Investor Presentation

February 7, 2024

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Safe Harbor Statement

This presentation and discussion contain forward-looking statements, including our expectations for the future
market for our products, revenues, profits, and other results that 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 Form 10-K annual
report and other SEC filings. Our actual events and results may differ materially from our current expectations.
We do not assume any obligation to update these forward-looking statements.

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Axcelis at a Glance
◼ Global leader in technology development and manufacturing of ion implant systems and services for the semiconductor
industry for 45 years
• Serving the ~$2.7B ion implant systems market
• Based in Beverly, MA with headcount greater than 1700 worldwide
• Global customer support infrastructure
• Growing installed base of greater than 3000 tools
• Strong IP portfolio

◼ Supplier of record to leading semiconductor CAPEX spenders in all market segments including DRAM, NAND, Foundry,
Logic, Power and Image Sensor

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Axcelis Business Thesis

Mature markets represent greater than 70% of the implant TAM

The Implant TAM has more than
Electric Vehicle adoption is key to growth in these semiconductor segments
doubled in the last few years $50 to $60 Billion annually in CAPEX is being spent on the mature markets

Mature nodes have increasing implant intensity peaking at 28nm

Axcelis is extremely well positioned
Power devices and image sensors are highly implant intensive devices
to benefit from mature process
High value Purion Product Extensions were designed to optimize Power
technology spending device and image sensor device manufacturing

Axcelis is the implant leader in Only company with a complete family of implant products
the high growth specialty device Strong technical differentiation
market segments Long term customer relationships

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Q4 2023/FY 2023 Highlights & Summary
◼ Record fourth quarter and full year 2023 financial performance
• Record Revenue of $310.3M/$1.13B and strong EPS of $2.15/$7.43
• Record system revenue of $241.8M/$883.6M
• Record CS&I revenue of $68.5M/$247.0M – driven by increasing Purion installed base
• Gross margin of 44.4%/43.5%
• Year end 2023 cash, cash equivalents and short-term investments of $506.1M
• Year end backlog of $1.2B and solid Q4 bookings of $235.5M

◼ Mature process technology represented 88% of 2023 shipped system revenue

— The overall power device segment accounted for 59% of 2023 shipped system revenue
• Purion Power Series Silicon Carbide systems accounted for 34% of 2023 shipped system revenue

◼ Axcelis expects a similar revenue profile in terms of segment mix and total revenue for 2024, with revenue
weighted to the second half driven by an expected recovery in the general mature segment and the early
stages of a DRAM recovery. This positions the company well to achieve the $1.3B revenue target in 2025.

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Q4 and FY 2023 Financial Results and Outlook (GAAP)
Q4 2023 FY 2023 Q1 2024 Outlook
Revenue $310.3M $1.13B ~$242M
Gross Margin 44.4% 43.5% ~43.5%
Combined R&D and SG&A Expenses 19.0% 19.9% ~25%2
Operating Profit $79.1 $265.8 ~$45M
Net Income $71.1 $246.3
EPS $2.151 $7.431 ~$1.223
Cash, cash equivalents and
$506.1M
short-term investments
Debt $0
Inventory $306.5M
1. Includes F/X gain of $0.10 for Q4/2023 and loss of $0.01 for FY2023, net of taxes
2. OPEX as a percentage of sales is expected to decline over the course of 2024 given the higher volumes expected in the second half of the year
Projected Investments in R&D will increase in 2024 to approximately 9.5% of revenue, over the 8.6% invested in 2023
3. Assumes 15% tax rate

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Purion Continues to Drive Axcelis Growth

▪ Strong opportunity in power devices

▪ Growing implant TAM

▪ Differentiated product portfolio

▪ Continuous innovation

▪ Strong balance sheet

▪ Strong manufacturing capability

▪ Strong customer relationships

▪ Quality focused

▪ Great employees

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Target Business Model (GAAP)
Axcelis revenue grew 23% in 2023 to $1.13B despite the industry downturn
and currently targets revenue of approximately $1.3B in 2025

$442.6M $343.0M $474.6M $662.4M $920.0M $1.13B ~$1.3B

Revenue
2018(A) 2019(A) 2020(A) 2021(A) 2022(A) 2023(A) 2025(E)*

Gross Margin 40.6% 42.0% 41.8% 43.2% 43.7% 43.5% >45%

Total OPEX 27.0% 35.0% 29.6% 24% 20.6% 19.9% ~19%

Operating Profit 13.5% 7.1% 12.2% 19.2% 23.1% 23.5% ~26%

Free Cash Flow

(Cash From Operations – 9.5% (7.5%) 13.2% 21.4% 22.3% 12% ~25%
Capex)/Total Revenue

