How does the adjusted EBITDA of $2.2 M compare with prior periods and peers?

Answer

The press release tells us that Amtech Systems reported an adjusted EBITDA of $2.2 million for the quarter ended June 30 2025. Unfortunately, the release does not include:

• the adjusted‑EBITDA figures for the same quarter in the prior fiscal year (Q3 FY 2024) or for the previous quarter (Q2 FY 2025).
  
• any adjusted‑EBITDA numbers for Amtech’s direct competitors (e.g., Applied Materials, Lam Research, KLA‑Corporation, or other niche semiconductor‑equipment makers).

Because of that, we can’t calculate a numeric change (percentage increase or decrease) versus prior periods, nor can we place the $2.2 M figure on a benchmark scale relative to peers using only the information in the release.

What we can infer from the data that is provided

*Adjusted‑EBITDA margin = Adjusted EBITDA ÷ Net revenue.

Interpretation

• Margin perspective: An adjusted‑EBITDA margin of roughly 11 % indicates that, after removing the items that are excluded in the “non‑GAAP” calculation (e.g., depreciation & amortization, stock‑based compensation, certain non‑recurring expenses), Amtech is generating a modest amount of operating cash relative to its sales.
  
• GAAP vs. non‑GAAP: The GAAP net income of $0.1 M is far lower than the non‑GAAP net income of $0.9 M, showing that the adjustments that lead to the non‑GAAP figure (which also underlie the adjusted EBITDA) are sizable.
  
• Cash generation: Operating cash flow of $2.5 M exceeds the adjusted EBITDA of $2.2 M, suggesting that the company is converting most of its adjusted earnings into cash this quarter.

How to evaluate the $2.2 M figure against prior periods and peers

1. Locate Amtech’s historical adjusted‑EBITDA

   • SEC filings (Form 10‑K, 10‑Q): Amtech’s quarterly reports usually present “Adjusted EBITDA” (or a similarly named “Non‑GAAP earnings” line) for each quarter. By pulling the Q3 FY 2024 and Q2 FY 2025 statements, you can compute the year‑over‑year and quarter‑over‑quarter change.
     
   • Investor presentations: The company’s earnings call slides often include a “Key Financial Metrics” table that lists adjusted EBITDA for the most recent quarters and sometimes a “YoY growth” percentage.

2. Benchmark against peers

   • Identify comparable companies: The most relevant peers are other semiconductor‑fabrication equipment manufacturers (e.g., Applied Materials (NASDAQ: AMAT), Lam Research (NASDAQ: LRCX), KLA‑Corporation (NASDAQ: KLAC)) and any smaller niche players that focus on wafer‑handling or packaging tools.
     
   • Gather peer data: Use the same SEC filings or earnings releases for those companies to extract their adjusted EBITDA for the same quarter (Q3 FY 2025).
     
   • Normalize the comparison: Because Amtech’s revenue base is roughly $20 M—much smaller than the multi‑billion‑dollar revenues of the large peers—compare EBITDA margins (EBITDA ÷ revenue) rather than absolute dollar amounts. An 11 % margin can be placed side‑by‑side with the margins of peers to see whether Amtech is operating at a similar efficiency level.

3. Contextual factors that often drive differences

   • Product mix: Amtech’s portfolio (equipment + consumables for both front‑end fab and packaging) may have a different cost structure than a pure‑equipment supplier.
     
   • Geography & capacity utilization: Utilization rates of fab lines, inventory cycles, and regional demand can cause swings in EBITDA that are not directly comparable across companies.
     
   • One‑off items: The “adjusted” calculation typically strips out stock‑based compensation expense, acquisition‑related costs, and other non‑recurring items. If a peer has a large R&D expense or a recent plant expansion, their adjusted EBITDA may be artificially higher or lower.

A sample framework for a complete comparative analysis (once the missing data is obtained)

Fill in the “?” and “X/Y/Z” cells with the numbers you retrieve from the sources listed above. Then calculate the YoY percentage change for Amtech and compare its margin to the peer average.

Bottom line

• From the press release alone: Amtech’s adjusted EBITDA of $2.2 M translates to an ≈ 11 % EBITDA margin for Q3 FY 2025.
  
• Without additional data: We cannot state whether this is higher or lower than the same quarter in FY 2024, nor can we say if it is above or below the margins of comparable semiconductor‑equipment companies.
  
• To answer the question definitively: You’ll need to pull Amtech’s prior‑period adjusted‑EBITDA figures (e.g., from the Q3 FY 2024 10‑Q) and the adjusted‑EBITDA or EBITDA margins of peer firms for the same quarter. Once those numbers are in hand, you can compute the year‑over‑year change for Amtech and the relative performance versus peers.

If you obtain the missing historical and peer data, feel free to share it and I can help you calculate the exact comparisons.