Amtech Systems Inc (ASYS) 2026 Q3 法說會逐字稿

Good day and thank you for standing by everyone and welcome to the Amtech Systems Fiscal 2026 Third Quarter Earnings Conference Call. (Operator Instructions)

各位好，感謝大家稍候，歡迎參加 Amtech Systems 2026 會計年度第三季財報電話會議。(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 third quarter conference call and webcast. With me on the call today are Bob Daigle, Chairman and Chief Executive Officer, Guy Schechter, President and Chief Operating Officer and Tom Sabol, Chief Financial Officer.

謝謝，各位下午好。感謝各位參加 Amtech Systems 2026 會計年度第三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、總裁兼營運長 Guy Schechter，以及財務長 Tom Sabol。

After close of market today, Amtech released its financial results for the third quarter of fiscal 2026. The earnings release is posted on the company's website at www.amtechsystems.com in the Investors section. We issued a second press release after the market close today, also available on the website, addressing executive appointments and transitions, which will be discussed during today's conference call as well.

今日收盤後，Amtech 公布了 2026 會計年度第三季財務結果。財報新聞稿已發布於公司網站 www.amtechsystems.com 的投資人專區。我們也在今日收盤後發布第二則新聞稿（同樣可於網站查閱），內容關於高階主管任命與交接；這些事項也將在今日電話會議中討論。

Before we begin, I'd like to remind everyone that Safe Harbor Disclaimer in our public filings cover this call and the webcast. Some of the comments we make 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。我們今天通話中的部分評論將包含前瞻性陳述與假設，可能受到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；這些文件均已發布於公司網站投資人專區。

The company assumes no obligation to update any such forward-looking statements. There are caution to not place undue reliance on forward-looking statements, which speak only as of today. These statements are not guarantees 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。請注意不要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 growth 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.

可能導致實際成長與前瞻性陳述存在重大差異的重要因素包括：客戶與競爭對手所採用技術的變化、波動性的變化以及產品需求的變化。全球政治與經濟情勢變動的影響（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 third quarter. You will find a reconciliation of those non-GAAP measures to 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，在今天的電話會議中，我們在討論第三季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 結果之間的調節表。

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

現在我將把電話交給 Amtech 執行長 Bob Daigle。

Thank you, Jordan. As Jordan mentioned, we made two announcements after the market closed today. The first was our third quarter earnings highlighted by continued strong AI-related growth. The other announcement was in connection with the Chief Executive Officer transition for the company.

謝謝你，Jordan。如 Jordan 所提到的，我們在今日收盤後發布了兩項公告。第一項是我們第三季財報，重點為 AI 相關成長持續強勁。另一項公告則與公司執行長交接相關。

I'll start by addressing our third quarter results. Revenue for the quarter was $22.4 million, up 14% year-over-year and at the top end of our guidance range. Strong AI-related demand within our thermal processing solutions segment drove growth during the quarter that was partially offset by weaker sales in our semiconductor fabrication solutions segment. AI related revenue for our Thermal Process Solutions segment was very strong, up by approximately 120% from the prior year period.

我先談第三季業績。本季營收為 2,240 萬美元，年增 14%，並位於我們財測區間的上緣。本季成長主要由我們熱處理解決方案（Thermal Processing Solutions）事業部門中 AI 相關需求強勁所帶動，但部分被半導體製程設備解決方案（Semiconductor Fabrication Solutions）事業部門較疲弱的銷售所抵銷。我們熱處理解決方案事業部門的 AI 相關營收非常強勁，較去年同期約成長 120%。

Profitability exceeded guidance due to the strong operating leverage generated by our semi-fabless model and other enhancements made during the past two plus years. Gross margin increased to 50% for the quarter and adjusted EBITDA of $3.3 million approached 15% of sales. The combination of higher revenue margins and disciplined execution also continued to support strong cash generation.

由於我們半無廠（semi-fabless）模式所帶來的強勁營運槓桿，以及過去兩年多來所做的其他改善，獲利能力優於財測。本季毛利率提升至 50%，調整後 EBITDA 為 330 萬美元，接近營收的 15%。較高的營收與毛利率組合，加上紀律性的執行，也持續支持強勁的現金創造能力。

Our Thermal Processing Solutions segment delivered excellent results for the quarter. Year-over-year revenue grew by almost 25% due to robust demand for AI-related equipment, which accounted for more than 40% of segment revenue. In addition, parts and services revenue increased by approximately 30% compared to the same quarter last year, reflecting the continued success of our customer outreach initiatives.

