Axcelis Technologies, Inc. (ACLS) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Axcelis Technologies call to discuss the company's results for the first quarter of 2026. My name is Rivka, and I'll be your coordinator for today.

各位女士、先生，大家好，歡迎參加 Axcelis Technologies 針對公司 2026 年第一季業績的電話會議。我是 Rivka，將擔任今天的會議協調人。

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 go ahead.

現在我想把簡報交給今天電話會議的主持人——資深副總裁兼代理財務長 David Ryzhik。請開始。

Thank you, operator. This is David Ryzhik, Senior Vice President and Interim Chief Financial Officer. And 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.

謝謝，接線員。我是資深副總裁兼代理財務長 David Ryzhik。今天與我一同出席的還有總裁暨執行長 Russell Low。若各位尚未看到我們今天稍早發布的新聞稿，可至我們的網站查閱。

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. 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 Harbor provision. These forward-looking statements are based on management's current expectations and are subject to the risks inherent in our business.

此外，我們也準備了配合今天電話會議的投影片，您同樣可在我們的網站上找到。依照新聞稿所述，網站亦將提供重播服務。請注意，我們今天就未來營收、獲利及其他結果之預期所發表的評論，屬於美國證券交易委員會（SEC）「安全港」條款下的前瞻性陳述。這些前瞻性陳述係基於管理階層目前的預期，並受制於我們業務固有的風險。

These risks are described in detail in our Annual Report on Form 10-K 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. Given the pending merger with VECO, we will not be addressing questions related to the transaction.

這些風險已在我們的 Form 10-K 年度報告及其他向 SEC 提交的文件中詳細說明，我們建議各位查閱。我們的實際結果可能與目前預期有重大差異。我們不承擔更新這些前瞻性陳述的任何義務。鑑於與 VECO 的合併案仍在進行中，我們將不回答與該交易相關的問題。

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.

在本次電話會議中，我們將討論多項非 GAAP 財務衡量指標。除非另有說明，除營收與其他收入外，所有與損益表相關的財務衡量指標皆為非 GAAP。關於我們的非 GAAP 財務結果以及與 GAAP 指標的調節，請參閱新聞稿及隨附資料。現在我把電話交給總裁暨執行長 Russell Low。

Thank you, David. Good afternoon, everyone, and thank you for joining us for our first quarter 2026 earnings call. Before I get into our results today, I'd like to briefly address the change in our finance organization leadership, which we announced in March. Jamie Coogan, who served as our Chief Financial Officer, left the company to pursue an opportunity in the aerospace industry.

謝謝你，David。各位下午好，感謝各位參加我們 2026 年第一季財報電話會議。在我開始說明今天的業績之前，我想先簡要談一下我們在 3 月宣布的財務組織領導層變動。曾擔任我們財務長的 Jamie Coogan 已離開公司，前往航太產業追求新的機會。

I'm grateful to him for his contributions in building a strong finance organization, driving operational discipline, and positioning Excel as well to sustain value creation. I'm confident he'll continue to succeed in his new role. The transition has been very smooth, thanks to David stepping in seamlessly as our interim CFO.

我很感謝他在建立強健的財務組織、推動營運紀律，以及讓 Axcelis 具備持續創造價值的良好定位方面所做的貢獻。我相信他在新職務上也會持續成功。由於 David 無縫接任代理財務長，整個交接過程非常順利。

David has deep industry experience and strong knowledge of the business, and he's been instrumental in advancing our work to complete the pending merger with VECO. We are grateful to have a leader of David's caliber to serve in this role while we progress our search process for a permanent CFO. With that, I'll dive into our first quarter performance.

David 具備深厚的產業經驗與對業務的高度理解，並在推進我們完成與 VECO 擬議合併案的工作上扮演關鍵角色。我們很感謝能有 David 這樣等級的領導者在我們推進永久財務長招募流程期間擔任此職。接下來我將說明第一季的表現。

We delivered revenue of $199 million and earnings per diluted share of $0.72 cents, slightly above our expectations. This includes a one-time impact associated with a $5 million customer settlement. Absent the settlement, our revenue, gross margin, and earnings per share would have been even higher in the quarter.

我們實現營收 1.99 億美元、稀釋後每股盈餘 0.72 美元，略高於我們的預期。其中包含一次性影響，與一筆 500 萬美元的客戶和解相關。若不計該和解，本季的營收、毛利率與每股盈餘將更高。

In the quarter, while our CS&I revenue moderated on a sequential basis, it came in better than we expected and grew more than 30% on a year-over-year basis. CS&I has been a deliberate multi-year strategic focus for Axcelis, and we're pleased to see momentum build with our expanded installed base, increased utilization rates, and continued product innovation.

本季雖然我們的 CS&I 營收較前一季有所放緩，但表現優於預期，且年增超過 30%。CS&I 一直是 Axcelis 多年來刻意聚焦的策略重點；我們很高興看到，隨著裝機基礎擴大、使用率提升以及持續的產品創新，動能正在累積。

In addition, we saw a strong sequential increase in system shipments to the memory market, which reached the highest level since the fourth quarter of 2023. We're also encouraged to see a consistent rate of bookings on a sequential basis, marking the second consecutive quarter of year-over-year growth on the trailing 12-month basis. Strength in the quarterly bookings was driven by an increase in memory and silicon carbide demand, offset by softer general mature.

