# EDGAR Filing Document

**Accession Number:** 0000720500
**File Stem:** 0001193125-26-039351
**Filing Date:** 2026-2
**Character Count:** 31655
**Document Hash:** 6fae53a81695a28b5903131cff986bd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-039351.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001193125-26-039351

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260205

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMTECH SYSTEMS INC
- **CENTRAL INDEX KEY:** 0000720500
- **STANDARD INDUSTRIAL CLASSIFICATION:** SPECIAL INDUSTRY MACHINERY, NEC [3559]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 860411215
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-11412
- **FILM NUMBER:** 26602803

**BUSINESS ADDRESS:**
- **STREET 1:** 58 S RIVER DRIVE SUITE 370
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85288
- **BUSINESS PHONE:** 4809675146

**MAIL ADDRESS:**
- **STREET 1:** 58 S RIVER DRIVE SUITE 370
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85288

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** QUARTZ ENGINEERING & MATERIALS INC
- **DATE OF NAME CHANGE:** 19870715

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 05, 2026<br>

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Amtech Systems, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Arizona | 000-11412 | 86-0411215 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 58 S. River Drive, Suite 370 |  |  |
| Tempe**,** Arizona |  | 85288 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (480) 967-5146<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | ASYS | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On February 5, 2026, Amtech Systems, Inc. (the "Registrant" or the "Company") announced by press release its results of operations for the first quarter ended December 31, 2025. A copy of the press release is included as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

The information contained in this Current Report, including the accompanying Exhibit 99.1, is furnished pursuant to Item 2.02 of Form 8-K and shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. The information in this Current Report, including the accompanying Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

**Item 9.01 Financial Statements and Exhibits.**

d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [<u>99.1</u>](asys-ex99_1.htm) | [<u>Press release dated February 5, 2026</u>](asys-ex99_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | AMTECH SYSTEMS, INC. |
| Date: | February 5, 2026 | By:  | /s/ Mark Weaver |
|  |  |  | Name: Mark Weaver<br>Title: Interim Chief Financial Officer |

---

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## Exhibit 99.1

**EXHIBIT 99.1**

![img235722521_0.jpg](img235722521_0.jpg)

**Amtech Reports Fiscal 2026 First Quarter Results**

***AI Product Demand Continues to be Strong***

***Quarterly Orders Exceed Revenues***

***Operating Cash Flow Jumps 43% from 1Q25***

TEMPE, Ariz., February 5, 2026 -- Amtech Systems, Inc. ("Amtech") (NASDAQ: ASYS), a manufacturer of equipment and consumables enabling AI semiconductor device packaging and advanced substrate fabrication, today reported results for its first quarter ended December 31, 2025.

**Fiscal 2026 First Quarter Financial and Operational Results:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net revenue of $19.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash of $22.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash provided by operations of $4.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP net income of $0.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP net income of $0.4 million<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA $1.4 million <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Customer orders of $20.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Backlog of $21.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) See GAAP to non-GAAP and EBITDA and Adjusted EBITDA reconciliation in schedules following this release.

**Management Comments**

"Equipment demand for AI infrastructure was strong in the quarter and accounted for 35% of our Thermal Processing Solutions (TPS) segment revenue, up from 30% in the prior quarter," commented Mr. Bob Daigle, Chief Executive Officer of Amtech. "Our book-to-bill ratio was 1.1 in the quarter, driven by AI applications with some deliveries stretching into Q3 to align with customer factory buildouts. We expect strength in demand for equipment powering AI applications to result in increased bookings on a sequential quarterly basis through the end of fiscal 2026."

"We are generating strong operating cash flow driven by high quality revenue streams, the cost structure improvements achieved over the last two years and improved collections in the quarter. The first quarter of fiscal 2026 marks the ninth consecutive quarter of positive operating cash flow. We ended the first quarter with $22.1 million of cash, up from $17.9 million in the prior quarter, with no debt. We believe growth opportunities driven by AI infrastructure investments and our differentiated capabilities combined with strong operating leverage that result from our asset-lite, semi-fabless business model position us well to deliver meaningful shareholder value."

