Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Axcelis Technologies recently announced its financial results for the first quarter of 2025, showcasing a robust performance that exceeded initial expectations in several key areas, while also facing some challenges typical of the semiconductor industry landscape.</li><li>From a revenue perspective, Axcelis reported first-quarter earnings of $193 million, surpassing its outlook due to strong gross margins and effective cost control measures.</li><li>On a non-GAAP basis, earnings per share stood at $1.04, while GAAP earnings per diluted share were $0.88.</li></ul>

Axcelis Technologies recently announced its financial results for the first quarter of 2025, showcasing a robust performance that exceeded initial expectations in several key areas, while also facing some challenges typical of the semiconductor industry landscape.From a revenue perspective, Axcelis reported first-quarter earnings of $193 million, surpassing its outlook due to strong gross margins and effective cost control measures.On a non-GAAP basis, earnings per share stood at $1.04, while GAAP earnings per diluted share were $0.88.

Axcelis Technologies Power Shift: Can Product Mix Changes Boost Margins Amid Market Volatility?

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Its a quarter too soon to go dumpster diving in the automotive semiconductor industry. Another round of cuts is likely coming. Consider this my earnings preview.</li><li><p>I have leaned bearish automotive semiconductors for a few months, and I think the call has been mostly correct.</p></li><li><p>For me, the beginning of my bearishness started when I highlighted that China would try to murder the supply aspect of the market for the foreseeable future</p></li></ul><div data-component-name="DigestPostEmbed"><a href="https://www.fabricatedknowledge.com/p/chinese-evs-and-the-lagging-edge" target="_blank" rel="noopener"></a></div>

Its a quarter too soon to go dumpster diving in the automotive semiconductor industry. Another round of cuts is likely coming. Consider this my earnings preview.I have leaned bearish automotive semiconductors for a few months, and I think the call has been mostly correct.For me, the beginning of my bearishness started when I highlighted that China would try to murder the supply aspect of the market for the foreseeable future

Hitting the Breaks: Automotive Semiconductors

<ul><li>Costs and expenses to make sure that we're optimizing for the margin profile that we've been able to maintain over the years.</li><li>As we move throughout 2025 and think about the revenues potentially picking up in the second half of the year, we do expect that there will be some margin improvement aligned with that as we get some better gross margin recovery from a volume perspective and potential mix shifts.</li><li>However, given the soft revenue outlook overall when factoring in market digestions in areas such as silicon IGBT and the planned lower system sales into certain international markets, sustaining a significant gross margin increase year-over-year will be challenging without notable shifts in demand across our core business sectors.</li></ul>

Costs and expenses to make sure that we're optimizing for the margin profile that we've been able to maintain over the years.As we move throughout 2025 and think about the revenues potentially picking up in the second half of the year, we do expect that there will be some margin improvement aligned with that as we get some better gross margin recovery from a volume perspective and potential mix shifts.However, given the soft revenue outlook overall when factoring in market digestions in areas such as silicon IGBT and the planned lower system sales into certain international markets, sustaining a significant gross margin increase year-over-year will be challenging without notable shifts in demand across our core business sectors.

Axcelis Technologies Eyeing A Solid Growth Trajectory In 2025 With Advanced Logic & Japan Expansion!

<ul><li>Axcelis Technologies' third-quarter 2024 financial report highlights a mixed performance, with both positive strides and some challenges.</li><li>The company reported revenue of $257 million and an earnings per share (EPS) of $1.49, aligning largely with expectations.</li><li>This was mainly driven by robust demand in the image sensor market, despite a decline in power and general mature markets.</li></ul>

Axcelis Technologies' third-quarter 2024 financial report highlights a mixed performance, with both positive strides and some challenges.The company reported revenue of $257 million and an earnings per share (EPS) of $1.49, aligning largely with expectations.This was mainly driven by robust demand in the image sensor market, despite a decline in power and general mature markets.

Axcelis Technologies: Will Its Geographical Diversification With A Japan Focus Be A Potential Game Changer? - Major Drivers

<ul><li><a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493" rel="noopener">Entegris Inc (ENTG US)</a> - Memory spending is happening next year, but MSI remains weak.</li><li><a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921" rel="noopener">Astera Labs (ALAB US)</a> - This is now the second way to play a levered Trainium ramp, as they have extensive content with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409" rel="noopener">Amazon.com Inc (AMZN US)</a>.</li><li><a href="https://www.smartkarma.com/entities/lattice-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7855" rel="noopener">Lattice Semiconductor (LSCC US)</a> - Standard kitchen sink; I like the stock long-term.</li></ul>

Entegris Inc (ENTG US) - Memory spending is happening next year, but MSI remains weak.Astera Labs (ALAB US) - This is now the second way to play a levered Trainium ramp, as they have extensive content with Amazon.com Inc (AMZN US).Lattice Semiconductor (LSCC US) - Standard kitchen sink; I like the stock long-term.

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

United States

Axcelis Technologies, Inc. manufactures components for the semiconductor industry. The Company designs, manufactures and services ion implantation, dry strip, thermal processing and curing equipment used in the fabrication of semiconductor chips. Axcelis Technologies sells their products to semiconductor chip manufacturers worldwide.

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Axcelis Technologies (ACLS US)

Axcelis Technologies Power Shift: Can Product Mix Changes Boost Margins Amid Market Volatility?

Axcelis Technologies recently announced its financial results for the first quarter of 2025, showcasing a robust performance that exceeded initial...

Baptista Research

Hitting the Breaks: Automotive Semiconductors

Its a quarter too soon to go dumpster diving in the automotive semiconductor industry. Another round of cuts is likely coming. Consider this my...

Fabricated Knowledge

Axcelis Technologies Eyeing A Solid Growth Trajectory In 2025 With Advanced Logic & Japan Expansion!

Costs and expenses to make sure that we're optimizing for the margin profile that we've been able to maintain over the years. As we move...

Baptista Research

Axcelis Technologies: Will Its Geographical Diversification With A Japan Focus Be A Potential Game Changer? - Major Drivers

Axcelis Technologies' third-quarter 2024 financial report highlights a mixed performance, with both positive strides and some challenges. The...

Baptista Research

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge

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