此外，我們看到對記憶體市場的系統出貨量較前一季大幅增加，達到自 2023 年第四季以來的最高水準。我們也很振奮地看到，訂單（bookings）在季比上維持一致的速度，並在過去 12 個月（TTM）基礎上連續第二季呈現年增。季度訂單的強勁主要由記憶體與碳化矽需求增加所帶動，但被一般成熟製程需求較疲弱所部分抵銷。

As a reminder, bookings can fluctuate from quarter to quarter. Today into slide 5, sales to mature node applications accounted for a majority of system shipments, particularly in power and general mature. We also saw a notable uptick in sales to memory market as anticipated. Now on slide 6, let me review our trends by end market.

提醒各位，訂單可能會在各季度之間波動。接著請看投影片第 5 頁：成熟製程應用的銷售占系統出貨的大多數，特別是在功率與一般成熟製程領域。我們也如預期看到對記憶體市場的銷售明顯回升。現在到投影片第 6 頁，我來回顧各終端市場的趨勢。

That power business, while shipments of silicon carbide moderated on a sequential basis, we are beginning to see encouraging demand signals reflecting stronger bookings and increased engagement with customers on their capacity plans and technology roadmaps. At Semicon China, in March, Silicon Carbide was a prominent area of focus, particularly around super-junction development and high-energy implant requirements.

在功率業務方面，雖然碳化矽出貨量較前一季有所放緩，但我們開始看到令人鼓舞的需求訊號，反映在更強的訂單表現，以及與客戶就其產能規劃與技術路線圖的互動增加。在 3 月的中國國際半導體展（Semicon China）上，碳化矽是重要焦點領域，特別是圍繞超接面（super-junction）開發與高能量植入需求。

We also had more robust customer discussions around channeling capabilities and the transition to 200 millimeters, which reinforces our view that technology inflections are progressing. We're seeing improvements in silicon carbide end markets as well. While the rate of growth in global electric vehicle sales has moderated, we're seeing increased penetration of silicon carbide within the EV market, as well as greater content per vehicle.

我們也與客戶就通道化（channeling）能力以及向 200 毫米轉換進行了更深入的討論，這強化了我們對技術拐點正在推進的看法。我們也看到碳化矽終端市場正在改善。雖然全球電動車銷售成長率已放緩，但我們看到碳化矽在電動車市場的滲透率提升，以及單車搭載量增加。

Discussions with customers also point to increasing adoption in a wide array of commercial goods, such as HVAC, refrigerators, and washing machines. In addition, customers are increasingly focused on the emerging opportunity in AI data centers, given the unique benefits that compound semiconductors provide for efficient power conversion.

與客戶的討論也顯示，碳化矽在各類商用產品中的採用正在增加，例如 HVAC（暖通空調）、冰箱與洗衣機等。此外，鑑於化合物半導體在高效率電力轉換方面的獨特優勢，客戶也日益聚焦於 AI 資料中心這一新興機會。

In short, we are well positioned to benefit from the higher demand from our customers once capital spending in this market recovers. Our other power market segment, while demand remained muted, we believe silicon power will remain a foundational part of the overall power semicenter market, especially across auto, industrial, commercial and data center markets.

總之，一旦該市場的資本支出回升，我們已做好準備，將受惠於客戶更高的需求。至於我們另一個功率市場區隔，雖然需求仍然低迷，但我們相信矽功率將仍是整體功率半導體市場的基礎組成，尤其是在汽車、工業、商用與資料中心市場。

In general mature, customers continue to manage their capacity amidst stabilizing auto and recovering industrial volumes, along with growing demand associated with AI data center applications. In fact, we saw a continued improvement in spares and consumables in this market, which is a reflection of higher tool utilization rates.

在一般成熟製程方面，客戶在汽車需求趨於穩定、工業出貨量回升，以及 AI 資料中心應用帶動需求成長的背景下，持續管理其產能。事實上，我們看到該市場的備品與耗材持續改善，這反映了設備使用率的提升。

At the same time, we are building on our continued progress in the high current market. In the first quarter, we introduced our next-generation high current product, the Puren H6, and are engaging with multiple customers on this product. In addition, we secured a high current win with a new customer in China.

同時，我們也在高電流市場的持續進展上再接再厲。第一季我們推出了下一代高電流產品 Puren H6，並正與多家客戶就此產品進行合作洽談。此外，我們也在中國取得一位新客戶的高電流訂單勝利（win）。

Turning to Slide 7 in Advanced Logic, we did not generate system revenue in the first quarter. However, we shipped the system early in the second quarter for a materials modification application for 2-nanometer production and are actively working with this customer on the next-generation technology roadmap.

