Axcelis Technologies, Inc. (ACLS) 2026 Q2 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 second quarter of 2026. My name is Grace, and I will be your coordinator for today.

各位女士、先生，大家好，歡迎參加 Axcelis Technologies 的電話會議，討論公司 2026 年第二季的業績表現。我叫 Grace，今天將擔任各位的會議協調人。

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 proceed.

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. 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.

謝謝，接線員。我是 David Ryzhik，資深副總裁兼代理財務長。今天與我一同出席的是總裁暨執行長 Russell Low。如果各位尚未看到我們今天稍早發布的新聞稿，可在我們的網站上取得。此外，我們也準備了配合今天電話會議的投影片，各位同樣可在我們的網站上找到。如同新聞稿所述，網站上也將提供重播服務。

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 harbor provision. These forward-looking statements are based on management's current expectations and are subject to the risks inherent in our business. These risks are described in detail in our annual report on Form 10-K and other SEC filings, which we urge you to review.

請注意，我們今天針對未來營收、獲利及其他結果之預期所做的評論，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層目前的預期，並受制於我們業務所固有的風險。這些風險已在我們的 Form 10-K 年度報告及其他 SEC 申報文件中詳加說明，我們建議各位加以審閱。

Our actual results may differ materially from our current expectations. We do not assume any obligation to update these forward-looking statements. Given the pending merger with Veeco, we will not be addressing questions related to the transaction.

我們的實際結果可能與目前預期存在重大差異。我們不承擔更新這些前瞻性陳述的任何義務。鑑於與 Veeco 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.

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。有關我們的非 GAAP 財務結果及其與 GAAP 指標的調節，請參閱新聞稿及隨附資料。

Now I'll turn the call over to President and CEO, Russell Low.

現在我將電話會議交給總裁暨執行長 Russell Low。

Thank you, David. Good morning, everyone, and thank you for joining us on our second quarter 2026 earnings call. In the second quarter, we delivered revenue of $215 million and earnings per diluted share of $1.06, both above our expectations. Our results reflect strong operational execution as we capitalize on favorable demand trends in several of our key markets.

謝謝你，David。各位早安，感謝各位參加我們 2026 年第二季財報電話會議。第二季我們實現 2.15 億美元營收，以及稀釋後每股盈餘 1.06 美元，兩者皆高於我們的預期。我們的業績反映出強勁的營運執行力，並且我們正把握在多個關鍵市場中有利的需求趨勢。

In the quarter, sequential growth in systems revenue was driven by improvement in our power and general mature markets, partially offset by the expected moderation in memory due to timing of available fab space. Importantly, customer investment plans in memory remain robust, and we continue to make progress executing our strategy to expand our position within this market.

本季系統營收的季增，主要來自電力與一般成熟市場的改善，但部分被記憶體業務如預期的趨緩所抵銷，原因在於可用晶圓廠空間的時點安排。重要的是，記憶體客戶的投資計畫仍然強勁，我們也持續推進策略執行，以擴大我們在該市場的地位。

CS&I delivered a strong quarter and continues to be an important driver of our overall performance. Revenue growth in the business has been supported by a growing installed base, increased customer utilization and a continued expansion of our aftermarket products and service offerings. As we shared, CS&I has been a deliberate multiyear strategic focus for us to drive growth and stability through market cycles.

CS&I 本季表現強勁，並持續成為我們整體績效的重要驅動力。該業務的營收成長受惠於裝機基礎擴大、客戶使用率提升，以及我們售後產品與服務供給的持續擴張。如我們先前分享，CS&I 一直是我們有意為之、跨多年的策略重點，旨在穿越市場循環推動成長並提升穩定性。

We are pleased to see these efforts gain traction, and we look forward to continuing to build this momentum. Bookings in the quarter grew slightly, driven by general mature and power, and book-to-bill has neared one over the past three quarters, suggesting greater stability in the end markets we serve.

我們很高興看到這些努力開始見效，也期待持續累積這股動能。本季訂單（Bookings）小幅成長，主要由一般成熟與電力市場帶動；過去三個季度的接單出貨比（book-to-bill）已接近 1，顯示我們所服務的終端市場正呈現更高的穩定性。

Turning to slide 5, sales to mature node applications accounted for approximately 84% of system shipments with memory and advanced logic making up the balance of our sales. Now on slide 6, let me review our trends by end market. Within our power market, revenue for silicon carbide applications declined sequentially, consistent with our expectations as quarterly revenue can fluctuate based on shipment timings.

請看投影片第 5 頁，成熟製程節點應用的銷售約占系統出貨量的 84%，其餘則由記憶體與先進邏輯構成。接著看投影片第 6 頁，我來回顧我們依終端市場的趨勢。在電力市場方面，用於碳化矽應用的營收較上季下滑，符合我們的預期，因為季度營收可能會因出貨時點而波動。

However, bookings improved on a sequential basis and through the first half of the year exceeded the average levels we experienced over the past two years. In addition, we continue to expand our customer base, securing orders for two new customers in China during the quarter. We are also seeing next-generation technology development create opportunities for our high-energy implant capabilities.

