Amtech (ASYS): Buy, Sell, or Hold Post Q3 Earnings?

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at semiconductor manufacturing stocks, starting with Semtech .

The semiconductor industry is driven by demand for advanced electronic products like smartphones, PCs, servers, and data storage. The need for technologies like artificial intelligence, 5G networks, and smart cars is also creating the next wave of growth for the industry. Keeping up with this dynamism requires new tools that can design, fabricate, and test chips at ever smaller sizes and more complex architectures, creating a dire need for semiconductor capital manufacturing equipment.

The 14 semiconductor manufacturing stocks we track reported a very strong Q3. As a group, revenues beat analysts’ consensus estimates by 3.3% while next quarter’s revenue guidance was in line.

Luckily, semiconductor manufacturing stocks have performed well with share prices up 28.5% on average since the latest earnings results.

Semtech

A public company since the late 1960s, Semtech is a provider of analog and mixed-signal semiconductors used for Internet of Things systems and cloud connectivity.

Semtech reported revenues of $267 million, up 12.8% year on year. This print was in line with analysts’ expectations, and overall, it was a very strong quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

Semtech delivered the weakest performance against analyst estimates of the whole group. Interestingly, the stock is up 5.8% since reporting and currently trades at $74.22.

Best Q3: Teradyne

Sporting most major chip manufacturers as its customers, Teradyne is a US-based supplier of automated test equipment for semiconductors as well as other technologies and devices.

Teradyne reported revenues of $769.2 million, up 4.3% year on year, outperforming analysts’ expectations by 3.3%. The business had a stunning quarter with an impressive beat of analysts’ adjusted operating income estimates and revenue guidance for next quarter exceeding analysts’ expectations.

The market seems happy with the results as the stock is up 59.2% since reporting. It currently trades at $229.93.

Weakest Q3: Entegris

With fabs representing the company’s largest customer type, Entegris supplies products that purify, protect, and generally ensure the integrity of raw materials needed for advanced semiconductor manufacturing.

Entegris reported revenues of $807.1 million, flat year on year, exceeding analysts’ expectations by 0.6%. Still, it was a slower quarter as it posted revenue guidance for next quarter missing analysts’ expectations significantly and EPS in line with analysts’ estimates.

Interestingly, the stock is up 10.1% since the results and currently trades at $104.12.

Read our full analysis of Entegris’s results here.

Photronics

Sporting a global footprint of facilities, Photronics is a manufacturer of photomasks, templates used to transfer patterns onto semiconductor wafers.

Photronics reported revenues of $215.8 million, down 3.1% year on year. This result beat analysts’ expectations by 5.5%. It was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and revenue guidance for next quarter exceeding analysts’ expectations.

The stock is up 22.6% since reporting and currently trades at $31.50.

Read our full, actionable report on Photronics here, it’s free.

Amtech

Focusing on the silicon carbide and power semiconductor sectors, Amtech Systems produces the machinery and related chemicals needed for manufacturing semiconductors.

Amtech reported revenues of $19.84 million, down 17.7% year on year. This print surpassed analysts’ expectations by 16.7%. Overall, it was a very strong quarter as it also logged a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

Amtech scored the biggest analyst estimates beat but had the slowest revenue growth among its peers. The stock is up 50.1% since reporting and currently trades at $13.90.

Read our full, actionable report on Amtech here, it’s free.

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at semiconductor manufacturing stocks, starting with IPG Photonics .

The semiconductor industry is driven by demand for advanced electronic products like smartphones, PCs, servers, and data storage. The need for technologies like artificial intelligence, 5G networks, and smart cars is also creating the next wave of growth for the industry. Keeping up with this dynamism requires new tools that can design, fabricate, and test chips at ever smaller sizes and more complex architectures, creating a dire need for semiconductor capital manufacturing equipment.

The 14 semiconductor manufacturing stocks we track reported a very strong Q3. As a group, revenues beat analysts’ consensus estimates by 3.3% while next quarter’s revenue guidance was 0.6% below.

Luckily, semiconductor manufacturing stocks have performed well with share prices up 17.7% on average since the latest earnings results.

IPG Photonics

Both a designer and manufacturer of its products, IPG Photonics is a provider of high-performance fiber lasers used for cutting, welding, and processing raw materials.

IPG Photonics reported revenues of $250.8 million, up 7.6% year on year. This print exceeded analysts’ expectations by 5%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS and adjusted operating income estimates.

“We delivered third-quarter results at the top end of our expectations with double-digit revenue growth, excluding divestitures, driven by business wins and progress in key strategic initiatives as well as stable industrial demand and growth in battery production,” said Dr. Mark Gitin, Chief Executive Officer of IPG Photonics.

The stock is down 12.9% since reporting and currently trades at $74.85.

Best Q3: Teradyne

Sporting most major chip manufacturers as its customers, Teradyne is a US-based supplier of automated test equipment for semiconductors as well as other technologies and devices.

Teradyne reported revenues of $769.2 million, up 4.3% year on year, outperforming analysts’ expectations by 3.3%. The business had a stunning quarter with an impressive beat of analysts’ adjusted operating income estimates and revenue guidance for next quarter exceeding analysts’ expectations.