接著看投影片第 7 頁，在先進邏輯方面，我們第一季未產生系統營收。不過，我們已在第二季初出貨該系統，用於 2 奈米量產的材料改質（materials modification）應用，並正與該客戶積極合作其下一代技術路線圖。

Moving to our memory market, both revenue and bookings increased meaningfully in the first quarter, driven by strong demand in DRAM and high-bandwidth memory applications as customers ramp up investment in capacity investments to support AI-driven demands. We continue to execute well in our strategy to expand our penetration of the memory market. As you recall from last quarter, we highlighted a new order for our.

再看記憶體市場，第一季營收與訂單均顯著增加，主要由 DRAM 與高頻寬記憶體（HBM）應用的強勁需求所帶動；客戶正加速提升產能投資，以支援 AI 驅動的需求。我們持續良好執行擴大記憶體市場滲透率的策略。各位還記得上季我們提到一筆針對我們的新增訂單。

High current system with a leading North American memory manufacturer. Since then, we've completed our systems evaluation and continue to work with this customer to drive adoption of our technology across technology nodes and regions. While revenue and bookings can fluctuate from quarter to quarter throughout the year, we continue to expect strong growth in memory for full year 2026, with momentum entering into 2027.

來自北美一家領先記憶體製造商的高電流系統訂單。自那之後，我們已完成系統評估，並持續與該客戶合作，推動我們的技術在不同製程節點與地區的採用。雖然營收與訂單在一年中各季度之間可能波動，但我們仍預期 2026 全年記憶體業務將強勁成長，並在進入 2027 年時延續動能。

On Slide 8, let me wrap up my thoughts and provide our prospectus on the remainder of 2026. We executed well in the quarter and are especially pleased with the strength of our CS&I business delivering another quarter of year-over-year growth. From a market segment perspective, our memory market is on track for strong growth in 2026, offset by a continued digestion of capacity in general mature and power, albeit with some encouraging signs in silicon carbide.

在投影片第 8 頁，我將總結我的看法，並提供我們對 2026 年剩餘期間的展望。我們本季執行良好，尤其對 CS&I 業務的強勁表現感到滿意，該業務再度實現一季的年增成長。從市場區隔來看，我們的記憶體市場在 2026 年有望強勁成長；但一般成熟製程與功率市場仍在持續消化產能，儘管碳化矽方面出現一些令人鼓舞的跡象。

Taking this all together, we continue to expect 2026 revenue to be relatively flat year-over-year, but with improving trends across multiple markets setting the stage for a return to growth in 2027.

綜合以上，我們仍預期 2026 年營收將與去年大致持平，但多個市場的改善趨勢正在為 2027 年重返成長奠定基礎。

We continue to anticipate our pending merger of VECO to close in the second half of 2026, and we are working closely with the state administration of market regulation in China to obtain regulatory approval, which is the only approval remaining to close the transaction. We remain excited about the opportunity to bring our two companies together, unlock the full potential of the combined organization and drive long-term value creation for all stakeholders.

我們仍預期與 VECO 的擬議合併將於 2026 年下半年完成；我們正與中國國家市場監督管理總局密切合作，以取得監管核准，這是完成交易所剩的唯一核准事項。我們對於將兩家公司結合、釋放合併後組織的全部潛力，並為所有利害關係人創造長期價值的機會，仍感到非常振奮。

I want to thank our customers, employees, partners, and shareholders for their continued support and trust in Axcelis. With that, let me turn the call over to David for a closer look at our results and outlook.

我要感謝我們的客戶、員工、合作夥伴與股東，持續對 Axcelis 的支持與信任。接下來我把電話交給 David，請他更深入說明我們的業績與展望。

Thank you, Russell. I'll first start with the financial details of the first quarter before turning to our outlook for the second quarter.

謝謝你，Russell。我將先從第一季的財務細節開始，接著再談我們對第二季的展望。

Starting on Slide 9, first quarter revenue was $199 million, with system revenue at approximately $126 million and CS&I revenue at $73 million. As Russell mentioned, this result includes a one-time impact associated with the customer settlement in the quarter, which resulted in a headwind to system revenue of $5 million, gross margins of approximately 70 basis points and EPS of $0.09 per share.

從第9頁開始，第一季營收為1.99億美元，其中系統營收約為1.26億美元，CS&I營收為7,300萬美元。如Russell所提到，這項結果包含本季與客戶和解相關的一次性影響，導致系統營收承受500萬美元的不利影響、毛利率約70個基點，以及每股EPS為0.09美元的影響。

CS&I exceeded our expectations this quarter, driven by service and consumables, along with robust demand for system upgrades. By geography, revenue in China increased sequentially to 40%, up from 32% in the prior quarter. Korea was our second largest revenue-generating region in the first quarter and notably 28% of our total revenues as a result of higher memory sales.

本季CS&I表現超出我們預期，主要由服務與耗材帶動，並且系統升級需求強勁。按地區來看，中國營收占比季增至40%，高於前一季的32%。韓國為第一季第二大營收來源地區，且由於記憶體銷售較高，韓國占我們總營收的28%。

In our other regions, Europe was 16%, the United States 12%, while Taiwan and Japan were both at 1%. We generated 2% of our revenue from the rest of the world in the first quarter. Bookings were roughly flat on a sequential basis at $128 million, but marked our second consecutive quarter of firming order rates. We exited the first quarter with a backlog of $453 million.

