AMTECH SYSTEMS INC
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 5, 2026
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Liquidity and Capital Resources
Cash and Cash Flow
The following table sets forth for the periods presented certain consolidated cash flow information, in thousands:
| Three Months Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Net cash provided by operating activities | $4,103 | $2,867 |
| Net cash used in investing activities | (277) | (143) |
| Net cash provided by financing activities | 131 | 126 |
| Effect of exchange rate changes on cash and cash equivalents | 217 | (722) |
| Net increase in cash and cash equivalents | 4,174 | 2,128 |
| Cash and cash equivalents, beginning of period | 17,904 | 11,086 |
| Cash and cash equivalents, end of period | $22,078 | $13,214 |
A summary of our cash position as of December 31, 2025 and September 30, 2024, is as follows, in thousands, except the current ratio:
| December 31, 2025 | September 30, 2025 | |
|---|---|---|
| Cash and cash equivalents | $22,078 | $17,904 |
| Working capital | $40,819 | $39,695 |
| Current ratio (current assets to current liabilities) | 2.9:1 | 2.9:1 |
The increase in cash and cash equivalents from September 30, 2025 of $4.2 million was primarily due to increased collections from customers. 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 $1.1 million increase in working capital from September 30, 2025, was primarily due to decreases in accounts receivable.
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 $4.1 million for the three months ended December 31, 2025, compared to $2.9 million provided by operating activities for the three months ended December 31, 2024. We decreased our accounts receivable, accrued liabilities, and other assets, offset by the increase in inventories, accounts payable, and contract liabilities for the three months ended December 31, 2025. Additionally, during the three months ended December 31, 2024, we decreased our contract liabilities, accounts receivable, inventories, other assets, and accrued liabilities, offset by the increase in accounts payable.
Cash Flows from Investing Activities
Cash used in investing activities was $0.3 million for the three months ended December 31, 2025, compared to $0.1 million used in investing activities in the three months ended December 31, 2024. Both periods consist solely of capital expenditures.
Cash Flows from Financing Activities
For the three months ended December 31, 2025 and 2024, cash provided by financing activities was $0.1 million, primarily due to the exercise of stock options.
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