Axcelis Technologies Inc (ACLS) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Excel Technologies call to discuss the company results for the fourth quarter in full year 2025. My name is Victor and I'll be your coordinator for today. I would like to turn the presentation over to your host for today's call, David Ryzhik, senior Vice President of Investment relations and corporate strategy. Please proceed.

各位女士、先生，大家好，歡迎參加 Excel Technologies 的電話會議，我們將討論公司 2025 年第四季及全年業績。我叫維克多，我將擔任你們今天的協調員。接下來，我將把演講交給今天的主持人，投資關係和企業策略高級副總裁大衛·雷日克 (David Ryzhik)。請繼續。

Thank you, operator. This is David Ryzhik, senior Vice President of Investor Relations and Corporate strategy, and with me today is Russell Low, President and CEO, and James Coogan, executive Vice President and CFO.

謝謝接線生。這位是投資者關係和企業策略高級副總裁大衛·雷日克，今天和我在一起的是總裁兼首席執行官羅素·洛，以及執行副總裁兼首席財務官詹姆斯·庫根。

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, and you can find those on our website as well. Playback service will also be available on our website as described in our press release.

如果您尚未看到我們今天早些時候發布的新聞稿，可以在我們的網站上找到。此外，我們也準備了今天電話會議的幻燈片，您也可以在我們的網站上找到這些幻燈片。如新聞稿中所述，我們也將在網站上提供播放服務。

Please note that comments made today about our expectations for future revenues, profits, and other results are forward-looking statements under the SEC's safe harbour provision.

請注意，今天我們對未來收入、利潤和其他業績的預期所做的評論屬於美國證券交易委員會安全港條款下的前瞻性陳述。

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 10k and other SEC filings which we urge you to review. Our actual results may differ materially from our current expectations. We do not assume any obligation to update these forward-looking statements.

這些前瞻性陳述是基於管理階層目前的預期，並受到我們業務固有風險的影響。這些風險已在我們的年度報告（10-K 表格）和其他提交給美國證券交易委員會的文件中進行了詳細描述，我們強烈建議您仔細閱讀。我們的實際結果可能與我們目前的預期有重大差異。我們不承擔更新這些前瞻性聲明的任何義務。

Given the pending merger with Veeco, we will not be addressing questions related to the transaction. Please note that today's call is neither an offering of securities nor solicitation of a proxy vote in connection with our previously announced transaction with Veeco.

鑑於與 Veeco 的合併正在進行中，我們將不回答與該交易相關的問題。請注意，今天的電話會議既不是證券發行，也不是就我們先前宣布的與 Veeco 的交易徵集代理投票。

During this call, we'll be discussing various non-GAAP financial measures. 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.

在本次電話會議中，我們將討論各種非GAAP財務指標。有關我們的非GAAP財務表現以及與GAAP指標的調節表，請參閱我們的新聞稿及相關資料。現在，我將把電話交給總裁兼執行長羅素·洛。

Thank you, David, and good afternoon, everyone and thank you for joining us for the fourth quarter and four-year 2025 earnings call.

謝謝大衛，大家下午好，謝謝各位參加第四季及2025年四年期財報電話會議。

Beginning on slide four, we generated solid results in the fourth quarter with revenue of $238 million and non-GAAP earnings per deleted share of $1.49 both exceeding our outlook. Our better-than-expected results were primarily driven by stronger CSNI aftermarket revenue in the quarter, which had a favourable mixed impact on our gross margins. Bookings in the fourth quarter improved significantly on a sequential basis, primarily led by Power, General Mature and memory, specifically DRAM.

從第四張投影片開始，我們在第四季度取得了穩健的業績，收入達到 2.38 億美元，非 GAAP 每股收益為 1.49 美元，均超過了我們的預期。我們業績優於預期，主要得益於本季 CSNI 售後市場收入的強勁成長，這對我們的毛利率產生了有利的喜憂參半的影響。第四季訂單量較上季大幅成長，主要得益於電源、通用成熟產品和記憶體（特別是DRAM）的帶動。

Before I provide more details on the trends we're seeing by market segment, I'd like to provide a brief update on our pending merger with Veeco.

在詳細介紹我們按市場區隔領域觀察到的趨勢之前，我想先簡單介紹一下我們與 Veeco 即將進行的合併的最新情況。

We continue to make meaningful progress towards securing all the approvals required to close the merger. We are pleased that shareholders of both companies voted in favor of the transaction at our special meetings on February 6th. We've also received regulatory clearance in several important jurisdictions and are actively engaged with regulatory authorities in China for the final approval needed to complete the merger. We continue to expect closing in the second half of 2026.

我們在獲得完成合併所需的所有批准方面持續取得實質進展。我們很高興兩家公司的股東在2月6日的特別股東大會上投票贊成這項交易。我們還獲得了幾個重要司法管轄區的監管許可，並正在積極與中國監管機構接洽，以獲得完成合併所需的最終批准。我們仍預計交易將於 2026 年下半年完成。

In the meantime, we are working closely with Eco on integration planning to help ensure the combined organization is fully aligned and ready to hit the ground running on day one.

同時，我們正與 Eco 密切合作制定整合計劃，以確保合併後的組織完全協調一致，並做好從第一天起就迅速投入工作的準備。

As we collaborate more deeply with our Veeco counterparts, we're increasingly impressed by the clear alignment in our cultures, values, and our shared commitment to innovation and customer satisfaction. The integration planning process has reinforced our confidence in the potential of this merger and in our plans to come together as one company to unlock even greater value for all of our stakeholders.

隨著我們與 Veeco 的合作夥伴進行更深入的合作，我們越來越感受到彼此在文化、價值觀以及對創新和客戶滿意度的共同承諾方面的高度一致性。整合規劃過程增強了我們對此次合併潛力的信心，也增強了我們對合併後成為一家公司，為所有利害關係人創造更大價值的計畫的信心。

Turning to slide five, in the quarter, as well as the four-year sales to mature node applications accounted for the majority of our system shipments, in particular, power and general mature.

翻到第五張投影片，本季以及過去四年面向成熟節點應用的銷售額占我們系統出貨量的大部分，特別是電源供應器和通用成熟應用。

Now in slide six, let me review our trends by end market. Within our power business, shipments of silicon carbide have moderated slightly on a sequential basis. Consistent with our commentary over the past several quarters, customers continued to take a disciplined approach to capacity investments following the significant build out a few years ago, with many customers now prioritizing technology transitions.

現在，在第六張投影片中，讓我按終端市場回顧我們的趨勢。在我們的電力業務中，碳化矽的出貨量較上季略有放緩。與我們過去幾季的評論一致，在幾年前大規模擴容之後，客戶繼續對產能投資採取謹慎的態度，許多客戶現在優先考慮技術轉型。

As an example, a key driver of our CSO strength in the quarter was driven by system upgrades for a number of our silicon carbide tools at a customer location where the customer converted their tools from 150 to 200 millimetre and chose to do this with our recently introduced Purion Power Series Plus platform while staying within the same footprint.

例如，本季度我們首席銷售官 (CSO) 實力強勁的一個關鍵驅動因素是，客戶現場的多個碳化矽刀具進行了系統升級，該客戶將其刀具從 150 毫米升級到 200 毫米，並選擇使用我們最近推出的 Purion Power Series Plus 平台，同時保持相同的佔地面積。

We also continue to see select customers in China expanding their silicon car by device capacity and capabilities while customers in other regions are focused on the next generation technology investments such as trench and super junction. We are seeing growing interest for our newly developed high energy channelling capabilities which are essential and necessary for super junction development.

我們也看到，中國的一些客戶正在透過裝置容量和功能來擴大其矽汽車，而其他地區的客戶則專注於下一代技術投資，例如溝槽和超級結。我們看到，人們對我們新開發的高能量通道技術越來越感興趣，這項技術對於超結的開發至關重要。

Broadly speaking, while near-term iron implant demand for silicon carbide applications is anticipated to remain muted as customers absorb their capacity, we expect strong long-term demand through the cycles driven by clear secular trends such as the growing penetration rate of silicon carbide into electric vehicles, particularly as we see more 800-volt models released.

總的來說，雖然由於客戶正在消化產能，預計近期對碳化矽應用的鐵植入物需求將保持低迷，但我們預計，在碳化矽在電動車領域滲透率不斷提高等明顯的長期趨勢的推動下，長期需求將持續強勁，尤其是在我們看到更多 800 伏特車型發布的情況下。

Growing content of silicon carbide within EVs, the growing overall volume of EVs on a global basis, and the growing adoption of silicon carbide outside of the automotive sector, such as solid-state transformers, circuit breakers, solar battery inverters, HVAC systems, industrial motor drives, aerospace and defense, just to name a few applications.

電動車中碳化矽含量不斷增加，全球電動車總量不斷增長，以及碳化矽在汽車行業以外的應用日益廣泛，例如固態變壓器、斷路器、太陽能電池逆變器、暖通空調系統、工業電機驅動器、航空航天和國防等等。

Adding this all up, we remain excited about the long-term demand profile for silicon carbide, and we believe we are well positioned in iron implant for this application. In our other power market segment, ship system revenue also moderated slightly on a sequential basis, primarily due to a muted demand trends in silicon IGBTs.

綜上所述，我們仍然對碳化矽的長期需求前景感到樂觀，並且我們相信我們在鐵植入領域已經為該應用做好了充分準備。在我們其他的電力市場領域，船舶系統收入也較上季略有下降，這主要是由於矽IGBT的需求趨勢疲軟。

In general, mature, revenue improved sequentially as customers made select investments, particularly in our high current tools.

整體而言，隨著客戶進行選擇性投資，尤其是對我們高流動性工具的投資，成熟後的收入逐週成長。

Overall, costs continue to manage capacity investments amid stabilizing auto-industrial demand. However, we noticed a continued improvement in implant tool utilization rates across multiple customers in the fourth quarter. While we are not yet seeing signs of a cycle recovery in CapEx spending for general mature process technologies, we are encouraged with the improved utilization rates.

