Stock-based compensation expense was $0.4 million and $0.3 million in the three months ended June 30, 2026 and 2025, respectively, and $1.0 million in the nine months ended June 30, 2026 and 2025, respectively. Stock-based compensation expense is included in selling, general and administrative expenses.

The following table summarizes our stock option activity during the nine months ended June 30, 2026:


	Options			Weighted Average Exercise Price
Outstanding at beginning of period		919,741		$	6.67
Granted		160,000			16.05
Exercised		(163,342	)		7.25
Forfeited		(29,150	)		5.33
Outstanding at end of period		887,249		$	8.30
Exercisable at end of period		605,251		$	6.90
Weighted average fair value of options granted during the period	$	9.39

The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions:


	Nine Months Ended June 30,
	2026			2025
Risk free interest rate		4	%		4	%
Expected term	5 years			5 years
Dividend rate		—	%		—	%
Volatility		65	%		60	%

The following table summarizes our RSU activity during the nine months ended June 30, 2026:


	Number			Weighted Average Grant Date Fair Value
Nonvested at beginning of year		168,024		$	4.98
Granted		78,955			13.11
Released		(77,564	)		4.97
Forfeited		(20,399	)		5.77
Nonvested at end of period		149,016		$	9.19

On December 9, 2025, our Board of Directors (the “Board”) approved a new stock repurchase program, pursuant to which we may repurchase up to $5.0 million of our outstanding Common Stock over a one-year period. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on our stock price and other market conditions. We may, in the sole discretion of the Board, terminate the repurchase program at any time while it is in effect. Repurchased shares may be retired or kept in treasury for further issuance. There have been no repurchases during the quarter ended June 30, 2026, and $5.0 million remains available for repurchases.

For the nine months ended June 30, 2026, we recorded $201,000 of equity compensation expense associated with our outstanding performance-based RSUs. The ultimate dollar value of the RSUs depends on the percentage increase in Amtech’s EBITDA above 8% during fiscal year 2026 and the amount is classified as a liability within accrued compensation and related taxes on the Condensed Consolidated Balance Sheets.

On June 3, 2026, the Company completed an underwritten public offering of 2,926,829 shares of its common stock at a public offering price of $20.50 per share.

Gross proceeds from the offering were approximately $60.0 million. After deducting underwriting discounts, commissions and offering expenses of approximately $3.5 million, the Company received net proceeds of approximately $56.5 million.

The proceeds from the offering are intended to be used to accelerate growth across the Company’s semiconductor packaging and advanced wafer substrate fabrication platforms, for accretive merger and acquisition opportunities, and for working capital and general corporate purposes.


	Amount (in thousands)
Issuance of common stock	$	60,000
Underwriting discounts and commissions		(3,000	)
Other offering costs		(469	)
Net increase in APIC	$	56,531