Amtech Systems Inc (ASYS) 2025 Q4 法說會逐字稿

Good day and welcome to the Amtech Systems' fiscal fourth-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 Jordan Darrow of Darrow Associates Investor Relations. Please go ahead.

各位好，歡迎參加 Amtech Systems 2025 財年第四季財報電話會議。請注意，本次通話將會被錄音並同時進行網路直播。現在我將把電話交給 Darrow Associates 投資者關係公司的 Jordan Darrow。請繼續。

Thank you and good afternoon, everyone. We appreciate you joining us for Amtech Systems fiscal fourth quarter 2025 conference call and webcast. With me today on the call are Bob Daigle, Chairman and Chief Executive Officer; and Wade Jenke, Chief Financial Officer.

謝謝大家，下午好。感謝您參加 Amtech Systems 2025 財年第四季電話會議和網路直播。今天和我一起參加電話會議的有董事長兼執行長鮑勃·戴格爾，以及財務長韋德·詹克。

After close of market today, Amtech releases financial results for the fourth 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 將發布 2025 年第四季財務業績。獲利報告已發佈在公司網站 www.amtechsystems.com 的投資者關係欄位中。

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」免責聲明涵蓋本次電話會議和網路直播。今天電話會議上將要發表的一些評論將包含前瞻性陳述和假設，這些陳述和假設存在風險和不確定性，包括但不限於我們在提交給美國證券交易委員會的文件中包含的內容，所有這些文件都發佈在我們公司網站的投資者關係部分。

The company assumes no obligation to update any such forward-looking statements. You were 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聲明的義務。您已被告知不要過度依賴僅代表截至今日情況的前瞻性陳述。這些陳述並不保證未來的業績，實際結果可能與目前的預期有重大差異。

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 matters, 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聲明中的結果有重大差異的重要因素包括：客戶和競爭對手使用的技術的變化、產品波動性和需求的變化、全球政治和經濟狀況變化的影響（包括貿易制裁）、整體市場狀況的影響（包括股票和信貸市場以及市場接受度風險）、持續的物流、供應鏈和勞工問題以及資本配置計劃。其他風險因素已在我們的美國證券交易委員會文件中詳細說明，包括我們的 10-K 表格和 10-Q 表格。

Additionally, in today's conference call, we will be referencing non-GAAP financial measures as we discuss the fiscal fourth-quarter financial results. You will find a reconciliation of those 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，我們將在討論第四財季財務表現時參考非GAAP財務指標。您可以在今天發布的新聞稿中找到這些非GAAP指標與我們實際GAAP績效的調整表。

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

現在我將把電話交給Amtech的執行長鮑勃·戴格爾。

Well, thank you, Jordan, and good afternoon and thank you for joining us today. I'm pleased to report that our fourth-quarter performance was above expectations with revenue of $19.8 million versus a guidance range of $17 million to $19 million.

好的，謝謝你，喬丹，下午好，謝謝你今天加入我們。我很高興地報告，我們第四季的業績超出預期，收入達到 1980 萬美元，而此前的預期範圍為 1700 萬美元至 1900 萬美元。

Strengthened demand for the equipment we produce for AI applications continues to be our primary growth driver. However, both our Thermal Processing Solutions and our Semiconductor Fabrication Solutions segments did exceed forecast, reflecting our strong position for advanced packaging solutions in AI markets and more stable demand within the mature node semiconductor market.

市場對我們生產的人工智慧應用設備的需求不斷增長，這仍然是我們的主要成長動力。然而，我們的熱處理解決方案和半導體製造解決方案業務板塊均超出預期，這反映出我們在人工智慧市場的先進封裝解決方案領域擁有強大的市場地位，以及成熟節點半導體市場中更穩定的需求。

Adjusted EBITDA also came in above expectations at $2.6 million, or about 13% of revenue versus the mid-single-digit EBITDA expected. These recent results are demonstrating our strong operating leverage and ability to generate cash. We ended the quarter with almost $18 million of cash on the balance sheet and continue to have no debt after paying it off last year.

調整後的 EBITDA 也超出預期，達到 260 萬美元，約佔營收的 13%，而預期的 EBITDA 為個位數中段。最近的業績顯示我們擁有強大的經營槓桿和創造現金流的能力。本季末，我們的資產負債表上現金接近 1,800 萬美元，去年還清債務後，目前仍無債務。

The cash swing over the past two fiscal years enabled us to eliminate our debt, which stood at over $10 million and increased our cash to current levels. Our stronger-than-expected results for the quarter reflect the combined contribution of improved operational discipline, the benefits of our transition to a more flexible semi-fabulous manufacturing model, and our focus on higher margin products where we have competitive advantages.

