{"success":true,"data":{"pressRelease":{"id":"26431","rtpr_id":"nBw81dg0Qa","ticker":"ASYS","exchange":"NASDAQ","all_tickers":["ASYS"],"title":"Amtech Systems Reports Fiscal 2026 Second Quarter Financial Results","author":"Business Wire","published_at":"2026-05-07T20:00:00.697Z","article_body":"Amtech Systems Reports Fiscal 2026 Second Quarter Financial Results\n\nAI Product Demand Drives 31% Growth in Net Revenues from Prior Year\n\nNet Income Increased $1.1 Million from 1Q26, Driven by 297 bps Increase in\nGross Margin\n\nAmtech Systems, Inc. (\"Amtech\") (NASDAQ: ASYS), a manufacturer of equipment\nand consumables enabling AI semiconductor device packaging and advanced\nsubstrate fabrication, today reported results for its second quarter ended\nMarch 31, 2026.\n\nFiscal 2026 Second Quarter Financial and Operational Results:\n\n\n * Net revenue of $20.5 million\n\n * Cash of $24.4 million\n\n * Cash provided by operations of $2.1 million\n\n * GAAP net income of $1.2 million\n\n * Non-GAAP net income of $1.5 million((1))\n\n * Adjusted EBITDA $2.5 million ((1))\n\n * Customer orders of $21.1 million\n\n * Backlog of $22.3 million\n\n(1) See GAAP to non-GAAP and EBITDA and Adjusted EBITDA reconciliation in\nschedules following this release.\n\nManagement Comments\n\n“AI related equipment demand continued to be very strong in the quarter and\nallowed us to deliver revenue that was up 8% sequentially and 31%\nyear-over-year,” commented Mr. Bob Daigle, Chief Executive Officer of\nAmtech. “Second quarter gross margin improved to 48%, an approximately 300\nbps increase from the first quarter and an approximately 1100 bps increase\nfrom non-GAAP margins in the second quarter of 2025. These results continue to\nvalidate the strong operating leverage created by our initiatives to\ndiscontinue low margin product-lines and migrate to a semi-fabless\nmanufacturing model over the past two years. The second quarter of fiscal 2026\nmarks the tenth consecutive quarter of positive operating cash flow.\n\n“We are encouraged by the strong double-digit growth in recurring revenue\nstreams we’ve generated from customer-centric growth initiatives in both of\nour business segments. This will continue to be an area of focus in addition\nto capitalizing on our differentiated equipment capabilities for advanced\npackaging and enterprise board assembly to support the enormous buildout of AI\ninfrastructure. We are extremely well positioned to deliver meaningful\nshareholder value as we build on the strong financial foundation we’ve\nestablished to drive additional growth.”\n\nGAAP and Non-GAAP Financial Results\n (in millions, except per share amounts) Q2   Q1   Q2   6 Months   6 Months   \n   FY 2026   FY 2026   FY 2025   2026   2025   \n Revenues, net $ 20.5   $ 19.0   $ 15.6   $ 39.4   $ 40.0   \n Gross profit (loss) $ 9.8   $ 8.5   $ (0.3 ) $ 18.3   $ 9.0   \n Gross margin   47.7 %   44.8 %   -2.1 %   46.3 %   22.6 % \n Non-GAAP gross profit ((1)) $ 9.8   $ 8.5   $ 5.7   $ 18.3   $ 15.0   \n Non-GAAP gross margin ((1))   47.7 %   44.8 %   36.3 %   46.3 %   37.6 % \n                       \n GAAP net income (loss) $ 1.2   $ 0.1   $ (31.8 ) $ 1.3   $ (31.5 ) \n GAAP net income (loss) per diluted share $ 0.08   $ 0.01   $ (2.23 ) $ 0.09   $ (2.21 ) \n Non-GAAP net income (loss) ((1)) $ 1.5   $ 0.4   $ (2.3 ) $ 1.9   $ (1.5 ) \n Non-GAAP net income (loss) per diluted share( (1)) $ 0.10   $ 0.03   $ (0.16 ) $ 0.13   $ (0.10 ) \n   \n (1) See GAAP to non-GAAP reconciliation in schedules following this release. \n\n\nNet revenues increased 8% sequentially from last quarter and 31% from the\nsecond quarter of fiscal 2025. Both increases are primarily due to strong\ndemand for reflow equipment used in AI applications. Over 20% of Thermal\nProcessing Solutions revenue in the second quarter of 2026 is related to parts\nand services.\n\nGAAP gross margin increased by $1.3 million sequentially compared to last\nquarter and increased by $10.1 million compared to the same prior year period.\nThe increase in both periods is primarily due to the Company’s product line\nrationalization, with a focus on growing higher-margin product lines,\nincluding AI-advanced packaging solutions. Gross margin as a percentage of\nsales increased to 47.7% in the fiscal 2026 second quarter from 44.8% in the\nfiscal 2026 first quarter and (2.1)% in the same period of the prior year.\n\nDuring the second quarter of fiscal 2025, the Company recorded non-cash\ninventory write-downs driven by weak demand from mature-node semiconductor\ncustomers. In addition, $22.9 million was recorded for impairment charges,\nincluding $15.3 million in goodwill and $2.6 million in intangible asset\nimpairment charges for the Semiconductor Fabrication Solutions segment, and\n$5.0 million in goodwill impairment charges for the Thermal Processing\nSolutions segment.\n\nSelling, General & Administrative (“SG&A”) expenses increased $0.3\nmillion sequentially from the prior quarter and were relatively flat compared\nto the fiscal 2025 second quarter. The increase from the prior quarter is\nprimarily due to expanding business activities, tax and IT consulting fees.\n\nResearch, Development, and Engineering expenses were relatively flat compared\nto the prior quarter and compared to the same period of the prior year.\n\nGAAP net income for the second quarter of fiscal 2026 was $1.2 million, or\n$0.08 per share. This compares to GAAP net income of $0.1 million, or $0.01\nper share, for the preceding quarter, and GAAP net loss of $31.8 million, or\n($2.23) per share, for the second quarter of fiscal 2025. The Company’s GAAP\nnet income includes $0.3 million for foreign currency exchange losses in the\nsecond quarter of fiscal 2026, as compared to $0.2 million in the prior\nquarter, primarily driven by a weakening United States Dollar against the\nChinese Renminbi.\n\nUnrestricted cash and cash equivalents at March 31, 2026, were $24.4 million,\ncompared to $17.9 million at September 30, 2025, due primarily to the\nCompany's focus on operational cash generation, working capital optimization,\nstrong accounts receivable collections from customers, and accounts payable\nmanagement. This increase was partial offset by an additional $0.9 million in\ninventories to accommodate higher order flow.\n\nOutlook\n\nFor the third fiscal quarter ending June 30, 2026, the Company expects\nrevenues in the range of $20.5 to $22.5 million. With the benefit of\npreviously implemented structural and operational cost reduction along with\ngreater contributions from reoccurring sales, Amtech expects to deliver solid\noperating leverage, resulting in adjusted EBITDA margin in the low double\ndigits.\n\nA portion of Amtech's results is denominated in Renminbis, a Chinese currency,\nand other Asian currencies. The outlook provided in this press release is\nbased on an assumed exchange rate between the United States Dollar and the\nforeign currencies. Changes in the value of the foreign currencies in relation\nto the United States Dollar could cause actual results to differ from\nexpectations.\n\nShare Repurchase Program\n\nOn December 9, 2025, the Company’s effectuated a share repurchase program\nfor a period of one-year pursuant to which Amtech may purchase up to $5\nmillion of its common stock. As of today, no shares were repurchased under the\nprogram.\n\nConference Call\n\nAmtech Systems will host a conference call at 5:00 pm ET today, May 7, 2026,\nto discuss fiscal second quarter financial results. The call will be available\nto interested parties by dialing 1-412-317-6060. A live webcast of the\nconference call will be available in the Investor Relations section of\nAmtech’s website at: https://www.amtechsystems.com/investors/events\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors%2Fevents&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors%2Fevents&index=1&md5=f7f757a79492c95f9927f4a11ee0e030)\n.