Amtech Systems (ASYS) Q2 2026 earnings summary

Executive summary

• Revenue reached $20.5 million, up 31% year-over-year and 8% sequentially, driven by strong AI-related demand in the Thermal Processing Solutions (TPS) and Semiconductor Fabrication Solutions (SFS) segments, particularly for AI chip and wafer cleaning equipment.

• GAAP net income for Q2 2026 was $1.2 million ($0.08 per share), a significant turnaround from a $31.8 million loss in the prior year quarter, which included large non-cash charges.

• Gross margin improved to 48% (47.7% GAAP), 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 strong operating cash flow.

• AI-related sales accounted for over 30% of TPS revenue, with bookings and backlog exceeding sales and strong momentum expected to continue.

Financial highlights

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

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

• Working capital at March 31, 2026 was $43.3 million; current ratio: 2.9:1.

• Customer orders totaled $21.1 million, with a backlog of $22.3 million, up 16% year-over-year.

• Cash generation was strong, aided by working capital optimization and accounts receivable collections.

Outlook and guidance

• Q3 2026 revenue is expected to be $20.5–$22.5 million, representing both year-over-year and sequential growth.

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

• Adjusted EBITDA margins are expected in the low double digits, supported by operating leverage, cost reductions, and recurring sales.

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

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