我們的熱處理解決方案事業部門本季表現優異。在 AI 相關設備需求強勁帶動下，年營收成長近 25%，AI 相關設備占該事業部門營收超過 40%。此外，零件與服務營收較去年同季約成長 30%，反映我們客戶拓展計畫持續成功。

As broadly reported, semiconductor manufacturers, OSATs and other participants in the AI supply chain continue to expand capacity to support significant AI infrastructure investments. Advanced packaging continues to serve as a critical enabler of artificial intelligence by supporting increasingly complex semiconductor architectures. Capital equipment capable of delivering high yields, excellent throughput and highly repeatable process performance remains essential to supporting this growth.

如各界廣泛報導，半導體製造商、OSAT（委外半導體封裝測試）業者及 AI 供應鏈的其他參與者，持續擴充產能以支援龐大的 AI 基礎建設投資。先進封裝持續扮演人工智慧的關鍵推動者，支援日益複雜的半導體架構。能夠提供高良率、優異產出效率（throughput）以及高度可重複製程表現的資本設備，仍是支撐此成長不可或缺的要素。

Demand for our advanced packaging equipment and AI server board assembly solutions remains exceptionally strong due to our differentiated capabilities, including true flat technology and an industry-leading temperature uniformity. The book-to-bill ratio for our thermal processing solutions segment approached 1.4 in the quarter, driven by AI-related equipment demand.

由於我們具差異化的能力（包括真正的平坦化技術以及業界領先的溫度均勻性），市場對我們的先進封裝設備與 AI 伺服器板組裝解決方案需求仍然異常強勁。本季我們熱處理解決方案事業部門的接單出貨比（book-to-bill）接近 1.4，主要由 AI 相關設備需求所帶動。

This is our third consecutive quarter where our book-to-bill exceeded one. Despite our relatively short lead times, we are seeing a significant increase in booking scheduled for shipment in future quarters, providing confidence that AI-driven demand will continue to be a meaningful growth driver.

這是我們連續第三個季度接單出貨比高於 1。儘管我們的交期相對較短，我們仍看到排定於未來季度出貨的訂單顯著增加，這讓我們更有信心 AI 驅動的需求將持續成為重要的成長動能。

In addition, an exciting new development during the quarter was the receipt of our first order for equipment used in the production of cooling components for AI semiconductors. This application expands our participation in AI infrastructure build out beyond advanced packaging and server board assembly and represents another attractive growth opportunity for our business.

此外，本季另一項令人振奮的新進展是，我們收到首筆用於生產 AI 半導體散熱元件之設備訂單。此應用使我們在 AI 基礎建設擴建中的參與範圍，從先進封裝與伺服器板組裝進一步延伸，並代表我們業務的另一項具吸引力的成長機會。

To accelerate growth beyond 2027, our teams are developing new equipment platforms and process capabilities designed to support emerging semiconductor applications and higher density packaging requirements. We plan to introduce some of these new products and capabilities at the Semicon Taiwan trade show in early September. We believe these new capabilities and products should significantly expand our addressable market and help support sustainable growth in the years ahead.

為了加速 2027 年以後的成長，我們的團隊正在開發新的設備平台與製程能力，以支援新興半導體應用以及更高密度的封裝需求。我們計畫在 9 月上旬的 Semicon Taiwan 展會上推出其中部分新產品與新能力。我們相信，這些新能力與產品將大幅擴大我們的可服務市場（addressable market），並有助於支撐未來數年的可持續成長。

Turning to our semiconductor fabrication solutions segment, the year-over-year revenue decline was primarily driven by a significant reduction in demand for our PR Hoffman templates used in silicon carbide substrate manufacturing. Unfortunately, due to structural changes in the silicon carbide industry, we do not expect meaningful recovery in demand. To revitalize growth in this segment, our strategy remains focused on serving customers and applications that are underserved within the industry. We're continuing to invest in customer outreach and engagement initiatives to grow our parts and services business and new product development to grow our specialty chemicals business.

接著談半導體製程設備解決方案事業部門，年營收下滑主要是由於用於碳化矽（silicon carbide）基板製造的 PR Hoffman 模板需求大幅下降所致。不幸的是，由於碳化矽產業的結構性變化，我們預期需求不會出現有意義的復甦。為了重振該事業部門的成長，我們的策略仍聚焦於服務產業中供給不足的客戶與應用。我們將持續投資於客戶拓展與互動計畫，以擴大零件與服務業務，並透過新產品開發來成長我們的特用化學品業務。

At Entrepix, our parts and service business delivered another strong quarter with revenue increasing 19% year-over-year. While we invest in revitalizing growth, the SFS business is making some contribution to our overall profitability by covering a portion of our corporate overhead costs. Across Amtech, the operating leverage and working capital efficiencies created through our product line rationalization efforts and transition to a semi-fabless operating model over the past two plus years continues to deliver meaningful value.

