Amtech Systems Inc (ASYS) 2025 Q2 法說會逐字稿

Good day, and welcome to Amtech Systems' fiscal second-quarter 2025 conference call. Please note that this event is being recorded. I would now like to turn the call over to Erica Mannion of Sapphire Investor Relations. Please go ahead.

大家好，歡迎參加 Amtech Systems 2025 會計年度第二季財報電話會議。請注意，本活動將進行錄音。現在我想把電話交給 Sapphire Investor Relations 的 Erica Mannion。請開始。

Good afternoon and thank you for joining us for Amtech Systems' fiscal second-quarter 2025 conference call. With me today on the call are Bob Daigle, Chairman and Chief Executive Officer; and Wade Jenke, Chief Financial Officer.

各位下午好，感謝各位參加 Amtech Systems 2025 會計年度第二季財報電話會議。今天與我一同出席的有董事長兼執行長 Bob Daigle，以及財務長 Wade Jenke。

After close of market today, Amtech released its financial results for the fiscal second quarter of 2025. The earnings release is posted on the company's website at www.amtechsystems.com in the Investors section.

在今天收盤後，Amtech 公布了 2025 會計年度第二季的財務結果。新聞稿已發布於公司網站 www.amtechsystems.com 的「投資人」專區。

Before we begin, I'd like to remind everyone that the Safe Harbor disclaimer in our public filings covers this call and the webcast. Some of the comments to be made during this call today will contain forward-looking statements and assumptions that are subject to risks and uncertainties, including, but not limited to, those contained in our SEC filings, all of which are posted within the Investors section of our corporate website.

在開始之前，我想提醒各位，我們公開申報文件中的「安全港」聲明同樣適用於本次電話會議與網路直播。今天電話會議中部分評論將包含前瞻性陳述與假設，這些陳述受風險與不確定性影響，包括但不限於我們向 SEC 申報文件中所載者；相關文件皆已公布於公司網站的「投資人」專區。

The company assumes no obligation to update any such forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of today. These statements are not a guarantee of future performance, and actual results could differ materially from current expectations.

公司不承擔更新任何此類前瞻性陳述的義務。敬請注意勿過度依賴前瞻性陳述，該等陳述僅反映截至今日的情況。這些陳述不保證未來表現，實際結果可能與目前預期存在重大差異。

Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are changes in the technologies used by customers and competitors; change in volatility and the demand for products; the effective changing worldwide political and economic conditions, including trade sanctions, the effect of overall market conditions, including the equity and credit markets and market acceptance risks, ongoing logistics, supply chain and labor challenges and capital allocation plans.

可能導致實際結果與前瞻性陳述存在重大差異的重要因素包括：客戶與競爭對手採用技術的變化；產品需求與波動性的變化；不斷變動的全球政治與經濟情勢（包括貿易制裁）；整體市場狀況的影響（包括股票與信貸市場）以及市場接受度風險；持續的物流、供應鏈與勞動力挑戰；以及資本配置計畫。

Other risk factors are detailed in our SEC filings, including our Form 10-K and Forms 10-Q. Additionally, in today's conference call, we will be referring to non-GAAP financial measures as we discuss the fiscal second quarter financial results. You'll find a reconciliation of these non-GAAP measures to our actual GAAP results included in this press release today.

其他風險因素已在我們向 SEC 申報的文件中詳述，包括 Form 10-K 與 Form 10-Q。此外，在今天的電話會議中，當我們討論 2025 會計年度第二季財務結果時，將引用非 GAAP 財務衡量指標。您可在今日新聞稿中找到這些非 GAAP 指標與實際 GAAP 結果之間的調節表。

I will now turn the call over to Amtech's Chief Executive Officer, Bob Daigle.

現在我把電話交給 Amtech 的執行長 Bob Daigle。

Thank you, Erica. Good afternoon, and thank you for joining us today. As previously disclosed, on April 9, revenue for the second fiscal quarter came in below our guidance range. This shortfall was primarily driven by a shipment delay in our Thermal Processing Solutions segment related to a customer dispute involving a previously canceled order. The situation resulted in a delay of a separate shipment valued at approximately $4.9 million. While the matter remains ongoing, we are in contact with the customer and continue to expect that the equipment will ship once the issue is resolved.

謝謝你，Erica。各位下午好，感謝各位今天加入我們。如先前所揭露，4 月 9 日我們表示第二會計季營收低於我們的指引區間。這一落差主要是由於我們「熱處理解決方案」事業部的一項出貨延遲，與一位客戶就先前已取消訂單所引發的爭議有關。該情況導致另一筆約 490 萬美元的獨立出貨延後。雖然此事仍在進行中，我們已與客戶保持聯繫，並仍預期在問題解決後設備將可出貨。

Outside of this dispute, during the second quarter, we began to see a broader softening in demand within the mature node semiconductor market, affecting both equipment and consumables. The softness contributed to the overall revenue shortfall, which in turn impacted profitability, resulting in an adjusted EBITDA loss of $1.4 million for the quarter. While operating expenses were in line with expectations, the ongoing demand headwinds in select markets reinforce the importance of focusing on what we can control, namely driving operational efficiency and broadening our customer and application base.

