purchase Plan
Stock Award Plans and Stock-Based Compensation
Proceeds from Employee Stock Purchase Plan purchases	$ 0.0	$ 0.0
Common Stock
Stock Award Plans and Stock-Based Compensation
Exercise of stock options (in shares)	16,000	38,459

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2026

Inventories, net

Schedule of components of inventories


		March 31,			December 31,
		2026			2025

		(in thousands)
Raw materials		$	265,737		$	259,039
Work in process			47,130			51,761
Finished goods (completed systems)			13,185			18,210
Inventories, net		$	326,052		$	329,010

Business Segment and Geographic Region Information - Single Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Revenue	$ 198,956	$ 192,563
Less:
Cost of revenue	118,375	103,795
Research and development	28,516	27,128
Sales and marketing	17,354	15,124
General and administrative	26,761	17,357
Total other income	2,675	3,925
Income tax provision	1,411	4,505
Net income	9,214	28,579
Depreciation expense and amortization expense	4,436	4,309
Single operating segment \| Operating segments
Revenue:
Revenue	198,956	192,563
Less:
Cost of revenue	118,375	103,795
Research and development	28,516	27,128
Sales and marketing	17,354	15,124
General and administrative	26,761	17,357
Total other income	2,675	3,925
Income tax provision	1,411	4,505
Net income	$ 9,214	$ 28,579

Revenue

3 Months Ended

Mar. 31, 2026

Revenue

Revenue

Note 4. Revenue

To reflect the organization of our business operations, we divide revenue into two categories: revenue from sales of new systems and revenue arising from the sale of used systems, parts, and labor to customers who own systems, which we refer to as “Aftermarket.”

Revenue by categories used by management are as follows:


	Three months ended
	March 31,
	2026		2025

	(in thousands)
Systems	$	126,326	$	137,609
Aftermarket		72,630		54,954
Total Revenue	$	198,956	$	192,563

We also consider revenue by geography. Revenue is allocated to geographic markets based upon the location to which our products are shipped and in which our services are performed. Revenue in our principal geographic markets is as follows:


	Three months ended
	March 31,
	2026		2025

	(in thousands)
North America	$	22,767	$	40,525
Asia Pacific		144,418		134,426
Europe		31,771		17,612
Total Revenue	$	198,956	$	192,563

Our system sales revenue transactions give rise to contract liabilities (in the case of pre-payments and the fair value of goods and services to be delivered after the system delivery, such as installation and certain warranty obligations).

Contract liabilities are as follows:


	March 31,		December 31,
	2026		2025

	(in thousands)
Contract liabilities	$	109,566	$	108,939


	Three months ended
	March 31,
	2026		2025

	(in thousands)
Balance, beginning of the period	$	108,939	$	138,174
Deferral of revenue		20,663		26,359
Other adjustments *		(450)		—
Recognition of deferred revenue		(19,586)		(25,209)
Balance, end of the period	$	109,566	$	139,324

The majority of our system transactions have either (1) payment terms of 90% due upon shipment of the system and 10% due upon acceptance or (2) a pre-shipment deposit ranging from 20% to 60%, with the remainder due upon shipment, less 10% due at acceptance. Aftermarket transaction payment terms typically provide that payment is due either within 30 or 60 days after the service is provided or parts delivered.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net income	$ 9,214	$ 28,579
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,436	4,309
Deferred income taxes	(658)	(1,057)
Stock-based compensation expense	4,899	4,903
Provision for doubtful accounts	65	0
Provision for excess and obsolete inventory	950	875
Accretion of discounts and premiums on short-term and long-term investments	39	(618)
Unrealized currency loss (gain) on foreign denominated transactions	2,930	(752)
Mark-to-market adjustment on forward exchange contracts	479	(130)
Changes in operating assets and liabilities:
Accounts receivable	5,996	38,586
Inventories	(3,132)	(12,386)
Prepaid expenses and other current assets	(10,087)	1,311
Accounts payable and other current liabilities	(1,138)	(25,844)
Deferred revenue	1,627	1,106
Income taxes	2,878	2,194
Other assets and liabilities	(359)	(1,281)
Net cash provided by operating activities	18,139	39,795
Cash flows from investing activities
Expenditures for property, plant and equipment and capitalized software	(1,839)	(4,960)
Purchases of short-term and long-term investments	(160,696)	(252,495)
Maturities and sales of short-term investments	151,896	297,924
Net cash (used in) provided by investing activities	(10,639)	40,469
Cash flows from financing activities
Net settlement on restricted stock grants	(1,023)	(1,583)
Repurchase of common stock		(18,178)
Principal payments on finance lease obligation	(374)	(349)
Net cash used in financing activities	(1,397)	(20,110)
Effect of exchange rate changes on cash and cash equivalents	(724)	292
Net increase in cash, cash equivalents and restricted cash	5,379	60,446
Cash, cash equivalents and restricted cash at beginning of period	156,078	131,064
Cash, cash equivalents and restricted cash at end of period	$ 161,457	$ 191,510

