Amtech Systems Inc (ASYS) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by, everyone, and welcome to the Amtech Systems Fiscal 2026 second quarter earnings conference call. (Operator Instructions)

各位好，感謝各位稍候，歡迎參加 Amtech Systems 2026 會計年度第二季財報電話會議。(接線員指示)

I would now like to turn the conference over to Jordan Darrow of Darrow Associates, Investor Relations. Please go ahead.

現在我想把會議交給 Darrow Associates 投資人關係的 Jordan Darrow。請開始。

Thank you, and good afternoon, everyone. We appreciate you joining us for the Amtech Systems fiscal 2026 second quarter conference call and webcast. With me today on the call are Bob Daigle, Chairman and Chief Executive Officer; and Mark Weaver, Interim Chief Financial Officer. After close of market today, Amtech released its financial results for the second quarter of 2026. The earnings release is posted on the company's website at www.amtechsystems.com in the Investors section.

謝謝，各位下午好。感謝各位參加 Amtech Systems 2026 會計年度第二季電話會議與網路直播。今天與我一同出席的有董事長兼執行長 Bob Daigle，以及代理財務長 Mark Weaver。在今日收盤後，Amtech 已公布 2026 年第二季財務結果。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 cover this call and the webcast. Some of the comments we 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 on 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。我們在今日會議中的部分評論將包含前瞻性陳述與假設，這些陳述與假設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；相關文件皆已發布於公司網站的「投資人」專區。

The company assumes no obligation to update any such forward-looking statements. You are cautioned to not 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之義務。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之情況。此等陳述不保證未來績效，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 forward-looking statements are changes in technology 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; and 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.

可能導致實際結果與前瞻性陳述所述結果出現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、產品需求的變動與波動；全球政治與經濟情勢變化（包括貿易制裁）的影響；以及整體市場狀況（包括股票與信貸市場）與市場接受度風險的影響；持續的物流、供應鏈與勞動力相關事項，以及資本配置計畫。

Other risk factors are detailed in our SEC filings, including our Form 10-K and Form 10-Q. Additionally, in today's conference call, we will be referencing non-GAAP financial measures as we discuss the financial results for the first quarter. You will find a reconciliation of those non-GAAP measures in our actual GAAP results included in the press release issued today.

其他風險因素詳載於我們向 SEC 申報的文件中，包括 Form 10-K 與 Form 10-Q。此外，在今日的電話會議中，當我們討論第一季的財務結果時，將引用非 GAAP 財務衡量指標。您可在今日發布的新聞稿中，找到該等非 GAAP 指標與實際 GAAP 結果之調節表。

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

接下來我將把電話會議交給 Amtech 執行長 Bob Daigle。

Thank you, Jordan. Revenue for the quarter was $20.5 million, which was up over 30% from the same quarter last year and up 8% sequentially. Our adjusted EBITDA was $2.5 million or about 12% of sales, an increase of $1.1 million from the prior quarter and $3.9 million from a year ago. While reported revenues were at the high end of our guidance range, our adjusted EBITDA margin was a significant beat, as we had guided to high single-digit EBITDA margins.

謝謝你，Jordan。本季營收為 2,050 萬美元，較去年同期成長逾 30%，較前一季成長 8%。調整後 EBITDA 為 250 萬美元，約占銷售額的 12%，較前一季增加 110 萬美元，較去年同期增加 390 萬美元。雖然公告營收位於我們指引區間的高端，但調整後 EBITDA 利潤率明顯優於預期，因為我們原先指引為高個位數的 EBITDA 利潤率。

Higher gross margins contributed to our improved profitability and cash generation. Gross margin approached 48% in the second quarter, up from 45% in the first quarter. Cash on hand at the end of the quarter was $24.4 million, an increase of $2.3 million from the prior quarter and $11 million from a year ago.

較高的毛利率帶動我們獲利能力與現金創造能力的提升。第二季毛利率接近 48%，高於第一季的 45%。季末現金餘額為 2,440 萬美元，較前一季增加 230 萬美元，較去年同期增加 1,100 萬美元。

AI-related sales accounted for over 30% of our Thermal Processing Solutions segment revenue in the second quarter and bookings were very strong. Momentum for AI-related demand continued to build in the second quarter. Advanced packaging has emerged as a critical bridge between silicon innovation and the escalating demands of artificial intelligence infrastructure.

第二季與 AI 相關的銷售占我們熱處理解決方案（Thermal Processing Solutions）事業部門營收逾 30%，接單表現非常強勁。第二季 AI 相關需求的動能持續增強。先進封裝已成為連結矽創新與人工智慧基礎設施日益攀升需求之間的關鍵橋樑。

As traditional Moore's Law scaling slows, the ability to pack more computing power into a single footprint now relies less on shrinking individual transistors and more on how those chips are interconnected. By enabling high-bandwidth memory integration, reducing data latency through 2.5D and 3D stacking and allowing for massive system-on-package architectures, advanced packaging provides the physical foundation necessary for generative AI and large language models to thrive.

隨著傳統摩爾定律的微縮速度放緩，將更多運算能力塞進單一面積的能力，如今較少依賴縮小單一電晶體，而更取決於晶片之間如何互連。透過支援高頻寬記憶體整合、以 2.5D 與 3D 堆疊降低資料延遲，並允許大規模的系統級封裝（system-on-package）架構，先進封裝為生成式 AI 與大型語言模型的發展提供所需的實體基礎。

In short, packaging is no longer just a protective housing for chips, it is a primary driver of the performance, power efficiency and scale required to fuel the next generation of AI processors. Capital equipment, which can deliver high yields and throughput is vital to support this AI revolution.

簡言之，封裝不再只是晶片的保護外殼，而是推動下一代 AI 處理器所需效能、能效與規模的主要驅動因素。能夠提供高良率與高產能的資本設備，對於支撐這場 AI 革命至關重要。

As broadly reported, semiconductor OEMs and OSATs continue to increase investments to expand capacity to support the massive AI infrastructure build-outs. Demand has been very strong for our advanced packaging equipment and AI server board assembly equipment due to our differentiated capabilities that include TrueFlat technology and market-leading temperature uniformity, which enables high yields when producing these very complex and expensive products.

