Amtech Systems Inc (ASYS) 2025 Q3 法說會逐字稿

Good day, and welcome to the Amtech Systems fiscal third-quarter 2025 earnings call. Please note that this call is being recorded and simultaneously webcast. 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 財年第三季財報電話會議。請注意，本次通話正在錄音並同時進行網路直播。現在我想將電話轉給 Sapphire 投資者關係部門的 Erica Mannion。請繼續。

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

下午好，感謝您參加 Amtech Systems 2025 財年第三季電話會議。今天與我一起參加電話會議的還有董事長兼執行長鮑勃‧戴格爾 (Bob Daigle) 和財務長韋德‧詹克 (Wade Jenke)。

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

今天收盤後，Amtech 公佈了 2025 財年第三季的財務表現。收益報告發佈於公司網站 www.amtechsystems.com 的投資者部分。

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 today's call 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 in the Investors section of our corporate website.

在我們開始之前，我想提醒大家，我們公開文件中的安全港免責聲明涵蓋了本次電話會議和網路直播。今天電話會議上的一些評論將包含前瞻性陳述和假設，這些陳述和假設受風險和不確定性的影響，包括但不限於我們向美國證券交易委員會提交的文件中的內容，所有這些文件都發佈在我們公司網站的「投資者」部分。

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.

本公司不承擔更新任何此類前瞻性陳述的義務。請注意不要過度依賴前瞻性陳述，這些陳述僅代表截至今天的情況。這些聲明並不能保證未來的表現，實際結果可能與目前預期有重大差異。

Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are changes in technologies used by customers and competitors, change in volatility and the demand for products, the effect of changing worldwide political and economic conditions, including trade sanctions; the effect of overall market conditions, including equity and credit markets and market acceptance risks; ongoing logistics, supply chain and labor challenges and capital allocation plans. Other risk factors are detailed in our SEC filings, including our Form 10-K and Form 10-Q.

可能導致實際結果與前瞻性陳述中的結果大不相同的重要因素包括客戶和競爭對手使用的技術的變化、波動性和產品需求的變化、全球政治和經濟條件變化的影響（包括貿易制裁）；整體市場條件的影響（包括股票和信貸市場以及市場接受風險）；持續的物流、供應鏈和勞動力挑戰以及資本配置計劃。其他風險因素詳見我們向美國證券交易委員會提交的文件中，包括我們的 10-K 表格和 10-Q 表格。

Additionally, in today's conference call, we will be referring to non-GAAP financial measures as we discuss the third fiscal quarter financial results. You will find a reconciliation of these non-GAAP measures to our actual GAAP results included in the press release issued today.

此外，在今天的電話會議中，我們將參考非公認會計準則財務指標來討論第三財季的財務表現。您將在今天發布的新聞稿中找到這些非 GAAP 指標與我們實際 GAAP 結果的對帳。

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

現在我將把電話轉給 Amtech 的執行長 Bob Daigle。

Good afternoon, and thank you for joining us today. I'm pleased to report that our third quarter performance was above expectations with revenue of $19.6 million, an increase of 26% over the prior quarter. Both our Thermal Processing Solutions and our Semiconductor Fabrication Solutions segments exceeded forecast, reflecting ongoing strength in the advanced packaging market and stabilizing demand within the mature node semiconductor market.

下午好，感謝您今天加入我們。我很高興地報告，我們第三季的業績超出預期，營收為 1,960 萬美元，比上一季成長 26%。我們的熱處理解決方案和半導體製造解決方案部門均超出預期，反映了先進封裝市場的持續強勁以及成熟節點半導體市場需求的穩定性。

Adjusted EBITDA also came in above expectations at $2.2 million, benefiting from a nonrecurring Employee Retention Credit. Excluding those items, EBITDA was nominally positive. This profitability reflects the combination of improved cost controls, operational discipline as well as benefits of our transition to a more flexible asset-light manufacturing model.

