Exhibit 99.1

News Release

AXCELIS ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2018

Company Reports Solid Gross Margin Performance Across Diverse Customer Base

BEVERLY, Mass. — Nov. 1, 2018—Axcelis Technologies, Inc. (Nasdaq: ACLS) today announced financial results for the third quarter ended September 30, 2018.

The Company reported third quarter revenue of $95.4 million, compared to $119.3 million for the second quarter of 2018. Operating profit for the quarter was $10.7 million, compared to $19.3 million for the second quarter. Net income for the quarter was $8.8 million, or $0.26 per diluted share, compared to net income for the second quarter of 2018 of $14.7 million, or $0.43 per diluted share. Included in the quarter is a tax benefit of $1.4 million or $0.04 per diluted share relating to the calculation of transition tax under the 2017 Tax Cuts and Jobs Act. Gross margin for the quarter was 41.8%, compared to 41.1% in the second quarter. Cash, cash equivalents and restricted cash were $155.6 million at September 30, 2018, compared to $154.9 million on June 30, 2018.

“We continue to see significant demand from a highly diverse customer base for the capabilities the Purion Platform provides to address their challenging technology requirements,” commented President and CEO Mary Puma. “Our aggressive initiatives to improve gross margin, combined with favorable revenue mix, delivered results above our Q3 guidance and are enabling the achievement of our 40% gross margin target for 2018.”

Business Outlook

For the fourth quarter ending December 31, 2018, Axcelis expects revenues of approximately $100 million. Gross margin in the fourth quarter is expected to be around 40%. Fourth quarter operating profit is forecasted to be approximately $10.5 million. Earnings per share is expected to be approximately $0.20.

Third Quarter 2018 Conference Call

The Company will host a conference call today at 5:00 pm ET to discuss the Company’s results for the third quarter. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis’ website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 5899327. Webcast replays will be available for 30 days following the call.

News Release

Safe Harbor Statement

This press release and the conference call contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management’s current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis:

Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for 40 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

Company Contacts

Investor Relations:

Doug Lawson
978.787.9552

Editorial/Media:

Maureen Hart
978.787.4266

News Release

Axcelis Technologies, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2018			2017			2018			2017
Revenue:
Product	$	88,496		$	98,161		$	317,039		$	276,678
Services	6,878			6,321			19,853			17,487
Total revenue	95,374			104,482			336,892			294,165
Cost of Revenue:
Product	49,136			58,056			181,423			162,542
Services	6,325			6,675			19,400			18,096
Total cost of revenue	55,461			64,731			200,823			180,638
Gross profit	39,913			39,751			136,069			113,527
Operating expenses:
Research and development	12,845			11,003			37,631			32,154
Sales and marketing	7,923			6,801			25,246			21,335
General and administrative	8,477			8,112			24,755			22,960
Total operating expenses	29,245			25,916			87,632			76,449
Income from operations	10,668			13,835			48,437			37,078
Other (expense) income:
Interest income	593			219			1,518			399
Interest expense	(1,323		)	(1,337		)	(3,787		)	(3,784		)
Other, net	(592		)	138			(1,710		)	—
Total other expense	(1,322		)	(980		)	(3,979		)	(3,385		)
Income before income taxes	9,346			12,855			44,458			33,693
Income tax provision (benefit)	508			1,014			7,036			(1,586		)
Net income	$	8,838		$	11,841		$	37,422		$	35,279
Net income per share:
Basic	$	0.27		$	0.38		$	1.16		$	1.15
Diluted	$	0.26		$	0.35		$	1.10		$	1.07
Shares used in computing net income per share:
Basic weighted average common shares	32,365			31,274			32,225			30,550
Diluted weighted average common shares	33,973			33,524			34,032			33,048

News Release

Axcelis Technologies, Inc.

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

	September 30,			December 31,
	2018			2017
ASSETS
Current assets:
Cash and cash equivalents	$	148,716		$	133,407
Short-term restricted cash	—			750
Accounts receivable, net	84,977			75,302
Inventories, net	124,008			120,544
Prepaid expenses & other assets	9,582			9,772
Total current assets	367,283			339,775
Property, plant and equipment, net	37,659			36,168
Restricted cash	6,877			6,723
Deferred income taxes	76,382			83,148
Other assets	31,031			22,404
Total assets	$	519,232		$	488,218
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	27,930		$	32,642
Accrued compensation	14,261			20,955
Warranty	4,545			4,112
Income taxes	205			273
Deferred revenue	14,393			16,181
Other current liabilities	4,938			5,124
Total current liabilities	66,272			79,287
Sales leaseback obligation	47,746			47,714
Long-term deferred revenue	3,381			1,964
Other long-term liabilities	4,759			5,643
Total liabilities	122,158			134,608
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 75,000 shares authorized; 32,398 shares issued and outstanding at September 30, 2018; 32,048 shares issued and outstanding at December 31, 2017	32			32
Additional paid-in capital	562,083			556,147
Accumulated deficit	(165,723		)	(204,745		)
Accumulated other comprehensive income	682			2,176
Total stockholders’ equity	397,074			353,610
Total liabilities and stockholders’ equity	$	519,232		$	488,218