過去兩個財政年度的現金流變化使我們能夠消除超過 1000 萬美元的債務，並將現金增加到目前的水平。本季業績好於預期，反映了營運紀律的改善、向更靈活的半成品製造模式轉型帶來的益處，以及我們對具有競爭優勢的高利潤產品的關注等因素的綜合影響。

Expanding on our end markets, within 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 fourth quarter, revenue from equipment used for AI infrastructure accounted for over 30% of our Thermal Processing Solutions revenue versus 25% in the prior quarter. Based on our channel checks, we see no slowdown for this area of our business.

拓展我們的終端市場，在熱處理解決方案領域，先進半導體封裝在本季度仍然是亮點，其持續強勁的成長主要得益於對人工智慧基礎設施的持續投資。作為參考，在第四季度，用於人工智慧基礎設施的設備收入占我們熱處理解決方案收入的 30% 以上，而上一季這一比例為 25%。根據我們的通路調查，我們認為該業務領域沒有出現放緩跡象。

Related to revenue mix, we generated about 60% of our revenue from capital equipment and 40% from reoccurring revenues, including consumables, parts, and services. The balance between capital equipment and reoccurring revenue is important and reflects our strategy to expand higher margin reoccurring revenue streams while we fully capitalize on opportunities for equipment used to expand AI infrastructure.

從收入組成來看，我們約 60% 的收入來自資本設備，40% 的收入來自經常性收入，包括消耗品、零件和服務。資本設備和經常性收入之間的平衡非常重要，這反映了我們的策略，即在充分利用用於擴展人工智慧基礎設施的設備機會的同時，擴大利潤率更高的經常性收入來源。

As we look ahead, our fourth-quarter booking suggests we should continue to see strength for AI-related equipment revenue. To fully capitalize on this growth opportunity, we are continuing to invest in next generation equipment that enables volume production of higher density advanced packaging and electronic assemblies to increase our addressable market and the value we provide to customers.

展望未來，我們第四季度的預訂情況表明，人工智慧相關設備的收入應該會繼續保持強勁勢頭。為了充分利用這一成長機會，我們將繼續投資下一代設備，以實現更高密度先進封裝和電子組件的批量生產，從而擴大我們的目標市場，並提高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 remained weak. That said, performance in this segment slightly exceeded our expectations in the quarter.

回到我們的半導體製造解決方案業務板塊，正如我們上個季度所指出的，工業和汽車市場中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，該業務類股在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 reoccurring revenue streams as customers qualify our products and scale production.

拋開市場週期性的漲落，我們始終致力於透過投資應用和產品開發來解決客戶面臨的問題，從而掌控自己的命運。我們期望這些措施能夠加深客戶關係，並隨著客戶對我們產品的認可和生產規模的擴大，增加經常性收入來源。

While these initiatives will take time to scale, we are encouraged by the level of customer interest and engagement. This is all part of our strategy to overserve the underserved. As a relatively small player in a very large overall market for semiconductor consumables and equipment, we are targeting high-end, high-margin applications where we can leverage strong technical capabilities and provide exceptional service. End markets include MedTech and defense applications among others where we have strong customer engagement enabled by our foundry service and differentiated capabilities so we can develop sticky reoccurring revenue streams.

雖然這些措施需要時間才能擴大規模，但我們對客戶的興趣和參與程度感到鼓舞。這一切都是我們為服務不足的人群提供過度服務的策略的一部分。作為半導體耗材和設備這個龐大市場中相對較小的參與者，我們瞄準的是高端、高利潤的應用領域，我們可以利用強大的技術能力並提供卓越的服務。終端市場包括醫療技術和國防應用等領域，我們憑藉著代工服務和差異化能力，與客戶建立了牢固的聯繫，從而能夠發展穩定的經常性收入來源。

Over the past 18 months, we've made tremendous progress optimizing our operating model and improving our cost structure. We implemented a series of cost reduction initiatives that included the elimination of some unprofitable products and a shift of some products to outsource partners to reduce labor and fixed overhead costs. These initiatives, which include consolidation of our manufacturing footprint from seven sites to four sites, resulted in $13 million of annualized savings. Looking ahead, we expect to realize additional savings by subletting underutilized factories.

在過去的18個月裡，我們在優化營運模式和改善成本結構方面取得了巨大的進展。我們實施了一系列降低成本的舉措，包括淘汰一些無利可圖的產品，並將一些產品外包給合作夥伴，以降低勞動成本和固定管理費用。這些舉措，包括將我們的生產基地從七個地點整合到四個地點，每年可節省 1,300 萬美元。展望未來，我們預計透過轉租未充分利用的廠房，可以實現額外的成本節約。

These actions have significantly reduced our EBITDA break-even point, improved our ability to scale profitably with higher volumes. With the majority of major optimization initiatives completed, we are now focused on growth initiatives to fully capitalize on AI equipment opportunities and increase our reoccurring revenue.

