Q4 2025 Amtech Systems Inc Earnings Call

December 10, 2025

Taneously webcast, I would now like to turn the call over to Jordan. Daryl of Daryl Associates investor relations. Please go ahead.

Operator: Simultaneously webcast. I would now like to turn the call over to Jordan Darrow of Darrow Associates Investor Relations. Please go ahead.

Jordan Darrow: Thank you. Good afternoon, everyone. We appreciate you joining us for AMTECH Systems' fiscal Q4 2025 conference call and webcast. With me today on the call are Bob Daigle, Chairman and Chief Executive Officer, and Wade Jenke, Chief Financial Officer. After closing with market today, AMTECH releases financial results for the Q4 of 2025. The earnings release is posted on the company's website at www.amtechsystems.com in the Investors section. Before we begin, I'd like to remind everyone that the safe harbor disclaimer in our public filings covers this call and the webcast. Some of the comments to be made during today's call will contain forward-looking statements and assumptions that are subject to risks and uncertainties, including but not limited to those contained in our SEC filings, all of which are posted in the Investors section of our corporate website.

Thank you and good afternoon everyone. We appreciate you joining us for a Tek systems, fiscal, fourth quarter 2025 conference call on webcast.

With me today on the call are Bob Daigle, chairman and chief executive officer and wage Anki Chief Financial Officer.

After close of market today, amtech releases Financial results for the fourth quarter of 2025. The earnings release is posted on the company's website at www.amex.com in the Investor's section before we begin. I'd like to remind everyone that the Safe Harbor disclaimer in our public filings covers this call and the webcast.

Some of the comments have been made during today's call without containing will contain forward-looking statements and assumptions that are subject to risks and uncertainties, including but not limited to those contained in our SEC filings, all of which are posted in the investor section of our corporate website.

The company assumes. No obligation to update any such forward-looking statements.

Jordan Darrow: The company assumes no obligation to update any such forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of today. These statements are not a guarantee of future performance, and actual results could differ materially from current expectations. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are changes in technologies used by customers and competitors, change in volatility and the demand for products, the effect of changing worldwide political and economic conditions, including trade sanctions, the effect of overall market conditions, including equity and credit markets and market acceptance risks, ongoing logistics, supply chain, and labor matters, and capital allocation plans. Other risk factors are detailed in our SEC filings, including our Form 10-K and Form 10-Q.

The company assumes no obligation to update any such forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of today. These statements are not a guarantee of future performance, and actual results could differ materially from current expectations. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are changes in technologies used by customers and competitors, change in volatility and the demand for products, the effect of changing worldwide political and economic conditions, including trade sanctions, the effect of overall market conditions, including equity and credit markets and market acceptance risks, ongoing logistics, supply chain, and labor matters, and capital allocation plans. Other risk factors are detailed in our SEC filings, including our Form 10-K and Form 10-Q.

He will caution you not to place. Undue Reliance on forward-looking statement which, which speak only as of today. These statements are not a guarantee of future performance and actual results could differ materially from current expectations,

Among the important factors which could cause actual results to differ materially from those in the forward-looking statements, our changes in Technologies used by customers and competitors change in volatility. And the demand for products, the effect of changing worldwide, political and economic conditions, including trade sanctions the effect of overall market conditions, including equity, and credit markets and Market acceptance risks.

Ongoing Logistics supply chain and labor matters and capital allocation plans.

Other risk factors are detailed in our SEC filings, including our form 10K and form 10 Q. Additionally, in today's conference call, we will be referencing

Jordan Darrow: Additionally, in today's conference call, we will be referencing non-GAAP financial measures as we discuss the fiscal Q4 financial results. You will find a reconciliation of those non-GAAP measures to our actual GAAP results included in the press release issued today. I will now turn the call over to AMTECH's Chief Executive Officer, Bob Daigle.

Additionally, in today's conference call, we will be referencing non-GAAP financial measures as we discuss the fiscal Q4 financial results. You will find a reconciliation of those non-GAAP measures to our actual GAAP results included in the press release issued today. I will now turn the call over to AMTECH's Chief Executive Officer, Bob Daigle.

Non-gaap Financial measures as we discussed, the fiscal, fourth quarter Financial results. You will find a Reconciliation of those non-gaap measures to our actual Gap. Results included in the press release issue. Today, I will now turn the call over to amtex Chief Executive Officer, Bob deagel.

Oh, thank you. Jordan and good afternoon and thank you for joining us today.

Bob Daigle: Thank you, Jordan. And good afternoon, and thank you for joining us today. I'm pleased to report that our Q4 performance was above expectations, with revenue of $19.8 million versus a guidance range of $17 to $19 million. Strengthened demand for equipment we produce for AI applications continues to be our primary growth driver. However, both our thermal processing solutions and our semiconductor fabrication solutions segments did exceed forecasts, reflecting our strong position for advanced packaging solutions in AI markets and more stable demand within the mature node semiconductor market. Adjusted EBITDA also came in above expectations at $2.6 million, or about 13% of revenue versus the mid-single-digit EBITDA expected. These recent results are demonstrating our strong operating leverage and ability to generate cash. We ended the quarter with almost $18 million of cash on the balance sheet and continue to have no debt after paying it off last year.

I'm pleased to report that our fourth quarter performance was above expectations with revenue of 19.8 million versus a guidance range of 17 to 19 million.

Strengthened, demand for equipment. We produce for AI applications continues to be our primary growth driver.

However, both our thermal processing Solutions and our semiconductor fabrication Solutions, segments, did exceed forecast reflecting our strong position for advanced packaging, packaging Solutions, in our markets and more stable demand within the mature nodes semiconductor Market.

Adjusted Eva also came in above expectations at 2.6 million or about 13% of Revenue versus the mid single digit. Eva expected

These recent results are demonstrating our strong operating leverage and ability to generate cash. We ended the quarter with almost 18 million dollars of cash on the balance sheet and continue to have no debt after paying it off last year.

Bob Daigle: The cash swing over the past two fiscal years enabled us to eliminate our debt, which stood at over $10 million, and increase our cash to current levels. Our stronger-than-expected results for the quarter reflect the combined contribution of improved operational discipline, the benefits of our transition to a more flexible semi-fabless manufacturing model, and our focus on higher-margin products where we have competitive advantages. Expanding on our end markets, within the thermal processing solutions segment, advanced semiconductor packaging remained a highlight this quarter, with continued strength driven primarily by ongoing investments in AI infrastructure. For context, in Q4, revenue from equipment used for AI infrastructure accounted for over 30% of our thermal processing solutions revenue versus 25% in the prior quarter. Based on our channel checks, we see no slowdown for this area of our business.

