Financial Tag Archive

  • GlobalWafers Published Full Year 2023 Results

    GlobalWafers Published Full Year 2023 Results

    3 Min Read

    GlobalWafers held its board meeting to approve 2023 financial results.

    FY2023 consolidated revenue reached NT$70.7 billion with YoY 0.5%; gross profit of NT$26.4 billion, with -12.9% YoY, gross profit margin of 37.4%, with -5.8% YoY; operating income of NT$20.1 billion, with -19.7% YoY, operating income margin of 28.4%, with -7.1% YoY; profit before tax of NT$26.5 billion, with 31.8% YoY, profit before tax margin of 37.5%, with 8.9% YoY; net profit of NT$19.8 billion, with 28.6% YoY, net profit margin of 28.0%, with 6.1% YoY; EPS reached NT$45.41, with an increase of more than NT$10 compared with the previous year.

    FY2023 consolidated revenue grew in 3 concessive years and rose to the highest again! FY2023 EPS, profit before tax margin and net profit margin all hit record high.

    Despite the semiconductor industry in 2023 facing a slowdown in global economic and consumer electronics demand, coupled with increased inventory pressure, GlobalWafers benefited from a high proportion of LTAs and maintained high utilization rates for FZ wafers and compound semiconductor wafers, achieving continued growth in revenue throughout the year.

    Looking ahead to 2024, as terminal market inventories are gradually reabsorbed, AI features will progressively integrate into personal computers, tablets, and smartphones, potentially driving a wave of upgrades. In the meantime, the AI ecosystem relies on supports from peripherals and semiconductor components, fueling demands for edge computing, high-performance computing (HPC) and spurring the development of low-power consumption-related components (SiC, ULLD, IGBT…).

    More innovations are expected to be introduced, such as 5G, electrification, smart cockpits, and autonomous driving, contributing to the growth momentum in the semiconductor market. Besides, policies related to energy transition and net-zero carbon emissions in various countries have laid a long-term foundation for the development of compound semiconductors. In 2024, the market is expected to gradually recover, with memory leading the way in releasing signals.

    However, the pace and extent of economic recovery depend on various factors, including different terminal applications and global economic uncertainties such as war, rising shipping costs, interest rate changes, and exchange rate fluctuations. Positioned in the upstream of the semiconductor industry, GlobalWafers anticipates a recovery a quarter or two later than downstream and expects a healthier performance in the second half of the year compared to the first half, considering that customers will prioritize depleting existing inventories.

    With a comprehensive product spectrum ranging from 3” to 12” semiconductor wafers, GlobalWafers is able to cater for customers’ needs to cope with market fluctuations of individual products. Moreover, the Company has carried out expansion plans to get ready for the acceleration toward advanced processes.

    GlobalWafers has become a long-term partner of customers with its focus on sustainability and the unique advantages of highly regionalized deployment that allows the Company to supply products in proximity, reducing the carbon footprint and the impact of carbon tariffs, while also mitigating geopolitical risks. With flexible asset allocation and a sound financial structure, GlobalWafers is resilient to market volatility and continues to create profits through prudent operations.

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  • Infineon Annual General Meeting Delivers Updates to the Supervisory Board

    Infineon Annual General Meeting Delivers Updates to the Supervisory Board

    2 Min Read

    Infineon Technologies AG has finished its 24th Annual General Meeting. The entire event was held in a virtual format and broadcast publicly on the company web site. Shareholders had the opportunity to speak live during the event and ask questions.

    Dividend of €0.35 per share

    The Annual General Meeting followed the proposal of the Management Board and Supervisory Board on the distribution of profits and approved a dividend payment of €0.35 per share. The payout exceeds the dividend amount of the previous year by 3 Euro cents, or almost 10 percent.

    Ute Wolf and Prof. Dr. Hermann Eul elected to the Supervisory Board

    Ute Wolf was appointed to the Supervisory Board by court order from 22 April 2023 until the end of the 2024 Annual General Meeting. Her term of office as a shareholder representative on the Supervisory Board was extended by the Annual General Meeting. In addition, Dr. Manfred Puffer resigned from his position with effect from the end of the Annual General Meeting on 23 February 2024, meaning that his vacant position had to be filled. The Annual General Meeting elected Prof. Dr. Hermann Eul as a new member of the Supervisory Board. 

    Deloitte elected as new corporate auditor

    The shareholders elected Deloitte GmbH, Munich, as auditor for the 2024 financial year. The tender process had been carried out as part of the legally required rotation. 

