Axcelis Technologies $ACLS Testing Downtrend Channel Breakout After Blockbuster Reporting

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Axcelis Technologies $ACLS stock is ripped higher on November 4, 2022, after the company reported EPS and revenue beats.

Axcelis Q3 2022 Financial Results

On November 2, 2022, Axcelis Technologies (Nasdaq: ACLS) announced financial results for the third quarter of 2022. Axcelis reported Q3 EPS of $1.21 versus the consensus estimate of $1.13. The company reported Q3 revenue of $229.2M versus the consensus estimate of $224.38M.

CEO Mary Puma commented, “We are pleased that Axcelis delivered strong Q3 financial performance well above our guidance, due to robust demand for our Purion products and strong execution by the Axcelis team. Axcelis is well positioned for growth in 2023, driven by continued strength in the highly implant intensive power market.”

Highlights for the Q3 2022 are:

  • Revenue for the quarter was $229.2 million, compared to $221.2 million for the second quarter of 2022.
  • Operating profit for the quarter was $53.2 million, compared to $54.1 million for the second quarter.
  • Net income for the quarter was $40.3 million, or $1.21 per diluted share, compared to $44.2 million, or $1.32 per diluted share in the second quarter.
  • Gross margin for the quarter was 45.1%, compared to 44.8% in the second quarter.
  • Record systems backlog of $1.1 billion and bookings of $337.1 million in the third quarter.
  • Cash, cash equivalents and short-term investments were $342.1 million on September 30, 2022, compared to $287.2 million on June 30, 2022. This is net of $12.5 million of repurchased shares in the third quarter.

Axcelis announces multiple shipments of Purion high energy implanters

On October 26, 2022, Axcelis Technologies announced multiple shipments of PurionH PurionH high-current, high-energy implanters to a leading analog chip manufacturer in North America. The systems are part of a series of multi-year, multi-system purchase orders to support the chip maker’s rapidly expanding capabilities.

President and CEO Mary Puma commented, “We’re pleased to support our customer’s rapid growth and capacity expansion plans. These multi-year purchase orders are examples of our customer’s confidence in Axcelis to support their goals. Axcelis’ partnership approach has helped us establish longstanding customer relationships.”

Axcelis announces shipments of Purion Power Series implanters

On October 19, 2022, Axcelis Technologies announced several new and subsequent shipments of the company’s Purion Power Series implanters to leading device chip manufacturers in both silicon and silicon carbide technologies. Systems include H200 High Current, H200 SiC High Current, H200 SiC High Energy and M SiC Medium Current. These customers will use the systems to create electrical devices that can be used in the automotive and other power management markets.

President and CEO Mary Puma commented, “The power device market continues to drive our growth globally and will likely account for between 35 and 40% of our system shipments in 2022. This growth is a long-term trend driven by the transition to electric vehicles and should benefit Axcelis for many years to come.”

Axcelis announces qualification of Purion XEmax for production

On October 10, 2022, Axcelis Technologies announced the successful qualification of a Purion XEmax high energy ion implant system for production at a leading CMOS image sensor manufacturer.

The new Purion XEmax high energy implanter was designed for image sensor applications. The enhanced beamline features multiple systems to eliminate metal contaminants which can cause compromised dark current and white count levels. The system is built on the industry leading Purion XE high energy implant platform and features Axcelis’ patented Boost Technology™, which delivers beam energies up to 15 MeV. The Purion XEmax is using technology to deliver the tightest angle and overall process control, which is helping to make the photodiode perform better for next generation devices.

President and CEO Mary Puma commented, “We’re pleased to have enhanced this customer’s next generation image sensor technology development and manufacturing capabilities. We are excited that growth in the image sensor market, combined with Purion XEmax systems at multiple customer sites, will further expand this tool’s footprint and fuel Purion Platform growth.”

Axcelis Technologies Stock UNDERVALUED (seriously)

Axcelis Technologies Stock UNDERVALUED (seriously)

Axcelis Technologies Stock Technical Analysis

Axcelis Technologies $ACLS stock is in a technical weak downtrend. The stock is testing a downtrend channel resistance wall. If the stock can clear resistance at $68.83, we will upgrade the technical trend rating to an uptrend.

Axcelis Technologies stock on November 5, 2022, testing a downtrend channel wall with a positive MACD and a neutral money flow.
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