The cash swing over the past two fiscal years enabled us to eliminate our debt, which stood at over $10 million, and increase our cash to current levels. Our stronger-than-expected results for the quarter reflect the combined contribution of improved operational discipline, the benefits of our transition to a more flexible semi-fabless manufacturing model, and our focus on higher-margin products where we have competitive advantages. Expanding on our end markets, within the thermal processing solutions segment, advanced semiconductor packaging remained a highlight this quarter, with continued strength driven primarily by ongoing investments in AI infrastructure. For context, in Q4, revenue from equipment used for AI infrastructure accounted for over 30% of our thermal processing solutions revenue versus 25% in the prior quarter. Based on our channel checks, we see no slowdown for this area of our business.

The cash swing over the past 2, fiscal years enabled, us to eliminate our debt which stood at over 10 million dollars and increase our cash to current levels.

Our stronger than expected results. For the quarter, reflect the combined contribution of improved operational discipline.

The benefits of our transition to a more flexible semi fabulous, manufacturing model and our focus on higher margin products where we have competitive advantages.

Expanding on our end markets within the thermal processing solution. Segment Advanced semiconductor packaging remained. A highlight for this quarter with continued strength, driven primarily by ongoing investments in AI infrastructure.

For context in the fourth quarter revenue from equipment used for AI infrastructure accounted for over 30% of our thermal processing Solutions Revenue versus 25% in the prior quarter.

Based on our Channel checks. We see no slowdown for this area of our business.

Bob Daigle: Related to revenue mix, we generated about 60% of our revenue from capital equipment and 40% from reoccurring revenues, including consumables, parts, and services. The balance between capital equipment and reoccurring revenue is important and reflects our strategy to expand higher-margin reoccurring revenue streams while we fully capitalize on opportunities for equipment used to expand AI infrastructure. As we look ahead, our Q4 bookings suggest we should continue to see strength for AI-related equipment revenue. To fully capitalize on this growth opportunity, we are continuing to invest in next-generation equipment that enables volume production of higher-density advanced packaging and electronic assemblies to increase our addressable market and the value we provide to customers. Turning to our semiconductor fabrication solutions segment, as we indicated last quarter, demand for front-end equipment and consumables tied to mature node semiconductor applications in industrial and automotive markets remained weak.

Related to revenue mix, we generated about 60% of our revenue from capital equipment and 40% from reoccurring revenues, including consumables, parts, and services. The balance between capital equipment and reoccurring revenue is important and reflects our strategy to expand higher-margin reoccurring revenue streams while we fully capitalize on opportunities for equipment used to expand AI infrastructure. As we look ahead, our Q4 bookings suggest we should continue to see strength for AI-related equipment revenue. To fully capitalize on this growth opportunity, we are continuing to invest in next-generation equipment that enables volume production of higher-density advanced packaging and electronic assemblies to increase our addressable market and the value we provide to customers. Turning to our semiconductor fabrication solutions segment, as we indicated last quarter, demand for front-end equipment and consumables tied to mature node semiconductor applications in industrial and automotive markets remained weak.

Related to revenue, mix. We generate about 60% of our revenue from Capital Equipment and 40% from reoccurring revenues, including consumables, parts, and services.

The balance between Capital Equipment and reoccurring revenue is important and reflects our strategy to expand higher margin. Reoccurring revenue streams, while we fully capitalize on opportunities for equipment use to expand AI infrastructure.

we look ahead our fourth quarter booking suggests we should continue to see strength for AI related equipment Revenue,

A fully capitalized on this growth opportunity. We are continuing to invest in Next Generation equipment that enables volume production of higher density. Advanced packaging and electronic assemblies to increase our addressable market and the value we provide to customers.

Turning to our semiconductor fabrication Solutions segment, as we indicated last quarter, demand for front end equipment and consumables, tied to mature node, semiconductor applications in industrial Automotive markets, remained weak.

That said, performance in the segments, slightly exceeded our expectations in the quarter.

Bob Daigle: That said, performance in this segment slightly exceeded our expectations in the quarter. Beyond the cyclical ebbs and flows of this market, we remain committed to controlling our own destiny by investing in applications and product development to solve problems faced by our customers. We expect these initiatives to deepen customer relationships and increase reoccurring revenue streams as customers qualify our products and scale production. While these initiatives will take time to scale, we are encouraged by the level of customer interest and engagement. This is all part of our strategy to overserve the underserved. As a relatively small player in a very large overall market for semiconductor consumables and equipment, we are targeting high-end, high-margin applications where we can leverage strong technical capabilities and provide exceptional service.

That said, performance in this segment slightly exceeded our expectations in the quarter. Beyond the cyclical ebbs and flows of this market, we remain committed to controlling our own destiny by investing in applications and product development to solve problems faced by our customers. We expect these initiatives to deepen customer relationships and increase reoccurring revenue streams as customers qualify our products and scale production. While these initiatives will take time to scale, we are encouraged by the level of customer interest and engagement. This is all part of our strategy to overserve the underserved. As a relatively small player in a very large overall market for semiconductor consumables and equipment, we are targeting high-end, high-margin applications where we can leverage strong technical capabilities and provide exceptional service.

Beyond the cyclical as and flows of this Market. We remain committed to controlling our own destiny.

By investing in applications and product development to solve problems faced by our customers.

We expect these initiatives to deepen customer relationships and increase. Reoccurring revenue streams as customers qualify our products and scale production.

While these initiatives will take time to scale, we are encouraged by the level of customer interest and engagement.

This is all part of our strategy to over serve the underserved.

As a relatively small player in a very large overall market for Semiconductor, consumables and equipment, we are targeting high-end high, margin applications where we can leverage strong, technical capabilities and provide exceptional service.

Bob Daigle: End markets include medtech and defense applications, among others, where we have strong customer engagement enabled by our foundry service and differentiated capabilities so we can develop sticky reoccurring revenue streams. Over the past 18 months, we've made tremendous progress optimizing our operating model and improving our cost structure. We implemented a series of cost reduction initiatives that included the elimination of some unprofitable products and a shift of some products to outsource partners to reduce labor and fixed overhead costs. These initiatives, which include consolidation of our manufacturing footprint from seven sites to four sites, resulted in $13 million of annualized savings. Looking ahead, we expect to realize additional savings by subletting underutilized factories. These actions have significantly reduced our EBITDA break-even point, improved our ability to scale profitably with higher volumes.

