Axcelis Technologies Discloses Backlog Calculation Error in 8-K Filing

On November 6, 2024, Axcelis Technologies, Inc. filed an 8-K report with the Securities and Exchange Commission, addressing the financial outcomes of the company’s quarter concluded on September 30, 2024. The company’s latest press release concerning its financial results has been furnished as Exhibit 99.1 to the Current Report on Form 8-K.

In the course of assembling the financial statements for the quarter concluding on September 30, 2024, Axcelis Technologies’ internal financial team identified a miscalculation in the backlog from previous periods. The error, found in calculations dating back to 2019 through the second quarter of 2024, had been reported in earlier Form 10-K filings and referenced during quarterly earnings calls. Attached as Exhibit 99.2 to the 8-K report is a graphical representation outlining the backlog amounts documented in the company’s Form 10-Ks for 2019, 2020, 2021, 2022, and 2023, as well as the initial two quarters of 2024, both in their original reported form and as rectified.

Additionally, the 8-K filing details the correction in historical backlog values from 2019 to the second quarter of 2024. The corrected backlog amounts for June 30, March 31, and December 31 of the respective years are illustrated as $994 million, $1.121 billion, and $1.212 billion, juxtaposed with the previously reported backlog figures denoting a variance.

The 8-K filing further includes Item 9.01, indicating the financial statements and exhibits attached to the report, specifically highlighting Exhibit 99.1, a press release dated November 6, 2024, and Exhibit 99.2, outlining the Historical Backlog Correction that was made public on the same date.

Following regulatory requirements, Axcelis Technologies signed the 8-K report on November 6, 2024, with James Coogan, the Executive Vice President, and Chief Financial Officer, signing on behalf of the company.

This disclosure sheds light on Axcelis Technologies’ acknowledgment of a backlog error, emphasizing the company’s commitment to transparent financial reporting practices. For investors and stakeholders, this corrective measure underscores Axcelis Technologies’ dedication to upholding accuracy and integrity in its financial disclosures.

As of the date of this report, Axcelis Technologies has taken the necessary steps to rectify the backlog error, reflecting its ongoing efforts to ensure the precision and reliability of its financial data.

This concludes the details shared in the 8-K SEC Filing submitted by Axcelis Technologies, highlighting the company’s financial developments and corrective actions in response to the identified backlog calculation error.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Axcelis Technologies’s 8K filing here.

About Axcelis Technologies

Axcelis Technologies, Inc designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia Pacific. The company offers high energy, high current, and medium current implanters for various application requirements.