除上述爭議外，在第二季期間，我們開始看到成熟製程節點半導體市場的需求更廣泛地走弱，影響到設備與耗材。需求疲弱導致整體營收未達預期，進而影響獲利，使本季調整後 EBITDA 虧損 140 萬美元。雖然營業費用符合預期，但部分市場持續的需求逆風再次凸顯聚焦可控事項的重要性，也就是提升營運效率並擴大客戶與應用基礎。

Expanding on the dynamics within our end markets. As we indicated last quarter, demand for the front-end equipment and consumables tied to mature node applications including industrial and automotive remains weak. These trends are consistent with broader commentary from the semiconductor OEMs and reflects the sustained downturn in capital investment across these sectors.

進一步說明我們終端市場的動態。如同我們上季所指出，與成熟製程節點應用（包括工業與車用）相關的前段設備與耗材需求仍然疲弱。這些趨勢與半導體 OEM 的整體評論一致，反映出這些領域的資本投資持續下滑。

Given the prolonged softness, we recorded an impairment charge of $22.9 million and an inventory write-off of $6 million in the second fiscal quarter. The equipment product lines associated with the charges and write-offs serve mature node and EV-related applications. While disappointing, these actions were necessary to align our asset base with the capital equipment demand environment in these market segments. The charge is noncash in nature and has been excluded from our non-GAAP financial results.

鑑於疲弱狀況延續，我們在第二會計季認列 2,290 萬美元的資產減損費用，以及 600 萬美元的存貨沖銷。與該等費用與沖銷相關的設備產品線主要服務成熟製程節點與電動車（EV）相關應用。雖然令人失望，但這些措施是必要的，以使我們的資產基礎與這些市場區隔的資本設備需求環境相一致。該項費用屬非現金性質，並已自我們的非 GAAP 財務結果中排除。

Despite these near-term challenges in the mature node market, we continue to be very encouraged by demand trends in back-end semiconductor markets. Orders for our advanced packaging equipment, particularly those supporting AI applications remain very strong. Notably, in the second quarter, our bookings for this product line exceeded our total bookings for all of fiscal 2024. This momentum is being driven by secular investments in AI infrastructure and provides meaningful tailwinds for our advanced packaging equipment.

儘管成熟製程節點市場面臨短期挑戰，我們對後段半導體市場的需求趨勢仍深受鼓舞。我們的先進封裝設備訂單，特別是支援 AI 應用的產品，仍然非常強勁。值得注意的是，在第二季，我們該產品線的接單金額已超過 2024 會計年度全年的總接單。此一動能由 AI 基礎設施的長期結構性投資所驅動，為我們的先進封裝設備帶來顯著順風。

As we look ahead, we are closely monitoring the evolving tariff and macroeconomic landscape. Orders for reflow equipment in the US during the quarter were weak due to high tariffs. However, tariff-related headwinds were more than offset by strength in Asia for AI-related advanced packaging equipment. We continue to invest in market development initiatives, particularly within our Semiconductor Fabrication Solutions segment.

展望未來，我們正密切關注關稅與總體經濟環境的演變。本季美國的回焊（reflow）設備訂單因高關稅而疲弱。然而，與關稅相關的逆風已被亞洲地區 AI 相關先進封裝設備的強勁需求所抵銷，且抵銷幅度更大。我們將持續投入市場開發計畫，特別是在我們的「半導體製造解決方案」事業部。

Our focus is on expanding reoccurring revenue streams, including consumables, parts and services, which offer higher margins and more stable, less cyclical revenue. We are working to grow our footprint with existing customers, capture share at additional sites and introduce our products to new customers.

我們的重點是擴大經常性收入來源，包括耗材、零件與服務，這些業務具備較高毛利與更穩定、較不具循環性的營收特性。我們正努力在既有客戶中擴大布局、在更多據點取得市占，並將我們的產品導入新客戶。

In addition, we are leveraging our proven technologies to address similar challenges in adjacent applications. While these efforts will take time to contribute meaningfully to our top line, we believe they are fundamental to long-term growth.

此外，我們也運用已驗證的技術來因應相鄰應用領域中的類似挑戰。雖然這些努力需要時間才能對營收做出有意義的貢獻，但我們相信這些是長期成長的根本。

In parallel, we continue to optimize our cost structure in response to the demand environment. During the third fiscal quarter, we executed additional site consolidations and workforce adjustments. These efforts are expected to yield incremental EBITDA savings of $1 million per quarter starting in the fourth fiscal quarter.