整體而言，在汽車工業需求趨於穩定的背景下，成本持續控制產能投資。然而，我們注意到，在第四季度，多個客戶的植入工具利用率持續提高。雖然我們尚未看到成熟製程技術的資本支出出現週期性復甦的跡象，但我們對利用率的提高感到鼓舞。

Turning to slide seven, in advanced logic, we generated revenue on a follow-on order from an existing customer, and we continue to work closely with customers on next generation technology needs, including implant for backside power contacts, as well as other material modification implant applications.

翻到第七張投影片，在高級邏輯方面，我們透過現有客戶的後續訂單創造了收入，並且我們繼續與客戶緊密合作，滿足下一代技術需求，包括用於背面電源觸點的植入以及其他材料改性植入應用。

Moving to our memory market, demand improves sequentially for DRAM and HBM applications, and we expect this momentum to extend into 2026 as customers expand capacity to address growing demand for AI-related applications.

再來看我們的記憶體市場，DRAM 和 HBM 應用的需求逐年改善，我們預期隨著客戶擴大產能以滿足人工智慧相關應用日益增長的需求，這種勢頭將持續到 2026 年。

I'm also pleased to say that we secured an order for a high current system from a leading North American memory manufacturer, which is an important customer win that broadens our presence beyond our strong position in Korea. Interestingly, we received this new order prior to the completion of an existing system evaluation which we view as an endorsement of our technology.

我也很高興地宣布，我們從一家領先的北美記憶體製造商那裡獲得了高電流系統的訂單，這是一項重要的客戶勝利，使我們的業務範圍超越了我們在韓國的強大地位。有趣的是，我們在完成現有系統評估之前就收到了這份新訂單，我們認為這是對我們技術的認可。

In NAND, costs remain focused on higher layer counts, which does not drive incremental iron implantation demand. As a result, we continue to expect demand for NAND applications to remain muted in the near term. That said, recent improvements in NAN bit demand and pricing are encouraging, and we believe we are well positioned once our customers resume wafer capacity additions, which we expect as a matter of when, not if.

在 NAND 快閃記憶體中，成本仍然集中在更高的層數上，這並沒有推動鐵注入需求的增加。因此，我們預計短期內對 NAND 應用的需求仍將保持低迷。儘管如此，近期奈米位需求和價格的改善令人鼓舞，我們相信，一旦我們的客戶恢復晶圓產能的增加，我們將處於有利地位，我們預計這只是時間問題，而不是會不會發生的問題。

On slide eight, let me wrap up my thoughts on 2025. I am pleased that our team's focused execution given the changing macro environment throughout the year. We navigated the cyclical digestion across our markets exceptionally well and focused aggressively on product development and customer engagement.

在第八張投影片上，讓我總結一下我對 2025 年的看法。我很高興我們的團隊在全年不斷變化的宏觀環境下，依然能夠專注且有效率地完成任務。我們出色地應對了各個市場的周期性消化，並積極專注於產品開發和客戶互動。

Earlier this month, we announced the introduction of the Purin H6, and next generation high current ion implanter. The Purin H6 incorporates a series of notable technology advancements across the beamline, source, particle control, and dose symmetry subsystems.

本月初，我們宣布推出 Purin H6，即下一代高電流離子注入機。Purin H6 融合了一系列顯著的技術進步，涵蓋光束線、光源、粒子控制和劑量對稱子系統。

The system delivers industry leading dose repeatability as well as significant advancements in purity, precision, and productivity, supporting high current applications across advanced logic, memory, and mature process technology nodes.

該系統提供業界領先的劑量重複性，並在純度、精度和生產率方面取得顯著進步，支援在先進邏輯、記憶體和成熟製程技術節點上的高電流應用。

As devices scale and architectures become more challenging, customers are demanding tighter implant control, lower contamination, higher uptime, and lower overall cost of ownership requirements that pure H6 was engineered specifically to meet. In the 4th quarter, we delivered our strongest quarter of high current shipments in two years, and the introduction of pure H6 builds on that momentum.

隨著設備規模的擴大和架構的日益複雜，客戶對植入物控制、污染程度、正常運行時間和總體擁有成本提出了更高的要求，而純 H6 正是為了滿足這些要求而設計的。第四季度，我們實現了兩年來高電流出貨量最高的季度，而純 H6 的推出進一步鞏固了這一勢頭。

We also deliver double-digit year over year growth in our CSNI aftermarket business supported by our growing installed base and a deliberate strategic focus on upgrades and services, both of which reached record levels in 2025. Despite overall revenue declining in 2025, and non-GAAP gross margins grew by 30 basis points. In combination with disciplined cost control, we delivered strong profitability and cash flow in 2025.

在不斷增長的裝機量和對升級和服務的策略性關注的支持下，我們的 CSNI 售後市場業務也實現了兩位數的同比增長，這兩項業務在 2025 年均達到了創紀錄的水平。儘管 2025 年整體收入有所下降，但非 GAAP 毛利率增加了 30 個基點。透過嚴格的成本控制，我們在 2025 年實現了強勁的獲利能力和現金流。

Now in slide nine, let me discuss our initial prospectives on 2026. We expect our memory business led by DRAM to grow as customers invest in capacity to meet accelerating AI-driven demands.

現在，在第九張投影片中，讓我來討論我們對 2026 年的初步展望。我們預計，隨著客戶投資擴容以滿足人工智慧驅動的快速成長的需求，以DRAM為主導的記憶體業務將會成長。

In the power and general mature markets, while utilization trends are improving, customers are continuing to manage existing capacity following a strong investment cycle over the past several years. As a result, we expect this to result in slightly lower year over year revenue in these end markets. However, over the long-term, we anticipate power and general mature to be a key beneficiary of electrification and increasing demand for efficient power generation, delivery, and use.

在電力和一般成熟市場中，雖然利用率趨勢正在改善，但在過去幾年強勁的投資週期之後，客戶仍在繼續管理現有產能。因此，我們預計這將導致這些終端市場的年收入略有下降。然而，從長遠來看，我們預計電力和一般成熟產業將成為電氣化以及對高效發電、輸送和使用日益增長的需求的主要受益者。

Importantly, while the rapid growth of AI large language models has been a strong catalyst for advanced compute and memory demand, we expect the power semiconductor market to also benefit from the growing need for power associated with AI, and this includes silicon carbide, and gallium nitride applications, distributing power all the way from the grid to the core.

重要的是，雖然人工智慧大型語言模型的快速成長一直是先進運算和記憶體需求的強大催化劑，但我們預計功率半導體市場也將受益於人工智慧相關日益增長的電力需求，這包括碳化矽和氮化鎵的應用，將電力從電網一直分配到核心。

Moreover, we also anticipate the emergence of physical AI such as robotics, autonomous vehicles, and many other devices on the edge to become yet another secular driver of power devices, as well as general mature technologies such as MCUs, image sensors, analog, and others.

此外，我們也預計，實體人工智慧（如機器人、自動駕駛汽車和許多其他邊緣設備）的出現，將成為推動功率元件以及通用成熟技術（如微控制器、影像感測器、類比等）發展的另一個長期因素。

And finally, in advanced logic, we anticipate relatively similar revenue levels in 2025. We are making progress in our long-term strategy to penetrate this market, though it will take time before our evaluations translate into meaningful volume as we engage with customers on next generation logic architectures.

最後，根據高階邏輯，我們預期 2025 年的收入水準將與此相對接近。雖然我們在滲透這個市場的長期策略上取得了進展，但要將我們的評估轉化為有意義的銷售還需要時間，因為我們需要與客戶就下一代邏輯架構進行合作。

Taken together, we currently anticipate overall revenue to be relatively flat compared to 2025 levels. With that, let me turn the call over to James for a closer look at our results and outlook. Jame.

綜合來看，我們目前預期整體收入與 2025 年的水準相比將保持相對穩定。接下來，我將把電話交給詹姆斯，讓他更詳細地介紹我們的業績和前景。詹姆斯。

Thank you, Russell, and good afternoon, everyone.

謝謝你，羅素，大家午安。

I'll first start with some additional detail on our fourth quarter and full year results before turning to our outlook for Q1.

在展望第一季業績之前，我將先詳細介紹我們第四季和全年的業績。

Starting on slide 10, fourth quarter revenue was $238 million with systems revenue at $156 million and CSNI revenue reaching another quarterly record of $82 million both above our expectations for the quarter. Our better-than-expected CSNI revenue was primarily driven by strong demand for upgrades as customers look to optimize their technology within the same footprint.

從第 10 張投影片開始，第四季營收為 2.38 億美元，其中系統營收為 1.56 億美元，CSNI 營收達到 8,200 萬美元，創下季度新高，均高於我們對該季度的預期。CSNI 收入超越預期，主要得益於客戶對升級的強勁需求，因為客戶希望在相同的空間內優化其技術。

In addition, the quarter also benefited from some polling activity given improving utilization rates. We are pleased with our execution in CSNI, and our aftermarket offerings are resonating with customers.

此外，由於民調利用率的提高，本季也受惠於一些民調活動。我們對在 CSNI 專案中的執行感到滿意，我們的售後產品也受到了客戶的歡迎。

For the full year, CSNI revenue grew 14% on a year over year basis, led by strong growth in upgrades and services revenue. A key driver here is the deliberate strategic initiatives we've undertaken over the past few years to drive better adoption of upgrades and service contracts.

全年來看，CSNI 的營收年增 14%，這主要得益於升級和服務收入的強勁成長。關鍵驅動因素是我們過去幾年為推動更好地採用升級和服務合約而採取的有意識的策略舉措。

Moving to consolidated revenue from a geographic perspective, China decreased sequentially to 32% of total revenue, down from 46% in the prior quarter, which was consistent with our expectations as customers continue to digest the robust investments they have made in mature node capacity over the past few years.

