EXHIBIT 99.1
Amtech Systems Reports Fiscal 2026 Second Quarter Financial Results
AI Product Demand Drives 31% Growth in Net Revenues from Prior Year
Net Income Increased $1.1 Million from 1Q26, Driven by 297 bps Increase in Gross Margin
TEMPE, Ariz., May 7, 2026 -- Amtech Systems, Inc. ("Amtech") (NASDAQ: ASYS), a manufacturer of equipment and consumables enabling AI semiconductor device packaging and advanced substrate fabrication, today reported results for its second quarter ended March 31, 2026.
Fiscal 2026 Second Quarter Financial and Operational Results:
•Net revenue of $20.5 million
•Cash provided by operations of $2.1 million
•GAAP net income of $1.2 million
•Non-GAAP net income of $1.5 million(1)
•Adjusted EBITDA $2.5 million (1)
•Customer orders of $21.1 million
•Backlog of $22.3 million
(1) See GAAP to non-GAAP and EBITDA and Adjusted EBITDA reconciliation in schedules following this release.
Management Comments
“AI related equipment demand continued to be very strong in the quarter and allowed us to deliver revenue that was up 8% sequentially and 31% year-over-year,” commented Mr. Bob Daigle, Chief Executive Officer of Amtech. “Second quarter gross margin improved to 48%, an approximately 300 bps increase from the first quarter and an approximately 1100 bps increase from non-GAAP margins in the second quarter of 2025. These results continue to validate the strong operating leverage created by our initiatives to discontinue low margin product-lines and migrate to a semi-fabless manufacturing model over the past two years. The second quarter of fiscal 2026 marks the tenth consecutive quarter of positive operating cash flow.
“We are encouraged by the strong double-digit growth in recurring revenue streams we’ve generated from customer-centric growth initiatives in both of our business segments. This will continue to be an area of focus in addition to capitalizing on our differentiated equipment capabilities for advanced packaging and enterprise board assembly to support the enormous buildout of AI infrastructure. We are extremely well positioned to deliver
meaningful shareholder value as we build on the strong financial foundation we’ve established to drive additional growth.”
GAAP and Non-GAAP Financial Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except per share amounts) |
Q2 |
|
Q1 |
|
Q2 |
|
6 Months |
|
6 Months |
|
|
FY 2026 |
|
FY 2026 |
|
FY 2025 |
|
2026 |
|
2025 |
|
Revenues, net |
$ |
20.5 |
|
$ |
19.0 |
|
$ |
15.6 |
|
$ |
39.4 |
|
$ |
40.0 |
|
Gross profit (loss) |
$ |
9.8 |
|
$ |
8.5 |
|
$ |
(0.3 |
) |
$ |
18.3 |
|
$ |
9.0 |
|
Gross margin |
|
47.7 |
% |
|
44.8 |
% |
|
-2.1 |
% |
|
46.3 |
% |
|
22.6 |
% |
Non-GAAP gross profit (1) |
$ |
9.8 |
|
$ |
8.5 |
|
$ |
5.7 |
|
$ |
18.3 |
|
$ |
15.0 |
|
Non-GAAP gross margin (1) |
|
47.7 |
% |
|
44.8 |
% |
|
36.3 |
% |
|
46.3 |
% |
|
37.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
$ |
1.2 |
|
$ |
0.1 |
|
$ |
(31.8 |
) |
$ |
1.3 |
|
$ |
(31.5 |
) |
GAAP net income (loss) per diluted share |
$ |
0.08 |
|
$ |
0.01 |
|
$ |
(2.23 |
) |
$ |
0.09 |
|
$ |
(2.21 |
) |
Non-GAAP net income (loss) (1) |
$ |
1.5 |
|
$ |
0.4 |
|
$ |
(2.3 |
) |
$ |
1.9 |
|
$ |
(1.5 |
) |
Non-GAAP net income (loss) per diluted share (1) |
$ |
0.10 |
|
$ |
0.03 |
|
$ |
(0.16 |
) |
$ |
0.13 |
|
$ |
(0.10 |
) |
(1) See GAAP to non-GAAP reconciliation in schedules following this release.