在 Entrepix，我們的零件與服務業務本季再度表現強勁，營收年增 19%。在我們投資以重振成長的同時，SFS 業務也透過承擔部分公司總部間接費用，對整體獲利做出一些貢獻。在 Amtech 全公司層面，過去兩年多來透過產品線精簡與轉型為半無廠營運模式所創造的營運槓桿與營運資金效率，持續帶來具意義的價值。

We ended the quarter with $83.1 million of cash, including $56.5 million of net proceeds from an oversubscribed public offering of nearly 3 million shares of common stock, which was essentially done at market price. Excluding the capital raise, cash at the end of the quarter was up $2.2 million from the prior quarter and $11 million from the prior year. While we're pursuing additional growth capital, while we weren't pursuing additional growth capital, we felt the timing was right to opportunistically bolster our balance sheet and anticipation of opportunities to supplement organic growth with synergistic acquisitions.

我們在本季末的現金為 8,310 萬美元，其中包括來自一項超額認購的公開發行（接近 300 萬股普通股）的淨募資款 5,650 萬美元，該發行基本上以市價完成。若排除本次增資，本季末現金較前一季增加 220 萬美元，較去年同期增加 1,100 萬美元。在我們尋求額外成長資本之際，雖然我們當時並未積極尋求額外成長資本，但我們認為時機成熟，可把握機會強化資產負債表，並預先因應以具協同效益的併購來補充內生成長的機會。

Before Tom provides more details concerning our financial performance, I'd like to briefly address the leadership transition we announced today. After serving as Chairman and Chief Executive Officer for the past three years, I will transition to the role of Executive Chairman, and Guy Schechter will assume the position of Chief Executive Officer, Guy has also been appointed to our company's board of directors. This transition is a result of a thoughtful successful planning process led by our Board of Directors and reflects a commitment to strong corporate governance, leadership continuity and long-term value creation.

在 Tom 提供更多有關我們財務表現的細節之前，我想先簡要說明我們今天宣布的領導階層交接。在過去三年擔任董事長兼執行長之後，我將轉任執行董事長（Executive Chairman），而 Guy Schechter 將接任執行長一職；Guy 也已獲任命加入本公司董事會。此次交接是由董事會主導、經過周全且成功的規劃流程所促成，並反映我們對健全公司治理、領導延續性與長期價值創造的承諾。

As Executive Chairman, I will be working closely with Guy to ensure a seamless transition and remain actively involved in supporting our long-term growth strategy. Since joining Amtech earlier this year as President and Chief Operating Officer, Guy has quickly established strong connections with our customers, partners and employees while helping to further align our operations, growth initiatives and product development efforts. I will now turn the call over to Guy so he can introduce himself and provide some additional background.

作為執行董事長，我將與 Guy 密切合作，確保交接順利無縫，並持續積極參與支持我們的長期成長策略。自今年稍早加入 Amtech 擔任總裁兼營運長以來，Guy 很快就與我們的客戶、合作夥伴及員工建立了緊密連結，同時協助進一步對齊我們的營運、成長計畫與產品開發工作。接下來我把電話交給 Guy，讓他自我介紹並提供一些補充背景。

Thank you, Bob. I appreciate the confidence that you and the Board have placed in me. And I'm honored to lead Amtech as we enter this next phase of growth. I look forward to working with you, the Board and the Amtech team to build on the company's strong foundation and continue advancing our strategy.

謝謝你，Bob。我很感謝你以及董事會對我的信任。能在公司進入下一個成長階段之際領導 Amtech，我深感榮幸。我期待與你、董事會以及 Amtech 團隊合作，在公司堅實基礎上再接再厲，持續推進我們的策略。

I bring more than 25 years of leadership experience in semiconductors and advanced packaging equipment industries, including product management, operation services and general management.

我在半導體與先進封裝設備產業擁有超過 25 年的領導經驗，涵蓋產品管理、營運服務與綜合管理等領域。

Prior to joining Amtech, I held senior leadership roles at Yield Engineering Systems and Vehicle Instruments, where I focused on developing high-performing teams, delivering differentiated products and services and driving profitable growth. Since joining Amtech earlier this year, I've spent time across our global operations and with customers around the world. Those discussions have reinforced my confidence in the strength of Amtech's brand, the depth of our customer relationships and the opportunities we have to expand our presence in attractive growth markets.

