The following is a summary of the Amtech Systems, Inc. (ASYS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Q1 revenues exceeded guidance range, ending up at $24.9 million.

• Adjusted EBITDA improved from a loss of $2.4 million to a profit of $0.2 million.

• Identified cost-saving opportunities expected to generate over $6 million in annualized savings.

• Net revenue fell by 10% sequentially, but rose 16% YoY due to belt furnish shipments and the Entrepix addition.

• $4 million cash increase was achieved through optimized working capital management.

• Operating loss and net loss both improved from Q4, with unrestricted cash and cash equivalents reaching $17 million at Q1 end.

Business Progress:

• Strategic efforts are underway to cut costs, optimize operations, and enhance financial performance and profitability.

• High demand is anticipated for their back-end equipment due to AI infrastructure investments and global supply chain diversification.

• Structural costs were successfully trimmed by approximately $6 million, with product pricing also aligned with value.

• A strategic change in debt structure was successfully implemented, along with proficient working capital management.

• Revenue expectations for Q2 2024 range from $22 to $25 million with nominally negative to neutral EBITDA.

• The order backlog at the quarter's end is at $50 million, with some capital expenditure expected due to BTU's move to a smaller facility.

More details: Amtech Systems IR

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