ASYS Amtech Systems Inc

Amtech Systems, Inc. ("Amtech") (NASDAQ: ASYS), a manufacturer of equipment and consumables for semiconductor fabrication and packaging, today reported results for its fourth quarter and fiscal year ended September 30, 2024.

Fourth Quarter Fiscal 2024 Financial and Operational Results:

• Net revenue of $24.1 million
• GAAP net loss of $0.5 million
• Non-GAAP net loss of $7.0 thousand (1)
• Adjusted EBITDA $0.8 million (1)
• Customer orders of $17.6 million

Fiscal 2024 Financial and Operational Results:

• Net revenue of $101.2 million
• Cash of $11.1 million
• Cash provided by operations of $9.8 million
• Fully repaid $10.7 million on debt agreement
• GAAP net loss of $8.5 million
• Non-GAAP net income of $43.0 thousand (1)
• Adjusted EBITDA $4.0 million (1)
• Customer orders of $79.3 million
• Backlog of $25.3 million

(1) See GAAP to non-GAAP and EBITDA and Adjusted EBITDA reconciliation in schedules following this release.

“We are pleased to report that in the fourth quarter, our strategic focus on aligning our cost structure with prevailing market conditions enabled us to achieve our fourth consecutive quarter of positive adjusted EBITDA and operating cash flow. Additionally, our strengthened cash position allowed us to fully pay off our remaining debt during the quarter. While we continue to navigate a challenging market environment, we have added resources focused on expanding our product offerings and customer base in higher-margin segments, positioning us to drive future growth,” commented Mr. Bob Daigle, Chief Executive Officer of Amtech.

GAAP and Non-GAAP Financial Results

(in millions, except per share amounts)

Q4

 

Q3

 

Q4

 

12 Months

 

12 Months

 

 

FY 2024

 

FY 2024

 

FY 2023

 

2024

 

2023

 

Revenues, net

$

24.1

 

$

26.7

 

$

27.7

 

$

101.2

 

$

113.3

 

GAAP gross profit

$

9.8

 

$

9.8

 

$

2.8

 

$

36.2

 

$

35.6

 

GAAP gross margin

 

40.7

%

 

36.5

%

 

10.1

%

 

35.8

%

 

31.4

%

Non-GAAP gross profit (1)

$

9.8

 

$

9.8

 

$

8.9

 

$

37.5

 

$

41.7

 

Non-GAAP gross margin (1)

 

40.7

%

 

36.5

%

 

32.2

%

 

37.1

%

 

36.8

%

 

 

 

 

 

 

 

 

 

 

 

GAAP net (loss) income

$

(0.5

)

$

0.4

 

$

(12.0

)

$

(8.5

)

$

(12.6

)

GAAP net (loss) income per diluted share

$

(0.04

)

$

0.03

 

$

(0.85

)

$

(0.60

)

$

(0.89

)

Non-GAAP net (loss) income (1)

$

(0.0

)

$

1.1

 

$

(2.5

)

$

0.0

 

$

(0.3

)

Non-GAAP net (loss) income per diluted share (1)

$

(0.00

)

$

0.08

 

$

(0.18

)

$

0.00

 

$

(0.02

)

(1) See GAAP to non-GAAP reconciliation in schedules following this release.

Net revenues decreased 10% sequentially and decreased 13% from the fourth quarter of fiscal 2023. The sequential decrease is primarily due to decreased sales of our diffusion furnaces, advanced packaging and wafer cleaning equipment, partially offset by increased reflow equipment, parts and services revenue. The decrease from prior year is primarily attributable to lower sales of our high temperature belt furnaces, partially offset by increased revenues from our advanced packaging and reflow equipment.

In the fourth quarter of fiscal 2024 our GAAP gross margin increased by $7 million dollars compared to the same prior year period. This is driven by better margin profiles and cost save this year while the fourth quarter of 2023 had $4.6 million intangible asset impairment charge, and the $1.5 million write-down of inventory related to the polishing equipment line. On a sequential basis, GAAP gross margin in our Thermal Processing Solutions segment was positively affected by product mix attributed to increased revenues for parts and services as well as improved material costs. GAAP gross margin in our Semiconductor Fabrication Solutions segment slightly decreased on a sequential basis due primarily to a less favorable product mix of consumables and equipment.