如各方廣泛報導，半導體 OEM 與 OSAT 持續加大投資以擴充產能，支援大規模 AI 基礎設施建置。由於我們具備差異化能力（包括 TrueFlat 技術與市場領先的溫度均勻性），可在生產這些高度複雜且昂貴的產品時實現高良率，因此市場對我們的先進封裝設備與 AI 伺服器板組裝設備需求非常強勁。

Although we have limited visibility due to our short lead times, our channel checks support our belief that demand will remain very strong for the foreseeable future. Based on bookings and quoting activity, we expect the percentage of revenue from AI applications in our Thermal Processing Solutions segment to exceed 40% in the third quarter.

儘管由於交期較短而使我們能見度有限，但我們的通路查核支持我們的看法：在可預見的未來，需求將維持非常強勁。根據接單與報價活動，我們預期第三季熱處理解決方案事業部門中，來自 AI 應用的營收占比將超過 40%。

We are also seeing increased quoting activity and bookings for panel-level packaging. These more demanding packaging technologies are serving more mainstream semiconductor applications, but their process requirements align very well with our differentiated capabilities. To accelerate growth, we're continuing to invest in next-generation equipment to support higher density packaging to address emerging customer requirements.

我們也看到面板級封裝（panel-level packaging）的報價活動與接單增加。這些要求更高的封裝技術正服務於更主流的半導體應用，但其製程需求與我們的差異化能力高度契合。為加速成長，我們持續投資下一代設備，以支援更高密度封裝並滿足新興客戶需求。

We plan to launch the first product for higher-density packaging at the SEMICON trade show in Taiwan in early September. We believe the capabilities provided by our next-generation equipment will significantly increase our addressable market and help drive growth beyond 2026. Growth of our Thermal Processing Solutions parts and service business was also a highlight in the quarter. Customer outreach initiatives have helped drive growth with revenue up 10% sequentially and 56% year-over-year.

我們計畫於 9 月上旬在台灣的 SEMICON 展會上，推出首款用於更高密度封裝的產品。我們相信，下一代設備所提供的能力將大幅提升我們的可服務市場（TAM），並有助於推動 2026 年以後的成長。本季另一個亮點是我們熱處理解決方案零件與服務業務的成長。客戶觸達（outreach）計畫有助於帶動成長，營收較前一季成長 10%，較去年同期成長 56%。

I should note that while we are benefiting from demand for our products to support the AI build-out, we are also beginning to use AI software integrated with our ERP and CRM sales tools to help support customers and streamline our sales process. For our Semiconductor Fabrication Solutions segment, we continue to leverage our foundry service and technical capabilities to pursue applications from customers not well supported in the industry.

我也要指出，雖然我們受惠於支援 AI 建置所帶來的產品需求，但我們也開始使用與 ERP 與 CRM 銷售工具整合的 AI 軟體，以協助支援客戶並精簡銷售流程。在半導體製造解決方案（Semiconductor Fabrication Solutions）事業部門方面，我們持續運用晶圓代工服務與技術能力，鎖定業界支援不足的客戶應用。

We have built a strong opportunity pipeline and are expanding efforts to replicate successes and grow sales of legacy products. Overall, our IDI chemicals business revenue was up 15% year-over-year. We have also made significant improvements in the service levels we provide and have driven outreach initiatives to grow our parts and services business at Entrepix.

我們已建立強勁的商機管線，並擴大努力以複製成功經驗並提升傳統產品的銷售。整體而言，我們的 IDI 化學品業務營收較去年同期成長 15%。我們也大幅改善所提供的服務水準，並推動觸達計畫，以擴大 Entrepix 的零件與服務業務。

Revenue for parts and service at Entrepix was up about 40% year-over-year. I'm very encouraged by the early results from our customer-centric growth initiatives. Unfortunately, much of the success from these initiatives in our Semi Fab Solutions segment has been masked by weak sales of our PR Hoffman products due to weakness in demand from our major silicon carbide customers.

Entrepix 的零件與服務營收年增約 40%。我們以客戶為中心的成長計畫在早期所取得的成果令我非常振奮。不幸的是，在我們半導體晶圓廠解決方案（SFS）事業部中，這些計畫帶來的多數成功，因主要碳化矽客戶需求疲弱導致 PR Hoffman 產品銷售疲弱而被掩蓋。

As I've stated before, 2026 will be an investment year for our SFS business as we execute on our strategy to overserve the underserved, but we believe that our customer-centric growth initiatives will deliver reoccurring revenue streams with meaningful profits beyond 2026.

如我先前所述，2026 年將是我們 SFS 業務的投資年，我們將執行「過度服務未被充分服務者」的策略；但我們相信，以客戶為中心的成長計畫將在 2026 年之後帶來具實質獲利的經常性收入來源。

The operating leverage and working capital efficiency across the company resulting from our product line rationalization efforts and a migration to a semi-fabless manufacturing model over the past two years helped deliver improved results for the quarter and should result in continued strong cash flow and further increases in gross margins and EBITDA margins as revenues increase.

過去兩年，我們透過產品線精簡（rationalization）以及轉向半無廠（semi-fabless）製造模式，在全公司範圍內提升了營運槓桿與營運資金效率，進而帶動本季表現改善；隨著營收成長，亦可望持續帶來強勁現金流，並進一步提升毛利率與 EBITDA 利潤率。

Our semi-fabless model, which includes -- concluded the consolidation of our manufacturing footprint from seven facilities to four should also allow us to significantly increase revenue with minimal capital expenditures. We ended the quarter producing nine reflow systems per week and have the capacity and supply chains to accommodate the growth we expect with little or no CapEx.

