EXHIBIT 99.1

img235722521_0.jpg 

 

Amtech Reports Third Quarter 2024 Results

 

TEMPE, Ariz., August 7, 2024 -- Amtech Systems, Inc. ("Amtech") (NASDAQ: ASYS), a manufacturer of equipment and consumables for semiconductor fabrication and packaging, today reported results for its third quarter ended June 30, 2024.

 

Third Quarter Fiscal 2024 Financial and Operational Results:

Net revenue of $26.7 million
GAAP operating income of $0.8 million
Net cash position of $8.9 million
Non-GAAP operating income of $1.5 million (1)
GAAP net income of $0.4 million
Non-GAAP net income of $1.1 million (1)
Customer orders of $18.8 million
Backlog of $31.8 million

 

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

 

 

“In the third quarter we continued to align our cost structure with current market conditions and lay the foundation for meaningful operating leverage as our markets recover. Revenue of $26.7 million exceeded the high-end of our guidance range, and we achieved adjusted EBITDA of $2.3 million. This is the third consecutive quarter of positive adjusted EBITDA and operating cash flow. I am pleased that we are seeing the financial benefits of the approximately $7 million of annualized operating cost reductions taken over the past few quarters,” commented Mr. Bob Daigle, Chief Executive Officer of Amtech.

 

 


 

GAAP and Non-GAAP Financial Results

(in millions, except per share amounts)

Q3

 

Q2

 

Q3

 

9 Months

 

9 Months

 

 

FY 2024

 

FY 2024

 

FY 2023

 

2024

 

2023

 

Revenues, net

$

26.7

 

$

25.4

 

$

30.7

 

$

77.1

 

$

85.6

 

Gross profit

$

9.8

 

$

8.5

 

$

11.0

 

$

26.4

 

$

32.8

 

Gross margin

 

36.5

%

 

33.2

%

 

35.7

%

 

34.3

%

 

38.3

%

Non-GAAP gross profit (1)

$

9.8

 

$

8.6

 

$

11.0

 

$

27.7

 

$

32.8

 

Non-GAAP gross margin (1)

 

36.5

%

 

33.9

%

 

35.7

%

 

36.0

%

 

38.3

%

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

$

0.8

 

$

1.4

 

$

(1.1

)

$

(6.8

)

$

(3.3

)

GAAP operating margin

 

3.1

%

 

5.4

%

 

-3.6

%

 

-8.8

%

 

-3.8

%

Non-GAAP operating income (loss) (1)

$

1.5

 

$

0.2

 

$

0.4

 

$

1.5

 

$

2.9

 

Non-GAAP operating margin (1)

 

5.6

%

 

0.7

%

 

1.2

%

 

1.9

%

 

3.3

%

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

0.4

 

$

1.0

 

$

(1.0

)

$

(8.0

)

$

(0.6

)

GAAP net income (loss) per diluted share

$

0.03

 

$

0.07

 

$

(0.07

)

$

(0.56

)

$

(0.04

)

Non-GAAP net income (loss) (1)

$

1.1

 

$

(0.2

)

$

0.3

 

$

0.3

 

$

2.2

 

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

$

0.08

 

$

(0.01

)

$

0.02

 

$

0.02

 

$

0.16

 

 

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

 

Net revenues increased 5% sequentially and decreased 13% from the third quarter of fiscal 2023. The sequential increase is primarily due to increased sales of our reflow and wafer cleaning equipment, and higher parts and services revenue. The decrease from prior year is primarily attributable to lower sales across most of our product portfolio due to a slow-down in the broader semiconductor market.

In the third quarter of fiscal 2024, GAAP gross margin increased sequentially compared to the same prior year period. On a sequential basis, GAAP gross margin in our Semiconductor segment was positively affected by product mix attributed to increased revenues for reflow equipment, parts and services. GAAP gross margin in our Materials and Substrate segment decreased on a sequential basis due primarily to a less favorable product mix of consumables and equipment. Compared to the same prior year period, GAAP gross margin was relatively consistent between periods.

Selling, General & Administrative (“SG&A”) expenses decreased by approximately $40,000 on a sequential basis and decreased $2.1 million compared to the prior year period. The sequential decrease is due primarily to reductions in labor-related expenses, partially offset by increased commissions and shipping expenses on higher sales. Compared to the same prior year period, the decrease is due primarily to 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 decreased $0.2 million sequentially and decreased $1.1 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 Material & Substrate segment that did not recur.

GAAP operating income was $0.8 million, compared to GAAP operating income of $1.4 million in the second quarter of fiscal 2024 and GAAP operating loss of $1.1 million in the same prior year period.