Net revenues increased 8% sequentially from last quarter and 31% from the second quarter of fiscal 2025. Both increases are primarily due to strong demand for reflow equipment used in AI applications. Over 20% of Thermal Processing Solutions revenue in the second quarter of 2026 is related to parts and services.
GAAP gross margin increased by $1.3 million sequentially compared to last quarter and increased by $10.1 million compared to the same prior year period. The increase in both periods is primarily due to the Company’s product line rationalization, with a focus on growing higher-margin product lines, including AI-advanced packaging solutions. Gross margin as a percentage of sales increased to 47.7% in the fiscal 2026 second quarter from 44.8% in the fiscal 2026 first quarter and (2.1)% in the same period of the prior year.
During the second quarter of fiscal 2025, the Company recorded non-cash inventory write-downs driven by weak demand from mature-node semiconductor customers. In addition, $22.9 million was recorded for impairment charges, including $15.3 million in goodwill and $2.6 million in intangible asset impairment charges for the Semiconductor Fabrication Solutions segment, and $5.0 million in goodwill impairment charges for the Thermal Processing Solutions segment.
Selling, General & Administrative (“SG&A”) expenses increased $0.3 million sequentially from the prior quarter and were relatively flat compared to the fiscal 2025 second quarter. The increase from the prior quarter is primarily due to expanding business activities, tax and IT consulting fees.
Research, Development, and Engineering expenses were relatively flat compared to the prior quarter and compared to the same period of the prior year.
GAAP net income for the second quarter of fiscal 2026 was $1.2 million, or $0.08 per share. This compares to GAAP net income of $0.1 million, or $0.01 per share, for the preceding quarter, and GAAP net loss of $31.8 million, or ($2.23) per share, for the second quarter of fiscal 2025. The Company’s GAAP net income includes $0.3 million for foreign currency exchange losses in the second quarter of fiscal 2026, as compared to $0.2 million in the prior quarter, primarily driven by a weakening United States Dollar against the Chinese Renminbi.
Unrestricted cash and cash equivalents at March 31, 2026, were $24.4 million, compared to $17.9 million at September 30, 2025, due primarily to the Company's focus on operational cash generation, working capital optimization, strong accounts receivable collections from customers, and accounts payable management. This increase was partial offset by an additional $0.9 million in inventories to accommodate higher order flow.
Outlook
For the third fiscal quarter ending June 30, 2026, the Company expects revenues in the range of $20.5 to $22.5 million. With the benefit of previously implemented structural and operational cost reduction along with greater contributions from reoccurring sales, Amtech expects to deliver solid operating leverage, resulting in adjusted EBITDA margin in the low double digits.
A portion of Amtech's results is denominated in Renminbis, a Chinese currency, and other Asian currencies. The outlook provided in this press release is based on an assumed exchange rate between the United States Dollar and the foreign currencies. Changes in the value of the foreign currencies in relation to the United States Dollar could cause actual results to differ from expectations.
Share Repurchase Program
On December 9, 2025, the Company’s effectuated a share repurchase program for a period of one-year pursuant to which Amtech may purchase up to $5 million of its common stock. As of today, no shares were repurchased under the program.
Conference Call
Amtech Systems will host a conference call at 5:00 pm ET today, May 7, 2026, to discuss fiscal second quarter financial results. The call will be available to interested parties by dialing 1-412-317-6060. A live webcast of the conference call will be available in the Investor Relations section of Amtech’s website at: https://www.amtechsystems.com/investors/events.
A replay of the webcast will be available in the Investor Relations section of the company’s website at http://www.amtechsystems.com/investor/events shortly after the conclusion of the call and will remain available for approximately 30 calendar days.
About Amtech Systems, Inc.
