{
  "@context": "https://frontierpicks.com/schemas/dossier.v1.json",
  "ticker": "ASYS",
  "name": "Amtech Systems, Inc.",
  "url": "https://frontierpicks.com/dossiers/ASYS/",
  "json_url": "https://frontierpicks.com/dossiers/ASYS.json",
  "status": "DORMANT",
  "current_conviction": "LOW",
  "archetype": {
    "code": "a2",
    "n": 2
  },
  "current_thesis": "Amtech Systems' June-quarter AI-packaging orders and margins improved, but the shares are more likely to lag the S&P 500 until the report expected around 9 December 2026 shows the $28.7 million backlog turning into revenue growth.",
  "invalidation_trigger": "A daily close above $15.93, the 200-day average of closes on 2026-11-11, would show the shares leading the S&P 500 again. Fiscal fourth-quarter revenue above the $24.0 million top of guidance would also show the case failing.",
  "catalyst_date": null,
  "portfolio": null,
  "pick": null,
  "themes": [
    "semi-foundry-equipment"
  ],
  "tags": [],
  "sources": [],
  "caveats": [],
  "source_links": [
    {
      "title": "Amtech Systems Reports Fiscal 2026 Third Quarter Financial Results",
      "url": "https://secure.businesswire.com/news/home/20260805842439/en/Amtech-Systems-Reports-Fiscal-2026-Third-Quarter-Financial-Results",
      "date": "2026-08-05"
    },
    {
      "title": "0000720500falseAMTECH SYSTEMS INC00007205002026-08-042026-08-04",
      "url": "https://www.amtechsystems.com/investors/sec-filings/all-sec-filings/content/0000720500-26-000011/asys-20260804.htm",
      "date": null
    },
    {
      "title": "Amtech Reports Fourth Quarter Fiscal 2025 Results",
      "url": "https://www.streetinsider.com/Press+Releases/Amtech+Reports+Fourth+Quarter+Fiscal+2025+Results/25723746.html",
      "date": null
    }
  ],
  "evidence": [
    {
      "claim": "Net revenue $22.4M, up 14.5% year over year; AI-related revenue up about 120% year over year.",
      "source": "Amtech Q3 FY2026 results release, 2026-08-05",
      "as_of": "2026-06-30"
    },
    {
      "claim": "Orders $28.8M versus $21.1M in Q2; backlog $28.7M versus $22.3M; Thermal Processing book-to-bill 1.37.",
      "source": "Amtech Q3 FY2026 results release, 2026-08-05",
      "as_of": "2026-06-30"
    },
    {
      "claim": "Gross margin 50.0% versus 46.7% a year earlier; GAAP net income $1.7M ($0.10 per diluted share).",
      "source": "Amtech Q3 FY2026 results release, 2026-08-05",
      "as_of": "2026-06-30"
    },
    {
      "claim": "Q4 FY2026 guidance: revenue $22.5M to $24.0M, adjusted EBITDA margin low to mid-teens.",
      "source": "Amtech Q3 FY2026 results release, 2026-08-05",
      "as_of": "2026-08-05"
    },
    {
      "claim": "Cash $83.1M with no debt, after $56.5M net proceeds from a $20.50-per-share offering.",
      "source": "Amtech Q3 FY2026 results release, 2026-08-05",
      "as_of": "2026-06-30"
    },
    {
      "claim": "CEO Guy Shechter bought 3,450 shares at $14.34 on 2026-08-24; CFO Thomas Sabol bought 2,000 shares at $14.13 on 2026-09-14.",
      "source": "SEC Form 4 filings",
      "as_of": "2026-09-14"
    },
    {
      "claim": "Lake Street initiated coverage of Amtech with a Buy rating and a $22 price target.",
      "source": "Company news, 2026-10-20",
      "as_of": "2026-10-20"
    },
    {
      "claim": "Cohu Q3 net sales $173.0M, up 37%, Q4 guidance $178M plus or minus $7M; FormFactor Q3 revenue $280.5M, up 38.4%, Q4 guidance $285M plus or minus $10M.",
      "source": "Cohu and FormFactor Form 8-K earnings releases, 2026-10-28",
      "as_of": "2026-10-28"
    }
  ],
  "view_changes": [],
  "frame": null,
  "filed_numbers": {
    "as_of": "2026-11-13",
    "sector": "Industrials",
    "financials": {
      "status": "ok",
      "reason": null,
      "close_date": "2026-11-13",
      "latest_quarter": "2026-06-30",
      "figures": {
        "revenue": {
          "status": "ok",
          "quarters": [
            {
              "end": "2026-06-30",
              "filed": "2026-08-05",
              "restated": null,
              "value_musd": 22.4,
              "yoy_pct": 14.5
            },
            {
              "end": "2026-03-31",
              "filed": "2026-05-07",
              "restated": null,
              "value_musd": 20.5,
              "yoy_pct": 31.4
            },
            {
              "end": "2025-12-31",