我們的半無廠模式（其中包括——已完成將製造據點由七處整併至四處）也應能讓我們在資本支出極低的情況下大幅提升營收。本季結束時，我們每週生產九套回焊系統，並具備可支應我們預期成長的產能與供應鏈，幾乎不需要或完全不需要資本支出（CapEx）。

In summary, growth opportunities driven by AI infrastructure investments and our customer-centric set strategy, combined with strong operating leverage that results from our asset-light semi-fabless business model position us very well to deliver meaningful shareholder value.

總結而言，由 AI 基礎設施投資與我們以客戶為中心的既定策略所驅動的成長機會，加上源自我們輕資產半無廠商業模式的強勁營運槓桿，使我們處於非常有利的位置，可望為股東創造具意義的價值。

Before I hand the call over to Mark, I have two organization announcements to share. First, as we announced last week, Tom Sabol has been appointed as CFO and will be joining Amtech on May 14. Tom brings more than 20 years of CFO experience across publicly traded and private equity-backed organizations with deep expertise in developing and leading finance teams, driving financial performance, Investor Relations and SEC reporting.

在我把電話交給 Mark 之前，我有兩項組織公告要分享。第一，如同我們上週宣布的，Tom Sabol 已被任命為財務長（CFO），並將於 5 月 14 日加入 Amtech。Tom 擁有超過 20 年的 CFO 經驗，橫跨上市公司與私募股權支持的組織，並在建立與領導財務團隊、推動財務績效、投資人關係（IR）及 SEC 申報方面具備深厚專長。

His background spans several industries, including financial services, software and advanced manufacturing. I look forward to working closely with Tom, as we continue to drive growth and profitability.

他的背景涵蓋多個產業，包括金融服務、軟體與先進製造。我期待與 Tom 密切合作，持續推動成長與獲利能力。

I would like to take a moment to recognize and thank Mark Weaver for stepping in as interim CFO. Mark came out of retirement to help us with this transition, and I greatly appreciate his support and his leadership. I am also pleased to announce that Guy Shechter will be joining Amtech on May 19 in a newly created President and Chief Operating Officer role.

我想花點時間表揚並感謝 Mark Weaver 擔任代理財務長（interim CFO）。Mark 從退休狀態回來協助我們完成這次交接，我非常感謝他的支持與領導。我也很高興宣布，Guy Shechter 將於 5 月 19 日加入 Amtech，擔任新設立的總裁兼營運長（President and Chief Operating Officer）職務。

Guy has held various commercial and general management positions with semiconductor equipment and advanced packaging equipment companies. The extensive experience, customer relationships and leadership skills that he brings to Amtech will be critical as we expand our portfolio of solutions for AI applications to accelerate growth.

Guy 曾在半導體設備與先進封裝設備公司擔任多項商務與綜合管理職務。他帶給 Amtech 的豐富經驗、客戶關係與領導能力，將在我們擴展 AI 應用解決方案組合、加速成長之際扮演關鍵角色。

I'm looking forward to having Guy join the Amtech team. Now I'll turn the call over to Mark for more details concerning our Q2 results.

我很期待 Guy 加入 Amtech 團隊。接下來我把電話交給 Mark，請他就我們第二季（Q2）業績提供更多細節。

Thank you, Bob. Once again, it's been a pleasure working with you and the folks at Amtech. I've truly enjoyed my time here. Now I'll review the financials for the fiscal '26 second quarter. Following the two-year-plus transformation led by Bob, the company is finally at a place where year-over-year revenue comparisons are meaningful.

謝謝你，Bob。再次強調，能與你以及 Amtech 的各位共事是一件很愉快的事。我在這裡的這段時間真的很享受。現在我將回顧 2026 會計年度第二季的財務表現。在 Bob 主導、歷時兩年多的轉型之後，公司終於來到一個年度對年度（YoY）營收比較具有意義的階段。

The one consistent characteristic of our revenue comparisons over the past few years has been the positive impact of AI product demand within the TPS segment. In the second quarter of 2026, AI revenues accounted for more than 30% of TPS segment revenue. Bookings for AI applications remain strong, and we are experiencing both book and ship in the same quarter as well as book now and ship later on.

過去幾年我們營收比較中一個始終如一的特徵，是 TPS 事業部內 AI 產品需求所帶來的正面影響。在 2026 年第二季，AI 營收占 TPS 事業部營收超過 30%。AI 應用的接單（bookings）仍然強勁，我們同時出現「同季接單並出貨（book and ship）」以及「現在接單、稍後出貨（book now and ship later）」的情況。

This has led to the second consecutive quarter of company-wide bookings exceeding sales for the period. Other areas of TPS and SFS sales are also contributing growth on a consolidated basis, which is being partially offset by weakness in select product lines, as Bob discussed in his remarks.

這使得公司整體接單連續第二季超過當期銷售。TPS 與 SFS 的其他銷售領域也在合併基礎上貢獻成長，但部分被特定產品線的疲弱所抵銷，正如 Bob 在談話中所提到的。

Total SFS revenues were $5.7 million in the second quarter, up 15% from approximately $5 million in both the first quarter of 2026 and the second quarter of 2025. Moving on to gross margins. The company's product line rationalization and our focus on growing higher-margin product lines, including AI advanced packaging solutions as well as our recurring parts services business are delivering their intended results, particularly as we are benefiting from greater scale.

SFS 第二季總營收為 570 萬美元，較 2026 年第一季及 2025 年第二季（兩者皆約 500 萬美元）成長 15%。接著談毛利率。公司的產品線精簡，以及我們專注於擴大高毛利產品線（包括 AI 先進封裝解決方案與我們的經常性零件服務業務），正如預期般帶來成效，尤其是在規模擴大所帶來的效益下更為明顯。

Gross margin as a percentage of sales increased to 47.7% in the second quarter of 2026, up nearly 300 basis points from 44.8% in the first quarter of '26. Comparison to the prior year period is not meaningful since that quarter included a $6 million noncash inventory write-down as part of our broader turnaround and transition, which took margins into negative territory in the second quarter of 2025.