    Detailed information on the 2024 Infineon Technologies AG Annual General Meeting, including the voting results for the individual agenda items, is available at www.infineon.com/agm, together with the recorded speeches of the Chairman of the Supervisory Board, the Chief Executive Officer and the Chief Financial Officer.

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  • Transphorm Announced Its Financial Results

    Transphorm Announced Its Financial Results

    4 Min Read

    Transphorm, Inc. announced its financial results for the third quarter of its fiscal year ending March 31, 2024 (“Q3 Fiscal 2024”).

    Key Business Highlights

    • Reported total revenue of $4.7 million for Q3 Fiscal 2024, an increase of 4.0% over the same quarter last year and a decrease of 6.8% from the prior quarter.
    • Product revenue was $3.2 million in the quarter, a decrease of 20% from the same quarter last year and a decrease of 11% from the prior quarter, owing to short term demand pushouts. Government revenue was $1.5 million in the quarter, an increase of 180% from the same quarter last year and flat with the prior quarter. Gross margin in the quarter was 1.6%, compared to (59.4)% in the same quarter last year and 23.4% in the prior quarter – Margins in the current quarter were impacted by a $250K Consumption tax adjustment and $170K in non-recurring scrap.
    • Raised $3.0 million through the exercise of existing warrants and $2.1 million of short-term debt.

    High Power Segment Update – Continued Leadership of Transphorm in GaN

    • Increased total design-ins for higher power (300 watt – 7.5 kilowatt) to over 120 (with over 35 in production), an increase of 20% from the Company’s previous update in November 2023.
    • Announced two new SuperGaN devices in a 4-lead TO-247 package, a drop-in replacement for SiC FETs and offering a 35 mOhm and 50 mOhm on-resistance and a benefit of more efficient, switching capabilities with 25% lower energy losses in recent internal tests, increasing socket penetration opportunities with new and existing solutions.
    • Announced a collaboration with Allegro MicroSystem’s AHV85110 Isolated Gate Driver and Transphorm’s SuperGaN FETs to increase GaN power system performance for high power applications, using our just released 650V / 70 mOhm TOLL device.
    • Launched three Transphorm FETs in surface mount devices (SMD) TOLL packages supporting higher power applications for power hungry AI applications, server power, energy and industrial markets, positioning GaN as optimal devices for these kilo-watt class power hungry applications and proving its high voltage-high power dynamic reliability.
    • Launched the SuperGaN TOLT FET, the industry’s first top-sided cooled surface mount GaN device in the JEDEC-standard (MO-332) TOLT Package delivering superior thermal and electrical performance for computing, AI, energy, and automotive power systems.
    • Released two battery charger reference designs for electric vehicle (“EV”) charging applications, ideal for two- and three-wheeled EVs.
    • On track for 1200V engineering samples by middle of calendar year 2024.

    Low Power Segment Update – Transphorm Enables Superior Performance

    • Increased total design-ins for power adapters and fast chargers (< 300 watt) to over 125 (with over 30 in production), an increase in ongoing design-ins of 8% from the Company’s previous update in November 2023.
    • Announced with Weltrend Semiconductor Inc., a 100-watt USB-C PD power adapter reference design, using Transphorm’s SuperGaN System-in-Package, WT7162RHUG24A, to achieve 92.7% efficiency in a Quasi-resonant flyback topology.

    Primit Parikh, Transphorm’s CEO and Co-Founder, commented, “While our third quarter product revenue decreased marginally on a sequential basis, we continued to experience strong momentum in building our revenue pipeline and securing design-ins. During the third quarter, we successfully launched several new high power products and two key reference designs targeted for EV two- and three-wheeler market.”

    Q3 Fiscal 2024 Financial Results

    Revenue was $4.7 million for Q3 Fiscal 2024, a decrease of $0.3 million, or 6.8%, compared to $5.0 million in the prior quarter and an increase of $0.2 million, or 3.9%, compared to $4.5 million for the same period in 2022 (“Q3 Fiscal 2023”).

    Operating expenses were $9.0 million in Q3 Fiscal 2024, compared to $7.7 million in the prior quarter and $7.2 million in Q3 Fiscal 2023 driven largely by legal expenses related to the definitive agreement with Renesas. Q3 Fiscal 2024 operating expenses consisted of R&D expenses of $2.8 million and SG&A expenses of $6.2 million. Operating expenses on a non-GAAP basis were $7.3 million in Q3 Fiscal 2024, compared to $6.4 million in the prior quarter and $6.0 million in Q3 Fiscal 2023.

