Axcelis Technologies Q2 2026 Earnings Call Transcript

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Provided by Quartr
August 6, 2026

Key Takeaways

  • Positive Sentiment: Second-quarter results exceeded expectations, with revenue of $215 million and adjusted EPS of $1.06. CS&I strength, improved power demand, and operational execution supported the outperformance.
  • Positive Sentiment: Management raised its 2026 outlook to approximately mid-single-digit revenue growth, compared with its prior expectation for flat revenue, and expects fourth-quarter revenue to increase sequentially. The company also anticipates another year of revenue growth in 2027.
  • Positive Sentiment: Memory demand remains robust despite quarter-to-quarter lumpiness, with strong DRAM and high-bandwidth memory investment expected to drive momentum into 2027. Axcelis is expanding its memory customer base, including additional orders from a leading North American memory manufacturer.
  • Positive Sentiment: Power markets are recovering, with strength in both silicon carbide and silicon applications. Secular opportunities include electric vehicles, 800-volt data-center infrastructure, industrial applications, and next-generation high-energy implant technologies.
  • Neutral Sentiment: The pending Veeco merger remains subject to outstanding regulatory requirements, including approval in China, and is still expected to close in the second half of 2026. Management declined to answer transaction-related questions.
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Earnings Conference Call
Axcelis Technologies Q2 2026
00:00 / 00:00

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Operator

Good day, ladies and gentlemen, and welcome to the Axcelis Technologies call to discuss the company's results for the second quarter of 2026. My name is Grace, and I will be your coordinator for today. I would now like to turn the presentation over to your host for today's call, David Ryzhik, Senior Vice President and Interim Chief Financial Officer. Please proceed.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Thank you, operator. This is David Ryzhik, Senior Vice President and Interim Chief Financial Officer, with me today is Russell Low, President and CEO. If you have not seen a copy of our press release issued earlier today, it is available on our website. In addition, we have prepared slides accompanying today's call. You can find those on our website as well. Playback service will also be available on our website, as described in our press release. Please note that comments made today about our expectations for future revenues, profits, and other results are forward-looking statements under the SEC Safe Harbor provision. These forward-looking statements are based on management's current expectations and are subject to the risks inherent in our business. These risks are described in detail in our annual report on Form 10-K and other SEC filings, which we urge you to review.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Our actual results may differ materially from our current expectations. We do not assume any obligation to update these forward-looking statements. Given the pending merger with Veeco, we will not be addressing questions related to the transaction. During this call, we will be discussing various non-GAAP financial measures. Unless otherwise noted, all income statement-related financial measures will be non-GAAP, other than revenue and other income. Please refer to our press release and accompanying materials for information regarding our non-GAAP financial results and a reconciliation to our GAAP measures. Now, I'll turn the call over to President and CEO, Russell Low.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

Thank you, David. Good morning, everyone. Thank you for joining us on our second quarter 2026 earnings call. In the second quarter, we delivered revenue of $215 million in earnings per diluted share of $1.06, both above our expectations. Our results reflect strong operational execution as we capitalize on favorable demand trends in several of our key markets. In the quarter, sequential growth in systems revenue was driven by improvement in our power and general mature markets, partially offset by the expected moderation in memory due to timing of available fab space. Importantly, customer investment plans in memory remain robust. We continue to make progress executing our strategy to expand our position within this market. CS&I delivered a strong quarter and continues to be an important driver of our overall performance.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

Revenue growth in the business has been supported by a growing installed base, increased customer utilization, and a continued expansion of our aftermarket products and service offerings. As we've shared, CS&I has been a deliberate multi-year strategic focus for us to drive growth and stability through market cycles. We are pleased to see these efforts gain traction. We look forward to continuing to build this momentum. Bookings in the quarter grew slightly, driven by general mature and power, and book-to-bill has neared 1 over the past three quarters, suggesting greater stability in the end markets we serve. Turning to Slide five, sales to mature node applications accounted for approximately 84% of system shipments, with memory and advanced logic making up the balance of our sales. Now on Slide six, let me review our trends by end market.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