              "filed": "2026-02-05",
              "restated": null,
              "value_musd": 19,
              "yoy_pct": -22.2
            },
            {
              "end": "2025-09-30",
              "filed": "2025-12-10",
              "restated": null,
              "value_musd": 19.8,
              "yoy_pct": -17.7
            },
            {
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              "filed": "2025-08-06",
              "restated": null,
              "value_musd": 19.6,
              "yoy_pct": -26.9
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            {
              "end": "2025-03-31",
              "filed": "2025-05-12",
              "restated": null,
              "value_musd": 15.6,
              "yoy_pct": -38.7
            }
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        },
        "gross_margin": {
          "status": "ok",
          "quarters": [
            {
              "end": "2026-06-30",
              "filed": "2026-08-05",
              "restated": null,
              "pct": 50
            },
            {
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              "filed": "2026-05-07",
              "restated": null,
              "pct": 47.7
            },
            {
              "end": "2025-12-31",
              "filed": "2026-02-05",
              "restated": null,
              "pct": 44.8
            },
            {
              "end": "2025-09-30",
              "filed": "2025-12-10",
              "restated": null,
              "pct": 44.4
            },
            {
              "end": "2025-06-30",
              "filed": "2025-08-06",
              "restated": null,
              "pct": 46.7
            },
            {
              "end": "2025-03-31",
              "filed": "2025-05-12",
              "restated": null,
              "pct": -2.1
            }
          ]
        },
        "operating_margin": {
          "status": "ok",
          "quarters": [
            {
              "end": "2026-06-30",
              "filed": "2026-08-05",
              "restated": null,
              "pct": 9.9
            },
            {
              "end": "2026-03-31",
              "filed": "2026-05-07",
              "restated": null,
              "pct": 8.8
            },
            {
              "end": "2025-12-31",
              "filed": "2026-02-05",
              "restated": null,
              "pct": 4.1
            },
            {
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              "filed": "2025-12-10",
              "restated": null,
              "pct": 9.3
            },
            {
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              "filed": "2025-08-06",
              "restated": null,
              "pct": 4.7
            },
            {
              "end": "2025-03-31",
              "filed": "2025-05-12",
              "restated": null,
              "pct": -202.7
            }
          ]
        },
        "pretax_income": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "value_musd": 2.3
        },
        "net_income": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "four_quarters_end": "2026-06-30",
          "value_musd": 1.7,
          "four_quarters_musd": 4
        },
        "operating_cash_flow": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "first_end": "2025-09-30",
          "value_musd": 9.6
        },
        "capital_spending": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "first_end": "2025-09-30",
          "value_musd": 0.8
        },
        "free_cash_flow": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "first_end": "2025-09-30",
          "value_musd": 8.7
        },
        "diluted_share_change": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "base_end": "2025-06-30",
          "pct": 12.1
        },
        "cash": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "value_musd": 83.1
        },
        "debt": {
          "status": "ok",
          "end": "2026-03-31",
          "filed": "2026-05-07",
          "value_musd": 0.3,
          "composition": "non-current long-term debt and finance leases plus current maturities"
        },
        "net_cash": {
          "status": "ok",
          "end": "2026-03-31",
          "filed": "2026-05-07",