然而，訂單較上季有所改善，且今年上半年訂單水準高於我們過去兩年所經歷的平均水準。此外，我們持續擴大客戶基礎，本季在中國取得兩家新客戶的訂單。我們也看到下一代技術開發為我們的高能量離子佈植能力帶來機會。

During the quarter, we secured orders from multiple customers for high-energy channeling applications using advanced superjunction architectures, further validating the value of our differentiated implant technology. From an end market perspective, long-term demand fundamentals for silicon carbide remain highly attractive.

本季我們取得多家客戶針對高能量通道效應（channeling）應用的訂單，採用先進的超接面（superjunction）架構，進一步驗證我們差異化佈植技術的價值。從終端市場角度來看，碳化矽的長期需求基本面仍極具吸引力。

We continue to expect increasing penetration in electric vehicles, broader adoption in AI data center power infrastructure and expanding use across a wide range of commercial industrial applications that require greater power efficiency, particularly at higher voltages.

我們仍預期其在電動車中的滲透率將持續提升、在 AI 資料中心電力基礎設施中的採用將更為廣泛，並且在各類需要更高電力效率（尤其是較高電壓）的商用與工業應用中擴大使用。

In our other power market, second quarter sales grew sequentially, and we continue to view silicon power as a foundational part of the broader power semiconductor market, serving applications across automotive, industrial, commercial and data center end markets.

在我們其他電力市場方面，第二季銷售較上季成長；我們仍將矽基電力視為更廣泛電力半導體市場的基礎組成，服務汽車、工業、商用與資料中心等終端市場的多元應用。

During the quarter, we completed a successful evaluation of our Purion XEmax at a leading foundry for use in power management IC production. The evaluation demonstrated the system's ability to address increasing customer requirements for high-energy implant applications, leveraging its dual LINAC architecture and patented Boost Technology to deliver implant energies up to 15 MeV with industry-leading beam purity.

本季我們在一家領先的晶圓代工廠完成了 Purion XEmax 的成功評估，用於電源管理 IC 的生產。該評估證明此系統能滿足客戶對高能量佈植應用日益提高的需求，並藉由其雙 LINAC 架構與專利 Boost 技術，在業界領先的束流純度下提供最高達 15 MeV 的佈植能量。

In general mature, sales improved sequentially during the quarter. While we have not yet seen a pickup in order rates, we are encouraged by improving end market trends. Following a period of capacity digestion that began in 2024, customers in China continue to add capacity, and we are beginning to see signs of improving activity outside of China as well, supporting higher tool utilization rates.

在一般成熟市場方面，本季銷售較上季改善。雖然我們尚未看到訂單率回升，但終端市場趨勢改善令我們感到鼓舞。在 2024 年開始的一段產能消化期之後，中國客戶持續擴增產能；我們也開始看到中國以外地區的活動改善跡象，支撐更高的設備稼動率。

Our customers are benefiting from demand for AI-related data center applications manufactured on 28 nanometers and above process technologies, including optical connectivity, microcontrollers and analog ICs. General mature remains an important market for Axcelis given its high implant intensity and our broad portfolio spanning high-energy, high-current and medium-current systems. We're also seeing growing customer interest in our recently introduced Purion H6 High Current platform across general mature applications.

我們的客戶正受惠於 AI 相關資料中心應用的需求，這些產品多採用 28 奈米及以上的製程技術製造，包括光學連接、微控制器與類比 IC。一般成熟市場對 Axcelis 仍然十分重要，因其佈植強度高，而我們擁有涵蓋高能量、高電流與中電流系統的廣泛產品組合。我們也看到客戶對近期推出的 Purion H6 高電流平台在一般成熟應用上的興趣日益增加。

Turning to advanced logic on slide 7, as we noted on our last call, we shipped a system early in the second quarter for materials-modification applications supporting 2-nanometer production, and we also shipped a follow-on system in the third quarter for this application. We continue to work closely with this customer in support of its next-generation technology roadmap.

接著看投影片第 7 頁的先進邏輯市場，如同我們在上次電話會議所提到的，我們在第二季初提前出貨一套系統，用於支援 2 奈米量產的材料改質（materials-modification）應用；我們也在第三季為此應用出貨了後續一套系統。我們持續與該客戶密切合作，以支援其下一代技術藍圖。

In memory, despite the anticipated sequential decline from a strong first quarter, customer engagement remains robust. As a reminder, memory sales can be lumpy from quarter to quarter depending on customer fab space availability.

在記憶體方面，儘管相較第一季強勁表現出現如預期的季減，客戶互動仍然熱絡。提醒各位，記憶體銷售可能因客戶晶圓廠空間可用性而在各季度間呈現不均衡波動。

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

我們仍預期 2026 年將呈現強勁的年增成長，且動能可延續至 2027 年，因客戶加速潔淨室投資，以支援 AI 帶動的 DRAM 與高頻寬記憶體（HBM）應用需求成長。我們也看到記憶體客戶組合持續擴大；其中一項亮點是本季收到多套高電流系統的新訂單，進一步強化我們產品供應的實力與競爭力。

Reflecting this momentum, we continue to make progress with a leading North American memory manufacturer we referenced last quarter. Following the successful completion of our system evaluation last quarter, we received additional orders during the period to support new fab investments.