Amtech Systems, Inc. (NASDAQ: ASYS) provides equipment, consumables and services for AI semiconductor device packaging and advanced wafer substrate fabrication. Our products include advanced packaging and electronics assembly equipment for applications such as AI GPUs and advanced automotive electronics. Consumable and other solutions are used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon (Si) power devices, digital and analog devices, power electronic packages, advanced semiconductor packages and electronic assemblies. We sell these products to semiconductor device and module manufacturers worldwide, particularly in Asia, North America and Europe. To learn more about Amtech, please visit our website at https://www.amtechsystems.com.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this press release is forward-looking in nature. All statements in this press release, or made by management of Amtech Systems, Inc. and its subsidiaries ("Amtech"), other than statements of historical fact, are hereby identified as "forward-looking statements" (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995). The forward-looking statements in this press release relate only to events or information as of the date on which the statements are made in this press release. Examples of forward-looking statements include statements regarding Amtech's future financial results, delivering profitable growth, creating long-term value for our shareholders, long term future prospects, operating results, business strategies, projected costs, the optimization and reduction of structural costs, products under development, competitive positions, plans and objectives of Amtech and its management for future operations, efforts to improve operational efficiencies and effectiveness and profitably grow our revenue, and enhancements to our technologies and expansion of our product portfolio. In some cases, forward-looking statements can be identified by terminology such as "may," "plan," "anticipate," "seek," "will," "expect," "intend," "estimate," "believe," "continue," "predict," "potential," "project," "should," "would," "could", "likely," "future," "target," "forecast," "goal," "observe," and "strategy" or the negative of these terms or other comparable terminology used in this press release or by our management, which are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. The Form 10-K that Amtech filed with the Securities and Exchange Commission (the "SEC") for the most recently completed fiscal year-ended September 30, listed various important factors that could affect the Company's future operating results and financial condition and could cause actual results to differ materially from historical results and expectations based on forward-looking statements made in this document or elsewhere by Amtech or on its behalf. These factors can be found under the heading "Risk Factors" in the Form 10-K and in our subsequently filed Quarterly Reports on Form 10-Qs, and investors should refer to them. Because it is not possible to predict or identify all such factors, any such list cannot be considered a complete set of all potential risks or uncertainties. Except as required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.
Amtech Systems may use its website (www.amtechsystems.com), investor relations page (https://www.amtechsystems.com/investors), and LinkedIn page (https://www.linkedin.com/company/amtechsystems) to disclose material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors and other interested parties should monitor these sites, in addition to following Amtech Systems press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public presentations/webcasts.
In discussing financial results in this press release, the Company refers to certain financial measures that are adjusted from the financial results prepared in accordance with United States generally accepted accounting principles ("GAAP"). Non-GAAP financial measures may include profitability and operating/net income excluding one-time items, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA (AEBITDA), which excludes equity compensation, and AEBITDA excluding one-time items. These non-GAAP measures are provided as a supplement to GAAP results and offer additional insights into the Company's results and facilitate the comparison of results. All non-GAAP amounts exclude certain adjustments which may include but are not limited to stock compensation expense, severance expense, expenses related to discontinued product lines, gain on the sale of assets, moving expenses, amortization of acquired intangible assets, acquisition expenses, goodwill and intangible asset impairment, inventory write-down of mature node
semiconductor products, and any income tax changes related to acquisitions. A tabular reconciliation of financial measures prepared in accordance with GAAP to the non-GAAP financial measures is included at the end of this press release.
