TEMPE, AZ – Amtech Systems Inc. (NASDAQ:ASYS), a company specializing in manufacturing machinery for the semiconductor industry with a market capitalization of approximately $76 million, announced today the appointment of Asif Y. Jakwani to its Board of Directors, effective immediately. While the company currently operates with a moderate debt level and maintains strong liquidity, InvestingPro data shows it has faced profitability challenges in recent quarters.
With a 17-year tenure at Onsemi and previous experience at Tyco Electronics Power Systems and Current Technology, Inc., Jakwani's technical knowledge and leadership are expected to be invaluable to Amtech Systems. His educational background includes a Bachelor of Science in Electrical Engineering from Lamar University, a Master of Science in Electrical Engineering from the University of Texas at Austin, and an MBA from the University of Texas at Dallas. The appointment comes at a crucial time, as analysts tracked by InvestingPro forecast a return to profitability this year, with the company's next earnings report scheduled for February 6, 2025.
As a board member, Jakwani will receive compensation in line with the company's standard arrangements for non-management directors, which includes an annual cash retainer and an award of restricted stock units. He will receive his first RSU grant on the day of the company's 2025 annual meeting of shareholders.
Amtech Systems confirms that there are no other arrangements or understandings between Jakwani and any other persons regarding his board appointment, and he is not involved in any transactions that would require disclosure under SEC regulations. For investors seeking deeper insights into Amtech Systems' financial health, governance, and growth prospects, InvestingPro offers a comprehensive research report with detailed analysis of the company's performance metrics and future outlook.
In other recent news, Amtech Systems Inc. reported its fourth-quarter earnings for fiscal year 2024, surpassing revenue expectations with a total of $24.1 million against a forecast of $23.75 million. Despite a GAAP net loss of $500,000, the company managed to generate an adjusted EBITDA profit of $4 million. Amtech Systems also achieved a significant milestone by paying off $4 million in debt, becoming debt-free. Moreover, the company anticipates $2 million in additional operational savings by mid-next fiscal year.
Amtech Systems reported a sequential and year-over-year decline in net revenues for Q4 FY2024, with a 10% drop sequentially and 13% annually. However, the company is leveraging selective growth opportunities in AI infrastructure despite the semiconductor market's downturn.
Looking ahead, Amtech expects Q1 FY2025 revenue to range between $21 million and $24 million, with adjusted EBITDA projected to be neutral. The company is focusing on margin improvements and investing in AI-related packaging and thermal management solutions, anticipating these areas to drive future growth.
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