Selling, General & Administrative (“SG&A”) expenses increased by approximately $0.6 million on a sequential basis and decreased $2.3 million compared to the prior year period. The sequential increase is due primarily to increased consulting, audit and IT expenses. Compared to the same prior year period, the decrease is due primarily to the $0.5 million intangible asset impairment charge and lower labor and labor-related expenses as a result of our cost reduction initiatives, as well as lower shipping expenses on lower revenues.

Research, Development and Engineering expenses increased $0.3 million sequentially and decreased $1.6 million compared to the same prior year period, with the sequential decrease due primarily to the timing of purchases related to specific projects in both segments, and the decrease from prior year attributable to development efforts in our Semiconductor Fabrication Solutions segment that did not recur.

GAAP net loss for the fourth quarter of fiscal 2024 was $0.5 million, or 4 cents per share. This compares to GAAP net income of $0.4 million, or 3 cents per share, for the preceding quarter and GAAP net loss of $12.0 million, or 85 cents per share, for the fourth quarter of fiscal 2023.

Non-GAAP net loss for the fourth quarter of fiscal 2024 was $7,000, or 0 cents per share. This compares to non-GAAP net income of $1.1 million, or 8 cents per share, for the preceding quarter and non-GAAP net loss of $2.5 million, or 18 cents per share, for the fourth quarter of fiscal 2023.

Unrestricted cash and cash equivalents at September 30, 2024, were $11.1 million, compared to $13.1 million at September 30, 2023. Debt payments during the three months ended September 30, 2024 were $4.0 million, including the previously reported full repayment of our term loan and revolving credit facility. Net cash as of September 30, 2024 was $10.8 million compared to $2.4 million as of September 30, 2023.

In discussing financial results for the three months and year ended September 30, 2024 and 2023 and the three months ended June 30, 2024, in this press release, the Company refers to certain financial measures that are adjusted from the financial results prepared in accordance with United States generally accepted accounting principles ("GAAP"). All non-GAAP amounts exclude certain adjustments for stock compensation expense, severance expense, expenses related to the discontinued product line, gain on the sale of our Arizona headquarters, moving expenses, amortization of acquired intangible assets, acquisition expenses, and income tax benefit related to our acquisition of Entrepix, Inc. A tabular reconciliation of financial measures prepared in accordance with GAAP to the non-GAAP financial measures is included at the end of this press release.

Outlook

Operating results can be significantly impacted, positively or negatively, by the timing of orders, system shipments, logistical challenges, and the financial results of semiconductor manufacturers. Additionally, the semiconductor equipment industries can be cyclical and inherently impacted by changes in market demand. Actual results may differ materially in the weeks and months ahead.

For the first fiscal quarter ending December 31, 2024, we expect revenues in the range of $21 – 24 million with adjusted EBITDA nominally positive. Although the near-term outlook for revenue and earnings remains challenging, we remain confident that the future prospects are strong for both our consumables and equipment serving advanced mobility and advanced packaging applications. We took actions during the fiscal year, which will reduce Amtech's structural costs by approximately $7 million annually and better align product pricing with value. These steps should significantly improve results and enhance profitability through market cycles.

A portion of Amtech's results is denominated in Renminbis, a Chinese currency. The outlook provided in this press release is based on an assumed exchange rate between the United States Dollar and the Renminbi. Changes in the value of the Renminbi in relation to the United States Dollar could cause actual results to differ from expectations.

Conference Call

Amtech Systems will host a conference call at 5:00 pm ET on Monday, December 9, 2024 to discuss our fiscal fourth quarter financial results. The call will be available to interested parties by dialing 1-800-717-1738. For international callers, please dial +1-646-307-1865. A live webcast of the conference call will be available in the Investor Relations section of Amtech’s website at: https://www.amtechsystems.com/investors/events.

A replay of the webcast will be available in the Investor Relations section of the company’s website at http://www.amtechsystems.com/conference.htm shortly after the conclusion of the call and will remain available for approximately 30 calendar days.

About Amtech Systems, Inc.

