Good day and welcome to the Amtech Systems' fiscal fourth quarter 2025 earnings call. Please note that this call is being recorded and simultaneously webcast. I would now like to turn the call over to Jordan Darrow of Darrow Associates Investor Relations. Please go ahead. Thank you and good afternoon, everyone. We appreciate you joining us for Amtech Systems' fiscal fourth quarter 2025 conference call and webcast. With me today on the call are Bob Daigle, Chairman and Chief Executive Officer, and Wade Jenke, Chief Financial Officer. After close of market today, Amtech released its financial results for the fourth quarter of 2025. The earnings release is posted on the company's website at www.amtechsystems.com in the investors' section. Before we begin, I'd like to remind everyone that the safe harbor disclaimer in our public filings covers this call and the webcast. Some of the comments to be made during today's call will contain forward-looking statements and assumptions that are subject to risks and uncertainties, including but not limited to those contained in our SEC filings, all of which are posted in the investors' section of our corporate website. The company assumes no obligation to update any such forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of today. These statements are not a guarantee of future performance, and actual results could differ materially from current expectations. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are changes in technologies used by customers and competitors, change in volatility and the demand for products, the effect of changing worldwide political and economic conditions, including trade sanctions, the effect of overall market conditions, including equity and credit markets and market acceptance risks, ongoing logistics, supply chain and labor matters, and capital allocation plans. Other risk factors are detailed in our SEC filings, including our Form 10-K and Form 10-Q. Additionally, in today's conference call, we will be referencing non-GAAP financial measures as we discuss the fiscal fourth quarter financial results. You will find a reconciliation of those non-GAAP measures to our actual GAAP results included in the press release issued today. I would now turn the call over to Amtech's Chief Executive Officer, Bob Daigle. Thank you, Jordan, and good afternoon, and thank you for joining us today. I'm pleased to report that our fourth quarter performance was above expectations, with revenue of $19.8 million versus a guidance range of $17 million-$19 million. Strengthened demand for equipment we produce for AI applications continues to be our primary growth driver. However, both our Thermal Processing Solutions and our Semiconductor Fabrication Solutions segments did exceed forecasts, reflecting our strong position for advanced packaging solutions in AI markets and more stable demand within the mature node semiconductor market. Adjusted EBITDA also came in above expectations at $2.6 million, or about 13% of revenue versus the mid-single-digit EBITDA expected. These recent results are demonstrating our strong operating leverage and ability to generate cash. We ended the quarter with almost $18 million of cash on the balance sheet and continue to have no debt after paying it off last year. The cash swing over the past two fiscal years enabled us to eliminate our debt, which stood at over $10 million, and increase our cash to current levels. Our stronger-than-expected results for the quarter reflect the combined contribution of improved operational discipline, the benefits of our transition to a more flexible semi-fabless manufacturing model, and our focus on higher-margin products where we have competitive advantages. Expanding on our end markets within the Thermal Processing Solutions segment, advanced semiconductor packaging remained a highlight this quarter, with continued strength driven primarily by ongoing investments in AI infrastructure. For context, in the fourth quarter, revenue from equipment used for AI infrastructure accounted for over 30% of our Thermal Processing Solutions revenue versus 25% in the prior quarter. Based on our channel checks, we see no slowdown for this area of our business. Related to revenue mix, we generated about 60% of our revenue from capital equipment and 40% from recurring revenues, including consumables, parts, and services. The balance between capital equipment and recurring revenue is important and reflects our strategy to expand higher-margin recurring revenue streams while we fully capitalize on opportunities for equipment used to expand AI infrastructure. As we look ahead, our fourth quarter bookings suggest we should continue to see strength for AI-related equipment revenue. To fully capitalize on this growth opportunity, we are continuing to invest in next-generation equipment that enables volume production of higher-density advanced packaging and electronic assemblies to increase our addressable market and the value we provide to customers. Turning to our Semiconductor Fabrication Solutions segment, as we