End markets include medtech and defense applications, among others, where we have strong customer engagement enabled by our foundry service and differentiated capabilities so we can develop sticky reoccurring revenue streams. Over the past 18 months, we've made tremendous progress optimizing our operating model and improving our cost structure. We implemented a series of cost reduction initiatives that included the elimination of some unprofitable products and a shift of some products to outsource partners to reduce labor and fixed overhead costs. These initiatives, which include consolidation of our manufacturing footprint from seven sites to four sites, resulted in $13 million of annualized savings. Looking ahead, we expect to realize additional savings by subletting underutilized factories. These actions have significantly reduced our EBITDA break-even point, improved our ability to scale profitably with higher volumes.

And markets include Medtech and defense applications, among others where we have strong customer engagement enabled by our Foundry service and differentiated capabilities. So we can develop sticky reoccurring revenue streams.

Over the past 18 months, we've made tremendous progress, optimizing our operating model and improving our cost structure.

We implemented a series of cost reduction initiatives, that included the elimination of some unprofitable products.

And a shift of some products to Outsource Partners to reduce labor and fixed overhead costs.

These initiatives, which include consolidation of our manufacturing footprint from 7 sites to 4 Seitz. Resulted in 13 million dollars of annualized savings.

Looking ahead, we expect to realize additional savings by subletting underutilized factories.

These actions have significantly reduced or even to break, even Point. Improved our ability to scale profitably with higher volumes.

With the majority.

Bob Daigle: With the majority of major optimization initiatives completed, we are now focused on growth initiatives to fully capitalize on AI equipment opportunities and increase our reoccurring revenue. Our improved financial performance, prospects for continued operating cash flow generation, CapEx-like business model, and a strong balance sheet have provided us with the flexibility to return capital to shareholders while also investing in growth opportunities. AMTECH's Board of Directors has authorized a share repurchase program of up to $5 million of the company's common stock for a one-year period. In summary, we have a strong foundation for growth driven by AI market opportunities and differentiated capabilities. The changes we've made to optimize our business model and streamline our product portfolio have created strong operating leverage, which positions us well to elevate profitability as we grow and create meaningful shareholder value.

With the majority of major optimization initiatives completed, we are now focused on growth initiatives to fully capitalize on AI equipment opportunities and increase our reoccurring revenue. Our improved financial performance, prospects for continued operating cash flow generation, CapEx-like business model, and a strong balance sheet have provided us with the flexibility to return capital to shareholders while also investing in growth opportunities. AMTECH's Board of Directors has authorized a share repurchase program of up to $5 million of the company's common stock for a one-year period. In summary, we have a strong foundation for growth driven by AI market opportunities and differentiated capabilities. The changes we've made to optimize our business model and streamline our product portfolio have created strong operating leverage, which positions us well to elevate profitability as we grow and create meaningful shareholder value.

Of major optimization initiatives. Completed, we are now focused on growth initiatives to fully capitalize on AI equipment opportunities and increase our reoccurring Revenue,

our improved financial performance prospects for continued, operating cash flow generation,

Capex, Light em, business business model and a strong balance sheet have provided us with the flexibility to return Capital to shareholders while also investing in growth opportunities.

So Ampex board of directors has authorized the share repurchase program of up to 5 million dollars of the company's common stock for a 1 year, period.

In summary.

We have a strong foundation for growth driven by AI Market opportunities and differentiated capabilities.

The changes we've made to optimize our business model and streamline. Our product portfolio have created strong operating leverage, which positions us, well to elevate profitability as we grow and create meaningful shareholder value.

With that, I'll turn it over to Wade for further details on our financial results.

Great. Thank you. Bob.

Bob Daigle: With that, I'll turn it over to Wade for further details on our financial results.

With that, I'll turn it over to Wade for further details on our financial results.

Wade Jenke: Great. Thank you, Bob. Net revenues increased sequentially from the Q3, driven primarily by strong demand in Asia for reflow ovens used in AI applications. The decrease in net revenues compared to the same period last year reflects higher AI-related revenues offset by substantially lower mature node semiconductor revenues, primarily for sales and wafer cleaning equipment and parts in our semi-fabrication solution segment. In our thermal processing solutions segment, diffusion furnaces and high-temperature furnaces drove the decline in sales. GAAP gross margin decreased by $0.3 million sequentially from the prior quarter and decreased $1 million compared to the same prior year period. The decrease from the prior quarter was due to the one-time Employee Retention Credit received in Q3 of 2025. The decrease in gross margin from the same prior year period is primarily due to lower sales volume in the mature node semiconductor market.

Net revenues, increased sequentially from the third quarter driven, primarily by strong demand in Asia for Reflow ovens.

Used in AI applications.

The decrease in net revenue is compared to the same period last year. Reflects higher AI related revenues offset by substantially lower mature node, semiconductor revenues primarily for sales and wafer cleaning equipment and parts in our semi supplication solution segment.

In our thermal processing solution. Segment to Fusion furnaces and high temperature. Furnaces true of the decline and sales

received in the third quarter of 2025,

The decrease in gross margin from the same prior year, period is primarily due to lower sales volume, and the mature nodes semiconductor Market.

Wade Jenke: Gross margin as a percentage of sales increased from 40.7% in the same prior year period up to 44.4% this current year quarter, driven by cost-saving initiatives and product mix. Compared against Q3 of 2025 and excluding the ERC one-time credit, gross margin would have been 41.5% versus the current Q4 of 44.4% gross margin, showing a nice sequential improvement. Selling, general, and administrative expenses decreased $1 million sequentially from the prior quarter and decreased $2.4 million compared to the same prior year period. The decrease from the prior quarter and the same prior year period is primarily due to cost reduction efforts around overhead expenses and cost structure changes to reduce our fixed costs. Research, development, and engineering expenses increased by $0.2 million sequentially from the prior quarter and decreased $0.4 million compared to the same prior year period.

Gross margin as a percentage of sales increased from 40.7% in the same prior year period up to 44.4% this current year quarter, driven by cost-saving initiatives and product mix. Compared against Q3 of 2025 and excluding the ERC one-time credit, gross margin would have been 41.5% versus the current Q4 of 44.4% gross margin, showing a nice sequential improvement. Selling, general, and administrative expenses decreased $1 million sequentially from the prior quarter and decreased $2.4 million compared to the same prior year period. The decrease from the prior quarter and the same prior year period is primarily due to cost reduction efforts around overhead expenses and cost structure changes to reduce our fixed costs. Research, development, and engineering expenses increased by $0.2 million sequentially from the prior quarter and decreased $0.4 million compared to the same prior year period.