\n\nA replay of the webcast will be available in the Investor Relations section of\nthe company’s website at https://www.amtechsystems.com/investors/events\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors%2Fevents&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors%2Fevents&index=2&md5=ffc99daab2733a7d6cf5f5a351e8a7ff)\nshortly after the conclusion of the call and will remain available for\napproximately 30 calendar days.\n\nAbout Amtech Systems, Inc.\n\nAmtech Systems, Inc. (NASDAQ: ASYS) provides equipment, consumables and\nservices for AI semiconductor device packaging and advanced wafer substrate\nfabrication. Our products include advanced packaging and electronics assembly\nequipment for applications such as AI GPUs and advanced automotive\nelectronics. Consumable and other solutions are used in fabricating\nsemiconductor devices, such as silicon carbide (SiC) and silicon (Si) power\ndevices, digital and analog devices, power electronic packages, advanced\nsemiconductor packages and electronic assemblies. We sell these products to\nsemiconductor device and module manufacturers worldwide, particularly in Asia,\nNorth America and Europe. To learn more about Amtech, please visit our website\nat https://www.amtechsystems.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.amtechsystems.com&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=https%3A%2F%2Fwww.amtechsystems.com&index=3&md5=86dea14ecdd9d6a14c1c306f3c1a2443)\n.\n\nCautionary Note Regarding Forward-Looking Statements\n\nCertain information contained in this press release is forward-looking in\nnature. All statements in this press release, or made by management of Amtech\nSystems, Inc. and its subsidiaries (\"Amtech\"), other than statements of\nhistorical fact, are hereby identified as \"forward-looking statements\" (as\nsuch term is defined in Section 27A of the Securities Act of 1933, as amended,\nand Section 21E of the Securities Exchange Act of 1934, as amended, and the\nPrivate Securities Litigation Reform Act of 1995). The forward-looking\nstatements in this press release relate only to events or information as of\nthe date on which the statements are made in this press release. Examples of\nforward-looking statements include statements regarding Amtech's future\nfinancial results, delivering profitable growth, creating long-term value for\nour shareholders, long term future prospects, operating results, business\nstrategies, projected costs, the optimization and reduction of structural\ncosts, products under development, competitive positions, plans and objectives\nof Amtech and its management for future operations, efforts to improve\noperational efficiencies and effectiveness and profitably grow our revenue,\nand enhancements to our technologies and expansion of our product portfolio.\nIn some cases, forward-looking statements can be identified by terminology\nsuch as \"may,\" \"plan,\" \"anticipate,\" \"seek,\" \"will,\" \"expect,\" \"intend,\"\n\"estimate,\" \"believe,\" \"continue,\" \"predict,\" \"potential,\" \"project,\"\n\"should,\" \"would,\" \"could\", \"likely,\" \"future,\" \"target,\" \"forecast,\" \"goal,\"\n\"observe,\" and \"strategy\" or the negative of these terms or other comparable\nterminology used in this press release or by our management, which are\nintended to identify such forward-looking statements. These statements are not\nguarantees of future performance and involve risks, uncertainties and\nassumptions that are difficult to predict. The Form 10-K that Amtech filed\nwith the Securities and Exchange Commission (the \"SEC\") for the most recently\ncompleted fiscal year-ended September 30, listed various important factors\nthat could affect the Company's future operating results and financial\ncondition and could cause actual results to differ materially from historical\nresults and expectations based on forward-looking statements made in this\ndocument or elsewhere by Amtech or on its behalf. These factors can be found\nunder the heading \"Risk Factors\" in the Form 10-K and in our subsequently\nfiled Quarterly Reports on Form 10-Qs, and investors should refer to them.\nBecause it is not possible to predict or identify all such factors, any such\nlist cannot be considered a complete set of all potential risks or\nuncertainties. Except as required by law, we undertake no obligation to\npublicly update forward-looking statements, whether as a result of new\ninformation, future events, or otherwise.\n\nAmtech Systems may use its website (www.amtechsystems.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.amtechsystems.com&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=www.amtechsystems.com&index=4&md5=6b7796569880b100e326f6b8cae9c5a4)\n), investor relations page (https://www.amtechsystems.com/investors\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors&index=5&md5=2ebca88952a8daccea83344d7548a8fb)\n), and LinkedIn page (https://www.linkedin.com/company/amtechsystems\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Famtechsystems&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Famtechsystems&index=6&md5=548261439579d6661bb8e3005aad1577)\n) to disclose material non-public information and for complying with its\ndisclosure obligations under Regulation FD. Accordingly, investors and other\ninterested parties should monitor these sites, in addition to following Amtech\nSystems press releases, Securities and Exchange Commission (SEC) filings,\npublic conference calls and public presentations/webcasts.\n\nIn discussing financial results in this press release, the Company refers to\ncertain financial measures that are adjusted from the financial results\nprepared in accordance with United States generally accepted accounting\nprinciples (\"GAAP\"). Non-GAAP financial measures may include profitability and\noperating/net income excluding one-time items, EBITDA (Earnings Before\nInterest, Taxes, Depreciation and Amortization), Adjusted EBITDA (AEBITDA),\nwhich excludes equity compensation, and AEBITDA excluding one-time items.\nThese non-GAAP measures are provided as a supplement to GAAP results and offer\nadditional insights into the Company's results and facilitate the comparison\nof results. All non-GAAP amounts exclude certain adjustments which may include\nbut are not limited to stock compensation expense, severance expense, expenses\nrelated to discontinued product lines, gain on the sale of assets, moving\nexpenses, amortization of acquired intangible assets, acquisition expenses,\ngoodwill and intangible asset impairment, inventory write-down of mature node\nsemiconductor products, and any income tax changes related to acquisitions. A\ntabular reconciliation of financial measures prepared in accordance with GAAP\nto the non-GAAP financial measures is included at the end of this press\nrelease.\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nSummary Financial Information \n \n \n \n(in thousands, except percentages) \n   \n     Three Months Ended       Six Months Ended March 31,   \n     March 31,     December 31,     March 31,       2026     2025   \n \n2026 \n2025 \n2025 \n Amtech Systems, Inc.                                 \n Revenues, net   $ 20,468     $ 18,973     $ 15,580       $ 39,441     $ 39,965   \n GAAP gross profit (loss)   $ 9,769     $ 8,493     $ (325 )     $ 18,263     $ 9,038   \n Non-GAAP gross profit   $ 9,769     $ 8,493     $ 5,661       $ 18,263     $ 15,024   \n GAAP gross margin     48 %     45 %     (2 )%       46 %     23 % \n Non-GAAP gross margin     48 %     45 %     36 %       46 %     38 % \n Operating income (loss)   $ 1,794     $ 775     $ (31,583 )     $ 2,568     $ (31,244 ) \n New orders   $ 21,149     $ 20,654     $ 15,701       $ 41,803     $ 33,771   \n Backlog   $ 22,252     $ 21,571     $ 19,119       $ 22,252     $ 19,119   \n Thermal Processing Solutions Segment                                 \n Revenues, net   $ 14,735     $ 13,980     $ 10,575       $ 28,715     $ 29,259   \n GAAP gross profit   $ 7,129     $ 6,592     $ 350       $ 13,722     $ 7,680   \n Non-GAAP gross profit   $ 7,129     $ 6,592     $ 3,912       $ 13,722     $ 11,242   \n GAAP gross margin     48 %     47 %     3 %       48 %     26 % \n Non-GAAP gross margin     48 %     47 %     37 %       48 %     38 % \n Operating income (loss)   $ 3,159     $ 2,931     $ (8,401 )     $ 6,090     $ (5,528 ) \n New orders   $ 17,004     $ 16,195     $ 10,562       $ 33,199     $ 23,729   \n Backlog   $ 19,139     $ 16,870     $ 15,315       $ 19,139     $ 15,315   \n Semiconductor Fabrication Solutions Segment                                 \n Revenues, net   $ 5,733     $ 4,993     $ 5,005       $ 10,726     $ 10,706   \n GAAP gross profit (loss)   $ 2,640     $ 1,901     $ (675 )     $ 4,541     $ 1,358   \n Non-GAAP gross profit   $ 2,640     $ 1,901     $ 1,749       $ 4,541     $ 3,782   \n GAAP gross margin     46 %     38 %     (13 )%       42 %     13 % \n Non-GAAP gross margin     46 %     38 %     35 %       42 %     35 % \n Operating income (loss)   $ 490     $ (299 )   $ (21,077 )     $ 191     $ (21,435 ) \n New orders   $ 4,145     $ 4,459     $ 5,139       $ 8,604     $ 10,042   \n Backlog   $ 3,113     $ 4,701     $ 3,804       $ 3,113     $ 3,804   \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nCondensed Consolidated Statements of Operations \n \n \n \n(in thousands, except per share data) \n \n     Three Months Ended March 31,   Six Months Ended March 31, \n     2026     2025     2026     2025   \n Revenues, net   $ 20,468     $ 15,580     $ 39,441     $ 39,965   \n Cost of sales     10,699       15,905       21,178       30,927   \n Gross profit (loss)     9,769       (325 )     18,263       9,038   \n                   \n Selling, general and administrative     7,153       7,115       14,031       15,166   \n Research, development and engineering     822       832       1,664       1,709   \n Loss on disposal of fixed assets     —       205       —       229   \n Goodwill impairment     —       20,353       —       20,353   \n Intangible asset impairment     —       2,569       —       2,569   \n Severance expense     —       184       —       256   \n Operating income (loss)     1,794       (31,583 )     2,568       (31,244 ) \n                   \n Interest income     117       27       231       31   \n Interest expense     (9 )     (6 )     (15 )     (13 ) \n Foreign currency (loss) gain     (271 )     —       (469 )     401   \n Other     37       22       42       42   \n Income (loss) before income tax provision     1,668       (31,540 )     2,357       (30,783 ) \n Income tax provision     502       272       1,083       717   \n Net income (loss)   $ 1,166     $ (31,812 )   $ 1,274     $ (31,500 ) \n                   \n Income (Loss) Per Share:                 \n Net income (loss) per basic share   $ 0.08     $ (2.23 )   $ 0.09     $ (2.21 ) \n Net income (loss) per diluted share   $ 0.08     $ (2.23 )   $ 0.09     $ (2.21 ) \n Weighted average shares outstanding:                 \n Basic     14,432       14,296       14,397       14,284   \n Diluted     14,941       14,296       14,832       14,284   \n                   \n                   \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nCondensed Consolidated Balance Sheets \n \n \n \n(in thousands, except share data) \n \n     March 31,   September 30, \n \n2026 \n2025 \n Assets         \n Current Assets         \n Cash and cash equivalents   $ 24,417     $ 17,904   \n Accounts receivable (less allowance for credit losses of $125 and $113 at     18,933       19,878   \n March 31, 2026 and September 30, 2025, respectively) \n Inventories     19,692       18,743   \n Income taxes receivable     73       80   \n Other current assets     3,427       3,572   \n Total current assets     66,542       60,177   \n Property, Plant and Equipment - Net     9,444       10,227   \n Right-of-Use Assets - Net     17,332       18,293   \n Intangible Assets - Net     1,003       1,091   \n Goodwill     908       908   \n Deferred Income Taxes - Net     1,023       1,023   \n Other Assets     1,144       1,154   \n Total Assets   $ 97,396     $ 92,873   \n Liabilities and Shareholders’ Equity         \n Current Liabilities         \n Accounts payable   $ 9,749     $ 7,735   \n Accrued compensation and related taxes     2,088       1,609   \n Accrued warranty expense     324       394   \n Other accrued liabilities     862       726   \n Current maturities of finance lease liabilities and long-term debt     144       126   \n Current portion of long-term operating lease liabilities     2,171       1,903   \n Contract liabilities     6,902       6,461   \n Income taxes payable     961       1,528   \n Total current liabilities     23,201       20,482   \n Finance Lease Liabilities and Long-Term Debt     129       168   \n Long-Term Operating Lease Liabilities     16,311       17,316   \n Income Taxes Payable     417       663   \n Other Long-Term Liabilities     1,339       859   \n Total Liabilities     41,397       39,488   \n Commitments and Contingencies         \n Shareholders’ Equity         \n Preferred stock; 100,000,000 shares authorized; none issued     —       —   \n Common stock; $0.01 par value; 100,000,000 shares authorized; shares issued     145       144   \n and outstanding: 14,497,089 and 14,354,797 at March 31, 2026 and September 30, \n 2025, respectively \n Additional paid-in capital     130,856       130,057   \n Accumulated other comprehensive loss     (419 )     (959 ) \n Retained deficit     (74,583 )     (75,857 ) \n Total Shareholders’ Equity     55,999       53,385   \n Total Liabilities and Shareholders’ Equity   $ 97,396     $ 92,873   \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nCondensed Consolidated Statements of Cash Flows \n \n \n \n(in thousands) \n \n     Six Months Ended March 31, \n     2026     2025   \n Operating Activities         \n Net income (loss)   $ 1,274     $ (31,500 ) \n Adjustments to reconcile net income (loss) to net cash provided by operating         \n activities: \n Depreciation and amortization     1,241       1,573   \n Write-down of inventory     452       6,618   \n Goodwill impairment     —       20,353   \n Intangible asset impairment     —       2,569   \n Non-cash share-based compensation expense     577       623   \n Loss on disposal of fixed assets     —       229   \n Provision for allowance for credit losses     12       63   \n Changes in operating assets and liabilities:         \n Accounts receivable     933       5,736   \n Inventories     (1,402 )     (556 ) \n Other assets     1,116       1,639   \n Accounts payable     2,182       (253 ) \n Accrued income taxes     (806 )     (167 ) \n Accrued and other liabilities     176       (1,093 ) \n Contract liabilities     441       (2,757 ) \n Net cash provided by operating activities     6,196       3,077   \n Investing Activities         \n Purchases of property, plant and equipment     (475 )     (152 ) \n Net cash used in investing activities     (475 )     (152 ) \n Financing Activities         \n Proceeds from the exercise of stock options     512       150   \n Payments on long-term debt     (79 )     (47 ) \n Borrowings on long-term debt     21       —   \n Payment of payroll taxes on stock-based compensation through shares withheld     (175 )     —   \n Net cash provided by financing activities     279       103   \n Effect of Exchange Rate Changes on Cash and Cash Equivalents     513       (688 ) \n Net Increase in Cash and Cash Equivalents     6,513       2,340   \n Cash and Cash Equivalents, Beginning of Period     17,904       11,086   \n Cash and Cash Equivalents, End of Period   $ 24,417     $ 13,426   \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nReconciliation of GAAP to Non-GAAP Financial Measures \n \n \n \n(in thousands, except per share data) \n   \n     Three Months Ended       Six Months Ended March 31,   \n     March 31,     December 31,     March 31,       2026     2025   \n \n2026 \n2025 \n2025 \n Amtech Systems, Inc. Gross Profit (Loss):                                 \n GAAP gross profit (loss)   $ 9,769     $ 8,493     $ (325 )     $ 18,263     $ 9,038   \n Inventory write-down of mature node semiconductor products     -       -       5,986         -       5,986   \n Non-GAAP gross profit   $ 9,769     $ 8,493     $ 5,661       $ 18,263     $ 15,024   \n                                   \n GAAP gross margin     48 %     45 %     (2 )%       46 %     23 % \n Non-GAAP gross margin     48 %     45 %     36 %       46 %     38 % \n                                   \n Thermal Processing Solutions Segment Gross Profit:                                 \n GAAP gross profit   $ 7,129     $ 6,592     $ 350       $ 13,722     $ 7,680   \n Inventory write-down of mature node semiconductor products     -       -       3,562         -       3,562   \n Non-GAAP gross profit   $ 7,129     $ 6,592     $ 3,912       $ 13,722     $ 11,242   \n                                   \n GAAP gross margin     48 %     47 %     3 %       48 %     26 % \n Non-GAAP gross margin     48 %     47 %     37 %       48 %     38 % \n                                   \n Semiconductor Fabrication Solutions Segment Gross Profit (Loss):                                 \n GAAP gross profit (loss)   $ 2,640     $ 1,901     $ (675 )     $ 4,541     $ 1,358   \n Inventory write-down of mature node semiconductor products     -       -       2,424         -       2,424   \n Non-GAAP gross profit   $ 2,640     $ 1,901     $ 1,749       $ 4,541     $ 3,782   \n                                   \n GAAP gross margin     46 %     38 %     (13 )%       42 %     13 % \n Non-GAAP gross margin     46 %     38 %     35 %       42 %     35 % \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nReconciliation of GAAP to Non-GAAP Financial Measures \n \n \n \n(in thousands, except per share data) \n \n     Three Months Ended     Six Months Ended March 31, \n     March 31,   December 31,   March 31,     2026   2025   \n \n2026 \n2025 \n2025 \n Consolidated Net Income (Loss):                       \n GAAP net income (loss)   $ 1,166   $ 108   $ (31,812 )     $ 1,274   $ (31,500 ) \n Inventory write-down of mature node semiconductor products     -     -     5,986         -     5,986   \n Amortization of acquired intangible assets     27     27     107         54     215   \n Stock compensation expense     328     249     290         577     623   \n Goodwill impairment     -     -     20,353         -     20,353   \n Intangible asset impairment     -     -     2,569         -     2,569   \n Severance expense     -     -     184         -     256   \n Non-GAAP net income (loss)   $ 1,521   $ 384   $ (2,323 )     $ 1,905   $ (1,498 ) \n                         \n Net Income (Loss) per Diluted Share:                       \n GAAP net income (loss) per diluted share   $ 0.08   $ 0.01   $ (2.23 )     $ 0.09   $ (2.21 ) \n Inventory write-down of mature node semiconductor products     -     -     0.42         -     0.42   \n Amortization of acquired intangible assets     -     -     0.01         -     0.02   \n Stock compensation expense     0.02     0.02     0.02         0.04     0.04   \n Goodwill impairment     -     -     1.43         -     1.43   \n Intangible asset impairment     -     -     0.18         -     0.18   \n Severance expense     -     -     0.01         -     0.02   \n Non-GAAP net income (loss) per diluted share   $ 0.10   $ 0.03   $ (0.16 )     $ 0.13   $ (0.10 ) \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nReconciliation of Net Income to EBITDA and Adjusted EBITDA \n \n \n \n(in thousands, except per share data) \n   \n     Three Months Ended   Six Months Ended   \n \n \n \n \nMarch 31, 2026 \nMarch 31, 2026 \n Amtech Systems, Inc. EBITDA:           \n GAAP net income   $ 1,166   $ 1,274   \n Interest income     (116 )   (231 ) \n Interest expense     8     15   \n Income tax provision     502     1,083   \n Depreciation and amortization expense     627     1,241   \n EBITDA     2,187     3,382   \n             \n Stock compensation expense     328     577   \n Adjusted EBITDA   $ 2,515   $ 3,959   \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260507843025/en/\n(https://www.businesswire.com/news/home/20260507843025/en/)\n\nAmtech Systems, Inc.\n\nMark Weaver\n\nInterim Chief Financial Officer\n\nirelations@amtechsystems.com (mailto:irelations@amtechsystems.com)\n\nDarrow Associates\n\nJordan Darrow\n\n(631) 766-4528\n\njdarrow@darrowir.com (mailto:jdarrow@darrowir.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw81dg0Qa","title":"Amtech Systems Reports Fiscal 2026 Second Quarter Financial Results","author":"Business Wire","ticker":"ASYS","created":"2026-05-07T20:00:00.697Z","tickers":["ASYS"],"exchange":"NASDAQ","article_body":"Amtech Systems Reports Fiscal 2026 Second Quarter Financial Results\n\nAI Product Demand Drives 31% Growth in Net Revenues from Prior Year\n\nNet Income Increased $1.1 Million from 1Q26, Driven by 297 bps Increase in\nGross Margin\n\nAmtech Systems, Inc. (\"Amtech\") (NASDAQ: ASYS), a manufacturer of equipment\nand consumables enabling AI semiconductor device packaging and advanced\nsubstrate fabrication, today reported results for its second quarter ended\nMarch 31, 2026.\n\nFiscal 2026 Second Quarter Financial and Operational Results:\n\n\n * Net revenue of $20.5 million\n\n * Cash of $24.4 million\n\n * Cash provided by operations of $2.1 million\n\n * GAAP net income of $1.2 million\n\n * Non-GAAP net income of $1.5 million((1))\n\n * Adjusted EBITDA $2.5 million ((1))\n\n * Customer orders of $21.1 million\n\n * Backlog of $22.3 million\n\n(1) See GAAP to non-GAAP and EBITDA and Adjusted EBITDA reconciliation in\nschedules following this release.\n\nManagement Comments\n\n“AI related equipment demand continued to be very strong in the quarter and\nallowed us to deliver revenue that was up 8% sequentially and 31%\nyear-over-year,” commented Mr. Bob Daigle, Chief Executive Officer of\nAmtech. “Second quarter gross margin improved to 48%, an approximately 300\nbps increase from the first quarter and an approximately 1100 bps increase\nfrom non-GAAP margins in the second quarter of 2025. These results continue to\nvalidate the strong operating leverage created by our initiatives to\ndiscontinue low margin product-lines and migrate to a semi-fabless\nmanufacturing model over the past two years. The second quarter of fiscal 2026\nmarks the tenth consecutive quarter of positive operating cash flow.\n\n“We are encouraged by the strong double-digit growth in recurring revenue\nstreams we’ve generated from customer-centric growth initiatives in both of\nour business segments. This will continue to be an area of focus in addition\nto capitalizing on our differentiated equipment capabilities for advanced\npackaging and enterprise board assembly to support the enormous buildout of AI\ninfrastructure. We are extremely well positioned to deliver meaningful\nshareholder value as we build on the strong financial foundation we’ve\nestablished to drive additional growth.”