indicated last quarter, demand for front-end equipment and consumables tied to mature node semiconductor applications in industrial and automotive markets remained weak. That said, performance in this segment slightly exceeded our expectations in the quarter. Beyond the cyclical ebbs and flows of this market, we remain committed to controlling our own destiny by investing in applications and product development to solve problems faced by our customers. We expect these initiatives to deepen customer relationships and increase recurring revenue streams as customers qualify our products and scale production. While these initiatives will take time to scale, we are encouraged by the level of customer interest and engagement. This is all part of our strategy to overserve the underserved. As a relatively small player in a very large overall market for semiconductor consumables and equipment, we are targeting high-end, high-margin applications where we can leverage strong technical capabilities and provide exceptional service. End markets include medtech and defense applications, among others, where we have strong customer engagement enabled by our foundry service and differentiated capabilities so we can develop sticky recurring revenue streams. Over the past 18 months, we've made tremendous progress optimizing our operating model and improving our cost structure. We implemented a series of cost reduction initiatives that included the elimination of some unprofitable products and a shift of some products to outsource partners to reduce labor and fixed overhead costs. These initiatives, which include consolidation of our manufacturing footprint from seven sites to four sites, resulted in $13 million of annualized savings. Looking ahead, we expect to realize additional savings by subletting underutilized factories. These actions have significantly reduced our EBITDA break-even point, improved our ability to scale profitably with higher volumes. With the majority of major optimization initiatives completed, we are now focused on growth initiatives to fully capitalize on AI equipment opportunities and increase our recurring revenue. Our improved financial performance, prospects for continued operating cash flow generation, CapEx-light business model, and a strong balance sheet have provided us with the flexibility to return capital to shareholders while also investing in growth opportunities, so Amtech's Board of Directors has authorized a share repurchase program of up to $5 million of the company's common stock for a one-year period. In summary, we have a strong foundation for growth driven by AI market opportunities and differentiated capabilities. The changes we've made to optimize our business model and streamline our product portfolio have created strong operating leverage, which positions us well to elevate profitability as we grow and create meaningful shareholder value. With that, I'll turn it over to Wade for further details on our financial results. Great. Thank you, Bob. Net revenues increased sequentially from the third quarter, driven primarily by strong demand in Asia for reflow ovens used in AI applications. The decrease in net revenues compared to the same period last year reflects higher AI-related revenues offset by substantially lower mature node semiconductor revenues, primarily for sales and wafer cleaning equipment and parts in our Semi-Fabrication Solutions segment. In our Thermal Processing Solutions segment, diffusion furnaces and high-temperature furnaces drove the decline in sales. GAAP gross margin decreased by $0.3 million sequentially from the prior quarter and decreased $1 million compared to the same prior year period. The decrease from the prior quarter was due to the one-time Employee Retention Credit received in the third quarter of 2025. The decrease in gross margin from the same prior year period is primarily due to lower sales volume in the mature node semiconductor market. Gross margin as a percentage of sales increased from 40.7% in the same prior year period up to 44.4% this current year quarter, driven by cost-saving initiatives and product mix. Compared against the third quarter of 2025 and excluding the ERC one-time credit, gross margin would have been 41.5% versus the current fourth quarter of 44.4% gross margin, showing a nice sequential improvement. Selling, general and administrative expenses decreased $1 million sequentially from the prior quarter and decreased $2.4 million compared to the same prior year period. The decrease from the prior quarter and the same prior year period is primarily due to cost reduction efforts around overhead expenses and cost structure changes to reduce our fixed costs. Research, development and engineering expenses increased by $0.2 million sequentially from the prior quarter and decreased $0.4 million compared to the same prior year period. The increase from the prior quarter is primarily due to growth initiatives, and the decrease compared to the same prior year period is primarily due to a more focused approach to our investments in