Amtech Systems, Inc. is a leading, global manufacturer of thermal processing, wafer cleaning and chemical mechanical polishing (CMP) capital equipment and related consumables used in semiconductor, advanced mobility and renewable energy manufacturing applications. We sell process equipment and services used in the fabrication of semiconductor devices, such as silicon carbide (SiC), silicon power, electronic assemblies and modules to semiconductor device and module manufacturers worldwide, particularly in Asia, North America and Europe. Our strategic focus is on growth opportunities which leverage our strengths in thermal and substrate processing. Amtech's products are recognized under the leading brand names BTU International, Entrepix, Inc., PR Hoffman™ and Intersurface Dynamics, Inc.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this press release is forward-looking in nature. All statements in this press release, or made by management of Amtech Systems, Inc. and its subsidiaries ("Amtech"), other than statements of historical fact, are hereby identified as "forward-looking statements" (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995). The forward-looking statements in this press release relate only to events or information as of the date on which the statements are made in this press release. Examples of forward-looking statements include statements regarding Amtech's future financial results, operating results, business strategies, projected costs, products under development, competitive positions, plans and objectives of Amtech and its management for future operations, efforts to improve operational efficiencies and effectiveness and profitably grow our revenue, and enhancements to our technologies and expansion of our product portfolio. In some cases, forward-looking statements can be identified by terminology such as "may," "plan," "anticipate," "seek," "will," "expect," "intend," "estimate," "believe," "continue," "predict," "potential," "project," "should," "would," "could", "likely," "future," "target," "forecast," "goal," "observe," and "strategy" or the negative of these terms or other comparable terminology used in this press release or by our management, which are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. The Form 10-K that Amtech filed with the Securities and Exchange Commission (the "SEC") for the year-ended September 30, 2023, listed various important factors that could affect the Company's future operating results and financial condition and could cause actual results to differ materially from historical results and expectations based on forward-looking statements made in this document or elsewhere by Amtech or on its behalf. These factors can be found under the heading "Risk Factors" in the Form 10-K and in our subsequently filed Quarterly Reports on Form 10-Qs, and investors should refer to them. Because it is not possible to predict or identify all such factors, any such list cannot be considered a complete set of all potential risks or uncertainties. Except as required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Summary Financial Information

(in thousands, except percentages)

 

 

 

Three Months Ended

 

 

 

Years Ended September 30,

 

 

 

September 30, 2024

 

 

June 30, 2024

 

 

September 30, 2023

 

 

 

2024

 

 

2023

 

Amtech Systems, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

24,112

 

 

$

26,749

 

 

$

27,707

 

 

 

$

101,214

 

 

$

113,315

 

GAAP gross profit

 

$

9,803

 

 

$

9,758

 

 

$

2,794

 

 

 

$

36,231

 

 

$

35,552

 

Non-GAAP gross profit

 

$

9,803

 

 

$

9,758

 

 

$

8,926

 

 

 

$

37,528

 

 

$

41,684

 

GAAP gross margin

 

 

41

%

 

 

36

%

 

 

10

%

 

 

 

36

%

 

 

31

%

Non-GAAP gross margin

 

 

41

%

 

 

36

%

 

 

32

%

 

 

 

37

%

 

 

37

%

Operating income (loss)

 

$

26

 

 

$

816

 

 

$

(11,690

)

 

 

$

(6,729

)

 

$

(14,970

)

New orders

 

$

17,587

 

 

$

18,814

 

 

$

18,185

 

 

 

$

79,277

 

 

$

103,897

 

Backlog

 

$

25,312

 

 

$

31,837

 

 

$

51,794

 

 

 

$

25,312

 

 

$

51,794

 

Thermal Processing Solutions Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

16,155

 

 

$

18,038

 

 

$

18,820

 

 

 

$

69,161

 

 

$

77,595

 

GAAP gross profit

 

$

6,756

 

 

$

6,313

 

 

$

7,374

 

 

 

$

24,269

 

 

$

29,184

 

Non-GAAP gross profit

 

$

6,756

 

 

$

6,313

 

 

$

7,374

 

 

 

$

24,269

 

 

$

29,184

 

GAAP gross margin

 

 

42

%

 

 

35

%

 

 

39

%

 

 

 

35

%

 

