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A specialized Applied Materials, providing crucial thermal processing and polishing equipment for semiconductor and advanced material manufacturing.

Like a niche Lam Research, focused on the precise ovens and wafer finishing tools essential for chip production.

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• Semiconductor Thermal Processing Systems: Equipment used for high-temperature processes such as diffusion, oxidation, and LPCVD in semiconductor manufacturing.
• Wafer Polishing Systems: Machines that perform chemical mechanical planarization (CMP) for flattening and polishing semiconductor wafers.
• Advanced Packaging & Assembly Equipment: Systems designed for wafer-level encapsulation, sintering, and other processes critical for modern semiconductor device packaging.
• Parts and Service: Provision of spare parts, upgrades, and technical support for their installed base of manufacturing equipment.

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Amtech Systems (symbol: ASYS) sells primarily to other companies (B2B).

Based on its latest 10-K filing for the fiscal year ended September 30, 2023, Amtech Systems does not disclose specific names of its major customers. The company explicitly states that no single customer accounted for 10% or more of net revenues for the fiscal years ended September 30, 2023, 2022, or 2021. Therefore, individual customer companies are not publicly identified.

However, Amtech Systems' products and services are primarily sold to companies operating within the following industrial segments, which collectively represent its major customer base:

• Leading global manufacturers of semiconductors (including those in the silicon carbide (SiC) and silicon-on-insulator (SOI) markets)
• Manufacturers of LEDs (Light Emitting Diodes)
• Manufacturers of power ICs (Integrated Circuits)
• Semiconductor materials suppliers
• Advanced packaging providers
• Research and development facilities in related fields

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Robert C. Young, Chief Executive Officer

Mr. Young has served as President, Chief Executive Officer, and Director of Amtech Systems since March 2017. He previously held leadership roles as Chairman and CEO of Ultra Clean Holdings, Inc., and CEO of Advanced Photonix, Inc. Earlier in his career, he held various executive positions at Genus, Inc., Watkins-Johnson Company, and Varian Associates. Mr. Young founded and was President of Ibis Technology in 1993, which was acquired by Lam Research Corporation in 1998.

Lisa D. Gibbons, Chief Financial Officer

Ms. Gibbons has been the Chief Financial Officer of Amtech Systems since December 2017. Prior to this role, she served as the Vice President of Finance and Corporate Controller at Amtech. Her experience also includes positions held at KPMG LLP.

Michael Garnett, Executive Vice President of Amtech Systems, Inc. and President of PR Hoffman

Mr. Garnett has served as Executive Vice President of Amtech Systems since February 2021 and as President of PR Hoffman since 2017. He previously held various roles at PR Hoffman, including General Manager, Vice President of Operations, and Director of Manufacturing.

Paul van der Jeugd, President of BTU International

Mr. van der Jeugd has been the President of BTU International since October 2018. Before this, he served as Vice President of Sales and Service at BTU. His career also includes positions at ASML and Philips.

Clark R. Preston, Corporate Controller

Mr. Preston has served as the Corporate Controller of Amtech Systems since October 2016. His prior experience includes roles at First Solar and ON Semiconductor.

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The key risks to Amtech Systems (ASYS) include the cyclical and volatile nature of the semiconductor equipment industry, challenges in the mature node semiconductor market, and risks associated with its international operations and customer concentration.

1. Cyclical Nature of the Semiconductor Equipment Industry and Weakness in Mature Node Market: Amtech Systems faces significant risk from the inherent cyclicality and volatility of the semiconductor equipment industry. The company has cited "volatility in demand for mature node semiconductor products and the cyclical nature of the semiconductor equipment industry" as factors that can impact its results. While there is strong demand in AI-related segments, this is often "offset by continued weakness in the mature node semiconductor market," which includes tools for automotive and industrial clients. This divergence significantly impacts revenue and profitability, with the current contraction cycle for mature node semiconductors being described as longer than average.

2. Reliance on a Few Major Customers and International Risks: Amtech Systems derives a substantial portion of its revenue from outside North America, with 71% of net revenue in 2025 coming from international customers, primarily in Asia and Europe. This exposes the company to international risks such as economic and political instability, particularly in key regions like China and Taiwan. Changes in U.S. trade policies, including tariffs and export restrictions, especially concerning China, could adversely affect the company's ability to conduct international business. Furthermore, reliance on a limited number of major customers poses financial risks, as changes in their financial health or purchasing decisions could significantly impact Amtech's revenue.

3. Profitability Challenges and Cash Flow Generation: Amtech Systems has historically struggled with operational profitability, reporting an average operating margin of negative 2.7% over the last two years and facing substantial GAAP net losses. While the company has shown recent improvements, it has faced challenges in generating positive cash flow from its core operations. The ability to generate sufficient cash flows or secure external financing to fund operations and growth plans remains a concern, particularly after the termination of a credit facility.

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The clear emerging threat for Amtech Systems (ASYS) is the rapid rise and state-backed expansion of Chinese semiconductor equipment manufacturers, exemplified by companies such as NAURA Technology Group. These domestic players are benefiting from substantial government investment and strategic policies aimed at achieving self-sufficiency in semiconductor production. This enables them to rapidly develop and commercialize equipment, including advanced thermal processing systems, that directly competes with Amtech's core offerings. This strategic push by China creates a powerful new competitive force that threatens to capture significant market share in critical regions, potentially at lower price points or with greater local customization, thereby eroding the competitive position and market opportunities for established Western equipment suppliers like ASYS.

