UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-30941 AXCELIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorpo ...

Revenue and Growth - Total revenue for the three months ended June 30, 2021, was $147.3 million, representing a 19.8% increase compared to $122.97 million for the same period in 2020[83] - Product revenue for the six months ended June 30, 2021, was $266.8 million, accounting for 95.3% of total revenue, up 16.3% from $229.3 million in the same period in 2020[85] - Ion implant products and services generated $142.9 million in revenue for the three months ended June 30, 2021, which is 97.0% of total revenue, compared to $118.7 million or 96.6% for the same period in 2020[89] - Services revenue for the three months ended June 30, 2021, was $7.1 million, a 23.3% increase from $5.8 million in the same period in 2020[85] - Aftermarket revenue for the six months ended June 30, 2021, was $98.9 million, up from $82.8 million in the same period in 2020[91] Profitability and Margins - The gross profit margin for the three months ended June 30, 2021, was 43.4%, compared to 42.2% for the same period in 2020[82] - Product gross profit for the three months ended June 30, 2021, was $63.5 million, a 22.8% increase from $51.7 million in the same period of 2020[93] - Total gross profit for the three months ended June 30, 2021, was $64.0 million, reflecting a 23.3% increase compared to $51.9 million in the prior year[93] - Gross margin from product revenue was 45.3% for the three months ended June 30, 2021, compared to 44.1% for the same period in 2020[93] - Gross margin from services revenue was 7.7% for the three months ended June 30, 2021, up from 3.9% in the same period of 2020[94] - The company reported a total gross margin of 43.4% for the three months ended June 30, 2021, compared to 42.2% in the same period of 2020[93] Expenses - Research and development expenses for the three months ended June 30, 2021, were $16.6 million, up 3.6% from $16.0 million in the same period of 2020[99] - Sales and marketing expenses for the three months ended June 30, 2021, increased by 29.0% to $12.2 million from $9.4 million in the prior year[102] - General and administrative expenses for the three months ended June 30, 2021, were $11.2 million, an increase of 11.7% from $10.0 million in the same period of 2020[104] - Total operating expenses for the three months ended June 30, 2021, were $40.0 million, representing 27.2% of revenue, compared to $35.5 million or 28.9% of revenue in the same period of 2020[96] Tax and Deferred Assets - Income tax expense for the three months ended June 30, 2021, was $3.8 million, an increase of $1.5 million (69.2%) compared to $2.3 million for the same period in 2020, primarily due to a $7.2 million increase in pretax income[110] - For the six months ended June 30, 2021, income tax expense was $5.6 million, up $2.3 million (68.0%) from $3.3 million in the same period of 2020, driven by a $13.1 million increase in pretax income[110] - As of June 30, 2021, the company had $51.4 million in net deferred tax assets related to net operating loss carryforwards and tax credit carryforwards[111] - The company has a $9.1 million valuation allowance against certain tax credits and state net operating losses due to realization uncertainty[111] Cash and Liquidity - The company reported $219.7 million in unrestricted cash and cash equivalents as of June 30, 2021, indicating a strong liquidity position to support business operations and potential investments[112] - Cash generated from operating activities for the six months ended June 30, 2021, was $45.9 million, down from $56.6 million in the same period of 2020[115] - Financing activities for the six months ended June 30, 2021, resulted in a cash usage of $28.3 million, including $25.0 million for stock repurchases[116] - The company has a revolving credit facility of up to $40.0 million, with no borrowings made as of June 30, 2021, and a letter of credit for $5.9 million reducing available funds[118] - The company believes its existing cash, cash equivalents, and financing capacity will be sufficient to meet anticipated cash requirements in the short and long term[119] Market and Operational Insights - The company’s ten largest customers accounted for 71.1% of total revenue for the six months ended June 30, 2021[76] - Deferred revenue increased to $35.5 million as of June 30, 2021, from $23.1 million at the end of 2020, primarily due to customer prepayments for systems[84] - The company is expanding manufacturing capacity in South Korea, expected to come online by year-end 2021[76] - The rapid electrification of the automotive industry is driving demand for power devices and image sensors, contributing to sustainable growth for the company's Purion product extensions[77] - Other expense for the three months ended June 30, 2021, was $1.2 million, compared to $0.8 million in the same period of 2020, primarily due to increased foreign currency exchange losses[109] - There have been no material changes to the quantitative information about market risk as of June 30, 2021[122]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-30941 AXCELIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 34-181859 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-30941 AXCELIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 34-1818596 (St ...

Table of Contents Securities registered pursuant to Section 12(b) of the Act: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 Or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-30941 AXCELIS TECHNOLOGIES, INC. (Exact name of re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-30941 AXCELIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorpo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 Or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-30941 AXCELIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 34-181859 ...