從地理角度來看，中國市場佔總收入的比例環比下降至 32%，低於上一季的 46%，這符合我們的預期，因為客戶仍在消化過去幾年在成熟節點容量方面所做的巨額投資。

Turning to the other regions, we saw revenue in Europe at 15%, the US at 14%, Korea at 13%, Japan at 9%, Taiwan at 3%, and the rest of the world at 13%. For the full year 2025, our revenue from China was 42% of total revenue, while US came in at 16% and Korea at 13%, Europe at 11%, Taiwan and Japan at 5%, and the rest of the world at 7%.

再來看其他地區，歐洲的收入佔比為 15%，美國為 14%，韓國為 13%，日本為 9%，台灣為 3%，世界其他地區為 13%。2025 年全年，我們來自中國的收入佔總收入的 42%，美國佔 16%，韓國佔 13%，歐洲佔 11%，台灣和日本佔 5%，世界其他地區佔 7%。

As Russell mentioned, bookings increased notably on a sequential basis to $128 million and we exited the fourth quarter with a backlog of $457 million.

正如羅素所提到的，預訂量較上季顯著成長至 1.28 億美元，第四季末積壓訂單達 4.57 億美元。

Now turning to slide 11, I would like to share some additional detail on our GAAP and non-GAAP results. GAAP gross margin was 47% in the quarter and on a non-GAAP basis gross margin was 47.3% above our outlook of 43%, primarily due to a higher mix of CSNI, as well as a more favourable mix of upgrades within CSNI.

現在請看第 11 張幻燈片，我想分享一些關於我們 GAAP 和非 GAAP 業績的更多細節。本季 GAAP 毛利率為 47%，非 GAAP 毛利率為 47.3%，高於我們預期的 43%，主要是由於 CSNI 的佔比更高，以及 CSNI 內部升級組合更為有利。

GAAP operating expenses totalled $76 million and on a non-GAAP basis, operating expenses were $62 million above our outlook of $56 million primarily due to higher variable compensation expenses associated with the better than expected fourth quarter performance.

GAAP 營運費用總計 7,600 萬美元，非 GAAP 營運費用比我們預期的 5,600 萬美元高出 6,200 萬美元，這主要是由於第四季度業績好於預期，導致可變薪酬支出增加。

Our non-GAAP results exclude transaction-related expenses associated with the pending Veeco merger, along with other typical non-GAAP adjustments such as share-based compensation and restructuring charges. In this context, the fourth quarter reflects an expense from a one-time voluntary retirement program, and we recorded a portion of that expense in the period.

我們的非GAAP績效不包括與待決的Veeco合併相關的交易費用，以及其他典型的非GAAP調整，如股份支付和重組費用。在此背景下，第四季度反映了一次性自願退休計劃的支出，我們在該期間記錄了該支出的一部分。

As a result, our GAAP operating margin was 15.2% while our non-GAAP operating margin was 21.1%. Moreover, in the fourth quarter, we delivered adjusted EBITDA of $55 million reflecting an adjusted EBITDA margin of 22.9%. We generated approximately $4 million in other income with a sequential increase primarily due to foreign currency. Our tax rate was approximately 14% in the fourth quarter, both on a GAAP and non-GAAP basis.

因此，我們的 GAAP 營業利潤率為 15.2%，而非 GAAP 營業利潤率為 21.1%。此外，第四季度我們實現了調整後 EBITDA 5,500 萬美元，調整後 EBITDA 利潤率為 22.9%。我們獲得了約 400 萬美元的其他收入，並且由於外匯收入而逐年增長。第四季度，我們的稅率約為 14%，無論以 GAAP 或非 GAAP 計算。

Our weighted average diluted share count in the quarter was 31.1 million shares. This all translates into GAAP diluted earnings per share of $1.10 which was higher than our outlook of $0.76. Non-GAAP diluted earnings per share was $1.49 also exceeding our outlook of $1.12.

本季加權平均稀釋後股份數為 3,110 萬股。所有這些因素共同促成了GAAP稀釋後每股收益1.10美元，高於我們先前預測的0.76美元。非GAAP稀釋後每股收益為1.49美元，也高於我們先前預測的1.12美元。

The higher-than-expected non-GAAP diluted earnings per share was primarily due to better than expected revenue and a favourable mix. For the full year we delivered GAAP gross margin of 44.9% and non-GAAP gross margin of 45.2%, a 30-basis point increase year over year despite the lower revenue. This was due to favourable mix and the continued focus on cost control.

非GAAP稀釋後每股盈餘高於預期，主要原因是營收好於預期以及產品組合有利。全年GAAP毛利率為44.9%，非GAAP毛利率為45.2%，儘管收入下降，但年增了30個基點。這得益於有利的產品組合和持續的成本控制。

For the full year, adjusted EBITDA was $177 million reflecting an adjusted EBITDA margin of 21.1%. We generated approximately $19 million in other income this year and our tax rate was approximately 13% for the full year on a GAAP and a non-GAAP basis. This all translates into GAAP diluted earnings per share of $3.80 or non-GAAP diluted earnings per share of $4.88.

全年調整後 EBITDA 為 1.77 億美元，調整後 EBITDA 利潤率為 21.1%。今年我們獲得了約 1900 萬美元的其他收入，以 GAAP 和非 GAAP 計算，全年稅率約為 13%。所有這些轉換為 GAAP 稀釋後每股收益 3.80 美元或非 GAAP 稀釋後每股收益 4.88 美元。

Moving to our cash flow and balance sheet data shown on slide 12, in the fourth quarter, free cash flow was negative $9 million driven by the timing of our sales, which were skewed more to the month of December. In turn, this increased our day's sales outstanding. In addition, our cash flow was negatively impacted by approximately $5 million in cash transaction expenses associated with the pending Vico merger.

接下來來看投影片 12 所示的現金流量和資產負債表資料。第四季度，由於銷售時間偏向 12 月份，自由現金流為負 900 萬美元。反過來，這增加了我們當天的未結銷售額。此外，由於與 Vico 合併相關的約 500 萬美元現金交易費用，我們的現金流量受到了負面影響。

For the full year 2025, however, we generated robust free cash flow of $107 million and despite the decline in our revenue, this reflects strong cash generation of our business.

然而，在 2025 年全年，我們產生了 1.07 億美元的強勁自由現金流，儘管我們的收入有所下降，但這反映了我們業務強勁的現金產生能力。

Turning to share repurchases, in the fourth quarter, we repurchased approximately $25 million in shares and have $110 million remaining under the share repurchase program previously authorized by the Axcelis board of directors. For the full year, we repurchased approximately $121 million of shares. We exited the fourth quarter with a strong balance sheet consisting of $557 million of cash equivalents, and marketable securities on hand. It's important to note that this includes $182 million of long-term securities.

再來看股票回購，在第四季度，我們回購了約 2,500 萬美元的股票，根據 Axcelis 董事會先前批准的股票回購計劃，我們還有 1.1 億美元剩餘。全年來看，我們回購了約 1.21 億美元的股票。第四季末，我們的資產負債表穩健，擁有 5.57 億美元的現金等價物和可流通證券。值得注意的是，這其中包括價值 1.82 億美元的長期證券。

With that, let me discuss our first quarter outlook on slide 13. All measures will be non-GAAP, with the exception of revenue. We expect revenue in the first quarter of approximately $195 million. The sequential decline is expected to be across both systems and CSNI. In systems we have seen a few pushouts due to the timing of available clean room space, and in CSNI there's some seasonality at play, which typically results in higher volume in the fourth quarter given customers like to manage their budgets in the year end.

接下來，我將在第 13 頁幻燈片中討論我們第一季的展望。除收入外，所有指標均為非GAAP指標。我們預計第一季營收約 1.95 億美元。預計這兩個系統和 CSNI 都將持續下降。在某些系統中，由於無塵室空間可用時間的限制，我們看到了一些延期；而在 CSNI 中，存在一些季節性因素，這通常會導致第四季度的業務量較高，因為客戶喜歡在年底控制預算。

In addition, as Russell noted, we saw a large customer upgrade in the fourth quarter that we do not expect to recur in the first quarter. And finally, a portion of the CSNI upside we saw in the fourth quarter was pulled forward from the first quarter.

此外，正如羅素指出的那樣，我們在第四季度看到了大量的客戶升級，我們預計這種情況不會在第一季重現。最後，我們在第四季度看到的 CSNI 上漲的部分收益是從第一季提前實現的。

We expect non-GAAP gross margins of approximately 41%. The sequential decline is primarily due to less favourable mix and lower volume relative to the fourth quarter. More specifically, we anticipate a higher volume of sales into the memory market, which typically carry lower gross margins due to the nature of the systems they are buying.

我們預計非GAAP毛利率約為41%。與第四季相比，季減的主要原因是產品組合不太理想以及銷量下降。更具體地說，我們預計記憶體市場的銷售將會增加，而由於他們購買的系統的特性，記憶體市場的毛利率通常較低。

In addition, we anticipate a sequential decline in CSNI revenue combined with a lower mix of upgrades which typically carry higher gross margins. And finally, to a lesser extent, we anticipate a modest incremental impact from tariffs as a greater mix of our inventory includes the tariff impact and older inventory is cycled out.

此外，我們預期 CSNI 收入將季減，同時升級改造業務的比例也會降低，而升級改造通常能帶來更高的毛利率。最後，我們預期關稅會產生較小的增量影響，因為隨著庫存中關稅影響的增加以及舊庫存的淘汰，關稅的影響也會逐漸顯現。

We expect non-GAAP operating expenses of approximately $59 million in the first quarter. Adjusted EBITDA in the first quarter is expected to be approximately $26 million. And finally, we estimate non-GAAP diluted earnings per share in the first quarter of approximately $0.71. As Russell indicated, we anticipate full year 2026 revenue to be approximately flat compared to 2025 levels, and we expect revenue to be second half weighted.

