Exhibit 99.1

News Release

Axcelis Announces Financial Results for Third Quarter 2025

Q3 Highlights:

•

Revenue of $213.6 million

•

GAAP Gross Margin of 41.6%, and Non-GAAP Gross Margin of 41.8%

•

GAAP Operating Margin of 11.7% and Non-GAAP Operating Margin of 18.2%

•

GAAP Diluted earnings per share of $0.83, and Non-GAAP Diluted earnings per share of $1.21

BEVERLY, Mass.— November 4, 2025—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2025.

President and CEO Russell Low commented, “We delivered another solid quarter, with sales and earnings both exceeding our expectations. We are also pleased to report record CS&I revenue in the quarter, reflecting the success of our aftermarket strategy and the continued expansion of our installed base. We are executing on our product development roadmap and customer engagement initiatives with focus and urgency, while maintaining disciplined cost controls. These actions have enabled us to successfully navigate the anticipated cyclical digestion period across our markets in 2025.”

Low added, “We entered the fourth quarter with a solid financial foundation and are well poised to execute on our strategy as we enter into our next chapter of growth and innovation. Our recently announced merger with Veeco Instruments marks a critical milestone that we believe will position the combined company to capitalize on powerful secular tailwinds including AI and electrification. By bringing our two companies together, we believe we are building a leading semiconductor equipment company with the capabilities, resources and financial foundation to drive sustainable growth and value creation for shareholders and deliver meaningful benefits to all stakeholders.”

Executive Vice President and Chief Financial Officer Jamie Coogan stated, “We generated robust operating leverage through higher volume and disciplined cost management, translating into strong free cash flow. With over $590 million in cash and investments on the balance sheet, Axcelis has ample flexibility to capitalize on our value-enhancing strategic initiatives and long-term growth priorities.”

News Release

Results Summary

(In thousands, except per share amounts and percentages)

	Three months ended September 30,
	2025			2024
Revenue	$	213,611		$	256,564
Gross margin		41.6	%		42.9	%
Operating margin		11.7	%		18.3	%
Net income	$	25,986		$	48,576
Diluted earnings per share	$	0.83		$	1.49
Non-GAAP Results
Non-GAAP gross margin		41.8	%		43.0	%
Non-GAAP operating margin		18.2	%		21.7	%
Adjusted EBITDA	$	43,202		$	59,674
Non-GAAP net income	$	37,900		$	56,191
Non-GAAP diluted earnings per share	$	1.21		$	1.72

Business Outlook

For the fourth quarter ending December 31, 2025, Axcelis expects revenues of approximately $215 million, GAAP earnings per diluted share of approximately $0.76, and non-GAAP earnings per share of approximately $1.12.

Please refer to Fourth Quarter Outlook under the “Notes on our Non-GAAP Financial Information” section of this document for detail relating to the computation of non-GAAP earnings per diluted share as well as the Safe Harbor Statement section of this document.

Third Quarter 2025 Conference Call

The Company will host a call today to discuss the results at 8:30 a.m. ET. The call will be available via webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by registering as a participant here: https://register-conf.media-server.com/register/BI7b3b54c06ff14c8080f379ce76dc7cab Webcast replays will be available for 30 days following the call.

Use of Non-GAAP Financial Results

This press release includes financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“non-GAAP financial measures”). These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP income tax provision, Adjusted EBITDA, non-GAAP net income, and non-GAAP diluted earnings per share, and reflect adjustments for the impact of share-based compensation expense, certain items related to restructuring and severance charges and any associated adjustments and transaction and integration costs associated with the merger agreement with Veeco Instruments announced on October 1, 2025.

News Release

Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

For further information regarding these non-GAAP financial measures, please refer to the tables presenting reconciliations of our non-GAAP results to our GAAP results and the “Notes on Our Non-GAAP Financial Information” at the end of this press release.

