Total revenue for 2025 was $839.0 million, a decrease from $1,017.9 million in 2024. Net income for 2025 was $120.2 million, down from $201.0 million in 2024. Diluted earnings per share (EPS) for 2025 was $3.80, compared to $6.15 in 2024. Gross margin percentage slightly increased to 44.9% in 2025 from 44.7% in 2024, driven by a higher mix of parts and upgrades. Operating profit decreased to $119.3 million in 2025 from $210.8 million in 2024. Aftermarket (CS&I) revenue grew to $268.0 million in 2025 from $235.3 million in 2024. Systems backlog decreased to $457.0 million as of December 31, 2025, from $645.8 million in 2024. The merger with Veeco Instruments Inc. is progressing, with Axcelis stockholders approving the Company Stock Issuance on February 6, 2026, but remains subject to Chinese regulatory approval. Research and development expenses increased to $109.0 million in 2025, representing 13.0% of revenue. General and administrative expenses increased by 18.3% to $83.2 million, primarily due to $16.3 million in merger-related professional and filing fees.