* The model is not a forecast of results but is intended to be indicative of the annual results Axcelis may achieve based on our strategic objectives

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Fundamentals Supporting Axcelis Growth Remains Strong
Fundamental growth drivers for long-term cycle
▪ Electrification of the automotive industry with ADAS (Driver Assist) –
“Computer on Wheels”
• Power devices, image sensors and mature devices

▪ Communications - 5G, phones, Internet of Things

• Mature devices, NAND, DRAM

▪ Artificial intelligence, Large Language Models (ChatGPT), Data analytics

and visualization, Metaverse
• Advanced logic, DRAM, NAND, advanced packaging

▪ Geographical fab expansions over next several years driven by de-

globalization and government incentives
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Ion Implant TAM has More Than Doubled and Continues to Grow

Ion Implant Annual TAM Estimates ($B) ◼ Strong TAM growth driven by
$3.5 • Increased overall wafer starts across all segments
$3.0
• Rapid growth of implant capital intensive mature
nodes and specialty devices (implant $/wafer start)
$2.5 — Power and image sensor
$2.0
• High value Purion product extensions required by
specialty markets
$1.5 — Purion Power and Image Sensor Series
$1.0
◼ Mature Process Technology (MPT) market segments
$0.5
account for approximately 70% of the implant TAM
$0.0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
◼ 2025/2026 TAM increase based on recovery of memory,
Implant Capital Spending ($B)
CIS and general mature market segments
* Data Source: Gartner (July 2022) through 2021, Axcelis TAM Forecast 2022-2026

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Ion Implant TAM Segment Breakdown
◼ The mature process technology segment
accounts for approximately 70% of the ion
implant TAM Mature Process Technology – 71% Memory – 16% Advanced Logic - 13%

• Mature process technology is growing

based on increases in wafer starts, high
implant capital intensity, and higher value
implanters for specialty devices
• Memory expected to remain consistent on
a CAPEX basis driven by new wafer start
activity to support bit growth demand
• Advanced logic has increased based on
accelerating wafer start growth
◼ Implant TAM for SiC devices is expected to
grow within the power device segment, driven
by end market growth, device performance * Axcelis Internal Estimates for 2024 - 2026 (Annual numbers will vary based on customer activity and projects)
enhancements, and fab optimization efforts

Mature Process Technology Segment is Driving Ion Implant TAM Growth

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Axcelis Strong Systems Growth Driven by Targeted Market Segments

◼ The mature process technology segment

remained strong in 2023, accounting for 88% Mature Process Technology – 88% Memory – 10% Advanced Logic - 2%
of Axcelis shipped system revenue

◼ The mature process technology segment is

expected to make up approximately 90% of
Axcelis shipped system revenue in 2024

◼ Overall power devices are expected to account

for ~60% of shipped system revenue in 2024
• SiC power devices expected to account for
~50% of shipped systems revenue in 2024

◼ Memory expected to make up less than 10% of

Axcelis shipped system revenue in 2024

Targeted Purion product investments have paid off handsomely

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SiC Device Market Growing at Greater than 30% CAGR
Driven by the Electrification of the Automotive Industry

SiC Device Market Growth Dominated by Automotive SiC Wafer Starts Projected to Double Every 3 Years
7,000 2,500

150mm Equivalent SiC Wafer Volume (K/yr)

6,000
SiC Market TAM ($1,000)

2,000
5,000

1,500
4,000

>30% CAGR
3,000
1,000

2,000

500
1,000

0 0
2021 2027 2022 2023 2024 2025 2026 2027

Automotive Other Year

13 Source: Yole 2020, Yole April 2022 and Axcelis Internal Estimates July 2022
Axcelis Power Device Revenue Growth*
SiC Growth Accelerates Fueled by Automotive

◼ Implant TAM for SiC devices is expected to grow

within the power device segment, driven by end
market growth, device performance enhancements,
and fab optimization efforts
• Si IGBT devices designed in by several
automakers for first generation EV, but many
will switch to SiC for performance over time
• Silicon power devices will continue to support
many end markets including automotive
◼ Axcelis is well positioned in both the SiC and Silicon
power markets
• Technology leadership
• Market leadership
• Customer relationships and partnerships
2019 2020 2021 2022 2023 2024(E)
• The only company with a full product line to
SiC Power Silicon Power support the power device market
* The chart is not a forecast of results but is intended to be indicative of results Axcelis may achieve based on our strategic objectives

