Amtech Systems(ASYS) - 2025 Q4 - Annual Results

Financial Performance - Net revenue for Q4 FY 2025 was $19.8 million, a slight increase from $19.6 million in Q3 FY 2025[5] - GAAP net income for Q4 FY 2025 was $1.1 million, or $0.07 per share, compared to $0.1 million, or $0.01 per share in Q3 FY 2025[12] - Non-GAAP net income for Q4 FY 2025 was $1.4 million, or $0.10 per share, up from $0.9 million, or $0.06 per share in Q3 FY 2025[13] - Adjusted EBITDA for Q4 FY 2025 was $2.6 million, with adjusted EBITDA margins above 10%[5][4] - Revenues for the three months ended September 30, 2025, were $19,842,000, a decrease of 17.8% compared to $24,112,000 for the same period in 2024[28] - GAAP gross profit for the three months ended September 30, 2025, was $8,813,000, resulting in a gross margin of 44%, compared to 41% in the same period of 2024[28] - Operating income for the three months ended September 30, 2025, was $1,841,000, a significant improvement from an operating loss of $28,488,000 for the year ended September 30, 2024[29] - Adjusted EBITDA for the year ended September 30, 2025, was $5,375,000, showing recovery from a loss of $25,463,000 in the previous year[34] Cash Flow and Assets - Cash provided by operations for FY 2025 was $2.3 million, with total cash at $17.9 million, up from $11 million at the end of the previous year[5][14] - Cash and cash equivalents increased to $17,904,000 as of September 30, 2025, from $11,086,000 in the previous year[30] - Total assets decreased to $92,873,000 as of September 30, 2025, from $119,313,000 in 2024[30] - Total shareholders' equity decreased to $53,385,000 as of September 30, 2025, from $82,358,000 in 2024[30] Orders and Backlog - Customer orders for the quarter totaled $18.5 million, with a backlog of $19.9 million[5] - New orders for the three months ended September 30, 2025, totaled $18,514,000, compared to $17,587,000 in the same period of 2024[28] - The backlog as of September 30, 2025, was $19,889,000, down from $25,312,000 in the previous year[28] Inventory and Write-downs - The company reported a write-down of inventory amounting to $6,550,000 for the year ended September 30, 2025[31] - The company reported a write-down of inventory related to mature node semiconductor products amounting to $5,986,000 for the year ended September 30, 2025[33] Future Outlook - For Q1 FY 2026, the company expects revenues in the range of $18 to $20 million, driven by AI-related equipment sales[17] - The company aims to achieve adjusted EBITDA margins in the high single digits for the upcoming quarter, focusing on operational efficiency and cost optimization[17] - The company announced a $5 million share repurchase authorization effective December 10, 2025[19] Impairments and Expenses - The company incurred a goodwill impairment of $20,353,000 for the year ended September 30, 2025, reflecting challenges in asset valuation[34] - Stock compensation expense for Q3 2025 was $268,000, compared to $338,000 in Q2 2025 and $375,000 in Q3 2024, indicating cost management efforts[33] Gross Profit and Margins - GAAP gross profit for Q3 2025 was $8,813,000, a decrease from $9,132,000 in Q2 2025 and $9,803,000 in Q3 2024[32] - Non-GAAP gross profit for Q3 2025 was $8,813,000, compared to $9,132,000 in Q2 2025 and $9,803,000 in Q3 2024, indicating a consistent performance[32] - GAAP gross margin for Q3 2025 was 44%, down from 47% in Q2 2025 but up from 41% in Q3 2024[32] - Non-GAAP gross margin for Q3 2025 was also 44%, consistent with Q2 2025 and an increase from 41% in Q3 2024[32]