在加入 Amtech 之前，我曾在 Yield Engineering Systems 與 Vehicle Instruments 擔任資深領導職務，專注於打造高績效團隊、提供差異化產品與服務，並推動獲利成長。自今年稍早加入 Amtech 以來，我走訪了我們的全球營運據點，並與世界各地的客戶交流。這些討論進一步強化了我對 Amtech 品牌實力、客戶關係深度，以及我們在具吸引力的成長市場中擴大布局機會的信心。

We see strong demand for technologies that enable AI-driven semiconductor manufacturing and advanced packaging. Amtic is well positioned to capitalize on these trends by strengthening its core businesses, expanding the technology portfolio and increasing our participation in key process steps across customers' manufacturing roadmaps. I'm excited about the opportunities ahead and confident in our ability to execute, support our customers and create long-term value for our shareholders. With that, I'll turn the call back to Bob.

我們看到能夠支援 AI 驅動之半導體製造與先進封裝的技術需求強勁。Amtech 具備良好條件可透過強化核心業務、擴充技術組合，並在客戶製造藍圖中的關鍵製程步驟提高參與度，以掌握這些趨勢帶來的機會。我對未來的機會感到振奮，並對我們的執行能力、支援客戶以及為股東創造長期價值充滿信心。接下來我把電話交回給 Bob。

Thank you, Guy. I'm very pleased that Guy is stepping into the CEO role and believe this is the right time to execute this transition. Amtech is entering an exciting new phase of growth with strong momentum in our thermal processing solutions business that includes expanded opportunities in advanced packaging and AI infrastructure applications, has a well-established asset-light business model that delivers strong operating results. And has an exceptionally strong balance sheet. I'm excited about the future and confident that Amtech best days remain ahead of us. Now I'll turn the call over to Tom for more details concerning our Q3 results.

謝謝你，Guy。我非常高興 Guy 將接任執行長一職，並相信現在是推動這項交接的適當時機。Amtech 正進入令人振奮的新成長階段；我們的熱處理解決方案（TPS）業務動能強勁，包含在先進封裝與 AI 基礎設施應用上的擴大機會，並擁有成熟的輕資產商業模式，可帶來強勁的營運成果。同時也擁有極為穩健的資產負債表。我對未來感到振奮，並相信 Amtech 最好的日子仍在前方。現在我把電話交給 Tom，請他提供更多關於我們 2026 會計年度第三季（Q3）業績的細節。

Thank you, Bob. It is my pleasure to review the financials for the fiscal 2026 third quarter. Following the two-year plus transformation led by Bob. The company is at a place where year-over-year revenue comparisons are meaningful. That began with our second quarter and will be my focus on presenting our financial performance today.

謝謝你，Bob。我很高興為各位回顧 2026 會計年度第三季的財務表現。在 Bob 主導、歷時兩年多的轉型之後，公司已來到一個年度同比（year-over-year）的營收比較具有意義的階段。這一點從我們第二季開始顯現，也將是我今天呈現財務表現的重點。

AI product demand continues to drive our consolidated growth, namely within our TPS segment. TPS revenue of approximately $17.7 million was up nearly 25% year-over-year. Driven by continued strength in AI-related equipment demand and parts and services revenue in support of a growing installed base. 20% of TPS revenue in the third quarter of 2026 is related to parts and services.

AI 產品需求持續帶動我們的合併成長，尤其是在 TPS 事業部。TPS 營收約 1,770 萬美元，年增近 25%。成長動能來自 AI 相關設備需求持續強勁，以及為不斷擴大的裝機基礎提供支援的零組件與服務收入。2026 年第三季 TPS 營收中有 20% 來自零組件與服務。

In the third quarter of 2026, AI revenues accounted for more than 40% of TPS segment revenue, up from a 30s handle in the prior year period. Bookings for AI applications remain strong and we are experienced both book and ship in the same quarter as well as book now and ship later on. As a result, our backlog is building for the current quarter as well as into Q1 and Q2 of fiscal 2027.

在 2026 年第三季，AI 營收占 TPS 事業部營收的比重超過 40%，高於去年同期約 30% 多的水準。AI 應用的接單（bookings）仍然強勁；我們既有同季「接單並出貨」（book and ship）的情況，也有「先接單、後續出貨」（book now and ship later）的情況。因此，我們的在手訂單（backlog）正持續累積，涵蓋本季以及 2027 會計年度的 Q1 與 Q2。

For the third consecutive quarter, company-wide bookings exceeded sales for the period. As mentioned, the SFS segment has lagged, so our growth is being carried by our TPS segment, again notably for sales related to AI equipment. Total SFS revenues were $4.6 million in the third quarter, down just over 13% from the same period a year ago, primarily as a result of weak demand for PR Hoffman silicon carbide-related products.