這些措施顯著降低了我們的 EBITDA 損益平衡點，提高了我們透過提高銷售量來實現獲利擴張的能力。隨著大部分主要優化計劃的完成，我們現在專注於成長計劃，以充分利用人工智慧設備帶來的機遇，並增加我們的經常性收入。

Our improved financial performance, prospects for continued operating cash flow generation, CapEx light business model and a strong balance sheet have provided us with the flexibility to return capital to shareholders while also investing in growth opportunities. So Amtech's Board of Directors has authorized a share repurchase program of up to $5 million of the company's common stock for a one-year period.

我們財務表現的改善、持續經營現金流的前景、輕資本支出的商業模式以及強勁的資產負債表，使我們既能靈活地向股東返還資本，又能投資於成長機會。因此，Amtech 董事會已批准一項股票回購計劃，在一年內回購公司價值高達 500 萬美元的普通股。

In summary, we have a strong foundation for growth driven by AI market opportunities and differentiated capabilities. The changes we've made to optimize our business model and streamline our product portfolio have created a strong operating leverage which positions us well to elevate profitability as we grow and create meaningful shareholder value.

總而言之，我們擁有強大的成長基礎，這得益於人工智慧市場機會和差異化能力。我們透過優化業務模式和精簡產品組合所做的改變，創造了強大的營運槓桿，這使我們能夠在發展過程中提高獲利能力，並為股東創造有意義的價值。

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

接下來，我將把發言權交給韋德，讓他詳細介紹我們的財務表現。

Great. Thank you, Bob. Net revenues increased sequentially from the third quarter, driven primarily by strong demand in Asia for reflow ovens used in AI applications. The decrease in net revenues compared to the same period last year reflects higher AI-related revenues offset by substantially lower mature node semiconductor revenues, primarily for sales and wafer cleaning equipment and parts in our Semi Fabrication Solutions segment.

偉大的。謝謝你，鮑伯。淨收入較第三季環比成長，主要得益於亞洲對用於人工智慧應用的回流焊爐的強勁需求。與去年同期相比，淨收入下降，反映出人工智慧相關收入增加，但成熟節點半導體收入大幅下降，主要原因是半導體製造解決方案部門的銷售和晶圓清洗設備及零件收入減少。

In our Thermal Processing Solutions segment, diffusion furnaces and high temperature furnaces drove the decline in sales. GAAP gross margin decreased by $0.3 million sequentially from the prior quarter and decreased $1 million compared to the same prior-year period.

在我們的熱處理解決方案業務板塊中，擴散爐和高溫爐是銷售下降的主要原因。GAAP毛利率較上一季季減0.3百萬美元，較上年同期下降100萬美元。

The decrease from the prior quarter was due to the one-time employee retention credit received in the third quarter of 2025. The decrease in gross margin from the same prior-year period is primarily due to lower sales volume in the mature node semiconductor market.

與上一季相比的下降是由於在 2025 年第三季收到了一次性員工留任獎勵。與去年同期相比，毛利率下降主要是由於成熟節點半導體市場銷售下降所致。

Gross margin as a percentage of sales increased from 40.7% in the same prior-year period up to 44.4%, this current year quarter driven by cost-saving initiatives and product mix. Compared against the third quarter of 2025 and excluding the ERC one-time credit, gross margin would have been 41.5% versus the current fourth quarter of 44.4% gross margin, showing a nice sequential improvement.

毛利率佔銷售額的百分比從去年同期的 40.7% 增長到本年度的 44.4%，這主要得益於成本節約措施和產品組合的調整。與 2025 年第三季相比，如果不計入 ERC 一次性信貸，毛利率將為 41.5%，而目前第四季的毛利率為 44.4%，顯示出良好的環比改善。

Selling, general, and administrative expenses decreased $1 million sequentially from the prior quarter and decreased $2.4 million compared to the same prior-year period. The decrease from the prior quarter and the same prior-year period is primarily due to cost reduction efforts around overhead expenses and cost structure changes to reduce our fixed costs.

銷售、一般及行政費用較上一季較上季減少 100 萬美元，較上年同期減少 240 萬美元。與上一季和去年同期相比的下降主要是由於我們為降低固定成本而採取的削減管理費用和調整成本結構等措施。

Research, development, and engineering expenses increased by $0.2 million sequentially from the prior quarter and decreased $0.4 million compared to the same prior-year period. The increase from the prior quarter is primarily due to growth initiatives, and the decrease compared to the same prior-year period is primarily due to a more focused approach to our investments in innovation.

研究、開發和工程費用較上一季較上季增加 20 萬美元，較上年同期減少 40 萬美元。與上一季相比的成長主要歸功於成長舉措，而與去年同期相比的下降主要歸功於我們對創新投資採取了更加集中的方式。

GAAP net income for the fourth quarter of fiscal 2025 was $1.1 million or $0.07 per share. This compares to GAAP net income of $0.1 million or $0.01 per share for the preceding shorter and GAAP net loss of $0.5 million or $0.04 per share for the fourth quarter of fiscal 2024.

