Amtech Reports First Quarter 2024 Results
- Net revenue of $24.9 million in Q1 Fiscal 2024.
- GAAP operating loss of $8.9 million and non-GAAP operating loss of $0.2 million.
- Achieved $6 million in annualized cost savings.
- GAAP net loss of $9.4 million.
- Book to bill ratio of 0.9:1.
- Backlog of $50.0 million.
- Focus on operational optimization and increased shareholder value.
- GAAP net loss of $9.4 million.
- Book to bill ratio of 0.9:1.
- Intangible asset impairment charges and goodwill charges recorded in Material and Substrate segment.
- Sequential decrease in net revenues due to softness in semiconductor market.
- Less favorable product mix affecting gross margin.
- Negative outlook for revenue and earnings in the near term.
Insights
The reported financial results of Amtech Systems, Inc. indicate a complex quarter with a mixture of positive and negative indicators. The net revenue of $24.9 million represents a 16% increase year-over-year but a 10% decrease sequentially. This suggests a fluctuating demand within the semiconductor industry, which could be due to the cyclical nature of the market or specific challenges faced by the company.
The GAAP operating loss of $8.9 million, including significant non-cash impairment charges, is a critical point for investors. These charges are indicative of the company's assets being overvalued compared to the market price, which may concern investors about the company's valuation methods and future profitability. However, the non-GAAP operating loss is substantially lower at $0.2 million, highlighting the impact of these one-time charges on the company's reported GAAP results.
Amtech's efforts to improve its cost structure, with $6 million in annualized cost savings, could be a sign of a strategic shift towards operational efficiency. This may positively influence the company's margins in the long-term, provided that the semiconductor market recovers and demand for Amtech's products stabilizes.
Amtech's book to bill ratio of 0.9:1 is an indicator of future revenue trends and suggests that the company is currently booking fewer orders than it is billing, which could imply a potential slowdown in future revenues. However, the substantial backlog of $50.0 million provides a buffer and indicates that there is still significant demand for the company's products, assuming these orders are realized as revenue.
The semiconductor industry is known for its volatility and sensitivity to economic cycles. Amtech's performance must be contextualized within this industry's dynamics. The continued softness in the semiconductor market, as mentioned in the report, aligns with broader industry trends and could be a contributing factor to the company's decreased equipment shipments. Investors would need to monitor industry-wide recovery signals, which would likely have a corresponding positive impact on Amtech's financials.
Amtech's financial results reflect broader economic factors affecting the semiconductor industry. The reported decrease in shipments and soft market conditions may be symptomatic of macroeconomic headwinds such as trade tensions, supply chain disruptions, or shifts in consumer demand. The company's proactive steps to reduce costs and align product pricing with value could be seen as a strategic adaptation to these economic challenges.
Furthermore, the unrestricted cash and cash equivalents increase to $17.0 million from $13.1 million in the previous quarter indicates strong cash management, particularly in light of the challenging revenue environment. This liquidity is crucial for weathering uncertain market conditions and funding ongoing operations without resorting to external financing.
Lastly, the mention of currency risk, specifically the fluctuation of the Renminbi against the U.S. Dollar, is an important consideration for investors. Currency volatility can have a significant impact on the financial results of companies with international operations, such as Amtech and should be considered when evaluating the company's future financial outlook.
First Quarter Fiscal 2024 Financial and Operational Results:
-
Net revenue of
$24.9 million -
GAAP operating loss of
$8.9 million $7.6 million -
Non-GAAP operating loss of
$0.2 million -
GAAP net loss of
$9.4 million -
Non-GAAP net loss of
$0.6 million -
Customer orders of
$23.1 million - Book to bill ratio of 0.9:1
-
Backlog of
$50.0 million
(1) See GAAP to non-GAAP reconciliation in schedules following this release.
