Axcelis Technologies Inc. (ACLS) · Q2 2026 results and valuation

At −3.0% growth a year (3-year revenue growth), the model's fair value is $44.03 a share — the stock trades 152% above it. Today's price assumes 12.6% growth a year.

1. Figure

   Revenue in China increased sequentially to 46% from 40% last quarter, showing the region is becoming a larger revenue source.

   Source quote

   “By geography, revenue in China increased sequentially to 46%, up from 40% in the prior quarter.”

2. Guidance

   ACLS updated its guidance to expect second half 2026 revenue to be stronger than initial expectations and to deliver year-over-year revenue growth in 2026.

   Source quote

   “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...”

3. Guidance

   ACLS expects gross margins of approximately 43% for the upcoming period.

   Source quote

   “We expect gross margins of approximately 43%.”

Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 85% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.

Sentences that drove the tone

“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...”

“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...”

“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.”