2025 財年第四季 GAAP 淨收入為 110 萬美元，即每股 0.07 美元。相比之下，上一季的 GAAP 淨收入為 0.10 萬美元，即每股 0.01 美元；而 2024 財年第四季的 GAAP 淨虧損為 0.50 萬美元，即每股 0.04 美元。

Non-GAAP net income for the fourth quarter of fiscal 2025 was $1.4 million or $0.10 per share. This compares to non-GAAP net income of $0.9 million or $0.06 per share for the preceding quarter and non-GAAP net loss of $7,000 or $0.00 per share for the fourth quarter of fiscal 2024.

2025 財年第四季非 GAAP 淨收入為 140 萬美元，即每股 0.10 美元。相較之下，上一季的非GAAP淨收入為0.90萬美元，即每股0.06美元；而2024財年第四季的非GAAP淨虧損為7,000美元，即每股0.00美元。

Unrestricted cash and cash equivalents at September 30, 2025, were $17.9 million compared to $11.1 million at September 30, 2024, due primarily to the company's focus on operational cash generation, working capital optimization, strong accounts receivable collections from customers, accounts payable management, and the employee retention credit.

截至 2025 年 9 月 30 日，本公司非限制性現金及現金等價物為 1,790 萬美元，而截至 2024 年 9 月 30 日為 1,110 萬美元，這主要歸功於公司專注於營運現金流的產生、營運資本的最佳化、強勁的客戶應付帳款回收、

Now turning to our outlook. For the first quarter fiscal ending December 31, 2025, the company expects revenue in the range of $18 million to $20 million. AI-related equipment sales for the Thermal Processing Solutions segment is anticipated to partially offset the transitions in our business related to mature node semiconductor product lines. With the benefit of previously implemented structural and operational cost reductions, Amtech expects to deliver solid operating leverage, resulting in adjusted EBITDA margins in the high single-digits.

現在談談我們的展望。公司預計截至2025年12月31日的第一財季營收將在1,800萬美元至2,000萬美元之間。人工智慧相關熱處理解決方案部門的設備銷售額預計將部分抵消我們業務中與成熟節點半導體產品線相關的轉型。由於先前實施的結構性和營運成本削減措施，Amtech 預計將實現穩健的營運槓桿，從而使調整後的 EBITDA 利潤率達到較高的個位數。

Amtech remains focused on driving further efficiency gains and cost optimization across all operations, positioning the company to expand margins and generate more consistent profitability going forward. Operations can be significantly impacted positively or negatively by the timing of orders, system shipments, logistical challenges, and the financial results of semiconductor manufacturers.

Amtech 將繼續致力於提高所有營運環節的效率和優化成本，從而使公司能夠擴大利潤率，並在未來獲得更穩定的獲利能力。訂單時間、系統出貨、物流挑戰以及半導體製造商的財務表現都可能對營運產生重大的正面或負面影響。

Additionally, although the company has been generating more revenues from recurring and consumable sales, the balance of the businesses from semiconductor equipment industries which can be cyclical and inherently impacted by changes in market demand and capacity utilization. The outlook provided during our call today and in our earnings press release is based on an assumed exchange rate between the United States dollar and foreign currencies. Changes in the value of foreign currencies in relation to the United States dollar could cause actual results to differ from expectations.

此外，儘管公司從經常性銷售和消耗性銷售中獲得了更多收入，但半導體設備行業的業務平衡卻受到週期性波動的影響，並且本質上會受到市場需求和產能利用率變化的影響。我們今天電話會議和獲利新聞稿中提供的展望是基於美元與外幣之間假定的匯率。外幣兌美元匯率的變動可能導致實際結果與預期結果有所不同。

As you may have seen in our 8-K filing, I have submitted my resignation as Chief Financial Officer, effective as of the close of business on December 29, 2025. My decision to step down is not a result of any dispute or disagreement with Amtech Systems. The decision is based upon my personal and family interests in mind. I'll be assuming an executive role at a different company. I have agreed to serve in a consulting capacity for a period of up to six months to assist with the closing of the first quarter of fiscal 2026, preparation and filing of the 2026 annual meeting proxy statement, and the transition of my duties to a new CFO.

正如您可能在我們的 8-K 文件中看到的那樣，我已經提交了財務長的辭呈，將於 2025 年 12 月 29 日營業結束時生效。我決定辭職並非由於與Amtech Systems公司存在任何爭議或分歧。這個決定是基於我個人和家庭的利益而做出的。我將在另一家公司擔任高階主管。我已同意擔任顧問一職，任期最多六個月，以協助完成 2026 財年第一季的結算、2026 年年度股東大會委託書的編制和提交，以及將我的職責移交給新的首席財務官。

Amtech Systems plans to launch a search for a new CFO immediately. I want to take a moment to thank the Amtech Systems team who has achieved and improved substantially under my tenure. I also want to thank Bob Daigle for his tremendous vision and leadership as CEO. I've learned so much and I will be eternally grateful for the opportunity.

