Revenue growth remains highly unstable, evidenced by a 31.4% expansion in 2026Q2 following a 22.2% contraction in 2026Q1, while gross margins have fluctuated from a negative 2.1% in 2025Q2 to 47.7% in 2026Q2.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 78.84M | 79.36M | 101.21M | 113.31M | 106.3M | 85.2M | 65.46M | 85.03M | 100.05M | 83.07M | 120.31M | 104.88M | 56.5M | 34.8M | 81.54M | 246.71M | 120.02M | 52.97M | 80.3M | 45.98M | 40.45M | 27.9M | 19.3M | 19.43M | 20.53M | 22.85M | 19.03M | 14.8M | 16.2M | 11.1M | 8.4M |
| Revenue Growth % | -13.2% | -21.59% | -10.68% | 6.6% | 24.76% | 30.16% | -23.02% | -15.01% | 20.44% | -30.95% | 14.71% | 85.63% | 62.37% | -57.32% | -66.95% | 105.55% | 126.57% | -34.03% | 74.62% | 13.7% | 44.97% | 44.56% | -0.69% | -5.35% | -10.15% | 20.1% | 28.56% | -8.64% | 45.95% | 32.14% | 21.74% |
| Cost of Goods Sold | 42.63M | 52.38M | 64.98M | 77.76M | 66.79M | 50.67M | 41.02M | 51.68M | 63.13M | 51.97M | 86.25M | 77.88M | 44.88M | 30.48M | 72.35M | 156.05M | 77.31M | 37.95M | 57.34M | 33.17M | 29.87M | 20.23M | 15.35M | 14.6M | 15.72M | 15.97M | 12.1M | 10.3M | 11.7M | 7.4M | 5.3M |
| COGS % of Revenue | - | 66% | 64.2% | 68.63% | 62.83% | 59.47% | 62.66% | 60.77% | 63.1% | 62.56% | 71.69% | 74.25% | 79.42% | 87.61% | 88.73% | 63.25% | 64.41% | 71.65% | 71.4% | 72.14% | 73.85% | 72.52% | 79.54% | 75.12% | 76.54% | 69.9% | 63.62% | 69.59% | 72.22% | 66.67% | 63.1% |
| Gross Profit | 36.21M | 26.98M | 36.23M | 35.55M | 39.51M | 34.53M | 24.44M | 33.36M | 36.92M | 31.11M | 34.06M | 27.01M | 11.63M | 4.31M | 9.19M | 90.66M | 42.71M | 15.02M | 22.96M | 12.81M | 10.57M | 7.67M | 3.95M | 4.84M | 4.82M | 6.88M | 6.92M | 4.5M | 4.5M | 3.7M | 3.1M |
| Gross Margin % | 45.93% | 34% | 35.8% | 31.37% | 37.17% | 40.53% | 37.34% | 39.23% | 36.9% | 37.44% | 28.31% | 25.75% | 20.58% | 12.39% | 11.27% | 36.75% | 35.59% | 28.35% | 28.6% | 27.86% | 26.15% | 27.48% | 20.46% | 24.88% | 23.46% | 30.1% | 36.38% | 30.41% | 27.78% | 33.33% | 36.9% |
| Gross Profit Growth % | - | -25.53% | 1.91% | -10.02% | 14.43% | 41.28% | -26.73% | -9.65% | 18.68% | -8.68% | 26.12% | 132.31% | 169.56% | -53.08% | -89.86% | 112.25% | 184.39% | -34.59% | 79.24% | 21.13% | 37.91% | 94.19% | -18.33% | 0.38% | -29.96% | -0.66% | 53.84% | 0% | 21.62% | 19.35% | 24% |
| Operating Expenses | 30.89M | 55.47M | 42.96M | 50.52M | 22.23M | 30.8M | 24.93M | 28.44M | 30.85M | 27.46M | 41.97M | 40.53M | 24.71M | 24.31M | 42.18M | 52.38M | 26.8M | 16.96M | 19.16M | 11.07M | 8.94M | 7.91M | 6.05M | 5.08M | 4.74M | 5.3M | 4.94M | 3.9M | 5.4M | 3.6M | 3M |
| OpEx % of Revenue | - | 69.89% | 42.44% | 44.59% | 20.91% | 36.15% | 38.08% | 33.45% | 30.83% | 33.06% | 34.89% | 38.64% | 43.74% | 69.85% | 51.73% | 21.23% | 22.33% | 32.01% | 23.86% | 24.07% | 22.1% | 28.36% | 31.37% | 26.14% | 23.08% | 23.2% | 25.97% | 26.35% | 33.33% | 32.43% | 35.71% |