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Contacts: |
Amtech Systems, Inc. |
Mark Weaver |
Interim Chief Financial Officer |
irelations@amtechsystems.com |
Darrow Associates
Jordan Darrow
(631) 766-4528 jdarrow@darrowir.com
|
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Summary Financial Information
(in thousands, except percentages)
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Six Months Ended March 31, |
|
|
|
March 31,
2026 |
|
|
December 31, 2025 |
|
|
March 31,
2025 |
|
|
|
2026 |
|
|
2025 |
|
Amtech Systems, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net |
|
$ |
20,468 |
|
|
$ |
18,973 |
|
|
$ |
15,580 |
|
|
|
$ |
39,441 |
|
|
$ |
39,965 |
|
GAAP gross profit (loss) |
|
$ |
9,769 |
|
|
$ |
8,493 |
|
|
$ |
(325 |
) |
|
|
$ |
18,263 |
|
|
$ |
9,038 |
|
Non-GAAP gross profit |
|
$ |
9,769 |
|
|
$ |
8,493 |
|
|
$ |
5,661 |
|
|
|
$ |
18,263 |
|
|
$ |
15,024 |
|
GAAP gross margin |
|
|
48 |
% |
|
|
45 |
% |
|
|
(2 |
)% |
|
|
|
46 |
% |
|
|
23 |
% |
Non-GAAP gross margin |
|
|
48 |
% |
|
|
45 |
% |
|
|
36 |
% |
|
|
|
46 |
% |
|
|
38 |
% |
Operating income (loss) |
|
$ |
1,794 |
|
|
$ |
775 |
|
|
$ |
(31,583 |
) |
|
|
$ |
2,568 |
|
|
$ |
(31,244 |
) |
New orders |
|
$ |
21,149 |
|
|
$ |
20,654 |
|
|
$ |
15,701 |
|
|
|
$ |
41,803 |
|
|
$ |
33,771 |
|
Backlog |
|
$ |
22,252 |
|
|
$ |
21,571 |
|
|
$ |
19,119 |
|
|
|
$ |
22,252 |
|
|
$ |
19,119 |
|
Thermal Processing Solutions Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net |
|
$ |
14,735 |
|
|
$ |
13,980 |
|
|
$ |
10,575 |
|
|
|
$ |
28,715 |
|
|
$ |
29,259 |
|
GAAP gross profit |
|
$ |
7,129 |
|
|
$ |
6,592 |
|
|
$ |
350 |
|
|
|
$ |
13,722 |
|
|
$ |
7,680 |
|
Non-GAAP gross profit |
|
$ |
7,129 |
|
|
$ |
6,592 |
|
|
$ |
3,912 |
|
|
|
$ |
13,722 |
|
|
$ |
11,242 |
|
GAAP gross margin |
|
|
48 |
% |
|
|
47 |
% |
|
|
3 |
% |
|
|
|
48 |
% |
|
|
26 |
% |
Non-GAAP gross margin |
|
|
48 |
% |
|
|
47 |
% |
|
|
37 |
% |
|
|
|
48 |
% |
|
|
38 |
% |
Operating income (loss) |
|
$ |
3,159 |
|
|
$ |
2,931 |
|
|
$ |
(8,401 |
) |
|
|
$ |
6,090 |
|
|
$ |
(5,528 |
) |
New orders |
|
$ |
17,004 |
|
|
$ |
16,195 |
|
|
$ |
10,562 |
|
|
|
$ |
33,199 |
|
|
$ |
23,729 |
|
Backlog |
|
$ |
19,139 |
|
|
$ |
16,870 |
|
|
$ |
15,315 |
|
|
|
$ |
19,139 |
|
|
$ |
15,315 |
|
Semiconductor Fabrication Solutions Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net |
|
$ |
5,733 |
|
|
$ |
4,993 |
|
|
$ |
5,005 |
|
|
|
$ |
10,726 |
|
|
$ |
10,706 |
|
GAAP gross profit (loss) |
|
$ |
2,640 |
|
|
$ |
1,901 |
|
|
$ |
(675 |
) |
|
|
$ |
4,541 |
|
|
$ |
1,358 |
|
Non-GAAP gross profit |
|
$ |
2,640 |
|
|
$ |
1,901 |
|
|
$ |
1,749 |
|
|
|
$ |
4,541 |
|
|
$ |
3,782 |
|
GAAP gross margin |
|
|
46 |
% |
|
|
38 |
% |
|
|
(13 |
)% |
|
|
|
42 |
% |
|
|
13 |
% |
Non-GAAP gross margin |
|
|
46 |
% |
|
|
38 |
% |
|
|
35 |
% |
|
|
|
42 |
% |
|
|
35 |