連續第三個季度，全公司接單金額超過當期銷售金額。如前所述，SFS 事業部表現相對落後，因此我們的成長主要由 TPS 事業部帶動，且再次特別來自 AI 設備相關銷售。第三季 SFS 總營收為 460 萬美元，較去年同期下滑略高於 13%，主要原因是 PR Hoffman 碳化矽相關產品需求疲弱。

Moving on to gross margins, once again, 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 and services business are delivering their intended results, particularly as we are also benefiting from greater scale. Overall gross margins as a percentage of sales increased to 50% in the third quarter of 2026, up nearly 400 basis points from 46.7% in the third quarter of 2025.

接著談毛利率：公司產品線精簡，以及我們聚焦於擴大較高毛利產品線（包括 AI 先進封裝解決方案），再加上具經常性的零組件與服務業務，正持續達成預期成效，尤其在我們也受惠於規模擴大之際。整體毛利率占銷售比重在 2026 年第三季提升至 50%，較 2025 年第三季的 46.7% 提高近 400 個基點。

Selling general administrative expenses increased approximately $600,000 from the prior year quarter. The increase is primarily due to expanding business activities, Compensation including executive transitions and tax and IC consulting fees. Research, development and engineering expenses more than doubled from the prior year, but were relatively flat compared to Q2, although we expect this may increase in the coming quarters as we build out our platform to address next-gen and tangential opportunities.

銷售、一般及行政費用（SG&A）較去年同期增加約 60 萬美元。增加主要來自業務活動擴張、薪酬（包含高階主管交接相關）、以及稅務與內控（IC）顧問費用。研發與工程費用較去年同期增加逾一倍，但相較於第二季則大致持平；不過，隨著我們建置平台以因應下一代與周邊機會，預期未來幾季可能會增加。

GAAP net income for the second quarter of fiscal 2026 was approximately $1.7 million or $0.10 per diluted share. This compares to GAAP net income of approximately $100,000 or $0.01 per share for the prior year period.

2026 會計年度第二季的 GAAP 淨利約為 170 萬美元，或稀釋後每股盈餘 0.10 美元。相較之下，去年同期 GAAP 淨利約為 10 萬美元，或每股盈餘 0.01 美元。

In the third quarter of 2026, we recorded approximately $300,000 in non-cash charges, primarily due to the sublease of our previously closed ACMI Spartansburg facility related to the disposal of certain fixed assets and an impairment of the ROU lease asset. However, we will be recouping approximately 87% of the monthly future lease expenses from the sublease. The company also recorded approximately $400,000 of stock-based compensation expense in Q3 2026.

在2026年第三季，我們認列約30萬美元的非現金費用，主要係因先前已關閉之ACMI Spartansburg廠房進行轉租，涉及處分若干固定資產以及使用權（ROU）租賃資產之減損。然而，我們將可透過該轉租回收約87%的每月未來租賃費用。公司亦於2026年第三季認列約40萬美元的股份基礎給付薪酬費用。

The company's GAAP net income includes approximately $400,000 of foreign currency exchange losses in the third quarter of 2026 as compared to $100,000 in the prior year period, primarily driven by a weakening US dollar against the Chinese renminbi. Unrestricted cash and cash equivalents at June 30, 2026 were $83.1 million compared to $24.4 million at March 31, 2026 and $17.9 million at December 31, 2025.

公司依GAAP計算之淨利在2026年第三季包含約40萬美元的外幣匯兌損失，相較於去年同期約10萬美元，主要係因美元兌中國人民幣走弱所致。截至2026年6月30日，不受限制之現金及約當現金為8,310萬美元，相較於2026年3月31日的2,440萬美元及2025年12月31日的1,790萬美元。

The increased cash balance at the end of the third quarter is due primarily to the company raising $56.5 million of net proceeds from a $60 million oversubscribed public offering of common stock in June. The company continued to benefit from operational cash generation, working capital optimization, strong accounts receivable collections from customers and accounts payable management and generated $1.1 million in cash flow from operations during the fiscal third quarter of 2026.

第三季期末現金餘額增加，主要係因公司於6月完成一項60百萬美元、超額認購之普通股公開發行，取得淨募資款5,650萬美元。公司亦持續受惠於營運現金創造、營運資金最佳化、客戶應收帳款強勁回收及應付帳款管理，並於2026會計年度第三季自營運活動產生110萬美元的現金流量。

The quarter end cash balances reflects an additional $1.7 million in inventory from the beginning of the fiscal year to accommodate the increased backlog and order flow in our TPS business segment.

期末現金餘額亦反映自本會計年度年初起，為因應我們TPS業務部門增加的積壓訂單與訂單流入，額外增加了170萬美元的存貨。

The Company continues to have no debt as for the $5 million stock repurchase program, the Company did not use any cash for this during the quarter and no shares have been repurchased since the plan was put in place in December of 2025.