Amtech Systems計劃立即啟動新任財務長的招募工作。我想藉此機會感謝 Amtech Systems 團隊，在我的任期內，他們取得了巨大的成就和進步。我還要感謝鮑勃·戴格爾作為執行長所展現出的卓越遠見和領導能力。我學到了很多，我將永遠感激這次機會。

Thank you, and I will now turn the call over to the operator for questions.

謝謝，我現在會把電話轉交給接線員，回答大家的問題。

(Operator Instructions) Craig Irwin, Roth Capital Partners.

（操作說明）克雷格歐文，羅斯資本合夥公司。

Craig, your line may be muted. It's open on our end.

克雷格，你的線可能已靜音。我們這邊是開放的。

Yes, I was on mute. I apologize for that. Thanks for taking my questions.

是的，我當時是靜音的。對此我深表歉意。謝謝您回答我的問題。

So, Bob, can you maybe talk a little bit about your visibility with AI customers? I don't know if you can maybe just give us general color on backlog and backlog trends or orders and order indications and maybe even just the direct investment you're seeing in the different facilities that that you're selling into there as far as the customer commitments.

鮑勃，可以談談你在人工智慧客戶方面的知名度嗎？我不知道您能否大致介紹一下積壓訂單和積壓訂單趨勢、訂單和訂單指示，甚至您看到的不同銷售場所的直接投資情況，以及客戶的承諾情況。

Yeah. Yes, let me walk through that, Craig. Yeah. So again, broadly speaking, we're seeing very strong demand. I would characterize my sense right now is most -- and most of the equipment in the pipeline has been really being put into existing facilities, but what we're hearing is there are new facilities being built as well. So I think there's plans that go out there quite a while.

是的。好的，讓我來解釋一下，克雷格。是的。所以總的來說，我們看到了非常強勁的需求。我現在的感覺是，大部分正在研發的設備實際上都已投入現有設施中，但我們也聽說有新的設施正在建設中。所以我認為，這些計劃已經醞釀了相當長一段時間。

In terms of our visibility and backlog, it's one of these situated -- and I think we've talked about this before, we have a very efficient, effective manufacturing organization for this backend equipment. We can basically, for the most part, book and ship in the same quarter. Our lead times will run six weeks or so for this equipment, out of our Shanghai factory. So typically, we're getting orders and, in most cases, shipping within the same quarter.

就我們的可見性和積壓訂單而言，它屬於這種情況——而且我認為我們以前也討論過這一點，我們有一個非常高效的後端設備製造組織。基本上，我們大部分情況下都可以在同一季度完成預訂和發貨。這套設備從我們上海工廠出貨，交貨週期大約是六週。所以通常情況下，我們會在同一季度內收到訂單並完成出貨。

Having said that, there is an increased level of business where we're -- in some cases, they're telling us we're still finishing up a factory. And it's going to be in, for example, the March quarter or, in some cases, the June quarter before they want to take delivery.

話雖如此，我們這裡的業務水平有所提高——在某些情況下，他們告訴我們，我們仍在完成一家工廠的建設。例如，他們可能要等到三月的季度，或者在某些情況下，要等到六月的季度才能提貨。

So I'd say we're getting a little bit more visibility out there because of other critical constraints and installing equipment. But for the most part, our volume's been driven by book and ship in current quarters.

所以我覺得，由於其他一些關鍵限制因素和設備安裝，我們獲得了更多的關注。但就目前幾季而言，我們的銷售主要還是由書籍和船舶運輸所推動的。

Understood. You've explained the nature of the business in the past and it makes sense that it's not necessarily changing, just moving very well. So that makes sense.

明白了。您之前已經解釋過這項業務的性質，所以它不一定在改變，只是發展得非常好，這是有道理的。這說得通。

One area you guys have really impressed me over the last couple of years is on the execution bringing down OpEx, right, the $13 million in savings. Can you maybe frame out for us what the sublet savings could be from the under underutilized facilities? And I don't know if you can get more specific about which facilities, and whether or not these are sales or things where you're already leased and you can -- you're subleasing or if there's assets that can be sold.

過去幾年裡，你們在執行上給我留下了非常深刻的印象，例如降低了營運成本，節省了 1,300 萬美元。您能否幫我們估算一下，如果將未充分利用的設施轉租出去，可以節省多少費用？我不知道您能否更具體地說明是哪些設施，以及這些是出售的設施，還是您已經租賃的設施（您可以轉租），或者是否有可以出售的資產。

Yeah, no, these are leases of underutilized facilities and both -- in both segments. I'd say combined, we're probably looking at -- once we sublet both facilities, let's say [$700,000] to $1 million in annualized savings associated with those.