\n\nGAAP and Non-GAAP Financial Results\n (in millions, except per share amounts) Q2   Q1   Q2   6 Months   6 Months   \n   FY 2026   FY 2026   FY 2025   2026   2025   \n Revenues, net $ 20.5   $ 19.0   $ 15.6   $ 39.4   $ 40.0   \n Gross profit (loss) $ 9.8   $ 8.5   $ (0.3 ) $ 18.3   $ 9.0   \n Gross margin   47.7 %   44.8 %   -2.1 %   46.3 %   22.6 % \n Non-GAAP gross profit ((1)) $ 9.8   $ 8.5   $ 5.7   $ 18.3   $ 15.0   \n Non-GAAP gross margin ((1))   47.7 %   44.8 %   36.3 %   46.3 %   37.6 % \n                       \n GAAP net income (loss) $ 1.2   $ 0.1   $ (31.8 ) $ 1.3   $ (31.5 ) \n GAAP net income (loss) per diluted share $ 0.08   $ 0.01   $ (2.23 ) $ 0.09   $ (2.21 ) \n Non-GAAP net income (loss) ((1)) $ 1.5   $ 0.4   $ (2.3 ) $ 1.9   $ (1.5 ) \n Non-GAAP net income (loss) per diluted share( (1)) $ 0.10   $ 0.03   $ (0.16 ) $ 0.13   $ (0.10 ) \n   \n (1) See GAAP to non-GAAP reconciliation in schedules following this release. \n\n\nNet revenues increased 8% sequentially from last quarter and 31% from the\nsecond quarter of fiscal 2025. Both increases are primarily due to strong\ndemand for reflow equipment used in AI applications. Over 20% of Thermal\nProcessing Solutions revenue in the second quarter of 2026 is related to parts\nand services.\n\nGAAP gross margin increased by $1.3 million sequentially compared to last\nquarter and increased by $10.1 million compared to the same prior year period.\nThe increase in both periods is primarily due to the Company’s product line\nrationalization, with a focus on growing higher-margin product lines,\nincluding AI-advanced packaging solutions. Gross margin as a percentage of\nsales increased to 47.7% in the fiscal 2026 second quarter from 44.8% in the\nfiscal 2026 first quarter and (2.1)% in the same period of the prior year.\n\nDuring the second quarter of fiscal 2025, the Company recorded non-cash\ninventory write-downs driven by weak demand from mature-node semiconductor\ncustomers. In addition, $22.9 million was recorded for impairment charges,\nincluding $15.3 million in goodwill and $2.6 million in intangible asset\nimpairment charges for the Semiconductor Fabrication Solutions segment, and\n$5.0 million in goodwill impairment charges for the Thermal Processing\nSolutions segment.\n\nSelling, General & Administrative (“SG&A”) expenses increased $0.3\nmillion sequentially from the prior quarter and were relatively flat compared\nto the fiscal 2025 second quarter. The increase from the prior quarter is\nprimarily due to expanding business activities, tax and IT consulting fees.\n\nResearch, Development, and Engineering expenses were relatively flat compared\nto the prior quarter and compared to the same period of the prior year.\n\nGAAP net income for the second quarter of fiscal 2026 was $1.2 million, or\n$0.08 per share. This compares to GAAP net income of $0.1 million, or $0.01\nper share, for the preceding quarter, and GAAP net loss of $31.8 million, or\n($2.23) per share, for the second quarter of fiscal 2025. The Company’s GAAP\nnet income includes $0.3 million for foreign currency exchange losses in the\nsecond quarter of fiscal 2026, as compared to $0.2 million in the prior\nquarter, primarily driven by a weakening United States Dollar against the\nChinese Renminbi.\n\nUnrestricted cash and cash equivalents at March 31, 2026, were $24.4 million,\ncompared to $17.9 million at September 30, 2025, due primarily to the\nCompany's focus on operational cash generation, working capital optimization,\nstrong accounts receivable collections from customers, and accounts payable\nmanagement. This increase was partial offset by an additional $0.9 million in\ninventories to accommodate higher order flow.\n\nOutlook\n\nFor the third fiscal quarter ending June 30, 2026, the Company expects\nrevenues in the range of $20.5 to $22.5 million. With the benefit of\npreviously implemented structural and operational cost reduction along with\ngreater contributions from reoccurring sales, Amtech expects to deliver solid\noperating leverage, resulting in adjusted EBITDA margin in the low double\ndigits.\n\nA portion of Amtech's results is denominated in Renminbis, a Chinese currency,\nand other Asian currencies. The outlook provided in this press release is\nbased on an assumed exchange rate between the United States Dollar and the\nforeign currencies. Changes in the value of the foreign currencies in relation\nto the United States Dollar could cause actual results to differ from\nexpectations.\n\nShare Repurchase Program\n\nOn December 9, 2025, the Company’s effectuated a share repurchase program\nfor a period of one-year pursuant to which Amtech may purchase up to $5\nmillion of its common stock. As of today, no shares were repurchased under the\nprogram.\n\nConference Call\n\nAmtech Systems will host a conference call at 5:00 pm ET today, May 7, 2026,\nto discuss fiscal second quarter financial results. The call will be available\nto interested parties by dialing 1-412-317-6060. A live webcast of the\nconference call will be available in the Investor Relations section of\nAmtech’s website at: https://www.amtechsystems.com/investors/events\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors%2Fevents&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors%2Fevents&index=1&md5=f7f757a79492c95f9927f4a11ee0e030)\n.\n\nA replay of the webcast will be available in the Investor Relations section of\nthe company’s website at https://www.amtechsystems.com/investors/events\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors%2Fevents&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors%2Fevents&index=2&md5=ffc99daab2733a7d6cf5f5a351e8a7ff)\nshortly after the conclusion of the call and will remain available for\napproximately 30 calendar days.\n\nAbout Amtech Systems, Inc.\n\nAmtech Systems, Inc. (NASDAQ: ASYS) provides equipment, consumables and\nservices for AI semiconductor device packaging and advanced wafer substrate\nfabrication. Our products include advanced packaging and electronics assembly\nequipment for applications such as AI GPUs and advanced automotive\nelectronics. Consumable and other solutions are used in fabricating\nsemiconductor devices, such as silicon carbide (SiC) and silicon (Si) power\ndevices, digital and analog devices, power electronic packages, advanced\nsemiconductor packages and electronic assemblies. We sell these products to\nsemiconductor device and module manufacturers worldwide, particularly in Asia,\nNorth America and Europe. To learn more about Amtech, please visit our website\nat https://www.amtechsystems.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.amtechsystems.com&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=https%3A%2F%2Fwww.amtechsystems.com&index=3&md5=86dea14ecdd9d6a14c1c306f3c1a2443)\n.\n\nCautionary Note Regarding Forward-Looking Statements\n\nCertain information contained in this press release is forward-looking in\nnature. All statements in this press release, or made by management of Amtech\nSystems, Inc. and its subsidiaries (\"Amtech\"), other than statements of\nhistorical fact, are hereby identified as \"forward-looking statements\" (as\nsuch term is defined in Section 27A of the Securities Act of 1933, as amended,\nand Section 21E of the Securities Exchange Act of 1934, as amended, and the\nPrivate Securities Litigation Reform Act of 1995). The forward-looking\nstatements in this press release relate only to events or information as of\nthe date on which the statements are made in this press release. Examples of\nforward-looking statements include statements regarding Amtech's future\nfinancial results, delivering profitable growth, creating long-term value for\nour shareholders, long term future prospects, operating results, business\nstrategies, projected costs, the optimization and reduction of structural\ncosts, products under development, competitive positions, plans and objectives\nof Amtech and its management for future operations, efforts to improve\noperational efficiencies and effectiveness and profitably grow our revenue,\nand enhancements to our technologies and expansion of our product portfolio.