Within our power market, revenue for silicon carbide applications declined sequentially, consistent with our expectations as quarterly revenue can fluctuate based on shipment timings. Bookings improved on a sequential basis and through the first half of the year exceeded the average levels we experienced over the past two years. In addition, we continue to expand our customer base, securing orders for two new customers in China during the quarter. We are also seeing next-generation technology development create opportunities for our high energy implant capabilities. During the quarter, we secured orders from multiple customers for high energy channeling applications using advanced superjunction architectures, further validating the value of our differentiated implant technology. From an end market perspective, long-term demand fundamentals for silicon carbide remain highly attractive.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

We continue to expect increasing penetration in electric vehicles, broader adoption in AI data center power infrastructure, and expanding use across a wide range of commercial industrial applications that require greater power efficiency, particularly at higher voltages. In our other power market, second quarter sales grew sequentially. We continue to view silicon power as a foundational part of the broader power semiconductor market, serving applications across automotive, industrial, commercial, and data center end markets. During the quarter, we completed a successful evaluation of our Purion XEmax at a leading foundry for use in power management IC production. The evaluation demonstrated the system's ability to address increasing customer requirements for high energy implant applications, leveraging its dual linac architecture and patented boost technology to deliver implant energies up to 15 MeV with industry-leading beam purity. In general mature, sales improved sequentially during the quarter.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

While we have not yet seen a pickup in our order rates, we are encouraged by improving end market trends. Following a period of capacity digestion that began in 2024, customers in China continue to add capacity. We are beginning to see signs of improving activity outside China as well, supporting higher tool utilization rates. Our customers are benefiting from demand for AI-related data center applications manufactured on 28nm and above process technologies, including optical connectivity, microcontrollers, and analog ICs. General mature remains an important market for Axcelis given its high implant intensity and our broad portfolio spanning high energy, high current, and medium current systems. We are also seeing growing customer interest in our recently introduced Purion H6 high current platform across general mature applications. Turning to advanced logic on Slide seven.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

As we noted on our last call, we shipped a system early in the second quarter for a materials modification application supporting 2nm production, and we also shipped a follow-on system in the third quarter for this application. We continue to work closely with this customer in support of its next-generation technology roadmap. In memory, despite the anticipated sequential decline from a strong first quarter, customer engagement remains robust. As a reminder, memory sales can be lumpy from quarter-to-quarter, depending on customer fab space availability.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

We continue to anticipate strong year-over-year growth in 2026, with momentum extending into 2027 as customers accelerate clean room investments to support growing demand for DRAM and high-bandwidth memory applications driven by AI. We are also seeing our memory customer portfolio expand, highlighted by a recent order for multiple high current systems in the current quarter, reinforcing the strength and competitiveness of our offerings.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

Reflecting this momentum, we continue to make progress with the leading North American memory manufacturer we referenced last quarter. Following the successful completion of our system evaluation last quarter, we received additional orders during the period to support new fab investments. On slide eight, let me wrap up my thoughts and provide our perspective on the second half of 2026. I am pleased with the momentum we are seeing so far in 2026. Our team has executed well, delivering solid results while capitalizing on the attractive secular growth opportunities across our end markets. In addition to a strong memory outlook for 2026, we are seeing improved demand in our power market. We are also encouraged by improving customer engagement and utilization trends in our general mature market, while our CS&I revenue continues to build a growing base of revenue and profitability.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

As a result, we now expect second half 2026 revenue to be stronger than our initial expectations and expect to deliver year-over-year revenue growth in 2026 compared to our prior outlook for revenue to be relatively flat with 2025. Looking ahead, we believe the favorable demand trends we are seeing today are likely to continue into 2027, with memory investments expected to remain strong as customers expand fab capacity, continued improvement in our silicon carbide market, and encouraging underlying trends across general mature applications. We anticipate another year of revenue growth in 2027. Before I turn the call over to David, I would like to provide a brief update on the pending merger with Veeco. We continue to make progress on the remaining requirements for the Veeco merger, including with the State Administration for Market Regulation in China.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