| Selling, General & Admin | 27.82M | 28.95M | 33.81M | 42M | 28.3M | 24.74M | 21.4M | 24.26M | 25.74M | 24.73M | 33.97M | 33.03M | 18.42M | 16.83M | 23.05M | 43.74M | 24.07M | 14.77M | 17.71M | 10.51M | 8.31M | 7.29M | 5.52M | 4.43M | 4.42M | 4.92M | 4.17M | 3.3M | 4.6M | 3.1M | 2.8M |
| SG&A % of Revenue | - | 36.48% | 33.41% | 37.07% | 26.62% | 29.04% | 32.69% | 28.53% | 25.73% | 29.77% | 28.23% | 31.49% | 32.61% | 48.36% | 28.27% | 17.73% | 20.06% | 27.87% | 22.05% | 22.84% | 20.55% | 26.11% | 28.61% | 22.8% | 21.54% | 21.53% | 21.91% | 22.3% | 28.4% | 27.93% | 33.33% |
| Research & Development | 2.61M | 2.65M | 4.19M | 7.31M | 6.39M | 5.98M | 3.31M | 3.07M | 2.86M | 2.74M | 8M | 6.92M | 6.29M | 6.59M | 13.69M | 5.78M | 2.12M | 509K | 1.09M | 564K | 437K | 627K | 531.61K | 650.05K | 317.38K | 382.19K | 476.98K | 300K | 400K | 300K | 300K |
| R&D % of Revenue | - | 3.34% | 4.14% | 6.45% | 6.01% | 7.02% | 5.06% | 3.61% | 2.85% | 3.3% | 6.65% | 6.6% | 11.13% | 18.95% | 16.79% | 2.34% | 1.76% | 0.96% | 1.36% | 1.23% | 1.08% | 2.25% | 2.75% | 3.35% | 1.55% | 1.67% | 2.51% | 2.03% | 2.47% | 2.7% | 3.57% |
| Other Operating Expenses | 463K | 23.87M | 4.95M | 1.21M | -12.46M | 86K | 217K | 1.11M | 2.25M | 0 | 0 | 583K | 0 | 883K | 5.43M | 2.85M | 610K | 1.68M | 356K | 0 | 190K | 0 | 0 | 0 | 0 | 0 | 294.12K | 300K | 400K | 200K | -100K |
| Operating Income | 5.32M | -28.49M | -6.73M | -14.97M | 17.29M | 3.73M | -485K | 4.92M | 6.07M | 3.64M | -7.91M | -13.52M | -13.09M | -19.99M | -32.98M | 38.28M | 15.91M | -1.94M | 3.8M | 1.74M | 1.64M | -244K | -2.1M | -245.42K | 77.13K | 1.58M | 1.98M | 600K | -900K | 100K | 100K |
| Operating Margin % | 6.75% | -35.9% | -6.65% | -13.21% | 16.26% | 4.37% | -0.74% | 5.78% | 6.07% | 4.38% | -6.57% | -12.89% | -23.17% | -57.46% | -40.45% | 15.52% | 13.26% | -3.66% | 4.74% | 3.79% | 4.04% | -0.87% | -10.91% | -1.26% | 0.38% | 6.9% | 10.42% | 4.05% | -5.56% | 0.9% | 1.19% |
| Operating Income Growth % | - | -323.36% | 55.05% | -186.6% | 364.05% | 868.04% | -109.87% | -19.04% | 66.77% | 146.04% | 41.51% | -3.3% | 34.54% | 39.38% | -186.17% | 140.61% | 920.9% | -150.97% | 118.38% | 6.48% | 770.08% | 88.41% | -757.58% | -418.19% | -95.11% | -20.47% | 230.38% | 166.67% | -1000% | 0% | -50% |
| EBITDA | 7.73M | -25.75M | -3.7M | -9.96M | 19.02M | 5.12M | 773K | 6.61M | 7.93M | 6.13M | -4.93M | -10.16M | -10.68M | -17.33M | -30.13M | 41.09M | 17.67M | -379K | 5.14M | 2.45M | 2.28M | 431K | -1.59M | 238.57K | 524.45K | 1.95M | 2.28M | 900K | -500K | 300K | 300K |
| EBITDA Margin % | 9.81% | -32.44% | -3.66% | -8.79% | 17.89% | 6.01% | 1.18% | 7.77% | 7.92% | 7.38% | -4.1% | -9.69% | -18.9% | -49.79% | -36.95% | 16.66% | 14.72% | -0.72% | 6.4% | 5.32% | 5.63% | 1.54% | -8.26% | 1.23% | 2.55% | 8.55% | 11.96% | 6.08% | -3.09% | 2.7% | 3.57% |
| EBITDA Growth % | 128.26% | -595.84% | 62.84% | -152.37% | 271.17% | 562.74% | -88.3% | -16.65% | 29.21% | 224.32% | 51.46% | 4.82% | 38.37% | 42.48% | -173.31% | 132.53% | 4762.8% | -107.37% | 110.09% | 7.47% | 428.31% | 127.03% | -768.32% | -54.51% | -73.14% | -14.21% | 152.93% | 280% | -266.67% | 0% | 0% |