我們預計第一季非GAAP營運費用約為5900萬美元。預計第一季調整後 EBITDA 約 2,600 萬美元。最後，我們預計第一季非GAAP稀釋後每股收益約為0.71美元。正如羅素所指出的，我們預計2026年全年收入將與2025年水準基本持平，並且預計收入將主要集中在下半年。

We anticipate growth in our memory market to offset a decline in our power in general mature markets. We currently estimate full year 2026 non-GAAP gross margins of approximately low to mid 40%. The year over year decline is primarily due to the anticipated stronger mix of memory business in 2026 relative to our other markets.

我們預期記憶體市場的成長將抵消我們在成熟市場整體實力的下降。我們目前預計 2026 年全年非 GAAP 毛利率約為 40% 至 40% 左右。年比下降的主要原因是預計 2026 年儲存業務相對於其他市場將更加強勁。

In addition, as I referenced earlier, we anticipate a modest year over year impact from tariffs, which we estimate at less than 100 basis points. As we think about operating expenses for the year, we expect to continue to balance investments and product innovation to drive organic growth in our business while remaining disciplined on cost.

此外，正如我之前提到的，我們預期關稅對年比經濟的影響不大，我們估計影響不到 100 個基點。在考慮今年的營運費用時，我們預計將繼續平衡投資和產品創新，以推動業務的內生成長，同時保持成本控制的嚴格性。

As a result, we expect quarterly non-GAAP operating expenses for the balance of the year to remain relatively similar to anticipated first quarter levels. And finally, we anticipate our tax rate to be approximately 15% for the full year.

因此，我們預計今年剩餘時間的季度非GAAP營運費用將與預期的第一季水準保持相對相似。最後，我們預計全年稅率約為 15%。

In summary, we're pleased with how we performed in 2025 despite a softer demand backdrop in our power and general mature markets. While systems revenue declined on a year over year basis, we delivered strong growth in our CSNI business.

總而言之，儘管電力市場和整體成熟市場的需求環境較為疲軟，但我們對 2025 年的表現感到滿意。儘管系統收入較去年同期下降，但我們的 CSNI 業務實現了強勁成長。

We grew our gross margins and we delivered robust free cash flow while opportunistically increasing our pace of share buyback. We enter 2026 in a solid financial position and are excited to close our pending merger with Veeco, which we believe will enable us to unlock the full potential of the combined company and drive long-term value creation for our shareholders.

我們提高了毛利率，實現了強勁的自由現金流，同時抓住機會加快了股票回購步伐。進入 2026 年，我們擁有穩健的財務狀況，並且很高興能夠完成與 Veeco 的待決合併，我們相信這將使我們能夠釋放合併後公司的全部潛力，並為我們的股東創造長期價值。

With that, let me hand the call back to Russell for closing remarks. Russell.

那麼，現在讓我把電話交還給羅素，請他做總結發言。羅素。

Thank you, Jame. As we look ahead, we remain focused on disciplined execution, advancing our technology roadmaps that differentiate Axcelis across our end markets. The progress we made in 2025 from product innovations to acceleration in our CSI business to operational excellence, positions us well as we enter an important year for the company.

謝謝你，詹姆斯。展望未來，我們將繼續專注於嚴謹的執行，推進我們的技術路線圖，使 Axcelis 在終端市場中脫穎而出。我們在 2025 年取得的進展，從產品創新到加速 CSI 業務發展，再到卓越運營，使我們在公司進入重要一年之際處於有利地位。

With respect to our pending merger with Veeco, we anticipate significant long-term opportunities as a combined company. Together we expect to be even better positioned to capitalize on the secular tailwinds driven by AI and electrification. And expect to leverage the complementary strengths across our portfolios and our people to deliver greater value for all stakeholders.

關於我們即將與 Veeco 進行的合併，我們預計合併後的公司將擁有巨大的長期發展機會。我們期望透過共同努力，更能掌握人工智慧和電氣化所帶來的長期發展機會。並期望利用我們投資組合和員工的互補優勢，為所有利害關係人創造更大的價值。

I want to thank our customers, employees, partners, and shareholders for their continued support and trust in Axcelis. With that operator, we're ready to take questions.

我要感謝我們的客戶、員工、合作夥伴和股東對 Axcelis 的持續支持和信任。有了這位接線員，我們就準備好回答問題了。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Jed Dorsheimer from William Blair. Your line is open.

來自威廉布萊爾的傑德多爾斯海默。您的線路已開通。

All right, thanks guys and congrats on Q4. I guess, question for me is just in the memory market, congratulations on getting, the high current into the US memory manufacturer. I'm wondering if you might be able to provide a bit more color.

好的，謝謝大家，恭喜你們第四季取得佳績。我想問的是，就記憶體市場而言，恭喜你們獲得了美國記憶體製造商的高電流。我想知道您是否能提供更多細節資訊。

Is to whether or not this was, more of a second sourcing opportunity or, I just look at the Q4 to Q1 transition and I know you said that memory is going to be stronger, do you anticipate that that new customer is ramping up on the capacity expansion, or, how to think about that and then I have a follow-up question.

是說這更像是二次採購機會，還是說我只是在考慮第四季度到第一季的過渡期，我知道你說過內存性能會更強，你預計這位新客戶會加快產能擴張嗎？或者，應該如何看待這個問題？然後我還有一個後續問題。

Yeah, hey Jed, it's Russell. So, when I think about memory, obviously I'm talking about DRAM specifically, and the demand is going up and up, pretty much driven by AI. What we're seeing right now is that, basically it is clean room space limited, so we're seeing many customers trying to slide an extra couple of tools in to increase their capacity, but you won't really see large numbers of tools, until you actually open up the new fabs that are coming through.

嗨，傑德，我是羅素。所以，當我想到記憶體時，顯然我指的是DRAM，而對DRAM的需求正在不斷增長，這很大程度上是由人工智慧驅動的。我們現在看到的是，基本上潔淨室空間有限，所以我們看到很多客戶試圖塞進幾個額外的設備來增加產能，但是直到新的晶圓廠真正投入使用之前，你不會看到大量的設備。

So, I think you've seen them in the press. Each one of the really large DBAM manufacturers have plans to open new factories in the, in the near term. So I think what you'll see is that that's we'll see, a DRAM significantly up in 2026 compared to 2025, although somewhat of a lower base in 25, but we're looking to see that momentum continue into 2027 as the base of the bottleneck, which is clean room space, starts to dissipate and there'll be more tools coming out, and that'll be across all the Drev manufacturers.

所以，我想你們已經在媒體上看到它們了。每個真正的大型DBAM製造商都有計劃在近期開設新工廠。所以我認為你會看到，與 2025 年相比，2026 年 DRAM 的銷量將大幅增長，儘管 2025 年的基數較低，但我們預計這種增長勢頭將持續到 2027 年，因為瓶頸（即潔淨室空間）的底部開始消散，並且會有更多工具推出，這將適用於所有 DRAM 製造商。

That's helpful, thanks. And then just on this CSNI and specifically the silicon carbide, if you look at your base that's out there, what percentage has converted from the 150 to 200 already and where I'm going with this is just to try and understand. Sort of that conversion premium in the CSNI business that you saw in Q4 what's left out there to run through or capture.

很有幫助，謝謝。然後，就 CSNI 而言，特別是碳化矽，如果你看看你現有的基礎材料，有多少百分比已經從 150 轉化到 200，而我這樣做的目的只是為了了解情況。CSNI 業務中那種轉換溢價，就像你在第四季看到的那樣，還有剩餘的市場空間可以挖掘或取得。

That's a great question, Jed. So, I guess the question is, what is the market potential for a six inch to eight-inch transition, yeah, in terms of upgrades? Yes.

傑德，你問得好。所以，我想問的是，從六吋到八吋的過渡在升級方面，市場潛力有多大？是的。

So, I would say that only a very small part of our install base has gone up to 200 millimetres. It's still very much in that transition phase and kind of the leaders are trying to get there, and I'd say the leaders typically outside of China are trying to get there first.

因此，我認為只有我們安裝用戶群中很小一部分用戶選擇了 200 毫米的規格。目前仍處於轉型階段，各國領導人都在努力實現這一目標，而且我認為，中國以外的領導人通常都在努力率先實現這一目標。

I think that's where they're going to have the biggest cost advantage. So I think there's ample opportunity to continue to, provide these really high value upgrades into. Field I think you know I should just clarify that yes, there was a large customer going from six inch to eight inch, but they also upgraded the system as well to our Pure Power Plus series, which was an upgrade on top of an upgrade, so that that really did reduce the cost of ownership and like Jamie said in his prepared remarks, that was within the same footprint of the tool. So, this really is a field upgradable system. That gives, continues to give alue

我認為他們將在那方面擁有最大的成本優勢。所以我認為，我們完全有機會繼續提供這些真正高價值的升級服務。菲爾德，我想你應該知道，我應該澄清一下，是的，確實有一位大客戶從六英寸升級到八英寸，但他們也把系統升級到了我們的 Pure Power Plus 系列，這是在升級的基礎上又進行了一次升級，所以確實降低了擁有成本，就像傑米在他準備好的發言中說的那樣，這一切都在工具的相同佔地面積內完成工具。所以，這確實是一個可以在現場升級的系統。這賦予並持續賦予價值

Great, I'll jump back and queue. Thanks guys.

好的，我這就回去排隊。謝謝各位。

Thanks.

謝謝。

Thank you, thanks, Chad.

謝謝你，查德。

One moment for our next question.

請稍等片刻，我們來問下一個問題。

Denis Pyatchanin from Needham. Your line is open.

來自尼德姆的丹尼斯·皮亞查寧。您的線路已開通。

Great, thanks, Glenn's ask a few questions. So, regarding the strong bookings that you guys are seeing, can you tell us maybe a little bit more about which two or three segments are driving this growth?

太好了，謝謝，格倫問幾個問題。那麼，關於你們看到的強勁預訂量，能否詳細介紹一下是哪兩三個細分市場推動了這種成長？

I'd say that it's act, so if you look at our revenue history and where those segments have been, I'd say that our bookings have pretty much matched, our prior, so it's nothing unusual and.