Gross margin as a percentage of sales increase from 40.7%, in the same prior year, period up to 44.4%. This current year quarter driven by cost-saving initiatives and product mix

compared against the third quarter of 2025 and excluding the ERC 1 time credits. Gross margin would have been 41.5% versus the current fourth quarter of 44.4% gross margin showing and nice sequential improvements.

Spelling General and administrative expenses. Decreased 1, million sequentially from the prior border, and decreased 2.4 million compared to the same prior year period.

The decrease from the prior uh quarter and the same prior year period is primarily due to cost reduction efforts around overhead expenses and cost structure changes to reduce our fixed costs.

Research development and Engineering expenses, increased by 0.2 million sequentially from the prior quarter.

And decreased 04 million compared to the same prior year period.

The increase from the prior quarter is primarily due to growth initiatives.

Wade Jenke: The increase from the prior quarter is primarily due to growth initiatives, and the decrease compared to the same prior year period is primarily due to a more focused approach to our investments in innovation. GAAP net income for Q4 of fiscal 2025 was $1.1 million, or $0.07 per share. This compares to GAAP net income of $0.1 million, or $0.01 per share for the preceding quarter, and GAAP net loss of $0.5 million, or $0.04 per share for Q4 of fiscal 2024. Non-GAAP net income for Q4 of fiscal 2025 was $1.4 million, or $0.10 per share. This compares to non-GAAP net income of $0.9 million, or $0.06 per share for the preceding quarter, and non-GAAP net loss of $7,000, or $0.00 per share for Q4 of fiscal 2024.

The increase from the prior quarter is primarily due to growth initiatives, and the decrease compared to the same prior year period is primarily due to a more focused approach to our investments in innovation. GAAP net income for Q4 of fiscal 2025 was $1.1 million, or $0.07 per share. This compares to GAAP net income of $0.1 million, or $0.01 per share for the preceding quarter, and GAAP net loss of $0.5 million, or $0.04 per share for Q4 of fiscal 2024. Non-GAAP net income for Q4 of fiscal 2025 was $1.4 million, or $0.10 per share. This compares to non-GAAP net income of $0.9 million, or $0.06 per share for the preceding quarter, and non-GAAP net loss of $7,000, or $0.00 per share for Q4 of fiscal 2024.

And the decrease compared to the same prior year, period is primarily due to a more focused approach to our investments in innovation.

Gaap net income for the fourth quarter of fiscal, 2025 was 1.1 million or 7 cents per share.

This compares to gaap, net income of 0.1 million or 1 cents. Per share for the preceding shorter and gaap. Net loss of 0.5 million or 4 cents per share for the fourth quarter of fiscal 2024.

Now on gaap, net income for the fourth quarter of fiscal 2025 was 1.4 million for 10 cents. Per share this compares to non-gaap net, income of 0.9 million or 6 cents per share for the preceding quarter and non-gaap. Net loss of 7,000 or 0 cents per share for the fourth quarter of fiscal 2024.

Wade Jenke: Unrestricted cash and cash equivalents at 30 September 2025 were $17.9 million, compared to $11.1 million at 30 September 2024, due primarily to the company's focus on operational cash generation, working capital optimization, strong accounts receivable collections from customers, accounts payable management, and the Employee Retention Credit. Now turning to our outlook. For the Q1 fiscal ending 31 December 2025, the company expects revenue in the range of $18 to $20 million. AI-related equipment sales for the thermal processing solutions segment is anticipated to partially offset the transitions in our business related to mature node semiconductor product lines. With the benefit of previously implemented structural and operational cost reductions, AMTECH expects to deliver solid operating leverage, resulting in Adjusted EBITDA margins in the high single digits.

Unrestricted cash and cash equivalents at 30 September 2025 were $17.9 million, compared to $11.1 million at 30 September 2024, due primarily to the company's focus on operational cash generation, working capital optimization, strong accounts receivable collections from customers, accounts payable management, and the Employee Retention Credit. Now turning to our outlook. For the Q1 fiscal ending 31 December 2025, the company expects revenue in the range of $18 to $20 million. AI-related equipment sales for the thermal processing solutions segment is anticipated to partially offset the transitions in our business related to mature node semiconductor product lines. With the benefit of previously implemented structural and operational cost reductions, AMTECH expects to deliver solid operating leverage, resulting in Adjusted EBITDA margins in the high single digits.

Unrestricted cash and cash equivalents at September 30th. 2025 were 17.9 million compared to 11.1% 2024.

Due primarily to the company's focus, on operational, cash generation working capital optimization.

Strong accounts receivable collections from customers accounts, payable management, and the employee retention Credit. Now, turning to our Outlook

for the first quarter.

Fiscal ending December 31st 2025 the company expects, Revenue in the range of 18 to 20 million.

AI related equipment sales for the thermal processing solution. Segment is anticipated.

to partially offset the transitions in our business related to mature nodes, semiconductor product lines, with the benefits of previously implemented, structural and operational cost, reductions and Tech expects to deliver solid operating, leverage, resulting in, adjusted debit of margins, in the high, single digits,

Amtech remains focused on driving further efficiency, gains and cost optimization across all operations.

Wade Jenke: AMTECH remains focused on driving further efficiency gains and cost optimization across all operations, positioning the company to expand margins and generate more consistent profitability going forward. Operations can be significantly impacted positively or negatively by the timing of orders, system shipments, logistical challenges, and the financial results of semiconductor manufacturers. Additionally, although the company has been generating more revenues from recurring and consumables sales, the balance of the business is from semiconductor equipment industries, which can be cyclical and inherently impacted by changes in market demand and capacity utilization. The outlook provided during our call today and in our earnings press release is based on an assumed exchange rate between the United States dollar and foreign currencies. Changes in the value of foreign currencies in relation to the United States dollar could cause actual results to differ from expectations.

AMTECH remains focused on driving further efficiency gains and cost optimization across all operations, positioning the company to expand margins and generate more consistent profitability going forward. Operations can be significantly impacted positively or negatively by the timing of orders, system shipments, logistical challenges, and the financial results of semiconductor manufacturers. Additionally, although the company has been generating more revenues from recurring and consumables sales, the balance of the business is from semiconductor equipment industries, which can be cyclical and inherently impacted by changes in market demand and capacity utilization. The outlook provided during our call today and in our earnings press release is based on an assumed exchange rate between the United States dollar and foreign currencies. Changes in the value of foreign currencies in relation to the United States dollar could cause actual results to differ from expectations.

