Amtech Systems (ASYS) investor relations material

Executive summary

• Third quarter revenue reached $19.6 million, up 26% sequentially but down 27% year-over-year, driven by strong AI infrastructure and advanced packaging demand, while mature node markets remained weak.

• Both Thermal Processing Solutions and Semiconductor Fabrication Solutions segments exceeded forecasts, with advanced packaging and AI-related equipment as key drivers.

• Adjusted EBITDA was $2.2 million, aided by a non-recurring employee retention credit; excluding this, EBITDA was nominally positive.

• Cost reduction initiatives over 18 months yielded $13 million in annualized savings, consolidating manufacturing and supporting improved operating leverage.

• Net income for the quarter was $0.1 million, but a net loss of $31.4 million was recorded for the nine months, driven by significant goodwill and intangible asset impairments.

Financial highlights

• Net revenues rose 26% sequentially to $19.6 million, but declined 27% year-over-year; nine-month revenue was $59.5 million, down 23% year-over-year.

• GAAP net income was $0.1 million ($0.01/share), compared to a $31.8 million loss in the prior quarter and $0.4 million income a year ago.

• Non-GAAP net income was $0.9 million ($0.06/share), up from a $2.3 million loss last quarter but down from $1.1 million a year ago.

• Gross margin improved to 47% for the quarter, up from 36% in the prior year quarter, aided by the absence of prior inventory write-downs and a $1.0–$2.1 million employee retention credit.

• Cash and cash equivalents increased to $15.6 million at quarter-end, up from $11.1 million at the start of the fiscal year.

Outlook and guidance

• Fiscal Q4 2025 revenue expected between $17 million and $19 million, with growth in AI-related equipment anticipated to partially offset continued softness in mature node products.

• Adjusted EBITDA margins projected in the mid-single digits, with ongoing focus on cost optimization and efficiency.

• Management continues to invest in R&D and pursue both organic and acquisition-driven growth.

• Backlog as of June 30, 2025, was $21.2 million, down 33% year-over-year, with most orders expected to ship within 12 months.

• Results may be impacted by order timing, system shipments, logistical challenges, and currency fluctuations, particularly USD/Renminbi.