“I am pleased with the progress we are making to improve our cost structure and position the Company for strong operating results as markets recover. Our revenue of
GAAP and Non-GAAP Financial Results |
|||||||||||
(in millions, except per share amounts) |
Q1 |
Q4 |
Q1 |
||||||||
|
FY 2024 |
FY 2023 |
FY 2023 |
||||||||
Revenues, net |
$ |
24.9 |
|
$ |
27.7 |
|
$ |
21.6 |
|
||
Gross profit |
$ |
8.2 |
|
$ |
2.8 |
|
$ |
8.3 |
|
||
Gross margin |
|
33.0 |
% |
|
10.1 |
% |
|
38.5 |
% |
||
Non-GAAP gross profit (1) |
$ |
9.3 |
|
$ |
8.9 |
|
$ |
8.3 |
|
||
Non-GAAP gross margin (1) |
|
37.5 |
% |
|
32.2 |
% |
|
38.5 |
% |
||
|
|
|
|
||||||||
GAAP operating loss |
$ |
(8.9 |
) |
$ |
(11.7 |
) |
$ |
(2.7 |
) |
||
GAAP operating margin |
|
-35.9 |
% |
|
-42.2 |
% |
|
-12.4 |
% |
||
Non-GAAP operating loss (1) |
$ |
(0.2 |
) |
$ |
(3.0 |
) |
$ |
(0.7 |
) |
||
Non-GAAP operating margin (1) |
|
-0.8 |
% |
|
-10.9 |
% |
|
-3.1 |
% |
||
|
|
|
|
||||||||
GAAP net loss |
$ |
(9.4 |
) |
$ |
(12.0 |
) |
$ |
(2.7 |
) |
||
GAAP net loss per diluted share |
$ |
(0.66 |
) |
$ |
(0.85 |
) |
$ |
(0.20 |
) |
||
Non-GAAP net loss (1) |
$ |
(0.6 |
) |
$ |
(2.5 |
) |
$ |
(0.7 |
) |
||
Non-GAAP net loss per diluted share (1) |
$ |
(0.04 |
) |
$ |
(0.18 |
) |
$ |
(0.05 |
) |
||
(1) See GAAP to non-GAAP reconciliation in schedules following this release.
Net revenues decreased
GAAP gross margin increased sequentially due primarily to the intangible asset impairment charge of
During the first quarter of fiscal 2024, the market value of our stock materially declined below our book value. Accordingly, we recorded
Selling, General & Administrative (“SG&A”) expenses decreased
Research, Development and Engineering expenses decreased
GAAP operating loss was
Non-GAAP operating loss was
GAAP net loss for the first quarter of fiscal 2024 was
Non-GAAP net loss for the first quarter of fiscal 2024 was
Unrestricted cash and cash equivalents at December 31, 2023, were
In discussing financial results for the three months ended December 31, 2023 and 2022 and the three months ended September 30, 2023, in this press release, the Company refers to certain financial measures that are adjusted from the financial results prepared in accordance with
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 second fiscal quarter ending March 31, 2024, we expect revenues in the range of
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 8:00 a.m. ET on Monday, February 12, 2024 to discuss our fiscal first quarter financial results. The call will be available to interested parties by dialing 1-877-407-0784. For international callers, please dial +1-201-689-8560. 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
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 |
||||||||||
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
Amtech Systems, Inc. |
|
|
|
|
|
|
||||||