是的，不，這些都是未充分利用的設施的租賃，而且在兩個領域都是如此。我認為，綜合起來，一旦我們將這兩個設施轉租出去，我們每年大概可以節省 70 萬到 100 萬美元。

Okay, excellent. Excellent. Then to change subjects again, there's quite a lot of interest out there about new applications for silicon carbide. Some of these AI chip producers are apparently looking at a different substrates for future generations of chips. I know you guys get involved very early on, with different customer groups as far as development necessary for new processes. Are you seeing some new customers maybe come in or new opportunities come in that might broaden your participation away from TPS into substrates for some of the AI momentum we're seeing in the market?

好的，太好了。出色的。然後我們再換個話題，目前大家對碳化矽的新應用非常感興趣。一些人工智慧晶片生產商顯然正在為未來的晶片尋找不同的基板材料。我知道你們很早就參與進來，與不同的客戶群合作，共同開發新流程。您是否看到一些新客戶或新機會的出現，可能會使您的業務範圍從 TPS 擴展到我們目前在市場上看到的 AI 發展勢頭所帶來的基材領域？

Yeah, if it migrates to silicon carbide for processing, it would be more on a consumable side of things, Craig, that we would participate. I actually I thought what you were going to reference is there's a lot of literature and discussion around the fact that the data centers themselves are going to likely distribute -- instead of having low voltage power across the facility, go to high voltage and step it down at the rack. And that allows them to significantly reduce the amount of copper needed for bussing across these AI data centers.

是的，如果加工材料遷移到碳化矽，那將更多地屬於消耗品領域，克雷格，我們會參與其中。我原本以為你要提到的是，有很多文獻和討論都指出，資料中心本身很可能會採用分散式供電——而不是在整個設施中使用低壓電源，而是使用高壓電源，然後在機架處降壓。這樣一來，他們就可以大幅減少這些人工智慧資料中心匯流排所需的銅量。

So I'm hearing more about that where basically it's another -- because with EV, pretty depressed right now across the industry. It's a potential growth driver for silicon carbide where there it's the power electronics for these data centers.

所以我聽到的更多是這樣的，基本上是另一個問題——因為就電動車而言，目前整個行業都相當低迷。對於這些資料中心而言，碳化矽是潛在的成長驅動力，因為它是電力電子元件的組成部分。

I've heard a little bit about silicon carbide as substrates. And again, I think for us, it would be more -- it could translate into consumables if that materializes.

我聽過一些關於碳化矽作為基板的研究。而且，我認為對我們來說，如果這種情況發生，它可能會轉化為消耗品。

Yeah, I can clarify that for you. I'm sure you know, but you're probably limited as far as what you can say, but -- so I'll say it publicly. I know that the silicon carbide produced by Wolfspeed is used by EPC Power, a private company based in California, for the EPC power blocks sold by Vertiv. And those use 3.3 kV MOSFETs, which are much higher power than the MOSFETs using EVs. And that is the primary product going in on the leading edge data centers today.

是的，我可以為你解釋清楚。我相信你也知道，但你可能在說的方面受到限制，不過——所以我要公開說出來。我知道 Wolfspeed 生產的碳化矽被加州的私人公司 EPC Power 用於 Vertiv 出售的 EPC 電源模組。而且它們使用 3.3 kV MOSFET，其功率比電動車使用的 MOSFET 高得多。這就是目前尖端資料中心的主要產品。

So I do know that DC is adopting silicon carbide for power. What I was curious about and really where things could get insanely interesting is if it's a substrate for the actual -- for the AI chips themselves and not just the power.

所以我知道直流電正在採用碳化矽作為電源。我真正好奇的是，也是事情真正變得非常有趣的地方在於，它是否是人工智慧晶片本身的載體，而不僅僅是電源。

Yeah, and I -- my sense would be that's a ways out. If that develops, it's -- I think it -- I haven't heard anything imminent on that front, I guess I would say, Craig.

是的，我的感覺是，那還有很長的路要走。如果這種情況發展下去，我想——我還沒聽到這方面有什麼即將發生的消息，我想說，克雷格。

Michael Legg, Ladenberg.

麥可‧萊格，拉登堡。

Thanks, Bob, now that you've done a great job cleaning up the balance sheet and getting costs in line and your comment on overserving the underserved, can you talk a little bit about the opportunity in the service area?

謝謝鮑勃，既然你已經出色地完成了資產負債表的清理工作，並控制了成本，而且你還提到了過度服務於服務不足的群體，那麼你能談談服務領域的機遇嗎？

Yeah, so what we're focused on is really high-value niche opportunities or areas of the market where -- let me characterize it this way. If you're a large semiconductor application area. You tend to get pretty high service levels and then and product availability is always there and you get development support for new products, new applications.

是的，所以我們關注的是真正高價值的細分市場機會或市場領域——讓我這樣描述一下。如果你所在的領域是大型半導體應用領域。您通常可以獲得相當高的服務水平，產品供應也始終充足，並且您還可以獲得新產品、新應用程式的開發支援。

And what we're finding are opportunities and they tend to be a little bit more niche in the medical area and the defense area where for a large player, the volumes may not be all that meaningful. But for us, it creates a nice opportunity for this reoccurring revenue stream. So we're leveraging our foundry service where we do contract development, we do -- we can help qualify products with some of these OEMs basically get our products in into some of these applications as an alternative to some of the large incumbents.