The market seems happy with the results as the stock is up 44.4% since reporting. It currently trades at $208.50.

Weakest Q3: Entegris

With fabs representing the company’s largest customer type, Entegris supplies products that purify, protect, and generally ensure the integrity of raw materials needed for advanced semiconductor manufacturing.

Entegris reported revenues of $807.1 million, flat year on year, exceeding analysts’ expectations by 0.6%. Still, it was a slower quarter as it posted revenue guidance for next quarter missing analysts’ expectations significantly and EPS in line with analysts’ estimates.

As expected, the stock is down 5.3% since the results and currently trades at $89.53.

Read our full analysis of Entegris’s results here.

Applied Materials

Founded in 1967 as the first company to develop tools for other businesses in the semiconductor industry, Applied Materials is the largest provider of semiconductor wafer fabrication equipment.

Applied Materials reported revenues of $6.8 billion, down 3.5% year on year. This result surpassed analysts’ expectations by 2.2%. Aside from that, it was a satisfactory quarter as it also recorded a beat of analysts’ EPS estimates but an increase in its inventory levels.

The stock is up 19.9% since reporting and currently trades at $268.32.

Read our full, actionable report on Applied Materials here, it’s free for active Edge members.

Amtech

Focusing on the silicon carbide and power semiconductor sectors, Amtech Systems produces the machinery and related chemicals needed for manufacturing semiconductors.

Amtech reported revenues of $19.84 million, down 17.7% year on year. This print topped analysts’ expectations by 16.7%. It was a very strong quarter as it also produced a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

Amtech pulled off the biggest analyst estimates beat but had the slowest revenue growth among its peers. The stock is up 39.5% since reporting and currently trades at $12.92.

Read our full, actionable report on Amtech here, it’s free for active Edge members.

Semiconductor production equipment provider Amtech Systems reported Q3 CY2025 results topping the market’s revenue expectations, but sales fell by 17.7% year on year to $19.84 million. On the other hand, next quarter’s revenue guidance of $19 million was less impressive, coming in 2.6% below analysts’ estimates. Its non-GAAP profit of $0.10 per share was significantly above analysts’ consensus estimates.

Is now the time to buy ASYS? Find out in our full research report (it’s free for active Edge members).

Amtech (ASYS) Q3 CY2025 Highlights:

• Revenue: $19.84 million vs analyst estimates of $17 million (17.7% year-on-year decline, 16.7% beat)
• Adjusted EPS: $0.10 vs analyst estimates of $0.01 (significant beat)
• Adjusted EBITDA: $2.64 million vs analyst estimates of $200,000 (13.3% margin, significant beat)
• Revenue Guidance for Q4 CY2025 is $19 million at the midpoint, below analyst estimates of $19.5 million
• Operating Margin: 9.3%, up from 0.1% in the same quarter last year
• Inventory Days Outstanding: 155, down from 171 in the previous quarter
• Market Capitalization: $157.8 million

StockStory’s Take

Amtech delivered results in Q3 that were well received by the market, with management attributing the strong performance to persistent demand for its semiconductor equipment in artificial intelligence (AI) infrastructure and improved operational efficiency. CEO Robert Daigle noted that both Thermal Processing Solutions and Semiconductor Fabrication Solutions segments exceeded internal forecasts, underpinned by a focus on higher-margin products and a more flexible, semi-fabless manufacturing approach. He highlighted, “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.”

Looking ahead, Amtech’s guidance is shaped by continued investments in AI-related equipment and ongoing cost optimization. Management expects further margin improvements as AI demand remains robust and recurring revenue streams expand, particularly in the Thermal Processing Solutions segment. Daigle emphasized, “We are now focused on growth initiatives to fully capitalize on AI equipment opportunities and increase our reoccurring revenue.” The company also sees opportunities for growth in niche medical and defense applications, leveraging its foundry services and specialized consumables. However, management acknowledged that cyclicality in mature node semiconductor markets and the timing of customer orders could introduce variability in near-term results.

Key Insights from Management’s Remarks

Management credited the quarter’s outperformance to strong AI-related equipment demand, cost discipline, and a higher mix of recurring revenue, while announcing additional operational streamlining and a share repurchase program.

• AI infrastructure demand: Continued investments in AI infrastructure contributed over 30% of Thermal Processing Solutions segment revenue, up from 25% in the prior quarter, with no near-term slowdown detected by management.
• Recurring revenue expansion: About 40% of total revenue was generated from consumables, parts, and services, reflecting success in growing higher-margin, recurring streams.
• Cost structure optimization: The company realized $13 million in annualized savings after consolidating its manufacturing footprint from seven to four sites and eliminating unprofitable products, which lowered its EBITDA breakeven point.
• Share repurchase program: Amtech’s board authorized a $5 million share buyback over the next year, citing improved cash flow and a debt-free balance sheet as key enablers.
• CFO transition: CFO Wade Jenke announced his resignation, effective at the end of December, and will support the company during the transition, with a search for a new finance chief underway.