Revenues, net |
|
$ |
24,920 |
|
|
$ |
27,707 |
|
|
$ |
21,558 |
|
GAAP gross profit |
|
$ |
8,219 |
|
|
$ |
2,794 |
|
|
$ |
8,303 |
|
Non-GAAP gross profit |
|
$ |
9,341 |
|
|
$ |
8,926 |
|
|
$ |
8,303 |
|
GAAP gross margin |
|
|
33 |
% |
|
|
10 |
% |
|
|
39 |
% |
Non-GAAP gross margin |
|
|
37 |
% |
|
|
32 |
% |
|
|
39 |
% |
GAAP operating loss |
|
$ |
(8,934 |
) |
|
$ |
(11,690 |
) |
|
$ |
(2,680 |
) |
Non-GAAP operating loss |
|
$ |
(210 |
) |
|
$ |
(3,020 |
) |
|
$ |
(670 |
) |
New orders |
|
$ |
23,105 |
|
|
$ |
18,185 |
|
|
$ |
25,229 |
|
Backlog |
|
$ |
49,979 |
|
|
$ |
51,794 |
|
|
$ |
54,452 |
|
Semiconductor Segment |
|
|
|
|
|
|
||||||
Revenues, net |
|
$ |
17,527 |
|
|
$ |
18,820 |
|
|
$ |
16,887 |
|
GAAP gross profit |
|
$ |
6,159 |
|
|
$ |
7,374 |
|
|
$ |
6,172 |
|
Non-GAAP gross profit |
|
$ |
6,159 |
|
|
$ |
7,374 |
|
|
$ |
6,172 |
|
GAAP gross margin |
|
|
35 |
% |
|
|
39 |
% |
|
|
37 |
% |
Non-GAAP gross margin |
|
|
35 |
% |
|
|
39 |
% |
|
|
37 |
% |
GAAP operating income |
|
$ |
1,081 |
|
|
$ |
2,046 |
|
|
$ |
869 |
|
Non-GAAP operating income |
|
$ |
1,192 |
|
|
$ |
2,046 |
|
|
$ |
869 |
|
New orders |
|
$ |
17,129 |
|
|
$ |
10,834 |
|
|
$ |
21,084 |
|
Backlog |
|
$ |
44,835 |
|
|
$ |
45,233 |
|
|
$ |
52,209 |
|
Material and Substrate Segment |
|
|
|
|
|
|
||||||
Revenues, net |
|
$ |
7,393 |
|
|
$ |
8,887 |
|
|
$ |
4,671 |
|
GAAP gross profit (loss) |
|
$ |
2,060 |
|
|
$ |
(4,580 |
) |
|
$ |
2,131 |
|
Non-GAAP gross profit |
|
$ |
3,182 |
|
|
$ |
1,552 |
|
|
$ |
2,131 |
|
GAAP gross margin |
|
|
28 |
% |
|
|
-52 |
% |
|
|
46 |
% |
Non-GAAP gross margin |
|
|
43 |
% |
|
|
17 |
% |
|
|
46 |
% |
GAAP operating (loss) income |
|
$ |
(7,844 |
) |
|
$ |
(10,176 |
) |
|
$ |
633 |
|
Non-GAAP operating income (loss) |
|
$ |
452 |
|
|
$ |
(2,455 |
) |
|
$ |
633 |
|
New orders |
|
$ |
5,976 |
|
|
$ |
7,351 |
|
|
$ |
4,145 |
|
Backlog |
|
$ |
5,144 |
|
|
$ |
6,561 |
|
|
$ |
2,243 |
|
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) |
||||||||
Consolidated Statements of Operations (in thousands, except per share data) |
||||||||
|
|
Three Months Ended December 31, |
||||||
|
|
2023 |
|
2022 |
||||
Revenues, net |
|
$ |
24,920 |
|
|
$ |
21,558 |
|
Cost of sales |
|
|
15,852 |
|
|
|
13,255 |
|
Intangible asset impairment |
|
|
849 |
|
|
|
— |
|
Gross profit |
|
|
8,219 |
|
|
|
8,303 |
|
|
|
|
|
|
||||
Selling, general and administrative |
|
|
8,567 |
|
|
|
9,190 |
|
Research, development and engineering |
|
|
1,588 |
|
|
|
1,393 |
|
Goodwill impairment |
|
|
6,370 |
|
|
|
— |
|
Intangible asset impairment |
|
|
430 |
|
|
|
— |
|
Severance expense |
|
|
198 |
|
|
|
400 |
|
Operating loss |
|
|
(8,934 |
) |
|
|
(2,680 |
) |
|
|
|
|
|
||||
Interest income |
|
|
19 |
|
|
|
290 |
|
Interest expense |
|
|
(198 |
) |
|
|
(2 |
) |
Foreign currency loss |
|
|
(187 |
) |
|
|
(347 |
) |
Other |
|
|
— |
|
|
|
(9 |
) |