innovation. GAAP net income for the fourth quarter of fiscal 2025 was $1.1 million, or $0.07 per share. This compares to GAAP net income of $0.1 million, or $0.01 per share for the preceding quarter, and GAAP net loss of $0.5 million, or $0.04 per share for the fourth quarter of fiscal 2024. non-GAAP net income for the fourth quarter of fiscal 2025 was $1.4 million, or $0.10 per share. This compares to non-GAAP net income of $0.9 million, or $0.06 per share for the preceding quarter, and non-GAAP net loss of $7,000, or $0.00 per share for the fourth quarter of fiscal 2024. Unrestricted cash and cash equivalents at September 30, 2025, were $17.9 million, compared to $11.1 million at September 30, 2024, due primarily to the company's focus on operational cash generation, working capital optimization, strong accounts receivable collections from customers, accounts payable management, and the Employee Retention Credit. Now turning to our outlook. For the first quarter fiscal ending December 31, 2025, the company expects revenue in the range of $18 million-$20 million. AI-related equipment sales for the Thermal Processing Solutions segment is anticipated to partially offset the transitions in our business related to mature node semiconductor product lines. With the benefit of previously implemented structural and operational cost reductions, Amtech expects to deliver solid operating leverage, resulting in adjusted EBITDA margins in the high single digits. Amtech remains focused on driving further efficiency gains and cost optimization across all operations, positioning the company to expand margins and generate more consistent profitability going forward. Operations can be significantly impacted positively or negatively by the timing of orders, system shipments, logistical challenges, and the financial results of semiconductor manufacturers. Additionally, although the company has been generating more revenues from recurring and consumable sales, the balance of the business is from semiconductor equipment industries, which can be cyclical and inherently impacted by changes in market demand and capacity utilization. The outlook provided during our call today and in our earnings press release is based on an assumed exchange rate between the United States dollar and foreign currencies. Changes in the value of foreign currencies in relation to the United States dollar could cause actual results to differ from expectations. As you may have seen in our 8-K filing, I have submitted my resignation as Chief Financial Officer, effective as of the close of business on December 29, 2025. My decision to step down is not a result of any dispute or disagreement with Amtech Systems. The decision is based upon my personal and family interests in mind. I'll be assuming an executive role at a different company. I have agreed to serve in a consulting capacity for a period of up to six months to assist with the closing of the first quarter of fiscal 2026, preparation and filing of the 2026 annual meeting proxy statement, and the transition of my duties to a new CFO. Amtech Systems plans to launch a search for a new CFO immediately. I want to take a moment to thank the Amtech Systems team who has achieved and improved substantially under my tenure. I also want to thank Bob Daigle for his tremendous vision and leadership as CEO. I have learned so much, and I will be eternally grateful for the opportunity. Thank you, and I will now turn the call over to the operator for questions. Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster, and the first question will come from Craig Irwin with ROTH Capital Partners. Please go ahead. Hello, Craig. Craig, your line may be muted. It's open on our end. Yes, I was on mute. I apologize for that. Thanks for taking my questions. So Bob, can you maybe talk a little bit about your visibility with AI customers? I don't know if you can maybe just give us general color on backlog and backlog trends or orders and order indications and maybe even just the direct investment you're seeing in the different facilities that you're selling into there as far as the customer commitments? Yeah. Yeah. So let me walk through that, Craig. Yeah. So again, broadly speaking, we're seeing very strong demand. I would characterize my sense right now as most of the equipment in the pipeline has been really being put into existing facilities, but what we're hearing is there are new facilities being built as well. So I think there's plans that go out there quite a while. In terms of our visibility and backlog, it's one of these situations, and I think we've talked about this before. We have a very efficient, effective manufacturing organization for this back-end equipment. We can basically, for the most part, book and ship in the same quarter. Our lead times will run six weeks or so for this equipment out of our Shanghai factory. So typically, we're getting orders and, in most cases, shipping within the same quarter. Having said that, there is an increased level of business where we're, in some cases, they're telling us we're