Amtech Reports Fourth Quarter and Year End Fiscal 2024 Results
Amtech Systems (NASDAQ: ASYS) reported its Q4 and fiscal year 2024 results. Q4 showed net revenue of $24.1 million with a GAAP net loss of $0.5 million. For fiscal 2024, the company achieved net revenue of $101.2 million with a GAAP net loss of $8.5 million.
Key highlights include positive adjusted EBITDA for four consecutive quarters, full debt repayment, and cash position of $11.1 million. The company implemented cost reduction initiatives, saving approximately $7 million annually. For Q1 FY2025, Amtech expects revenues between $21-24 million with nominally positive adjusted EBITDA.
Customer orders were $17.6 million in Q4 and $79.3 million for FY2024, with a backlog of $25.3 million.
Amtech Systems (NASDAQ: ASYS) ha pubblicato i risultati del quarto trimestre e dell'anno fiscale 2024. Nel quarto trimestre, ha registrato ricavi netti di 24,1 milioni di dollari con una perdita netta GAAP di 0,5 milioni di dollari. Per l'anno fiscale 2024, la società ha ottenuto ricavi netti di 101,2 milioni di dollari con una perdita netta GAAP di 8,5 milioni di dollari.
I punti salienti includono un EBITDA rettificato positivo per quattro trimestri consecutivi, il rimborso completo del debito e una posizione di cassa di 11,1 milioni di dollari. L'azienda ha implementato iniziative di riduzione dei costi, risparmiando approssimativamente 7 milioni di dollari annualmente. Per il primo trimestre dell'anno fiscale 2025, Amtech prevede ricavi compresi tra 21 e 24 milioni di dollari con un EBITDA rettificato positivamente a livello nominale.
Gli ordini dei clienti sono stati di 17,6 milioni di dollari nel quarto trimestre e 79,3 milioni di dollari per l'anno fiscale 2024, con un portafoglio di ordini in sospeso di 25,3 milioni di dollari.
Amtech Systems (NASDAQ: ASYS) informó sus resultados del cuarto trimestre y del año fiscal 2024. El cuarto trimestre mostró ingresos netos de 24,1 millones de dólares con una pérdida neta GAAP de 0,5 millones de dólares. Para el año fiscal 2024, la empresa alcanzó ingresos netos de 101,2 millones de dólares con una pérdida neta GAAP de 8,5 millones de dólares.
Los aspectos más destacados incluyen un EBITDA ajustado positivo durante cuatro trimestres consecutivos, el reembolso total de la deuda y una posición de efectivo de 11,1 millones de dólares. La compañía implementó iniciativas de reducción de costos, ahorrando aproximadamente 7 millones de dólares anuales. Para el primer trimestre del año fiscal 2025, Amtech espera ingresos entre 21 y 24 millones de dólares con un EBITDA ajustado positivamente a nivel nominal.
Los pedidos de clientes fueron de 17,6 millones de dólares en el cuarto trimestre y 79,3 millones de dólares para el año fiscal 2024, con un backlog de 25,3 millones de dólares.
암텍 시스템즈 (NASDAQ: ASYS)는 2024 회계연도 4분기 및 연간 실적을 발표했습니다. 4분기 순수익은 2410만 달러로 GAAP 기준 순손실은 50만 달러였습니다. 2024 회계연도 동안 회사는 1억 1200만 달러의 순수익을 기록하며 GAAP 기준으로 850만 달러의 순손실을 입었습니다.
주요 하이라이트로는 4분기 연속으로 긍정적인 조정 EBITDA, 부채 전액 상환, 1110만 달러의 현금 보유 등이 있습니다. 회사는 연간 약 700만 달러를 절감하는 비용 절감 프로그램을 시행했습니다. 2025 회계연도 1분기 동안 암텍은 2100만 달러에서 2400만 달러 사이의 수익과 명목적으로 긍정적인 조정 EBITDA를 예상하고 있습니다.
고객 주문은 4분기에 1760만 달러, 2024 회계연도 전체에 7930만 달러였으며, 미결 주문은 2530만 달러입니다.
