TEMPE, AZ – Amtech Systems reported fiscal first quarter net revenues of $18 million, down 13% year-over-year and up 19% sequentially. The sequential increase is primarily attributed to the shipment of a 300mm clustered HTR diffusion furnace to a top-tier global power semiconductor customer.

For the quarter ended Dec. 31, income from continuing operations, net of tax, was $700,000, compared to a loss from continuing operations of $1.3 million for the fiscal first quarter of 2020 and loss of $2 million in the preceding quarter.

Operating income was $1.1 million, down 31.3% year-over-year. This compares to an operating loss of $1.2 million in the fiscal fourth quarter of 2020.

"Amtech delivered strong results in the first quarter, with sequential growth driven by increasing demand for our products within the semiconductor segment we serve,” said CEO Michael Whang. “We are encouraged to see this continue into the second quarter with a broadening of quoting activity across multiple end markets. As global economies return to growth and with the emergence of chip shortages, the long-term demand drivers for our business remain as strong as ever, with automotive, renewable energy, mobile devices and wireless communications applications driving increased demand for power semiconductors, including silicon carbide, in the years ahead."

For the fiscal second quarter ending Mar. 31, revenues are expected to be in the range of $18 million to $20 million.

The company’s outlook reflects the anticipated ongoing impacts from the Covid-19 pandemic as understood today, as well as impacts from the shortage of shipping containers and the related delays for goods shipped from China. Given how fluid the situation is both for Amtech, as well as that of its customers and supply chain, management would like to remind investors that actual results may differ materially in the weeks and months ahead. Additionally, the semiconductor equipment industries can be cyclical and inherently impacted by changes in market demand. Operating results can be significantly impacted, positively or negatively, by the timing of orders, system shipments, and the financial results of semiconductor manufacturers.

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