Amtech Systems (ASYS) Q3 2026 earnings summary

Executive summary

• Revenue for the quarter reached $22.4 million, up 14–14.5% year-over-year, driven by strong AI-related demand in the Thermal Processing Solutions (TPS) segment.

• GAAP net income was $1.7 million, up from $0.1 million in the prior year quarter; adjusted EBITDA was $3.3 million, about 15% of sales.

• Gross margin improved to 50%, up from 46.7% in the prior year, reflecting a focus on higher-margin product lines.

• Cash and equivalents at quarter end were $83.1 million, reflecting $56.5 million in net proceeds from a public offering.

• Leadership transition announced: Guy Shechter appointed CEO, Bob Daigle moving to Executive Chairman.

Financial highlights

• TPS segment revenue was $17.7 million, up nearly 25% year-over-year; SFS segment revenue was $4.6 million, down just over 13% year-over-year.

• Adjusted EBITDA margin was approximately 15% of sales.

• Operating income for the quarter was $4.4 million, up from $3.8 million in the prior year quarter.

• Working capital increased to $104.0 million, with a current ratio of 5.4:1.

• No goodwill or intangible asset impairments recorded in 2026; prior year included $20.4 million goodwill and $2.6 million intangible asset impairments.

Outlook and guidance

• Q4 revenue expected between $22.5 million and $24 million, with adjusted EBITDA margins anticipated in the low to mid-teens.

• Management expects continued growth driven by AI, supply chain resiliency, and advanced mobility trends.

• Backlog as of June 30, 2026, increased 35% year-over-year to $28.7 million, with strong demand in Asia for AI-related products.