2026 年第二季毛利率（占銷售額比重）提升至 47.7%，較 2026 年第一季的 44.8% 上升近 300 個基點。與去年同期的比較並無太大意義，因為 2025 年第二季在我們更廣泛的重整與轉型過程中，包含 600 萬美元的非現金存貨減記，導致當季毛利率落入負值區間。

Selling, general and administrative expenses increased $0.3 million sequentially from the prior quarter and were relatively flat as compared to the second quarter of 2025. The increase is primarily due to expanding business activities, tax and IT consulting fees. Research, development and engineering expenses were relatively flat compared to prior periods.

銷售、一般及行政費用（SG&A）較前一季依序增加 30 萬美元，與 2025 年第二季相比則大致持平。增加主要來自業務活動擴張、稅務與 IT 顧問費用。研發與工程費用相較於前期則大致持平。

The company continues to invest with a measured yet opportunistic approach to R&D, including next-generation products targeting the AI supply chain and our specialty chemicals business. GAAP net income for the second quarter of fiscal 2026 was $1.2 million or $0.08 per share. This compares to GAAP net income of $0.1 million or $0.01 per share for the preceding quarter and a GAAP net loss of $31.8 million or $2.23 per share for the second quarter of fiscal '25.

公司持續以審慎但把握機會的方式投入研發（R&D），包括鎖定 AI 供應鏈的下一代產品，以及我們的特用化學品業務。2026 會計年度第二季 GAAP 淨利為 120 萬美元，或每股 0.08 美元。相較之下，上一季 GAAP 淨利為 10 萬美元，或每股 0.01 美元；而 2025 會計年度第二季 GAAP 淨損為 3,180 萬美元，或每股 2.23 美元。

During the second quarter of 2025, the company recorded significant noncash inventory write-downs and impairment charges, which make the year-over-year comparisons for profitability not really meaningful. The company's second quarter of '26 GAAP net income includes $0.3 million of foreign currency exchange losses versus $0.2 million in the prior quarter, primarily driven by a weakening United States dollar against the Chinese renminbi.

在 2025 年第二季，公司認列了大額非現金存貨減記與資產減損費用，使得獲利能力的年度對年度比較其實不太具意義。公司 2026 年第二季 GAAP 淨利包含 30 萬美元的外匯兌換損失，前一季為 20 萬美元；主要原因是美元兌人民幣走弱。

Unrestricted cash and cash equivalents at March 31, 2026, were $24.4 million compared to $22.1 million at December 31 and $17.9 million at September 30 and $13.4 million a year ago. The increased cash balances are due primarily to the company's focus on operational cash generation, working capital optimization, strong accounts receivable collections and accounts payable management. The increase in cash from the first quarter of this year is even more meaningful since we are carrying an additional $0.9 million in inventory to accommodate higher order flow.

截至 2026 年 3 月 31 日，不受限制的現金及約當現金為 2,440 萬美元，相較於 12 月 31 日的 2,210 萬美元、9 月 30 日的 1,790 萬美元，以及一年前的 1,340 萬美元。現金餘額增加主要是因公司專注於營運現金創造、營運資金最佳化、強勁的應收帳款回收，以及應付帳款管理。本年度第一季以來的現金增加更具意義，因為我們為了因應較高的訂單流量，額外增加了 90 萬美元的存貨。

The company continues to have no debt. As for the $5 million stock repurchase program, the company did not use any cash for this, as no shares were repurchased since the plan was put in place on December 9.

公司仍然沒有負債。至於 500 萬美元的股票回購計畫，公司並未為此動用任何現金，因為自該計畫於 12 月 9 日設立以來，尚未回購任何股份。

Now turning to our outlook. For the third fiscal quarter ending June 30, 2026, the company expects revenue in the range of $20.5 million to $22.5 million. At the midpoint of this range, our guidance is meaningful year-over-year and sequential quarter increase.

接下來談談我們的展望。對於截至 2026 年 6 月 30 日止的第三財季，公司預期營收將落在 2,050 萬至 2,250 萬美元之間。以此區間的中點來看，我們的指引在年對年以及季對季方面都呈現顯著成長。

AI-related equipment sales for the Thermal Processing Solutions segment is anticipated to drive the majority of our revenue growth and account for as much as 40% of the segment's sales in the third quarter of 2026.

熱處理解決方案（Thermal Processing Solutions）事業部門的 AI 相關設備銷售，預期將帶動我們大部分的營收成長，並在 2026 年第三季占該部門銷售額的比重最高可達 40%。

With the benefit of continued top line growth and the sustainable improvements in structural and operational cost reductions, Amtech expects to benefit from its operating leverage to deliver adjusted EBITDA margins in the low double digits range.

受惠於營收持續成長，以及結構性與營運性成本降低所帶來的可持續改善，Amtech 預期將透過其營運槓桿效益，實現調整後 EBITDA 利潤率落在低雙位數區間。

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 the actual results to differ from expectations.

我們今天電話會議以及財報新聞稿中所提供的展望，是基於美元與外幣之間的假設匯率。外幣相對美元的匯率變動，可能導致實際結果與預期有所差異。

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

接下來我將把電話交給接線員進行提問。

(Operator Instructions)

（接線員指示）

Scott Buck, Titan Partners.

Scott Buck，Titan Partners。

Bob, I was hoping to get a little more granularity on gross margins in SFS. It looks like it was up about 800 basis points sequentially. So any kind of added color on what's going on there would be great.

Bob，我希望能更細緻地了解一下 SFS 的毛利率。看起來它季對季上升了大約 800 個基點。所以如果能補充一些背景說明目前那邊的情況，會很有幫助。

Yeah, again, I think a lot of -- revenue contributed -- the additional revenue contributed a bit to that. And I think the balance would really be mix related. There wasn't anything really structurally different quarter-to-quarter in that segment, more reflective of the mix of products through that business and then the incremental revenue.