反映這股動能，我們持續在上一季提到的一家北美領先記憶體製造商取得進展。在上一季成功完成系統評估後，我們在本期間又收到額外訂單，以支援其新廠投資。

On slide 8, let me wrap up my thoughts and provide our perspective on the second half of 2026. I am pleased with the momentum we are seeing so far in 2026. Our team has executed well, delivering solid results while capitalizing on the attractive secular growth opportunities across our end markets.

請看投影片第 8 頁，讓我總結一下並分享我們對 2026 年下半年的看法。我對我們在 2026 年迄今所看到的動能感到滿意。我們的團隊執行到位，在把握各終端市場具吸引力的長期結構性成長機會之際，交出穩健的成果。

In addition to a strong memory outlook for 2026, we are seeing improved demand in our power market. We're also encouraged by improving customer engagement and utilization trends in our general mature market, while our CS&I revenue continues to build a growing base of revenue and profitability. As a result, we now expect second half 2026 revenue to be stronger than our initial expectations and expect to deliver year-over-year revenue growth in 2026 compared to our prior outlook for revenue to be relatively flat with 2025.

除了對 2026 年記憶體市場的強勁展望之外，我們也看到電力市場需求有所改善。我們也對一般成熟市場中客戶互動與使用率趨勢的改善感到鼓舞，同時我們的 CS&I 營收持續累積，建立起不斷成長的營收與獲利基礎。因此，我們現在預期 2026 年下半年營收將強於我們最初的預期，並預期 2026 年將實現年對年營收成長；先前我們的展望是 2026 年營收相較 2025 年大致持平。

Looking ahead, we believe the favorable demand trends we are seeing today are likely to continue into 2027 with memory investments expected to remain strong as customers expand fab capacity, continued improvement in our silicon carbide market and encouraging underlying trends across general mature applications. We anticipate another year of revenue growth in 2027.

展望未來，我們認為目前所見的有利需求趨勢很可能延續至 2027 年；隨著客戶擴充晶圓廠產能，記憶體投資預期仍將維持強勁，同時我們的碳化矽市場持續改善，且一般成熟應用的基本面趨勢亦令人鼓舞。我們預期 2027 年將再度實現營收成長。

Before I turn the call over to David, I'd like to provide a brief update on the pending merger with Veeco. We continue to make progress on the remaining requirements for the Veeco merger, including with the State Administration for Market Regulation in China. We continue to expect the transaction to close in the second half of 2026.

在我把電話交給 David 之前，我想就與 Veeco 的待完成合併案提供一個簡短更新。我們持續推進 Veeco 合併案剩餘要求的完成進度，包括與中國國家市場監督管理總局（SAMR）的相關程序。我們仍預期該交易將於 2026 年下半年完成交割。

We remain very excited about the pending combination and the opportunity to build on the momentum and create a stronger company with enhanced capabilities, broader growth opportunities and meaningful long-term value creation potential. I want to thank our customers, employees, partners and shareholders for their continued support in Axcelis.

我們對這項待完成的結合以及在既有動能上再接再厲的機會仍感到非常振奮，並有機會打造一家能力更強、成長機會更廣、且具備可觀長期價值創造潛力的公司。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。

With that, let me turn the call over to David for a closer look at our results and outlook.

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, and good morning, everyone. I'll first start with the financial details of the second quarter before turning to our outlook for the third quarter. Starting on slide 9, second quarter revenue was $215 million, consisting of system revenue of $132 million and CS&I revenue of $83 million, both exceeded our forecast.

謝謝你，Russell，各位早安。我會先說明第二季的財務細節，接著再談第三季展望。從第 9 頁投影片開始，第二季營收為 2.15 億美元，其中系統營收 1.32 億美元、CS&I 營收 8,300 萬美元，兩者皆超出我們的預測。

By geography, revenue in China increased sequentially to 46%, up from 40% in the prior quarter. Korea was our second largest revenue-generating region and 26% of our total revenues. In our other regions, Europe was 11%, the United States, 6%; Taiwan was 2%; and Japan was 1%. The remaining 8% of revenue came from the rest of the world.

按地區來看，中國營收占比季增至 46%，高於前一季的 40%。韓國是我們第二大營收來源地區，占總營收的 26%。其他地區方面，歐洲占 11%，美國占 6%；台灣占 2%；日本占 1%。其餘 8% 的營收來自世界其他地區。

Bookings were $131 million, slightly higher sequentially, continuing the trend of improving order activity with a book-to-bill ratio of approximately 1 times. We exited the quarter with total backlog of $452 million.

訂單金額為 1.31 億美元，較前一季略增，延續訂單活動改善的趨勢，出貨比（book-to-bill）約為 1 倍。本季結束時，總在手訂單（backlog）為 4.52 億美元。

Turning to slide 10, I'd like to share some additional detail on our results. Gross margin was 42.7%, slightly below our outlook of 43%, primarily due to mix within our CS&I business as well as higher-than-anticipated services costs, which can fluctuate from period to period. Second quarter operating expenses were $60 million, slightly above our outlook of $59 million, primarily due to higher variable compensation associated with stronger performance and, to a lesser extent, higher fringe costs. Tying it all together, our operating margin was 14.7%.

