AMTECH SYSTEMS INC

Cash and Cash Flow

We believe that our existing sources of liquidity and cash flows that we expect to generate from our operations will be sufficient to fund our operations, currently planned capital expenditures and R&D efforts, for at least the next 12 months. We regularly review and evaluate the adequacy of our cash flows and banking relationships to ensure that we have the appropriate access to cash to fund both our near-term operating needs and our long-term strategic initiatives.

The following table sets forth for the periods presented certain consolidated cash flow information, in thousands:

A summary of our cash position as of June 30, 2026 and September 30, 2025, is as follows, in thousands, except the current ratio:

The increase in cash and cash equivalents from September 30, 2025 of $65.2 million was primarily due to the $56.5 million of net proceeds received from our underwritten public offering of common stock completed on June 3, 2026 along with an increase in accounts payable and increased collections from customers, partially offset by higher inventory. We maintain a portion of our cash and cash equivalents in Renminbis, a Chinese currency, at our operations in China; therefore, changes in the exchange rates have an impact on our cash balances. The $64.3 million increase in working capital from September 30, 2025, was primarily due to increases in cash and cash equivalents from the proceeds from our public offering of common stock.

During periods of weakening demand, we typically generate cash from operating activities, which we may decide to reinvest in our business via strategic projects. Conversely, we are more likely to use operating cash flows for working capital requirements during periods of higher growth. Our sources of capital in the past have included the sale of equity securities in private and public transactions, the incurrence of long-term debt and customer deposits.

Cash Flows from Operating Activities

Cash provided by our operating activities was $7.3 million for the nine months ended June 30, 2026, compared to $5.6 million provided by operating activities for the nine months ended June 30, 2025. We had increases in our accounts payable, accrued liabilities, and contract liabilities, offset by a decrease in our accounts receivable, for the nine months ended June 30, 2026.

Cash Flows from Investing Activities

Cash used in investing activities was $0.6 million for the nine months ended June 30, 2026, compared to $0.7 million used in investing activities in the nine months ended June 30, 2025. Both periods consist primarily of capital expenditures.

Cash Flows from Financing Activities

For the nine months ended June 30, 2026 and 2025, cash provided by financing activities was $57.5 million and $0.1 million, respectively, primarily due to the net proceeds from the issuance of common stock.

Public Offering of Common Stock

On June 3, 2026, the Company completed an underwritten public offering of 2.9 million shares of common stock at a public offering price of $20.50 per share. The offering generated gross proceeds of approximately $60.0 million and net proceeds of approximately $56.5 million after underwriting discounts, commissions and offering expenses.

The financing significantly strengthened the Company's liquidity position and increased available cash resources. Management expects to use the proceeds to accelerate growth across our semiconductor packaging and advanced wafer substrate fabrication platforms, for accretive merger and acquisition opportunities, and for working capital and general corporate purposes.

At June 30, 2026, cash and cash equivalents totaled $83.1 million compared with $17.9 million at September 30, 2025. The increase was primarily attributable to the proceeds received from our public offering of common stock completed during the third quarter and cash flow from operations during the nine months ended June 30, 2026.