在其他地區方面，歐洲占16%，美國占12%，而台灣與日本皆為1%。第一季其餘世界合計占我們營收的2%。訂單（Bookings）按季大致持平，為1.28億美元，但這是我們連續第二季看到訂單率走穩。我們在第一季結束時的在手訂單（backlog）為4.53億美元。

Now turning to slide 10, I'd like to share some additional detail on our results. Gross margin was 40.7%, which came in slightly below our outlook of 41%, primarily due to the customer settlement discussed earlier. First quarter operating expenses were $57.7 million, slightly below our outlook of $59 million. Tying it all together, our operating margin was 11.7%.

接著看第10頁，我想分享一些關於我們業績的補充細節。毛利率為40.7%，略低於我們41%的展望，主要是因為先前提到的客戶和解。第一季營業費用為5,770萬美元，略低於我們5,900萬美元的展望。綜合以上，我們的營業利益率為11.7%。

First quarter adjusted EBITDA was $27.7 million, reflecting an adjusted EBITDA margin of 13.9%. Other income of $2.7 million was lower on a sequential basis as a result of lower interest income, as well as foreign exchange-related losses. The tax rate was 14%, relatively in line with our expectations. And finally, first quarter earnings per diluted share was $0.72 cents.

第一季調整後EBITDA為2,770萬美元，對應調整後EBITDA利潤率為13.9%。其他收益為270萬美元，較前一季下降，原因是利息收入降低以及外匯相關損失。稅率為14%，大致符合我們預期。最後，第一季稀釋後每股盈餘為0.72美元。

Moving to our cash flow and balance sheet data shown on Slide 11, in the first quarter, free cash flow was $16 million. Our cash flow includes $12 million in cash transaction expenses associated with the pending Vico merger.

接著看第11頁所示的現金流與資產負債表數據，第一季自由現金流為1,600萬美元。我們的現金流包含1,200萬美元的現金交易費用，與待完成的Vico合併案相關。

We did not repurchase any shares in the first quarter. We exited the first quarter with a strong balance sheet consisting of $570 million of cash equivalents and marketable securities on hand. This includes $203 million of long-term securities. With that, let me discuss our second quarter outlook on Slide 12. We expect revenue in the second quarter of approximately $205 million.

第一季我們未回購任何股份。我們在第一季結束時維持強勁的資產負債表，持有現金等價物與有價證券合計5.70億美元，其中包含2.03億美元的長期證券。接下來，讓我在第12頁說明我們第二季展望。我們預期第二季營收約為2.05億美元。

We expect a higher mix of revenue from general mature, offset by a lower mix of revenue from memory and Silicon Carbide. We expect gross margins of approximately 43%. The sequential improvement in gross margin is primarily due to more favorable mix in the quarter as well as the absence of non-recurring items that impacted our first quarter. We expect operating expenses of approximately $59 million in the second quarter, adjusted EBITDA. Is expected to be approximately $34 million. And finally, we estimate net earnings per diluted share in the second quarter of approximately $0.90 cents. We continue to expect full-year 2026 revenue to be approximately flat compared to 2025 levels. We expect revenue to be second half weighted, driven by an improvement in Silicon Carbide revenue and a continuation of strength in memory.

我們預期一般成熟（general mature）營收占比將提高，但會被記憶體與碳化矽（Silicon Carbide）營收占比降低所抵銷。我們預期毛利率約為43%。毛利率按季改善主要來自本季較有利的產品組合，以及第一季所受非經常性項目影響的消失。我們預期第二季營業費用約為5,900萬美元；調整後EBITDA預期約為3,400萬美元。最後，我們估計第二季稀釋後每股淨利約為0.90美元。我們仍預期2026全年營收相較2025年大致持平。我們預期營收將偏重下半年，主要由碳化矽營收改善以及記憶體持續強勁所帶動。

We continue to anticipate full-year gross margins to be in the low to mid-40% range with some quarterly variation based on mix. We expect operating expenses for the balance of the year to be approximately $60 million per quarter. And finally, we continue to anticipate our tax rate to be approximately 15% for the full year.

我們仍預期全年毛利率將落在40%出頭至40%中段區間，並會因產品組合而在各季有所波動。我們預期今年剩餘期間每季營業費用約為6,000萬美元。最後，我們仍預期全年稅率約為15%。

In summary, we executed well in the first quarter and remain focused on disciplined cost management while continuing to make targeted investments to capture the attractive growth opportunities ahead of us. This is supported by strong balance sheet and healthy free cash flow, which provide a solid foundation as we navigate an exciting period for the semiconductor industry. With that, operator, we are ready to take questions.

總結來說，我們在第一季執行良好，並將持續專注於嚴謹的成本管理，同時進行有針對性的投資，以把握未來具吸引力的成長機會。強勁的資產負債表與健康的自由現金流提供了穩固基礎，讓我們能在半導體產業令人振奮的時期中穩健前行。接下來，接線員，我們準備開始回答問題。

Thank you. At this time, we will conduct the question-and-answer session. (event instructions) Our first question comes from the line of Jed Dorsheimer of William Blair. Your line is now open.