公司仍維持零負債；就5百萬美元的庫藏股回購計畫而言，公司本季未動用任何現金，且自該計畫於2025年12月設立以來尚未回購任何股份。

Now turning to our outlook, for the fourth fiscal quarter ended September 30, 2026. The company expects revenue to be in the range of $22.5 million to $24 million. With regards to adjusted EBITDA, the company expects to benefit from its operating leverage and consolidated top-line growth to deliver adjusted EBITDA margins in the low to mid-teens.

接著談到我們的展望，針對截至2026年9月30日止的2026會計年度第四季。公司預期營收將介於2,250萬至2,400萬美元。就調整後EBITDA而言，公司預期將受惠於營運槓桿與合併營收成長，使調整後EBITDA利潤率落在低至中十位數百分比區間。

Again, AI-related equipment sales for the Thermal Processing segment are anticipated to drive the majority of our revenue growth and account for well over 40% of the segment sales in the fourth quarter of 2026. At the same time, we remain disciplined on the SFS side of the business where mature node demand has yet to meaningfully recover and we are managing costs and working capital accordingly. The outlook provided today during our call and in our earnings 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 US dollar could cause the actual results to differ from expectations. And I will now turn the call over to the operator for questions.

同樣地，熱處理（Thermal Processing）部門的AI相關設備銷售預期將推動我們大部分的營收成長，並在2026年第四季占該部門銷售額的40%以上、且遠高於40%。同時，我們在SFS業務端仍維持紀律；成熟製程節點需求尚未明顯復甦，我們也相應管理成本與營運資金。今日電話會議及財報新聞稿所提供之展望係基於美元與外幣之假設匯率。外幣相對美元價值的變動，可能導致實際結果與預期不同。接下來我將把電話交給接線員進行提問。

Craig Irwin, Roth Capital Partners.

Craig Irwin，Roth Capital Partners。

Hey guys, Andrew on for Craig. Congrats on the progress. First one for me, he had a nice jump in TPS backlog. Can you kind of just help us understand how long you kind of expect that backlog to convert to revenue and the timing there.

嗨各位，我是Andrew，代Craig發言。恭喜你們的進展。我第一個問題是，你們TPS的積壓訂單有不錯的跳升。能否協助我們理解，你們預期這些積壓訂單轉為營收大概需要多久，以及相關時點？

Primarily over our fiscal we're going into this is our fiscal fourth quarter, we're expecting it to carry into primarily first quarter and some into the second quarter of our fiscal year '27.

主要是在我們即將進入的會計年度第四季，我們預期會延續到主要是第一季，並有一部分延伸到我們2027會計年度的第二季。

Perfect, understood. And then second from me, just within your existing silicon carbide customers, can you remind us kind of what the mix is currently of EV versus defense, medical, any other industrial customers and maybe any pockets you do see potential areas for growth?

很好，了解。第二個問題，在你們既有的碳化矽客戶中，可否提醒我們目前電動車（EV）相較於國防、醫療及其他工業客戶的大致組合占比？以及你們是否看到任何可能的成長區塊？

Yes, and I kind of alluded to this, we've seen a market decline in silicon carbide demand and I'd say it's really de minimis at this point and I don't really envision a meaningful recovery in demand for our silicon carbide products. We've really de-emphasized that going forward and restructured the business accordingly and really have the majority of our effort continues to focus on driving growth in our AI infrastructure equipment. For AI infrastructure equipment and then again developing our specialty chemicals business and our parts and service in the mature world. That's where we see the big opportunities. So I really don't really we don't focus a lot of time on what's happening in silicon carbide anymore.

是的，我剛才也稍微提到，我們看到碳化矽需求的市場下滑；我會說到目前為止其實已經非常不重要（de minimis），而且我不太預期我們的碳化矽產品需求會有顯著復甦。我們未來已大幅降低對這塊的著墨，並據此重整業務；我們的大部分努力將持續聚焦於推動AI基礎設施設備的成長。也就是AI基礎設施設備，並同時發展我們的特用化學品業務，以及在成熟製程領域的零件與服務。我們認為那裡才是最大的機會。所以我們現在真的不太花時間在碳化矽的狀況上了。

Thanks for taking my questions and I'll hop back in the queue.

謝謝回答我的問題，我先回到提問隊列。

All right. Thank you.

好的。謝謝。

Scott Buck, Titan Partners.

Scott Buck，Titan Partners。

Hi. Good afternoon, guys. Just kind of a follow-up on the backlog. I'm curious how much of that uptick, maybe a few large hyperscaler or OSAT orders versus a more kind of broad step up just trying to understand what, how bumpy that is.