    Net loss for Q3 Fiscal 2024 was ($10.0) million, or ($0.20) per share, compared to net loss of ($7.1) million, or ($0.12) per share, in the prior quarter, and net loss of ($10.5) million, or ($0.18) per share, in Q3 Fiscal 2023. On a non-GAAP basis, adjusted EBITDA for Q3 Fiscal 2024 was ($6.9) million, or ($0.11) per share, compared to non-GAAP adjusted EBITDA of ($5.0) million, or ($0.08) per share, in the prior quarter, and non-GAAP adjusted EBITDA of ($8.5) million, or ($0.15) per share, in Q3 Fiscal 2023.

    Cash, cash equivalents and restricted cash as of December 31, 2023, were $8.0 million.

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  • Applied Materials Reported Results for the First Quarter 2024

    Applied Materials Reported Results for the First Quarter 2024

    2 Min Read

    Applied Materials, Inc. reported results for its first quarter ended Jan. 28, 2024.

    • Revenue $6.71 billion, flat year over year
    • GAAP operating margin 29.3 percent and non-GAAP operating margin 29.5 percent, up 0.1 points and flat year over year, respectively
    • GAAP EPS $2.41 and non-GAAP EPS $2.13, up 19 percent and 5 percent year over year, respectively
    • Generated $2.33 billion in cash from operations

    Applied generated revenue of $6.71 billion. On a GAAP basis, the company reported gross margin of 47.8 percent, operating income of $1.97 billion or 29.3 percent of net revenue, and earnings per share (EPS) of $2.41. On a non-GAAP basis, the company reported gross margin of 47.9 percent, operating income of $1.98 billion or 29.5 percent of net revenue, and EPS of $2.13.

    The recently disclosed change in useful lives of certain property, plant and equipment increased GAAP and non-GAAP EPS by $0.03. The company generated $2.33 billion in cash from operations and distributed $966 million to shareholders including $700 million in share repurchases and $266 million in dividends.

    “Applied Materials delivered strong results in the first quarter of fiscal 2024 and has outperformed our markets for the fifth consecutive year,” said Gary Dickerson, President and CEO. “Our leadership positions at key semiconductor inflections support continued outperformance as customers ramp next-generation chip technologies critical to AI and IoT over the next several years.”

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  • Veeco Announced Fourth Quarter and Fiscal Year 2023 Financial Results

    Veeco Announced Fourth Quarter and Fiscal Year 2023 Financial Results

    1 Min Read

    Veeco Instruments Inc. announced financial results for its fourth quarter and fiscal year ended December 31, 2023. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.

    Fourth Quarter 2023 Highlights:

    • Revenue of $173.9 million, compared with $153.8 million in the same period last year
    • GAAP net income of $21.6 million, or $0.37 per diluted share, compared with $128.9 million, or $2.00 per diluted share in the same period last year
    • Non-GAAP net income of $29.8 million, or $0.51 per diluted share, compared with $21.9 million, or $0.38 per diluted share in the same period last year

    Fiscal Year 2023 Highlights:

    • Revenue of $666.4 million, compared with $646.1 million in the same period last year
    • GAAP net loss of $30.4 million, or $0.56 loss per diluted share, included a $97.1 million loss related to debt refinancing, compared with net income of $166.9 million, or $2.71 earnings per diluted share in the same period last year
    • Non-GAAP net income of $98.3 million, or $1.69 per diluted share, compared with $89.6 million, or $1.57 per diluted share in the same period last year

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  • Siltronic Published Its Forecast for the Financial Year 2024

    Siltronic Published Its Forecast for the Financial Year 2024

    4 Min Read

    Siltronic AG has published its forecast for the financial year 2024 in an ad-hoc announcement. Due to the weakness in demand, as a result of elevated customer inventories and the associated further postponement of delivery volumes, the Executive Board expects sales for the current financial year to be in the region of the previous year.

    The first six months of the financial year 2024 are likely to be affected most by the postponement of delivery volumes, meaning that sales for this reporting period are expected to be at the level of H2 2023. The forecast is based on a Euro/US Dollar exchange rate of 1.10. On a positive note, average selling prices are expected to remain stable.

    The EBITDA margin, before ramp costs, will also be in the region of the previous year. Due to the commissioning of our new state-of-the-art 300 mm fab in Singapore, the margin will be reduced by up to three percentage points compared to the previous year. Ramp costs primarily comprise energy, material and labor costs.