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**GAAP and Non-GAAP Financial Results**

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| | | | |
|:---|:---|:---|:---|
| (in millions, except per share amounts) | **Q1** | **Q4** | **Q1** |
|  | **FY 2026** | **FY 2025** | **FY 2025** |
| Revenues, net | $19.0 | $19.8 | $24.4 |
| Gross profit | $8.5 | $8.8 | $9.4 |
| *Gross margin* | *44.8%* | *44.4%* | *38.4%* |
| Non-GAAP gross profit <sup>(1)</sup> | $8.5 | $8.8 | $9.4 |
| *Non-GAAP gross margin* <sup>(1)</sup> | *44.8%* | *44.4%* | *38.4%* |
| GAAP net income | $0.1 | $1.1 | $0.3 |
| GAAP net income per diluted share | $0.01 | $0.07 | $0.02 |
| Non-GAAP net income <sup>(1)</sup> | $0.4 | $1.4 | $0.8 |
| Non-GAAP net income per diluted share <sup>(1)</sup> | $0.03 | $0.10 | $0.06 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) See GAAP to non-GAAP reconciliation in schedules following this release.

Net revenues decreased sequentially from the prior quarter, driven primarily by lower demand for silicon carbide polishing consumables that was partially offset by strong demand for reflow ovens used in AI applications. The decrease in net revenues as compared to the same period last year reflects these changes as well as lower demand for high-temperature belt furnaces and the product line rationalization of diffusion furnaces which are part of the Thermal Processing Systems division. These declines versus the prior year were partially offset by higher AI-related revenues for advanced packaging and other thermal applications.

GAAP gross margin increased on a percentage basis but decreased by $0.3 million sequentially from the prior quarter and $0.9 million compared to the same prior year period due to the Company's product line rationalization with a focus on growing higher margin product lines including its AI advanced packaging solutions. Gross margin as a percentage of sales increased to 44.8% in the fiscal 2026 first quarter from 38.4% in the same period of the prior year and 44.4% in the fiscal 2025 fourth quarter.

Selling, General & Administrative ("SG&A") expenses increased $0.5 million sequentially from the prior quarter and decreased $1.2 million compared to the fiscal 2025 first quarter. The increase from the prior quarter is primarily due to incentive compensation, professional fees and insurance. The decrease from the prior year period is primarily due to cost reduction efforts and structural changes to reduce fixed costs.

Research, Development, and Engineering expenses increased by $0.3 million sequentially from the prior quarter and were relatively flat compared to the same period of the prior year. The increase from the prior quarter is primarily due to growth initiatives.

GAAP net income for the first quarter of fiscal 2026 was $0.1 million, or $0.01 per share. This compares to GAAP net income of $1.1 million, or $0.07 per share, for the preceding quarter, and GAAP net income of $0.3 million, or $0.02 per share, for the first quarter of fiscal 2025.

Unrestricted cash and cash equivalents at December 31, 2025, were $22.1 million, compared to $17.9 million at September 30, 2025, due primarily to the Company's focus on operational cash generation, working capital optimization, strong accounts receivable collections from customers, and accounts payable management.

In discussing financial results in this press release, the Company refers to certain financial measures that are adjusted from the financial results prepared in accordance with United States generally accepted accounting principles ("GAAP"). All non-GAAP amounts exclude certain adjustments which may include but are not limited

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to stock compensation expense, severance expense, expenses related to discontinued product lines, gain on the sale of assets, moving expenses, amortization of acquired intangible assets, acquisition expenses, goodwill and intangible asset impairment, inventory write-down of mature node semiconductor products, and any income tax changes related to acquisitions. A tabular reconciliation of financial measures prepared in accordance with GAAP to the non-GAAP financial measures is included at the end of this press release.

**Outlook**

For the second fiscal quarter ending March 31, 2026, the Company expects revenues in the range of $19.0 to $21.0 million. With the benefit of previously implemented structural and operational cost reductions, Amtech expects to deliver solid operating leverage, resulting in adjusted EBITDA margin in the high single digits.