謝謝。現在我們將進行問答環節。（活動指示）我們的第一個問題來自William Blair的Jed Dorsheimer。您的線路已開通。

Hey, thanks, guys.

嘿，謝謝，各位。

I was just wondering, Russell, maybe you could -- I know that gallium nitride and indium phosphide are mostly deposition, which makes your merger that much more exciting. But there is some implant associated with containment, et cetera. So I was wondering if you might just, spend a minute just talking about that opportunity, and then I have a follow-up. Thanks.

我想問一下，Russell，也許你可以——我知道氮化鎵（gallium nitride）和磷化銦（indium phosphide）多半是沉積（deposition）製程，這也讓你們的合併更令人期待。但其中也有一些與隔離（containment）等相關的離子佈植（implant）。所以我想請你花一分鐘談談那個機會，然後我還有一個追問。謝謝。

Yeah, hi, Jed.

好的，嗨，Jed。

So are you talking about the implant opportunity in silicon photonics, particularly in data centers? Is that where you're heading?

所以你是在談矽光子（silicon photonics）的佈植機會，特別是在資料中心嗎？你是往這個方向嗎？

Yes. Well, yeah, that's where I'm heading, but, specifically around indium phosphide and then gallium nitride on the power side.

是的。嗯，對，那是我想談的方向，但更具體是圍繞磷化銦，然後在功率端的氮化鎵。

Sure. So there's not really many, but there are a couple of implants in gallium nitride, but they're not significant. What I would say, when you think about data center and optical transmission.

當然。氮化鎵確實沒有太多佈植，但有少數幾個佈植步驟，不過並不顯著。我想說的是，當你想到資料中心與光傳輸時。

We don't partake, especially in the laser manufacturing part, but to put the data, to encode the laser with the data, that requires a modulation unit, and that modulation unit is a silicon unit, and that does require, implantation. I think it's essentially an isolation implant, but it's doing so again, it's not a massive use of an implantation, but it's definitely an application in certain photonics for that particular area.

我們並不參與，特別是在雷射製造那一段；但要把資料載入、也就是用資料去編碼雷射，會需要一個調變單元（modulation unit），而那個調變單元是矽元件，確實需要佈植。我認為本質上是隔離佈植（isolation implant）。不過再說一次，它不是大量使用佈植，但在某些光子應用、就那個特定領域而言，確實是一個應用。

Got it. Thanks. So it'll mostly be on the VECO product line post-merger, correct?

了解，謝謝。所以合併後主要會是在VECO產品線上，對嗎？

Yeah, I think that's true. I think they have, I think you're on that call. They have the MOCVD and the thin film capability for the optical components.

是的，我想沒錯。我想他們有——我想你也有參加那通電話——他們具備用於光學元件的MOCVD與薄膜（thin film）能力。

Thank you. I'll jump back and kick.

謝謝。我先回到隊列。

One moment for our next question.

請稍候，我們進行下一個問題。

My next question comes from the line of Dennis Pichatzman at Needham and Company. Your line is now open.

下一個問題來自Needham and Company的Dennis Pichatzman。您的線路已開通。

Great. Thank you very much. So, in the outlook, it sounds like you're seeing some strength in power sites and memory, but general mature remains weaker, so it may be getting even weaker. Can you discuss in some more detail what you're seeing in general mature? I mean, it seems like.

很好，非常感謝。所以在展望方面，聽起來你們看到功率相關據點（power sites）和記憶體有些強勁，但一般成熟（general mature）仍然較弱，甚至可能更弱。你們能否更詳細談談你們在一般成熟看到的情況？我的意思是，看起來。

This quarter that some IDM business is picking up globally for some of the mature products, but it doesn't seem like you're seeing any of that. Can you talk a little bit more, please, about what you're seeing in general mature?

本季全球有些IDM在部分成熟產品上的業務正在回升，但看起來你們似乎沒有看到這種情況。能否請你們再多談一點你們在一般成熟看到的狀況？

Yeah, Dennis, this is David. So.

好的，Dennis，我是David。所以。

I think we would agree that the end markets are picking up. I think oil is stabilizing, industrial recovering, and we're starting to see AI pick up for this general mature segment. When we talk about the Q1 bookings, yeah, we did see a little bit softer bookings in general mature, but the key takeaway there is that utilization rates are rising. And so for us, that's a really nice data point. We still expect 2022.

我想我們同意終端市場正在回升。我認為油氣正在趨於穩定、工業正在復甦，而且我們開始看到AI帶動一般成熟這個區隔的回升。當我們談到第一季的訂單（bookings）時，是的，我們確實看到一般成熟的訂單稍微偏軟，但關鍵重點是產能利用率正在上升。對我們而言，這是一個非常好的數據點。我們仍預期2022年。

General mature to be down year-over-year. But as we think about the business trending into 2027, we feel a little bit better today than we did three months ago in general mature. And on the Silicon Carbide side, in Russell's prepared remarks, it was quite clear that we are seeing. Also, relative to three months ago, I would say encouraging signals from our customers. Conversations are very constructive. There's a lot of inbound about technology, engagement, channeling, superjunction. And then you're starting to hear more and more about silicon carbide in the data center. So we think the combination of these things is pretty encouraging and, again, sets the stage for maybe some momentum into 2027.

