Amtech Systems, Inc. reported its financial results for the third fiscal quarter ended June 30, 2025, with net revenues of $19.6 million. This performance exceeded expectations and represents a 26% increase over the prior quarter, driven by strong demand in Asia for reflow ovens used in AI applications.
The company returned to GAAP net income, reporting $0.1 million, or $0.01 per diluted share, compared to a significant GAAP net loss in the preceding quarter. Non-GAAP net income was $0.9 million, or $0.06 per diluted share, and adjusted EBITDA reached $2.2 million.
GAAP gross margin significantly improved to 46.7%, benefiting from the absence of $6.0 million in non-cash inventory write-downs recorded in the previous quarter and a $1.0 million Employee Retention Credit (ERC) refund. Excluding the ERC, the normalized gross margin was 41.5%, a notable improvement from 36.5% in Q3 FY24.
Amtech highlighted significant progress in optimizing its operating model, resulting in $13 million in annualized savings over the past 18 months. Cash and cash equivalents increased to $15.6 million at June 30, 2025, reflecting strong operational cash generation and accounts receivable collections.
For the fiscal fourth quarter ending September 30, 2025, Amtech expects revenues in the range of $17 million to $19 million. The company anticipates delivering improved operating leverage, with adjusted EBITDA margins in the mid-single digits, as AI-related equipment sales partially offset continued softness in mature node semiconductor product lines.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.