同時，我們也持續因應需求環境來優化成本結構。在第三會計季期間，我們執行了額外的據點整併與人力調整。預期自第四會計季起，這些措施將帶來每季 100 萬美元的額外 EBITDA 節省。

Combined with the cost reduction actions we've already implemented, we are -- now anticipate total annualized savings of $11 million on a run rate basis as we exit the fiscal year. Fortunately, we are navigating this dynamic environment from a position of financial strength. We ended the quarter with a solid cash position of $13.4 million and no outstanding debt, providing us with the flexibility to continue to invest in our strategic initiatives.

加上我們已經實施的成本削減措施，我們目前預期在本會計年度結束時，以運行率（run rate）計算的年度化總節省金額將達 1,100 萬美元。所幸的是，我們以穩健的財務實力來因應這個多變的環境。本季結束時，我們持有 1,340 萬美元的充裕現金，且無任何未償債務，使我們能保持彈性，持續投資於我們的策略性計畫。

Looking forward, we remain optimistic about our long-term outlook. First, our streamlined cost structure positions us to benefit from strong operating leverage as market demand recovers. Over the past year, we have taken meaningful steps to reduce fixed costs, consolidate operations and improve manufacturing efficiency. These actions not only enhance our ability to generate positive EBITDA at lower revenue levels, but also allows us to scale profitably as demand returns.

展望未來，我們對長期前景仍保持樂觀。首先，我們精簡後的成本結構，使我們在市場需求復甦時能受惠於強勁的營運槓桿。在過去一年中，我們採取了具實質意義的措施以降低固定成本、整併營運並提升製造效率。這些行動不僅提升我們在較低營收水準下產生正向 EBITDA 的能力，也使我們能在需求回升時以獲利方式擴張。

Second, investments in AI infrastructure continue to drive increased demand for advanced packaging. We are experiencing very strong demand for our advanced packaging equipment. The strength in the second quarter bookings reinforces our belief that this trend is durable and continues to present a significant growth opportunity for our business.

其次，對 AI 基礎設施的投資持續帶動先進封裝需求增加。我們正經歷對先進封裝設備非常強勁的需求。第二季訂單的強勁表現強化了我們的信念：此趨勢具有持久性，並持續為我們的業務帶來顯著的成長機會。

Finally, within our Semiconductor Fabrication Solutions segment, we are focusing on driving sustainable higher-margin growth by expanding reoccurring revenue streams. Consumables, parts and services not only provide more predictable revenue, but also support deeper customer relationships and reduce exposure to capital spending cycles.

最後，在我們的半導體製造解決方案（Semiconductor Fabrication Solutions）事業部門中，我們聚焦於透過擴大經常性收入來源，推動可持續的高毛利成長。耗材、零件與服務不僅提供更可預測的營收，也有助於深化客戶關係並降低對資本支出循環的曝險。

Our efforts to broaden our footprint with existing customers expand into new sites and apply proven solutions to adjacent opportunities are expected to strengthen our long-term competitive position and enhance our margin profile.

我們致力於擴大在既有客戶中的布局、拓展至新據點，並將已驗證的解決方案應用於相鄰機會；預期這些努力將強化我們的長期競爭地位並改善我們的毛利結構。

While the near-term environment remains dynamic, we are confident with the structural changes we've made over the past year, and we believe they position us well to navigate the cycle and capitalize on the growth opportunities ahead.

儘管短期環境仍具變動性，我們對過去一年所做的結構性調整充滿信心，並相信這些調整使我們能更好地度過景氣循環，並把握未來的成長機會。

With that, I'll turn it over to Wade for further details on our financial results.

接下來，我把時間交給 Wade，請他進一步說明我們的財務結果。

Thank you, Bob. For the fiscal second quarter of 2025 net revenue was $15.6 million, representing a decrease of 36% from fiscal Q1 and a decrease of 39% from the second quarter of fiscal 2024. The decrease in both periods is primarily due to a customer dispute that delayed shipment of a $4.9 million order, in addition, we have had prolonged weakness in the mature node semiconductor market driving reduced sales for wafer cleaning equipment diffusion and high-temperature furnaces, partially offset by higher sales of advanced packaging solutions.

謝謝你，Bob。2025 會計年度第二季淨營收為 1,560 萬美元，較會計年度第一季下降 36%，較 2024 會計年度第二季下降 39%。兩個期間的下降主要是因客戶爭議導致一筆 490 萬美元訂單延遲出貨；此外，成熟製程節點半導體市場長期疲弱，帶動晶圓清洗設備、擴散與高溫爐的銷售下滑；部分被先進封裝解決方案較高的銷售所抵銷。

For Q2, the book-to-bill ratio was slightly above 1, and we have worked through the majority of the lower margin legacy backlog, except for the delayed $4.9 million order mentioned previously. The bookings in Q2 were significantly stronger with AI packaging equipment, partially offsetting lower bookings in the high temp and belt furnace business. Also, we have seen stabilization in the Semiconductor Fabrication Solutions segment with a book-to-bill ratio slightly above 1.