Drivers of Future Performance

Amtech expects ongoing AI-driven demand and recurring revenue expansion to support near-term growth, while cost control and new product investments underpin margin stability.

• AI equipment momentum: Management anticipates continued strength in AI-related equipment sales, supported by customer investments in expanding and building new data center facilities. Lead times remain short, but visibility has improved as clients plan for future capacity.
• Product development focus: The company is investing in next-generation equipment for advanced semiconductor packaging and new consumable products, aiming to participate in higher-value processes and deepen relationships in medical and defense markets.
• Cost efficiency and facility optimization: Additional savings are expected from subletting underutilized facilities, potentially adding $700,000 to $1 million in annualized benefits, which will help offset demand cyclicality in mature node semiconductor markets.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will be watching (1) signs of sustained AI-related equipment demand and customer order visibility, (2) progress in expanding recurring revenue streams from consumables and services, and (3) execution of further cost savings from facility subletting and operational efficiency efforts. The successful recruitment and onboarding of a new CFO will also be an important milestone to track.

Amtech currently trades at $10.96, up from $9.26 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

High Quality Stocks for All Market Conditions

Your portfolio can’t afford to be based on yesterday’s story. The risk in a handful of heavily crowded stocks is rising daily.

The names generating the next wave of massive growth are right here in our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 244% over the last five years (as of June 30, 2025).

Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return).

Looking back on semiconductor manufacturing stocks’ Q3 earnings, we examine this quarter’s best and worst performers, including Amtech and its peers.

The semiconductor industry is driven by demand for advanced electronic products like smartphones, PCs, servers, and data storage. The need for technologies like artificial intelligence, 5G networks, and smart cars is also creating the next wave of growth for the industry. Keeping up with this dynamism requires new tools that can design, fabricate, and test chips at ever smaller sizes and more complex architectures, creating a dire need for semiconductor capital manufacturing equipment.

The 14 semiconductor manufacturing stocks we track reported a very strong Q3. As a group, revenues beat analysts’ consensus estimates by 3.3% while next quarter’s revenue guidance was in line.

Luckily, semiconductor manufacturing stocks have performed well with share prices up 18.7% on average since the latest earnings results.

Amtech

Focusing on the silicon carbide and power semiconductor sectors, Amtech Systems produces the machinery and related chemicals needed for manufacturing semiconductors.

Amtech reported revenues of $19.84 million, down 17.7% year on year. This print exceeded analysts’ expectations by 16.7%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

“Stronger than expected results in the fourth quarter were driven by AI applications,” commented Mr. Bob Daigle, Chief Executive Officer of Amtech.

Amtech achieved the biggest analyst estimates beat but had the slowest revenue growth of the whole group. Unsurprisingly, the stock is up 17.7% since reporting and currently trades at $10.90.

Is now the time to buy Amtech? Access our full analysis of the earnings results here, it’s free for active Edge members.

Best Q3: Teradyne

Sporting most major chip manufacturers as its customers, Teradyne is a US-based supplier of automated test equipment for semiconductors as well as other technologies and devices.

Teradyne reported revenues of $769.2 million, up 4.3% year on year, outperforming analysts’ expectations by 3.3%. The business had a stunning quarter with a solid beat of analysts’ adjusted operating income estimates and revenue guidance for next quarter exceeding analysts’ expectations.

The market seems happy with the results as the stock is up 41.2% since reporting. It currently trades at $203.82.

Is now the time to buy Teradyne? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: Entegris

With fabs representing the company’s largest customer type, Entegris supplies products that purify, protect, and generally ensure the integrity of raw materials needed for advanced semiconductor manufacturing.

Entegris reported revenues of $807.1 million, flat year on year, exceeding analysts’ expectations by 0.6%. Still, it was a slower quarter as it posted revenue guidance for next quarter missing analysts’ expectations significantly and EPS in line with analysts’ estimates.

As expected, the stock is down 1.2% since the results and currently trades at $93.42.

Read our full analysis of Entegris’s results here.

Lam Research

Founded in 1980 by David Lam, the man who pioneered semiconductor etching technology, Lam Research is one of the leading providers of wafer fabrication equipment used to make semiconductors.

Lam Research reported revenues of $5.32 billion, up 27.7% year on year. This print topped analysts’ expectations by 1.6%. It was a very strong quarter as it also recorded revenue guidance for next quarter exceeding analysts’ expectations and a significant improvement in its inventory levels.

The stock is up 19.6% since reporting and currently trades at $168.75.

Read our full, actionable report on Lam Research here, it’s free for active Edge members.

IPG Photonics

Both a designer and manufacturer of its products, IPG Photonics is a provider of high-performance fiber lasers used for cutting, welding, and processing raw materials.

IPG Photonics reported revenues of $250.8 million, up 7.6% year on year. This number surpassed analysts’ expectations by 5%. Overall, it was a very strong quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

The stock is down 4% since reporting and currently trades at $82.46.

Read our full, actionable report on IPG Photonics here, it’s free for active Edge members.