Safe Harbor Statement

This press release contains, and the conference call will contain, forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management’s current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers and, with respect to the potential transaction with Veeco, failure to obtain applicable regulatory or stockholder approvals in a timely manner or otherwise; failure to satisfy other closing conditions to the proposed transaction or to complete the proposed transaction on anticipated terms and timing; negative effects of the announcement of the proposed transaction; risks that the businesses will not be integrated successfully or that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth, or that such benefits may take longer to realize or may be more costly to achieve than expected; the risk that disruptions from the proposed transaction will harm business plans and operations; risks relating to unanticipated costs of integration; significant transaction and/or integration costs, or difficulties in connection with the proposed transaction and/or unknown or inestimable liabilities; restrictions during the pendency of the proposed transaction that may impact the ability to pursue certain business opportunities or strategic transactions; potential litigation associated with the proposed transaction; the potential impact of the announcement or consummation of the proposed transaction on the Company’s, Veeco’s or the combined company’s relationships with suppliers, customers, employees and regulators; and demand for the combined company’s products. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to: economic, political and social conditions in the countries in which the Company and Veeco, their respective customers and suppliers operate; disruption to the Company’s and Veeco’s respective manufacturing facilities or other operations, or the operations of Company’s and Veeco’s respective customers and suppliers, due to natural catastrophic events, health epidemics or terrorism; ongoing changes in the technology industry, and the semiconductor industry in particular, including future growth rates, pricing trends in end-markets, or changes in customer capital spending patterns; the Company’s, Veeco’s and the combined company’s ability to timely develop new technologies and products that successfully anticipate or address changes in the semiconductor industry; the Company’s, Veeco’s and the combined company’s ability to maintain their respective technology advantage and protect their respective proprietary rights; the Company’s, Veeco’s and the combined company’s ability to compete with new products introduced by their respective competitors; the Company’s, Veeco’s and the combined company’s ability or the ability of their respective customers to obtain U.S. export control licenses for the sale of certain products or provision of certain services to customers in China. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions, including with respect to the imposition of tariffs on our products or components of our products, could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

News Release

About Axcelis:

Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 45 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

CONTACTS:

Investor Relations Contact:

David Ryzhik

Senior Vice President, Investor Relations and Corporate Strategy

Telephone: (978) 787-2352

Email: David.Ryzhik@axcelis.com

Press/Media Relations Contact:

Maureen Hart

Senior Director, Corporate & Marketing Communications

Telephone: (978) 787-4266

Email: Maureen.Hart@axcelis.com

News Release

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

	Three months ended						Nine months ended
	September 30,						September 30,
	2025			2024			2025			2024
Revenue:
Product	$	201,218		$	246,826		$	567,444		$	735,626
Services		12,393			9,738			33,274			29,822
Total revenue		213,611			256,564			600,718			765,448
Cost of revenue:
Product		112,078			136,379			302,041			399,049
Services		12,727			10,215			33,761			27,968
Total cost of revenue		124,805			146,594			335,802			427,017
Gross profit		88,806			109,970			264,916			338,431
Operating expenses:
Research and development		24,640			26,395			78,832			77,843
Sales and marketing		15,838			16,808			45,965			51,483
General and administrative		23,308			19,854			56,976			52,842
Total operating expenses		63,786			63,057			181,773			182,168
Income from operations		25,020			46,913			83,143			156,263
Other income (expense):
Interest income		5,465			6,560			16,547			18,126
Interest expense		(1,305	)		(1,333	)		(4,028	)		(4,017	)
Other, net		970			3,225			2,569			1,257
Total other income		5,130			8,452			15,088			15,366
Income before income taxes		30,150			55,365			98,231			171,629
Income tax provision		4,164			6,789			12,290			20,593
Net income	$	25,986		$	48,576		$	85,941		$	151,036
Net income per share:
Basic	$	0.83		$	1.49		$	2.70		$	4.63
Diluted	$	0.83		$	1.49		$	2.70		$	4.61
Shares used in computing net income per share:
Basic weighted average shares of common stock		31,287			32,550			31,796			32,595
Diluted weighted average shares of common stock		31,450			32,675			31,863			32,780

