Q2 2024 Amtech Systems Inc Earnings Call Transcript
Key Points
- Revenue of $25.4 million exceeded the high end of guidance, showcasing strong sales performance.
- Adjusted EBITDA of $0.8 million achieved despite soft overall demand, indicating effective cost management.
- Implementation of strategic initiatives led to a second consecutive quarter of positive adjusted EBITDA and operating cash flow.
- Enhanced operational efficiencies through contract manufacturing partnerships, improving flexibility and reducing lead times.
- Strong positioning to capitalize on secular trends in advanced mobility and advanced packaging within the semiconductor market.
- Year-over-year net revenues decreased by 24%, reflecting a slowdown in the broader semiconductor market.
- Backlog decreased by $5.7 million from the previous quarter, indicating potential challenges in order bookings.
- GAAP gross margin was flat sequentially and decreased compared to the prior year, affected by product mix and increased material costs.
- Near-term outlook for revenue and earnings remains challenging due to ongoing market softness.
- Lead times for certain products like horizontal diffusion furnaces remain long, impacting the ability to reflect current cost conditions in pricing.
Good day, and welcome to the Amtech Systems fiscal second quarter 2024 earnings call. Please note that this event is being recorded.
I would now like to turn the call over to Erica Mannion of Sapphire Investor Relations. Please go ahead.
Good afternoon, and thank you for joining us for Amtech Systems' fiscal second quarter 2024 conference call. With me today on the call are Bob Daigle, Chairman and Chief Executive Officer, and Lisa Gibbs, Financial Officer. After close of market today, Amtech released its financial results for the fiscal second quarter of 2024. 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 our webcast. Some of the comments to be made during today's call will contain forward-looking statements and assumptions that are subject to
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