調整後的 EBITDA 也高於預期，達到 220 萬美元，這得益於非經常性員工保留抵免。除去這些項目，EBITDA 名義上是正數。這項獲利能力體現了成本控制的改善、營運紀律的提高以及我們向更靈活的輕資產製造模式轉型帶來的好處。

Expanding on our end markets, with the Thermal Processing Solutions segment, advanced semiconductor packaging remained a highlight this quarter with continued strength driven primarily by ongoing investments in AI infrastructure. For context, in the third quarter, revenue from equipment used for AI infrastructure increased fivefold from a year ago and over 60% sequentially. AI-related equipment accounted for about 25% of our Thermal Processing Solutions revenue in the quarter.

透過熱處理解決方案部門擴大我們的終端市場，先進的半導體封裝仍然是本季的一大亮點，其持續強勁勢頭主要得益於對人工智慧基礎設施的持續投資。具體來說，第三季度，人工智慧基礎設施設備收入年增五倍，季增超過 60%。本季度，人工智慧相關設備約占我們熱處理解決方案收入的 25%。

Related to revenue mix, we generated about 60% of our revenue from capital equipment and 40% from recurring revenue, including consumables, parts and services. The balance between capital equipment and recurring revenue is important and reflects our strategy to expand recurring revenue streams while fully capitalizing on opportunities for equipment used to expand AI infrastructure. As we look ahead, our third quarter bookings suggest we should continue to see strength for AI-related equipment revenue.

關於收入結構，我們約 60% 的收入來自資本設備，40% 來自經常性收入，包括消耗品、零件和服務。資本設備與經常性收入之間的平衡非常重要，這反映了我們擴大經常性收入來源的策略，同時充分利用用於擴展人工智慧基礎設施的設備的機會。展望未來，第三季的訂單顯示我們應該繼續看到人工智慧相關設備收入的強勁成長。

To fully capitalize on this opportunity for growth, we are continuing to invest in next-generation semiconductor packaging equipment that enables volume production of higher density advanced packages to increase our addressable market and the value we provide to customers.

為了充分利用這一成長機會，我們將繼續投資下一代半導體封裝設備，以實現更高密度先進封裝的批量生產，從而擴大我們的目標市場和我們為客戶提供的價值。

Turning to our Semiconductor Fabrication Solutions segment. As we indicated last quarter, demand for front-end equipment and consumables tied to mature node semiconductor applications in industrial and automotive markets remain weak. That said, performance in this segment modestly exceeded our expectations in the quarter, driven by some improvements in demand for consumables.

轉向我們的半導體製造解決方案部門。正如我們上個季度所指出的，工業和汽車市場對與成熟節點半導體應用相關的前端設備和耗材的需求仍然疲軟。儘管如此，受消耗品需求改善的推動，該部門本季的業績略微超出了我們的預期。

Beyond the cyclical ebbs and flows of this market, we remain committed to controlling our own destiny by investing in applications and product development to solve problems faced by our customers. We expect these initiatives to deepen customer relationships and increase recurring revenue streams as customers qualify our products and scale production. While these initiatives will take time to scale, we believe they are important to generate steady growth and building a more resilient, higher-margin business.

除了這個市場的周期性起伏之外，我們仍然致力於透過投資應用程式和產品開發來解決客戶面臨的問題，從而掌握自己的命運。我們預計，隨著客戶認可我們的產品並擴大生產規模，這些舉措將加深客戶關係並增加經常性收入來源。雖然這些舉措需要時間才能擴大規模，但我們相信它們對於實現穩定成長和建立更具彈性、利潤率更高的業務至關重要。

Beyond our AI equipment and recurring revenue growth initiatives, we have made significant progress in optimizing our operating model. Over the past 18 months, we've implemented a series of cost reduction initiatives, resulting in $13 million in annualized savings. This includes consolidating our manufacturing footprint from seven sites to four sites as we shifted some of our production to outsourced partners.

除了我們的人工智慧設備和經常性收入成長計畫之外，我們在優化營運模式方面也取得了重大進展。在過去的 18 個月中，我們實施了一系列成本削減舉措，每年節省 1,300 萬美元。這包括將我們的製造基地從七個地點整合到四個地點，並將部分生產轉移給外包合作夥伴。

Looking ahead, we expect to realize additional savings by subletting unutilized facilities. These actions will further lower our EBITDA breakeven point and improve our ability to scale profitability with higher volumes.