| D&A (Non-Cash Add-back) | 2.41M | 2.74M | 3.03M | 5.01M | 1.73M | 1.4M | 1.26M | 1.69M | 1.85M | 2.49M | 2.97M | 3.36M | 2.41M | 2.67M | 2.86M | 2.81M | 1.76M | 1.56M | 1.34M | 706K | 642K | 675K | 510.27K | 484K | 447.32K | 376.31K | 294.12K | 300K | 400K | 200K | 200K |
| EBIT | 4.83M | -27.97M | -6.95M | -14.66M | 18.95M | 3.67M | -268K | 6.03M | 8.32M | 3.64M | -7.91M | -12.94M | -13.09M | -19.11M | -27.56M | 41.13M | 16.52M | -256K | 4.16M | 1.74M | 1.82M | -244K | -2.1M | -245.42K | 77.13K | 1.58M | 1.98M | 600K | -900K | 100K | 100K |
| Net Interest Income | 412K | 213K | -500K | -154K | 46K | -186K | 162K | 852K | 738K | 379K | -417K | -100K | 40K | 147K | 66K | 30K | -196K | -71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 440K | 239K | 57K | 366K | 210K | 53K | 162K | 852K | 738K | 379K | 0 | 0 | 40K | 147K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 28K | 26K | 557K | 520K | 164K | 239K | 0 | 0 | 0 | 0 | 417K | 100K | 0 | 0 | 66K | 30K | 196K | 71K | 745K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -634K | 496K | -782K | -212K | 1.5M | -291K | -2.63M | 852K | 3.85M | -38K | 2.46M | 8.71M | 40K | 147K | 66K | 30K | -196K | -71K | 745K | 336K | -37K | 70K | 3.42K | 35.74K | 91.04K | 246.72K | 93.14K | 0 | 0 | 200K | 300K |
| Pretax Income | 4.69M | -27.99M | -7.51M | -15.18M | 18.79M | 3.43M | -3.12M | 5.77M | 9.93M | 3.6M | -5.45M | -4.81M | -13.05M | -19.85M | -32.92M | 38.31M | 15.71M | -2.01M | 4.55M | 2.08M | 1.6M | -174K | -2.1M | -209.68K | 168.17K | 1.82M | 2.08M | 600K | -900K | 300K | 400K |
| Pretax Margin % | 5.95% | -35.27% | -7.42% | -13.4% | 17.67% | 4.03% | -4.76% | 6.78% | 9.92% | 4.34% | -4.53% | -4.58% | -23.1% | -57.03% | -40.37% | 15.53% | 13.09% | -3.79% | 5.66% | 4.52% | 3.95% | -0.62% | -10.89% | -1.08% | 0.82% | 7.98% | 10.91% | 4.05% | -5.56% | 2.7% | 4.76% |
| Income Tax | 2.7M | 2.33M | 975K | -2.6M | 1.42M | 1.93M | 791K | 2.63M | 3.3M | 1.41M | 3.1M | 1.91M | 1.24M | 1.86M | -5.32M | 16.19M | 6.15M | -420K | 1.69M | -340K | 280K | 85K | 1.06M | -110K | 50K | 670K | 750K | 200K | -300K | 100K | 200K |
| Effective Tax Rate % | 57.57% | -8.34% | -12.98% | 17.13% | 7.55% | 56.09% | -25.39% | 45.65% | 33.2% | 39.11% | -56.88% | -39.73% | -9.5% | -9.37% | 16.16% | 42.26% | 39.14% | 20.91% | 37.17% | -16.37% | 17.52% | -48.85% | -50.64% | 52.46% | 29.73% | 36.75% | 36.14% | 33.33% | 33.33% | 33.33% | 50% |
| Net Income | 1.99M | -30.33M | -8.49M | -12.58M | 17.37M | 1.51M | -15.72M | -5.16M | 5.3M | 9.13M | -7.01M | -7.77M | -13.05M | -20.07M | -23.03M | 22.88M | 9.56M | -1.59M | 2.86M | 2.42M | 1.32M | -259K | -3.17M | -99.68K | 118.17K | 463.08K | 1.33M | 400K | -600K | 200K | 500K |