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)	Total
Balance at Dec. 31, 2024	$ 32	$ 548,654	$ 470,318	$ (6,214)	$ 1,012,790
Balance (in shares) at Dec. 31, 2024	32,365
Increase (Decrease) in Stockholders' Equity
Net income			28,579		28,579
Foreign currency translation adjustments				646	646
Unrealized (losses) gains on available-for-sale investments				81	81
Issuance of common stock on restricted stock units, net of shares withheld		(1,583)			(1,583)
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	38
Stock-based compensation expense		4,903			4,903
Repurchase of common stock		(4,954)	(13,224)		(18,178)
Repurchase of common stock (in shares)	(274)
Balance at Mar. 31, 2025	$ 32	547,020	485,673	(5,487)	1,027,238
Balance (in shares) at Mar. 31, 2025	32,129
Balance at Dec. 31, 2025	$ 31	533,309	503,539	(2,202)	1,034,677
Balance (in shares) at Dec. 31, 2025	30,717
Increase (Decrease) in Stockholders' Equity
Net income			9,214		9,214
Foreign currency translation adjustments				(2,256)	(2,256)
Change in pension obligation				(19)	(19)
Unrealized (losses) gains on available-for-sale investments				(849)	(849)
Issuance of common stock on restricted stock units, net of shares withheld		(1,023)			(1,023)
Issuance of common stock on restricted stock units, net of shares withheld (in shares)	16
Stock-based compensation expense		4,899			4,899
Balance at Mar. 31, 2026	$ 31	$ 537,185	$ 512,753	$ (5,326)	$ 1,044,643
Balance (in shares) at Mar. 31, 2026	30,733

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Consolidated Statements of Comprehensive Income
Net income	$ 9,214	$ 28,579
Other comprehensive (loss) income:
Foreign currency translation adjustments	(2,256)	646
Amortization of actuarial net gain and other adjustments from pension plan	(19)
Unrealized (losses) gains on available-for-sale investments	(849)	81
Total other comprehensive (loss) income	(3,124)	727
Comprehensive income	$ 6,090	$ 29,306

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Merger

3 Months Ended

Mar. 31, 2026

Merger

Merger

Note 19. Merger

On September 30, 2025, the Company, Victory Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), and Veeco Instruments Inc., a Delaware corporation (“Veeco”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, Merger Sub shall be merged with and into Veeco (the “Merger”), with Veeco surviving as a wholly-owned subsidiary of the Company.

At the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.01 per share, of Veeco, issued and outstanding immediately prior to the Effective Time (other than shares that are owned by the Company, Veeco or Merger Sub or any wholly owned subsidiary of the Company, Veeco or Merger Sub) will be converted into the right to receive 0.3575 newly issued shares of Company common stock (the “Company Common Stock”) (the “Common Stock Merger Consideration”). No fractional shares of the Company will be issued in the Merger, and Veeco

stockholders will receive cash in lieu of fractional shares as part of the merger consideration, as specified in the Merger Agreement.

The Merger Agreement may be terminated upon the mutual written consent of Axcelis and Veeco. In addition, either Axcelis or Veeco may terminate the Merger Agreement in certain circumstances, including if (a) certain governmental entities have issued a final and non-appealable governmental order or enacted a law prohibiting the Merger or making the closing of the Merger illegal, (b) the Merger is not consummated by September 30, 2026, subject to successive automatic extensions until as late as June 30, 2027 if the only remaining conditions to be satisfied are regulatory approvals, (c) the other party is in breach of the Merger Agreement in a manner that would result in a failure of an applicable closing condition (subject to the applicable cure period set forth in the Merger Agreement) or (d) the other party’s board of directors has changed its recommendation with respect to the Merger.

If the Merger Agreement is terminated by a party following a recommendation change of the board of directors of the other party, the non-terminating party will be required to pay the other party the following termination fee: (i) if the non-terminating party is Axcelis, a termination fee of $108.7 million; and (ii) if the non-terminating party is Veeco, a termination fee of $77.5 million. Each party may also be required to pay such termination fee if such party enters into a competing proposal within twelve months of termination of the Merger Agreement under certain circumstances. In addition, if the Merger Agreement is terminated by a party due to the other party’s breach of the Merger Agreement that would result in a failure of an applicable closing condition (subject to the applicable cure period set forth in the Merger Agreement), then the non-terminating party will be required to pay a fixed expense reimbursement amount of $15.0 million.

At a special meeting of stockholders held on February 6, 2026, Axcelis stockholders approved the issuance of shares of Company Common Stock in connection with the Merger.

The completion of the Merger remains subject to other customary closing conditions, including the final pending regulatory approval from the State Administration for Market Regulation of the People’s Republic of China. Axcelis and Veeco continue to expect that the Merger will be completed in the second half of 2026.

- Definition

The entire disclosure for business combination.