    “Our strategic growth targets until 2028 remain unchanged. In the short-term, however, the continuing weakness in demand will weigh on the development in the financial year 2024. In addition, the expected ramp costs for our new 300 mm fab in Singapore will become noticeable. With the increase in production volume over the next few years, the fab will contribute significantly to the profitable growth of Siltronic. Therefore, we stick to our medium-term ambition and expect sales to grow to more than EUR 2.2 billion and an EBITDA margin in the high 30’s until 2028,” commented Dr. Michael Heckmeier, CEO of Siltronic AG.

    The Executive Board expects a noticeable reduction in energy and material costs (before ramp costs) in 2024 compared to the previous year. However, the positive effect will roughly be compensated by rising labor tariffs and the lower currency hedging result compared to the previous year. The high level of capital expenditure in recent years will almost double depreciation and amortization compared to the previous year. As a result, the EBIT will be significantly lower than in the previous year.

    As already announced, capital expenditure will be more than halved compared to the previous year’s record level of EUR 1,316 million. Therefore, the company expects a significant improvement in net cash flow, although it will still remain significantly negative.

    Growth targets until 2028 remain unchanged

    As communicated in November 2023, significant sales growth to more than EUR 2.2 billion and an improvement of the EBITDA margin to the high 30’s are expected until 2028. This confidence is driven by the increasing relevance of global megatrends such as artificial intelligence, digitalization and electromobility and will lead to a sharp rise in demand for semiconductors and therefore also for wafers. The increase in Group profitability will be primarily driven by expected volume growth and higher cost efficiency, which will be significantly above the expected inflation-related cost increases.

    Future use of funds with focus on growth, innovation and debt reduction –
    Dividend proposal of EUR 1.20 for 2023 due to persistent weakness in demand

    Siltronic will use the cash flows generated as a result of the above mentioned targets primarily for further organic growth, strengthening its innovative power and reducing debt. The latter had increased noticeably due to the high level of capital expenditure in the recent past. Nevertheless, Siltronic shareholders will continue to participate in the company’s success through a dividend. In view of the current difficult market situation, the Executive Board will propose to the Annual General Meeting on May 13, 2024 the payment of a dividend of EUR 1.20 per share for the financial year 2023 and thus a payout ratio of around 20 percent of the Group profit attributable to Siltronic shareholders.

    “As a company in a capital-intensive and cyclical industry, we know how important a solid balance sheet policy and a forward-looking liquidity management are. That is why we will put an even stronger focus on our costs and capex this year. In view of the upcoming refinancing needs, we are convinced that our dividend proposal of EUR 1.20 represents an appropriate balance between capital discipline on the one hand and dividend continuity for our shareholders on the other,” explains Claudia Schmitt, CFO of Siltronic AG.

    Despite this noticeable reduction compared to the previous year, Siltronic confirms its dividend policy for the future, according to which around 40 percent of the Group profit determined in accordance with IFRS principles, attributable to the shareholders of Siltronic AG, will be distributed. The upper limit remains unchanged at EUR 3.00 per dividend-bearing share.

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  • Power Integrations Announced Financial Results for the Quarter and Year Ended December 31, 2023

    Power Integrations Announced Financial Results for the Quarter and Year Ended December 31, 2023

    3 Min Read

    Power Integrations announced financial results for the quarter and year ended December 31, 2023. Net revenues for the fourth quarter were $89.5 million, down 29 percent compared to the prior quarter and down 28 percent from the fourth quarter of 2022. GAAP net income for the fourth quarter was $14.3 million or $0.25 per diluted share compared to $0.34 per diluted share in the prior quarter and $0.40 per diluted share in the fourth quarter of 2022.

    For the full year, net revenues were $444.5 million, compared to $651.1 million in the prior year. Full-year GAAP net income was $55.7 million or $0.97 per diluted share compared to $2.93 per diluted share in the prior year. Full-year cash flow from operations was $65.8 million.

    In addition to its GAAP results, the company provided non-GAAP measures that for the fourth quarter of 2023 exclude stock-based compensation, amortization of acquisition-related intangible assets and the related tax effects. Non-GAAP net income for the fourth quarter of 2023 was $12.7 million or $0.22 per diluted share compared to $0.46 per diluted share in the prior quarter and $0.48 per diluted share in the fourth quarter of 2022. For the full year, non-GAAP net income was $74.5 million or $1.29 per diluted share compared to $3.29 per diluted share in the prior year. A reconciliation of GAAP to non-GAAP financial results is included with the tables accompanying this press release.