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Purion Power Series Revenue Growth*
Driving Customer Success in Manufacturing SiC Power Devices
Purion Power Series
• Providing full recipe coverage for all
power device applications
• Enabling high volume manufacturing
and device optimization
• Reducing customer Cost of Ownership

Purion M
SiC

Purion Purion
H200 XE/EXE
2019 2020 2021 2022 2023 2024(E)
SiC SiC
Purion M SiC Purion H200 SiC Purion XE/EXE SiC
* The chart is not a forecast of results but is intended to be indicative of results Axcelis may achieve based on our strategic objectives

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Purion Power Series
Optimizing SiC and Si Power Device Performance
SiC Trench MOSFET Power Device
Purion H200, Purion H200 SiC
Purion H200 SiC
Purion M
Purion M SiC
Purion M SiC
Purion
XE/EXE SiC

Purion H
Si IGBT Power Device
Purion H200
Trend
Purion M
Purion XE, EXE
Purion XE SiC, EXE SiC
Purion H
Purion XE

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Purion – The Core of Our Growth Strategy
Targeted Market Segments

Purion products targeted at high value applications and market segments

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Multiple Initiatives Will Accelerate Purion Growth Across All Markets
◼ Continued focus on the growing power device market opportunity
• New customers and expanding footprint with existing customers to support ramp to high volume manufacturing

◼ Geographic expansion
• China emphasis on mature process technology for a large, diverse group of customers
• Japan focus on power devices, image sensors and NAND

◼ Purion footprint growth at our existing customer base

• Adding Purion product types
• Expanding served applications through joint development targeting improved device performance and higher
productivity

◼ New implant applications

• Collaborating with customers and industry peers to develop novel uses for ion implant

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Accelerated Purion Systems Evaluation Activity
◼ Eight Purion evaluation systems currently in the field
• Located at strategic customer sites in key market segments

◼ Continued successful evaluations of new products in key markets will drive Axcelis growth
• Purion Dragon to R&D fab at leading memory and advanced logic manufacturer
• Purion H200 SiC evaluations will enable silicon carbide customers to prepare for production volume ramps and to
optimize device performance earlier

Memory Mature Process Technology Advanced Total

DRAM NAND Image Sensor Power Device General Mature Logic Systems
Purion H200 SiC
Purion
High Current Purion H200 SiC Purion H 5
Dragon
Purion H200 SiC

High Energy Purion XEmax Purion VXE 2

Medium Current Purion M 1

Total Systems 1 1 4 1 1 8

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 Key Purion Placements in Target Segments
Supporting Long Term Revenue Growth and Margin Expansion

AXCELIS ANNOUNCES MULTIPLE SHIPMENTS OF PURION Axcelis Announces Shipment of Purion Dragon High Current
POWER SERIES IMPLANTERS TO LEADING SILICON CARBIDE Implanter to a World-Leading Research and Innovation Center
CHIPMAKERS WORLDWIDE AXCELIS ANNOUNCES SHIPMENT OF
PURION H200 SIC POWER SERIES IMPLANTER TO WOLFSPEED The System Will be Used in Sub 3 Nanometer
BEVERLY, Mass., July 11, 2023-- Axcelis Technologies, Inc. Logic Device Development
(Nasdaq: ACLS), a leading supplier of enabling ion implantation BEVERLY, Mass., and DURHAM, NC, July 26, 2023-- Axcelis
solutions for the semiconductor industry, today announced multiple Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion
BEVERLY, Mass., Oct. 10, 2023 -- Axcelis Technologies, Inc. (Nasdaq:
shipments of the Purion Power Series ion implanter systems to implantation solutions for the semiconductor industry, today
ACLS), a leading supplier of innovative, high-productivity solutions for the
leading silicon carbide (SiC) power device chipmakers worldwide. announced a shipment of a Purion H200 SiC ion implant system to
semiconductor industry, announced today a shipment of the Purion Dragon
The shipments, all delivered in the second quarter, included a Purion Wolfspeed, a global leader in silicon carbide technology. The
high current implanter to a world-leading research and innovation center in
H200 SiC evaluation system for a leading SiC power device evaluation system will be used to support the production of power
nanoelectronics and digital technologies located in Europe. The system will
manufacturer in the United States as well as multiple revenue devices for electric vehicle (EV) applications. .
be used in technology development for advanced logic devices. The system
systems for customers in Asia. shipped in the third quarter of 2023.