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

**Share Repurchase Program**

On December 9, 2025, the Company's effectuated a share repurchase program for a period of one-year pursuant to which Amtech may purchase up to $5 million of its common stock. As of today, no shares were repurchased under the program.

**Conference Call**

Amtech Systems will host a conference call at 5:00 pm ET today, February 5, 2026, to discuss fiscal first quarter financial results. The call will be available to interested parties by dialing 1-412-317-6060. A live webcast of the conference call will be available in the Investor Relations section of Amtech's website at: https://www.amtechsystems.com/investors/events.

A replay of the webcast will be available in the Investor Relations section of the company's website at http://www.amtechsystems.com/conference.htm shortly after the conclusion of the call and will remain available for approximately 30 calendar days.

**About Amtech Systems, Inc.**

Amtech Systems, Inc. (NASDAQ: ASYS) provides equipment, consumables and services for AI semiconductor device packaging and advanced wafer substrate fabrication. Our products include advanced packaging and electronics assembly equipment for applications such as AI GPUs and advanced automotive electronics. Consumable and other solutions are used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon (Si) power devices, digital and analog devices, power electronic packages, advanced semiconductor packages and electronic assemblies. We sell these products to semiconductor device and module manufacturers worldwide, particularly in Asia, North America and Europe. To learn more about Amtech, please visit our website at <u>https://www.amtechsystems.com</u>.

**Cautionary Note Regarding Forward-Looking Statements**

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Certain information contained in this press release is forward-looking in nature. All statements in this press release, or made by management of Amtech Systems, Inc. and its subsidiaries ("Amtech"), other than statements of historical fact, are hereby identified as "forward-looking statements" (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995). The forward-looking statements in this press release relate only to events or information as of the date on which the statements are made in this press release. Examples of forward-looking statements include statements regarding Amtech's future financial results, delivering profitable growth, creating long-term value for our shareholders, long term future prospects, operating results, business strategies, projected costs, the optimization and reduction of structural costs, products under development, competitive positions, plans and objectives of Amtech and its management for future operations, efforts to improve operational efficiencies and effectiveness and profitably grow our revenue, and enhancements to our technologies and expansion of our product portfolio. In some cases, forward-looking statements can be identified by terminology such as "may," "plan," "anticipate," "seek," "will," "expect," "intend," "estimate," "believe," "continue," "predict," "potential," "project," "should," "would," "could", "likely," "future," "target," "forecast," "goal," "observe," and "strategy" or the negative of these terms or other comparable terminology used in this press release or by our management, which are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. The Form 10-K that Amtech filed with the Securities and Exchange Commission (the "SEC") for the most recently completed fiscal year-ended September 30, listed various important factors that could affect the Company's future operating results and financial condition and could cause actual results to differ materially from historical results and expectations based on forward-looking statements made in this document or elsewhere by Amtech or on its behalf. These factors can be found under the heading "Risk Factors" in the Form 10-K and in our subsequently filed Quarterly Reports on Form 10-Qs, and investors should refer to them. Because it is not possible to predict or identify all such factors, any such list cannot be considered a complete set of all potential risks or uncertainties. Except as required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

Amtech Systems may use its website (<u>www.amtechsystems.com</u>), investor relations page (<u>https://www.amtechsystems.com/investors</u>), and LinkedIn page (<u>https://www.linkedin.com/company/amtechsystems</u>) to disclose material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors and other interested parties should monitor these sites, in addition to following Amtech Systems press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public presentations/webcasts.

References in this press release are made to non-GAAP (Generally Accepted Accounting Principles) financial measures, including profitability and operating/net income excluding one-time items, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA (AEBITDA), which excludes equity compensation, and AEBITDA excluding one-time items. These measures are provided as a supplement to GAAP results and offer additional insights into the Company's results and facilitate the comparison of results. Reconciliations are available in the tables full earnings results press releases.