我認為這是事實，所以如果你看看我們的收入歷史以及這些細分市場的情況，我認為我們的預訂量與之前基本持平，所以這沒什麼不尋常的。

While we're seeing a bump up in memory, I just want to mention that memory typically books and ships in the same quarter, so you don't typically see a lot of memory in our backlog. There's a little bit there, depending on where the quarter ends, but ultimately it's still general mature and power are the main parts of our bookings.

雖然我們看到記憶體需求增加，但我只想提一下，記憶體相關的訂單和出貨通常在同一季度完成，所以你通常不會在我們的積壓訂單中看到很多記憶體相關的訂單。根據季度結束時間的不同，會有一點變化，但總體而言，成熟度和電力仍然是我們預訂的主要部分。

Understood. And given the outlook for, approximately flat revenue year over year for 2026 versus 2025 and given the strength that we're seeing in DRAM from both, HPM and DDR5, can we assume that both general mature and both segments within power are showing some weakness throughout the year?

明白了。鑑於 2026 年的收入與 2025 年相比基本持平，並且鑑於 HPM 和 DDR5 DRAM 的強勁表​​現，我們是否可以認為兩者整體都已成熟，並且電源領域的兩個細分市場在全年都出現了一些疲軟跡象？

So I think we've kind of said that, general mature is slightly down, but we are seeing the utilization rates coming up. So obviously our customers are seeing, hopefully a response, a rebound in revenue, but that's because they're now getting to utilize the tools they already have. Once those tools are up to high utilization rates, that's when they're. Start to buy more tools. It's certainly a very positive sign.

所以我覺得我們已經說過，整體成熟度略有下降，但我們看到利用率正在上升。顯然，我們的客戶看到了成效，收入有所回升，這是因為他們現在能夠利用他們已經擁有的工具。一旦這些工具的利用率達到很高的水平，那就是它們發揮作用的時候了。開始購買更多工具。這無疑是一個正面的信號。

It's just that we're further down the supply chain, so that I would say that we're slightly down year over year with raising utilization rates. Regarding power, I say power is slightly down, although it's still a large part of our revenue and it's still doing, I'd say, relatively well.

只是因為我們處於供應鏈的下游，所以我認為，與去年相比，我們的產能利用率略有下降。關於電力業務，我認為電力業務略有下降，儘管它仍然是我們收入的很大一部分，而且我認為它的表現仍然相對較好。

And when I look at power, I think about the long-term secular trends, electrification, for example, all the way from generating, efficient energy, transporting efficient energy and using less of it. I really do think that there's a great opportunity in the long-term. Secular trends of power. So, while they're taking a bit of a pause, and I say it's a slight down, you're seeing the slack being picked up by memory and like I said before, memory right now the bottleneck is the is the clean room space.

當我審視能源問題時，我會想到長期的世俗趨勢，例如電氣化，從高效能發電、高效輸電到減少能源消耗，一路走來。我真的認為從長遠來看，這是一個絕佳的機會。權力的長期趨勢。所以，雖然他們暫時停頓了一下，我說這是略微下滑，但你可以看到內存正在彌補這一缺口，就像我之前說的，內存目前的瓶頸是潔淨室空間。

And I did Oh -- go ahead, Dennis I was going to say, is there any way to provide a little bit more color on like whether power SIC or other powers looking a little bit stronger over the next few quarters or, even throughout 2026.

哦——丹尼斯，請繼續。我本來想說，有沒有辦法更詳細地說明一下，例如電力產業或其他產業在未來幾個季度，甚至在整個 2026 年是否會變得更強一些。

I would say our current view is it's like what we're really talking about is a handful of systems, Dennis, right, and probably both of those segments, right, lower than the year over year prior year, and as we look out what we're trying to just be cautious on is calling the timing of a recovery, right? We, we're seeing those encouraging signs as Russell said in utilization rates, that's helping to contribute to some of the incremental CSNI volume.

我認為我們目前的看法是，我們真正討論的是少數幾個系統，丹尼斯，對吧？而且這兩個部分可能都比去年同期低，對吧？當我們展望未來時，我們盡量謹慎地預測復甦的時機，對吧？正如 Russell 所說，我們看到了這些令人鼓舞的跡象，例如利用率，這有助於促進 CSNI 業務量的成長。

That we're seeing as well, so you know we are getting some beneficial, financial performance from those improved utilization rates and similar to our approach, last year with, calling a memory recovery, we want to just kind of see it in the data before we're willing to put that out there. What I'd suggest is we're seeing those encouraging signs, but we're not yet seeing those the order rates pick up at that rate just yet for us to call that a site the recovery in the cycle for those, markets.

我們也看到了這一點，所以你知道，這些提高的利用率給我們帶來了一些有益的財務業績，與我們去年的做法類似，我們稱之為內存恢復，我們希望在數據中看到它，然後再將其公佈出來。我的觀點是，我們看到了這些令人鼓舞的跡象，但我們還沒有看到訂單率以那種速度回升，因此我們不能稱之為這些市場週期的復甦。

Understood, yeah, I appreciate the call, guys.

明白了，謝謝你們的來電。

Thank you.

謝謝。

Thank you.

謝謝。

Christian Schwab from Craig-Hallum. Your line is open.

來自 Craig-Hallum 的 Christian Schwab。您的線路已開通。

Great, thanks for taking my question. I just want to get back to memory for a second. So, you know your largest customer in Korea is taking, some capacity off of NA for DR RAM for high bandwidth membrane plus, we really need a substantial increase of wafer starts and DRAM specifically, not NAN.

太好了，謝謝你回答我的問題。我只想稍微回憶一下。所以，你知道你在韓國最大的客戶正在從北美地區抽調一些產能用於高頻寬膜的 DR RAM，我們真的需要大幅增加晶圓開工量，特別是 DRAM，而不是 NAN。

Given layer count increases, in order to get supply and demand more in balance, so are you suggesting that you think, others in the space are talking about, a super memory cap back cycle, since you really only have one competitor and our leading supplier. Is the largest, are you suggesting that you don't have the orders in hand for the second half of '26 yet, or are you suggesting that '27 should be a fantastic year?

鑑於層數增加，為了使供需更加平衡，您是否認為，正如業內人士所談論的那樣，超級內存容量回落週期，因為您實際上只有一個競爭對手，那就是我們的主要供應商。您說的最大訂單是指 2026 年下半年的訂單還沒到賬，還是指 2027 年將會是輝煌的一年？

So, a couple of things, Christian. So, I think what we're saying is that typically we build to forecasts, which is why we often get the PO, i.e. the booking in the same quarter of the tall ship. So, just to kind of clarify where we are with 2026, we believe that we're going to have significant improvements in our DRAM business in 2026, and that's based upon staying very close to our customers understanding what their needs are.

克里斯蒂安，有幾件事要跟你說。所以，我認為我們想表達的是，我們通常會根據預測進行建造，這就是為什麼我們經常會收到採購訂單，也就是在同一艘高桅帆船的同一區域進行預訂。所以，為了澄清一下我們對 2026 年的展望，我們相信 2026 年我們的 DRAM 業務將取得重大進展，而這得益於我們與客戶保持密切聯繫，了解他們的需求。

However, I think it's also clear that while they're kind of begging and borrowing space, they have made public announcements of really significant increases in their capacity. So, if you think about the Yong in cluster, for example, with SK hynix, it's going to be four mega fabs of 200,000 wafer starts a week, and that's where they've been investing.

不過，我認為很明顯，雖然他們有點像是在乞求和借用空間，但他們已經公開宣布將大幅提高自身的容量。例如，如果你考慮一下 SK 海力士在 Yong 的集群項目，那將會有四個每周可生產 20 萬片晶圓的巨型晶圓廠，而這正是他們一直在投資的地方。

A lot of money for quite some time, so they've got the CapEx going into building the fabs and then they'll be looking in, I think, early 2027, for example, to be taking for taking systems to then start ramping up that factory and I think you've seen in the public, disclosures, multiple companies saying they're looking to build more capacity, but right now that's what you're seeing with DRAM is that. The prices are spiking because the supply is very constrained.

他們在相當長的一段時間內投入了大量資金，所以他們已經投入資本支出建設晶圓廠，然後他們可能會在2027年初，例如，開始接收系統，然後開始擴大工廠產能。我認為你已經在公開披露的資訊中看到，多家公司表示他們正在尋求擴大產能，但目前DRAM的情況就是這樣。由於供應非常有限，價格正在飆升。

Right, can you, on the capital intensity, can you remind us, how much, IN implant equipment is needed for every 100,000 wafers starts.

好的，關於資本密集度，您能否提醒我們一下，每生產 10 萬片晶圓需要多少植入式裝置？

Yeah, sure, so I think you know NAN and DR RAM are slightly are mostly similar in terms of the of the of the requirements, but the mix was inside that number would vary between high energy, high current, and medium current. So, if I go with DRAAM for example.

是的，當然，所以我認為你知道NAN和DR RAM在要求方面略有相似，但其中的組合會在高能量、高電流和中等電流之間有所不同。例如，如果我選擇DRAAM。

Typically, it's about $150million to $200 million worth of capital for implants for every 100,000 wafer starts that are bought online, and that, I would say is there's a little bit of high energy in theirs, but a large amount of that is high current, so you know when we talk about.

通常情況下，每在線購買 10 萬片晶圓，植入物需要價值 1.5 億至 2 億美元的資金，我認為這其中蘊含著一些高能量，但其中很大一部分是高電流，所以你知道，當我們談論的時候。

Growth in in memory, we have a very good position in high energy, and we're looking to get to build upon our good position in high current as well, so that's why, we've been positive about high current.

在記憶體領域，我們擁有非常良好的高能效地位，我們也希望在高電流領域鞏固我們良好的地位，因此，我們對高電流領域一直持樂觀態度。

Yeah, I think that's an important note, Christian, is that the, that all this commentary really is around DRAM at this point in time, right? And our expectations are for NAN to continue to be, relatively muted as we go through 26 that could free up as we go into '27, depending on how those NAN, what those, NA producers need to increase their capacity so.