News Release

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

	September 30,			December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	187,501		$	123,512
Short-term investments		262,059			447,831
Accounts receivable, net		147,636			203,149
Inventories, net		324,342			282,225
Prepaid income taxes		4,687			6,420
Prepaid expenses and other current assets		57,804			60,471
Total current assets		984,029			1,123,608
Property, plant and equipment, net		57,979			53,784
Operating lease assets		29,499			29,621
Finance lease assets, net		14,440			15,346
Long-term restricted cash		7,626			7,552
Deferred income taxes		70,033			68,277
Long-term investments		143,214			-
Other assets		45,120			50,593
Total assets	$	1,351,940		$	1,348,781
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	52,466		$	46,928
Accrued compensation		24,357			25,536
Warranty		9,258			13,022
Deferred revenue		81,486			94,673
Current portion of finance lease obligation		1,505			1,345
Other current liabilities		29,917			26,018
Total current liabilities		198,989			207,522
Long-term finance lease obligation		41,166			42,329
Long-term deferred revenue		47,434			43,501
Other long-term liabilities		44,207			42,639
Total liabilities		331,796			335,991

Stockholders’ equity:
Common stock, $0.001 par value, 75,000 shares authorized; 30,998 shares issued and outstanding at September 30, 2025; 32,365 shares issued and outstanding at December 31, 2024		31			32
Additional paid-in capital		532,951			548,654
Retained earnings		488,771			470,318
Accumulated other comprehensive loss		(1,609	)		(6,214	)
Total stockholders’ equity		1,020,144			1,012,790
Total liabilities and stockholders’ equity	$	1,351,940		$	1,348,781

News Release

Axcelis Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three months ended						Nine months ended
	September 30,						September 30,
	2025			2024			2025			2024
Cash flows from operating activities
Net income	$	25,986		$	48,576		$	85,941		$	151,036
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,328			3,906			13,152			11,542
Stock-based compensation expense		5,344			5,412			15,668			15,571
Other		6,907			(16,346	)		(4,110	)		(11,090	)
Change in other assets and liabilities, net		2,785			4,200			14,221			(39,021	)
Net cash provided by operating activities		45,350			45,748			124,872			128,038

Cash flows from investing activities
Expenditures for property, plant and equipment and capitalized software		(2,015	)		(3,899	)		(8,960	)		(7,523	)
Other changes in investing activities, net		3,393			(52,654	)		46,194			(110,324	)
Net cash provided by (used in) investing activities		1,378			(56,553	)		37,234			(117,847	)

Cash flows from financing activities
Repurchase of common stock		(32,335	)		(15,363	)		(95,850	)		(45,358	)
Other changes from financing activities, net		(440	)		(630	)		(4,022	)		(11,291	)
Net cash used in financing activities		(32,775	)		(15,993	)		(99,872	)		(56,649	)

Effect of exchange rate changes on cash and cash equivalents		(106	)		1,700			1,829			(774	)
Net increase (decrease) in cash, cash equivalents and restricted cash		13,847			(25,098	)		64,063			(47,232	)

Cash, cash equivalents and restricted cash at beginning of period		181,280			151,817			131,064			173,951
Cash, cash equivalents and restricted cash at end of period	$	195,127		$	126,719		$	195,127		$	126,719

News Release

Notes on Our Non-GAAP Financial Information

Management uses non-GAAP gross profit, gross margin, operating income, operating margin, income tax provision, net income, diluted earnings per share, and Adjusted EBITDA to evaluate the Company’s operating and financial performance and for planning purposes. Axcelis believes these measures enhance an overall understanding of its performance and investors’ ability to review the Company’s business from the same perspective as the Company’s management.

There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

Totals presented may not sum and percentages may not recalculate using figures presented due to rounding.

News Release

Axcelis Technologies, Inc.

Schedule Reconciling Selected Non-GAAP Financial Measures

(In thousands, except per share amounts)

	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
GAAP gross Profit	$	88,806		$	109,970		$	264,916		$	338,431
Restructuring¹		-			-			226			876
Stock-based compensation		499			354			1,421			1,106
Non-GAAP gross profit	$	89,305		$	110,324		$	266,563		$	340,413
Non-GAAP gross margin		41.8	%		43.0	%		44.4	%		44.5	%

GAAP operating expense	$	63,786		$	63,057		$	181,773		$	182,168
Transaction and integration³		(8,274	)		-			(8,274	)		-
Bad debt expense		-			(3,443	)		-			(2,984	)
Restructuring¹		(236	)		-			(1,130	)		(553	)
Stock-based compensation		(4,845	)		(5,058	)		(14,247	)		(14,465	)
Non-GAAP operating expense	$	50,431		$	54,556		$	158,122		$	164,166