是的，再次說明，我認為其中很大一部分是——營收貢獻——新增的營收對此有些助益。而其餘部分主要與產品組合有關。該部門在季度之間並沒有任何真正結構性的變化，更多是反映該業務的產品組合，以及增量營收的影響。

We have a lot of operating leverage. As you might imagine, with the -- basically the structural changes we've made over the past couple of years, we've positioned ourselves where we do get very solid flow-through of any incremental revenue to our overall results.

我們有很高的營運槓桿。如你所想像，隨著——基本上我們過去幾年所做的結構性調整——我們已將自身定位到：任何增量營收都能非常有效地流入並反映在整體業績上。

Great. That's very helpful. And then I want to ask about kind of geographic mix and how you're seeing demand trends across regions.

很好。這非常有幫助。接著我想問一下地理區域的組合，以及你們如何看待各地區的需求趨勢。

Yes. So as you might imagine, Asia is really the hotbed for AI infrastructure build-outs. Traditionally, in the packaging area, it's been almost exclusively Taiwan, but what we're seeing is a significant build-out of packaging infrastructure in other parts of Southeast Asia, Thailand, Malaysia, Indonesia, India, for example. So we're seeing a broadening of geographic footprint in terms of major investments in the packaging area for almost all driven by AI infrastructure.

好的。如你所想像，亞洲確實是 AI 基礎設施建置的熱點。傳統上，在封裝領域幾乎完全是台灣，但我們看到在東南亞其他地區也正在大幅建置封裝基礎設施，例如泰國、馬來西亞、印尼、印度等。因此我們看到封裝領域的重大投資在地理版圖上正在擴大，而這幾乎都是由 AI 基礎設施所驅動。

And I'd say more recently, we're seeing quite a bit more activity, I'd say, in North America as well. It was pretty quiet, but we're starting to see some investments being made. I'd say more so on the enterprise level board assembly at this stage than chip packaging, but it's nice to see some increased AI activity in North America as well.

而且我想更近期我們也在北美看到更多活動。之前相當安靜，但我們開始看到一些投資正在進行。就目前階段而言，我會說更多是在企業級的板卡組裝（board assembly），而非晶片封裝，但能在北美也看到 AI 活動增加，確實是件好事。

That's helpful. In terms of Asia, should we be keeping an eye out on any kind of trade policy, tariff or supply chain dynamics?

這很有幫助。就亞洲而言，我們是否需要留意任何貿易政策、關稅或供應鏈動態？

Yeah, specific to the tariffs, we positioned ourselves pretty well there where if you go back a year ago, any equipment coming into the US was basically being manufactured in China. And obviously, there were very meaningful tariff impacts as a result of that. But we did establish a partner where we now manufacture equipment for the US.

是的，針對關稅部分，我們的布局相當到位；如果回到一年前，任何進入美國的設備基本上都是在中國製造。而顯然因此帶來非常顯著的關稅影響。但我們已建立合作夥伴，現在為美國市場製造設備。

in Singapore, Malaysia area. So we've kind of insulated ourselves quite a bit from the US-China stress levels. And beyond that, there really haven't been a lot of, I'd say, across Asia issues. I'd say back to your supply chain question, everyone is talking about memory being more expensive.

在新加坡、馬來西亞一帶。因此我們在很大程度上已把自己與美中緊張關係的影響隔離開來。除此之外，我認為亞洲整體並沒有太多問題。回到你提到的供應鏈問題，大家都在談記憶體變得更貴。

And obviously, that's same for us, and we have to adjust our cost and pricing accordingly if memory becomes more expensive. We really haven't seen any shortages, however, I would say it's more -- there's a little bit of price pressure that we need to deal with and pass along on the memory side.

而且顯然我們也一樣；如果記憶體變得更昂貴，我們就必須相應調整成本與定價。不過我們確實沒有看到任何短缺；我會說更多是——我們需要處理並轉嫁到客戶端的記憶體價格壓力。

Okay. Great. And then last one for me. Cash continues to improve. How should we be thinking about capital allocation?

好的。很好。最後一個問題。現金狀況持續改善。我們應該如何看待資本配置？

Or I should say, how are you thinking about capital allocation? You have the $5 million repurchase authorization out there. Is that a priority? Or is it more R&D investment in new products or even potentially M&A?

或者我應該說，你們是如何思考資本配置的？你們有 500 萬美元的回購授權。那是優先事項嗎？還是更偏向於對新產品的研發投資，甚至可能進行併購（M&A）？

Yeah, let's -- Yes, I'd say growth is number one, right? Because back to the operating leverage discussion, as we grow with the strong margin leverage we have in our portfolio, and I should mention with all the product lines that we cut from the portfolio rationalization efforts, I would say really across the board, we have very healthy margins across the entire portfolio right now.

是的，讓我——是的，我會說成長是第一優先，對吧？因為回到營運槓桿的討論，隨著我們成長，憑藉我們產品組合中強勁的利潤槓桿——我也要補充，透過產品組合精簡（portfolio rationalization）所裁撤的所有產品線之後——我會說目前整體而言，我們整個產品組合的利潤率都非常健康。

So any of the product lines that grow are very meaningful in terms of improving cash generation, gross margins and EBITDA. I'd say from an investment standpoint, we are making those investments. We've been increasing -- we have our R&D efforts around next-generation equipment. There could be a little bit of incremental investment needed to drive that home.

因此，任何產品線的成長，對提升現金創造、毛利率與 EBITDA 都非常有意義。就投資角度而言，我們正在進行這些投資。我們一直在增加——我們針對下一代設備的研發投入。為了把這件事推進到位，可能還需要一些額外的增量投資。

We're investing in resources to develop the pipeline for SFS in terms of trying to build out our IDI portfolio and the recurring revenue streams. We'll continue to incrementally invest in that. I don't see that having a meaningful impact on cash needs. And then the other factor I think we want to point out is with our semi-fabless model, we have the ability to scale without meaningful CapEx.