\nIn some cases, forward-looking statements can be identified by terminology\nsuch as \"may,\" \"plan,\" \"anticipate,\" \"seek,\" \"will,\" \"expect,\" \"intend,\"\n\"estimate,\" \"believe,\" \"continue,\" \"predict,\" \"potential,\" \"project,\"\n\"should,\" \"would,\" \"could\", \"likely,\" \"future,\" \"target,\" \"forecast,\" \"goal,\"\n\"observe,\" and \"strategy\" or the negative of these terms or other comparable\nterminology used in this press release or by our management, which are\nintended to identify such forward-looking statements. These statements are not\nguarantees of future performance and involve risks, uncertainties and\nassumptions that are difficult to predict. The Form 10-K that Amtech filed\nwith the Securities and Exchange Commission (the \"SEC\") for the most recently\ncompleted fiscal year-ended September 30, listed various important factors\nthat could affect the Company's future operating results and financial\ncondition and could cause actual results to differ materially from historical\nresults and expectations based on forward-looking statements made in this\ndocument or elsewhere by Amtech or on its behalf. These factors can be found\nunder the heading \"Risk Factors\" in the Form 10-K and in our subsequently\nfiled Quarterly Reports on Form 10-Qs, and investors should refer to them.\nBecause it is not possible to predict or identify all such factors, any such\nlist cannot be considered a complete set of all potential risks or\nuncertainties. Except as required by law, we undertake no obligation to\npublicly update forward-looking statements, whether as a result of new\ninformation, future events, or otherwise.\n\nAmtech Systems may use its website (www.amtechsystems.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.amtechsystems.com&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=www.amtechsystems.com&index=4&md5=6b7796569880b100e326f6b8cae9c5a4)\n), investor relations page (https://www.amtechsystems.com/investors\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=https%3A%2F%2Fwww.amtechsystems.com%2Finvestors&index=5&md5=2ebca88952a8daccea83344d7548a8fb)\n), and LinkedIn page (https://www.linkedin.com/company/amtechsystems\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Famtechsystems&esheet=54531674&newsitemid=20260507843025&lan=en-US&anchor=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Famtechsystems&index=6&md5=548261439579d6661bb8e3005aad1577)\n) to disclose material non-public information and for complying with its\ndisclosure obligations under Regulation FD. Accordingly, investors and other\ninterested parties should monitor these sites, in addition to following Amtech\nSystems press releases, Securities and Exchange Commission (SEC) filings,\npublic conference calls and public presentations/webcasts.\n\nIn discussing financial results in this press release, the Company refers to\ncertain financial measures that are adjusted from the financial results\nprepared in accordance with United States generally accepted accounting\nprinciples (\"GAAP\"). Non-GAAP financial measures may include profitability and\noperating/net income excluding one-time items, EBITDA (Earnings Before\nInterest, Taxes, Depreciation and Amortization), Adjusted EBITDA (AEBITDA),\nwhich excludes equity compensation, and AEBITDA excluding one-time items.\nThese non-GAAP measures are provided as a supplement to GAAP results and offer\nadditional insights into the Company's results and facilitate the comparison\nof results. All non-GAAP amounts exclude certain adjustments which may include\nbut are not limited to stock compensation expense, severance expense, expenses\nrelated to discontinued product lines, gain on the sale of assets, moving\nexpenses, amortization of acquired intangible assets, acquisition expenses,\ngoodwill and intangible asset impairment, inventory write-down of mature node\nsemiconductor products, and any income tax changes related to acquisitions. A\ntabular reconciliation of financial measures prepared in accordance with GAAP\nto the non-GAAP financial measures is included at the end of this press\nrelease.\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nSummary Financial Information \n \n \n \n(in thousands, except percentages) \n   \n     Three Months Ended       Six Months Ended March 31,   \n     March 31,     December 31,     March 31,       2026     2025   \n \n2026 \n2025 \n2025 \n Amtech Systems, Inc.                                 \n Revenues, net   $ 20,468     $ 18,973     $ 15,580       $ 39,441     $ 39,965   \n GAAP gross profit (loss)   $ 9,769     $ 8,493     $ (325 )     $ 18,263     $ 9,038   \n Non-GAAP gross profit   $ 9,769     $ 8,493     $ 5,661       $ 18,263     $ 15,024   \n GAAP gross margin     48 %     45 %     (2 )%       46 %     23 % \n Non-GAAP gross margin     48 %     45 %     36 %       46 %     38 % \n Operating income (loss)   $ 1,794     $ 775     $ (31,583 )     $ 2,568     $ (31,244 ) \n New orders   $ 21,149     $ 20,654     $ 15,701       $ 41,803     $ 33,771   \n Backlog   $ 22,252     $ 21,571     $ 19,119       $ 22,252     $ 19,119   \n Thermal Processing Solutions Segment                                 \n Revenues, net   $ 14,735     $ 13,980     $ 10,575       $ 28,715     $ 29,259   \n GAAP gross profit   $ 7,129     $ 6,592     $ 350       $ 13,722     $ 7,680   \n Non-GAAP gross profit   $ 7,129     $ 6,592     $ 3,912       $ 13,722     $ 11,242   \n GAAP gross margin     48 %     47 %     3 %       48 %     26 % \n Non-GAAP gross margin     48 %     47 %     37 %       48 %     38 % \n Operating income (loss)   $ 3,159     $ 2,931     $ (8,401 )     $ 6,090     $ (5,528 ) \n New orders   $ 17,004     $ 16,195     $ 10,562       $ 33,199     $ 23,729   \n Backlog   $ 19,139     $ 16,870     $ 15,315       $ 19,139     $ 15,315   \n Semiconductor Fabrication Solutions Segment                                 \n Revenues, net   $ 5,733     $ 4,993     $ 5,005       $ 10,726     $ 10,706   \n GAAP gross profit (loss)   $ 2,640     $ 1,901     $ (675 )     $ 4,541     $ 1,358   \n Non-GAAP gross profit   $ 2,640     $ 1,901     $ 1,749       $ 4,541     $ 3,782   \n GAAP gross margin     46 %     38 %     (13 )%       42 %     13 % \n Non-GAAP gross margin     46 %     38 %     35 %       42 %     35 % \n Operating income (loss)   $ 490     $ (299 )   $ (21,077 )     $ 191     $ (21,435 ) \n New orders   $ 4,145     $ 4,459     $ 5,139       $ 8,604     $ 10,042   \n Backlog   $ 3,113     $ 4,701     $ 3,804       $ 3,113     $ 3,804   \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nCondensed Consolidated Statements of Operations \n \n \n \n(in thousands, except per share data) \n \n     Three Months Ended March 31,   Six Months Ended March 31, \n     2026     2025     2026     2025   \n Revenues, net   $ 20,468     $ 15,580     $ 39,441     $ 39,965   \n Cost of sales     10,699       15,905       21,178       30,927   \n Gross profit (loss)     9,769       (325 )     18,263       9,038   \n                   \n Selling, general and administrative     7,153       7,115       14,031       15,166   \n Research, development and engineering     822       832       1,664       1,709   \n Loss on disposal of fixed assets     —       205       —       229   \n Goodwill impairment     —       20,353       —       20,353   \n Intangible asset impairment     —       2,569       —       2,569   \n Severance expense     —       184       —       256   \n Operating