接著看第 10 頁投影片，我想分享一些關於我們業績的額外細節。毛利率為 42.7%，略低於我們 43% 的展望，主要是因 CS&I 業務組合影響，以及高於預期的服務成本（該成本可能隨期間而波動）。第二季營業費用為 6,000 萬美元，略高於我們 5,900 萬美元的展望，主要因績效較佳帶動的變動薪酬較高，另外也有部分較高的附加福利成本。綜合以上因素，我們的營業利益率為 14.7%。

Second quarter adjusted EBITDA was $36 million, and adjusted EBITDA margin was 16.7%. Other income was $5 million, higher on a sequential basis due primarily to foreign exchange gains. Our tax rate was 11%, below our forecast of 15% due to the windfall benefit associated with our equity compensation. And finally, second quarter earnings per diluted share was $1.06.

第二季調整後 EBITDA 為 3,600 萬美元，調整後 EBITDA 利潤率為 16.7%。其他收益為 500 萬美元，較前一季增加，主要因匯兌收益。我們的稅率為 11%，低於我們 15% 的預測，原因是與股權薪酬相關的一次性稅務利益（windfall benefit）。最後，第二季稀釋後每股盈餘為 1.06 美元。

Turning to slide 11, free cash flow for the second quarter was $15 million. This includes approximately $6 million of cash transaction expenses associated with the pending Veeco merger. We exited the second quarter with a strong balance sheet, consisting of $577 million of cash, cash equivalents and marketable securities on hand. This includes $175 million of long-term securities.

接著看第 11 頁投影片，第二季自由現金流為 1,500 萬美元。其中包含約 600 萬美元與待完成的 Veeco 合併案相關的現金交易費用。第二季結束時，我們的資產負債表依然強勁，持有現金、約當現金與有價證券合計 5.77 億美元。其中包含 1.75 億美元的長期證券。

With that, let me discuss our third quarter outlook on slide 12. We expect revenue of approximately $230 million. Revenue is expected to benefit from a higher contribution from power and memory, partially offset by lower revenue from the general mature market. We expect gross margins of approximately 43%.

接下來我在第 12 頁投影片說明第三季展望。我們預期營收約為 2.30 億美元。營收預期將受惠於電力與記憶體較高的貢獻，但部分會被一般成熟市場較低的營收所抵銷。我們預期毛利率約為 43%。

We expect operating expenses of approximately $62 million. Adjusted EBITDA is expected to be approximately $41 million. We anticipate a tax rate of approximately 15%. And finally, we estimate net earnings per diluted share of approximately $1.11.

我們預期營業費用約為 6,200 萬美元。調整後 EBITDA 預期約為 4,100 萬美元。我們預估稅率約為 15%。最後，我們估計稀釋後每股淨利約為 1.11 美元。

Looking beyond the third quarter, we currently expect revenue to increase sequentially in the fourth quarter, supported by the business trends we are seeing across our markets that Russell touched on earlier. As a result, we now anticipate full year 2026 revenue growth of approximately mid-single digits year over year compared to our prior expectation of flat revenue.

展望第三季之後，基於 Russell 先前提到、我們在各市場觀察到的業務趨勢，我們目前預期第四季營收將較第三季呈季增。因此，相較於先前預期營收持平，我們現在預期 2026 全年營收年對年成長約為中個位數百分比。

We also anticipate gross margin to improve slightly in the fourth quarter relative to third quarter levels. At the same time, we remain committed to investing in the business, particularly in technology innovation and other long-term growth initiatives. As a result, we expect fourth quarter operating expenses to be slightly higher than third quarter levels.

我們也預期第四季毛利率將較第三季水準略有改善。同時，我們仍致力於對業務進行投資，特別是在技術創新及其他長期成長計畫上。因此，我們預期第四季營業費用將略高於第三季水準。

In summary, we're executing on our strategy and remain focused on disciplined cost management while continuing to make targeted investments to capture attractive growth opportunities. We're encouraged by the trends we're seeing across the business and remain focused on delivering strong results and value creation for our shareholders.

總結來說，我們正按策略執行，並在持續進行有紀律的成本管理之際，仍進行有針對性的投資，以掌握具吸引力的成長機會。我們對全公司所見的趨勢感到鼓舞，並將持續專注於交出強勁成果，為股東創造價值。

With that, operator, we're ready to take your questions.

接下來，接線員，我們準備開始回答各位的提問。

(Operator Instructions) Craig Ellis, Riley Securities.

（接線員指示）Craig Ellis，Riley Securities。

Congratulations on the nice execution, team. Russell, I wanted to start off with a question on memory, understanding how the tenor of interaction with your more established customers and your newer customers has changed over the last three months.