Positioning the company to expand margins, and generate more consistent profitability going forward.

Operations can be significantly impacted positively or negatively by the timing of orders system, shipments, logistical challenges, and the financial results of semiconductor manufacturers.

Additionally, although the company has been generating more revenues from recurring and consumable sales.

The balance of the business is from semiconductor equipment Industries, which can be cyclical and inherently impacted by changes in market, demand, and market and capacity utilization.

The Outlook provided during our call today and in our earnings press release is based on an assumed exchange rate between the United States dollar and foreign currencies.

Changes in the value of foreign currencies in relation to the United States dollar could cause actual results to differ from expectations.

Wade Jenke: As you may have seen in our 8-K filing, I have submitted my resignation as Chief Financial Officer, effective as of the close of business on 29 December 2025. My decision to step down is not a result of any dispute or disagreement with AMTECH Systems. The decision is based upon my personal and family interests in mind. I'll be assuming an executive role at a different company. I have agreed to serve in a consulting capacity for a period of up to six months to assist with the closing of the Q1 of fiscal 2026, preparation and filing of the 2026 annual meeting proxy statement, and the transition of my duties to a new CFO. AMTECH Systems plans to launch a search for a new CFO immediately. I want to take a moment to thank the AMTECH Systems team who has achieved and improved substantially under my tenure.

As you may have seen in our 8-K filing, I have submitted my resignation as Chief Financial Officer, effective as of the close of business on 29 December 2025. My decision to step down is not a result of any dispute or disagreement with AMTECH Systems. The decision is based upon my personal and family interests in mind. I'll be assuming an executive role at a different company. I have agreed to serve in a consulting capacity for a period of up to six months to assist with the closing of the Q1 of fiscal 2026, preparation and filing of the 2026 annual meeting proxy statement, and the transition of my duties to a new CFO. AMTECH Systems plans to launch a search for a new CFO immediately. I want to take a moment to thank the AMTECH Systems team who has achieved and improved substantially under my tenure.

as you may have seen in our 8K filing, I have submitted my resignation as Chief Financial Officer effective as of the close of business on December 29th, 2025

My decision to step down is not a result of any dispute or disagreement with Ampex systems.

To serve in a Consulting capacity for a period of up, to 6 months to assist with the closing of the first quarter of fiscal 2026.

Preparation and filing of the 2026 annual meeting proxy statement, and the transition of my duties to a new CFO.

Antics systems plans to launch a search for a new CFO immediately.

Wade Jenke: I also want to thank Bob Daigle for his tremendous vision and leadership as CEO. I have learned so much, and I will be eternally grateful for the opportunity. Thank you, and I will now turn the call over to the operator for questions.

I also want to thank Bob Daigle for his tremendous vision and leadership as CEO. I have learned so much, and I will be eternally grateful for the opportunity. Thank you, and I will now turn the call over to the operator for questions.

I want to take a moment to thank the amtex systems team who has achieved and improved substantially under my tenure. I also want to thank Bob Daigle for his tremendous vision and Leadership and CEO. I have learned so much and I will be eternally grateful for the opportunity.

Thank you. And I will now turn the call over to the operator for questions.

Thank you.

Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster. The first question will come from Craig Irwin with Roth Capital Partners. Please go ahead.

We will now begin the question and answer session to ask a question. You may press star then 1 on your touchtone phone,

If you are using a speaker-phone, please pick up your handset before pressing the keys.

if at any time your question has been addressed and you would like to withdraw your question, please press star then 2

At this time, we will pause momentarily to assemble our roster.

And the first question will come from Craig Irwin with Roth Capital Partners. Please go ahead.

Hello, Craig.

Craig, your line may be muted. It's open on our end.

Craig Irwin: Hello, Craig.

Operator: Craig, your line may be muted. It's open on our end.

Yes, I was on mute. I apologize for that. Um, thanks for taking my questions.

Craig Irwin: Yes, I was on mute. I apologize for that. Thanks for taking my questions. So Bob, can you maybe talk a little bit about your visibility with AI customers? I don't know if you can maybe just give us general color on backlog and backlog trends or orders and order indications and maybe even just the direct investment you're seeing in the different facilities that you're selling into there as far as the customer commitments?

So Bob, um, can you maybe talk a little bit about your visibility with AI customers? I don't know if if you can maybe just give us General color on backlog and backlog Trends or orders and Order indications and and maybe even just the the direct investment you're seeing um, in the uh, in in in the different facilities that uh, that you're selling into there as far as the customer commitments.

Bob Daigle: Yeah. Yeah. So let me walk through that, Craig. Yeah. So again, broadly speaking, we're seeing very strong demand. I would characterize my sense right now as most of the equipment in the pipeline has been really being put into existing facilities, but what we're hearing is there are new facilities being built as well. So I think there's plans that go out there quite a while. In terms of our visibility and backlog, it's one of these situations, and I think we've talked about this before. We have a very efficient, effective manufacturing organization for this back-end equipment. We can basically, for the most part, book and ship in the same quarter. Our lead times will run six weeks or so for this equipment out of our Shanghai factory. So typically, we're getting orders and, in most cases, shipping within the same quarter.

Yeah. Yeah. It's only walk through that. Uh, Craig yeah. So, so again, broad, broadly speaking. We're seeing very strong demand. I I, I would characterize my sense right now as most

And most of the equipment, uh, in the pipeline has been really being put into existing facilities. But what we're hearing is, there are new facilities being built as well. So I think there's, there's, there's plans that go out there quite a while in terms of our visibility and backlog. You know, it's it's, it's 1 of these situated and I, I think we've talked about this before we have, um, you know, a very efficient effective manufacturing Organization for this, uh, this back end. We we look

we can basically,

Bob Daigle: Having said that, there is an increased level of business where we're, in some cases, they're telling us, "We're still finishing up a factory, and it's going to be in, for example, the March quarter or, in some cases, the June quarter before they want to take delivery." So I'd say we're getting a little bit more visibility out there because of other critical constraints in installing equipment. But for the most part, our volume has been driven by book and ship in current quarters.