income (loss)     1,794       (31,583 )     2,568       (31,244 ) \n                   \n Interest income     117       27       231       31   \n Interest expense     (9 )     (6 )     (15 )     (13 ) \n Foreign currency (loss) gain     (271 )     —       (469 )     401   \n Other     37       22       42       42   \n Income (loss) before income tax provision     1,668       (31,540 )     2,357       (30,783 ) \n Income tax provision     502       272       1,083       717   \n Net income (loss)   $ 1,166     $ (31,812 )   $ 1,274     $ (31,500 ) \n                   \n Income (Loss) Per Share:                 \n Net income (loss) per basic share   $ 0.08     $ (2.23 )   $ 0.09     $ (2.21 ) \n Net income (loss) per diluted share   $ 0.08     $ (2.23 )   $ 0.09     $ (2.21 ) \n Weighted average shares outstanding:                 \n Basic     14,432       14,296       14,397       14,284   \n Diluted     14,941       14,296       14,832       14,284   \n                   \n                   \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nCondensed Consolidated Balance Sheets \n \n \n \n(in thousands, except share data) \n \n     March 31,   September 30, \n \n2026 \n2025 \n Assets         \n Current Assets         \n Cash and cash equivalents   $ 24,417     $ 17,904   \n Accounts receivable (less allowance for credit losses of $125 and $113 at     18,933       19,878   \n March 31, 2026 and September 30, 2025, respectively) \n Inventories     19,692       18,743   \n Income taxes receivable     73       80   \n Other current assets     3,427       3,572   \n Total current assets     66,542       60,177   \n Property, Plant and Equipment - Net     9,444       10,227   \n Right-of-Use Assets - Net     17,332       18,293   \n Intangible Assets - Net     1,003       1,091   \n Goodwill     908       908   \n Deferred Income Taxes - Net     1,023       1,023   \n Other Assets     1,144       1,154   \n Total Assets   $ 97,396     $ 92,873   \n Liabilities and Shareholders’ Equity         \n Current Liabilities         \n Accounts payable   $ 9,749     $ 7,735   \n Accrued compensation and related taxes     2,088       1,609   \n Accrued warranty expense     324       394   \n Other accrued liabilities     862       726   \n Current maturities of finance lease liabilities and long-term debt     144       126   \n Current portion of long-term operating lease liabilities     2,171       1,903   \n Contract liabilities     6,902       6,461   \n Income taxes payable     961       1,528   \n Total current liabilities     23,201       20,482   \n Finance Lease Liabilities and Long-Term Debt     129       168   \n Long-Term Operating Lease Liabilities     16,311       17,316   \n Income Taxes Payable     417       663   \n Other Long-Term Liabilities     1,339       859   \n Total Liabilities     41,397       39,488   \n Commitments and Contingencies         \n Shareholders’ Equity         \n Preferred stock; 100,000,000 shares authorized; none issued     —       —   \n Common stock; $0.01 par value; 100,000,000 shares authorized; shares issued     145       144   \n and outstanding: 14,497,089 and 14,354,797 at March 31, 2026 and September 30, \n 2025, respectively \n Additional paid-in capital     130,856       130,057   \n Accumulated other comprehensive loss     (419 )     (959 ) \n Retained deficit     (74,583 )     (75,857 ) \n Total Shareholders’ Equity     55,999       53,385   \n Total Liabilities and Shareholders’ Equity   $ 97,396     $ 92,873   \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nCondensed Consolidated Statements of Cash Flows \n \n \n \n(in thousands) \n \n     Six Months Ended March 31, \n     2026     2025   \n Operating Activities         \n Net income (loss)   $ 1,274     $ (31,500 ) \n Adjustments to reconcile net income (loss) to net cash provided by operating         \n activities: \n Depreciation and amortization     1,241       1,573   \n Write-down of inventory     452       6,618   \n Goodwill impairment     —       20,353   \n Intangible asset impairment     —       2,569   \n Non-cash share-based compensation expense     577       623   \n Loss on disposal of fixed assets     —       229   \n Provision for allowance for credit losses     12       63   \n Changes in operating assets and liabilities:         \n Accounts receivable     933       5,736   \n Inventories     (1,402 )     (556 ) \n Other assets     1,116       1,639   \n Accounts payable     2,182       (253 ) \n Accrued income taxes     (806 )     (167 ) \n Accrued and other liabilities     176       (1,093 ) \n Contract liabilities     441       (2,757 ) \n Net cash provided by operating activities     6,196       3,077   \n Investing Activities         \n Purchases of property, plant and equipment     (475 )     (152 ) \n Net cash used in investing activities     (475 )     (152 ) \n Financing Activities         \n Proceeds from the exercise of stock options     512       150   \n Payments on long-term debt     (79 )     (47 ) \n Borrowings on long-term debt     21       —   \n Payment of payroll taxes on stock-based compensation through shares withheld     (175 )     —   \n Net cash provided by financing activities     279       103   \n Effect of Exchange Rate Changes on Cash and Cash Equivalents     513       (688 ) \n Net Increase in Cash and Cash Equivalents     6,513       2,340   \n Cash and Cash Equivalents, Beginning of Period     17,904       11,086   \n Cash and Cash Equivalents, End of Period   $ 24,417     $ 13,426   \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nReconciliation of GAAP to Non-GAAP Financial Measures \n \n \n \n(in thousands, except per share data) \n   \n     Three Months Ended       Six Months Ended March 31,   \n     March 31,     December 31,     March 31,       2026     2025   \n \n2026 \n2025 \n2025 \n Amtech Systems, Inc. Gross Profit (Loss):                                 \n GAAP gross profit (loss)   $ 9,769     $ 8,493     $ (325 )     $ 18,263     $ 9,038   \n Inventory write-down of mature node semiconductor products     -       -       5,986         -       5,986   \n Non-GAAP gross profit   $ 9,769     $ 8,493     $ 5,661       $ 18,263     $ 15,024   \n                                   \n GAAP gross margin     48 %     45 %     (2 )%       46 %     23 % \n Non-GAAP gross margin     48 %     45 %     36 %       46 %     38 % \n                                   \n Thermal Processing Solutions Segment Gross Profit:                                 \n GAAP gross profit   $ 7,129     $ 6,592     $ 350       $ 13,722     $ 7,680   \n Inventory write-down of mature node semiconductor products     -       -       3,562         -       3,562   \n Non-GAAP gross profit   $ 7,129     $ 6,592     $ 3,912       $ 13,722     $ 11,242   \n                                   \n GAAP gross margin     48 %     47 %     3 %       48 %     26 % \n Non-GAAP gross margin     48 %     47 %     37 %       48 %     38 % \n                                   \n Semiconductor Fabrication Solutions Segment Gross Profit (Loss):                                 \n GAAP gross profit (loss)   $ 2,640     $ 1,901     $ (675 )     $ 4,541     $ 1,358   \n Inventory write-down of mature node semiconductor products     -       -       2,424         -       2,424   \n Non-GAAP gross profit   $ 2,640     $ 1,901     $ 1,749       $ 4,541     $ 3,782   \n                                   \n GAAP gross margin     46 %     38 %     (13 )%       42 %     13 % \n Non-GAAP gross margin     46 %     38 %     35 %       42 %     35 % \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nReconciliation of GAAP to Non-GAAP Financial Measures \n \n \n \n(in thousands, except per share data) \n \n     Three Months Ended     Six Months Ended March 31, \n     