Amtech Fourth Quarter Fiscal 2023 Business Update

Amtech Systems, Inc. ("Amtech") (NASDAQ: ASYS), a manufacturer of thermal processing, wafer cleaning and chemical mechanical polishing (CMP) capital equipment and related consumables used in semiconductor, advanced mobility and renewable energy manufacturing applications, today announced a summary of its revenue and business status as of September 30, 2023.

Fourth Quarter Fiscal 2023 Business Update

• Net revenue of $27.7 million
• Customer orders of $18.2 million
• Book to bill ratio of 0.7:1

Fiscal 2023 Business Update

• Net revenue of $113.3 million
• Customer orders of $103.9 million
• Book to bill ratio of 0.9:1
• Backlog of $51.8 million

Due to the prolonged downturn and general economic conditions in the semiconductor industry and delays in the adoption of next-gen polishing tools, the Company anticipates an impairment charge in our Material and Substrate segment as of September 30, 2023. Due to the complexity and judgment involved in the valuation and impairment analyses, we are working with our external auditors to finalize the audit procedures. When complete, the Company will issue a press release with its fourth quarter and full year fiscal 2023 financial results, as well as file its Annual Report on Form 10-K.

“We experienced continued softness in demand across several of our end markets during the fourth quarter and have taken actions to reduce fixed costs and expenses. These actions include a reduction in force at each of our businesses, as well as a decision to exit the legacy PR Hoffman equipment business. The long-term opportunities for Amtech’s products remain strong, and the actions we are taking will allow us to significantly improve profitability as demand recovers,” commented Mr. Bob Daigle, Chief Executive Officer of Amtech.

Net revenues decreased 10% sequentially and 14% from the fourth quarter of fiscal 2022. The decrease from prior year is primarily attributable to lower shipments from our Shanghai manufacturing facility partially offset by an increase in shipments of our high temperature belt furnaces and the addition of Entrepix in fiscal 2023. The sequential decrease is primarily due to a decrease in equipment shipments across our business segments. We are experiencing lower bookings in multiple areas of our business due to the softness in the semiconductor market.