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---

| |
|:---|
| **Contacts:** |
| Amtech Systems, Inc. |
| Mark Weaver |
| Interim Chief Financial Officer |
| irelations@amtechsystems.com  |
| <br>Darrow Associates<br>Jordan Darrow<br>(631) 766-4528<br>jdarrow@darrowir.com<br>|

---

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**AMTECH SYSTEMS, INC.**

**(NASDAQ: ASYS)**

**(Unaudited)**

**Summary Financial Information**

**(in thousands, except percentages)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,<br>2025** | **September 30, 2025** | **December 31,<br>2024** |
| **Amtech Systems, Inc.** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues, net | $18973 | $19842 | $24385 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross profit | $8493 | $8813 | $9363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross profit | $8493 | $8813 | $9363 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 45% | 44% | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin | 45% | 44% | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | $775 | $1841 | $339 |
| &nbsp;&nbsp;&nbsp;&nbsp;New orders | $20654 | $18514 | $18070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Backlog | $21571 | $19889 | $18998 |
| **Thermal Processing Solutions Segment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues, net | $13980 | $14590 | $18684 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross profit | $6592 | $6562 | $7329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross profit | $6592 | $6562 | $7329 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 47% | 45% | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin | 47% | 45% | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | $2931 | $3040 | $2874 |
| &nbsp;&nbsp;&nbsp;&nbsp;New orders | $16195 | $14081 | $13167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Backlog | $16870 | $14655 | $15328 |
| **Semiconductor Fabrication Solutions Segment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues, net | $4993 | $5252 | $5701 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross profit | $1901 | $2251 | $2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross profit | $1901 | $2251 | $2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 38% | 43% | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin | 38% | 43% | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) income | $(299) | $277 | $(358) |
| &nbsp;&nbsp;&nbsp;&nbsp;New orders | $4459 | $4433 | $4903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Backlog | $4701 | $5234 | $3670 |

---

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**AMTECH SYSTEMS, INC.**

**(NASDAQ: ASYS)**

**(Unaudited)**

**Condensed Consolidated Statements of Operations**

**(in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **2025** | **2024** |
| Revenues, net | $18973 | $24385 |
| Cost of sales | 10480 | 15022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 8493 | 9363 |
| Selling, general and administrative | 6878 | 8051 |
| Research, development and engineering | 840 | 876 |
| Loss on disposal of fixed assets |  | 24 |
| Severance expense |  | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 775 | 339 |
| Interest income | 115 | 5 |
| Interest expense | (7) | (7) |
| Foreign currency (loss) gain | (198) | 401 |
| Other | 4 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income tax provision | 689 | 757 |
| Income tax provision | 581 | 445 |
| **Net income** | $108 | $312 |
| **Income Per Share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income per basic share | $0.01 | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income per diluted share | $0.01 | $0.02 |
| **Weighted average shares outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 14362 | 14272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 14679 | 14300 |

