Earnings

Amtech Systems' Third-Quarter Revenue Growth Cools

The Tip Desk · August 5, 2026 · 3 min read

Net revenue reached $22.4 million, the high end of guidance, as Thermal Processing Solutions orders and backlog expanded.

Amtech Systems (ASYS), a manufacturer of equipment and consumables for AI semiconductor packaging and advanced substrate fabrication, reported net revenue of $22.4 million for the fiscal third quarter ended June 30, 2026, at the high end of its guidance range.

That 14.5% year-over-year increase slowed from 31% growth in the second quarter of fiscal 2026. Sequential revenue rose 9.4%, after an 8% sequential increase in the prior quarter.

Chief Executive Officer Bob Daigle said the company’s Thermal Processing Solutions (TPS) segment carried the quarter, with AI-related revenue up about 120% from the year-earlier period. Momentum in TPS was partially offset by a decline in Semiconductor Fabrication Solutions (SFS), which continues to be hit by softer demand, particularly for silicon carbide-related products.

TPS revenue was approximately $17.7 million, up 24.9% from a year earlier. More than 19% of TPS revenue in the quarter was related to parts and services. SFS revenue was approximately $4.6 million, down 13.3% year over year on very weak demand for products supporting SiC wafer production.

GAAP gross margin expanded to 50.0%, from 46.7% in the third quarter of fiscal 2025. The increase was primarily due to product-line rationalization focused on higher-margin lines, including AI-advanced packaging solutions. The prior-year period had benefited from a $1.0 million Employee Retention Credit refund; excluding that credit, normalized gross margin was 41.5%.

GAAP net income was $1.7 million, or $0.11 a share, versus $0.1 million, or $0.01 a share, a year earlier. Non-GAAP net income was $2.4 million. Adjusted EBITDA was $3.3 million, about 15% of revenue. Daigle said profitability exceeded guidance due to operating leverage from the company’s semi-fabless model.

Customer orders were $28.8 million, up from $21.1 million in the second quarter. Backlog was $28.7 million at June 30, compared with $22.3 million at March 31.

President and Chief Operating Officer Guy Shechter said bookings for equipment that supports AI semiconductor advanced packaging and server board assembly were very strong, producing a TPS book-to-bill ratio of 1.37. TPS new orders were $24.3 million and TPS backlog was $25.7 million. SFS new orders were $4.5 million and SFS backlog was $3.0 million.

Unrestricted cash and cash equivalents were $83.1 million at June 30, including $56.5 million of net proceeds from a $60.0 million oversubscribed public offering of common stock in June 2026. Cash provided by operations was $1.1 million in the third quarter.

For the fourth fiscal quarter ending September 30, 2026, the company expects revenues of $22.5 million to $24.0 million and an Adjusted EBITDA margin in the low to mid-teens. The preliminary outlook reflects continued strength in AI-related demand for advanced packaging and panel-level packaging equipment within TPS and disciplined spending to maximize operating leverage.

Shechter said Amtech’s reflow equipment for advanced packaging is well positioned to capture ongoing industry demand and that the company is investing in next-generation equipment to support future requirements. The company is managing costs in SFS to mitigate weak demand for products supporting mature-node customers.

More on ASYS

September 28, 2026 QBook Stronger demand supports expansion as pricing diverges

AMTECH SYSTEMS INC — all coverage and financials