    Commented Balu Balakrishnan, chairman and CEO of Power Integrations: “Fourth-quarter revenues declined as expected, and we project first-quarter sales to be about flat sequentially due to continued soft demand and elevated supply-chain inventories. However, channel inventory fell significantly in the fourth quarter, and we expect a further reduction in the first quarter. Based on lower inventories and seasonal patterns we expect sequential revenue growth beginning in the June quarter. We also expect gross margin to rise in the June quarter driven by the dollar/yen exchange rate, higher manufacturing utilization and end-market mix.”

    During the fourth quarter Power Integrations repurchased 680 thousand shares of its common stock for $47.4 million. The company had $26.0 million remaining on its repurchase authorization as of December 31, 2023. Power Integrations paid a dividend of $0.20 per share on December 29, 2023, and will pay a dividend of $0.20 per share on March 29, 2024, to stockholders of record as of February 29, 2024.

    Financial Outlook

    The company issued the following forecast for the first quarter of 2024:

    • Revenues are expected to be $90 million plus or minus $5 million.
    • GAAP gross margin is expected to be approximately 51.5 percent; non-GAAP gross margin is expected to be approximately 52.5 percent. The difference between GAAP and non-GAAP gross margins is equally attributable to stock-based compensation and amortization of acquisition-related intangible assets.
    • GAAP operating expenses are expected to be approximately $49 million; non-GAAP operating expenses are expected to be approximately $42.5 million. Non-GAAP operating expenses are expected to exclude about $6.5 million of stock-based compensation.

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  • Renesas Electronics Announced Consolidated Financial Results

    Renesas Electronics Announced Consolidated Financial Results

    2 Min Read

    Renesas Electronics Corporation announced consolidated financial results in accordance with IFRS for the year ended December 31, 2023.

    Summary of Consolidated Financial Results (Note 1, 4)

     Year ended December 31, 2023
      Billion Yen% of Revenue
    Revenue1,469.4100.0
    Operating profit390.826.6
    Profit attributable to owners of parent337.122.9
    Capital expenditures (Note 2)75.5 
    Depreciation and amortization186.0 
    R&D expenses (Note 3)233.5 
     Yen 
    Exchange rate (USD)140 
    Exchange rate (EUR)151 
     As of December 31, 2023
     Billion Yen
    Total assets3,167.0
    Total equity2,005.6
    Equity attributable to owners of parent2,001.6
    Equity ratio attributable to owners of parent (%)63.2
    Interest-bearing liabilities667.7
    • Note 1: All figures are rounded to the nearest 100 million yen.
    • Note 2: Capital expenditures refer to the amount of capital for property, plant and equipment (manufacturing equipment) and intangible assets based on the amount of investment decisions made during the year ended December 31, 2023. However, the investments from Dialog Semiconductor Limited (hereinafter “Dialog”) and Celeno Communications Inc. (hereinafter “Celeno”) are listed as an input basis. It should be noted that as of September 29, 2023, Celeno changed its company name from Celeno Communications Inc. to Renesas Semiconductor Design US Inc.
    • Note 3: R&D expenses include capitalized R&D expenses recorded as intangible assets.
    • Note 4: The allocation of the acquisition costs for the business combination with Steradian Semiconductors Private Limited (hereinafter “Steradian”) and Panthronics AG (hereinafter “Panthronics”) has been revised at the end of three months ended March 31, 2023, and at the end of the three months ended December 31, 2023, respectively. These revisions have been reflected in the consolidated financial results for the year ended December 31, 2022 as well as the consolidated financial results for the three months ended June 30 and September 30, 2023. As of October 12, 2023, Panthronics changed its corporate name to Renesas Design Austria GmbH.

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  • Soitec Announced Consolidated Revenue for the Third Quarter of FY’24

    Soitec Announced Consolidated Revenue for the Third Quarter of FY’24

    2 Min Read

    Soitec announced consolidated revenue of 240 million Euros for the third quarter of FY’24 (ended December 31st, 2023), down 13% on a reported basis compared with 274 million Euros achieved in the third quarter of FY’23. This reflects a 12% decline at constant exchange rates and perimeter and a negative currency impact of 1%.