March 31,   December 31,   March 31,     2026   2025   \n \n2026 \n2025 \n2025 \n Consolidated Net Income (Loss):                       \n GAAP net income (loss)   $ 1,166   $ 108   $ (31,812 )     $ 1,274   $ (31,500 ) \n Inventory write-down of mature node semiconductor products     -     -     5,986         -     5,986   \n Amortization of acquired intangible assets     27     27     107         54     215   \n Stock compensation expense     328     249     290         577     623   \n Goodwill impairment     -     -     20,353         -     20,353   \n Intangible asset impairment     -     -     2,569         -     2,569   \n Severance expense     -     -     184         -     256   \n Non-GAAP net income (loss)   $ 1,521   $ 384   $ (2,323 )     $ 1,905   $ (1,498 ) \n                         \n Net Income (Loss) per Diluted Share:                       \n GAAP net income (loss) per diluted share   $ 0.08   $ 0.01   $ (2.23 )     $ 0.09   $ (2.21 ) \n Inventory write-down of mature node semiconductor products     -     -     0.42         -     0.42   \n Amortization of acquired intangible assets     -     -     0.01         -     0.02   \n Stock compensation expense     0.02     0.02     0.02         0.04     0.04   \n Goodwill impairment     -     -     1.43         -     1.43   \n Intangible asset impairment     -     -     0.18         -     0.18   \n Severance expense     -     -     0.01         -     0.02   \n Non-GAAP net income (loss) per diluted share   $ 0.10   $ 0.03   $ (0.16 )     $ 0.13   $ (0.10 ) \n\n AMTECH SYSTEMS, INC. \n \n \n \n(NASDAQ: ASYS) \n \n \n \n(Unaudited) \n \n \n \n  \n \n \n \nReconciliation of Net Income to EBITDA and Adjusted EBITDA \n \n \n \n(in thousands, except per share data) \n   \n     Three Months Ended   Six Months Ended   \n \n \n \n \nMarch 31, 2026 \nMarch 31, 2026 \n Amtech Systems, Inc. EBITDA:           \n GAAP net income   $ 1,166   $ 1,274   \n Interest income     (116 )   (231 ) \n Interest expense     8     15   \n Income tax provision     502     1,083   \n Depreciation and amortization expense     627     1,241   \n EBITDA     2,187     3,382   \n             \n Stock compensation expense     328     577   \n Adjusted EBITDA   $ 2,515   $ 3,959   \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260507843025/en/\n(https://www.businesswire.com/news/home/20260507843025/en/)\n\nAmtech Systems, Inc.\n\nMark Weaver\n\nInterim Chief Financial Officer\n\nirelations@amtechsystems.com (mailto:irelations@amtechsystems.com)\n\nDarrow Associates\n\nJordan Darrow\n\n(631) 766-4528\n\njdarrow@darrowir.com (mailto:jdarrow@darrowir.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-07T20:00:00.79527434Z","server_sent_at_ms":1778184000795},"received_at":"2026-05-07T20:00:00.962Z","source_url":"https://www.businesswire.com/news/home/20260507843025/en/"},"analysis":{"id":"20684","press_release_id":"26431","analysis_json":{"industry":{"label":"Semiconductors & Semiconductor Equipment","sector":"Information Technology"},"redFlags":[],"eventType":"earnings","narrative":"Amtech Systems reported Q2 FY26 revenue of $20.5 million, up 31% year-over-year and 8% sequentially, driven by strong demand for AI-related equipment.\n\nGross margin expanded to 47.7% (up ~300 bps sequentially), resulting in GAAP net income of $1.2 million or $0.08 per share, with adjusted EBITDA reaching $2.5 million.\n\nThe company raised guidance for Q3 revenue to $20.5M-$22.5M and expects low double-digit adjusted EBITDA margins, supported by a $5 million share repurchase program authorized in December 2025.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"AI-driven demand fuels 31% revenue surge and margin expansion, marking 10th straight quarter of positive operating cash flow."},"keyFigures":{"eps":0.08,"revenue":20500000,"guidance":"Q3 FY26 revenue $20.5M-$22.5M; expects adjusted EBITDA margin in low double digits","revenueYoy":"31%","customDimensions":{"fcf":2100000,"backlog":22300000,"gross_margin":"47.7%","gross_profit":9800000,"adjusted_ebitda":2500000,"operating_income":1794000}},"quotedText":"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","namedEntities":{"people":[{"name":"Bob Daigle","role":"Chief Executive Officer"},{"name":"Mark Weaver","role":"Interim Chief Financial Officer"}],"products":[],"companies":[{"name":"Amtech Systems, Inc.","ticker":"ASYS"}],"dollarAmounts":[{"amount":"$20.5 million","context":"Q2 FY26 net revenue"},{"amount":"$24.4 million","context":"Cash balance"},{"amount":"$2.1 million","context":"Cash provided by operations"},{"amount":"$1.2 million","context":"GAAP net income"},{"amount":"$1.5 million","context":"Non-GAAP net income"},{"amount":"$2.5 million","context":"Adjusted EBITDA"},{"amount":"$21.1 million","context":"Customer orders"},{"amount":"$22.3 million","context":"Backlog"},{"amount":"$5 million","context":"Share repurchase program authorization"}]},"materialImpact":{"score":4,"reasoning":"Strong quarter with 31% YoY revenue growth driven by AI demand, 297 bps sequential gross margin expansion, and positive operating cash flow for the 10th consecutive quarter. Guidance indicates continued growth with low double-digit EBITDA margins. A $5M share repurchase program was previously authorized (though no shares repurchased yet)."},"tickerRelevance":{"others":[],"primary":"ASYS"},"globalImportance":25,"audienceRelevance":20,"eventTypeSecondary":["guidance_update","buyback"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"strong-earnings-beat-with-AI-narrative","sectorWeight":"semiconductors","revenueGrowth":"31% YoY","marginExpansion":"300 bps sequential"}},"event_type":"earnings","event_type_secondary":["guidance_update","buyback"],"sentiment":"bullish","material_impact_score":4,"narrative":"Amtech Systems reported Q2 FY26 revenue of $20.5 million, up 31% year-over-year and 8% sequentially, driven by strong demand for AI-related equipment.\n\nGross margin expanded to 47.7% (up ~300 bps sequentially), resulting in GAAP net income of $1.2 million or $0.08 per share, with adjusted EBITDA reaching $2.5 million.\n\nThe company raised guidance for Q3 revenue to $20.5M-$22.5M and expects low double-digit adjusted EBITDA margins, supported by a $5 million share repurchase program authorized in December 2025.","key_figures":{"eps":0.08,"revenue":20500000,"guidance":"Q3 FY26 revenue $20.5M-$22.5M; expects adjusted EBITDA margin in low double digits","revenueYoy":"31%","customDimensions":{"fcf":2100000,"backlog":22300000,"gross_margin":"47.7%","gross_profit":9800000,"adjusted_ebitda":2500000,"operating_income":1794000}},"named_entities":{"people":[{"name":"Bob Daigle","role":"Chief Executive Officer"},{"name":"Mark Weaver","role":"Interim Chief Financial Officer"}],"products":[],"companies":[{"name":"Amtech Systems, Inc.","ticker":"ASYS"}],"dollarAmounts":[{"amount":"$20.5 million","context":"Q2 FY26 net revenue"},{"amount":"$24.4 million","context":"Cash balance"},{"amount":"$2.1 million","context":"Cash provided by operations"},{"amount":"$1.2 million","context":"GAAP net income"},{"amount":"$1.5 million","context":"Non-GAAP net income"},{"amount":"$2.5 million","context":"Adjusted EBITDA"},{"amount":"$21.1 million","context":"Customer orders"},{"amount":"$22.3 million","context":"Backlog"},{"amount":"$5 million","context":"Share repurchase program authorization"}]},"model_name":"glm-4.7","prompt_hash":"sha256:f66160e0fe5301b2","schema_hash":"sha256:12363694422af5d9","created_at":"2026-05-08T02:16:13.076Z","global_importance":25,"audience_relevance":20,"importance_components":{"tickerTier":"small-cap","eventGravity":"strong-earnings-beat-with-AI-narrative","sectorWeight":"semiconductors","revenueGrowth":"31% YoY","marginExpansion":"300 bps sequential"}},"durationMs":123972,"modelName":"glm-4.7"}}