SCHMID is a German manufacturer of capital equipment used to produce printed circuit boards (PCBs), semiconductor packaging substrates, and solar cells. The company’s machines perform wet and vacuum processing steps, including etching, plating, and polishing conductive layers for electronics. SCHMID serves global OEMs in AI computing, semiconductors, and defense. The company sells large, modular machines that represent significant capital expenditures for customers, making revenue dependent on investment cycles and technology transitions. A primary strategic focus is Embedded Traces (ET) technology, which uses plasma etching to enable smaller circuitry. SCHMID argues that ET-based production allows it to capture a larger share of customer factory investment compared to traditional manufacturing methods. Additionally, the company is developing equipment for glass substrate etching through a partnership with TRUMPF. SCHMID generates recurring revenue through after-sales services, including spare parts, maintenance, and diagnostics for its installed base. SCHMID manufactures equipment at facilities in Germany and China and maintains a global network of service centers. The company co-develops technology with customers to reduce commercial risk and deepen relationships.