Axcelis Announces Multiple Shipments of Purion SiC Power Series

Axcelis Announces Shipment of Purion EXE Power Series Axcelis Announces Shipments of Purion XE High Energy and Purion H Implanters to Leading Power Device Chipmakers in Europe and Asia
Implanter to Leading SiC Power Device Chipmaker in Japan High Current Implanters to DRAM Memory Chipmakers
BEVERLY, Mass., Dec. 12, 2023-- Axcelis Technologies, Inc. (Nasdaq:
BEVERLY, Mass., Oct. 18, 2023-- Axcelis Technologies, Inc. (Nasdaq: BEVERLY, Mass., Dec. 7, 2023 -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the
ACLS), a leading supplier of enabling ion implantation solutions for the ACLS), a leading supplier of innovative, high-productivity solutions for the semiconductor industry, today announced shipment of multiple Purion H SiC
semiconductor industry, today announced the shipment of the Company’s semiconductor industry, announced today shipments of the Purion XE high Power Series and the Purion M SiC Power Series ion implanter systems
Purion EXE SiC Power Series 200mm high energy implanter to a leading energy and the Purion H high current implanters to multiple fabs in Korea to leading power device chipmakers in Europe and Asia, and the closure of an
SiC power device chipmaker located in Japan. The system will be used in and China to manufacture DRAM memory devices. The systems include a Purion H200 SiC Power Series evaluation tool in Europe. Shipments
high volume production of SiC power devices for use in automotive follow-on shipment to an existing customer in Korea, and the penetration of a include both evaluation and revenue systems and will be used in high volume
applications. new customer in China. The systems shipped in the fourth quarter of 2023. production of power devices supporting automotive industry electric vehicle
(EV) applications.

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Rapid Manufacturing and Supply Chain Growth
Enabled by Smart Capacity Planning and Execution
Beverly MA Headquarters Beverly Logistics Center Axcelis Asia Operations Center in South Korea

◼ Numerous capital projects and ◼ Beverly logistics center opened ◼ Axcelis Asia Operations Center in
kaizen events in place to increase in Q3/2023 and is fully functional South Korea celebrates 2nd year of
revenue dollars per square foot providing significant efficiencies production at the end of 2023
of space at our Beverly site to US manufacturing
◼ More than $300M of systems
◼ Investing in our next phase of shipped from the AAOC in it’s first
lean manufacturing with two years of operation
augmented reality and AI to
improve productivity and
capacity

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Methodical Program-Driven Gross Margin Improvement

2023 and beyond

Expanding low cost sourcing to
capture additional material savings
2019-2022 Shipping a higher mix of Purion
Product extensions
Value engineering enables supply Driving margin accretive revenue
chain savings growth from CS&I
2015-2018 Kaizen events drive further labor Evolving lean manufacturing with
improvement in productivity augmented reality and artificial
Purion Common Platform drives Quality and Reliability improvement intelligence
volume savings and reduced support lowers warranty and install cost
costs Leveraging value engineering and
Purion product extensions provide volume to drive lower costs
Leveraged additional volume with higher ASPs
long term supplier contracts Quality Leadership IATF16949:2016
Increasing revenue from margin
Lean manufacturing and Kaizen accretive CS&I
improvements lower labor costs
Global Sourcing lowers material costs

Margin Improvement Fueled by Reduction in Cost of Goods and Higher Purion Product Extension and CS&I Revenues

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Margin Improvement of Purion Products
Improves Overall Gross Margin and Reduces Mix-Induced Variability
Purion System Margin

2021(A) 2022(A) 2023(A) ~$1.3B Model

High Current Medium Current High Energy

43.2% 43.7% 43.5% >45%

Corporate Gross Margin

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Strong Supply Chain Capabilities
◼ Continued Focus on Customer Satisfaction

• Closely work with supply chain partners to ensure on time delivery. Added additional resources and qualified new
suppliers in bottleneck areas

• Working with freight providers to add extra shipping lanes. Will take advantage of our new Korean factory to
improve material flow

• Strengthened our logistics team and will continue to remain focused on delivery and lowering shipping costs

