UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 0-11412 AMTECH SYSTEMS, INC. (Exact name of registrant as specified in its charter) | Arizona ...

Financial Performance - Net revenue for Q1 FY2024 was $24.9 million, a 10% sequential decrease but a 16% increase compared to Q1 FY2023 [2][5] - GAAP operating loss was $8.9 million, including $7.6 million in non-cash impairment charges due to market value decline [2][6] - Non-GAAP operating loss improved to $0.2 million, compared to $3.0 million in Q4 FY2023 and $0.7 million in Q1 FY2023 [2][8] - GAAP net loss was $9.4 million ($0.66 per share), while Non-GAAP net loss was $0.6 million ($0.04 per share) [2][8] Operational Highlights - Customer orders totaled $23.1 million with a book-to-bill ratio of 0.9:1 [2] - Backlog stood at $50.0 million at the end of Q1 FY2024 [2] - Achieved $6 million in annualized cost savings through operational optimization [3] - Unrestricted cash and cash equivalents increased to $17.0 million from $13.1 million in the previous quarter [9] Segment Performance - Semiconductor segment revenue was $17.5 million with GAAP gross margin of 35% [17] - Material and Substrate segment revenue was $7.4 million with GAAP gross margin of 28% [17] - Semiconductor segment backlog was $44.8 million, while Material and Substrate segment backlog was $5.1 million [17] Market and Industry Context - Revenue decrease attributed to softness in the semiconductor market, particularly in equipment shipments [5] - Increase from prior year driven by higher belt furnace shipments and Entrepix acquisition [5] - Company expects Q2 FY2024 revenue between $22-25 million with EBITDA ranging from nominally negative to neutral [11] Strategic Initiatives - Focused on operational optimization and cost structure improvement [3] - Implementing strategic actions to enhance operational efficiency and shareholder value [3] - Aligning product pricing with value to improve profitability through market cycles [12]

Core Viewpoint - Amtech Systems, Inc. will announce its first quarter 2024 financial results on February 9, 2024, after market close, with a conference call scheduled for February 12, 2024, to discuss the results and current business conditions [1]. Company Overview - Amtech Systems, Inc. is a global manufacturer specializing in thermal processing, wafer cleaning, and chemical mechanical polishing (CMP) capital equipment, along with related consumables for semiconductor, advanced mobility, and renewable energy manufacturing applications [3]. - The company provides process equipment and services for semiconductor device fabrication, particularly focusing on silicon carbide (SiC) and silicon power, serving manufacturers worldwide, especially in Asia, North America, and Europe [3]. - Amtech's products are marketed under well-known brand names such as BTU International, Entrepix, Inc., PR Hoffman™, and Intersurface Dynamics, Inc. [3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 0-11412 AMTECH SYSTEMS, INC. (Exact name of registrant as specified in its charter) | --- | --- | --- | --- | --- | |----------------- ...

Financial Data and Key Metrics Changes - The company closed fiscal 2023 with revenues of $113.3 million, an increase from $106.3 million in fiscal 2022, attributed to the acquisition of Entrepix [15] - Quarterly net revenues decreased 10% sequentially and 14% year-over-year, primarily due to lower shipments from the Shanghai facility [16] - Unrestricted cash and cash equivalents were $13.1 million as of September 30, 2023, down from $14.3 million at June 30, 2023 [17] Business Line Data and Key Metrics Changes - The advanced packaging and electronic assembly business has been significantly impacted by the semiconductor market slowdown, but tools remain highly regarded [9] - The company plans to cease manufacturing legacy polishing machines due to limited market fit, while continuing to provide access to newer technologies through Entrepix [10][11] Market Data and Key Metrics Changes - The semiconductor market is experiencing a prolonged downturn, affecting demand across multiple business segments [16][18] - The company anticipates an intangible asset impairment charge in the material and substrate segment due to economic conditions [17] Company Strategy and Development Direction - The company is focusing on areas with strong differentiation, including advanced packaging, electronic assembly, and EV battery cooling systems [9] - A long-term target model of $180 million in annual revenue with 18% EBITDA margins has been established, emphasizing the importance of operational optimization and potential inorganic investments [14] Management Comments on Operating Environment and Future Outlook - Management acknowledges the challenging demand environment and is implementing fixed cost reductions to achieve EBITDA breakeven [18] - The outlook for the first fiscal quarter is expected to yield revenues between $21 million and $24 million, with nominally negative EBITDA [20] Other Important Information - The company has entered into a forbearance agreement with its bank to manage cash flow during the downturn [18] - Actions taken are expected to decrease annual operating expenses by $4 million for fiscal 2024 [19] Q&A Session Summary Question: Recent forbearance agreement details - The company confirmed the reduction of the term loan size and the movement of the balance to a larger revolver [23][24] Question: Reason for the timing of the forbearance agreement - The timing aligned with Q4 results, allowing for lower monthly term payments and increased access to the revolver [24] Question: Backlog status and potential cancellations - There have been no cancellations, only customer push-outs, and efforts are being made to ship backlog orders [27][28]