          "value_musd": 24.1
        },
        "deferred_revenue": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "value_musd": 6.5,
          "yoy_pct": 1.4
        },
        "backlog": {
          "status": "ok",
          "end": "2025-06-30",
          "filed": "2025-08-06",
          "value_musd": 21.2,
          "yoy_pct": -24.6
        },
        "receivables": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "value_musd": 19.7
        },
        "inventory": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "value_musd": 20.5
        },
        "equity": {
          "status": "ok",
          "end": "2026-06-30",
          "filed": "2026-08-05",
          "value_musd": 115.6
        },
        "market_value": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-07-31",
          "basis_filed": "2026-08-05",
          "value_musd": 211.3
        },
        "enterprise_value": {
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          "close_date": "2026-11-13",
          "basis_end": "2026-07-31",
          "basis_filed": "2026-08-05",
          "value_musd": 187.2
        },
        "ev_sales": {
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          "close_date": "2026-11-13",
          "basis_end": "2026-07-31",
          "basis_filed": "2026-08-05",
          "multiple": 2.3
        },
        "ev_ebit": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-07-31",
          "basis_filed": "2026-08-05",
          "multiple": 28.3
        },
        "pe": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-07-31",
          "basis_filed": "2026-08-05",
          "multiple": 52.8
        },
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          "close_date": "2026-11-13",
          "basis_end": "2026-07-31",
          "basis_filed": "2026-08-05",
          "multiple": 1.8
        },
        "fcf_yield": {
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          "close_date": "2026-11-13",
          "basis_end": "2026-07-31",
          "basis_filed": "2026-08-05",
          "pct": 4.1
        }
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    },
    "short_interest": {
      "status": "ok",
      "settlement": "2026-10-15",
      "published": "2026-10-26",
      "short_pct_of_outstanding": 7.78,
      "days_to_cover": 5.9,
      "change_pct": -13.5
    },
    "insiders": {
      "status": "ok",
      "as_of": "2026-11-15",
      "windows": [
        {
          "days": 90,
          "status": "ok",
          "from": "2026-08-18",
          "bought_usd": 77753,
          "sold_usd": 0,
          "bought_unpriced": 0,
          "sold_unpriced": 0
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        {
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          "sold_usd": 0,
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  },
  "body_markdown": "## Current Thesis\n\nAmtech Systems' AI-packaging orders and margins improved in the June quarter, but the shares are more likely to lag the S&P 500 until the fiscal fourth-quarter report, expected around 2026-12-09, shows whether the $28.7 million backlog becomes revenue growth. The shares closed at $12.71 on 2026-11-11, 50.6% below the 52-week intraday high of $25.71 set on 2026-06-12, and are down 20.6% over three months.\n\nThe business facts still come from the quarter ended 2026-06-30. Amtech's guidance for the September quarter, given on 2026-08-05, was revenue of $22.5 million to $24.0 million, close to the $22.4 million reported for the June quarter.\n\nAmtech filed an 8-K on 2026-11-12 under Item 5.02, the item for the departure or appointment of directors or officers, or their compensation. Chief Executive Officer Guy Shechter has led the company since 2026-08-13, and Chief Financial Officer Thomas Sabol bought shares on 2026-09-14.\n\n## Bull Case\n- **AI revenue more than doubled.** Amtech said AI-related revenue rose about 120% year over year in the quarter ended 2026-06-30, per its 2026-08-05 results release.\n- **Orders ran ahead of shipments.** June-quarter orders were $28.8 million against revenue of $22.4 million, and backlog rose to $28.7 million from $22.3 million. Thermal Processing booked $1.37 of orders per dollar shipped.\n- **Margins stepped up.** Gross margin was 50.0% in the June quarter against 46.7% a year earlier. GAAP net income was $1.7 million, or $0.10 per diluted share.