    Pierre Barnabé, Soitec’s CEO, commented: “After the very strong sequential rebound achieved in the second quarter, we maintained our third-quarter revenue at a similar level, in line with our expectations. As we indicated during our last communication, the correction of RF-SOI inventories by our customers continues to weigh on revenue, offsetting the continued strong performance of FD-SOI, POI and Power-SOI, strong growth in Automotive & Industrial, and a solid level of revenue in Smart Devices.

    We anticipate to continue to face challenging market dynamics on RF-SOI for another couple of quarters. While confirming that we expect a solid Q4’24, we are adjusting our revenue guidance for the full-year, with an organic decline of around 10% year-on-year and an EBITDA margin forecast of around 34%. Expansion into new products remains a key pillar of our strategy, and we are very satisfied with the successes we have achieved.

    In Mobile Communications, FD-SOI penetration continues to progress, with the latest flagship smartphones embedding increasingly more content. POI activity accelerates, with two new customers in production in the quarter and more than ten in the qualification phase.

    On SmartSiCTM, our roadmap is on track on all aspects: technology, industrial, supply and commercial. We have secured a second customer, with production scheduled to start in the second part of calendar year 2024.

    The ongoing deployment of our strong megatrends across our three strategic end markets and our expanding product portfolio support our sustainable growth story. We now expect our $2.1bn revenue outlook to be postponed by around a year.

    FY’24 revenue guidance is revised: revenue is expected to be down around 10% year-on-year at constant exchange rates and perimeter as opposed to a mid-single digit decrease previously expected, and EBITDA margin at around 34% as opposed to around 35%.

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  • Axcelis Technologies Reported Financial Results

    Axcelis Technologies Reported Financial Results

    3 Min Read

    Axcelis Technologies, Inc. announced financial results for the fourth quarter and full year ended December 31, 2023.

    Highlights include:

    • Record full year revenue, operating profit and EPS, enabling the Company to surpass its $1.1 billion revenue model.
    • Continued strong growth from the Purion Power Series™ product line.
    • Significant increase in Purion™ installed base drove record CS&I revenue.
    • Year-end systems backlog of $1.2 billion.

    For the full year 2023, the Company reported revenue of $1.13 billion, compared with $920 million for the full year 2022, an increase of 23% and a company record. Systems revenue for the year was $883.6 million, compared to $692.1 million in 2022, an increase of 28%, also a company record.

    Operating profit was $265.8 million in 2023, compared to $212.4 million in 2022, a 25% increase and a company record. Net income for the year was $246.3 million with diluted earnings per share of $7.43, compared to net income of $183.1 million and diluted earnings per share of $5.46 in 2022, resulting in a 35% net income year over year increase. Gross margin for the year was 43.5%, compared to 43.7% in 2022.

    The Company reported fourth quarter revenue of $310.3 million, compared to $292.3 million for the third quarter of 2023. Operating profit for the quarter was $79.1 million, compared to $71.7 million for the third quarter. Net income for the quarter was $71.1 million, or $2.15 per diluted share, compared to $65.9 million, or $1.99 per diluted share in the third quarter. Gross margin for the quarter was 44.4%, unchanged from the third quarter. The fourth quarter ended with bookings of $235.5 million and a systems backlog of $1.2 billion.

    President and CEO Russell Low commented, “2023 was another outstanding year for Axcelis. As a result of strong execution by the Axcelis team and robust demand for the Purion Power Series product family, we achieved 23% year-over-year revenue growth during an industry downturn. We have developed a large and diverse customer base in the power market, and we continue to win business from new customers as well as expand our product footprint with existing customers. We believe that the mature process technology and memory segments, two markets in which Axcelis is well-positioned, will recover in the second half of the year, enabling strong growth in 2025.”

    Executive Vice President and Chief Financial Officer Jamie Coogan said, “We are extremely pleased with our 2023 results, and excited about our future growth. Our revenue and earnings per share finished above our revised guidance, and we ended the quarter with robust cash flow and a strong balance sheet. As we look to 2024, we will continue to make investments in R&D while managing expenses, setting us up to achieve our $1.3 billion revenue model in 2025.”

    For the first quarter ending March 31, 2024, Axcelis expects revenues of approximately $242 million. First quarter operating profit is forecast to be approximately $45 million with earnings per diluted share of around $1.22. Gross margin in the first quarter is expected to be approximately 43.5%, and for the full year we expect it to improve year over year but could fluctuate quarter to quarter. We expect full year 2024 revenue to be similar to 2023, with revenue weighted toward the second half.

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