恭喜團隊執行得很漂亮。Russell，我想先從記憶體的問題開始，想了解過去三個月，你們與較成熟客戶以及較新客戶互動的氛圍與節奏有何變化。

And as we look at near-term dynamics, which I think were indicated with memory up in the third quarter, are we at a point where we should expect memory system sales to grow sequentially? Or are we still in a period where there can be two steps forward and one step back?

另外，從近期動態來看，我認為你們已指出第三季記憶體會上升，那麼我們是否已到了一個階段，應該預期記憶體系統銷售會呈現季增？還是我們仍處於可能「前進兩步、後退一步」的期間？

Craig, thanks for the question. So I think we're going to see memory being slightly lumpy this year. Again, until the new cleanroom space comes online, I think the customers are mostly focused on solving bottleneck issues in their existing fabs. So it's a little bit lumpy.

Craig，謝謝你的問題。我認為今年記憶體的表現會有些不均勻、起伏較大。同樣地，在新的無塵室空間上線之前，我認為客戶多半仍聚焦於解決其既有晶圓廠的瓶頸問題。所以會有點起伏。

One thing I would say, though, is '26 is a significant improvement over 2025, although it's off a low baseline, we are seeing significant DRAM memory revenue this year. And then like we said, once those cleanrooms start to come online, we expect to see the momentum continue into 2027.

不過我想說的是，2026 年相較 2025 年會有顯著改善；雖然是從較低的基期起跳，但我們今年確實看到可觀的 DRAM 記憶體營收。然後如同我們所說，一旦那些無塵室開始上線，我們預期這股動能將延續到 2027 年。

Yes, Craig, if you think about -- Craig, just to add, if you think about the second half for memory, probably at this point, probably looks similar to the first half. And then for the full year basis, obviously, strong growth into -- growth rate into '27, probably at a lower growth rate than the one in '26 because we're coming off a very low base. But we definitely see that momentum in memory.

是的，Craig，如果你思考一下——Craig，我再補充一下，如果你看記憶體的下半年，目前看起來大概會與上半年相近。而以全年來看，顯然到 2027 年仍會有強勁成長——成長率可能會低於 2026 年，因為我們是從非常低的基期起跳。但我們確實看到記憶體的那股動能。

Yes. And next year, we get NAND capacity help, not just DRAM. And then the follow-up question is on the CS&I business. So congratulations on the real nice quarter there. My question is really what drove the magnitude of sequential strength?

是的。而且明年，我們會得到 NAND 產能方面的助力，不只是 DRAM。接下來的追問是關於 CS&I 業務。所以恭喜你們這一季表現非常亮眼。我的問題主要是：是什麼驅動了這種連續性的強勁幅度？

Is it really just in this environment, customers are looking at CS&I as one of the quickest paths to incremental capacity where they need it? Or is it really just the efficacy of better attach rates on Purion tools that are out there in the installed base? Just help us understand what drove the upside and what it might mean for the back half of the year.

在目前這個環境下，是否真的只是因為客戶把 CS&I 視為在需要的地方最快取得增量產能的途徑之一？還是其實主要是因為已安裝機台基礎中的 Purion 設備有更好的附掛率（attach rate）所帶來的成效？請幫我們理解一下，這次超預期的上行是由什麼驅動的，以及這對今年下半年可能意味著什麼。

So there's a couple of things, Craig. So clearly, we are seeing a pickup in utilization rates. So we're seeing memory has really high utilization rates. We're seeing silicon carbide and silicon power picking up in utilization rates. And we're starting to see the embers of a recovery in general mature.

Craig，有幾個因素。很明顯地，我們看到設備稼動率在回升。我們看到記憶體的稼動率非常高。我們看到碳化矽與矽功率的稼動率也在上升。而且我們開始看到整體成熟市場復甦的火苗。

And all those things will happen. Before you start getting orders, typically, you start to see spares and consumables going up. So that's the -- so you definitely get a component of utilization driving. The second thing is we continue to add installed base as well.

而這些事情都會發生。通常在你開始看到訂單之前，你會先看到備品與耗材的需求上升。所以這——你確實會看到一部分是由稼動率提升所帶動。第二點是，我們也持續增加已安裝機台基礎。

But I think the really big part is that as companies are looking to ramp, they're looking to use what they have. So we've developed a lot of really valuable upgrades, and a lot of those upgrades are now selling, and they're helping customers who, in some cases, are four-wall constrained or it gives them a little bit more capacity such that they can continue to ramp their business.

但我認為真正最大的部分是，當公司準備拉升產能時，他們會想先把手上既有的設備用到極致。因此我們開發了許多非常有價值的升級方案，而其中很多升級現在正在銷售，並協助客戶——在某些情況下——不是受限於廠房四壁（four-wall constrained），就是能多出一些產能，讓他們可以持續擴張其業務。

Charles Shi, Needham & Company.

Charles Shi，Needham & Company。

Congrats on the pretty steady execution and exceeding the guidance and good guidance for the third quarter as well. So maybe the first question, the power -- the pickup in power in general, order rate you mentioned has been exceeding the average level you've seen over the last two years. Can you elaborate where the power strength really is from?