我們也在投入資源，為 SFS 建立業務管線，著重於擴充我們的 IDI 產品組合以及經常性收入來源。我們會持續逐步增加這方面的投資。我不認為這會對現金需求造成顯著影響。另外一個我想指出的因素是，透過我們的半無晶圓廠（semi-fabless）模式，我們有能力在不需要大量資本支出（CapEx）的情況下擴張。

As I mentioned in my comments, with -- even looking out a year in terms of high growth and demand for the equipment used for AI packaging, we don't really see the need for deploying meaningful cash for CapEx. Our semi-fabless model and our supply chain can handle that growth. So having said all that, long story short is if we find -- we're active, if we could find inorganic opportunities, we would deploy cash accordingly.

如我在評論中提到的，即使往後看一年、在 AI 封裝所用設備的高成長與需求之下，我們也不太認為需要投入大量現金用於資本支出（CapEx）。我們的半無晶圓廠模式與供應鏈可以承接這樣的成長。因此，總結來說，如果我們找到——我們一直很積極——若能找到外延式（inorganic）的機會，我們會相應部署現金。

But as I've said to many people, I spent over a decade doing corporate development in a prior life. And I would say we need to be prudent, cautious and make sure that what we do is generating real meaningful value.

但正如我跟很多人說過的，我在前一段職涯中做了超過十年的企業發展（Corporate Development）。我會說，我們需要審慎、謹慎，並確保我們所做的事情能夠創造真正有意義的價值。

So we're going to be -- when people ask me, are you going to acquire? I always answer the question with maybe because if we find acquisitions that can create real value, we're going to do those to accelerate growth. But we do have a great pipeline of organic growth that I think can push us forward. And then back to your question about capital allocation, obviously, first priority is growth. If we don't have -- if we didn't have better uses for that, then, of course, we would look at providing the cash back to shareholders in some form.

所以我們會——當人們問我，你們會去併購嗎？我總是用「也許」來回答，因為如果我們找到能創造真正價值的併購案，我們就會去做，以加速成長。但我們也有很強的內生成長管線，我認為那也能推動我們向前。再回到你關於資本配置的問題，顯然第一優先是成長。如果我們沒有——如果我們沒有更好的資金用途，那麼當然，我們會考慮以某種形式把現金回饋給股東。

Perfect. Well, I appreciate all the added color, guys. Thank you very much. And congrats on the strong results.

太好了。嗯，我很感謝各位補充的所有細節。非常感謝。也恭喜你們交出強勁的成果。

All right. Thank you, Scott.

好的。謝謝你，Scott。

(Operator Instructions)

（接線員指示）

George Marema, Pareto Partners.

George Marema，Pareto Partners。

Yeah. Hi. Good afternoon, Bob. I just want to give you kudos for the tremendous transformation over the last two years and with the business and now you're starting to see the fruits of that operating leverage, it's fantastic to see this. So thanks for that.

是的。嗨。下午好，Bob。我只是想稱讚你們過去兩年在業務上的巨大轉型，而現在你們開始看到營運槓桿帶來的成果，看到這一點真的很棒。所以謝謝你們。

First question I have is on the change we've seen recently with being very GPU dominated to now a lot more of the CPU and CPUs being more advanced packaging requirements demand. I wonder if you can kind of size up and differentiate what this means to Amtech in terms of opportunities and velocity of capacity adds going forward?

我第一個問題是，最近我們看到的變化是，原本非常以 GPU 為主，現在轉向更多 CPU，而且 CPU 對更先進封裝的需求更高。我想請你幫我們概括一下並區分，這對 Amtech 在機會面以及未來擴產速度（capacity adds 的節奏）方面意味著什麼？

Yeah, my sense, George, is I would -- it's a very favorable tailwind for us in that if you think about our business and in terms of how we package semiconductor packaging or enterprise board assembly for that matter, a lot of it has to do with units and size of those units, right? And I think as many on the call may be aware, you start -- even going back to the -- you look at the Blackwell versus Rubin GPUs where the size of the packages are getting much, much larger is very beneficial.

是的，George，我的感覺是——我會說這對我們是非常有利的順風，因為如果你想想我們的業務，無論是半導體封裝，或是企業板卡組裝（enterprise board assembly），很多都與「單位數量」以及「單位尺寸」有關，對吧？而且我想很多參與電話會議的人可能也知道，你開始——甚至回頭看——你看 Blackwell 相對於 Rubin 的 GPU，封裝尺寸變得越來越大，這對我們非常有利。

Because what we do is we -- you can kind of think about what we're providing is very much based on area of production. So it's the size of the packages, and it's a number of packages. So when you hear people talk about the number of CPUs, maybe I've heard numbers as much as, what, 10:1 against GPUs, TPUs to do a lot of the localized processing for AI.

因為我們所做的——你可以把我們提供的東西想成是非常以生產面積為基礎。所以關鍵在於封裝的尺寸，以及封裝的數量。因此當你聽到人們談到 CPU 的數量時，我甚至聽過一些數字，比如相對於 GPU，CPU 可能高達 10:1，還有 TPU，用來做大量 AI 的在地化處理。

I think that bodes very well for volume production in the industry, which typically bodes very well for us. So we think it's a tailwind. It's too early to -- we're going to try to get our arms around what this could mean in terms of additional acceleration. But I think it's very positive. It's hard to put my arms around the numbers at this stage.

我認為這對產業的量產（volume production）非常有利，而量產通常也對我們非常有利。所以我們認為這是一個順風。現在要——我們會試著更清楚掌握這可能在額外加速方面代表什麼。但我認為這是非常正面的。在這個階段要把數字量化還很難。

Okay. I was curious on the silicon carbide side of the business, with the increasing demand drivers of lots more automotive AI content, power, higher voltages, thermal performance requirements, et cetera, do you see any demand outlook increasing on these areas in the next year or so?

了解。我想問一下碳化矽（silicon carbide）那一塊業務，隨著更多車用 AI 內容、功率、更高電壓、散熱性能要求等等需求驅動增加，你是否看到未來一年左右這些領域的需求展望會上升？

Yeah, Possibly, but I do have -- I temper -- when I look at the big driver for silicon carbide was really the EVs, the electric vehicles. And a lot of that growth is really being driven primarily in Mainland China today, which is less of an opportunity for us than in the West. I do think the AI infrastructure will drive some demand increase.