展望未來，我們希望透過轉租未使用的設施來實現額外的節省。這些措施將進一步降低我們的 EBITDA 損益平衡點，並提高我們透過更高的銷售量擴大獲利能力。

In summary, while the near-term environment remains dynamic with strong AI-related demand, but weak mature node product demand, we believe the structural changes we've made to improve operating leverage and our focused investments in product and application development position us very well to deliver profitable growth.

總而言之，雖然短期環境依然充滿活力，人工智慧相關需求強勁，但成熟節點產品需求疲軟，但我們相信，我們為提高經營槓桿而進行的結構性變革以及我們對產品和應用程式開發的重點投資，使我們非常有可能實現盈利增長。

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

接下來，我將把主題交給韋德，讓他進一步介紹我們的財務表現。

Thank you, Bob. For the fiscal third quarter of 2025, net revenues rose 26% sequentially to $19.6 million, driven primarily by strong demand in Asia for reflow ovens used in AI applications. Revenues were down 27% compared to the same prior period last year, largely due to continued weakness in the mature node semiconductor market, which led to lower sales of wafer cleaning equipment, diffusion systems, and high-temperature furnaces. This decline was partially offset by the increased sales of advanced packaging solutions.

謝謝你，鮑伯。2025 財年第三季度，淨收入季增 26%，達到 1,960 萬美元，主要受亞洲對人工智慧應用中使用的回流焊爐的強勁需求所推動。營收與去年同期相比下降了27％，主要是由於成熟節點半導體市場持續疲軟，導致晶圓清洗設備、擴散系統和高溫爐的銷售下降。這一下降被先進封裝解決方案銷售額的成長部分抵消。

In the fiscal third quarter of 2025, our payroll tax expenses were reduced by the receipt of an Employee Retention Credit in the amount of $2.1 million.

在 2025 財年第三季度，我們收到了 210 萬美元的員工保留抵免，從而減少了工資稅支出。

GAAP gross margin increased by $9.5 million sequentially from the prior quarter, primarily due to the absence of $6 million in noncash inventory write-downs recorded last quarter. Compared to the same period last year, gross margin decreased by $0.6 million, driven by lower sales volume resulting from continued weak demand in the mature node semiconductor market. This quarter's gross margin benefited from a $1 million Employee Retention Credit refund. Excluding this ERC, normalized gross margin was 41.5%, a solid improvement from 36.5% in the third quarter of fiscal 2024.

公認會計準則毛利率較上一季較上季增加 950 萬美元，主要由於上季沒有記錄 600 萬美元的非現金庫存減記。與去年同期相比，毛利率下降了 60 萬美元，因為成熟節點半導體市場需求持續疲軟導致銷售量下降。本季的毛利率得益於 100 萬美元的員工保留抵免退款。不包括此 ERC，標準化毛利率為 41.5%，較 2024 財年第三季的 36.5% 大幅提升。

Selling, general and administrative expenses increased $0.3 million sequentially from last quarter and decreased $0.8 million compared to the same prior year period. The increase from last quarter is primarily due to an increase in commissions and third-party consulting costs. The decrease compared to the same prior year period is primarily due to the ERC refund of $0.8 million and cost reductions attributed to actions we have taken to reduce our fixed cost structure.

銷售、一般及行政開支較上一季增加 30 萬美元，較去年同期減少 80 萬美元。與上一季相比的成長主要是由於佣金和第三方諮詢費用的增加。與去年同期相比有所下降，主要是由於 ERC 退款 80 萬美元，以及我們為降低固定成本結構而採取的措施導致的成本降低。

Research, development and engineering expenses declined by $0.5 million quarter-over-quarter, primarily due to the timing of project-specific purchases and the benefit of the ERC refund in the amount of $0.3 million. Compared to the same period last year, expenses were down $0.3 million, reflecting the ERC benefit and nonrecurring development efforts within our Semiconductor Fabrication Solutions segment.

研究、開發和工程費用環比下降 50 萬美元，主要原因是專案特定採購的時間表以及 30 萬美元的 ERC 退款收益。與去年同期相比，支出減少了 30 萬美元，反映了 ERC 收益和我們半導體製造解決方案部門內的非經常性開發努力。

GAAP net income for the third quarter of fiscal 2025 was $0.1 million or $0.01 per share. This compares to GAAP net loss of $31.8 million or $0.0223 per share for the preceding quarter, and GAAP net income of $0.4 million or $0.03 per share for the third quarter of fiscal 2024.

