The following is a summary of the Amtech Systems, Inc. (ASYS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Amtech Systems reported Q2 revenue of $25.4 million, exceeding their guidance.

• Adjusted EBITDA was at $0.8 million.

• Net revenues increased 2% sequentially but decreased 24% from Q2 of fiscal 2023.

• Backlog at the quarter-end was $44.3 million, a decrease of $5.7 million from the end of last year.

• GAAP net income was $1 million or $0.07 per share while a non-GAAP net loss of $0.2 million or $0.01 per share was reported.

• The company holds $13 million in unrestricted cash and equivalents as of the end of the quarter.

• Amtech Systems anticipates Q3 revenues in the $22 million to $25 million range with marginally positive adjusted EBITDA.

Business Progress:

• Despite soft demand, the company sees growth in back-end packaging applications, particularly in North America and China.

• Fluctuations in customer buying patterns for silicon carbide semiconductor production are being influenced by changes in overall electric vehicle demand.

• Operational optimization, beneficial contract manufacturing partnerships, and refined pricing to handle input cost inflation have allowed the company to deliver strong operating results.

• Amtech Systems expects the industry to grow, driven by advanced mobility applications and investments to maintain resilient and secure semiconductor and electronic assembly supply chains.

• The company has managed to reduce structural costs by $6 million annually and align product pricing with value.

• The focus remains on enhancing operational efficiency and reducing working capital ahead of a cyclical upturn in target markets.

• The company is prioritizing growth in power electronics and silicon carbide areas while aiming for more exposure and breadth in these areas.

• They predict variable visibility depending on the segments, with strong visibility till the December quarter for some sectors like the furnace area whereas others like consumables, parts, and services, and back-end packaging equipment have less long-term visibility due to their short lead times and quick order fulfillment.

More details: Amtech Systems IR

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