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Amtech Systems (ASYS) participates in several addressable markets related to semiconductor manufacturing equipment and advanced materials. The market sizes for their main products and services are as follows:

• Rapid Thermal Processing (RTP) Equipment / Semiconductor Annealing Equipment: The global Rapid Thermal Processing (RTP) equipment market was valued at USD 0.73 billion in 2024 and is projected to reach USD 1.15 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2025 to 2033. The rapid thermal processing equipment market was also valued at USD 5.7 billion in 2023 and is projected to reach USD 9.50 billion by 2030, growing at a CAGR of 6.6% during the forecast period. Another report states the Rapid Thermal Processing Equipment Market size was valued at USD 830.20 million in 2024, expanding to a CAGR of 7.20% from 2025 to 2032.
• SiC Laser Annealing Equipment: The global SiC Laser Annealing Equipment Market is projected to grow from USD 150 million in 2024 to an estimated USD 279.7 million by 2032, with a CAGR of 8.1%. The 4-inch SiC laser annealing equipment market is projected to grow from USD 215.5 million in 2025 to USD 842.0 million by 2035, at a CAGR of 14.6%.
• SiC Thermal Process Equipment: The global SiC Thermal Process Equipment Market was valued at USD 208 million in 2023 and is projected to reach US$ 655 million by 2030, at a CAGR of 19.9%. The U.S. market size for SiC Thermal Process Equipment is estimated at USD 1,200 million in 2023.
• SiC & GaN Device Wafer Front-End Equipment: The global market for SiC & GaN Device Wafer Front-End Equipment was valued at US$ 3,950 million in 2024 and is projected to reach a revised size of US$ 14,850 million by 2031, growing at a CAGR of 21.1% during the forecast period.
• Silicon Carbide (SiC) Market (including devices and materials): The global silicon carbide market size was valued at USD 4.2 billion in 2024 and is estimated to grow at a 34.5% CAGR from 2025 to 2034, reaching USD 110.42 billion by 2034. Another estimate indicates the market is projected to grow from USD 3.83 billion in 2025 to USD 12.03 billion by 2030, at a CAGR of 25.7%. The global SiC market size is expected to grow USD 11,330.5 million from 2025-2029, expanding at a CAGR of 37.1%.
• Advanced Packaging Market / Semiconductor Packaging Substrates Market: The global advanced packaging market size was valued at USD 38.5 billion in 2024 and is estimated to grow at a CAGR of 11.5% to reach USD 111.4 billion by 2034. Another source states the global advanced packaging market size was estimated at USD 39.60 billion in 2024 and is projected to reach USD 55.00 billion by 2030, growing at a CAGR of 5.7% from 2025 to 2030. The advanced packaging market size was valued at USD 51.62 billion in 2025 and is forecast to expand at an 11.73% CAGR to reach USD 89.89 billion by 2030. The global Advanced Packaging Market size is expected to reach USD 73.16 billion by 2031, rising at a market growth of 9.2% CAGR during the forecast period.
• Overall Semiconductor Manufacturing Equipment Market: The global semiconductor manufacturing equipment market size in terms of revenue is estimated to be worth USD 109.24 billion in 2024 and is poised to reach USD 155.09 billion by 2029, growing at a CAGR of 7.3% during the forecast period.

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Amtech Systems (ASYS) is expected to drive future revenue growth over the next 2-3 years through several key areas:

1. Expansion in Silicon Carbide (SiC) and Power Semiconductor Markets: Amtech Systems is positioned to capitalize on the expansion of silicon carbide (SiC) in electric vehicles and other high-growth applications, which presents a substantial opportunity. The company is recognized as a market leader in the high-end power chip market, including SiC and 300mm silicon horizontal thermal reactors, supplying essential equipment and consumables for these applications.
2. Increased Demand for AI-Related Equipment and Advanced Packaging: Strong demand from AI infrastructure spending and advanced packaging is a significant driver, particularly boosting Amtech's Thermal Processing segment. This growth in AI-related equipment sales is anticipated to partially offset softness in mature node semiconductor product lines.
3. Product Innovation and Development of Advanced Manufacturing Solutions: Continuous development of advanced manufacturing solutions for the semiconductor and SiC industries is a key growth driver. Amtech has been adding resources focused on expanding its product offerings to drive future growth.
4. Expansion into New Markets and Diversification of Customer Base: Amtech aims to grow by targeting emerging markets and expanding its presence in existing key regions, particularly by acquiring new customers in higher-margin segments.
5. Growth of Recurring Revenue Streams: The company is strategically focused on growing recurring revenue alongside its capital equipment sales. Increased revenue from parts and services has already positively impacted gross margins within the Thermal Processing Solutions segment.

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Share Repurchases

• On February 7, 2023, Amtech Systems' Board of Directors authorized a stock repurchase program, allowing the company to repurchase up to $5 million of its outstanding common stock over a one-year period, beginning February 10, 2023.

Share Issuance

• The number of common shares outstanding increased from 14,258,879 at September 30, 2024, to 14,313,963 at June 30, 2025.

Outbound Investments

• On January 17, 2023, Amtech Systems acquired 100% of Entrepix, an Arizona-based manufacturer of chemical mechanical polishing (CMP) technology, for a cash purchase price of $39.2 million.
• Amtech considers inorganic growth through strategic acquisitions to be a core part of its company strategy and intends to continue pursuing such opportunities.

Capital Expenditures

• Amtech Systems is focusing its investments on growth opportunities within the semiconductor industry, specifically in power electronics and advanced packaging.
• The company anticipates that investments in AI-related infrastructure and supply chain diversification will drive a recovery in capital equipment demand.
• A strategic objective is to expand offerings in consumables, parts, and services to achieve higher margins and greater business stability.