Amtech Systems (ASYS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $19.0 million, with strong AI-related demand driving a book-to-bill ratio of 1.1 and robust bookings.

• Gross margin improved to 44.8%–45% from 38.4% a year ago, aided by product mix and cost management.

• Net income was $0.1 million ($0.01 per share), with operating cash flow of $4.1 million and cash rising to $22.1 million.

• AI infrastructure equipment accounted for 35% of TPS segment revenue, up from 30% in the prior quarter.

• Initial orders for panel-level packaging equipment and first specialty chemicals win signal future growth opportunities.

Financial highlights

• Gross margin reached 44.8%–45%, with GAAP net income of $0.1 million and adjusted EBITDA of $1.4 million.

• Operating cash flow was $4.1 million, marking the ninth consecutive positive quarter.

• Cash balance at quarter-end was $22.1 million, up from $17.9 million, with no debt.

• SG&A expenses decreased year-over-year, while R&D expenses remained flat or slightly down.

• No shares repurchased under the $5 million buyback program.

Outlook and guidance

• Q2 2026 revenue expected between $19.0 million and $21.0 million, with AI-related equipment as the main growth driver.

• Adjusted EBITDA margin anticipated to remain in the high single digits.

• Backlog increased 14% year-over-year to $21.6 million, with continued strong AI demand expected.