Having said that, there is an increased level of business where we're, in some cases, they're telling us, "We're still finishing up a factory, and it's going to be in, for example, the March quarter or, in some cases, the June quarter before they want to take delivery." So I'd say we're getting a little bit more visibility out there because of other critical constraints in installing equipment. But for the most part, our volume has been driven by book and ship in current quarters.

For the most part uh book and ship in the same quarter, our lead times will run 6, 6, weeks, or so for this equipment, uh, out of our Shanghai Factory. So typically we're getting orders and and most cases shipping, uh, within the same quarter, having said that there, there is an increased, uh, level of, uh, business where we're we're in some cases they're telling us, you know, we're still, we're still finishing up a factory and it's going to be in uh, for example the um, you know, the the March quarter or in some cases, the June quarter before they want to take delivery. So I'd say we're getting a little bit more visibility out there because of, you know, other critical constraints, and installing equipment. But for the most part, our volume's been driven by book and ship and, and, um, in current quarters

Craig Irwin: Understood. Understood. You've explained the nature of the business in the past, and it makes sense that it's not necessarily changing, just moving very well. So that makes sense. One area you guys have really impressed me over the last couple of years is on the execution bringing down OpEx, right? The $13 million in savings. Can you maybe frame out for us what the sublet savings could be from the underutilized facilities? And I don't know if you can get more specific about which facilities and whether or not these are sales or things where you're already leased, but you're subleasing, or if there's assets that can be sold.

I understood understood that, you know, you've, you've explained the nature of the business in the past and, and it makes sense that it's, it's not necessarily changing just moving very well, so that, that makes sense. Um,

1 area of you guys are really impressed me over the last couple. Years is on on the, um,

Institution, bringing down Opex, right? The 13 million in savings. Um,

Can you maybe frame out for us what the uh, a sublet savings could be from the underutilized underutilized facilities. Um, and I don't know if you can get more specific about. Um, yeah, you know, which facilities um and whether or not these are sales or things where you're already least but you can your sub lease more if there's assets that can be sold.

Bob Daigle: Yeah. No, these are leases of underutilized facilities in both segments. I'd say combined, we're probably looking at, once we sublet both facilities, let's say $700 to 1 million in annualized savings associated with those.

Ya know, the these are these are leases of underutilized facilities. And um, both in, in both segments, I say calm combined. We're probably looking at, uh, once we sublet both facilities, let's say 700 to a million in annualized, uh, savings associated with those.

Craig Irwin: Okay. Excellent. Excellent. Then to change subjects again, there's quite a lot of interest out there about new applications for silicon carbide. Some of these AI chip producers are apparently looking at different substrates for future generations of chips. I know you guys get involved very early on with different customer groups as far as development necessary for new processes. Are you seeing some new customers maybe come in or new opportunities come in that might broaden your participation away from TPS into substrates for some of the AI momentum we're seeing in the market?

About new applications for uh silicon carbide, you know? Um,

Some of these uh AI chip producers are apparently looking at a different substrates for um you know, future generations of chips. You know, I know you guys get involved very early on uh with different customer groups as far as development um necessary for new processes, you know, are you seeing um, some some new customers, maybe coming in, or are new opportunities come in, you know, they might broaden your participation away from TPS into into substrates for uh,

Bob Daigle: Yeah. If it migrates to silicon carbide for processing, it would be more on a consumable side of things, Craig, that we would participate. Actually, I thought what you were going to reference is there's a lot of literature and discussion around the fact that the data centers themselves are going to likely distribute instead of having low-voltage power across the facility, go to high voltage, and step it down at the rack. And that allows them to significantly reduce the amount of copper needed for bussing across these AI data centers. So I'm hearing more about that where basically it's another because with EV, pretty depressed right now across the industry. It's a potential growth driver for silicon carbide where it's the power electronics for these data centers. I've heard a little bit about silicon carbide as substrates.

For some of the some of the AI momentum we're seeing in the market. Yeah it it you know if it if it migrates to someone who can car by for a processing, it would be more on a consumable side of of things Craig that we would participate. I actually I thought what what you were going to reference is there's a lot of uh

of literature and and uh, discussion around the fact that the data centers themselves are are going to

Uh likely distribute. Um, you know, instead of having low voltage power across the facility, go to high voltage and step it down at the rack and that allows them to, to significantly reduce the amount of copper needed for for busing these, uh, AI data centers.

So I'm hearing more about that. Where basically, it's a it's another because with EV pretty pretty depressed right now across across the uh industry. It's a potential growth driver for silicon carbide, where there it's the power electronics. For these data centers,

Bob Daigle: Again, I think for us, it could translate into consumables if that materializes.

Again, I think for us, it could translate into consumables if that materializes.

Uh, I've heard a little bit about silicon carbide as substrates and again, I think for us it would be more, uh, it could translate into consumables if if that materializes.

Craig Irwin: Yeah. I can clarify that for you. I'm sure you know, but you're probably limited as far as what you can say. So I'll say it publicly. I know that the silicon carbide produced by Wolfspeed is used by EPC Power, a private company based in California, for the EPC power blocks sold by Vertiv. And those use 3.3 kV MOSFETs, which are much higher power than the MOSFETs used in EVs. And that is the primary product going in on the leading-edge data centers today. So I do know that DC is adopting silicon carbide for power. What I was curious about, and really where things could get insanely interesting, is if it's a substrate for the actual AI chips themselves and not just the power.

Yeah, I I can clarify that for you. I'm sure, you know, but you're probably limited as far as what you can say. But so I'll say it publicly. I know that the um,

The silicon carbide produced by wolfspeed is used by EPC power. A private company based in California for the EPC power block. So, by vertiv and those use 3.3 KV mosfets which are much higher power than the monster TVs. And that is that is the primary product going in on on the the, the the Leading Edge data centers today. So I do know that DC is adopting silicon carbide for power. Um, what I was curious about and, and really where things could get insanely interesting is if, uh, it's a substrate for the actual, um,

Um, for for, for, for the AI chips themselves. And not just the power

Bob Daigle: Yeah. My sense would be that's a ways out if that develops. I think I haven't heard anything imminent on that front, I guess I would say, Craig.

Yeah, and I, I, I, my sense would be that's a ways out. If, if that, if that develops, it's it's, uh,

I think it it. I haven't heard anything in it, on that front, I guess I would say Craig.

The next question will come from Michael leg with Vladimir. Please go ahead.

Operator: The next question will come from Michael Laig with Ladenburg. Please go ahead.

Operator: The next question will come from Michael Legg with Ladenburg. Please go ahead.

