Equity and Stock-Based Compensation

12 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

12. Equity and Stock-Based Compensation

Stock-Based Compensation Expense

Stock-based compensation expenses of $1.2 million and $1.5 million for 2025 and 2024, respectively, are included in selling, general and administrative expenses. As of September 30, 2025, total compensation cost related to non-vested stock options not yet recognized is $0.4 million, which is expected to be recognized over the next 1.07 years on a weighted-average basis. As of September 30, 2025, total compensation cost related to nonvested RSUs not yet recognized is $0.6 million, which is expected to be recognized over the next 2.08 years.

Amtech Equity Compensation Plans

The 2022 Plan, under which 1,000,000 shares could be granted, was adopted by the Board of Directors in November 2021, and approved by the shareholders in March 2022.

The 2007 Plan, under which 500,000 shares could be granted, was adopted by the Board in April 2007, and approved by the shareholders in May 2007. The 2007 Plan was amended in 2009, 2014 and 2015 to add 2,500,000 shares. The plan was also amended in 2019 to extend the term of the plan and allow for the grant of restricted stock units. Upon the adoption of the 2022 Plan, no further awards will be granted from the 2007 Plan. Previously issued awards will remain outstanding in accordance with their terms.

The Non-Employee Directors Stock Option Plan was approved by the shareholders in 1996 for issuance of up to 100,000 shares of common stock to directors. The Non-Employee Directors Stock Option Plan was amended in 2005, 2009 and 2014 to add 400,000 shares. The plan was also amended in 2020 to extend the term of the plan. Upon the adoption of the 2022 Plan as stated above, no further awards will be granted from the Non-Employee Directors Stock Option Plan. Previously issued awards will remain outstanding in accordance with their terms.

Equity compensation plans as of September 30, 2025 are summarized in the table below:


Name of Plan	Shares Authorized		Shares Available for Grant		Options Outstanding		Unvested RSUs Outstanding		Plan Expiration
2022 Plan		1,000,000		825,647		821,116		168,024	Mar. 2032
2007 Plan		3,000,000		—		44,625		—	Mar. 2024
Non-Employee Directors Stock Option Plan		500,000		—		54,000		—	Mar. 2024
				825,647		919,741		168,024

Stock Options

Stock options issued under the terms of our equity compensation plans have, or will have, an exercise price equal to or greater than the fair market value of the common stock at the date of the option grant and expire no later than 10 years from the date of grant. Options issued under the plans vest over 1 to 3 years. We estimated the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions:


	Years Ended September 30,
	2025	2024
Risk free interest rate	4%	4%
Expected life	5 years	5 years
Dividend rate	0%	0%
Volatility	60%	60%

The following table summarizes our stock option activity:


	Years Ended September 30,
	2025					2024
	Options			Weighted Average Exercise Price		Options			Weighted Average Exercise Price
Outstanding at beginning of period		1,087,016		$	6.97		672,924		$	8.76
Granted		120,000		$	5.14		620,500		$	5.66
Exercised		(71,521	)	$	5.11		(15,000	)	$	5.67
Forfeited/expired		(215,754	)	$	7.86		(191,408	)	$	9.12
Outstanding at end of period		919,741		$	6.67		1,087,016		$	6.97
Exercisable at end of period		741,727		$	7.05		532,185		$	7.64
Weighted average grant-date fair value of options granted during the period	$	2.66				$	2.50

The following table summarizes information for stock options outstanding and exercisable as of September 30, 2025:


	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number Outstanding		Remaining Contractual Life (in years)		Weighted Average Exercise Price Per Share		Number Exercisable		Weighted Average Exercise Price Per Share
$4.32-$5.07		80,666		7.52	$	4.74		35,318	$	4.77
$5.09-$5.09		100,000		4.85	$	5.09		—	$	—
$5.25-$5.75		83,825		6.08	$	5.42		53,825	$	5.47
$6.00-$6.00		400,000		3.42	$	6.00		400,000	$	6.00
$7.40-$8.82		41,750		6.15	$	8.12		41,750	$	8.12
$9.00-$9.00		150,000		7.87	$	9.00		150,000	$	9.00
$9.27-$9.99		23,500		6.84	$	9.45		20,834	$	9.48
$10.22-$10.22		18,000		6.42	$	10.22		18,000	$	10.22
$11.51-$11.51		12,000		5.48	$	11.51		12,000	$	11.51
$15.43-$15.43		10,000		6.13	$	15.43		10,000	$	15.43
$4.32-$15.43		919,741		5.23	$	6.67		741,727	$	7.05

The aggregate intrinsic values of options outstanding and options exercisable as of September 30, 2025 were approximately $2.5 million and $1.8 million, respectively, which represents the total pre-tax intrinsic value, based on our closing stock price of $9.26 per share as of September 30, 2025, the last business day of our fiscal year, which would have been received by the option holders had all option holders exercised their options as of that date. The total intrinsic value of stock options exercised was $93,000 and $17,000 in 2025 and 2024, respectively.

The following table summarizes our RSU activity during the year ended September 30, 2025:


	Number			Weighted Average Grant Date Fair Value		Fair Value
Nonvested at beginning of year		24,897		$	4.82
Granted		207,524			4.98		1,033,470
Vested, including shares withheld to cover taxes		(24,897	)		4.82		120,004	(1)
Forfeited		(39,500	)		4.99		197,105
Nonvested at end of period		168,024		$	4.98	$	1,555,902	(2)

(1) The aggregate fair value of vested RSU's represent the total pre-tax fair value, based on the closing stock price on the day of vesting, which would have been received by holders of RSU's had all such holders sold their underlying shares on that date.

(2) The aggregate fair value of the nonvested RSU's and represents the total pre-tax fair value, based on our closing stock price of $9.26 as of September 30, 2025, the last trading day of our fiscal year, which would have been received by holders of RSU's had all such holders sold their underlying shares on that date.