Amtech Systems makes equipment and consumables used in semiconductor manufacturing. The business has two segments. Thermal Processing Solutions (73% of revenue) makes reflow ovens and furnaces used in semiconductor packaging and electronic assembly. The core product is conveyorized reflow equipment, which uses controlled heat to bond chips to their packages — a critical step in advanced packaging for GPUs and other AI data center chips. This segment also includes high-temperature furnaces for power semiconductor substrates and diffusion furnaces for silicon and SiC wafer processing. Semiconductor Fabrication Solutions (27% of revenue) sells consumables, equipment, and services for wafer polishing and cleaning, including CMP polishing carriers and templates, specialty process chemicals, and wafer cleaning equipment, primarily serving SiC and silicon power device manufacturers. Amtech sells globally, with 55% of revenue from Asia, and serves OSATs, semiconductor device makers, and wafer producers. Revenue splits roughly 60% equipment and 40% recurring consumables, parts, and services. Equipment sales are cyclical and tied to customer capacity expansion decisions, while consumables are stickier due to customer qualification processes. Amtech has adopted a semi-fabless manufacturing model, outsourcing most equipment production to contract manufacturers while retaining internal consumables manufacturing, reducing its fixed cost base. Growth is driven by AI-related advanced packaging demand and a longer-term push to expand recurring revenue in its consumables business.