Thanks, Bob. Now that you've done you know, a great job. Cleaning up the balance sheet and getting costs in line.

[Analyst] (Ladenburg): Thanks. Bob, now that you've done a great job cleaning up the balance sheet and getting costs in line, and your comment on overserving the underserved, can you talk a little bit about the opportunity in the service area?

Michael Legg: Thanks. Bob, now that you've done a great job cleaning up the balance sheet and getting costs in line, and your comment on overserving the underserved, can you talk a little bit about the opportunity in the service area?

And you know, your comment on, you know, over serving the underserved can you talk a little bit about the opportunity and the service area?

Bob Daigle: Yeah. So what we're focused on is really high-value niche opportunities or areas of the market where, let me characterize it this way, if you're a large semiconductor application area, you tend to get pretty high service levels, and product availability is always there. And you get development support for new products and new applications. And what we're finding are opportunities, and they tend to be a little bit more niche in the medical area and the defense area, where for a large player, the volumes may not be all that meaningful. But for us, it creates a nice opportunity for this recurring revenue stream. So we're leveraging our foundry service, where we do contract development. We can help qualify products with some of these OEMs, basically to get our products into some of these applications as an alternative to some of the large incumbents.

Yes. So so what, what we're what we're focused on is really, uh, you know, high value Niche opportunities or areas of the market where where uh, you know

let me, let me characterize it this way, if, if you're a large semiconductor application area,

You, you tend to get pretty high service levels and then and product availability is, is always there. And, and, you know, you get development support for new products and new applications.

and what we're finding are opportunities and they tend to be a little bit more niche-y in the in the medical area and the defense area where

For for a large player, the volumes may not be all that meaningful, but for for us, it creates a nice nice opportunity for, uh, you know, this reoccurring Revenue stream. So so we we're leveraging our Foundry service where um, you know, we do contract development. Uh we do we can help qualify products with some of these these oems basically to uh,

You know, get our, get our products in into some of these applications as an alternative to some of the large incumbents.

Bob Daigle: Again, it's just going to take time to develop because it requires qualification, but it is very sticky business. It has a nice margin profile. I think it helps develop some very strong connection with some key customers because we're there to support them where in many cases, others aren't.

Again, it's just going to take time to develop because it requires qualification, but it is very sticky business. It has a nice margin profile. I think it helps develop some very strong connection with some key customers because we're there to support them where in many cases, others aren't.

in many cases, others aren't

Okay, great. And then just to follow up, um, on the CFO search, can you give us any update on your progress there?

[Analyst] (Ladenburg): Okay. Great. Then just to follow up, on the CFO search, can you give us any update on your progress there?

Michael Legg: Okay. Great. Then just to follow up, on the CFO search, can you give us any update on your progress there?

Yes. So so we we it's it's a

Bob Daigle: Yeah. So we just started, and we'll keep everybody informed as things develop. But yeah, we're still early in the search.

We just we just started and and we'll, we'll we'll keep everybody informed as things develop. But uh, yeah, we're we're still, we're still early in the search.

Okay, great. Thank you.

[Analyst] (Ladenburg): Okay. Great. Thank you.

Michael Legg: Okay. Great. Thank you.

The next question will come from Mark Miller with the Benchmark Company. Please go ahead.

Operator: The next question will come from Mark Miller with the Benchmark Company. Please go ahead.

Mark Miller: Just wanted to clarify. You indicated that the spread between equipment and reoccurring revenues was 60/40. Was that for both the thermal processing and the semi-fab sales, or was there some differences there?

I just wanted to clarify, you indicated that the the spread between equipment and reoccurring Revenue was 6040, was that for both the thermal

Uh processing and the semi Fab sales or was it some differences there.

Yeah, it's it's it's overall.

the, the

Bob Daigle: Yeah. Overall, I'd say the majority of the semi-fabrication solutions are the consumables, parts, service. And probably of the TPS segment, I'll give you a rough number. Let's say 80% equipment, 20% on the reoccurring side.

The majority of the semi fabrication Solutions are re are the consumables Parts service.

And I probably have the TPS segment. I'll give you a rough number. Let's, let's say, uh, 80% equipment 20%, uh, you know, on the, on the reoccurring side

Mark Miller: In terms of your backlog, you said you've been focusing on higher margin products. What does it look like in terms of the margin profile of your existing backlog? Is it better than what you've been reporting recently?

In, in terms of your backlog, uh, is it. You said you've been focusing on higher margin products? What does it look like in terms of the margin profile of your existing backlog? Is it better than what you've been reporting recently?

Bob Daigle: Yeah. Yeah. We basically cleaned that up for the most part, Mark. When we talked a year or a year and a half ago, we had a lot of things in our backlog, had, I would characterize as substandard margins, and pretty much moved beyond that now. So what's sitting there is of high quality for the majority of it.

Yeah, we yeah, we we basically cleaned that up for the most part. Mark. You know that if you when we talk a year or year and a half ago, we had a lot of uh, a lot of things in our backlog had sub. I would characterize as substandard margins and and, you know, pretty much move beyond that. Now, so what's sitting there is is is of high quality for the for the majority of it.

Mark Miller: Okay. You indicated that auto remains soft for you, but I was a little surprised by that because it's my understanding, at least for EVs, that auto sales in China are better this year than last year.

Okay. Uh, you indicated that auto remains soft for you but I I was a little surprised by that because it's my understanding at least for EVS that auto sales in China are are better this year than last year.

Yeah. I I think. Yeah. Most of the

Bob Daigle: Yeah. Yeah. Most of our exposure in the auto industry is with the Western OEMs. So let's say US, European players, less so in mainland China. So my comments, frankly, referred to the semiconductor industry that serves the Western world.

Most of our exposure in the Auto industry is with the Western OEM. So you let's say you as European players less so in mainland China. So my comments.

frankly referred to the, uh,

Semiconductor industry that serves the the Western world.

Thank you.

Mark Miller: Thank you.

The next question will come from George mormo with PTO Ventures. Please go ahead.

Operator: The next question will come from George Marema with Pareto Ventures. Please go ahead.

Hi thanks. Uh taking the call good to talk to you Bob.

[Analyst] (Pareto Ventures): Hi, thanks for taking the call. Good to talk to you, Bob.

George Marema: Hi, thanks for taking the call. Good to talk to you, Bob.

Bob Daigle: Hi, George.

[Analyst] (Pareto Ventures): A couple of questions. Do you guys expect any effect from the ramp-up of Blackwell versus Hopper and also kind of the ramp-up of these custom ASICs like TPUs, etc.?