第二季的接單出貨比（book-to-bill）略高於 1，我們已消化大部分低毛利的舊有在手訂單，先前提到延遲的 490 萬美元訂單除外。第二季訂單顯著轉強，主要來自 AI 封裝設備，部分抵銷高溫爐與網帶爐業務較低的接單。此外，我們也看到半導體製造解決方案事業部門趨於穩定，其接單出貨比略高於 1。

GAAP gross profit decreased by $9.7 million sequentially compared to last year and decreased by $8.8 million compared to the same prior year period. The decrease across both periods is primarily due to lower sales volume and $6 million in noncash inventory write-downs during Q2 2025, driven by sustained weak demand from mature node semiconductor customers.

依 GAAP 計算的毛利較上一季減少 970 萬美元，較去年同期減少 880 萬美元。兩個期間的下降主要由較低的銷售量，以及 2025 會計年度第二季認列 600 萬美元的非現金存貨減損所致；該減損係由成熟製程節點半導體客戶需求持續疲弱所驅動。

On a non-GAAP basis, gross margin for the second quarter was 36% compared with 34% in the same prior year period driven by fixed cost reductions and product mix. During the second quarter of fiscal 2025, we recorded $22.9 million in impairment charges due to $15.3 million in goodwill and $2.6 million in intangible asset impairment charges in our Semiconductor Fabrication Solutions segment and $5 million in goodwill impairment charges in our Thermal Processing Solutions segment.

在非 GAAP 基礎下，第二季毛利率為 36%，高於去年同期的 34%，主要受固定成本降低與產品組合影響。在 2025 會計年度第二季，我們認列 2,290 萬美元的減損費用，其中包括半導體製造解決方案事業部門的商譽 1,530 萬美元減損與無形資產 260 萬美元減損，以及熱處理解決方案（Thermal Processing Solutions）事業部門的商譽 500 萬美元減損。

The impairment charges were due primarily to recent events in our markets, indicating that the current demand weakness is expected to last a prolonged period for the mature node semiconductor market. Selling, general and administrative expenses decreased by $0.9 million sequentially from last year and decreased $1.1 million compared to the same prior year period. The decrease across both periods is primarily due to fixed cost reductions attributed to actions we have taken and lower commissions from the lower sales volume we experienced.

減損費用主要源於我們市場近期事件，顯示成熟製程節點半導體市場目前的需求疲弱預期將持續較長一段時間。銷售、一般及行政費用較上一季減少 90 萬美元，較去年同期減少 110 萬美元。兩個期間的下降主要來自我們所採取行動帶來的固定成本降低，以及因銷售量下降而使佣金支出減少。

Research, development and engineering expenses decreased $44,000 sequentially from last quarter and decreased $0.1 million compared to the same prior year period. The sequential decrease is due primarily to timing of purchases related to specific projects. The decrease from prior year is attributable to development efforts in our Semiconductor Fabrication Solutions segment that did not recur.

研發與工程費用較上一季減少 4.4 萬美元，較去年同期減少 10 萬美元。季減主要是與特定專案相關採購時點所致。較去年同期的下降則歸因於我們半導體製造解決方案事業部門中未再重複發生的開發投入。

GAAP net loss for the second quarter of fiscal 2025 was $31.8 million or $2.23 per share. This compared to GAAP net income of $0.3 million or $0.02 per share for the preceding quarter and GAAP net income of $1 million or $0.07 per share for the second quarter of fiscal 2024. Non-GAAP net loss for the second quarter of fiscal 2025 was $2.3 million or $0.16 per share. This compares to non-GAAP net income of $0.8 million or $0.06 per share for the preceding quarter a non-GAAP net loss of $0.2 million or $0.01 per share for the second quarter of fiscal 2024.

2025 會計年度第二季 GAAP 淨損為 3,180 萬美元，或每股 2.23 美元。相較之下，上一季 GAAP 淨利為 30 萬美元，或每股 0.02 美元；2024 會計年度第二季 GAAP 淨利為 100 萬美元，或每股 0.07 美元。2025 會計年度第二季非 GAAP 淨損為 230 萬美元，或每股 0.16 美元。相較之下，上一季非 GAAP 淨利為 80 萬美元，或每股 0.06 美元；2024 會計年度第二季非 GAAP 淨損為 20 萬美元，或每股 0.01 美元。

Our adjusted EBITDA was negative $1.4 million for the fiscal Q2 2025 compared to $1.9 million for the preceding quarter and $0.8 million for the second quarter of fiscal 2024.

我們的調整後 EBITDA 在 2025 會計年度第二季為負 140 萬美元，相較上一季為 190 萬美元、2024 會計年度第二季為 80 萬美元。

Unrestricted cash and cash equivalents at March 31, 2025, were $13.4 million compared to $11.1 million at September 30, 2024, due primarily to strong accounts receivable collections from customers.