Loss before income tax provision |
|
|
(9,300 |
) |
|
|
(2,748 |
) |
Income tax provision (benefit) |
|
|
58 |
|
|
|
(4 |
) |
Net loss |
|
$ |
(9,358 |
) |
|
$ |
(2,744 |
) |
|
|
|
|
|
||||
Loss Per Share: |
|
|
|
|
||||
Net loss per basic share |
|
$ |
(0.66 |
) |
|
$ |
(0.20 |
) |
Net loss per diluted share |
|
$ |
(0.66 |
) |
|
$ |
(0.20 |
) |
Weighted average shares outstanding: |
|
|
|
|
||||
Basic |
|
|
14,188 |
|
|
|
14,008 |
|
Diluted |
|
|
14,188 |
|
|
|
14,008 |
|
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) |
||||||||
Consolidated Balance Sheets (in thousands, except share data) |
||||||||
|
|
December 31,
|
|
September 30,
|
||||
Assets |
|
|
|
|
||||
Current Assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
17,033 |
|
|
$ |
13,133 |
|
Accounts receivable (less allowance for credit losses of |
|
|
21,403 |
|
|
|
26,474 |
|
Inventories |
|
|
34,030 |
|
|
|
34,845 |
|
Income taxes receivable |
|
|
664 |
|
|
|
632 |
|
Other current assets |
|
|
5,061 |
|
|
|
6,105 |
|
Total current assets |
|
|
78,191 |
|
|
|
81,189 |
|
Property, Plant and Equipment - Net |
|
|
9,353 |
|
|
|
9,695 |
|
Right-of-Use Assets - Net |
|
|
10,541 |
|
|
|
11,217 |
|
Intangible Assets - Net |
|
|
4,526 |
|
|
|
6,114 |
|
Goodwill |
|
|
21,261 |
|
|
|
27,631 |
|
Deferred Income Taxes - Net |
|
|
126 |
|
|
|
101 |
|
Other Assets |
|
|
1,044 |
|
|
|
1,074 |
|
Total Assets |
|
$ |
125,042 |
|
|
$ |
137,021 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
||||
Current Liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
8,545 |
|
|
$ |
10,815 |
|
Accrued compensation and related taxes |
|
|
2,652 |
|
|
|
3,481 |
|
Accrued warranty expense |
|
|
791 |
|
|
|
965 |
|
Other accrued liabilities |
|
|
1,461 |
|
|
|
1,551 |
|
Current maturities of finance lease liabilities and long-term debt |
|
|
934 |
|
|
|
2,265 |
|
Current portion of long-term operating lease liabilities |
|
|
2,292 |
|
|
|
2,623 |
|
Contract liabilities |
|
|
9,518 |
|
|
|
8,018 |
|
Total current liabilities |
|
|
26,193 |
|
|
|
29,718 |
|
Finance Lease Liabilities and Long-Term Debt |
|
|
9,197 |
|
|
|
8,422 |
|
Long-Term Operating Lease Liabilities |
|
|
8,598 |
|
|
|
8,894 |
|
Income Taxes Payable |
|
|
1,384 |
|
|
|
1,575 |
|
Other Long-Term Liabilities |
|
|
49 |
|
|
|
47 |
|
Total Liabilities |
|
|
45,421 |
|
|
|
48,656 |
|
Commitments and Contingencies |
|
|
|
|
||||
Shareholders’ Equity |
|
|
|
|
||||
Preferred stock; 100,000,000 shares authorized; none issued |
|
|
— |
|
|
|
— |
|
Common stock; |
|
|
142 |
|
|
|
142 |
|
Additional paid-in capital |
|
|
127,308 |
|
|
|
126,963 |
|
Accumulated other comprehensive loss |
|
|
(1,426 |
) |
|
|
(1,695 |
) |
Retained deficit |
|
|
(46,403 |
) |
|
|
(37,045 |
) |
Total Shareholders’ Equity |
|
|
79,621 |
|
|
|
88,365 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
125,042 |
|
|
$ |
137,021 |
|