我們發現了一些機會，這些機會往往在醫療和國防領域比較小眾，對於大型企業來說，這些領域的交易量可能沒那麼重要。但對我們來說，這為建立持續的收入來源創造了一個很好的機會。因此，我們正在利用我們的代工服務進行合約開發，我們可以幫助一些原始設備製造商 (OEM) 對產品進行認證，基本上可以將我們的產品引入到一些應用中，作為一些大型現有產品的替代品。

And again, I -- it's just going to take time to develop because it requires qualification but it is very sticky business that has a nice margin profile. And I think it helps develop some very strong connection with some key customers because we're there to support them where in many cases, others aren't.

再說一遍，這需要時間來發展，因為它需要資格，但這是一個非常穩定的業務，利潤率很高。我認為這有助於與一些重要客戶建立非常牢固的聯繫，因為在許多情況下，其他公司不會為他們提供支持，而我們會為他們提供支持。

Okay, great. And then just to follow-up, on the CFO search, can you give us any update on your progress there?

好的，太好了。最後，關於財務長的招聘，您能否向我們報告目前的進展？

Yeah, so it's -- we just started and we'll keep everybody informed as things develop. But yeah, we're still early in the search.

是的，我們才剛開始，我們會隨時向大家通報進度。是的，我們目前還處於尋找的早期階段。

Okay, great. Thank you.

好的，太好了。謝謝。

Mark Miller, The Benchmark Company.

馬克·米勒，基準公司。

Just wanted to clarify. You indicated that the spread between equipment and reoccurring revenues was 60/40. Was that for both this Thermal Processing and the Semi Fab sales, or was it some differences there?

我只是想確認一下。您指出設備成本與經常性收入的比例為 60/40。這是否同時適用於熱處理和半導體製造的銷售，還是兩者之間存在一些差異？

Yeah, it's overall. I'd say the majority of the Semi Fabrication Solutions are the consumables parts service. And I'd probably have the TPS segment. I'll give you a rough number. Let's say, 80% equipment, 20% on the reoccurring side.

是的，總體而言。我認為半導體製造解決方案的大部分內容都是耗材零件服務。我大概會負責TPS部分。我給你一個大概的數字。假設其中 80% 是設備，20% 是經常性支出。

In terms of your backlog, is it that you said you've been focusing on higher margin products. What does it look like in terms of the margin profile of your existing backlog? Is it better than what you've been reporting recently?

關於你的積壓訂單，你之前說過你一直專注於利潤率較高的產品，是這樣嗎？從現有積壓訂單的利潤率來看，情況如何？比你最近報道的情況好嗎？

Yeah, we're -- yeah, we basically cleaned that up for the most part, Mark, that if you -- when we talked a 1.5 years ago, we had a lot of things in our backlog had subs -- I would characterize as substandard margins and pretty much moved beyond that now. So what's sitting there is of high quality for the majority of it.

是的，我們——是的，我們基本上已經基本解決了這個問題，馬克。如果你——當我們一年半前談話時，我們積壓了很多項目，但分包商——我會稱之為利潤率低於標準，而現在我們已經基本上克服了這個問題。所以，擺在那裡的大部分商品品質都很高。

Okay. You indicated that auto remains soft for you, but I was a little surprised by that because it's my understanding, at least, for EVs that auto sales in China are better this year than last year.

好的。你表示汽車市場對你來說依然疲軟，但我對此感到有些驚訝，因為據我了解，至少就電動車而言，今年中國的汽車銷量比去年好。

Yeah, I think -- yeah, most of our exposure in the auto industry is with the Western OEMs, so let's say US European players, less so in Mainland China. So my comments frankly referred to the semiconductor industry that serves the Western world.

是的，我認為——是的，我們在汽車行業的大部分業務都集中在西方汽車製造商，例如美國和歐洲的廠商，在中國大陸的業務較少。所以坦白說，我的評論指的是服務於西方世界的半導體產業。

Thank you.

謝謝。

George Marema, Pareto Ventures.

喬治‧馬雷瑪，帕累托創投公司。

Hi, thanks for taking the call. Good to talk to you, Bob.

您好，謝謝接聽電話。很高興和你聊天，鮑伯。

Hey, George.

嘿，喬治。

A couple of questions. Do you guys expect any effects from the ramp up of Blackwell versus Hopper and also the kind of the ramp up of these custom ASICs like TPUs, et cetera?