恭喜你們執行相當穩健、超越財測，而且第三季的指引也不錯。第一個問題可能是關於功率——你提到整體功率的回升，其訂單率已高於你們過去兩年看到的平均水準。你能否更詳細說明功率的強勁主要來自哪裡？

Because historically, your power is closely tied to, let's say, automotive industry, but is there something different this time? Do you feel like there is more of a data center? I know that the capacity is probably agnostic for a lot of your customers, but are you able to tell what is driving the power order rate pick-up?

因為歷史上你們的功率業務與例如汽車產業高度相關，但這次是否有些不同？你是否覺得資料中心的比重更高？我知道對很多客戶而言產能可能是與終端應用無關（agnostic）的，但你們是否能判斷是什麼在驅動功率訂單率的回升？

Yes. Charles, it's Russell. Thanks for the question. So when I think about where we are with power, so there's two components to it, silicon carbide and silicon. Both are actually doing better.

是的。Charles，我是 Russell。謝謝你的問題。談到我們在功率方面的狀況，我認為有兩個組成：碳化矽與矽。兩者其實都表現得更好。

So if you look at our power business, it was in digestion for a while, but now it's into recovery. And we are expecting the second half to be stronger than the first half for power. So that's the good. We're seeing that through orders placed.

如果你看我們的功率業務，它消化調整了一段時間，但現在已進入復甦。我們預期下半年功率會比上半年更強。這是好消息。我們從已下的訂單中也看到了這點。

So what's driving that? I mean it was in digestion and now it's coming out the other side. I think it's fair to say electric vehicles are still the number one driver of silicon carbide. And we've talked previously about there's more electric vehicles and there's greater penetration into electric vehicles of silicon carbide, particularly 800-volt systems.

那是什麼在驅動？它之前在消化調整，現在正在走出來。我想可以合理地說，電動車仍然是碳化矽的第一大驅動力。我們之前也談過，電動車數量增加，而且碳化矽在電動車中的滲透率更高，特別是在 800 伏系統。

When you get to 800-volt systems, you pretty much don't have a choice as to whether or not to use silicon carbide or not. And then there's all the onboard chargers we talked about and the other components and [DC inverters]. Electric vehicles are still doing really well. There is actually a couple of other opportunities as well in growth.

當你進入 800 伏系統時，基本上你幾乎沒有選擇是否使用碳化矽。另外還有我們談過的各種車載充電器與其他元件，以及[直流逆變器]。電動車仍然表現得非常好。此外也確實還有其他幾個成長機會。

And I think we've talked about data centers. And as data centers start to move to 800-volt architectures as well, you're going to see silicon carbide being the material of choice, and that's going to sit between the grid, coming in at like kilovolts, all the way down to the rack where it's -- coming at 800 volts. So we're seeing that being -- while it's still a small area, it is growing quickly.

我想我們也談過資料中心。當資料中心也開始轉向 800 伏架構時，你會看到碳化矽成為首選材料；它會位於電網（進來可能是千伏等級）與機櫃之間——機櫃端是以 800 伏輸入。所以我們看到這一塊——雖然目前仍小——但成長很快。

And we shouldn't forget that as the cost of silicon carbide devices continues to come down and you see a bit more packaging of devices as well. So they have more value at the subsystem level. You're seeing -- as this is occurring, it's opening up more and more applications. So we shouldn't forget all the industrial applications like transformers and motors and even solar, solar takes up a lot of silicon carbide.

而且我們也不應忽略，隨著碳化矽元件成本持續下降，以及你看到更多元件封裝。因此它們在子系統層級具有更高價值。當這些發生時，會開啟越來越多的應用。所以也別忘了所有工業應用，例如變壓器、馬達，甚至太陽能——太陽能也會用到大量碳化矽。

So that's what's kind of driving this, and those have always been secular drivers. So that's exciting. And I'd say it's more than just China as well. It's beyond China that people are adding capacity in power. Although in some regions, they still haven't kind of like gone for higher capacity. They're still working on what I consider next-generation technology.

所以這些就是主要的驅動因素，而它們一直都是長期結構性（secular）的驅動力。因此這很令人振奮。我也會說不只是中國。在中國以外，也有人在功率領域擴增產能。雖然在某些地區，他們仍未真正追求更高產能。他們仍在我所認為的下一代技術上努力。

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

因此我們有客戶在拉升產能，也有客戶在學習。我會說，一旦那些元件技術能在量產與良率上到位，我認為你會開始看到那些客戶也開始拉升。我指的是從平面（planar）轉向溝槽（trench），甚至到超接面（superjunction）的轉換。而且如同我們之前所說，這些元件越複雜，離子佈植步驟的密度就越高，也會更偏向高能量，這對我們而言也是另一個正向順風。

So we understand the small -- the data center part, probably still very small, but faster growing. But based on what you see today, are you able to tell like how much of your installed base or the silicon carbide capacity in general is going into the data center application versus the electric vehicle? And we just want to get a sense on how to gauge the growth frontier, especially from the data center side.