% |
Operating income (loss) |
|
$ |
490 |
|
|
$ |
(299 |
) |
|
$ |
(21,077 |
) |
|
|
$ |
191 |
|
|
$ |
(21,435 |
) |
New orders |
|
$ |
4,145 |
|
|
$ |
4,459 |
|
|
$ |
5,139 |
|
|
|
$ |
8,604 |
|
|
$ |
10,042 |
|
Backlog |
|
$ |
3,113 |
|
|
$ |
4,701 |
|
|
$ |
3,804 |
|
|
|
$ |
3,113 |
|
|
$ |
3,804 |
|
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
Six Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Revenues, net |
|
$ |
20,468 |
|
|
$ |
15,580 |
|
|
$ |
39,441 |
|
|
$ |
39,965 |
|
Cost of sales |
|
|
10,699 |
|
|
|
15,905 |
|
|
|
21,178 |
|
|
|
30,927 |
|
Gross profit (loss) |
|
|
9,769 |
|
|
|
(325 |
) |
|
|
18,263 |
|
|
|
9,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
7,153 |
|
|
|
7,115 |
|
|
|
14,031 |
|
|
|
15,166 |
|
Research, development and engineering |
|
|
822 |
|
|
|
832 |
|
|
|
1,664 |
|
|
|
1,709 |
|
Loss on disposal of fixed assets |
|
|
— |
|
|
|
205 |
|
|
|
— |
|
|
|
229 |
|
Goodwill impairment |
|
|
— |
|
|
|
20,353 |
|
|
|
— |
|
|
|
20,353 |
|
Intangible asset impairment |
|
|
— |
|
|
|
2,569 |
|
|
|
— |
|
|
|
2,569 |
|
Severance expense |
|
|
— |
|
|
|
184 |
|
|
|
— |
|
|
|
256 |
|
Operating income (loss) |
|
|
1,794 |
|
|
|
(31,583 |
) |
|
|
2,568 |
|
|
|
(31,244 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
117 |
|
|
|
27 |
|
|
|
231 |
|
|
|
31 |
|
Interest expense |
|
|
(9 |
) |
|
|
(6 |
) |
|
|
(15 |
) |
|
|
(13 |
) |
Foreign currency (loss) gain |
|
|
(271 |
) |
|
|
— |
|
|
|
(469 |
) |
|
|
401 |
|
Other |
|
|
37 |
|
|
|
22 |
|
|
|
42 |
|
|
|
42 |
|
Income (loss) before income tax provision |
|
|
1,668 |
|
|
|
(31,540 |
) |
|
|
2,357 |
|
|
|
(30,783 |
) |
Income tax provision |
|
|
502 |
|
|
|
272 |
|
|
|
1,083 |
|
|
|
717 |
|
Net income (loss) |
|
$ |
1,166 |
|
|
$ |
(31,812 |
) |
|
$ |
1,274 |
|
|
$ |
(31,500 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per basic share |
|
$ |
0.08 |
|
|
$ |
(2.23 |
) |
|
$ |
0.09 |
|
|
$ |
(2.21 |
) |
Net income (loss) per diluted share |
|
$ |
0.08 |
|
|
$ |
(2.23 |
) |
|
$ |
0.09 |
|
|
$ |
(2.21 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
14,432 |
|
|
|
14,296 |
|
|
|
14,397 |
|
|
|
14,284 |
|
Diluted |
|
|
14,941 |
|
|
|
14,296 |
|
|
|
14,832 |
|
|
|
14,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Condensed Consolidated Balance Sheets
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
|
September 30,
2025 |
|
Assets |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
24,417 |
|
|
$ |
17,904 |
|
Accounts receivable (less allowance for credit losses of $125 and $113 at
March 31, 2026 and September 30, 2025, respectively) |
|
|
18,933 |
|
|
|
19,878 |
|
Inventories |
|
|
19,692 |
|
|
|
18,743 |
|
Income taxes receivable |
|
|
73 |
|
|
|
80 |
|
Other current assets |
|
|
3,427 |
|
|
|
3,572 |
|
Total current assets |
|
|
66,542 |
|
|
|
60,177 |
|
Property, Plant and Equipment - Net |