Amtech Systems (NASDAQ: ASYS) a publié ses résultats pour le quatrième trimestre et l'exercice fiscal 2024. Le quatrième trimestre a montré un chiffre d'affaires net de 24,1 millions de dollars avec une perte nette GAAP de 0,5 million de dollars. Pour l'exercice fiscal 2024, la société a réalisé un chiffre d'affaires net de 101,2 millions de dollars avec une perte nette GAAP de 8,5 millions de dollars.
Les points forts incluent un EBITDA ajusté positif pendant quatre trimestres consécutifs, le remboursement complet de la dette et une position de trésorerie de 11,1 millions de dollars. La société a mis en œuvre des initiatives de réduction des coûts, économisant environ 7 millions de dollars par an. Pour le premier trimestre de l'exercice fiscal 2025, Amtech s'attend à des revenus compris entre 21 et 24 millions de dollars avec un EBITDA ajusté positivement à un niveau nominal.
Les commandes des clients ont été de 17,6 millions de dollars au quatrième trimestre et de 79,3 millions de dollars pour l'exercice fiscal 2024, avec un carnet de commandes de 25,3 millions de dollars.
Amtech Systems (NASDAQ: ASYS) hat die Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht. Im vierten Quartal betrugen die Nettoumsätze 24,1 Millionen Dollar bei einem GAAP-Nettoverlust von 0,5 Millionen Dollar. Für das Geschäftsjahr 2024 erzielte das Unternehmen Nettoumsätze von 101,2 Millionen Dollar mit einem GAAP-Nettoverlust von 8,5 Millionen Dollar.
Die wichtigsten Highlights sind ein positives bereinigtes EBITDA für vier aufeinanderfolgende Quartale, die vollständige Rückzahlung der Schulden und eine liquide Mittelposition von 11,1 Millionen Dollar. Das Unternehmen hat Kostensenkungsinitiativen umgesetzt, die jährlich etwa 7 Millionen Dollar einsparen. Für das erste Quartal des Geschäftsjahres 2025 erwartet Amtech Umsätze zwischen 21 und 24 Millionen Dollar mit nominal positivem bereinigtem EBITDA.
Die Kundenaufträge betrugen im vierten Quartal 17,6 Millionen Dollar und für das Geschäftsjahr 2024 insgesamt 79,3 Millionen Dollar, mit einem Auftragsbestand von 25,3 Millionen Dollar.
- Four consecutive quarters of positive adjusted EBITDA
- Full repayment of $10.7 million debt
- Cost reduction initiatives saving $7 million annually
- Improved GAAP gross margin to 40.7% in Q4 2024 from 10.1% in Q4 2023
- Cash provided by operations of $9.8 million in FY2024
- Q4 revenue decreased 10% sequentially and 13% year-over-year
- Q4 GAAP net loss of $0.5 million
- FY2024 GAAP net loss of $8.5 million
- Customer orders declined to $17.6 million in Q4 from previous levels
- Expected revenue decline for Q1 FY2025 ($21-24 million)
Insights
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
(1)$7.0 thousand -
Adjusted EBITDA
(1)$0.8 million -
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
on debt agreement$10.7 million -
GAAP net loss of
$8.5 million -
Non-GAAP net income of
(1)$43.0 thousand -
Adjusted EBITDA
(1)$4.0 million -
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
In the fourth quarter of fiscal 2024 our GAAP gross margin increased by
Selling, General & Administrative (“SG&A”) expenses increased by approximately
Research, Development and Engineering expenses increased
GAAP net loss for the fourth quarter of fiscal 2024 was
Non-GAAP net loss for the fourth quarter of fiscal 2024 was
Unrestricted cash and cash equivalents at September 30, 2024, were
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
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
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
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,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
|
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
|
|
Years Ended
|
||||||||||||
|
|
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,
|
|
September 30,
|
||||
|
|
|
|
|
||||
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; |
|
|
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,
|
|
|
|
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,
|
|
|
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
Source: Amtech Systems, Inc.
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