We continue to expect the transaction to close in the second half of 2026. We remain very excited about the pending combination and the opportunity to build on our momentum and create a stronger company with enhanced capabilities, broader growth opportunities, and meaningful long-term value creation potential. I want to thank our customers, employees, partners, and shareholders for their continued support in Axcelis. With that, let me turn the call over to David for a closer look at our results and outlook.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Thank you, Russell, and good morning, everyone. I'll first start with the financial details of the second quarter before turning to our outlook for the third quarter. Starting on slide nine, second quarter revenue was $215 million, consisting of system revenue of $132 million and CS&I revenue of $83 million. Both exceeded our forecast. By geography, revenue in China increased sequentially to 46%, up from 40% in the prior quarter. Korea was our second-largest revenue-generating region and 26% of our total revenues. In our other regions, Europe was 11%, the United States 6%, Taiwan was 2%, and Japan was 1%. The remaining 8% of revenue came from the rest of the world. Bookings were $131 million, slightly higher sequentially, continuing the trend of improving order activity with a book-to-bill ratio of approximately one times. We exited the quarter with total backlog of $452 million.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Turning to slide 10, I'd like to share some additional detail on our results. Gross margin was 42.7%, slightly below our outlook of 43%, primarily due to mix within our CS&I business, as well as higher than anticipated services costs, which can fluctuate from period to period. Second quarter operating expenses were $60 million, slightly above our outlook of $59 million, primarily due to higher variable compensation associated with stronger performance and to a lesser extent, higher fringe costs. Tying it all together, our operating margin was 14.7%. Second quarter adjusted EBITDA was $36 million, and adjusted EBITDA margin was 16.7%. Other income was $5 million, higher on a sequential basis, due primarily to foreign exchange gains. Our tax rate was 11%, below our forecast of 15% due to the windfall benefit associated with our equity compensation. Finally, second quarter earnings for diluted share was $1.06.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Turning to slide 11. Free cash flow for the second quarter was $15 million. This includes approximately $6 million of cash transaction expenses associated with the pending Veeco merger. We exited the second quarter with a strong balance sheet consisting of $577 million of cash equivalents, and marketable securities on hand. This includes $175 million of long-term securities. With that, let me discuss our third quarter outlook on slide 12. We expect revenue of approximately $230 million. Revenue is expected to benefit from a higher contribution from Power and Memory, partially offset by lower revenue from the general mature market. We expect gross margins of approximately 43%. We expect operating expenses of approximately $62 million. Adjusted EBITDA is expected to be approximately $41 million. We anticipate a tax rate of approximately 15%. Finally, we estimate net earnings per diluted share of approximately $1.11.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Looking beyond the third quarter, we currently expect revenue to increase sequentially in the fourth quarter, supported by the business trends we're seeing across our markets that Russell touched on earlier. As a result, we now anticipate full-year 2026 revenue growth of approximately mid-single digits year-over-year, compared to our prior expectation of flat revenue. We also anticipate gross margin to improve slightly in the fourth quarter relative to third quarter levels. At the same time, we remain committed to investing in the business, particularly in technology innovation and other long-term growth initiatives. As a result, we expect fourth quarter operating expenses to be slightly higher than third quarter levels. In summary, we're executing our strategy and remain focused on disciplined cost management while continuing to make targeted investments to capture attractive growth opportunities.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

We're encouraged by the trends we're seeing across the business and remain focused on delivering strong results and value creation for our shareholders. With that, operator, we're ready to take your questions.

Operator

Thank you. At this time, we will conduct the question-and-answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We ask participants to ask one question and one follow-up question. Please stand by while we compile the Q&A roster. Our first question comes from the line of Craig Ellis with B. Riley Securities. Your line is live.