|
|
9,444 |
|
|
|
10,227 |
|
Right-of-Use Assets - Net |
|
|
17,332 |
|
|
|
18,293 |
|
Intangible Assets - Net |
|
|
1,003 |
|
|
|
1,091 |
|
Goodwill |
|
|
908 |
|
|
|
908 |
|
Deferred Income Taxes - Net |
|
|
1,023 |
|
|
|
1,023 |
|
Other Assets |
|
|
1,144 |
|
|
|
1,154 |
|
Total Assets |
|
$ |
97,396 |
|
|
$ |
92,873 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
9,749 |
|
|
$ |
7,735 |
|
Accrued compensation and related taxes |
|
|
2,088 |
|
|
|
1,609 |
|
Accrued warranty expense |
|
|
324 |
|
|
|
394 |
|
Other accrued liabilities |
|
|
862 |
|
|
|
726 |
|
Current maturities of finance lease liabilities and long-term debt |
|
|
144 |
|
|
|
126 |
|
Current portion of long-term operating lease liabilities |
|
|
2,171 |
|
|
|
1,903 |
|
Contract liabilities |
|
|
6,902 |
|
|
|
6,461 |
|
Income taxes payable |
|
|
961 |
|
|
|
1,528 |
|
Total current liabilities |
|
|
23,201 |
|
|
|
20,482 |
|
Finance Lease Liabilities and Long-Term Debt |
|
|
129 |
|
|
|
168 |
|
Long-Term Operating Lease Liabilities |
|
|
16,311 |
|
|
|
17,316 |
|
Income Taxes Payable |
|
|
417 |
|
|
|
663 |
|
Other Long-Term Liabilities |
|
|
1,339 |
|
|
|
859 |
|
Total Liabilities |
|
|
41,397 |
|
|
|
39,488 |
|
Commitments and Contingencies |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
Preferred stock; 100,000,000 shares authorized; none issued |
|
|
— |
|
|
|
— |
|
Common stock; $0.01 par value; 100,000,000 shares authorized; shares
issued and outstanding: 14,497,089 and 14,354,797 at March 31, 2026
and September 30, 2025, respectively |
|
|
145 |
|
|
|
144 |
|
Additional paid-in capital |
|
|
130,856 |
|
|
|
130,057 |
|
Accumulated other comprehensive loss |
|
|
(419 |
) |
|
|
(959 |
) |
Retained deficit |
|
|
(74,583 |
) |
|
|
(75,857 |
) |
Total Shareholders’ Equity |
|
|
55,999 |
|
|
|
53,385 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
97,396 |
|
|
$ |
92,873 |
|
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Condensed Consolidated Statements of Cash Flows
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Operating Activities |
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,274 |
|
|
$ |
(31,500 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,241 |
|
|
|
1,573 |
|
Write-down of inventory |
|
|
452 |
|
|
|
6,618 |
|
Goodwill impairment |
|
|
— |
|
|
|
20,353 |
|
Intangible asset impairment |
|
|
— |
|
|
|
2,569 |
|
Non-cash share-based compensation expense |
|
|
577 |
|
|
|
623 |
|
Loss on disposal of fixed assets |
|
|
— |
|
|
|
229 |
|
Provision for allowance for credit losses |
|
|
12 |
|
|
|
63 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
933 |
|
|
|
5,736 |
|
Inventories |
|
|
(1,402 |
) |
|
|
(556 |
) |
Other assets |
|
|
1,116 |
|
|
|
1,639 |
|
Accounts payable |
|
|
2,182 |
|
|
|
(253 |
) |
Accrued income taxes |
|
|
(806 |
) |
|
|
(167 |