是的，有可能，但我也會——我會稍微保守一點——因為我看碳化矽最大的驅動力其實是電動車（EV）。而那部分成長目前主要是由中國大陸所帶動，對我們而言，相較於西方市場，那邊的機會較小。我確實認為 AI 基礎設施會帶來一些需求增加。

It's hard to -- I think we're quite a ways away from that impacting capital equipment needs because a lot of the Entrepix volume, if you go back two, three years ago, was capital equipment as they were ramping up infrastructure for EV. I don't think there's enough demand there yet to drive any of that.

但很難——我認為距離它影響資本設備需求還有一段距離，因為如果你回到兩、三年前，Entrepix 的很多出貨量是資本設備，當時他們正在為電動車擴建基礎設施、拉升產能。我不認為目前那邊的需求已經足以推動這類投資。

And I do think the cost pressures on the silicon carbide side in the West and the tremendous capacity that's put into China that's competitive, it could come back. I just wouldn't put -- I'm not emphasizing that, frankly, George, as a major growth driver for us. It could be helpful, but I do think eye on the ball over here is really maximizing our opportunities around packaging and assembly and AI, and it's building out that specialty chemicals annuity business that if you want to -- in terms of where our best investments can be made to drive value.

而且我確實認為，在西方市場的碳化矽領域面臨成本壓力，同時中國投入了龐大的、具競爭力的產能；未來可能會回來。但坦白說，George，我不會把它當作我們主要的成長驅動力來強調。它可能會有幫助，但我認為我們這邊真正要專注的是，最大化我們在封裝、組裝與 AI 周邊的機會，並且擴大那個特用化學品的年金型（annuity）業務——如果你要問我們最佳投資方向以創造價值的話。

Speaking of chemicals, on your chemical side of the business, are you doing much R&D in the -- for addressing all the polymers, adhesives, et cetera, for advanced packaging, semiconductor for like -- that addresses melting and warping and cooling and signal loss, all that sort of stuff?

說到化學品，在你們化學品業務這邊，你們是否有做很多研發，用於先進封裝、半導體所需的各種聚合物、黏著劑等等——例如用來解決熔融、翹曲、冷卻、訊號損耗等各種問題？

We're mostly cleaners, lubricants. We do have some coolants, however, in the processing of primary wafers, more so at the wafer level, though, than -- or optics. I would say optics is an area we're paying more attention to, as you might imagine, than the chemicals and the packaging area. But I do see opportunities -- significant opportunities, frankly, in optics or optical-related semiconductor production, and we're pursuing those.

我們主要是清洗劑、潤滑劑。不過我們也有一些冷卻液，主要用在原生晶圓（primary wafers）的製程上，更多是在晶圓層級，而不是——或是光學（optics）領域。我會說，相較於化學品與封裝領域，我們正如你所想像的，更加關注光學這一塊。但我確實看到在光學或與光學相關的半導體製造上有很大的機會，我們也正在追求這些機會。

Do your cooling chemicals and equipment, do they kind of help address these warpage yield problems that are emerging at the leading edge now?

你們的冷卻化學品和設備，是否能在某種程度上幫助解決目前先進製程前沿正在出現的翹曲良率問題？

Not so much. I think no, but I wouldn't say they do. I think the warpage where we benefit is on the packaging, which is our TrueFlat technology. That's really where we shine, George. If you've got a $30,000 processor that you're trying to assemble, you need to keep it flat.

不太是。我想答案是否定的，我不會說它們有幫助。我認為我們受益的翹曲問題是在封裝端，也就是我們的 TrueFlat 技術。那才是我們真正發光發熱的地方，George。如果你要組裝一顆價值 3 萬美元的處理器，你就必須讓它保持平整。

And I would say that's where we really do well with our TrueFlat equipment.

我會說，這就是我們 TrueFlat 設備表現非常出色的地方。

Okay. Thank you, Bob. All right.

了解。謝謝你，Bob。好的。

Craig Irwin, ROTH Capital Partners.

Craig Irwin，ROTH Capital Partners。

Good evening. Thanks for taking my questions, Bob. Last quarter, the small delay in one of your AI customers in taking some packaging equipment had a big impact on your stock. Did we maybe see the delivery of that equipment in this current period, or is it expected over the next couple of months? And do you expect the linearity or the overall business to have sort of a smoother trajectory given the size and the scale that you're gathering over the next couple of quarters?

晚安。Bob，感謝讓我提問。上個季度，你們其中一位 AI 客戶在接收部分封裝設備上出現小幅延遲，對你們股價造成了很大影響。我們是否在本期看到了那套設備的交付，還是預計會在接下來幾個月內交付？另外，隨著未來幾個季度你們累積的規模與量體擴大，你是否預期線性度或整體業務走勢會更平順一些？

Yeah, we did ship that particular equipment during the quarter. And I'd say that the visibility, I wouldn't say it's great, but it is getting better because there's a lot more activity in terms of new facilities being put in.

是的，我們在本季度已經出貨了那套特定設備。至於能見度，我不會說非常好，但確實正在改善，因為新廠建置方面的活動多了很多。

And so we are seeing more bookings with deliveries out a quarter and in a couple of cases, actually a couple of quarters now, which is very unusual for our business because, as I mentioned before, we have very short lead times. We've got a very efficient supply chain, turn equipment around very quickly. So we've typically been a book and ship even in this large-scale capital equipment space.

因此，我們看到更多訂單，其交付期延後到一個季度之後，甚至在少數情況下延後到兩個季度之後；這對我們的業務來說非常不尋常，因為如我先前提到的，我們的交期一向很短。我們有非常高效率的供應鏈，設備周轉非常快。所以即使是在這種大規模資本設備領域，我們通常也是接單即出貨（book and ship）。

But having said that, because people are actually building new facilities now and don't necessarily need all the equipment immediately, we're seeing better visibility, which I think will translate back to -- I think a good point is that it should start to smooth things out a bit, frankly, as we get better visibility and bookings that aren't just current quarter, but out of ways.