| Net Margin % | 2.52% | -38.21% | -8.38% | -11.1% | 16.34% | 1.77% | -24.02% | -6.07% | 5.3% | 10.99% | -5.83% | -7.41% | -23.09% | -57.67% | -28.25% | 9.28% | 7.97% | -3% | 3.56% | 5.26% | 3.26% | -0.93% | -16.4% | -0.51% | 0.58% | 2.03% | 6.97% | 2.7% | -3.7% | 1.8% | 5.95% |
| Net Income Growth % | 106.3% | -257.37% | 32.55% | -172.45% | 1051.66% | 109.59% | -204.59% | -197.3% | -41.9% | 230.29% | 9.82% | 40.44% | 34.99% | 12.86% | -200.65% | 139.28% | 701.83% | -155.62% | 18.2% | 83.38% | 608.88% | 91.82% | -3075.47% | -184.35% | -74.48% | -65.06% | 231.36% | 166.67% | -400% | -60% | 66.67% |
| Net Income (Continuing) | 1.99M | -30.33M | -8.49M | -12.58M | 17.37M | 1.51M | -3.91M | 3.13M | 6.63M | 2.19M | -8.55M | -6.72M | -14.29M | -21.71M | -27.6M | 22.12M | 9.56M | -1.59M | 2.86M | 2.42M | 1.32M | -259K | -3.17M | -99.68K | 118.17K | 1.15M | 1.33M | 400K | -600K | 200K | 200K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -11.82M | -8.3M | -1.33M | 5.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.72M | -187K | -1.55M | -343K | 1.33M | 6.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.13 | -2.12 | -0.60 | -0.89 | 1.22 | 0.11 | -0.28 | 0.22 | 0.35 | 0.68 | -0.53 | -0.65 | -1.34 | -2.11 | -2.43 | 2.34 | 1.04 | -0.18 | 0.32 | 0.44 | 0.38 | -0.10 | -1.17 | -0.04 | 0.04 | 0.16 | 0.56 | 0.17 | -0.28 | 0.12 | 0.20 |
| EPS Growth % | 110.32% | -253.33% | 32.58% | -172.95% | 1009.09% | 139.29% | -227.27% | -37.14% | -48.53% | 228.3% | 18.46% | 51.49% | 36.49% | 13.17% | -203.85% | 125% | 677.78% | -156.25% | -27.27% | 15.79% | 497.07% | 91.82% | -3062.16% | -192.5% | -75% | -71.43% | 229.41% | 160.71% | -333.33% | -40% | 66.67% |
| EPS (Basic) | - | -2.12 | -0.60 | -0.89 | 1.24 | 0.11 | -0.28 | 0.22 | 0.36 | 0.68 | -0.53 | -0.65 | -1.34 | -2.11 | -2.43 | 2.41 | 1.06 | -0.18 | 0.33 | 0.45 | 0.40 | -0.10 | -1.17 | -0.04 | 0.04 | 0.17 | 0.61 | 0.17 | -0.28 | 0.12 | 0.20 |
| Diluted Shares Outstanding | 14.83M | 14.3M | 14.21M | 14.06M | 14.18M | 14.34M | 14.16M | 14.24M | 15.06M | 13.5M | 13.17M | 12.02M | 9.73M | 9.53M | 9.47M | 9.76M | 9.24M | 9.02M | 8.85M | 5.5M | 3.48M | 2.71M | 2.7M | 2.69M | 2.77M | 2.82M | 2.34M | 2.19M | 2.11M | 1.67M | 2.5M |
| Basic Shares Outstanding | 14.4M | 14.3M | 14.21M | 14.06M | 14.01M | 14.19M | 14.16M | 14.24M | 14.83M | 13.38M | 13.17M | 11.96M | 9.73M | 9.51M | 9.47M | 9.48M | 9.02M | 9.02M | 8.72M | 5.42M | 3.13M | 2.71M | 2.7M | 2.69M | 2.68M | 2.66M | 2.16M | 2.11M | 2.11M | 1.67M | 2.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High cyclical revenue volatility
As reported in recent financial filings, Amtech Systems experienced a significant 31.4% revenue expansion in 2026Q2, yet this follows a volatile period characterized by a 22.2% contraction in 2026Q1, highlighting the inherent instability of the company's project-based semiconductor equipment sales model across recent quarterly reporting cycles.