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) |
||||||||
Consolidated Statements of Cash Flows (in thousands) |
||||||||
|
|
Three Months Ended December 31, |
||||||
|
|
2023 |
|
2022 |
||||
Operating Activities |
|
|
|
|
||||
Net loss |
|
$ |
(9,358 |
) |
|
$ |
(2,744 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
852 |
|
|
|
388 |
|
Write-down of inventory |
|
|
572 |
|
|
|
48 |
|
Goodwill impairment |
|
|
6,370 |
|
|
|
— |
|
Intangible asset impairment |
|
|
1,279 |
|
|
|
— |
|
Deferred income taxes |
|
|
(25 |
) |
|
|
(35 |
) |
Non-cash share-based compensation expense |
|
|
317 |
|
|
|
164 |
|
Loss on sale of property, plant and equipment |
|
|
20 |
|
|
|
— |
|
(Reversal of) provision for allowance for credit losses |
|
|
(42 |
) |
|
|
35 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
5,114 |
|
|
|
3,194 |
|
Inventories |
|
|
223 |
|
|
|
(2,796 |
) |
Other assets |
|
|
1,783 |
|
|
|
1,106 |
|
Accounts payable |
|
|
(1,661 |
) |
|
|
(643 |
) |
Accrued income taxes |
|
|
(222 |
) |
|
|
(284 |
) |
Accrued and other liabilities |
|
|
(1,751 |
) |
|
|
(665 |
) |
Contract liabilities |
|
|
1,500 |
|
|
|
(276 |
) |
Net cash provided by (used in) operating activities |
|
|
4,971 |
|
|
|
(2,508 |
) |
Investing Activities |
|
|
|
|
||||
Purchases of property, plant and equipment |
|
|
(756 |
) |
|
|
(224 |
) |
Net cash used in investing activities |
|
|
(756 |
) |
|
|
(224 |
) |
Financing Activities |
|
|
|
|
||||
Proceeds from the exercise of stock options |
|
|
28 |
|
|
|
34 |
|
Payments on long-term debt |
|
|
(556 |
) |
|
|
(14 |
) |
Net cash (used in) provided by financing activities |
|
|
(528 |
) |
|
|
20 |
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
|
|
213 |
|
|
|
372 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
|
|
3,900 |
|
|
|
(2,340 |
) |
Cash and Cash Equivalents, Beginning of Period |
|
|
13,133 |
|
|
|
46,874 |
|
Cash and Cash Equivalents, End of Period |
|
$ |
17,033 |
|
|
$ |
44,534 |
|
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) |
||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share data) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
Amtech Systems, Inc. Operating Loss: |
|
|
|
|
|
|
||||||
GAAP operating loss |
|
$ |
(8,934 |
) |
|
$ |
(11,690 |
) |
|
$ |
(2,680 |
) |
Acquisition expenses |
|
|
- |
|
|
|
- |
|
|
|
1,446 |
|
Write-down of inventory related to polishing equipment |
|
|
273 |
|
|
|
1,487 |
|
|
|
- |
|
Amortization of acquired intangible assets |
|
|
287 |
|
|
|
985 |
|
|
|
- |
|
Stock compensation expense |
|
|
317 |
|
|
|
744 |
|
|
|
164 |
|
Goodwill impairment |
|
|
6,370 |
|
|
|
- |
|
|
|
- |
|
Intangible asset impairment |
|
|
1,279 |
|
|
|
5,189 |
|
|
|
- |
|
Severance expense |
|
|
198 |
|
|
|
265 |
|
|
|
400 |
|
Non-GAAP operating loss |
|
$ |
(210 |
) |
|
$ |
(3,020 |
) |
|
$ |
(670 |
) |
|
|
|
|
|
|
|
||||||
GAAP operating margin |
|
|
(35.9 |