是的，我認為這一點很重要，克里斯蒂安，也就是說，目前所有這些評論實際上都圍繞著DRAM展開，對吧？我們預計，到 2026 年，北美市場將繼續保持相對低迷的狀態，但隨著 2027 年的到來，市場可能會有所釋放，這取決於北美生產商如何提高產能。

Got it thank you.

明白了，謝謝。

Thank you.

謝謝。

Craig Ellis from B. Riley Securities. Your line is open.

來自 B. Riley Securities 的 Craig Ellis。您的線路已開通。

Yeah, thanks for taking the question, guys, I was hoping to get a better understanding of what you're seeing in the mature foundry business, with some insight geographically.

是的，謝謝各位回答這個問題，我希望能夠更了解你們在成熟的鑄造行業中觀察到的情況，並能從地域角度進行一些分析。

We're hearing from companies that they're. We're seeing foundry utilization approaching 90% in China, in the 80% area in Southeast Asia, I suspect it's much lower than that, in mature in the US and Europe, but as you're engaged with Your many customers immature, can you help us understand where we're getting closer to levels where they need to really start, adding, more capacity versus areas where there may be less very near term pressure.

我們從一些公司那裡了解到，他們正在這樣做。我們看到中國的晶圓代工產能利用率接近 90%，東南亞在 80% 左右，我懷疑美國和歐洲的產能利用率遠低於此，雖然已經成熟，但鑑於您的許多客戶仍處於不成熟階段，您能否幫助我們了解哪些地區的產能利用率接近真正需要增加產能的水平，以及哪些地區在短期內可能壓力較小？

Hey Craig, it's Russell. So yeah, so utilization rates do obviously vary by customer. I'd say that high utilization will then drive to high CapEx or use of CapEx, and you've seen some of our customers state that their CapEx may not be that high this year. I think there's been a couple of very vocal customers about that.

嘿，克雷格，我是拉塞爾。所以，使用率顯然會因客戶而異。我認為，高利用率將導致高資本支出或資本支出使用率，而你們也看到我們的一些客戶表示，他們今年的資本支出可能不會那麼高。我認為已經有幾位顧客對此表達了非常強烈的意見。

So obviously they've got to fill up what they have, and they may be slightly behind where they would like to be, and then they'll start spending. But if you are you focusing on China, yes, they certainly want to provide more chips for domestic use. So, this is very much about the self-sufficiency. So, they're going to, and I believe they're quite a long way behind their goals.

所以很顯然，他們必須先填滿他們現有的空間，他們可能離理想的狀態還有一點差距，然後他們就會開始消費。但如果你關注的是中國，那麼是的，他們當然希望為國內市場提供更多晶片。所以，這很大程度關乎自給自足。所以，他們確實要這麼做，而且我認為他們距離目標還差得很遠。

So, they're going to continue to buy equipment and ramp up factories and since these are quite demanding technologies, it may take them a while to get the cost down as they get the yields up and ramp up the factory. But yes, you're seeing that in China, there are certainly still high utilization rates and also a demand for additional growth.

因此，他們將繼續購買設備並擴大工廠規模，由於這些技術要求很高，因此在提高產量和擴大工廠規模的同時，可能需要一段時間才能降低成本。但沒錯，在中國，確實可以看到這種情況，產能利用率仍然很高，而且對進一步成長也有需求。

The other thing is, I think we've said this many times before, I mean, our Chinese customers behave like any of our other customers. They absolutely want the best technology. They want world class service and support, and we've got great relationships in China, and you know we spent over 100. Million dollars last year on R&D and that goes to innovation and Chinese customers are looking for innovation as much as anybody else. They're looking to do basically they need cutting edge technology to give them the benefit in their own businesses that they're looking for to survive.

還有一點，我想我們以前也說過很多次了，我的意思是，我們的中國客戶的行為和其他客戶一樣。他們絕對想要最好的技術。他們想要世界一流的服務和支持，我們在中國擁有良好的關係，而且你知道我們投入了超過 100 美元。去年我們在研發上投入了數百萬美元，這些資金都用於創新，而中國消費者和其他消費者一樣，都在追求創新。他們基本上是想利用尖端技術，為自己的事業帶來所需的優勢，從而生存下去。

Thanks Russell. That's really helpful and just sticking with the China theme versus the 32% of revenues in the fourth quarter or if we want a baseline off the 42% for 2025, and I know the company's not giving full year guidance, but can you help us understand where you feel the demand intensity would be, from that region in 2026 given.

謝謝你，羅素。這真的很有幫助，我們繼續討論中國市場，看看第四季度中國市場的收入佔比是 32%，或者如果我們想以 2025 年的 42% 作為基準，我知道公司沒有給出全年業績指引，但您能否幫助我們了解一下，鑑於此，您認為 2026 年該地區的需求強度會是多少？

In part that we've heard a number of companies suggest trends could be flattish rather than down year on year. I know you have over 20 customers, but if you look at what's possible in China, what does it look like for 2026?

部分原因是，我們聽到一些公司表示，趨勢可能持平，而不是逐年下降。我知道你們有 20 多個客戶，但如果看看中國的發展前景，2026 年會是什麼樣子呢？

Yeah, we see it to be relatively flatted down slightly, right, and I maybe stressed the word slightly there, Craig, to some extent, when we start to think about the ASPs and the number of units we ship, right, you're not talking about, massive number of, I'll call it quantity wise down.

是的，我們看到它相對趨於平穩，略有下降，對吧？我可能強調了「略有」這個詞，克雷格，在某種程度上，當我們開始考慮平均售價和出貨量時，對吧？你指的不是數量上的大幅下降，我稱之為數量上的下降。

We do expect China to continue to remain a really durable part of the overall market, and business for us, as they build out that capacity, as Russell said, they're still really far away from their self-sufficiency goals and targets, and the conversations that the team is having over there, with those customers, continue to sort of stress the expansion that they continue to plan, with more fabs coming online in order to meet those self-sufficiency goals and targets.

我們預計中國將繼續保持在整個市場和業務中非常穩定的部分，正如羅素所說，隨著他們產能的提升，他們距離實現自給自足的目標還很遠，而團隊與客戶進行的對話也繼續強調他們正在計劃的擴張，即更多晶圓廠上線，以實現這些自給自足的目標。

So again, we're prepared to continue to support that ramp, in the market, and as they work through that we call this digestion of capacity, we really have seen that more as a mixed bag outside of China, more so than really inside of China.

所以，我們再次準備繼續支持市場上的產能爬坡，隨著他們逐步消化產能，我們稱之為產能消化。我們看到，在中國以外，這種情況比在中國境內更為複雜。

Very helpful and if I could sneak in one more, Jame, with regard to the 41% gross margin guide for the first quarter, clearly, CSN I had less of a tailwind than that spectacular fourth quarter gross margin number, but are there any one-offs impacting gross margin? It is coming in a little bit lower than I would have otherwise expected.

非常有幫助。 Jame，如果我可以再補充一點，關於第一季 41% 的毛利率預期，顯然，CSN 的利多因素不如第四季度驚人的毛利率數字那麼大，但是否有任何一次性因素會影響毛利率？實際結果比我預期的要低一些。

Yeah, no, it's a good question and sort of we dissected the sort of the dip we said we're anticipating here. I think that again the strength of that margin in Q4 right was driven by, really record levels of CSI volume that we saw in the period. As well as the mix within the upgrades, right, the upgrade being a larger ex CSI load. So, on a normalized basis, right, I would say that the margin decrease is not as material as it might otherwise look from Q4 to Q1.

是的，這是一個很好的問題，我們也分析了我們預期會出現的這種下跌趨勢。我認為，第四季利潤率的強勁成長再次得益於該季度CSI銷量創歷史新高。除了升級過程中的各種組合之外，這次升級還包括更大的前 CSI 負載。所以，從正常情況來看，我認為從第四季到第一季度，利潤率的下降幅度並沒有看起來那麼大。

Within that we do see a higher mix of memory systems making up the system's volume, in the period as well as, sort of the moderation of CSNI and expectation for moderation of CSNI volume given that there's some seasonality, that happens from Q4 to Q1 is our customers will, use up some of their budgets, to buy, incremental CSNI in the period.

其中，我們看到記憶體系統在系統總量中所佔比例較高，同時，CSNI 的數量也趨於緩和，考慮到從第四季度到第一季度的季節性因素，我們預計 CSNI 的數量也會趨於緩和，我們的客戶會將部分預算用於在此期間購買額外的 CSNI。

And then you know I don't want to overstress this, but you know we are seeing a Q1. There's a little bit of a tariff impact in Q1 just given the way our inventory flows out from, we procure inventory last year which gets used, in Q1 of this year that is now at a slightly higher cost. We anticipate that to be, a little less than 100 basis points for the full year, but the impact in Q1 is higher, and we expect that to moderate over the course of the year as we sort of catch up with our sort of Q4, COGS levels.

然後你知道，我不想過度強調這一點，但你知道，我們正在看到第一季的情況。由於我們的庫存流動方式，第一季會受到一些關稅影響。我們去年採購的庫存會在今年第一季使用，而這些庫存現在的成本略高一些。我們預計全年影響將略低於 100 個基點，但第一季的影響更大，我們預計隨著我們逐漸趕上第四季度的銷售成本水平，這種情況將在年內有所緩和。

Thanks for all that detail, Jamie. Very helpful. Good luck, guys.

謝謝你提供這麼多細節，傑米。很有幫助。祝你們好運。

Good, thanks, man.

好，謝謝。

Thank you.

謝謝。

Jack Egan from Charter Equity Research. Your line is open.

來自 Charter Equity Research 的 Jack Egan。您的線路已開通。

Great, thanks for taking the question. So, the first one on, power in general mature. I just want to make sure I understand your guidance correctly, so because based on it you could look at a lot of the commentary from the big analog and power companies in, just in this quarter, it seems, spending will come down. Pretty materially across the board, but then, as you mentioned, there are some tailwinds like, the higher utilization and some one-time upgrades to larger wafers or, in other areas, and then, some buildouts by, newer Chinese customers in six.