一般成熟將呈現年減。但當我們思考業務走勢進入2027年時，我們今天對一般成熟的感受比三個月前更樂觀一些。至於碳化矽方面，在Russell的事先準備發言中已相當清楚，我們也正在看到——相較三個月前——來自客戶的正向訊號。我們的對話非常具建設性。有很多主動詢問，涉及技術、合作互動、導入（channeling）、超接面（superjunction）。而且你也開始越來越常聽到資料中心中的碳化矽。因此我們認為這些因素的組合相當令人鼓舞，並且再次為2027年可能出現的一些動能奠定基礎。

And from quarter to quarter, it can move around.

而且從一季到下一季，數字可能會有所波動。

But we're taking a bigger picture view that we think that next year looks a little better for these markets.

但我們以更宏觀的角度來看，認為明年這些市場看起來會好一些。

Great. And then for my follow-up, so on a related note, the book-to-bill for the quarter was up to about one, I think up from 0.8. Could you share a little more about what you expect to see order-wise next quarter? How is the book-to-bill going to be the same or moving even higher?

很好。那我的追問是，相關地，本季的接單出貨比（book-to-bill）上升到大約1，我想是從0.8上來的。你們能否多分享一些你們預期下季訂單面的情況？接單出貨比會維持相同，還是會再往上？

Yeah, we're not going to guide bookings per quarter. It can fluctuate.

是的，我們不會按季度提供訂單（bookings）指引。它可能會波動。

But we are encouraged that Q1 was relatively consistent with Q4, which was a big step up from earlier in 2025. So this is a good sign, but we're not going to be forecasting bookings on a quarterly basis.

但我們感到鼓舞的是，第一季與第四季相對一致，而第四季相較2025年較早時期有明顯提升。所以這是個好跡象，但我們不會以季度為基礎去預測訂單。

Well, that's it for me.

好，我這邊就到此為止。

Thank you very much.

非常感謝。

Thanks, Yat.

謝謝，Yat。

(event instructions)

（活動指示）

One moment for our next question.

請稍候，我們進行下一個問題。

Our next question comes from the line of David Dooley of Steelhead Security. Your line is now open.

下一個問題來自 Steelhead Security 的 David Dooley 專線。您的線路已開通。

Good afternoon, and thanks for taking my questions.

下午好，感謝讓我提問。

I guess I'll ask the question I think I've asked in the last couple of conference calls.

我想我會問一個我在過去幾次電話會議中都問過的問題。

If you could elaborate on what you're seeing as far as Silicon Carbide adoption and other markets, specifically in the data center. I think in the past you've talked about voltage step-down applications. I was just wondering if you're getting closer to the rack or if there's other applications that you might be addressing inside the data center realm.

想請您進一步說明您所看到的碳化矽（Silicon Carbide）導入情況以及其他市場，特別是在資料中心方面。我記得過去您談過降壓（voltage step-down）應用。我想了解的是，您們是否正更接近機櫃（rack）端，或是在資料中心領域內還有其他您們可能正在切入的應用？

Hey, David, it's Russell. Thanks for the question. So, yeah, obviously, data center is an application for it. I just want to start off with the electric vehicle. I think they're actually very exciting right now. A lot of the cars are going to 800-volt subsystems, which allows them to actually...

嗨，David，我是 Russell。謝謝你的問題。是的，資料中心當然是一個應用場景。不過我想先從電動車談起。我認為現在其實非常令人振奮。很多車款正在轉向 800 伏特子系統，這讓它們實際上可以……

Are charged so much quicker as well. So you're seeing that trend, and those are all using silicon carbide. And the first application will be the traction inverter, and you're seeing more and more of the Silicon Carbide cars now taking silicon -- sorry, of the electric vehicles now taking silicon carbide. But we're also seeing more and more silicon carbide per EV. So you have the traction inverter, which is typically the first device they take. Then you start to see the DC to DC step-downs, also the onboard charging. And of recent times, we're seeing the AC system, the compressor, having silicon carbide. So, we're really seeing this next generation of cars, much greater range and much faster charge time. So I think those are, that's a really good trend. And although it may be a little bit soft now, the long-term trend is that's going to continue to grow. So that's kind of the electric vehicles.

充電速度也快得多。所以你會看到這個趨勢，而這些都在使用碳化矽。第一個應用會是牽引逆變器（traction inverter），你也看到越來越多採用碳化矽的車款——抱歉，是越來越多電動車開始採用碳化矽。不過我們也看到每台電動車使用的碳化矽含量越來越高。你先有牽引逆變器，通常是他們最先導入的裝置。接著你會開始看到 DC 對 DC 的降壓轉換（step-down），以及車載充電（onboard charging）。而近來我們也看到空調系統、壓縮機（compressor）也開始採用碳化矽。所以我們確實看到下一代車款具備更長續航與更快充電時間。我認為這是一個非常好的趨勢。雖然目前可能稍微疲軟，但長期趨勢是會持續成長的。這大概就是電動車的部分。

Like I mentioned, before I get onto data centers, there's actually, it surprised me when we were in China and we were told about these being white goods. That really was surprising, but for many of these high-end systems that are running about a kilowatt, they need this to achieve their certification for power efficiency in multiple markets, and then the data center.

