Axcelis

Revenue is inherently cyclical with wafer‑fab spending and end‑market demand. 2025 saw revenue at 839 million with backlog declining to 457 million from 646 million in 2024; Q1 2026 revenue was 199 million with gross margin at 40.5 percent.

CS&I provides partial stability, but exposure to China (42 percent of 2025 revenue and 40 percent in Q1 2026) and technology‑mix shifts reduce visibility. Management frames 2026 as flat with second‑half weighting, improving memory yet softer power and general mature. Predictability is below our preferred tollbooth profile.