太好了，謝謝你回答這個問題。所以，首先，權力大致上是成熟的。我只是想確保我正確理解了您的指導，因為根據您的指導，您可以看看大型模擬和電力公司在本季度的許多評論，似乎支出將會下降。總體而言，各方面都有相當大的成長，但正如您所提到的，也有一些利好因素，例如更高的利用率，以及一些一次性升級到更大晶圓或其他領域的舉措，還有中國新客戶在六月份的一些建設項目。

So, I mean, does that kind of encapsulate the situation where, I think you said it's going to be down slightly year over year, and its mainly capacity investments being down and then offset a bit by, some of those other idiosyncratic factors.

所以，我的意思是，這是否概括了您所說的情況，即同比略有下降，主要是產能投資下降，然後被其他一些特殊因素部分抵消。

Yeah, hey Jack, it's Russell. So, I think the question was, we're saying it's kind of like flat to slightly down, you're saying what the factors in there are, and I think it's, I think China is still, looking to add capacity, but they're adding it.

嗨，傑克，我是羅素。所以，我認為問題是，我們說情況有點像持平或略有下降，你們說這其中有哪些因素，我認為，我認為中國仍在尋求增加產能，而且他們正在增加產能。

Carefully, I'd say you know they've got to absorb what they've got, make sure they ramp up effectively with costs and control, and I think you're finding some of the non-Chinese people are also, yeah, the utilization rates are definitely going up, and it matters which customer you're talking about.

謹慎地說，你知道他們必須消化現有的資源，確保有效控製成本並提高效率，而且我認為你會發現一些非中國客戶也是如此，是的，利用率肯定在上升，而且你談論的是哪個客戶也很重要。

The utilization rates are going up and since we're that a little bit further down the Supply chain, they need to get their utilization rates up before they start thinking about new tools. So that I think that's like we'll see a lot of customers this year start to recover their capacity and then that's what we'll then see hopefully as an opportunity going into 2027.

利用率正在上升，由於我們在供應鏈中處於更下游的位置，他們需要在考慮新工具之前提高利用率。所以我認為，今年我們會看到很多客戶開始恢復產能，然後我們希望這會成為2027年的機會。

Okay, sure, thanks, that's helpful, and then as you've said earlier for memory, those orders come in with a really short lead time, but something that we're seeing, like at the memory companies is that their customers are becoming more willing to sign these unusually long LPAs. Just given the severity of the shortage and so I was just of curious on is any of that trickling down to Axcelis just maybe in kind of your customer, discussions with customers, have they indicated that, maybe we'll give you longer lead times or is it largely, the same as it has been for Axcelis in recent quarters?

好的，當然，謝謝，這很有幫助。正如您之前提到的，記憶體訂單的交貨週期非常短，但我們看到，記憶體公司的客戶越來越願意簽署這些異常長的長期授權協議。鑑於短缺的嚴重性，我很好奇這種情況是否會影響到 Axcelis，例如在與客戶的討論中，他們是否表示可能會延長交貨時間，或者情況是否與 Axcelis 近幾個季度的情況基本相同？

Yeah, actually, whenever I hear about long-term contracts being signed, it always makes me a bit worried because I've kind of seen these happen before and I think somebody in the newspaper today called it RAM ageddon. As the demand for RAM is so high, and you're absolutely right, you're seeing people buying up large amounts of RAM in long-term contracts, so yes, the price is spiking up, I think that you're, you, you're definitely, seeing that.

是啊，其實，每當我聽到有人簽訂長期合約時，我總是有點擔心，因為我以前見過這種情況，而且我覺得今天報紙上有人稱之為「RAM末日」。由於對內存的需求非常高，而且你說得完全正確，你可以看到人們簽訂長期合約大量購買內存，所以是的，價格正在飆升，我想你肯定看到了這一點。

But I also Well, we're talking about RAM, right? I think.

但是，我們現在討論的是內存，對吧？我認為。

I think it's important we do maybe just like a process check on how our customers order with us just to clarify when we talk about yeah short order cycles.

我認為我們有必要檢查客戶的訂購流程，以便更清楚地了解我們所說的短訂單週期是什麼意思。

It's PO placement, Jack, but what we do get from our customers, in this space is we get a long-range forecast that can cover, sort of multi quarters, so we get a multi quarter forecast. Our historic experience has been.

傑克，這是採購訂單安排，但我們從客戶那裡得到的是，在這個領域，我們可以獲得一個可以涵蓋多個季度的長期預測，所以我們可以獲得一個多季度的預測。我們的歷史經驗是…

That those forecasts are very sound right in terms of what the needs and requirements are and sometimes we actually will see requirements go above what is in that initial forecast that they are able to free up incremental capacity in space that activity is occurring continues to occur with these customers. This is why when we talk about our confidence and memory recovery right it's.

這些預測非常合理，能夠準確反映需求和要求，有時我們甚至會看到需求超出最初的預測，從而釋放出額外的產能，而這些客戶的活動仍在繼續。這就是為什麼當我們談論自信心和記憶力恢復時，它總是如此重要。

It's founded in those discussions that we're having relative to our customers' needs for the period. What follows short behind that is the I'll call it the legal framework for which, we enter into the purchase order that that it's just the timing of that purchase order can be a week, a month, and maybe if we're lucky, a quarter ahead of time.

它是基於我們針對客戶在這段時期的需求而進行的討論而製定的。緊隨其後的是我稱之為法律框架的東西，我們據此簽訂採購訂單，而採購訂單的簽訂時間可以是提前一周、一個月，如果我們幸運的話，甚至可以提前一個季度。

Yeah, that's exactly what I'm sorry, I was in Korea last week and that's the jet lag kicking in, and I was in Korea last week talking to our customers about, what they see going on and yeah, Jamie is absolutely right, we work on forecasts, the forecasts as you can imagine are quite positive, but, and we're making sure that we're ready for that that that demand.

是的，正是如此。抱歉，我上週在韓國，時差還沒倒過來。我上週在韓國和我們的客戶交流，了解他們的看法。是的，Jamie 說得完全正確，我們做預測，正如你所想，預測結果相當樂觀，我們正在確保做好準備，滿足這種需求。

Got it. Yeah, it would be interesting to see, Jack, is though as they free up their constraints, how quickly they can free up their constraints if those buying patterns accelerate, right? But as of right now that's why we're forecasting an acceleration of memory into '27.

知道了。是的，傑克，看看他們解除限制後，如果購買模式加速發展，他們能以多快的速度解除限制，那將是一件很有趣的事情，對吧？但就目前而言，這就是為什麼我們預測到 2027 年記憶體成長將會加速的原因。

As we'll see higher volumes here and then we'll see acceleration into '27, we're going to watch pretty closely, our customers' expansion, as we move through the course of the year as they try to, pull in some, incremental fab space, so we want to position, leverage the balance sheet and position ourselves to take advantage of incremental opportunities for '26 if they're able to free up some incremental space.

隨著銷量增加，到 2027 年我們將看到銷量加速成長，我們將密切關注客戶的擴張情況，因為他們將在今年嘗試增加一些晶圓​​廠空間，所以我們希望利用資產負債表，做好準備，以便在他們能夠騰出一些額外的空間的情況下，抓住 2026 年的額外機會。

Got it. That makes sense. Thanks, Russell. Thanks, Jame.

知道了。這很有道理。謝謝你，羅素。謝謝你，詹姆斯。

Thank you.

謝謝。

Duksan Jang from Bank of America Securities. Your line is open.

來自美國銀行證券的Duksan Jang。您的線路已開通。

Hi, thank you for taking the question. I have a question on the Q1 guide of 195 sales. So, I think that's about a $20 million delta from your, from what you alluded to last quarter. I know you talked about some pull-ins, but at the same time, I think you said memory has gotten much stronger, in your bookings, which is more of general mature and power that has also improved a lot. So, I'm curious what the puts and takes are into that 195 guide, how much is pull in versus how much is real end demand.

您好，感謝您回答這個問題。我有一個關於第一季銷售195份指南的問題。所以，我認為這和你上個季度提到的數字相比，大約有 2000 萬美元的差距。我知道你談到了一些拉入的情況，但同時，我認為你也說過你的預訂記憶力變得更強了，這更多的是一種整體的成熟度和能力的提升，而且這種成熟度和能力也得到了很大的提高。所以，我很好奇這195號指南的投入和產出情況，有多少是拉動需求，又有多少是實際的最終需求。

Thank you.

謝謝。

Yeah, so, the, it's actually a combo factor induction. Thanks for asking the question. I think it's important to get it clear. So, we did see some incremental volume in the fourth quarter for CSNI, that, probably would have floated into Q1 had it not come into, not overly material but enough to sort of move our expectations for Q1 relative to that. On top of that, we saw some push out of systems.

是的，所以，這實際上是一個組合因素歸納法。感謝你的提問。我認為把這一點弄清楚很重要。所以，我們在第四季度確實看到了 CSNI 的一些增量，如果不是提前到第一季度，這些增量可能會延續到第一季度，雖然不算特別大，但也足以改變我們對第一季度的預期。除此之外，我們也看到一些系統被推出。

From Q1 into later in the year given fab readiness for our customers, and not necessarily focused on any one specific market, we just have those these things happen, so you know as we look, ahead timing right of system delivery is always one that we manage very closely with our customers again we don't want our system sitting in parking lots or warehouses. We want the fabs to be ready. We want our installation teams to follow closely thereby. So, you know what we really saw was some push out of systems, coupled with some modest, pulling activity on the CSNI front.