截至 2025 年 3 月 31 日，不受限制的現金及約當現金為 1,340 萬美元，相較 2024 年 9 月 30 日的 1,110 萬美元增加，主要由於來自客戶的應收帳款回收強勁。

Now turning to our outlook. For the third quarter ending June 30, 2025, we expect revenues in the range of $16.9 million (sic - see press release, "$16 million to $19 million") with adjusted EBITDA nominally neutral. Although the near-term revenue and earnings outlook remains challenging, I remain confident in the disciplined financial strategy we've employed throughout this downturn. We have proactively streamlined our cost structure and aligned our operations with market realities resulting in significant annualized savings.

接著談我們的展望。對於截至 2025 年 6 月 30 日的第三季，我們預期營收介於 1,690 萬美元（原文如此——請見新聞稿，「1,600 萬至 1,900 萬美元」）之間，調整後 EBITDA 大致持平。儘管短期營收與獲利展望仍具挑戰，我仍對我們在此波低迷期間所採取的嚴謹財務策略充滿信心。我們已主動精簡成本結構並使營運與市場現實對齊，帶來顯著的年度化節省。

In our US operations, we have completed our strategy for a semi-fabless operating model. This includes additional headcount reductions, contract manufacturing, optimized resourcing, manufacturing footprint reduction, and we are pursuing opportunities to sublet.

在我們的美國營運方面，我們已完成採用半無廠（semi-fabless）營運模式的策略。這包括進一步的人力精簡、委外代工、資源配置最佳化、縮減製造據點規模，並且我們正尋求轉租的機會。

Our strategic optimization efforts are expected to deliver an additional $1 million per quarter in future cost reductions starting in Q4 of 2025. Our streamlined new cost structure will further enhance our ability to generate positive adjusted EBITDA. Once additional cost reductions are fully realized, we expect our adjusted EBITDA breakeven to be approximately $16 million in revenue with a similar product mix.

我們的策略性最佳化措施預期自 2025 年第四季起，未來每季可額外帶來 100 萬美元的成本降低。我們精簡後的新成本結構將進一步提升我們產生正向調整後 EBITDA 的能力。當額外的成本降低完全實現後，在產品組合相近的情況下，我們預期調整後 EBITDA 的損益兩平點約為營收 1,600 萬美元。

We ended the quarter with $13.4 million in cash and our teams are maintaining a strong focus on cash generation. I believe these strategic measures will significantly strengthen our financial performance and enhance long-term profitability across varying market conditions.

我們在本季結束時持有 1,340 萬美元現金，我們的團隊持續高度聚焦於現金創造。我相信這些策略性措施將在不同市場環境下顯著強化我們的財務表現，並提升長期獲利能力。

Operating results can be significantly impacted positively or negatively by the timing of orders, systems, shipments, logistical challenges, and the financial results of semiconductor manufacturers. Additionally, semiconductor equipment industries can be cyclical and inherently impacted by changes in market demand. Actual results may differ materially in the weeks and months ahead.

營運結果可能會因訂單、系統、出貨時點、物流挑戰，以及半導體製造商的財務結果而受到顯著的正面或負面影響。此外，半導體設備產業可能具有週期性，且本質上會受到市場需求變化的影響。未來數週與數月的實際結果可能會出現重大差異。

A portion of Amtech's results is denominated in Renminbis, a Chinese currency. The outlook provided in this press release is based on an assumed exchange rate between the United States dollar and the Renminbi. Changes in the value of Renminbi in relation to the United States dollar could cause actual results to differ from expectations.

Amtech 的部分業績以人民幣（中國貨幣）計價。本新聞稿所提供的展望係以美元兌人民幣的假設匯率為基礎。人民幣相對於美元的價值變動，可能導致實際結果與預期不同。

I will now turn the call over to the operator for questions. Operator?

接下來我將把電話交給接線員進行提問。接線員？

(Operator Instructions) Craig Irwin, Roth Capital Partners.

(接線員指示) Craig Irwin，Roth Capital Partners。

So I apologize if you handled this in the first couple of minutes of the call. So I missed -- juggling multiple calls tonight. Two key things at top of my mind, really both related to tariffs. With the outlook for maybe a positive resolution on the US-China trade disputes, it seems that some of the business activity can normalize and your significant exposure to the Chinese market maybe looks like it will face a little bit less of a headwind. I was hoping you could comment a little bit about that.

如果你們在電話會議一開始的幾分鐘已經談到這點，我先致歉。我剛剛錯過了——今晚同時在處理多通電話。我腦中最重要的兩件事，其實都與關稅有關。隨著美中貿易爭端可能朝正面解決的方向發展，看起來部分商業活動可以回歸常態，而你們對中國市場的重大曝險，或許面臨的逆風也會小一些。我希望你能就此稍作評論。

And then the flip side of this is the US obvious push for repatriation of manufacturing for us to make our own semiconductors. It seems like it could set up a larger long-term opportunity for you here, particularly in the United States. If you could maybe talk about how these major policy actions out of the White House could possibly benefit business activity for Amtech over the next couple of years?