所以我們理解資料中心這一塊可能仍然很小，但成長更快。不過就你們今天看到的情況，你們是否能判斷，例如你們的已安裝機台基礎或整體碳化矽產能中，有多少是用在資料中心應用、多少是用在電動車？我們想對成長前沿有個概念，特別是資料中心端。

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

是的。我們不一定知道客戶用這些設備在製造什麼產品。所以——很顯然，那是他們的業務。但我想你可以從許多客戶那邊看到——基本上每一家功率公司都是我們的客戶。當你看到他們的新聞稿提到其產品組合正在瞄準資料中心時，那會給你一些線索，了解有多少元件可供使用，以及這門生意有多具吸引力。

(Operator Instructions) Jed Dorsheimer, William Blair.

（接線員指示）Jed Dorsheimer，William Blair。

Congrats on a solid quarter. Russell, just more of a technical question for you and kind of a market one as well. Indium phosphide looks like implants being used for surface passivation for etch repair as well as electrical isolation.

恭喜你們這一季表現穩健。Russell，我有一個比較偏技術、也帶點市場面的問題。磷化銦看起來其佈植（implant）可用於表面鈍化（surface passivation）的蝕刻修復（etch repair），以及電性隔離（electrical isolation）。

And so I'm just curious if you might talk about -- that's a pretty exciting area with a significant undercapacity at the moment. What discussions you might be having in -- and that would be for continuous wave lasers used for optical and kind of electrical-to-optical in data center racks?

所以我想請教你是否能談談——這是一個相當令人興奮的領域，目前看起來產能明顯不足。你們可能正在進行哪些討論——而這會用在連續波雷射（continuous wave lasers），用於光學，以及資料中心機櫃中的電轉光（electrical-to-optical）？

Yes. So thanks, Jed, for the question. So I think indium phosphide is a really interesting laser material. And I think the data centers talked about going into optical communications. I think for us, it's a relatively small amount.

是的。所以謝謝你，Jed，提出這個問題。所以我認為磷化銦是一種非常有趣的雷射材料。而且我認為資料中心所談到的是進入光通訊領域。我想對我們而言，這是一個相對較小的量。

So while we will kind of continue to monitor this market, I think the implant opportunities are relatively small. I think there's much bigger opportunities in other technologies such as MOCVD.

因此，雖然我們會持續關注這個市場，但我認為離子佈植的機會相對較小。我認為在其他技術上有更大的機會，例如 MOCVD。

This concludes our question-and-answer session. I would now like to turn the call over -- hold on just one minute. We had two questions come through.

我們的問答環節到此結束。我現在想把電話交回——請稍等一分鐘。我們又收到兩個問題。

Duksan Jang, Bank of America Securities.

美國銀行證券（Bank of America Securities）的 Duksan Jang。

One question on memory. If I'm not mistaken, I think you said second half memory is going to be similar to first half. So I think that indicates about $120 million of total annual run rate. As we look into the industry, obviously, a lot of people are expecting more cleanroom space to come through really starting next year and into '28. So I'm just curious what kind of upside you just expect in this market? I assume it's going to be a strong acceleration as well.

有一個關於記憶體的問題。如果我沒記錯的話，我想你說下半年記憶體會與上半年相近。所以我認為這表示全年總年化運行率約為 1.2 億美元。我們觀察產業，顯然很多人預期更多無塵室空間將會釋出，真正從明年開始並延續到 2028 年。所以我只是好奇，你們預期這個市場會有什麼樣的上行空間？我猜也會是強勁加速。

Yeah. Hi, Duksan. So a little too early to size memory next year. But our indications at this point is that next year would be another year of growth. Our assumption is that there would be a much lower growth rate percentage-wise than what we're seeing in 2026 because we're coming off a pretty low base in 2025.

是的。嗨，Duksan。現在要估算明年的記憶體規模還有點太早。但我們目前的跡象顯示，明年會是另一個成長年。我們的假設是，成長率（以百分比計）會遠低於我們在 2026 年看到的水準，因為我們是從 2025 年相當低的基期走出來。

But engagement with customers is strong. They have ambitious capacity plans. And I'd also note that we're making progress expanding beyond our traditional, as we say, strong position into other areas within the memory market and other customers.

但與客戶的互動很強。他們有雄心勃勃的產能規劃。我也要指出，我們正取得進展，從我們傳統上所說的強勢地位，擴展到記憶體市場內的其他領域以及其他客戶。

And so that's another factor to consider. So it's a good market. Implant is a critical step there, and we're pretty excited about the opportunity.

因此這也是另一個需要考量的因素。所以這是一個不錯的市場。佈植在那裡是關鍵步驟，我們對這個機會感到相當興奮。

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

了解。另外，在 NAND 方面你們有看到什麼嗎？我認為產業趨勢在那邊顯然已經改善。我們可能會看到一些產能擴增。而且隨著記憶體在你們銷售中占比提高，歷史上它對毛利率的稀釋稍微大一些。所以若能談談毛利率方面的情況會很有幫助。

So I'll take the NAND part of this. So when Dave was talking about the kind of the strength of memory into 2027 and cleanrooms coming on, we really are specifically kind of talking about DRAM. NAND, there's a little bit of activity, but I wouldn't, in any way, call it a trend at this stage. I think anybody who has space is using it for the higher-value DRAM. But I do see a need for more NAND coming.