2025 財年第三季的 GAAP 淨收入為 010 萬美元或每股 0.01 美元。相比之下，上一季的 GAAP 淨虧損為 3,180 萬美元，即每股 0.0223 美元，2024 財年第三季的 GAAP 淨收入為 40 萬美元，即每股 0.03 美元。

Non-GAAP net income for the third quarter of fiscal 2025 was $0.9 million or $0.06 per share. This compares to non-GAAP net loss of $2.3 million or $0.16 per share for the preceding quarter and non-GAAP net income of $1.1 million or $0.08 per share for the third quarter of fiscal 2024.

2025 財年第三季非公認會計準則淨收入為 90 萬美元，即每股 0.06 美元。相比之下，上一季非 GAAP 淨虧損為 230 萬美元，即每股 0.16 美元，2024 財年第三季非 GAAP 淨收入為 110 萬美元，即每股 0.08 美元。

Unrestricted cash and cash equivalents at June 30, 2025, were $15.6 million compared to $11.1 million at September 30, 2024. This increase due primarily to our focus on operational cash generation, strong accounts receivable collections from customers and the Employee Retention Credit.

截至 2025 年 6 月 30 日的非限制現金和現金等價物為 1,560 萬美元，而 2024 年 9 月 30 日為 1,110 萬美元。這一成長主要歸功於我們專注於營運現金產生、強勁的客戶應收帳款回收以及員工保留抵免。

Now for the outlook for the upcoming fiscal fourth quarter ending September 30, 2025. We expect revenues in the range of $17 million to $19 million. Growth in AI-related equipment sales in our Thermal Processing Solutions segment is anticipated to partially offset continued softness in the mature node semiconductor product lines. With the benefit of previously implemented structural and operational cost reductions, we expect to deliver improved operating leverage, resulting in adjusted EBITDA margins in the mid-single digits.

現在來看看截至 2025 年 9 月 30 日的即將到來的第四財季的展望。我們預計收入將在 1700 萬美元至 1900 萬美元之間。我們熱處理解決方案部門的人工智慧相關設備銷售成長預計將部分抵消成熟節點半導體產品線的持續疲軟。由於先前實施的結構性和營運成本削減，我們預計將提高營運槓桿，從而使調整後的 EBITDA 利潤率達到中等個位數。

We remain focused on driving further efficiency gains and cost optimization across Amtech's operations, positioning the company to expand margins and generate more resilient profitability going forward.

我們將繼續致力於進一步提高 Amtech 的營運效率和優化成本，幫助公司擴大利潤率並在未來創造更具彈性的獲利能力。

Operating results can be significantly impacted positively or negatively by the timing of orders, system shipments, logistical challenges and the financial results of semiconductor manufacturers. Additionally, the 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.

訂單時間、系統出貨量、物流挑戰和半導體製造商的財務業績可能會對經營業績產生顯著的正面或負面影響。此外，半導體設備產業具有週期性，並且容易受到市場需求變化的影響。未來幾週和幾個月的實際結果可能會有重大差異。

A portion of Amtech's results is denominated in renminbi, 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 the renminbi in relation to the United States dollar could cause actual results to differ from expectations.

Amtech 的部分業績以中國貨幣人民幣計價。本新聞稿中提供的展望是基於美元與人民幣之間的假設匯率。人民幣兌美元匯率的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?

我現在將把電話轉給接線員以回答問題。操作員？

(Operator Instructions) There are no questions at the moment. I'll now turn the call back over to Bob Daigle. Please go ahead.

（操作員指示）目前沒有問題。現在我將把電話轉回給鮑勃·戴格爾。請繼續。

All right. Thank you. Well, thank you for your interest in Amtech and for joining our conference call today, and we look forward to updating you on our progress in the months to come. Have a good day.

好的。謝謝。好吧，感謝您對 Amtech 的關注以及今天參加我們的電話會議，我們期待在未來幾個月向您通報我們的進展。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。