不過話說回來，因為現在大家確實在興建新廠，且不一定需要立刻把所有設備一次到位，我們看到更好的能見度；我認為這會回到——我覺得重點是，隨著能見度提升，以及訂單不只集中在當季、而是延伸到更後面的期間，坦白說，這應該會讓波動稍微平滑一些。

That definitely makes sense. The next question is one that I get asked fairly often, right? It's more of a big picture question, Bob. So can you talk a little bit about Amtech's moat in advanced packaging and AI? What's allowed you to dominate this space?

這確實很合理。下一個問題是我經常被問到的，對吧？這比較偏宏觀的問題，Bob。你能否談談 Amtech 在先進封裝與 AI 領域的護城河？是什麼讓你們能在這個領域占據主導地位？

There are others that would like to do business in here, but you've maintained a really strong reputation on technology. It's allowed you to have those long-term customer relationships and supplier relationships, too. What's different about what you're doing that gives you this moat?

還有其他公司也想在這裡做生意，但你們在技術方面一直維持非常強的口碑。這也讓你們能與客戶以及供應商建立長期關係。你們做的事情有什麼不同，讓你們擁有這樣的護城河？

Yeah, because, generally, we win when it's a demanding application, and there's actually three components that usually come into play. I'd say in advanced packaging, that TrueFlat technology, and it's -- unfortunately, we don't have graphics in front of you, but these are large conveyorized piece of equipment, let's say, almost half the length of a tractor trailer bed that are doing the reflow operations for these packages and you're raising things at very high temperatures.

是的，通常在應用要求嚴苛時我們就會勝出，而一般會有三個要素同時發揮作用。我會說在先進封裝方面，是 TrueFlat 技術；很可惜我們現在沒有圖示，但這些是大型的輸送帶式設備，做回流（reflow）製程；可以說長度接近拖車平板的一半，用於這些封裝的回流作業，並且會在非常高的溫度下加熱。

Most materials, most substrates, and I think George earlier was alluding to this tend to bow and twist and deform as you're heating them up. And we have technology which allows us to -- it actually pulls a vacuum, it holds the substrates down flat against the belt. So things don't basically shift during the assembly process. And what does that mean? That means high yield.

大多數材料、大多數基板——我想 George 先前也提到——在加熱時往往會翹曲、扭轉並產生變形。而我們的技術能讓我們——實際上是抽真空，把基板牢牢吸附並平整地貼在輸送帶上。因此在組裝過程中，基本上不會發生位移。那代表什麼？那代表高良率。

So in applications where you're trying to process something that's very expensive, you need -- you're not going to sacrifice yield, you've got to have equipment that's going to be robust.

所以在你要處理非常昂貴的產品時，你需要——你不可能犧牲良率，你必須要有足夠穩健的設備。

The other thing I'd say is temperature uniformity. I think we have a significant advantage in terms of being able to provide uniformity across our refloat, across the belt within zones. Our latest equipment actually has reconfigurable zones that can be customized by customers, so we've provided capabilities that really are enabling for high yield, high throughput processing of these things.

我認為另一點是溫度均勻性。我想我們在提供回流製程的均勻性方面有顯著優勢，能在各區段內、沿著輸送帶提供一致的溫度均勻性。我們最新的設備其實具備可重新配置的區段，客戶可以客製化，因此我們提供的能力確實能支援這些產品的高良率、高吞吐量加工。

And I'd say the last thing, which I think I've mentioned before, like our Aqua Scrub technology, for example, where we can remove the contaminants from the processing fluxes out of the gas stream so that it reduces downtime in the ovens and reduces the risk of contaminating the product. So we've got a bunch -- I mean, it's not just one -- I guess that's the tough part, Craig. It's not one thing.

最後一點，我想我以前也提過，例如我們的 Aqua Scrub 技術，可以把製程助焊劑（flux）所產生的污染物從氣流中去除，從而降低烤箱停機時間，並降低污染產品的風險。所以我們有一整套——我的意思是，不只是單一項——我想這就是困難之處，Craig。不是只有一件事。

We've got a portfolio of capabilities and IP around some of these capabilities that put us in a position where if you're trying to do -- you're trying to process an AI package, an AI enterprise board, it's expensive, we're worth it. I guess I'd say, which is why we've captured the strong position, market position that we have today and enjoy today.

我們在這些能力周邊有一個能力組合與智慧財產（IP）布局，使我們處於一個位置：如果你要做——你要處理 AI 封裝、AI 企業級板卡，這些都很昂貴，而我們的設備是值得的。我想我會這麼說，這也是為什麼我們能取得並維持今天所擁有、並且正在享受的強勢市場地位。

That definitely makes sense. Well, congratulations on the strong quarter and the strong long-term positioning there. So we'll hop back in the queue.

這確實很合理。那也恭喜你們本季表現強勁，以及長期定位非常扎實。那我們回到隊列中。

All right. Thank you, Craig.

好的。謝謝你，Craig。

And this concludes today's question-and-answer session. I would now like to turn the conference back over to management for any closing remarks.

今天的問答環節到此結束。接下來我想把電話會議交回管理層，請其做任何結語。

All right. Thank you, operator. In closing, I want to thank everybody for joining our earnings call today. We look forward to seeing some of you later this month at the B. Riley Annual Investor Conference and then in June at the Planet Microcap Conference.

好的。謝謝你，接線員。最後，我要感謝各位今天參加我們的財報電話會議。我們期待在本月稍晚於 B. Riley 年度投資人會議見到部分各位，並在 6 月的 Planet Microcap Conference 再次相見。

We hope you can join us at either of these events. And thanks again for your continued support of Amtech Systems, and have a good evening.

希望你們能參加其中任何一場活動。也再次感謝各位持續支持 Amtech Systems，祝各位晚安。

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

本次電話會議到此結束。感謝各位參加今天的簡報，現在可以掛線。