)% |
|
|
(42.2 |
)% |
|
|
(12.4 |
)% |
Non-GAAP operating margin |
|
|
(0.8 |
)% |
|
|
(10.9 |
)% |
|
|
(3.1 |
)% |
|
|
|
|
|
|
|
||||||
Consolidated Net Loss: |
|
|
|
|
|
|
||||||
GAAP net loss |
|
$ |
(9,358 |
) |
|
$ |
(12,015 |
) |
|
$ |
(2,744 |
) |
Acquisition expenses |
|
|
- |
|
|
|
- |
|
|
|
1,446 |
|
Write-down of inventory related to polishing equipment |
|
|
273 |
|
|
|
1,487 |
|
|
|
- |
|
Amortization of acquired intangible assets |
|
|
287 |
|
|
|
985 |
|
|
|
- |
|
Stock compensation expense |
|
|
317 |
|
|
|
744 |
|
|
|
164 |
|
Goodwill impairment |
|
|
6,370 |
|
|
|
- |
|
|
|
- |
|
Intangible asset impairment |
|
|
1,279 |
|
|
|
5,189 |
|
|
|
- |
|
Severance expense |
|
|
198 |
|
|
|
265 |
|
|
|
400 |
|
Income tax provision related to acquisition |
|
|
- |
|
|
|
856 |
|
|
|
- |
|
Non-GAAP net loss |
|
$ |
(634 |
) |
|
$ |
(2,489 |
) |
|
$ |
(734 |
) |
|
|
|
|
|
|
|
||||||
Net Loss per Diluted Share: |
|
|
|
|
|
|
||||||
GAAP net loss per diluted share |
|
$ |
(0.66 |
) |
|
$ |
(0.85 |
) |
|
$ |
(0.20 |
) |
Acquisition expenses |
|
|
- |
|
|
|
- |
|
|
|
0.10 |
|
Write-down of inventory related to polishing equipment |
|
|
0.02 |
|
|
|
0.10 |
|
|
|
- |
|
Amortization of acquired intangible assets |
|
|
0.02 |
|
|
|
0.07 |
|
|
|
- |
|
Stock compensation expense |
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.01 |
|
Goodwill impairment |
|
|
0.45 |
|
|
|
- |
|
|
|
- |
|
Intangible asset impairment |
|
|
0.09 |
|
|
|
0.37 |
|
|
|
- |
|
Severance expense |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.04 |
|
Income tax provision related to acquisition |
|
|
- |
|
|
|
0.06 |
|
|
|
- |
|
Non-GAAP net loss per diluted share |
|
$ |
(0.04 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
||||||
Semiconductor Segment Operating Income: |
|
|
|
|
|
|
||||||
GAAP operating income |
|
$ |
1,081 |
|
|
$ |
2,046 |
|
|
$ |
869 |
|
Severance expense |
|
|
111 |
|
|
|
- |
|
|
|
- |
|
Non-GAAP operating income |
|
$ |
1,192 |
|
|
$ |
2,046 |
|
|
$ |
869 |
|
|
|
|
|
|
|
|
||||||
Material and Substrate Segment Operating (Loss) Income: |
|
|
|
|
|
|
||||||
GAAP operating (loss) income |
|
$ |
(7,844 |
) |
|
$ |
(10,176 |
) |
|
$ |
633 |
|
Write-down of inventory related to polishing equipment |
|
|
273 |
|
|
|
1,487 |
|
|
|
- |
|
Amortization of acquired intangible assets |
|
|
287 |
|
|
|
985 |
|
|
|
- |
|
Goodwill impairment |
|
|
6,370 |
|
|
|
- |
|
|
|
- |
|
Intangible asset impairment |
|
|
1,279 |
|
|
|
5,189 |
|
|
|
- |
|
Severance expense |
|
|
87 |
|
|
|
60 |
|
|
|
- |
|
Non-GAAP operating income (loss) |
|
$ |
452 |
|
|
$ |
(2,455 |
) |
|
$ |
633 |
|
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) |
||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share data) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
||||||
Amtech Systems, Inc. Gross Profit: |
|
|
|
|
|
|
||||||
GAAP gross profit |
|