 

38

%

Non-GAAP gross margin

 

 

42

%

 

 

35

%

 

 

39

%

 

 

 

35

%

 

 

38

%

Operating income

 

$

2,530

 

 

$

1,690

 

 

$

2,046

 

 

 

$

6,196

 

 

$

6,907

 

New orders

 

$

9,328

 

 

$

10,801

 

 

$

10,834

 

 

 

$

49,318

 

 

$

74,817

 

Backlog

 

$

20,845

 

 

$

27,673

 

 

$

45,233

 

 

 

$

20,845

 

 

$

45,233

 

Semiconductor Fabrication Solutions Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

7,957

 

 

$

8,711

 

 

$

8,887

 

 

 

$

32,053

 

 

$

35,720

 

GAAP gross profit (loss)

 

$

3,047

 

 

$

3,445

 

 

$

(4,580

)

 

 

$

11,962

 

 

$

6,368

 

Non-GAAP gross profit

 

$

3,047

 

 

$

3,445

 

 

$

1,552

 

 

 

$

13,259

 

 

$

12,500

 

GAAP gross margin

 

 

38

%

 

 

40

%

 

 

(52

)%

 

 

 

37

%

 

 

18

%

Non-GAAP gross margin

 

 

38

%

 

 

40

%

 

 

17

%

 

 

 

41

%

 

 

35

%

Operating income (loss)

 

$

447

 

 

$

1,621

 

 

$

(10,176

)

 

 

$

(4,875

)

 

$

(8,765

)

New orders

 

$

8,259

 

 

$

8,013

 

 

$

7,351

 

 

 

$

29,959

 

 

$

29,080

 

Backlog

 

$

4,467

 

 

$

4,164

 

 

$

6,561

 

 

 

$

4,467

 

 

$

6,561

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Statements of Operations

(in thousands, except per share data)

 

 

 

Three Months Ended September 30,

 

Years Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue, net

 

$

24,112

 

 

$

27,707

 

 

$

101,214

 

 

$

113,315

 

Cost of sales

 

 

14,309

 

 

 

20,268

 

 

 

64,134

 

 

 

73,118

 

Intangible asset impairment

 

 

—

 

 

 

4,645

 

 

 

849

 

 

 

4,645

 

Gross profit

 

 

9,803

 

 

 

2,794

 

 

 

36,231

 

 

 

35,552

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

8,786

 

 

 

11,078

 

 

 

33,814

 

 

 

42,002

 

Research, development and engineering

 

 

991

 

 

 

2,597

 

 

 

4,193

 

 

 

7,311

 

Gain on sale of fixed assets

 

 

—

 

 

 

—

 

 

 

(2,197

)

 

 

—

 

Goodwill impairment

 

 

—

 

 

 

—

 

 

 

6,370

 

 

 

—

 

Intangible asset impairment

 

 

—

 

 

 

544

 

 

 

430

 

 

 

544

 

Severance expense

 

 

—

 

 

 

265

 

 

 

350

 

 

 

665

 

Operating income (loss)

 

 

26

 

 

 

(11,690

)

 

 

(6,729

)

 

 

(14,970

)

 

 

 

 

 

 

 

 

 

Interest income

 

 

22

 

 

 

10

 

 

 

57

 

 

 

366

 

Interest expense

 

 

(59

)

 

 

(178

)

 

 

(557

)

 

 

(520

)

Foreign currency loss

 

 

(340

)

 

 

(30

)

 

 

(345

)

 

 

(89

)

Other

 

 

52

 

 

 

12

 

 

 

63

 

 

 

31

 

Loss before income taxes

 

 

(299

)

 

 

(11,876

)

 

 

(7,511

)

 

 

(15,182

)

Income tax provision (benefit)

 

 

237

 

 

 

139

 

 

 

975

 

 

 

(2,600

)

Net loss

 

$

(536

)

 

$

(12,015

)

 

$

(8,486

)

 

$

(12,582

)

 

 

 

 

 

 

 

 

 

(Loss) Income Per Share:

 

 

 

 

 

 

 

 

Net (loss) income per basic share

 

$

(0.04

)

 

$

(0.85

)

 

$

(0.60

)

 

$

(0.89

)