幾個問題。你們認為 Blackwell 與 Hopper 的競爭加劇，以及 TPU 等客製化 ASIC 晶片的普及會帶來哪些影響？

They're -- from our perspective, they're basically using -- our understanding, very similar processes and equipment capabilities. So I think to the extent they ramp and it's more volume that that's beneficial. But in terms of significant technology differences, at this stage, I wouldn't say that there isn't much impact on us if the mix shifts.

從我們的角度來看，他們基本上是利用了我們對製程和設備能力的理解，與我們非常相似。所以我認為，隨著產量增加，這對他們是有益的。但就重大技術差異而言，現階段，如果技術組合發生變化，我不會說對我們不會造成太大影響。

Okay. And then as you look out to '26 in terms of your focused R&D on innovative investments and new products, any update on any new products for '26 and new initiatives?

好的。展望 2026 年，您在創新投資和新產品研發上有哪些重點？關於 2026 年的新產品和新舉措，有什麼最新消息嗎？

Yeah, so let's talk about the initiatives. And again, there's really two areas of focus for our investments. On the thermal process solution side of things, it really is around enabling continuous processing for higher density, higher -- tighter pitch devices, where we think it could potentially open opportunities to participate in more of the processes that are used for these GPUs, TPUs, and electron -- and frankly, even the electronic assembly of dense boards for the AI data servers.

好的，那我們來談談這些舉措吧。再次強調，我們的投資重​​點主要有兩個領域。在熱處理解決方案方面，其核心在於實現更高密度、更高間距裝置的連續處理，我們認為這可能會帶來更多參與GPU、TPU和電子裝置製造流程的機會——坦白說，甚至包括人工智慧資料伺服器高密度電路板的電子組裝。

So I think that's our emphasis for -- TPS is really around how do we participate more of the process. And by the way, that equipment has a high level of complexity and the requirements are more stringent, so we think the ASP would also be meaningfully higher.

所以我認為，這就是我們對TPS的重視之處——TPS的真正意義在於我們如何更參與這個過程。順便說一句，該設備的複雜性很高，要求也更嚴格，因此我們認為平均售價也會顯著更高。

Then on the SFS side of things, our investment is really on driving our growth in our consumables, particularly our -- and specifically our chemicals business, where we have some very strong capabilities on the application development that leverage -- basically leveraging our foundry. We have very strong technology folks in our R&D labs, our formulators. So -- and we think there's -- based on the engagement level, we think there are customers that can significantly benefit from our capabilities and support.

然後，在SFS方面，我們的投資實際上是為了推動我們在耗材領域的成長，特別是我們的化學品業務，我們在該領域擁有非常強大的應用開發能力，這主要得益於我們的鑄造廠。我們的研發實驗室和配方師團隊擁有非常強大的技術實力。所以——而且我們認為——根據參與度來看，我們認為有些客戶可以從我們的能力和支持中受益匪淺。

So that's where we're investing. Very much line of sight though. I said this before. We're a small company. We work on -- these aren't grand initiatives. If we build it, they'll come -- kind of things that -- we're working on things that are very much -- involve customer engagement so that the goal here is to convert R&D efforts into meaningful revenue as quickly as possible.

所以這就是我們的投資方向。視線範圍非常廣。我之前說過。我們是一家小公司。我們致力於——這些都不是什麼宏大的計劃。如果我們建造出來，他們就會來——我們正在努力做的事情，都非常注重客戶參與，因此我們的目標是盡快將研發成果轉化為有意義的收入。

Okay. And then one last one. Has there been any change in the competitive landscape in thermal area?

好的。最後還有一個。火力發電領域的競爭格局是否改變了？

Not -- nothing that I'm aware of visible to, George. I think it's pretty much very similar situation in that space.

不——據我所知，喬治看不到任何東西。我認為那方面的情況也相當類似。

Great. Thank you.

偉大的。謝謝。

All right. Thank you, George.

好的。謝謝你，喬治。

Ladies and gentlemen, at this time, we've reached the end of the question-and-answer session. I'd like to turn the floor back over to management for any closing remarks.

女士們、先生們，問答環節到此結束。我想把發言權交還給管理階層，請他們作總結發言。

All right, well, thank you. Well, first of all, in closing, I'd like to thank Wade for his service to Amtech over the past 16 months and his assistance as we transition the responsibilities to a new CFO. Our back office processes and systems have greatly improved as a result of Wade's efforts, and I wish him the best in his role in his new company.

好的，謝謝。首先，最後，我要感謝 Wade 在過去 16 個月為 Amtech 所做的貢獻，以及在我們把職責移交給新任財務長期間給予的幫助。由於韋德的努力，我們的後台流程和系統得到了極大的改進，我祝他在新公司一切順利。

And in closing, I also want to thank everybody on the call today or those who will participate in the recast for their 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 evening, everyone.

最後，我還要感謝今天參加電話會議的各位，以及所有將要參加此次電話會議的各位，感謝你們對 Amtech 的關注，並感謝你們今天參加我們的電話會議。我們期待在接下來的幾個月向您報告我們的進展。祝大家晚上愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。