• Ongoing review of MRP lead times, enabling timely adjustments to ensure ability to meet customer requirements

• Buffering supply chain disruptions with inventory. Plan to continue to carry a higher than required level of inventory
until we see sustained improvement across the supply chain

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Customer Solutions & Innovation (CS&I)
Drives Margin Growth and Customer Satisfaction
◼ Significant contributor to Axcelis financials
• Expected to contribute approximately 25% of total revenues
• Accretive to Axcelis corporate gross margins

◼ CS&I business revenues comprised of

• Contracts, time & material, repairs, spares & consumables, upgrades and used tools

◼ Customer Satisfaction programs driving continuous improvement

• Utilizing Voice of Customer (VOC) and key performance metrics
• CS&I is the face of Axcelis to our customers

◼ Committed to investment in CS&I to drive financial growth and increased customer satisfaction levels
• Continuous organizational development and performance improvement through training, certification, and hiring
• Innovative service offering ”Digital Tool Box” – online training, remote diagnosis and install, and automated
troubleshooting guide
— Software licensing for advanced features
— Data analytics to drive self testing and predictive maintenance

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Investing in Products, Infrastructure and Employees to Drive Growth
◼ Axcelis has heavily focused R&D spending on Purion product development. Many new products and extensions have
been released and shipped to numerous first time and existing customers

◼ We will continue to invest R&D dollars on new Purion product extensions, CIP, field upgrades and new technologies

◼ Expect R&D to be funded at 9-10% of revenue in our target models

◼ Investing across the company to strengthen our business processes, capabilities and employee talent
• Upgrading many IT enterprise systems with new technology
• Focusing on software automation in several support areas
• Investing in employee development and training
• Continuing to align employee compensation with benchmark data

◼ SG&A as a percent of revenue is modeled lower as revenue grows

◼ Spending will be aligned with initiatives that fuel revenue growth and gross margin expansion

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ESG at Axcelis
◼ Environmental
• Founding Member of Semiconductor Climate Consortium
• Committed to Science Based Targets and the path to Net Zero by 2050
• Reported Global Scope 1 and Scope 2 CO2e emissions through Carbon Disclosure Project
• Sourcing 100% of electricity for WHQ from Renewable Hydro Generation
◼ Social
• Supporting an inclusive community through DEIB initiatives and a women’s ERG
• In 2022, % of women in the US workforce increased by 6.5% and non-white, non-Asian US
employees grew by 35.5%
• 162 employees participated in leadership training since 2021
• Increased tuition reimbursement program up to $15K annually
• Axcelis Cares charitable program active in our communities
◼ Governance
• Committed to ethical standards and legal compliance
• Axcelis Board has three female directors and two male directors of Asian and Hispanic
ethnicities
• Axcelis has a long history of best practice governance policies

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For more details refer to our 2023 ESG Report and our ESG Document Hub.
Axcelis Capital Allocation Strategy
◼ The company will continue to maintain a strong and healthy Quarterly Diluted Share Count
balance sheet while investing in initiatives that are expected to 35
drive strong revenue growth and gross margin expansion

◼ Cash will be used to offset dilution

• Board approved a $100M dollar share repurchase program 34

Diluted Share Count (M)

starting March 2022, supplemented by $200M in
additional funding approved in August 2023
• Repurchased approximately $15M in ACLS shares in Q4
2023 and have returned over $185M of cash to
shareholders since 2019 through our share repurchase 33

programs

◼ Near term Axcelis will be focused on growing the implant

business, but we are beginning to explore M&A to grow beyond 32
Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23
the $1.3B implant driven business model
Diluted Share Count (M)

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Axcelis Business Thesis

Mature markets represent greater than 70% of the implant TAM

The Implant TAM has more than
Electric Vehicle adoption is key to growth in these semiconductor segments
doubled in the last few years $50 to $60 Billion annually in CAPEX is being spent on the mature markets

Mature nodes have increasing implant intensity peaking at 28nm

Axcelis is extremely well positioned
Power devices and image sensors are highly implant intensive devices
to benefit from mature process
High value Purion Product Extensions were designed to optimize Power
technology spending device and image sensor device manufacturing

Axcelis is the implant leader in Only company with a complete family of implant products
the high growth specialty device Strong technical differentiation
market segments Long term customer relationships

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Axcelis Technologies, Inc
Nasdaq - ACLS

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