從第一季到今年晚些時候，考慮到晶圓廠已為我們的客戶做好準備，而且不一定專注於任何特定的市場，我們只是有這些事情發生，所以你知道，展望未來，系統交付的時機始終是我們與客戶密切管理的事情，我們不希望我們的系統閒置在停車場或倉庫裡。我們希望工廠做好準備。我們希望我們的安裝團隊嚴格遵守這些規定。所以，我們真正看到的是一些系統被推出，同時在 CSNI 方面出現了一些適度的拉動活動。

Got it. Thank you for that clarification. That sort of leads into my second question, which is on your 2026 outlook of being flattish. When you say it's going to be second half weighted this year, is that mostly coming from memory or is it also more broad-based, and what, what's giving you really the confidence, I mean, to that visibility?

知道了。謝謝你的解釋。這就引出了我的第二個問題，那就是你對 2026 年經濟趨於平坦的看法。你說今年下半年業績會比較突出，這主要是憑記憶還是基於更廣泛的分析？是什麼讓你對這種預測如此有信心？

Thank you.

謝謝。

So, I think you can really go for it, Jamie. Sorry, go ahead, Russell.

所以，我覺得你真的可以放手一搏，傑米。抱歉，請繼續，羅素。

No, it didn't. It's really bold.

不，並沒有。這真是大膽。

Yeah, both of those things are occurring right here for us at the end of the day we're seeing, some incremental memory volume at a higher rate than we expected coming in the back half of the year. So that when we talk about those encouraging signs relative to memory and some of our ability to, seeing the recovery occur, it is that memory volume coming in that that we anticipate going higher.

是的，這兩件事最終都發生了，我們看到，今年下半年記憶體使用量的成長速度比我們預期的要快。所以，當我們談到與記憶力和我們的一些能力相關的那些令人鼓舞的跡象，看到恢復發生時，我們預計記憶容量會上升。

We are also anticipating just based on the timing of customer needs, we're seeing, systems volume weighted towards the back half of the year and then we are forecasting sort of similarly a little bit of, CSNI uptick over the course of the years we introduce upgrades and upgrade activity, that can occur, as customers take those things on.

我們也根據客戶需求的時機預測，系統數量將集中在下半年，然後我們預測，隨著客戶進行升級和升級活動，CSNI 的數量也會在幾年內出現類似的成長。

Awesome, thank you.

太棒了，謝謝。

Thank you.

謝謝。

David Dooley from Steelhead Securities. Your line is open.

來自 Steelhead Securities 的 David Dooley。您的線路已開通。

Yeah.

是的。

Thanks for taking my questions. I guess first off, if I listen to you carefully about your memory business, it sounds like you're going to have higher growth in memory in 2027 than you're going to have in 2026 driven by the clean room space, constraint.

謝謝您回答我的問題。首先，如果我仔細聽你對內存業務的描述，聽起來由於潔淨室空間的限制，你在 2027 年的內存業務增長將高於 2026 年。

But in 2026, Do you think this business can get to like 12% or 15% of revenue? I'm just kind of curious how much growth you think there will be in '26.

但你認為到 2026 年，這項業務的收入佔比能達到 12% 或 15% 嗎？我只是有點好奇你認為 2026 年會有多少成長。

Yeah, so we're not giving a specific number, Dave, just yet on that, but I would say, again, we're coming off a fairly low base in 2025, and we do expect, volumetrically to see an increase here to, keep the revenues, call it flattish as we see some, downward trajectory in the power.

是的，戴夫，我們目前還不能給出具體數字，但我還是要說，2025 年我們的基數相當低，我們預計銷量會有所增長，以保持收入基本持平，因為我們看到電力行業出現了一些下降趨勢。

Generally mature space overall, we do anticipate acceleration of memory activity as we move into 2027, and obviously the growth rate from '25 to '26 to '27 is all going to predicate on the volume that we're able to deliver within 2026, but as of right now I'd say, the growth rate in '26 is a healthy number.

總體而言，該領域已經相當成熟，我們預計隨著進入 2027 年，記憶體活動將會加速成長。顯然，從 2025 年到 2026 年再到 2027 年的成長率將完全取決於我們在 2026 年能夠交付的銷量，但就目前而言，我認為 2026 年的成長率是一個健康的數字。

And do you think 2027, since that's probably going to be the higher growth year and the higher dollar amount of memory system shift, do you think you can get back to your historical range? I think that was 18% to 20% a long time ago when there was a memory cycle.

鑑於 2027 年可能是成長最快的一年，而且記憶體系統轉移的美元金額也會更高，您認為到 2027 年，您能否恢復到歷史水平？我記得很久以前，在記憶週期時期，這個比例大概是 18% 到 20%。

So I think if you go back to historic records, it's probably better to do it in absolute dollars than it is to market share because I think as a company we've progressed. Significantly, I mean, when I joined 10 years ago, we were selling tools to Korea, right, and I think since then you've seen us get into silicon carbide power, silicon power, got a nice business in general, mature image sensors.

所以我覺得，如果回顧歷史記錄，用絕對金額來衡量可能比用市場份額來衡量更好，因為我認為作為一家公司，我們已經取得了進展。值得一提的是，當我十年前加入公司時，我們還在向韓國銷售工具，對吧？我認為從那時起，你們已經看到我們涉足碳化矽粉末、矽粉末領域，整體上取得了不錯的業務，影像感測器也日趨成熟。

So I think it's more about the absolute numbers. Our last highest memory year, I think was. Like, I want to say Jamie, it's like $120 million but that was And and Drev. So, you then have to pare it out to what was the highest amount of revenue we ever made within a year on DRAM alone.

所以我覺得更重要的是絕對數字。我想，我們記憶力最好的一年是…例如，我想說傑米，大概是 1.2 億美元，但那是安德和德雷夫。所以，接下來你必須把它縮小到我們一年內僅靠 DRAM 就獲得的最高收入。

That'll probably get you close to, where we would be wanting to get plus some, right? I mean, I'm always the optimist and I'm always looking to take on more market share. And I think you've also got to look at the size of the market, and I don't think I've ever seen the DAM market in such short supply before.

這樣應該能讓你接近甚至超過我們想要達到的目標，對吧？我的意思是，我總是很樂觀，而且我總是想辦法獲得更大的市場份額。我認為還要考慮市場規模，而且我以前從未見過數位資產管理 (DAM) 市場供應如此短缺的情況。

So, I think as ever you're going to start to see a large amount of supply come on, and we know how the cycle works, but I think that I think we're looking to get a piece of that action and like we've said, we're very pleased with the fanning out of our memory into a large North American manufacturer that gives us an even bigger footprint and bigger opportunity going forward.

所以，我認為和以往一樣，你會看到大量的供應湧入，我們也知道這個週期是如何運作的，但我認為我們正在尋求從中分一杯羹，就像我們說過的那樣，我們非常高興地看到我們的內存業務發展成為一家大型北美製造商，這讓我們擁有了更大的市場份額和更大的發展機會。

Russell, that's really important is that that last DRAM high was $90 million, right, and that was before the introduction of these systems into the North American memory manufacturer and then, as we think about the number of wafer starts right, that predicated the $90 million dollar build out, right, I think the projections for that are higher but again we're going to, again we'll be sort of moderate in our, tone here because again we need to see those wafer starts occur.

Russell，這一點非常重要，上次DRAM的最高點是9000萬美元，對吧？那是在北美記憶體製造商引進這些系統之前。然後，當我們考慮晶圓開工數量時，這預示著9000萬美元的投資額，對吧？我認為預測值會更高，但我們仍然會保持溫和的語氣，因為我們還需要看到晶圓開工數量真正出現。

We need to see the customers expand their fabs, we need to see the orders and the forecasts come in, but all the signs right now are encouraging for that '27, we will accelerate out of '26 into '27.

我們需要看到客戶擴大他們的工廠規模，我們需要看到訂單和預測結果，但目前所有的跡像都令人鼓舞，2027 年我們將從 2026 年加速發展到 2027 年。

Okay. And the final thing for me is I think I think you've already answered, but I just want to make sure. I think you said you had record demand for high currents systems or tools in the quarter. Is that just because the memory business is turning on, or maybe you could elaborate a little bit about that?

好的。最後，我想說的是，雖然我覺得你已經回答了，但我還是想確認一下。我想你說過，本季對大電流系統或工具的需求創下了歷史新高。是因為記憶體業務正在復甦嗎？還是您能詳細解釋一下？

So, we do have, so there's a couple of things. Yes, memory business is turning on, but like I say, it's still on a pretty low base in 2025. I'd say that we're actually moving out. So, the goal was always, Dave, was to get in on an application that was critical, that really had value and then start to fan out within a customer and then also take on new customers where we know our products will have significant value, like we did with the North American memory manufacturer.

所以，我們確實有幾件事。是的，記憶體業務正在復蘇，但正如我所說，2025 年它的基數仍然很低。我覺得我們其實是要搬出去了。所以，戴夫，我們的目標始終是先進入一個至關重要、真正有價值的應用領域，然後開始在客戶內部推廣，然後再爭取新客戶，因為我們知道我們的產品將具有重大價值，就像我們與北美內存製造商合作那樣。

So, we are seeing a broader base in memory, a broader base in general mature and power, and I think that's also testament to the to the value that our tools bring to our customers, so we are seeing an uptick in our the high current market share.

因此，我們看到記憶體使用者基礎更廣泛，成熟度和效能方面的基礎也更廣泛，我認為這也證明了我們的工具為客戶帶來的價值，因此我們看到我們目前的市場份額正在上升。

Yeah,

是的，

Just to add to that that's the highest we've had in a two-year time frame, not an all-time record for high current, but so over the, if we look over the last two years, this was a record for high current, product.

補充一點，這是我們兩年來最高的電流值，雖然不是高電流的歷史最高紀錄，但就過去兩年而言，這確實是高電流產品的記錄。

Great.

偉大的。

Thank you.

謝謝。

Thanks, David.

謝謝你，大衛。

Thank you and this concludes the question-and-answer session. I would now like to turn it back over to David for closing remarks.

謝謝大家，問答環節到此結束。現在我謹將發言權交還給大衛，請他作總結發言。

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

謝謝接線生。感謝各位參加本次電話會議，也感謝大家對 Axcelis 的關注。操作員，您可以結束通話了。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。