Amtech Systems, Inc. (NASDAQ:ASYS) Q3 2023 Earnings Conference Call August 9, 2023 5:00 PM ET Company Participants Erica Mannion - Sapphire, Investor Relations Bob Daigle - Chairman & Chief Executive Officer Paul Lancaster - Vice President, Sales & Customer Service Lisa Gibbs - Chief Financial Officer Conference Call Participants Mark Miller - Benchmark Kevin Garrigan - Westpark Capital Operator Good day and welcome to the Amtech Systems Third Quarter Fiscal 2023 Earnings Conference Call. Please note that t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 0-11412 AMTECH SYSTEMS, INC. (Exact name of registrant as specified in its charter) | --- | --- | ...

Amtech Systems, Inc. (NASDAQ:ASYS) Q2 2023 Earnings Conference Call May 10, 2023 5:00 PM ET Company Participants Erica Mannion - Investor Relations, Sapphire Michael Whang - Chief Executive Officer Paul Lancaster - Vice President, Sales & Customer Service Lisa Gibbs - Chief Financial Officer Conference Call Participants Mark Miller - The Benchmark Company Operator Good day and welcome to the Amtech Systems Fiscal Second Quarter 2023 Earnings Conference Call. Please note that this event is being recorded. I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 0-11412 AMTECH SYSTEMS, INC. (Exact name of registrant as specified in its charter) | --- | --- ...

Financial Data and Key Metrics Changes - In Q1 2023, the company generated $21.6 million in revenue, representing a year-over-year decrease of 19% and a sequential decrease of 33% [6][24] - The operating loss was $2.7 million compared to operating income of $3.9 million in Q4 2022 and $1.2 million in Q1 2022 [25] - Net loss for Q1 2023 was $2.7 million or $0.20 per share, compared to net income of $4.2 million or $0.30 per share in the previous quarter and net income of $1 million or $0.07 per share in the same quarter last year [25] Business Line Data and Key Metrics Changes - The semiconductor and polishing equipment shipments decreased, while there was an increase in consumable shipments compared to the prior year [24] - Demand for high-temperature belt furnaces for EV applications remained strong, with repeat orders indicating a robust market opportunity [7][19] - The Materials and Substrate segment saw healthy demand for consumable products, particularly for silicon carbide applications, which increased over 100% year-over-year [21][22] Market Data and Key Metrics Changes - The company experienced softness in orders for advanced packaging and SMT products, which is expected to continue into Q2 2023 [16] - The demand for silicon carbide consumables is anticipated to stabilize until additional wafer capacity comes online towards the end of the calendar year [21] - The company noted that the semiconductor equipment industry is cyclical and can be significantly impacted by changes in market demand [30] Company Strategy and Development Direction - The acquisition of Entrepix is expected to enhance the company's substrate processing solutions and create cross-selling opportunities [8][14] - The company aims to align its divisions with high-growth megatrend markets such as EV and energy efficiency [15] - Strategic investments are being made to improve manufacturing operations and increase capacity and profitability [20][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current downturn in the spending cycle for some products but remains optimistic about long-term opportunities [7] - The company expects Q1 2023 to represent the trough in new orders for advanced packaging and SMT products, with a recovery anticipated as market conditions improve [16] - The outlook for Q2 2023 includes expected revenues in the range of $30 million to $32 million, reflecting ongoing logistical impacts and supply chain delays [29] Other Important Information - Unrestricted cash and cash equivalents were $44.5 million as of December 31, 2022, down from $46.9 million at the end of Q4 2022 [26] - The company has access to an $8 million revolving line of credit for working capital needs following the acquisition of Entrepix [27] Q&A Session Summary Question: Can you talk about the $8 million booking for high-volume thermal systems for the EV supply chain? - The booking involves around 8 systems for various applications including silicon carbide and battery cooling modules, across multiple customers in North America, Europe, and Asia [32][35] Question: How does the Entrepix acquisition overlap with the existing customer base? - There is a significant overlap with existing customers, providing strong synergies across wafering and fab sides of the market [40] Question: What updates can you share about supply chain management? - The company has made adjustments to its supply chain, including adding suppliers and terminating certain ones, to improve efficiency and reduce lead times [42] Question: What is the margin outlook for the belt furnaces? - The margins for the belt furnaces are in the 30s, and improvements are expected as the company works on various initiatives [46] Question: How does the backlog compare with recent margins? - The margins in the backlog are expected to be flattish due to softness in shipments from Shanghai [49] Question: What is the focus for capital allocation in 2023 after the Entrepix acquisition? - The focus is evolving, with a close evaluation of cash flows and potential investments, including a renewed share repurchase program [58]