Craig Ellis
Craig Ellis
Analyst at B. Riley Securities

Thank you for the question, and congratulations on the nice execution, team. Russell, I wanted to start off with a question on Memory, understanding how the tenor of interaction with your more established customers and your newer customers has changed over the last three months. As we look at near-term dynamics, which I think were indicated with Memory up in the third quarter, are we at a point where we should expect Memory system sales to grow sequentially, or are we still in a period where there can be two steps forward and one step back?

Russell Low
Russell Low
President and CEO at Axcelis Technologies

Craig. Thanks for the question. I think we're going to see Memory being slightly lumpy this year. Again, until the new clean room space comes online, I think the customers are mostly focused on solving bottleneck issues in their existing fabs. It's a little bit lumpy. One thing I would say, though, is 2026 is a significant improvement over 2025. Although 2025 is a low baseline, we are seeing significant DRAM memory revenue this year. Like we said, once those clean rooms start to come online, we expect to see the momentum continue into 2027. Craig, just to add, if you think about the second half for Memory, probably at this point, probably looks similar to the first half.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

For the full-year basis, obviously, strong growth and into 2027, growth rate into 2027 probably at a lower growth rate than the one in 2026 because we're coming off a very low base. We definitely see that momentum in Memory.

Craig Ellis
Craig Ellis
Analyst at B. Riley Securities

Yeah. Next year we get NAND capacity help, not just DRAM. Thanks for that. The follow-up question is on the CS&I business. Congratulations on the real nice quarter there. My question is really what drove the magnitude of sequential strength? Is it really just in this environment, customers are looking at CS&I as one of the quickest paths To incremental capacity where they need it, or is it really just the efficacy of better attach rates on Purion tools that are out there in the install base? Just help us understand what drove the upside and what it might mean for the back half of the year. Thanks, guys.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

It's a couple of things, Craig. Clearly we are seeing a pickup in utilization rates. We're seeing memory has really high utilization rates. We're seeing silicon carbide and silicon power picking up in utilization rates, and we're starting to see the embers of a recovery in general mature and all those things. Before you start getting orders, typically, you start to see spares and consumables going up. You definitely get a component of utilization driving. The second thing is we continue to add install base as well, but I think the really big part is that as companies are looking to ramp, they're looking to use what they have.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

We've developed a lot of really valuable upgrades, and a lot of those upgrades are now selling, and they're helping customers who, in some cases, are floor wall constrained, or it gives them a little bit more capacity such that they can continue to ramp their business.

Craig Ellis
Craig Ellis
Analyst at B. Riley Securities

Very helpful. Thanks, guys.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

Thanks, Craig.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

Thanks, Craig.

Operator

One moment for our next question. Our next question comes from the line of Charles Shi with Needham & Company. Your line is live.

Charles Shi
Charles Shi
Analyst at Needham & Company

Hi, thanks for taking my question. Congrats on the pretty steady execution and exceeding the guidance, good guidance for third quarter as well. Maybe the first question, the pickup in power in general, order rate, you mentioned has been exceeding the average level you've seen over the last two years. Can you elaborate where the power strength really is from? Historically, your power is closely tied to let's say, automotive industry, is this something different this time? Do you feel like there's more of a data center? I know that the capacity is probably agnostic for a lot of your customers, are you able to tell what is driving the power order rate pickup? Thank you.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

Yeah. Hey, Charles, it's Russell. Thanks for the question. When I think about where we are with power, there's two components to it, silicon carbide and silicon. Both are actually doing better. If you look at our power business, it was in digestion for a while, but now it's into recovery, and we're expecting the second half to be stronger than the first half for power. That's the good story. We're seeing that through orders placed. What's driving that? It was in digestion, and now it's coming out the other side. I think it's fair to say electric vehicles are still the number one driver of silicon carbide. We've talked previously about there's more electric vehicles and there's greater penetration into electric vehicles of silicon carbide, particularly 800 volt systems.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

