Amtech Systems (ASYS) investor relations material

Executive summary

• Third quarter revenue was $19.6M, 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 main business segments exceeded forecasts, reflecting strength in advanced packaging and stabilizing mature-node demand.

• Net income for the quarter was $0.1M, with a nine-month net loss of $31.4M due to significant goodwill and intangible asset impairments.

• Gross margin improved to 47% for the quarter, aided by cost actions and an employee retention tax credit.

• Structural changes and cost optimizations over 18 months resulted in $13M in annualized savings.

Financial highlights

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

• GAAP net income was $0.1M ($0.01/share); non-GAAP net income was $0.9M ($0.06/share); nine-month net loss was $31.4M.

• Gross margin for the quarter was 47%, up from 36% a year ago, benefiting from the employee retention tax credit and absence of prior inventory write-downs.

• Cash and equivalents increased to $15.6M from $11.1M at the start of the fiscal year.

• SG&A expenses for the quarter were $7.4M, down from $8.2M year-over-year.

Outlook and guidance

• Fiscal Q4 revenue is expected between $17M and $19M, with AI-related equipment growth partially offsetting mature node softness.

• Adjusted EBITDA margins are anticipated in the mid-single digits, supported by ongoing cost reductions and efficiency gains.

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

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

• Results may be impacted by order timing, system shipments, logistics, and currency fluctuations.