---

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**AMTECH SYSTEMS, INC.**

**(NASDAQ: ASYS)**

**(Unaudited)**

**Condensed Consolidated Balance Sheets**

**(in thousands, except share data)**

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **September 30,<br>2025** |
| **Assets** |  |  |
| **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $22078 | $17904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable (less allowance for credit losses of $117 and $113 at<br> December 31, 2025 and September 30, 2025, respectively) | 17287 | 19878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 19043 | 18743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 68 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 3880 | 3572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 62356 | 60177 |
| Property, Plant and Equipment - Net | 9857 | 10227 |
| Right-of-Use Assets - Net | 17813 | 18293 |
| Intangible Assets - Net | 1047 | 1091 |
| Goodwill | 908 | 908 |
| Deferred Income Taxes - Net | 1023 | 1023 |
| Other Assets | 1141 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $94145 | $92873 |
| **Liabilities and Shareholders' Equity** |  |  |
| **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $7974 | $7735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and related taxes | 1733 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued warranty expense | 370 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 662 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of finance lease liabilities and long-term debt | 139 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term operating lease liabilities | 1980 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 7132 | 6461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 1547 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 21537 | 20482 |
| Finance Lease Liabilities and Long-Term Debt | 162 | 168 |
| Long-Term Operating Lease Liabilities | 16817 | 17316 |
| Income Taxes Payable | 671 | 663 |
| Other Long-Term Liabilities | 862 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 40049 | 39488 |
| Commitments and Contingencies |  |  |
| **Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock; 100,000,000 shares authorized; none issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock; $0.01 par value; 100,000,000 shares authorized; shares<br> issued and outstanding: 14,390,135 and 14,354,797 at December 31, 2025<br> and September 30, 2025, respectively | 144 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 130420 | 130057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (719) | (959) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained deficit | (75749) | (75857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' Equity | 54096 | 53385 |
| **Total Liabilities and Shareholders' Equity** | $94145 | $92873 |

---

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**AMTECH SYSTEMS, INC.**

**(NASDAQ: ASYS)**

**(Unaudited)**

**Condensed Consolidated Statements of Cash Flows**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **2025** | **2024** |
| **Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $108 | $312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by<br> operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 614 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-down of inventory | 318 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash share-based compensation expense | 249 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of fixed assets |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for allowance for credit losses | 4 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 2586 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (618) | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 184 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 381 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes | 39 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other liabilities | (433) | (438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 671 | (2307) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 4103 | 2867 |
| **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (277) | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (277) | (143) |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the exercise of stock options | 192 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (33) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of payroll taxes on stock-based compensation through shares withheld | (28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 131 | 126 |
| **Effect of Exchange Rate Changes on Cash and Cash Equivalents** | 217 | (722) |
| **Net Increase in Cash and Cash Equivalents** | 4174 | 2128 |
| **Cash and Cash Equivalents, Beginning of Period** | 17904 | 11086 |
| **Cash and Cash Equivalents, End of Period** | $22078 | $13214 |

---

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**AMTECH SYSTEMS, INC.**

**(NASDAQ: ASYS)**

**(Unaudited)**

**Reconciliation of GAAP to Non-GAAP Financial Measures**

**(in thousands, except per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,<br>2025** | **September 30, 2025** | **December 31,<br>2024** |
| **Amtech Systems, Inc. Gross Profit:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross profit | $8493 | $8813 | $9363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross profit | $8493 | $8813 | $9363 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 45% | 44% | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin | 45% | 44% | 38% |
| **Thermal Processing Solutions Segment Gross Profit:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross profit | $6592 | $6562 | $7329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross profit | $6592 | $6562 | $7329 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 47% | 45% | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin | 47% | 45% | 39% |
| **Semiconductor Fabrication Solutions Segment Gross Profit:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross profit | $1901 | $2251 | $2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross profit | $1901 | $2251 | $2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 38% | 43% | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin | 38% | 43% | 36% |

---

------

**AMTECH SYSTEMS, INC.**

**(NASDAQ: ASYS)**

**(Unaudited)**

**Reconciliation of GAAP to Non-GAAP Financial Measures**

**(in thousands, except per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,<br>2025** | **September 30, 2025** | **December 31,<br>2024** |
| **Consolidated Net Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP net income | $108 | $1068 | $312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 27 | 27 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 249 | 268 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance expense | - | 23 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP net income | $384 | $1386 | $826 |
| **Net Income per Diluted Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP net income per diluted share | $0.01 | $0.07 | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | - | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 0.02 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance expense | - | - | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP net income per diluted share | $0.03 | $0.10 | $0.06 |

---

------

**AMTECH SYSTEMS, INC.**

**(NASDAQ: ASYS)**

**(Unaudited)**

**Reconciliation of Net Income to EBITDA and Adjusted EBITDA**

**(in thousands, except per share data)**

---

| | |
|:---|:---|
|  | **Three Months Ended December 31, 2025** |
| **Amtech Systems, Inc. EBITDA:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP net income | $108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (115) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $1444 |

---

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