When you get 800 volt systems, you pretty much don't have a choice as to whether or not to use silicon carbide or not. There's all the onboard chargers we've talked about and the other components, DC converter. Electric vehicles are still doing really well. There is actually a couple of other opportunities as well in growth. I think we've talked about data centers. Those data centers start to move to 800 volt architectures as well. You're going to see silicon carbide being the material of choice. That's going to sit between the grid coming in at kilovolts all the way down to the rack, where it's becoming an 800 volt.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

We're seeing that being, while it's still a small area, it is growing quickly. We shouldn't forget that as the cost of silicon carbide devices continues to come down. You see a bit more packaging of devices as well. They have more value at the subsystem level. You're seeing as this is occurring, it's opening up more and more applications. We shouldn't forget all the industrial applications like transformers and motors and even solar. Solar takes up a lot of silicon carbide. That's what's kind of driving this. Those have always been secular drivers. That's exciting. I'd say it's more than just China as well. It's beyond China that people are adding capacity and power, although in some regions they still haven't gone for higher capacity. They're still working on what I'd consider next generation technology.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

We have had customers ramping. Customers learning. I'd say that, once those device technologies are up in volume and with yield, I think you'll start to see those customers start to ramp as well. I'm talking about the transition from planar to trench and even to superjunction. As we said before, as these devices become more complex, the density of implant steps goes up. It also tilts towards high energy, which is another good tailwind for us.

Charles Shi
Charles Shi
Analyst at Needham & Company

Yeah. Thanks for the color, Russell. We understand the data center part probably still very small, but fast growing. Based on what you see today, are you able to tell how much of your install base or the silicon carbide capacity in general is going into the data center application versus the electric vehicle? We just want to get a sense on how to gauge the growth from here, especially from the data center side. Thank you.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

Yeah. We don't know necessarily what products our customers are creating with the tools. Obviously, that is their business. I think you can see from many of our customers, so every one of the power companies is a customer. When you see their press releases about having a portfolio that goes after data centers, that will give you an indication of how many devices are available and how compelling they are as a business.

Charles Shi
Charles Shi
Analyst at Needham & Company

Thank you.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Thanks, Charles.

Operator

As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. One moment for our next question. Our next question comes from the line of Jed Dorsheimer with William Blair. Your line is live.

Jed Dorsheimer
Jed Dorsheimer
Analyst at William Blair

Hey, thanks for taking my questions, guys, and congrats on a solid quarter. Russell, just more of a technical question for you and kind of a market one as well. Indium phosphide. Looks like implants being used for surface passivation for etch repair, as well as electrical isolation. I'm just curious if you might talk about, that's a pretty exciting area with a significant undercapacity at the moment, what discussions you might be having. That would be for continuous wave lasers used for optical and kind of electrical to optical in data center racks.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

Yeah. Thanks, Jed, for the question. I think indium phosphide is a really interesting laser material, and I think the data center's talked about going into optical communications. I think for us, it's a relatively small amount. While we'll kind of continue to monitor this market, I think the implant opportunities are relatively small. I think there's much bigger opportunities in other technologies such as MOCVD.

Jed Dorsheimer
Jed Dorsheimer
Analyst at William Blair

Got it. That's it for me. Thank you.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Thanks, Jed.

Operator

This concludes our question-and-answer session. I would now like to turn the call over. Oh, hold on just one minute. We had two questions come through. One moment for our next question. Our next question comes from the line of Duksan Jang of Bank of America Securities. Your line is live.

Duksan Jang
Analyst at Bank of America Securities

Hi. Thank you for squeezing me in. One question on memory. If I'm not mistaken, I think you said second half memory is going to be similar to first half. I think that indicates about $120 million of total annual run rate. As we look into the industry, obviously a lot of people are expecting more clean room space to come through, really starting next year and into 2028. I'm just curious what kind of upside you just expect in this market. I assume it's going to be a strong acceleration as well. Thank you.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Yeah. Hi, Duksan. A little too early to size memory next year. Our indications at this point is that next year would be another year of growth. Our assumption is that it would be a much lower growth rate, percentage-wise, than what we're seeing in 2026, because we're coming off a pretty low base in 2025. Engagement with customers is strong. They have ambitious capacity plans. I'd also note that we're making progress expanding beyond our traditional, I'm going to say, strong position into other areas within the memory market and other customers. That's another factor to consider. It's a good market. Implant is a critical step there. We're pretty excited about the opportunity.