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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Fair Value Measurements

Note 11. Fair Value Measurements

Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

(a) Fair Value Hierarchy

The accounting guidance for fair value measurement requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

Level 1 - applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 - applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 - applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

(b) Fair Value Measurements

Our money market funds and short-term investments with initial maturities of three months or less are included in cash and cash equivalents in the consolidated balance sheets. Other investments that have a maturity of greater than three months but less than one year are included within short-term investments in the consolidated balance sheets. Investments that have a maturity of greater than one year are included within long-term investments in the consolidated balance sheets.

The following tables set forth our assets which are measured at fair value by level within the fair value hierarchy:


		March 31, 2026
		Fair Value Measurements
		Level 1			Level 2			Level 3			Total

		(in thousands)
Assets
Cash equivalents and other short-term investments:
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)		$	115,195		$	—		$	—		$	115,195
Short-term investments (U.S. Government Securities and Agency Investments)			215,771			—			—			215,771
Mark-to-market adjustment on forward exchange contracts			—			(479)			—			(479)
Long-term investments (U.S. Government Securities and Agency Investments)			203,339			—			—			203,339
Total		$	534,305		$	(479)		$	—		$	533,826


		December 31, 2025
		Fair Value Measurements
		Level 1			Level 2			Level 3			Total

		(in thousands)
Assets
Cash equivalents and other short-term investments:
Cash equivalents (money market funds, U.S. Government Securities and Agency Investments)		$	93,348		$	—		$	—		$	93,348
Short-term investments (U.S. Government Securities and Agency Investments)			228,802			—			—			228,802
Mark-to-market adjustment on forward exchange contracts			—			435			—			435
Long-term investments (U.S. Government Securities and Agency Investments)			182,396			—			—			182,396
Total		$	504,546		$	435		$	—		$	504,981

The following table summarizes the contractual maturities of our cash equivalents and investments as of March 31, 2026:


		Amortized Cost			Fair Value

		(in thousands)
Due within one year		$	330,946		$	330,966
Due after one year through two years			203,773			203,339
Total		$	534,719		$	534,305

(c) Other Financial Instruments

The carrying amounts reflected in the consolidated balance sheets for accounts receivable, prepaid expenses, forward currency exchange contracts and other current assets and non-current assets, restricted cash, accounts payable and accrued expenses approximate fair value due to their short-term maturities.

(d) Forward Currency Exchange Contracts

We enter into forward currency exchange contracts to minimize the impact of foreign currency fluctuations on our earnings and cash flows. These contracts have month-to-month settlement dates. Any gains or losses on these contracts are reported within Other, net in our Consolidated Statement of Operations. Any open contracts at period end that have settlement dates within one month after the reported period end are marked-to-market and the valuation adjustments related to these open contracts are recorded in the current asset or current liability account. Any unrealized gain or loss on the open contracts is recognized and recorded within Other, net in our Consolidated Statement of Operations. These contracts are measured at fair value using observable market inputs such as forward currency exchange rates and our counterparties’

credit risks. Based on these inputs, the derivative instruments are classified within Level 2 of the valuation hierarchy. At March 31, 2026, the recognized unrealized loss on these forward exchange contracts was approximately $0.5 million. Based on our continued ability to trade and enter into forward contracts, we consider the markets for our fair value instruments to be active. We evaluated the credit risk associated with the counterparties to these derivative instruments and determined that as of March 31, 2026, such credit risks have not had an adverse impact on the fair value of these instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,214	$ 28,579

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2026	Dec. 31, 2025
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	75,000	75,000
Common stock, shares issued	30,733	30,717
Common stock, shares outstanding	30,733	30,717

Cash, cash equivalents and restricted cash (Tables)

3 Months Ended

Mar. 31, 2026

Cash, cash equivalents and restricted cash

Schedule of reconciliation of cash, cash equivalents and restricted cash


	March 31,		December 31,
	2026			2025

	(in thousands)
Cash and cash equivalents	$	150,829	$	145,451
Long-term restricted cash		10,628		10,627
Total cash, cash equivalents and restricted cash	$	161,457	$	156,078

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Taxes
Income tax expense	$ 1,411	$ 4,505
Increase (decrease) in income tax expense	$ (3,100)
Statutory income tax rate (as a percent)	21.00%
Effective Federal income tax rate	13.30%	13.60%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Concentration of Risk

3 Months Ended

Mar. 31, 2026

Concentration of Risk

Concentration of Risk

Note 14. Concentration of Risk

For the three months ended March 31, 2026, three customers accounted for 19.8%, 13.7%, and 10.7% of total revenue, respectively. For the three months ended March 31, 2025, two customers accounted for 15.3% and 15.2% of total revenue, respectively.

At March 31, 2026, four customers accounted for 14.6%, 11.1%, 10.7%, and 10.5% of accounts receivable, respectively. At December 31, 2025, three customers accounted for 14.7%, 13.5%, and 10.3% of accounts receivable, respectively.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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+ Details