Net (loss) income per diluted share

 

$

(0.04

)

 

$

(0.85

)

 

$

(0.60

)

 

$

(0.89

)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

14,239

 

 

 

14,166

 

 

 

14,208

 

 

 

14,065

 

Diluted

 

 

14,239

 

 

 

14,166

 

 

 

14,208

 

 

 

14,065

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Balance Sheets

(in thousands, except share data)

 

 

 

September 30, 2024

 

September 30, 2023

 

 

 

 

 

Current Assets

 

 

 

 

Cash and cash equivalents

 

$

11,086

 

 

$

13,133

 

Accounts receivable - Net

 

 

21,989

 

 

 

26,474

 

Inventories

 

 

26,867

 

 

 

34,845

 

Income taxes receivable

 

 

132

 

 

 

632

 

Other current assets

 

 

4,302

 

 

 

6,105

 

Total current assets

 

 

64,376

 

 

 

81,189

 

Property, Plant and Equipment - Net

 

 

11,647

 

 

 

9,695

 

Right-of-Use Assets - Net

 

 

16,596

 

 

 

11,217

 

Intangible Assets - Net

 

 

4,004

 

 

 

6,114

 

Goodwill

 

 

21,261

 

 

 

27,631

 

Deferred Income Taxes - Net

 

 

185

 

 

 

101

 

Other Assets

 

 

884

 

 

 

1,074

 

Total Assets

 

$

118,953

 

 

$

137,021

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current Liabilities

 

 

 

 

Accounts payable

 

$

5,356

 

 

$

10,815

 

Accrued compensation and related taxes

 

 

2,057

 

 

 

3,481

 

Accrued warranty expense

 

 

602

 

 

 

965

 

Other accrued liabilities

 

 

477

 

 

 

1,551

 

Current portion of finance lease liabilities and long-term debt

 

 

101

 

 

 

2,265

 

Current portion of long-term operating lease liabilities

 

 

2,041

 

 

 

2,623

 

Contract liabilities

 

 

8,965

 

 

 

8,018

 

Total current liabilities

 

 

19,599

 

 

 

29,718

 

Finance Lease Liabilities and Long-Term Debt

 

 

189

 

 

 

8,422

 

Long-Term Operating Lease Liabilities

 

 

15,240

 

 

 

8,894

 

Income Taxes Payable

 

 

1,510

 

 

 

1,575

 

Other Long-Term Liabilities

 

 

57

 

 

 

47

 

Total Liabilities

 

 

36,595

 

 

 

48,656

 

Commitments and Contingencies

 

 

 

 

Shareholders’ Equity

 

 

 

 

Preferred stock; 100,000,000 shares authorized; none issued

 

 

—

 

 

 

—

 

Common stock; $0.01 par value; 100,000,000 shares authorized; shares issued and outstanding: 14,258,879 and 14,185,977 in 2024 and 2023, respectively

 

 

143

 

 

 

142

 

Additional paid-in capital

 

 

128,466

 

 

 

126,963

 

Accumulated other comprehensive loss

 

 

(720

)

 

 

(1,695

)

Retained deficit

 

 

(45,531

)

 

 

(37,045

)

Total Shareholders’ Equity

 

 

82,358

 

 

 

88,365

 

Total Liabilities and Shareholders’ Equity

 

$

118,953

 

 

$

137,021

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Statements of Cash Flows

(in thousands)

 

 

Years Ended September 30,

 

 

2024

 

 

2023

 

Operating Activities

 

 

 

 

Net (loss) income

 

$

(8,486

)

 

$

(12,582

)

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

 

3,029

 

 

 

5,012

 

Write-down of inventory

 

 

2,813

 

 

 

2,620

 

Non-cash intangible asset impairment

 

 

7,649

 

 

 

5,189

 

Provision for allowance for doubtful accounts

 

 

18

 

 

 

14

 

Deferred income taxes

 

 

(84

)

 

 

(2,513

)

Non-cash stock-based compensation expense

 

 

1,530

 

 

 

1,272

 

Gain on sale of fixed assets

 

 

(2,197

)

 

 

—

 

Other, net

 

 

—

 

 

 

196

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

4,468

 

 

 