Duksan Jang
Analyst at Bank of America Securities

Got it. Are you seeing anything on the NAND side where I think the industry trends have clearly improved there? We might see some capacity additions there. As memory grows as a bigger percentage of your sales, I think it's been historically a little bit more dilutive to margins. Anything on the margin front would be helpful. Thank you.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

I'll take the NAND part of this. When Dave was talking about the strength of memory into 2027 and clearance coming on, we really are specifically kind of talking about DRAM. NAND, there's a little bit of activity, I wouldn't in any way call it a trend at this stage. I think anybody who has space is using it for the higher value DRAM. I do see a need for more NAND coming. As we've said in the past, when people do vertical scaling of NAND, that doesn't necessarily support us because it doesn't change the density of implants. As people add more wafers, though, that's when NAND has a value to our business for selling more implants.

Russell Low
Russell Low
President and CEO at Axcelis Technologies

I would say that as people start allocating space to expand wafers out for NAND, that's when you'll start to see our NAND business start to go up. Historically, NAND has followed DRAM, we are expecting that to come, but I'd say that there's no trend yet.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Yeah. Duksan, I would just add on the gross margins, as you pointed out, typically our memory business comes at a lower than corporate average gross margin on the system side. When we place those systems, that drives quite a bit of CS&I aftermarket, which is higher margin than corporate average. Over the life of the tool, long-term, it's still a pretty attractive business for us.

Duksan Jang
Analyst at Bank of America Securities

Got it. Thank you so much.

Operator

One moment for our next question. Our next question comes from the line of Craig Ellis with B. Riley Securities. Your line is live.

Craig Ellis
Craig Ellis
Analyst at B. Riley Securities

Thanks for taking the follow-up, team. I wanted to start with a higher-level question, just understanding where the company's capacity positioning was. We're annualizing at about $920 million revenues, it looks like, here as we head into the back half of the year. I would expect, given where we've been over the last five years, our capacity would be at least 40% higher than that. Can you help calibrate that in? Secondly, related to memory, a number of years ago, the team did a great job qualifying the Purion Dragon at one memory customer. I would expect that would be part of the solution set that's going out the door, and can you just talk about the demand that you're seeing across different products and where Purion Dragon fits into that mix? Thank you.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Hey, Craig. Just on capacity, you're right. We do have capacity to meet higher revenue levels than we are today. Quite frankly, as we absorb a little more and our markets recover, we would expect a little bit of benefit to our gross margin as well as a result from the absorption. Clearly, mix is going to play an important role, we do get a little bit of an absorption benefit there with higher volume. On the mix of systems, Russell can weigh in, we're not going to get into specific systems that we're shipping to customers. High current is an important part of the equation for memory. We have a really good and competitive technology there. As you know, we're strong in high energy, there's a little less content of high energy in memory.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

There's medium current as well, where we have a competitive solution. We feel like we're pretty well-positioned for memory. Did that answer your question, Craig?

Craig Ellis
Craig Ellis
Analyst at B. Riley Securities

Yeah. Thanks very much, Dave.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Okay. Thank you.

Operator

This concludes the question and answer session. I would now like to turn it back to David Ryzhik for closing remarks.

David Ryzhik
David Ryzhik
SVP and Interim CFO at Axcelis Technologies

Thank you, operator. Thank you everyone for joining the call and your interest in Axcelis. Operator, you can close the call.

Operator

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

Executives
    • David Ryzhik
      David Ryzhik
      SVP and Interim CFO
    • Russell Low
      Russell Low
      President and CEO
Analysts
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