) |
Accrued and other liabilities |
|
|
176 |
|
|
|
(1,093 |
) |
Contract liabilities |
|
|
441 |
|
|
|
(2,757 |
) |
Net cash provided by operating activities |
|
|
6,196 |
|
|
|
3,077 |
|
Investing Activities |
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(475 |
) |
|
|
(152 |
) |
Net cash used in investing activities |
|
|
(475 |
) |
|
|
(152 |
) |
Financing Activities |
|
|
|
|
|
|
Proceeds from the exercise of stock options |
|
|
512 |
|
|
|
150 |
|
Payments on long-term debt |
|
|
(79 |
) |
|
|
(47 |
) |
Borrowings on long-term debt |
|
|
21 |
|
|
|
— |
|
Payment of payroll taxes on stock-based compensation through shares withheld |
|
|
(175 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
|
279 |
|
|
|
103 |
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
|
513 |
|
|
|
(688 |
) |
Net Increase in Cash and Cash Equivalents |
|
|
6,513 |
|
|
|
2,340 |
|
Cash and Cash Equivalents, Beginning of Period |
|
|
17,904 |
|
|
|
11,086 |
|
Cash and Cash Equivalents, End of Period |
|
$ |
24,417 |
|
|
$ |
13,426 |
|
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Six Months Ended March 31, |
|
|
|
March 31,
2026 |
|
|
December 31, 2025 |
|
|
March 31,
2025 |
|
|
|
2026 |
|
|
2025 |
|
Amtech Systems, Inc. Gross Profit (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit (loss) |
|
$ |
9,769 |
|
|
$ |
8,493 |
|
|
$ |
(325 |
) |
|
|
$ |
18,263 |
|
|
$ |
9,038 |
|
Inventory write-down of mature node semiconductor products |
|
|
- |
|
|
|
- |
|
|
|
5,986 |
|
|
|
|
- |
|
|
|
5,986 |
|
Non-GAAP gross profit |
|
$ |
9,769 |
|
|
$ |
8,493 |
|
|
$ |
5,661 |
|
|
|
$ |
18,263 |
|
|
$ |
15,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin |
|
|
48 |
% |
|
|
45 |
% |
|
|
(2 |
)% |
|
|
|
46 |
% |
|
|
23 |
% |
Non-GAAP gross margin |
|
|
48 |
% |
|
|
45 |
% |
|
|
36 |
% |
|
|
|
46 |
% |
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thermal Processing Solutions Segment Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
7,129 |
|
|
$ |
6,592 |
|
|
$ |
350 |
|
|
|
$ |
13,722 |
|
|
$ |
7,680 |
|
Inventory write-down of mature node semiconductor products |
|
|
- |
|
|
|
- |
|
|
|
3,562 |
|
|
|
|
- |
|
|
|
3,562 |
|
Non-GAAP gross profit |
|
$ |
7,129 |
|
|
$ |
6,592 |
|
|
$ |
3,912 |
|
|
|
$ |
13,722 |
|
|
$ |
11,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin |
|
|
48 |
% |
|
|
47 |
% |
|
|
3 |
% |
|
|
|
48 |
% |
|
|
26 |
% |
Non-GAAP gross margin |
|
|
48 |
% |
|
|
47 |
% |
|
|
37 |
% |
|
|
|
48 |
% |
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductor Fabrication Solutions Segment Gross Profit (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit (loss) |
|
$ |
2,640 |
|
|
$ |
1,901 |
|
|
$ |
(675 |
) |
|
|
$ |
4,541 |
|
|
$ |
1,358 |
|
Inventory write-down of mature node semiconductor products |
|
|
- |
|
|
|
- |
|
|
|
2,424 |
|
|
|
|
- |
|
|
|
2,424 |