嗨。各位下午好。我想就積壓訂單再追問一下。我好奇這次上升幅度中，有多少是來自少數幾筆大型超大規模雲端（hyperscaler）或OSAT的訂單，還是比較廣泛的整體提升；想了解其波動性會有多大。

We're, our equipment is agnostic in terms of Where it ends up in terms of the we're shipping to the OSATs or shipping to major OEMs. And it really doesn't matter which hyperscaler it goes into. And frankly, our equipment would also be used across the spectrum, whether you're talking all the various GPU, TPU applications would all use the same equipment. So, we aren't really tied we're tied really to overall demand In these infrastructure buildouts, not necessarily specific to anyone player customer.

我們的設備在最終落地端是中立的（agnostic），不論是出貨給OSAT或出貨給主要OEM。而且實際上進到哪一家hyperscaler也不太重要。坦白說，我們的設備也會跨各種應用使用；不管你談的是各種GPU、TPU應用，使用的都會是同樣的設備。因此，我們並不是綁定於任何特定客戶；我們真正綁定的是這些基礎設施建置的整體需求，而不一定是某一家特定玩家或客戶。

That's helpful, Bob. And then I want to ask about the Q4 margin guide. It looks like you're guiding revenue flat to up, but margin came in at 15%, EBITDA margin came in at 15% in the third quarter, but the language suggests kind of low to mid-teens. That seems to imply maybe a margin step down or maybe that's just some conservatism. How are you thinking about that?

這很有幫助，Bob。另外我想問第四季的毛利率指引。看起來你們指引的營收是持平到小幅成長，但第三季的利潤率是15%，EBITDA利潤率也達15%；不過你們的措辭是低到中十位數百分比。這似乎暗示利潤率可能下滑，或只是比較保守。你們怎麼看這件事？

Again, it always depends a lot on mix but again, when we say low 10s, 13 is the first number in the team, It's not 11 or 12, those aren't 10s. So we think of '15 kind of being in that low to mid-teens range is how we think about it.

同樣地，這很大程度取決於產品組合；但當我們說低十位數時，13是十位數裡的第一個數字，並不是11或12，那些不算是「十位數」。所以我們的看法是，15其實也落在我們所認定的低到中十位數百分比區間內。

I'm nitpicking here, I guess and then last, I was hoping to maybe get a little bit more color on capital deployment given the balance sheet strength. What does the M&A environment look like? Would something make sense or how do you think about kind of prioritizing things organically?

我想我是在吹毛求疵，最後我也希望能就資本配置（考量到資產負債表的強勁）再多了解一些細節。目前的併購（M&A）環境看起來如何？是否有什麼交易會有意義？或者你們在有機成長的優先順序上是如何思考的？

Yeah, so we've got these, I think, very strong tailwinds obviously associated with AI infrastructure build-outs. We would our vision for the future, our strategy for the future is really to try to expand our participation. So that's one area where we would look to potentially deploy capital. And again, whenever anybody asks me about M&A, I say maybe because there's a lot of things that have to be in place for it to make sense.

是的，我們認為，顯然與 AI 基礎設施建置相關的順風非常強勁。我們對未來的願景、未來的策略，確實是希望擴大我們的參與度。因此，這是我們可能會考慮部署資本的一個領域。另外，每當有人問我併購，我都會說「也許」，因為要讓它有意義，必須有很多條件到位。

When we say synergistic acquisitions, one of the key criteria for us is making sure that anything we bring into the fold does create good return on invested capital. So you might imagine some things we would explore or capabilities we can build on to expand our capability in AI. You could potentially envision things where we did a lot to.

當我們說「具協同效益的收購」時，其中一個關鍵標準是確保任何納入我們體系的項目，都能帶來良好的投入資本報酬率（ROIC）。因此，你可以想像我們可能會探索的一些方向，或是我們可以建立的能力，以擴大我們在 AI 方面的能力。你也可能可以設想一些我們會做很多事情的方向。

Really change our financials through business changing our business model. So to the extent there were opportunities to bring things in where we could create value by implementing a similar business model, that could be interesting. So I would characterize it as I'd say it's an addition to what we see as strong organic growth, but It will depend on what's available at what kind of valuations in terms of how we execute on that in the next coming quarters.

真正透過業務、透過改變我們的商業模式來改變我們的財務表現。因此，若有機會把某些項目納入，並透過導入類似的商業模式來創造價值，那會很有意思。所以我會這樣描述：我會說它是我們所看到的強勁有機成長之外的補充，但未來幾季我們如何執行，將取決於市場上有哪些標的，以及其估值水準。

That makes a lot of sense. Well, I appreciate the added color, guys. Thank you for the time.

這很合理。感謝各位補充說明。謝謝你們撥冗。

Jordan Darrow, Pareto Ventures.

Jordan Darrow，Pareto Ventures。

Hi, thanks for taking my questions. Bob, I was wondering if you could give a little more color on this, you said you got a first order on a cooling application, can you kind of expand on that a little bit?