still finishing up a factory and it's going to be in, for example, the March quarter or, in some cases, the June quarter before they want to take delivery. So I'd say we're getting a little bit more visibility out there because of other critical constraints in installing equipment. But for the most part, our volume has been driven by book and ship in current quarters. Understood. Understood. You've explained the nature of the business in the past, and it makes sense that it's not necessarily changing, just moving very well. So that makes sense. One area you guys have really impressed me over the last couple of years is on the execution bringing down OpEx, right? The $13 million in savings. Can you maybe frame out for us what the sublet savings could be from the underutilized facilities? And I don't know if you can get more specific about which facilities and whether or not these are sales or things where you're already leased, but you're subleasing or if there's assets that can be sold. Yeah. No, these are leases of underutilized facilities in both segments. I'd say combined, we're probably looking at, once we sublet both facilities, let's say $700,000-$1 million in annualized savings associated with those. Okay. Excellent. Excellent. Then to change subjects again, there's quite a lot of interest out there about new applications for silicon carbide. Some of these AI chip producers are apparently looking at different substrates for future generations of chips. I know you guys get involved very early on with different customer groups as far as development necessary for new processes. Are you seeing some new customers maybe come in or new opportunities come in that might broaden your participation away from TPS into substrates for some of the AI momentum we're seeing in the market? Yeah. If it migrates to silicon carbide for processing, it would be more on a consumable side of things, Craig, that we would participate. Actually, I thought what you were going to reference is there's a lot of literature and discussion around the fact that the data centers themselves are going to likely distribute, instead of having low-voltage power across the facility, go to high voltage and step it down at the rack, and that allows them to significantly reduce the amount of copper needed for bussing across these AI data centers, so I'm hearing more about that where basically it's another because with EV, pretty depressed right now across the industry. It's a potential growth driver for silicon carbide where it's the power electronics for these data centers. I've heard a little bit about silicon carbide as substrates. And again, I think for us, it could translate into consumables if that materializes. Yeah. I can clarify that for you. I'm sure you know, but you're probably limited as far as what you can say. So I'll say it publicly. I know that the silicon carbide produced by Wolfspeed is used by EPC Power, a private company based in California, for the EPC power blocks sold by Vertiv. And those use 3.3 kV MOSFETs, which are much higher power than the MOSFETs used in EVs. And that is the primary product going in on the leading-edge data centers today. So I do know that DC is adopting silicon carbide for power. What I was curious about, and really where things could get insanely interesting, is if it's a substrate for the actual AI chips themselves and not just the power. Yeah. And my sense would be that's a ways out if that develops. I think I haven't heard anything imminent on that front, I guess I would say, Craig. The next question will come from Michael Legg with Ladenburg. Please go ahead. Thanks. Bob, now that you've done a great job cleaning up the balance sheet and getting costs in line and your comment on overserving the underserved, can you talk a little bit about the opportunity in the service area? Yeah. So what we're focused on is really high-value niche opportunities or areas of the market where let me characterize it this way. If you're a large semiconductor application area, you tend to get pretty high service levels, and product availability is always there, and you get development support for new products, new applications, and what we're finding are opportunities, and they tend to be a little bit more niche in the medical area and the defense area where for a large player, the volumes may not be all that meaningful, but for us, it creates a nice opportunity for this recurring revenue stream, so we're leveraging our foundry service where we do contract development. We can help qualify products with some of these OEMs basically to get our products into some of these applications as an alternative to some of the large incumbents. And again, it's just going to take time to develop because it requires qualification, but it is very sticky business. It has a nice margin profile. And I think it helps develop some very strong connection with some key customers because we're there to support them where in many cases others aren't. Okay. Great. And then just to follow up, on the CFO search, can you give us any update on