|
Non-GAAP gross profit |
|
$ |
2,640 |
|
|
$ |
1,901 |
|
|
$ |
1,749 |
|
|
|
$ |
4,541 |
|
|
$ |
3,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin |
|
|
46 |
% |
|
|
38 |
% |
|
|
(13 |
)% |
|
|
|
42 |
% |
|
|
13 |
% |
Non-GAAP gross margin |
|
|
46 |
% |
|
|
38 |
% |
|
|
35 |
% |
|
|
|
42 |
% |
|
|
35 |
% |
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Six Months Ended March 31, |
|
|
|
March 31,
2026 |
|
|
December 31, 2025 |
|
|
March 31,
2025 |
|
|
|
2026 |
|
|
2025 |
|
Consolidated Net Income (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
1,166 |
|
|
$ |
108 |
|
|
$ |
(31,812 |
) |
|
|
$ |
1,274 |
|
|
$ |
(31,500 |
) |
Inventory write-down of mature node semiconductor products |
|
|
- |
|
|
|
- |
|
|
|
5,986 |
|
|
|
|
- |
|
|
|
5,986 |
|
Amortization of acquired intangible assets |
|
|
27 |
|
|
|
27 |
|
|
|
107 |
|
|
|
|
54 |
|
|
|
215 |
|
Stock compensation expense |
|
|
328 |
|
|
|
249 |
|
|
|
290 |
|
|
|
|
577 |
|
|
|
623 |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
20,353 |
|
|
|
|
- |
|
|
|
20,353 |
|
Intangible asset impairment |
|
|
- |
|
|
|
- |
|
|
|
2,569 |
|
|
|
|
- |
|
|
|
2,569 |
|
Severance expense |
|
|
- |
|
|
|
- |
|
|
|
184 |
|
|
|
|
- |
|
|
|
256 |
|
Non-GAAP net income (loss) |
|
$ |
1,521 |
|
|
$ |
384 |
|
|
$ |
(2,323 |
) |
|
|
$ |
1,905 |
|
|
$ |
(1,498 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per Diluted Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) per diluted share |
|
$ |
0.08 |
|
|
$ |
0.01 |
|
|
$ |
(2.23 |
) |
|
|
$ |
0.09 |
|
|
$ |
(2.21 |
) |
Inventory write-down of mature node semiconductor products |
|
|
- |
|
|
|
- |
|
|
|
0.42 |
|
|
|
|
- |
|
|
|
0.42 |
|
Amortization of acquired intangible assets |
|
|
- |
|
|
|
- |
|
|
|
0.01 |
|
|
|
|
- |
|
|
|
0.02 |
|
Stock compensation expense |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
|
0.04 |
|
|
|
0.04 |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
1.43 |
|
|
|
|
- |
|
|
|
1.43 |
|
Intangible asset impairment |
|
|
- |
|
|
|
- |
|
|
|
0.18 |
|
|
|
|
- |
|
|
|
0.18 |
|
Severance expense |
|
|
- |
|
|
|
- |
|
|
|
0.01 |
|
|
|
|
- |
|
|
|
0.02 |
|
Non-GAAP net income (loss) per diluted share |
|
$ |
0.10 |
|
|
$ |
0.03 |
|
|
$ |
(0.16 |
) |
|
|
$ |
0.13 |
|
|
$ |
(0.10 |
) |
AMTECH SYSTEMS, INC.
(NASDAQ: ASYS)
(Unaudited)
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2026 |
|
Six Months Ended March 31, 2026 |
|
Amtech Systems, Inc. EBITDA: |
|
|
|
|
|
GAAP net income |
|
$ |
1,166 |
|
$ |
1,274 |
|
Interest income |
|
|
(116 |
) |
|
(231 |
) |
Interest expense |
|
|
8 |
|
|
15 |
|
Income tax provision |
|
|
502 |
|
|
1,083 |
|
Depreciation and amortization expense |
|
|
627 |
|
|
1,241 |
|
EBITDA |
|
|
2,187 |
|
|
3,382 |
|
|
|
|
|
|
|
Stock compensation expense |
|
|
328 |
|
|
577 |
|
Adjusted EBITDA |
|
$ |
2,515 |
|
$ |
3,959 |
|