嗨，謝謝讓我提問。Bob，我想請你再多補充一些細節：你提到你們在一個冷卻應用上拿到第一筆訂單，可以再展開說明一下嗎？

Basically, the application is really geared towards removing heat directly from the semiconductors. It's an efficient way. It's a relatively new trend, we believe, in the industry and one of our customers for equipment is basically building their process around our equipment to do so it's an interesting application it's similar to what we were doing back when there was a lot of build out of EV was a booming business. We were selling equipment that was used to do heat exchangers for EV batteries, and this is very similar technology that's being applied to cooling semiconductors and data centers.

基本上，這個應用主要是針對直接把熱量從半導體上移除。這是一種高效率的方法。我們認為這在產業中是一個相對新的趨勢；我們的一位設備客戶基本上正圍繞我們的設備來建構他們的製程，因此這是一個有趣的應用。這與我們過去在電動車（EV）大量擴建、業務蓬勃時所做的事情很類似。當時我們銷售用於製造 EV 電池熱交換器的設備，而這是非常相似的技術，現在被應用在半導體與資料中心的冷卻上。

Would you characterize the opportunity as like a small little niche thing or more than that?

你會把這個機會形容為一個小眾利基，還是規模不只如此？

It's too early to tell, George. I think it's an interesting we've talked about this before I mentioned that one of our goals is really to expand what we do in the AI infrastructure space. I think this was a success story we thought was important in terms of our efforts starting to pay off in this pivot, but I can't really characterize how big this is going to be. It's going to depend a lot on how successful our customer is here.

George，現在還太早下定論。我認為這很有意思；我們之前也談過，我提到我們的目標之一就是擴大我們在 AI 基礎設施領域所做的事情。我覺得這是一個成功案例，對於我們在這次轉型中、努力開始看到成果而言很重要，但我目前還無法描述它會有多大。這在很大程度上取決於我們客戶在這方面能有多成功。

And then you mentioned you have a show in September to introduce some products. Approximately how soon after the show will you start taking orders on these products?

另外你提到你們在九月有一場展會要介紹一些產品。大約在展會之後多久，你們會開始接受這些產品的訂單？

Usually, we're going to get exposure. I mean, we'll be ready to start taking orders we'll have a better sense for that probably at the next quarterly call after we've introduced to see how quickly customers are ready to move on things. But until we actually introduce it, it's not something we know upfront, George. I think we can provide more color in terms of what we see as a roadmap.

通常我們會先獲得曝光。我的意思是，我們會準備好開始接單；至於時間點，我們可能要等到下一次季度電話會議、在產品介紹之後，才能更清楚了解客戶準備推進的速度。但在我們實際推出之前，這不是我們能事先確定的事情，George。我想我們可以就我們所看到的產品路線圖提供更多說明。

How long would it take to be able to produce the actual machine in production to ship?

若要量產並出貨實際機台，大概需要多久？

Yes. So right now, this is similar to the platforms we're producing with typical lead times of six to eight weeks. I suspect it will be on the high end, maybe a little bit north of that, but I don't think it'll be I think with a little bit of time, it should fall within our normal lead times, but it may take six, nine months before the cycle times get to that point.

是的。目前這與我們正在生產的平台類似，典型交期約為六到八週。我猜可能會落在較長的一端，或許會略高於這個範圍，但我不認為會差太多；我認為再過一段時間，它應該會回到我們正常的交期範圍內，但可能需要六到九個月，週期時間才會達到那個水準。

And then how's the progress going on the chemical business?

那化學品業務的進展如何？

We've had some wins. Yeah, I mean, we've talked about some of those. We have a pipeline, but it's we're still it it takes time, So we've built the pipeline. We've got a lot of energy right now going towards replicating some of those successes with other customers. So, we're expecting to see some incremental improvement in the coming quarters from those efforts. But it's, again, we've focused really on getting some momentum behind that pipeline right now.

我們有一些斬獲。是的，我的意思是，我們談過其中一些。我們有一個案源管線，但仍然——這需要時間，所以我們已經建立了管線。目前我們投入了很多精力，想把其中一些成功經驗複製到其他客戶身上。因此，我們預期未來幾季這些努力會帶來一些逐步改善。但同樣地，我們目前的重點確實是讓這條管線累積一些動能。

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。現在我想把會議交回管理層作結語。

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 Canaccord Genuity Conference in Boston and thanks again for your continued support of Amtech Systems. Have a good evening.

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波士頓舉行的 Canaccord Genuity 研討會上見到各位中的一些人，也再次感謝各位持續支持 Amtech Systems。祝各位晚安。

The conference has now concluded.

本次電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以掛線。