我來回答 NAND 的部分。所以當 Dave 談到 2027 年記憶體走強以及無塵室啟用時，我們其實主要是在談 DRAM。NAND 有一些活動，但我不會在現階段把它稱作趨勢。我認為任何有空間的人都在把它用於更高價值的 DRAM。但我確實看到未來會需要更多 NAND。

And as we've said in the past, when people do vertical scaling of NAND, that doesn't necessarily support us because it doesn't change the density of implants. But as people add more wafer starts, that's when NAND has a value to our business for selling more implants. So I would say that as people start allocating space to expand wafers out for NAND, that's when you'll start to see our NAND business start to go up.

而且如我們過去所說，當大家對 NAND 進行垂直微縮（vertical scaling）時，這不一定能支持我們，因為它不會改變佈植密度。但當大家增加晶圓開工量（wafer starts）時，NAND 才會對我們的業務有價值，因為我們可以賣出更多佈植設備。所以我會說，當大家開始分配空間來擴增 NAND 的晶圓產出時，你就會開始看到我們的 NAND 業務上升。

And historically, NAND has followed DRAM. So we are expecting that to come. But I'd say that there aren't many -- the trend -- there's no trend yet.

而且歷史上，NAND 一直是跟隨 DRAM。所以我們預期那會到來。但我會說，目前還沒有太多——這個趨勢——還沒有形成趨勢。

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

是的。另外，Duksan，關於毛利率我再補充一下，正如你指出的，通常我們的記憶體業務在系統端的毛利率會低於公司平均。但當我們部署這些系統時，會帶動相當多的 CS&I 售後市場業務，而其毛利率高於公司平均。因此從設備全生命週期、長期來看，這對我們仍然是相當有吸引力的業務。

Craig Ellis, B. Riley Securities.

B. Riley Securities 的 Craig Ellis。

I wanted to start with a higher-level question, just understanding where the company's capacity positioning was. We're annualizing at about $920 million revenues, it looks like here as we head into the back half of the year. I would expect, given where we've been over the last five years, our capacity would be at least 40% higher than that. But can you help calibrate that in?

我想先從一個較高層次的問題開始，了解公司產能配置目前處於什麼位置。看起來我們在進入今年下半年時，年化營收約為 9.2 億美元。考量過去五年的情況，我原本預期我們的產能至少會比這高 40%。但你能幫忙校準一下這個差距嗎？

And secondly, related to memory, a number of years ago, the team did a great job qualifying the Purion Dragon at one memory customer. I would expect that would be part of the solution set that's going out the door. And can you just talk about the demand that you're seeing across different products and where Purion Dragon fits into that mix?

第二個問題也與記憶體相關，幾年前，團隊在某一家記憶體客戶那裡成功完成了 Purion Dragon 的認證，做得非常好。我預期那會是目前出貨解決方案組合的一部分。你能談談你們在不同產品上看到的需求，以及 Purion Dragon 在其中扮演的角色嗎？

Craig, just on capacity, you're right. We do have capacity to meet higher revenue levels than we are today. And quite frankly, as we absorb a little more and our markets recover, we would expect a little bit of benefit to our gross margin as well as a result from the absorption. Now clearly, mix is going to play an important role, but we do get a little bit of an absorption benefit there with higher volume.

Craig，關於產能，你說得沒錯。我們確實有能力支撐比目前更高的營收水準。坦白說，隨著我們吸收更多產能、且市場復甦，我們也預期毛利率會因吸收效益而獲得一些提升。當然，產品組合會扮演重要角色，但在更高出貨量下，我們確實會獲得一些吸收效益。

On the mix of systems, Russell can weigh in, but we're not going to get into specific systems that we're shipping to customers, but high current is an important part of the equation for memory. And so we have a really good and competitive technology there. As you know, we're strong in high-energy, but high-energy is a little bit -- there's a little less content of high-energy in memory. And then there's medium-current as well where we have a competitive solution. So we feel like we're pretty well positioned for memory.

至於系統組合，Russell 可以補充，但我們不會談論我們正在出貨給客戶的特定系統；不過，高電流（high current）對記憶體而言是方程式中很重要的一部分。因此我們在那方面有非常好的、具競爭力的技術。如你所知，我們在高能量（high-energy）方面很強，但在記憶體中，高能量的占比——高能量的內容稍微少一些。另外還有中電流（medium-current），我們也有具競爭力的解決方案。所以我們覺得在記憶體方面的布局相當到位。

Did that answer your question, Craig?

Craig，這有回答到你的問題嗎？

Yeah. Thanks very much, David.

有的。非常感謝你，David。

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

問答環節到此結束。我現在想把電話交回給 David Ryzhik 作結語。

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

謝謝你，接線員。謝謝各位參與本次電話會議並關注 Axcelis。接線員，你可以結束通話。

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

感謝您參與今天的電話會議。本次會議到此結束。您現在可以掛線。