The sharp fluctuations in top-line performance suggest that revenue recognition is heavily dependent on the timing of customer acceptance for custom thermal systems. Investors should interpret this growth as highly sensitive to capital expenditure cycles in the power semiconductor industry rather than a reflection of sustained organic demand.
Based on the provided income statement data, Amtech's gross margin reached a peak of 47.7% in 2026Q2, contrasting sharply with the negative 2.1% margin recorded in 2025Q2, which indicates that the company's profitability is highly susceptible to under-absorption of fixed manufacturing costs during periods of lower volume.
The wide variance in gross margins suggests that the company lacks the pricing power to insulate itself from manufacturing inefficiencies when revenue dips. This structural sensitivity implies that profitability will likely remain tethered to the successful execution of high-margin consumables sales to offset the cyclical nature of equipment manufacturing.
According to historical income statements, Amtech's operating income has struggled to scale, evidenced by a deep operating loss of $31.6 million in 2025Q2, which underscores the difficulty of managing a high fixed-cost structure when revenue growth fails to consistently outpace the company's substantial operating overhead requirements.
The inability to maintain positive operating margins during revenue contractions suggests that the current cost base is too rigid for the company's cyclical business model. Future margin expansion appears contingent on management's ability to right-size SG&A expenses without undermining the technical R&D necessary for competitive positioning in the SiC market.
As indicated by the recent financial data, the company's reliance on lumpy, project-based equipment sales creates a significant risk of earnings dilution, particularly given that net income has swung from a $31.8 million loss in 2025Q2 to a $1.2 million profit in 2026Q2, warranting cautious investor scrutiny.
Short-term profitability improvements may be masking underlying structural challenges related to the company's heavy exposure to the Chinese power semiconductor market. Investors should monitor whether the recent return to profitability is a sustainable trend or merely a temporary benefit from the timing of specific, large-scale equipment project completions.
Quick answers to the most common questions about buying ASYS stock.
For fiscal year 2025, Amtech Systems, Inc. (ASYS) reported total revenue of $79.4M. This represents a 844.8% increase compared to $8.4M in 1996.
Amtech Systems, Inc. (ASYS) reported a net loss of $30.3M for the fiscal year ending 2025.
Amtech Systems, Inc. (ASYS) reported an operating income of $-28.5M, resulting in an operating profit margin of -35.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Amtech Systems, Inc. (ASYS) generated $27.0M in gross profit for the year, representing a gross profit margin of 34.0%. This demonstrates the company's core pricing power and production efficiency.