George Marema: A couple of questions. Do you guys expect any effect from the ramp-up of Blackwell versus Hopper and also kind of the ramp-up of these custom ASICs like TPUs, etc.?

A couple questions um do you guys expect? Um any effect from the ramp up of Blackwell versus Hopper and also the kind of the uh the ramp up of these custom A6 like tpus Etc.

There. They

Bob Daigle: From our perspective, they're basically using, our understanding, very similar processes and equipment capabilities. So I think to the extent they ramp and it's more volume, that's beneficial. But in terms of significant technology differences at this stage, I wouldn't say there isn't much impact on us if the mix shifts.

from our perspective, they they're basically using um, our understanding very similar processes and and Equipment capabilities so I think

To the extent they rant and it's more volume that that's beneficial. But in terms of significant,

Technology differences at this stage. I wouldn't say that. There isn't much impact on us if the mix shifts.

Okay.

[Analyst] (Pareto Ventures): Okay. As you look out to 2026, in terms of your focused R&D on innovative investments and new products, any update on any new products for 2026 and new initiatives?

George Marema: Okay. As you look out to 2026, in terms of your focused R&D on innovative investments and new products, any update on any new products for 2026 and new initiatives?

And then, as you look out to 26, in terms of your focused R&D on Innovative Investments and new products, uh, any any update on any new products for 26 and new new initiatives?

Yes, so let me talk about the initiatives. And again, there's really 2 2 areas of focus. Uh,

Bob Daigle: Yeah. So let me talk about the initiatives. And again, there's really two areas of focus for our investments. On the thermal process solution side of things, it really is around enabling continuous processing for higher density, tighter pitch devices, where we think it could potentially open opportunities to participate in more of the processes that are used for these GPUs, TPUs, and frankly, even the electronic assembly of dense boards for the AI data servers. So I think that's our emphasis for TPS; it's really around how do we participate in more of the process. And by the way, that equipment has a high level of complexity, and the requirements are more stringent. So we think the ASP would also be meaningfully higher.

For our investments, uh, on the, on the thermal process Solutions side of things. It really is around, uh,

you know, and enabling um continuous processing for higher density, higher higher, you know, tighter pitch devices

where, um, we think it could potentially open, open opened opportunities to participate and more of the processes that are used for these, uh, you know, gpus tpus, uh, and electron, and frankly, even the electronic assembly of dense boards for the, uh,

Bob Daigle: Then on the SFS side of things, our investment is really on driving our growth in our consumables, specifically our chemicals business, where we have some very strong capabilities on the application development that basically leveraging our foundry. We have very strong technology folks in our R&D labs, or formulators. And we think there's, based on the engagement level, we think there are customers that can significantly benefit from our capabilities and support. So that's where we're investing. Very much line of sight, though. I said this before. We're a small company. We work on these aren't grand initiatives. If we build it, they'll come kind of things. We're working on things that are very much involve customer engagement so that the goal here is to convert R&D efforts into meaningful revenue as quickly as possible.

Then on the SFS side of things, our investment is really on driving our growth in our consumables, specifically our chemicals business, where we have some very strong capabilities on the application development that basically leveraging our foundry. We have very strong technology folks in our R&D labs, or formulators. And we think there's, based on the engagement level, we think there are customers that can significantly benefit from our capabilities and support. So that's where we're investing. Very much line of sight, though. I said this before. We're a small company. We work on these aren't grand initiatives. If we build it, they'll come kind of things. We're working on things that are very much involve customer engagement so that the goal here is to convert R&D efforts into meaningful revenue as quickly as possible.

then on the uh, SFS side of things, our our investment is really on driving our

Growth in our consumables, particularly specifically our chemicals business uh, where we have some very strong capabilities on the application.

Development that leverage, you know, basically leveraging our Foundry, we have very strong uh, technology focused in in our R&D Labs or our formulators. So and we think there's um based on the engagement level we think there are customers that can

Significantly benefit from our our capabilities and support so that that's where we're investing. Very much line of sight, though. You know, I I, I said this before we're we're we're a small company. Uh, we work on. Um, these aren't Grand initiatives, if we build a bill come kind of things that that we're working on things that are very much, uh, involve customer engagement. So that um the goal here is to convert R&D efforts into meaningful Revenue as quickly as possible.

Okay and then 1 last 1 is is there been any change in the competitive landscape in thermal area?

[Analyst] (Pareto Ventures): Okay. And then one last one. Has there been any change in the competitive landscape in the thermal area?

George Marema: Okay. And then one last one. Has there been any change in the competitive landscape in the thermal area?

Not, not not.

Bob Daigle: Nothing that I'm aware of is visible to George. I think it's pretty much a very similar situation in that space.

Nothing that I'm I'm aware is visible to George, I think, I think it's pretty much very similar situation in that space.

Great.

Thank you.

All right. Thank you, George.

[Analyst] (Pareto Ventures): Great. Thank you.

George Marema: Great. Thank you.

Bob Daigle: All right. Thank you, George.

Operator: Ladies and gentlemen, at this time, we've reached the end of the question-and-answer session. I'd like to turn the floor back over to management for any closing remarks.

Ladies and gentlemen, at this time, we've reached the end of the question and answer session. I'd like to turn the floor back over to management for any closing or marks.

All right. Well, thank you. Well, first of all, in closing, I'd like to thank Wade for his service to amtech over the past 16 months.

Bob Daigle: All right. Well, thank you. Well, first of all, in closing, I'd like to thank Wade for his service to AMTECH over the past 16 months and his assistance as we transitioned responsibilities to a new CFO. Our back-office processes and systems have greatly improved as a result of Wade's efforts. And in closing, I also want to thank everybody on the call today or those who will participate in the recast for their interest in AMTECH and for joining our conference call today. We look forward to updating you on our progress in the months to come. Have a good evening, everyone.

And his his assistance as, as we transition the responsibilities to a new CFO. Our, our back office processes and systems have greatly improved as a result of Wade's efforts. And, and I, and I wish him the best in his, uh, in his role and his new company.

And then, and in closing, I also want to thank, uh, everybody on the, on the call today, or or those who will participate in the, uh, in the recast, for their interest in amtech. And for joining our conference call today and uh, we look forward to updating you on our progress, in the, in the months to come. Um, have a have a good evening, everyone.

The conference has now concluded, thank you for attending today's presentation. You may now disconnect

Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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