4,410

 

Inventories

 

 

5,135

 

 

 

(6,294

)

Contract and other assets

 

 

4,773

 

 

 

(529

)

Accounts payable

 

 

(4,942

)

 

 

1,459

 

Accrued income taxes

 

 

436

 

 

 

(2,897

)

Accrued and other liabilities

 

 

(5,248

)

 

 

(1,895

)

Contract liabilities

 

 

948

 

 

 

(1,163

)

Net cash provided by (used in) operating activities

 

 

9,842

 

 

 

(7,701

)

Investing Activities

 

 

 

 

Purchases of property, plant and equipment

 

 

(4,878

)

 

 

(2,898

)

Acquisitions, net of cash and cash equivalents acquired

 

 

—

 

 

 

(34,938

)

Proceeds from sale of property, plant and equipment

 

 

2,700

 

 

 

6

 

Net cash (used in) provided by investing activities

 

 

(2,178

)

 

 

(37,830

)

Financing Activities

 

 

 

 

Proceeds from the exercise of stock options

 

 

85

 

 

 

1,235

 

Repurchase of common stock

 

 

—

 

 

 

—

 

Payments on long-term debt

 

 

(10,671

)

 

 

(1,497

)

Borrowings on long-term debt

 

 

64

 

 

 

12,000

 

Payment of payroll taxes on stock-based compensation through shares withheld

 

 

(111

)

 

 

—

 

Net cash (used in) provided by financing activities

 

 

(10,633

)

 

 

11,738

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

 

 

922

 

 

 

52

 

Net (Decrease) Increase in Cash and Cash Equivalents

 

 

(2,047

)

 

 

(33,741

)

Cash and Cash Equivalents, Beginning of Year

 

 

13,133

 

 

 

46,874

 

Cash, Cash Equivalents and Restricted Cash, End of Year

 

$

11,086

 

 

$

13,133

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

Years Ended September 30,

 

 

 

September 30, 2024

 

 

June 30, 2024

 

 

September 30, 2023

 

 

 

2024

 

 

2023

 

Amtech Systems, Inc. Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

9,803

 

 

$

9,758

 

 

$

2,794

 

 

 

$

36,231

 

 

$

35,552

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

-

 

 

 

1,487

 

 

 

 

448

 

 

 

1,487

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

4,645

 

 

 

 

849

 

 

 

4,645

 

Non-GAAP gross profit

 

$

9,803

 

 

$

9,758

 

 

$

8,926

 

 

 

$

37,528

 

 

$

41,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

41

%

 

 

36

%

 

 

10

%

 

 

 

36

%

 

 

31

%

Non-GAAP gross margin

 

 

41

%

 

 

36

%

 

 

32

%

 

 

 

37

%

 

 

37

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thermal Processing Solutions Segment Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

6,756

 

 

$

6,313

 

 

$

7,374

 

 

 

$

24,269

 

 

$

29,184

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Non-GAAP gross profit

 

$

6,756

 

 

$

6,313

 

 

$

7,374

 

 

 

$

24,269

 

 

$

29,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

42

%

 

 

35

%

 

 

39

%

 

 

 

35

%

 

 

38

%

Non-GAAP gross margin

 

 

42

%

 

 

35

%

 

 

39

%

 

 

 

35

%

 

 

38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductor Fabrication Solutions Segment Gross Profit (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit (loss)

 

$

3,047

 

 

$

3,445

 

 

$

(4,580

)

 

 

$

11,962

 

 

$

6,368

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

-

 

 

 

1,487

 

 

 

 

448

 

 

 

1,487

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

4,645

 

 

 

 

849

 

 

 

4,645

 

Non-GAAP gross profit

 

$

3,047

 

 

$

3,445

 

 

$

1,552

 

 

 

$

13,259

 

 

$

12,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

38

%

 

 

40

%

 

 

(52

)%

 

 

 

37

%

 

 

18

%

Non-GAAP gross margin

 

 

38

%

 

 

40

%

 

 

17

%

 

 

 

41

%

 

 

35

%

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Years Ended September 30,

 

 

September 30, 2024

 

June 30, 2024

 

September 30, 2023

 

 

2024

 

 

2023

 