$ |
8,219 |
|
|
$ |
2,794 |
|
|
$ |
8,303 |
|
Write-down of inventory related to polishing equipment |
|
|
273 |
|
|
|
1,487 |
|
|
|
- |
|
Intangible asset impairment |
|
|
849 |
|
|
|
4,645 |
|
|
|
- |
|
Non-GAAP gross profit |
|
$ |
9,341 |
|
|
$ |
8,926 |
|
|
$ |
8,303 |
|
|
|
|
|
|
|
|
||||||
GAAP gross margin |
|
|
33 |
% |
|
|
10 |
% |
|
|
39 |
% |
Non-GAAP gross margin |
|
|
37 |
% |
|
|
32 |
% |
|
|
39 |
% |
|
|
|
|
|
|
|
||||||
Semiconductor Segment Gross Profit: |
|
|
|
|
|
|
||||||
GAAP gross profit |
|
$ |
6,159 |
|
|
$ |
7,374 |
|
|
$ |
6,172 |
|
Write-down of inventory related to polishing equipment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Intangible asset impairment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-GAAP gross profit |
|
$ |
6,159 |
|
|
$ |
7,374 |
|
|
$ |
6,172 |
|
|
|
|
|
|
|
|
||||||
GAAP gross margin |
|
|
35 |
% |
|
|
39 |
% |
|
|
37 |
% |
Non-GAAP gross margin |
|
|
35 |
% |
|
|
39 |
% |
|
|
37 |
% |
|
|
|
|
|
|
|
||||||
Material and Substrate Segment Gross Profit (Loss): |
|
|
|
|
|
|
||||||
GAAP gross profit (loss) |
|
$ |
2,060 |
|
|
$ |
(4,580 |
) |
|
$ |
2,131 |
|
Write-down of inventory related to polishing equipment |
|
|
273 |
|
|
|
1,487 |
|
|
|
- |
|
Intangible asset impairment |
|
|
849 |
|
|
|
4,645 |
|
|
|
- |
|
Non-GAAP gross profit |
|
$ |
3,182 |
|
|
$ |
1,552 |
|
|
$ |
2,131 |
|
|
|
|
|
|
|
|
||||||
GAAP gross margin |
|
|
28 |
% |
|
|
(52 |
)% |
|
|
46 |
% |
Non-GAAP gross margin |
|
|
43 |
% |
|
|
17 |
% |
|
|
46 |
% |
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) |
||||
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA (in thousands, except per share data) |
||||
|
|
Three Months Ended
|
||
Amtech Systems, Inc. EBITDA: |
|
|
||
GAAP net loss |
|
$ |
(9,358 |
) |
Interest income |
|
|
(19 |
) |
Interest expense |
|
|
198 |
|
Income tax provision (benefit) |
|
|
58 |
|
Depreciation and amortization expense |
|
|
852 |
|
EBITDA |
|
|
(8,269 |
) |
|
|
|
||
Write-down of inventory related to polishing equipment |
|
|
273 |
|
Stock compensation expense |
|
|
317 |
|
Goodwill impairment |
|
|
6,370 |
|
Intangible asset impairment |
|
|
1,279 |
|
Severance expense |
|
|
198 |
|
Adjusted EBITDA |
|
$ |
168 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240209639848/en/
Amtech Systems, Inc.
Lisa D. Gibbs
Chief Financial Officer
(480) 360-3756
irelations@amtechsystems.com
Sapphire Investor Relations, LLC
Erica Mannion and Mike Funari
(617) 542-6180
irelations@amtechsystems.com
Source: Amtech Systems, Inc.
FAQ
What was Amtech Systems' net revenue in Q1 Fiscal 2024?
What was the GAAP operating loss in Q1 Fiscal 2024?
What actions did Amtech Systems take to improve cost structure?
What was Amtech Systems' GAAP net loss in Q1 Fiscal 2024?
What was Amtech Systems' book to bill ratio in Q1 Fiscal 2024?
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