另一方面，美國顯然在推動製造回流，讓我們自己生產半導體。這似乎可能為你們帶來更大的長期機會，特別是在美國。你是否可以談談，白宮這些重大政策行動在未來幾年可能如何有利於 Amtech 的業務活動？

All right. Thanks for the question, Craig. Yes, let me tackle the first part in tariffs. So you basically in the front end of our business. So Semiconductor Fabrication Solutions. We're basically producing -- well, pretty much all those products are produced in the US for the US and our exports to China historically have been relatively small in that area.

好的。謝謝你的問題，Craig。是的，我先回答關稅的第一部分。你提到的主要是在我們業務的前段，也就是半導體製造解決方案（SFS）。我們基本上在生產——嗯，幾乎所有這些產品都是在美國製造，供應美國市場，而我們過去在這一塊對中國的出口相對較小。

So even with the tariffs, we didn't see a tremendous amount of impact on the SFS business. In the case of the back-end equipment where we're producing our reflow equipment, again, for advanced packaging and electronic assembly those products are manufactured in our Shanghai facility in China. And that's where we saw some basically very, very weak orders during the quarter as a result of the tariff situation.

因此，即使有關稅，我們也沒有看到 SFS 業務受到非常大的影響。至於後段設備，我們生產回焊（reflow）設備，同樣用於先進封裝與電子組裝，這些產品是在中國上海的工廠製造。而在那裡，由於關稅情勢，我們在本季看到訂單基本上非常、非常疲弱。

So hopefully, if tariffs get to some very reasonable level in the future, we should be able to pick up additional strength in the US markets. But fortunately, what drive -- to be frank, what drives that reflow business is electronic packaging, basically advanced packaging as well as electronic assembly, which is primarily an Asia market. So even in that case, where we saw a little bit of decline in orders in the US, we saw very strong demand in other parts of Asia.

所以希望未來關稅若能降到相當合理的水準，我們應該能在美國市場看到更多回升力道。但幸運的是——坦白說——推動該回焊業務的是電子封裝（基本上是先進封裝）以及電子組裝，而這主要是亞洲市場。因此，即使在美國我們看到訂單略有下滑，在亞洲其他地區仍看到非常強勁的需求。

To get to the second part of your question, yeah, I do believe -- I hope, Craig, that we start to see some tailwinds associated with repatriating more manufacturing to the US. And in that case, given the fact that especially the front end, all our manufacturing is in the US today. We would expect to see some nice tailwinds associated with that.

至於你問題的第二部分，是的，我確實相信——也希望，Craig——我們會開始看到更多製造回流美國所帶來的順風。在那種情況下，鑑於特別是前段業務，我們目前所有製造都在美國，我們預期會因此看到相當不錯的順風效應。

We're also -- I should mention -- trying to reduce our risk also in terms of in the future shipping to the US. If it turns out that tariffs out of China stay at a pretty elevated level relative to other parts of the world. We're looking -- I don't think it's practical for us to manufacture some of this backend equipment in the US but it is very feasible for us to manufacture in other parts of Asia, for example, or potentially Mexico, where we would expect tariffs hopefully land in a much lower place.

另外——我也應該提到——我們也在嘗試降低未來運往美國的風險。如果結果是來自中國的關稅相對於世界其他地區仍維持在相當高的水準。我們正在評估——我不認為把部分後段設備移到美國製造對我們而言實際可行，但在亞洲其他地區製造（例如）或潛在在墨西哥製造則非常可行；我們希望那裡的關稅最終能落在更低的水準。

So I think over time, I do think it's going to be a net-net positive. I think in the near term just because of the structure of our business, it really hasn't been that negative for us, frankly, to deal with the tariff situation. Assuming the uncertainty doesn't create bigger headwinds in the economy, of course.

所以我認為從時間拉長來看，整體而言會是淨正面。我認為短期內，因為我們業務結構的關係，坦白說，面對關稅情勢對我們並沒有那麼負面。當然，前提是這種不確定性不會在整體經濟上造成更大的逆風。

Understood. So my next question again is very much a big picture question. A lot of investors have come to Amtech and been interested in learning more about Amtech for your involvement in the silicon carbide power semiconductor industry. And people look at your R&D spending and just a few million dollars and often overlook the significant technology contribution that you make to your customers.

了解。那我下一個問題同樣是比較宏觀的問題。許多投資人接觸 Amtech，是因為你們參與碳化矽（SiC）功率半導體產業而想更深入了解。人們看到你們的研發支出只有幾百萬美元，往往會忽略你們對客戶所做出的重大技術貢獻。

Can you maybe talk a little bit about some of the programs there that are not front center for investors right now, like diamond wafers. I know that you've done work there with all the leading diamond wafer producers and some of these other sort of cutting-edge technologies that could come to market in the next handful of years, how do your customers lean on you as an expert in materials processing and polishing? And how important is this to the basic structure of the industry over the next many years?