your progress there? Yeah, so we just started, and we'll keep everybody informed as things develop, but we're still early in the search. Okay. Great. Thank you. The next question will come from Mark Miller with The Benchmark Company. Please go ahead. I just wanted to clarify. You indicated that the spread between equipment and recurring revenues was 60/40. Was that for both the Thermal Processing and the Semi-Fab sales, or was there some differences there? Yeah. Overall, I'd say the majority of the Semi-Fabrication Solutions are the consumables parts service, and probably of the TPS segment, I'll give you a rough number. Let's say 80% equipment, 20% on the recurring side. In terms of your backlog, you said you've been focusing on higher margin products. What does it look like in terms of the margin profile of your existing backlog? Is it better than what you've been reporting recently? Yeah. Yeah. We basically cleaned that up for the most part, Mark. When we talked a year or a year and a half ago, we had a lot of things in our backlog I would characterize as substandard margins, and pretty much moved beyond that now, so what's sitting there is of high quality for the majority of it. Okay. You indicated that auto remains soft for you, but I was a little surprised by that because it's my understanding, at least for EVs, that auto sales in China are better this year than last year. Yeah. I think, yeah, most of our exposure in the auto industry is with the Western OEMs. So let's say U.S. European players, less so in mainland China. So my comments, frankly, referred to the semiconductor industry that serves the Western world. Thank you. The next question will come from George Marema with Pareto Ventures. Please go ahead. Hi, thanks for taking the call. Good to talk to you, Bob. Hi, George. A couple of questions. Do you guys expect any effect from the ramp-up of Blackwell versus Hopper and also kind of the ramp-up of these custom ASICs like TPUs, etc.? From our perspective, they're basically using, our understanding, very similar processes and equipment capabilities. So I think to the extent they ramp and it's more volume, that's beneficial. But in terms of significant technology differences at this stage, I wouldn't say there isn't much impact on us if the mix shifts. Okay, and then as you look out to 2026, in terms of your focused R&D on innovative investments and new products, any update on any new products for 2026 and new initiatives? Yeah. So let me talk about the initiatives. And again, there's really two areas of focus for our investments. On the Thermal Process Solutions side of things, it really is around enabling continuous processing for higher density, tighter pitch devices where we think it could potentially open opportunities to participate in more of the processes that are used for these GPUs, TPUs, and frankly, even the electronic assembly of dense boards for the AI data servers. So I think that's our emphasis for TPS is really around how do we participate in more of the process. And by the way, that equipment has a high level of complexity, and the requirements are more stringent. So we think the ASP would also be meaningfully higher. Then on the SFS side of things, our investment is really on driving our growth in our consumables, specifically our chemicals business, where we have some very strong capabilities on the application development that leverage our foundry. We have very strong technology folks in our R&D labs, our formulators. And we think, based on the engagement level, there are customers that can significantly benefit from our capabilities and support. So that's where we're investing. Very much line of sight, though. I've said this before. We're a small company. These aren't grand initiatives, "If we build it, they'll come" kind of things that very much involve customer engagement. So the goal here is to convert R&D efforts into meaningful revenue as quickly as possible. Okay. And then one last one. Has there been any change in the competitive landscape in the thermal area? Nothing that I'm aware, or is visible to George. I think it's pretty much a very similar situation in that space. Great. Thank you. All right. Thank you, George. Ladies and gentlemen, at this time, we've reached the end of the question and answer session. I'd like to turn the floor back over to management for any closing remarks. All right. Well, thank you. Well, first of all, in closing, I'd like to thank Wade for his service to Amtech over the past 16 months and his assistance as we transitioned the responsibilities to a new CFO. Our back office processes and systems have greatly improved as a result of Wade's efforts, and I wish him the best in his role in his new company. And in closing, I also want to thank everybody on the call today or those who will participate in the recast for their interest in Amtech and for joining our conference call today. And we look forward to updating you on our progress in the months to come. Have a good evening, everyone. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.