GAAP operating income	$	25,020		$	46,913		$	83,143		$	156,263
Transaction and integration³		8,274			-			8,274			-
Bad debt expense		-			3,443			-			2,984
Restructuring¹		236			-			1,356			1,429
Stock-based compensation		5,344			5,412			15,668			15,571
Non-GAAP operating income	$	38,874		$	55,768		$	108,441		$	176,247
Non-GAAP operating margin		18.2	%		21.7	%		18.1	%		23.0	%

GAAP income tax provision	$	4,164		$	6,789		$	12,290		$	20,593
Income tax effect of Non-GAAP adjustments²		1,940			1,240			3,542			2,798
Non-GAAP income tax provision	$	6,104		$	8,029		$	15,832		$	23,391

GAAP net income	$	25,986		$	48,576		$	85,941		$	151,036
Transaction and integration³		8,274			-			8,274			-
Bad debt expense		-			3,443			-			2,984
Restructuring¹		236			-			1,356			1,429
Stock-based compensation		5,344			5,412			15,668			15,571
Income tax effect of Non-GAAP adjustments²		(1,940	)		(1,240	)		(3,542	)		(2,798	)
Non-GAAP net income	$	37,900		$	56,191		$	107,697		$	168,222

GAAP diluted EPS	$	0.83		$	1.49		$	2.70		$	4.61
Transaction and integration³		0.26			-			0.26			-
Bad debt expense		-			0.11			-			0.09
Restructuring¹		0.01			-			0.04			0.04
Stock-based compensation		0.17			0.16			0.49			0.48
Income tax effect of Non-GAAP adjustments²		(0.06	)		(0.04	)		(0.11	)		(0.09	)
Non-GAAP diluted EPS	$	1.21		$	1.72		$	3.38		$	5.13

Note 1: Restructuring and other costs primarily related to early retirement programs and severance costs, due to global cost-saving initiatives.

Note 2: Impact of taxes from non-GAAP adjustments, uses adjusted tax rate of 14%.

Note 3: Transaction and integration costs include expenses associated with the merger agreement with Veeco Instruments, announced on October 1, 2025.

News Release

Axcelis Technologies, Inc.

Reconciliation of Net Income to Adjusted EBITDA

(In thousands, except percentages)

	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Net Income	$	25,986		$	48,576		$	85,941		$	151,036
Other (income)/expense		(5,130	)		(8,452	)		(15,088	)		(15,366	)
Income tax provision		4,164			6,789			12,290			20,593
Depreciation & amortization		4,328			3,906			13,152			11,542
Subtotal		29,348			50,819			96,295			167,805
Transaction and integration²		8,274			-			8,274			-
Bad debt expense		-			3,443			-			2,984
Restructuring¹		236			-			1,356			1,429
Stock-based compensation		5,344			5,412			15,668			15,571
Adjusted EBITDA	$	43,202		$	59,674		$	121,593		$	187,789
Adjusted EBITDA margin		20.2	%		23.3	%		20.2	%		24.5	%

Note 1: Restructuring and other costs primarily related to early retirement programs and severance costs, due to global cost-saving initiatives.

Note 2: Transaction and integration costs include expenses associated with the merger agreement with Veeco Instruments, announced on October 1, 2025.

News Release

Axcelis Technologies, Inc.
Fourth Quarter Outlook
GAAP to Non-GAAP Diluted Earnings Per Share

	Three months ended December 31, 2025
GAAP diluted EPS	$	0.76
Transaction and Integration²		0.19
Restructuring³		0.05
Stock-based compensation		0.18
Income tax effect of non-GAAP adjustments¹		(0.06	)
Non-GAAP diluted EPS	$	1.12

Note 1: Impact of taxes from non-GAAP adjustments, uses adjusted tax rate of 14%.

Note 2: Transaction and Integration costs include expenses associated with the merger agreement with Veeco Instruments, announced on October 1, 2025.

Note 3: Restructuring and other costs primarily related to early retirement programs and severance costs, due to global cost-saving initiatives.