Amtech Systems (ASYS) Q2 2026 earnings summary

Executive summary

• Net revenue reached $20.5 million in Q2 2026, up 31% year-over-year and 8% sequentially, driven by strong AI-related demand in Thermal Processing Solutions and Semiconductor Fabrication Solutions, with orders exceeding revenues.

• GAAP net income was $1.2 million, a turnaround from a $31.8 million loss in the prior year quarter, with non-GAAP net income at $1.5 million.

• Gross margin improved to 48% (GAAP 47.7%), up from 45% in the prior quarter and -2% a year ago, reflecting higher-margin product mix and operational leverage.

• Cash and cash equivalents rose to $24.4 million, up from $17.9 million at September 2025, with no debt and positive operating cash flow for the tenth consecutive quarter.

• Optimization initiatives reduced breakeven to $75 million and delivered $13 million in annualized savings.

Financial highlights

• Adjusted EBITDA was $2.5 million (12% of sales), a significant increase from both the prior quarter and the previous year.

• Q2 2026 GAAP net income per diluted share: $0.08; non-GAAP: $0.10.

• Customer orders totaled $21.1 million, with a backlog of $22.3 million at quarter-end.

• Cash provided by operations was $2.1 million in Q2 2026.

• SFS segment revenue was $5.7 million, up 15% year-over-year.

Outlook and guidance

• Q3 2026 revenue is expected to be $20.5–$22.5 million, with adjusted EBITDA margin projected in the low double digits.

• AI-related equipment sales in TPS are anticipated to drive growth, potentially exceeding 40% of segment sales.

• Management expects continued demand for AI-related packaging and wafer processing equipment, with growth opportunities in supply chain resiliency and advanced mobility markets.

• Results are subject to currency fluctuations, particularly between the USD and Asian currencies.