你是否可以談談一些目前對投資人而言不是焦點的專案，例如金剛石晶圓？我知道你們已與所有主要的金剛石晶圓製造商合作，也有其他一些可能在未來幾年進入市場的前沿技術；在材料加工與拋光方面，你們的客戶如何倚賴你們作為專家？而這對未來多年產業的基本結構有多重要？

Yeah. I think my sense, Craig, and this is my opinion. What you're seeing in the advanced packaging area, and the requirements, for example, the GPUs, basically the AI GPUs is the thermal management challenges and the packaging, the density challenges for advanced packaging are basically -- we think are going to drive the industry towards more of the some of the more traditional semiconductor fabrication process like chemical-mechanical planarization, which is one of our key technology areas.

是的。Craig，我的感覺——這是我的看法。你在先進封裝領域所看到的趨勢與需求，例如 GPU，基本上是 AI GPU，所面臨的散熱管理挑戰，以及先進封裝的密度挑戰，基本上——我們認為——將推動產業更朝向一些較傳統的半導體製程，例如化學機械平坦化（CMP），而這正是我們的核心技術領域之一。

So I do believe that we're going to see basically the addressable market for some of the areas we've been playing in, in terms of CMP really expand to the packaging area as well, where, again, the type of business we're in, volumes matter, the size of the -- basically the square inches or square millimeters of substrate matter. So I think, in some ways, if we start to see broader utilization of some of these technologies and advanced packaging, that could be a very strong secular driver, I think, for the industry.

因此我確實相信，我們所涉足的一些領域（就 CMP 而言）的可服務市場將大幅擴展到封裝領域；同樣地，在我們所處的業務型態中，產量很重要，基板的尺寸——基本上以平方英吋或平方毫米計——也很重要。所以我認為，從某些角度來看，如果我們開始看到這些技術在先進封裝中更廣泛地被採用，這可能會成為非常強勁的長期結構性驅動因素，我認為，對整個產業而言也是如此。

What we're doing, we obviously have a strong presence in areas like, for example, you referenced it earlier, Craig. We're by far the -- we're the technology leader, market leader for providing a lot of the templates, the -- basically some of the processing consumables that are used for chemical-mechanical planarization. But what we've been doing more recently is really leveraging the fact that we can help customers using our foundry service.

我們正在做的事情，顯然在一些領域我們有很強的佈局，例如你先前提到的，Craig。我們遠遠是——我們是在提供許多模板、以及——基本上用於化學機械平坦化（CMP）的一些製程耗材方面的技術領導者與市場領導者。但我們最近在做的，是充分運用我們能透過晶圓代工服務協助客戶這一點。

So we have our CMP foundry service that was part of our -- the Entrepix operation. And we're pretty actively engaged with customers who are trying to solve leading-edge problems, which we think -- and again, it's a medium, longer-term play, but we think bodes well for generating some new growth drivers that are beyond.

因此我們有CMP晶圓代工服務，這原本是我們——Entrepix營運的一部分。我們也相當積極地與正在解決先進節點問題的客戶合作；我們認為——而且再次強調，這是中長期的布局——但我們認為這有利於帶來一些新的成長動能，超越既有的成長來源。

We've typically played more in this mature node, and I'd say the silicon carbide world, we're looking to, frankly, to try to see if we can play more in the emerging area of advanced packaging with this type of technology.

我們過去通常更多是在成熟製程節點上發揮，我想在碳化矽領域也是如此；坦白說，我們正在評估是否能以這類技術在先進封裝這個新興領域有更多著墨。

Congratulations on the continued gross margin strength. It shows you guys are managing things tight and we like that.

恭喜你們毛利率持續維持強勁。這顯示你們把各項管理抓得很緊，我們很喜歡這點。

(Operator Instructions) Mark Miller, Benchmark Company.

（接線員指示）Mark Miller，Benchmark Company。

You mentioned during your remarks that you basically worked through your lower margin backlog. I'm just wondering if you could give us some insight or some color about the current profile, the margin profile of your existing backlog, is that above what we've been seeing recently?

你在談話中提到，你們基本上已經消化完較低毛利的在手訂單。我想請你們分享一些觀點或補充說明：目前既有在手訂單的毛利結構如何？是否高於我們最近看到的水準？

Yeah, absolutely. Everything as we've pointed out before, a lot of that legacy backlog, some of which went back a couple of years, frankly, had less than stellar margins well below our corporate average. And we're in the mode now where things are booking with margin profiles that are kind of near the historic levels, frankly.