\n- **Cash-rich, debt-free balance sheet.** Cash was $83.1 million at 2026-06-30 with no debt, after $56.5 million of net proceeds from the June offering at $20.50 per share.\n- **Insiders bought in the open market.** SEC Form 4 filings show CEO Guy Shechter bought 3,450 shares at $14.34 on 2026-08-24 and CFO Thomas Sabol bought 2,000 shares at $14.13 on 2026-09-14. Both prices sit above the 2026-11-11 close.\n- **Peers report strong demand.** Cohu's 2026-10-28 release showed third-quarter sales of $173.0 million, up 37% year over year, with fourth-quarter guidance of $178 million plus or minus $7 million. FormFactor reported revenue of $280.5 million, up 38.4%, and guided to $285 million plus or minus $10 million.\n- **Sell-side support exists.** Lake Street initiated coverage with a Buy rating and a $22 price target on 2026-10-20, per company news.\n\n## Bear Case\n- **Guidance implies flat revenue.** The $22.5 million to $24.0 million fourth-quarter range, given 2026-08-05, barely moves from the $22.4 million third quarter despite the jump in orders.\n- **Shares fell while peers surged.** Cohu and FormFactor posted 37% and 38.4% sales growth on 2026-10-28, yet Amtech closed at $11.09 on 2026-11-05, below its $12.35 close of 2026-11-04.\n- **Legacy segment still shrinking.** Semiconductor Fabrication Solutions revenue fell 13.3% year over year to $4.6 million in the June quarter.\n- **June offering buyers hold losses.** Amtech sold 2,926,829 new shares at $20.50 on 2026-06-01. The $12.71 close on 2026-11-11 leaves that offering well under water, which can weigh on any rebound.\n- **Thin price-target coverage.** Lake Street's $22 target is the most recent target found, dated 2026-10-20. Zacks Research cut the shares to Hold on 2026-07-23.\n- **Management change.** The 2026-11-12 Item 5.02 8-K reports an officer, director or compensation matter at a company whose chief executive took the role on 2026-08-13.\n\n## Setup & Price Structure\n\nThe 2026-11-11 close of $12.71 is below the 50-day average of $14.43 and the 200-day average of $15.93, both from adjusted daily closes. The three-month reference close was $16.00 on 2026-08-13.\n\nCloses were $12.35 on 2026-11-04, $11.09 on 2026-11-05 and $11.43 on 2026-11-06. They then rose to $12.02 on 2026-11-09, $12.06 on 2026-11-10 and $12.71 on 2026-11-11. The 52-week closing low is $7.06 on 2025-11-20.\n\nA close back above the 50-day average would be the first sign the decline is reversing. Closes under $11.09, the 2026-11-05 close, would put the shares at a new low for the period since the offering.\n\nSEC Form 4 filings show no insider sales in 2026; the only reported transactions are the two open-market purchases. The main overhang is the June offering, priced at $20.50.\n\n## Catalyst Calendar\n\n- **~2026-11-18 (est.):** Amtech announcement of the fiscal fourth-quarter 2026 results date. Fixes the date of the report that shows whether the $28.7M backlog turned into revenue.\n- **~2026-12-01 (est.):** Possible preliminary fiscal fourth-quarter 2026 results. Amtech pre-released fiscal 2025 results on 2025-12-01; a repeat would give the first revenue figure against the $22.5M to $24.0M guidance.\n- **~2026-12-09 (est.):** Fiscal fourth-quarter and full-year 2026 results with first fiscal 2027 outlook. Shows whether revenue beat guidance and whether Thermal Processing orders kept running ahead of shipments.\n\n## What Would Change Our Mind\n\nA daily close above $15.93, the 200-day average of closes on 2026-11-11, would show the shares leading the S&P 500 again. Fiscal fourth-quarter revenue above the $24.0 million top of guidance would also show the case failing.\n\n## Correlation Notes\n\nAmtech trades with small-cap semiconductor equipment names exposed to advanced packaging, such as Cohu and FormFactor. The shares fell through both peers' strong 2026-10-28 reports, so the group's results have not moved Amtech's price. Its Thermal Processing orders depend on AI-related packaging and silicon carbide demand, so a pause in either would reach Amtech before it reached larger peers.",
  "first_seen": "2026-11-10",
  "last_analyzed": "2026-11-12T17:12:47+00:00",
  "last_synthesized": "2026-11-12",
  "date_modified": "2026-11-12",
  "license": "Content © FrontierPicks. Cite the canonical URL."
}