如我提到的，在談資料中心之前，其實還有一個讓我很驚訝的點：我們在中國時被告知這也用在白色家電（white goods）上。這真的很令人意外，但對於許多約 1 千瓦等級的高階系統而言，他們需要用這個來達成在多個市場的電力效率認證，然後才是資料中心。

Because it was interesting. So maybe three to six months ago, we'd be talking about, is it going to be gallium nitride? Is it going to be silicon carbide? I think at this stage, it's becoming clearer that it's both. As the rack transitions to 800 volts, I think what you're going to see is gallium nitride inside the rack. That's a great sweet spot for gallium nitride. But if you drop down from the grid, which, 13 kilovolts or more, that's going to be a great application of silicon carbide. So as it drops from the grid down towards the rack. Back, you're going to see silicon carbide taking that opportunity, as it really is a good a good application of that material.

因為這很有意思。大概三到六個月前，我們還在討論會是氮化鎵（gallium nitride）還是碳化矽。我想現階段越來越清楚的是兩者都會用。當機櫃（rack）轉向 800 伏特時，我認為你會看到氮化鎵用在機櫃內部，那是氮化鎵非常合適的甜蜜點。但如果你從電網端往下（例如 13 千伏或更高）降壓，那會是碳化矽很好的應用。因此當電力從電網一路降到接近機櫃的過程中，你會看到碳化矽抓住這個機會，因為那確實是這種材料非常適合的應用。

And as a follow-up. Or just an extension of that question, do you think this 800, the 800-volt rollout in the data centers, which I guess kind of starts in the middle of this year, really gets going next year, is that when you might see more of a pickup in your silicon carbide implant business for that market? Or when will this start to hit a more significant way, I guess is the best way to ask it.

再追問一下，或延伸這個問題：你認為資料中心的 800 伏特導入（我想大概今年年中開始，明年會真正加速）是否會是你們在該市場的碳化矽植入（implant）業務出現更明顯回升的時間點？或者說，什麼時候會開始以更顯著的方式反映出來？我想這是我最想問的。

Yeah, Dave, that's a good question. It's still, low volume relative to EVs.

是的，Dave，這是個好問題。相較於電動車，目前仍是低量。

But I would say our conversations with customers, they're talking a little bit more about it.

但我會說，從我們與客戶的對話來看，他們確實更常提到這件事。

And so we're paying attention.

所以我們也在密切關注。

And, this could be an application that over time could grow, whether it's the transformers or other parts of the data center power architecture.

而且，隨著時間推進，這可能會成為一個會成長的應用，不論是在變壓器或資料中心電力架構的其他部分。

So I think TBD, Dave, how big this could be.

所以我認為還有待觀察（TBD），Dave，這會有多大。

But I'd say our customers are definitely paying a lot more attention to that.

但我會說，我們的客戶確實對此投入了更多關注。

All right. That's good news.

好，這是好消息。

Thank you.

謝謝。

One moment for our next question.

請稍候，我們進行下一個問題。

Our next question comes from the line of Zhuqun Chang of Bank of America Securities. Your line is now open.

下一個問題來自美國銀行證券（Bank of America Securities）的 Zhuqun Chang 專線。您的線路已開通。

Hi, thank you for taking the question.

嗨，謝謝讓我提問。

One on the full year 26 guide. I think you said you want to, you're maintaining that flat issue over your guide. I'm just curious because...

第一個問題是關於 2026 全年指引。我想你提到你們維持年對年持平的指引。我只是好奇，因為……

Clearly, memory sentiment and the wafer starts are likely much better than 90 days ago. And then at the same time, I think you said your bookings for the general mature and the power business are still doing pretty well. So I'm curious why not raise that full year guide.

很明顯，記憶體情緒（sentiment）與晶圓開工（wafer starts）可能比 90 天前好很多。同時，我想你也提到一般成熟製程（general mature）與電力（power）業務的接單（bookings）仍表現不錯。所以我好奇為什麼不調高全年指引。

Thank you.

謝謝。

Yeah, so we feel comfortable with flat year-over-year.

是的，所以我們對年對年持平感到有把握。

Absolutely memory, we expect to be a strong year for us in 2026, offset by a digestion and power in general mature. So we're seeing encouraging signs.

記憶體方面，我們確實預期 2026 年對我們會是強勁的一年，但會被一般成熟製程與電力領域的去化／消化（digestion）所抵銷。所以我們看到一些令人鼓舞的跡象。

We like what we saw in the bookings in Q1. One quarter is not a trend, but I think that some of that momentum.