是的，當然。如同我們先前指出的，那些歷史在手訂單中有不少是舊案，坦白說其中一些可追溯到兩年前，毛利表現並不理想，遠低於公司平均水準。而我們現在的狀態是，新接訂單的毛利結構大致回到歷史水準附近。

So I do think, as we see some additional volume and are able to leverage our fixed cost structure, which we've obviously brought down quite a bit, that we should start to see some meaningful margin accretion as well, gross margin and at the EBITDA line. We just need the volume right now because we've done an awful lot on getting our cost efficiency in a good place from a manufacturing standpoint.

因此我確實認為，隨著我們看到更多出貨量，並能運用我們的固定成本結構槓桿——而我們顯然已大幅降低固定成本——我們也應該開始看到有意義的毛利率提升，以及EBITDA層面的改善。我們現在需要的是量，因為從製造端來看，我們在把成本效率調整到良好狀態方面已經做了非常多。

The team has done an outstanding job there. migrating to the semi-fabless model has basically put us in a much better position to scale with demand. And now that we've kind of weaned ourselves off a lot of this legacy, I think we're really well positioned. We just need to grow those volumes, Mark, and I think we should see some nice results.

團隊在這方面做得非常出色。轉向半無晶圓廠（semi-fabless）模式，基本上讓我們在因應需求擴張時處於更有利的位置。而現在我們也算是逐步擺脫了許多這些歷史包袱，我認為我們的定位非常好。我們只需要把出貨量做大，Mark，我想我們就會看到不錯的成果。

Okay. You indicated that AI is driving strong demand for advanced packaging. Can you be specific about what products you're seeing a strong demand for?

好的。你提到AI正在帶動先進封裝的強勁需求。你能否具體說明你們看到哪些產品需求特別強？

Yeah. So we're the -- we're basically the primary supplier of the reflow equipment that's used for advanced packaging at the major Taiwan and beyond, in terms of AI packaging. So it's primarily been on the equipment side, Mark and primarily in our thermal process solutions business. If you look at the -- that business, which is, again, primarily it's equipment, but we do have a fairly substantial parts/service business as well, but that is what's driving that business right now. The legacy -- back to the legacy backlog, some of that equipment that the furnaces and the both diffusion and for -- things like ceramic to metal bonds has been weak, but that's been offset or is being offset by strong demand for advanced packaging.

可以。我們——基本上是主要供應商，提供用於先進封裝的回焊（reflow）設備，主要客戶在台灣以及其他地區，就AI封裝而言。因此目前主要是設備端的需求，Mark，而且主要集中在我們的熱製程解決方案（thermal process solutions）事業。如果你看那個事業——再次強調，主要是設備，但我們也有相當可觀的零件/服務業務——而目前推動該事業的就是這一塊。至於歷史——回到歷史在手訂單，其中一些設備，例如爐管設備，以及擴散與——像是陶瓷對金屬鍵合等應用的需求偏弱，但這已被、或正在被先進封裝的強勁需求所抵銷。

And finally, just wondering, can you give us a feeling for the revenue from spares and service?

最後想請教，你能否讓我們了解備品與服務的營收占比大概是多少？

Yeah. So we're probably roughly speaking, 25% or so of that segment would be parts/service revenue.

可以。大致來說，該事業部約有25%左右會是零件/服務營收。

I'm sorry, of which service?

不好意思，是指其中的服務占比嗎？

Thermal process solutions and then right now on semiconductor fab solutions. That's primarily consumables parts and service today. The equipment component of that is really small now because of, again, the mature node fabricators are running at very high -- or very low utilization rates of their fabs. So until their capacity utilization goes up, I don't expect they're going to be buying more equipment in that segment.

熱製程解決方案，以及目前的半導體晶圓廠解決方案（semiconductor fab solutions）。就目前而言，那主要是耗材、零件與服務。設備的占比現在其實很小，因為——再次強調——成熟製程節點的晶圓廠目前產能利用率非常高——或非常低。因此在他們的產能利用率回升之前，我不預期他們會在該事業部購買更多設備。

So right now, where we're sitting with that business. And as Wade mentioned, we've seen stabilization. Book-to-bill was about 1%. That's almost exclusively consumables parts service now.

所以就目前我們這項業務的狀況而言。如Wade所提到的，我們已看到趨於穩定。接單出貨比（book-to-bill）約為1%。那幾乎完全是耗材、零件與服務了。

Okay. So was semi basically all parts and services. All right.

好的。所以半導體那邊基本上幾乎全都是零件與服務。好。

There are no further questions at this time, I will now turn the call back to Robert Daigle. Please continue.

目前沒有其他問題，我現在把電話交回給Robert Daigle。請繼續。

All right. Well, thank you for your interest in Amtech and for joining our conference call today. We look forward to updating you on all of our progress in the months ahead. Thank you.

好的。感謝各位對Amtech的關注，並參加今天的法說會。我們期待在接下來幾個月向各位更新我們的各項進展。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。