Consolidated Net (Loss) Income:

 

 

 

 

 

 

 

 

 

 

 

GAAP net (loss) income

 

$

(536

)

 

$

438

 

$

(12,015

)

 

 

$

(8,486

)

 

$

(12,582

)

Acquisition expenses

 

 

-

 

 

 

-

 

 

-

 

 

 

 

-

 

 

 

3,242

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

-

 

 

1,487

 

 

 

 

448

 

 

 

1,487

 

Amortization of acquired intangible assets

 

 

154

 

 

 

154

 

 

985

 

 

 

 

749

 

 

 

2,955

 

Stock compensation expense

 

 

375

 

 

 

488

 

 

744

 

 

 

 

1,530

 

 

 

1,272

 

Gain on sale of fixed assets

 

 

-

 

 

 

-

 

 

-

 

 

 

 

(2,197

)

 

 

-

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

-

 

 

 

 

6,370

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

5,189

 

 

 

 

1,279

 

 

 

5,189

 

Severance expense

 

 

-

 

 

 

40

 

 

265

 

 

 

 

350

 

 

 

665

 

Income tax benefit related to acquisition

 

 

-

 

 

 

-

 

 

856

 

 

 

 

-

 

 

 

(2,490

)

Non-GAAP net (loss) income

 

$

(7

)

 

$

1,120

 

$

(2,489

)

 

 

$

43

 

 

$

(262

)

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income per Diluted Share:

 

 

 

 

 

 

 

 

 

 

 

GAAP net (loss) income per diluted share

 

$

(0.04

)

 

$

0.03

 

$

(0.85

)

 

 

$

(0.60

)

 

$

(0.89

)

Acquisition expenses

 

 

-

 

 

 

-

 

 

-

 

 

 

 

-

 

 

 

0.23

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

-

 

 

0.10

 

 

 

 

0.03

 

 

 

0.10

 

Amortization of acquired intangible assets

 

 

0.01

 

 

 

0.01

 

 

0.07

 

 

 

 

0.05

 

 

 

0.21

 

Stock compensation expense

 

 

0.03

 

 

 

0.03

 

 

0.05

 

 

 

 

0.11

 

 

 

0.09

 

Gain on sale of fixed assets

 

 

-

 

 

 

-

 

 

-

 

 

 

 

(0.15

)

 

 

-

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

-

 

 

 

 

0.45

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

0.37

 

 

 

 

0.09

 

 

 

0.37

 

Severance expense

 

 

-

 

 

 

0.01

 

 

0.02

 

 

 

 

0.02

 

 

 

0.05

 

Income tax benefit related to acquisition

 

 

-

 

 

 

-

 

 

0.06

 

 

 

 

-

 

 

 

(0.18

)

Non-GAAP net (loss) income per diluted share

 

$

(0.00

)

 

$

0.08

 

$

(0.18

)

 

 

$

0.00

 

 

$

(0.02

)

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

(in thousands, except per share data)

 

 

 

Three Months Ended September 30, 2024

 

Year Ended September 30, 2024

 

Amtech Systems, Inc. EBITDA:

 

 

 

 

 

GAAP net loss

 

$

(536

)

$

(8,486

)

Interest income

 

 

(22

)

 

(57

)

Interest expense

 

 

59

 

 

557

 

Income tax provision

 

 

237

 

 

975

 

Depreciation and amortization expense

 

 

719

 

 

3,029

 

EBITDA

 

 

457

 

 

(3,982

)

 

 

 

 

 

 

Gain on sale of fixed assets

 

 

-

 

 

(2,197

)

Building move expense

 

 

-

 

 

231

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

448

 

Stock compensation expense

 

 

375

 

 

1,530

 

Goodwill impairment

 

 

-

 

 

6,370

 

Intangible asset impairment

 

 

-

 

 

1,279

 

Severance expense

 

 

-

 

 

350

 

Adjusted EBITDA

 

$

832

 

$

4,029

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241209011706/en/

Amtech Systems, Inc. Wade M. Jenke Vice President and Chief Financial Officer irelations@amtechsystems.com Sapphire Investor Relations, LLC Erica Mannion and Mike Funari (617) 542-6180 irelations@amtechsystems.com