我們喜歡第一季接單的表現。一個季度不代表趨勢，但我認為其中一些動能……

It's probably going to carry into 2027. For this year, based on our backlog, based on the scheduled shipments that we have, we still feel that those markets are going to be down this year. And so net-net, you're going to get, we expect about flat, but with a nice setup into 2027.

很可能會延續到 2027 年。就今年而言，基於我們的在手訂單（backlog）以及已排定的出貨，我們仍認為那些市場今年會下滑。因此整體而言，我們預期大致持平，但會為 2027 年打下不錯的基礎。

Got it.

了解。

And then a follow-up more specifically on the memory side. So I think at one point you said memory's going to be up year-over-year and clearly the trends are looking that way. How should we think about the four-year trajectory when obviously it tends to be a little bit lumpy on a quarterly basis, but we had a pretty strong start to the year.

接著追問一個更聚焦在記憶體的問題。我想你曾提到記憶體會年對年成長，而且趨勢看起來確實如此。我們該如何看待全年走勢？因為它在季度之間通常會有些波動，但我們今年開局相當強勁。

And I think also none.

而且我想也沒有。

The NAND activities have begun to pick up. So any color on the full year memory would be helpful.

NAND 的活動也開始回溫。所以如果能提供一些關於全年記憶體的補充說明會很有幫助。

Thank you.

謝謝。

Yeah, that's right. From quarter to quarter, it could be lumpy.

是的，沒錯。從一季到下一季可能會有波動。

It just depends on when customers are taken, when we're shipping to customers and, fab availability space. So, for example, in Q2, memory is going to be a little softer sequentially, but we think for the full year.

這取決於客戶何時拉貨、我們何時出貨給客戶，以及晶圓廠可用產能空間等因素。舉例來說，第二季記憶體會較上一季稍微走弱，但我們認為就全年而言……

It's we expect pretty strong growth in memory. And that's all DRAM. Our expectation embedded in our 2026 expectation is not much NAND. So that's something that we're paying attention to. As Duxton, a lot of the NAND manufacturers are focused on vertical scaling.

我們預期記憶體會有相當強勁的成長。而且那全部都是 DRAM。我們在 2026 年預期中所內含的假設是 NAND 不會有太多。因此這也是我們正在關注的部分。正如 Duxton 所說，許多 NAND 製造商正專注於垂直擴展（vertical scaling）。

And so that doesn't require a lot of incremental implant.

因此不需要太多額外的植入（implant）增量。

But once the industry starts to add wafers, that's when we would start to see a pickup.

但一旦產業開始增加晶圓投片（add wafers），我們就會開始看到回升。

Got it. And then if I may, just one quick one.

了解。然後如果可以的話，我再快速問一個。

Within memory, and I'm sorry for being too specific maybe, but I think the industry is trending and shifting away a little bit from HBM and diversifying more into other types of memory. And I assume the.

在記憶體內部——抱歉我可能問得太細——但我認為產業趨勢似乎正在稍微從 HBM 轉移，並更多元化到其他類型的記憶體。我假設在那些產品上……

The wafer consumption ratio is not as high on those, for example, like the LPDDRs. So, obviously, I think that would be a positive trend for you. Have you seen any signs that the demand signals are stronger because of that?

例如 LPDDR，晶圓消耗比率（wafer consumption ratio）沒有那麼高。所以我想這對你們應該是正向的趨勢。你們是否看到因為這種變化而使需求訊號更強的跡象？

I don't think we've seen any meaningful change based on any mix shift in memory. The customers are still...

我不認為我們有看到因記憶體產品組合（mix）轉移而帶來任何顯著變化。客戶仍然……

Really trying to build out HPM capacity and DRAM for AI.

非常努力地在擴建 HBM 產能以及用於 AI 的 DRAM。

Yeah, and when I think about, HPM, it's essentially DRAM stacked. And so the implant intensity doesn't change much between DRAM and HPM, and NAND's not different. It's a slightly different mix of high energy, high current, medium current, but I'd say that NAND, and even node to node to node as well, it's not changing significantly. I'd say the implant intensity is relatively stable.

是的，當我想到 HBM，本質上就是堆疊式 DRAM。因此在 DRAM 與 HBM 之間，植入強度（implant intensity）並不會有太大變化；NAND 也差不多。只是高能量、高電流、中電流的組合略有不同，但我會說 NAND——甚至不同節點（node to node to node）之間——也沒有顯著改變。我會說植入強度相對穩定。

All right.

好。

Thank you so much.

非常感謝。

Thank you.

謝謝。

I'm showing no further questions at this time. I would now like to turn it back to David Ryzhik for closing remarks.

目前顯示沒有其他問題。我現在想把時間交回給 David Ryzhik 做結語。

Thank you, operator. I just wanted to thank everybody for joining the call and your interest in Axcelis.

謝謝接線員。我只是想感謝各位參與本次電話會議，以及大家對 Axcelis 的關注。

You can close the call.

你可以結束會議。

This concludes the presentation.

本次簡報到此結束。

Thank you for your participation in today's conference. You may now disconnect.

感謝您參與今天的會議。您現在可以掛線。

Have a good day.

祝您有美好的一天。