 


 

Non-GAAP operating income was $1.5 million, compared to non-GAAP operating income of $0.2 million in the second quarter of fiscal 2024 and non-GAAP operating income of $0.4 million in the same prior year period.

GAAP net income for the third quarter of fiscal 2024 was $0.4 million, or 3 cents per share. This compares to GAAP net income of $1.0 million, or 7 cents per share, for the preceding quarter and GAAP net loss of $1.0 million, or 7 cents per share, for the third quarter of fiscal 2023.

Non-GAAP net income for the third quarter of fiscal 2024 was $1.1 million, or 8 cents per share. This compares to non-GAAP net loss of $0.2 million, or 1 cent per share, for the preceding quarter and non-GAAP net income of $0.3 million, or 2 cents per share, for the third quarter of fiscal 2023.

Unrestricted cash and cash equivalents at June 30, 2024, were $13.2 million, compared to $13.1 million at September 30, 2023. Debt payments during the three months ended June 30, 2024 were $0.3 million. Net cash as of June 30, 2024 was $8.9 million compared to $2.4 million as of September 30, 2023.

In discussing financial results for the three and nine months ended June 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 fourth fiscal quarter ending September 30, 2024, we expect revenues in the range of $22 - 25 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 first and second quarters of fiscal 2024, 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 Wednesday, August 7, 2024 to discuss our fiscal third 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.

 

Contacts:

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

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Summary Financial Information

(in thousands, except percentages)

 

 

Three Months Ended

 

 

 

Nine Months Ended June 30,

 

 

 

June 30,
2024

 

 

March 31, 2024

 

 

June 30,
2023

 

 

 

2024

 

 

2023

 

Amtech Systems, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

26,749

 

 

$

25,433

 

 

$

30,740

 

 

 

$

77,102

 

 

$

85,608

 

GAAP gross profit

 

$

9,758

 

 

$

8,451

 

 

$

10,985

 

 

 

$

26,428

 

 

$

32,758

 

Non-GAAP gross profit

 

$

9,758

 

 

$

8,626

 

 

$

10,985

 

 

 

$

27,725

 

 

$

32,758

 

GAAP gross margin

 

 

36

%

 

 

33

%

 

 

36

%

 

 

 

34

%

 

 

38

%

Non-GAAP gross margin

 

 

36

%

 

 

34

%

 

 

36

%

 

 

 

36

%

 

 

38

%

GAAP operating income (loss)

 

$

816

 

 

$

1,363

 

 

$

(1,119

)

 

 

$

(6,755

)

 

$

(3,280

)

Non-GAAP operating income

 

$

1,498

 

 

$

188

 

 

$

368

 

 

 

$

1,476

 

 

$

2,860

 

New orders

 

$

18,814

 

 

$

19,771

 

 

$

26,217

 

 

 

$

61,690

 

 

$

85,712

 

Backlog

 

$

31,837

 

 

$

44,316

 

 

$

61,315

 

 

 

$

31,837

 

 

$

61,315

 

Semiconductor Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

18,038

 

 

$

17,441

 

 

$

19,841

 

 

 

$

53,006

 

 

$

58,775

 

GAAP gross profit

 

$

6,313

 

 

$

5,040

 

 

$

6,707

 

 

 

$

17,513

 

 

$

21,810

 

Non-GAAP gross profit

 

$

6,313

 

 

$

5,040

 

 

$

6,707

 

 

 

$

17,513

 

 

$

21,810

 

GAAP gross margin

 

 

35

%

 

 

29

%

 

 

34

%

 

 

 

33

%

 

 

37

%

Non-GAAP gross margin

 

 

35

%

 

 

29

%

 

 

34

%

 

 

 

33

%

 

 

37

%

GAAP operating income

 

$

1,690

 

 

$

896

 

 

$

1,042

 

 

 

$

3,666

 

 

$

4,861

 

Non-GAAP operating income

 

$

1,703

 

 

$

896

 

 

$

1,042

 

 

 

$

3,790

 

 

$

4,861

 

New orders

 

$

10,801

 

 

$

12,061

 

 

$

18,293

 

 

 

$

39,990

 

 

$

63,983

 

Backlog

 

$

27,673

 

 

$

39,455

 

 

$

53,219

 

 

 

$

27,673

 

 

$

53,219

 

Material and Substrate Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

8,711

 

 

$

7,992

 

 

$

10,899

 

 

 

$

24,096

 

 

$

26,833

 

GAAP gross profit

 

$

3,445

 

 

$

3,411

 

 

$

4,278

 

 

 

$

8,915

 

 

$

10,948

 

Non-GAAP gross profit

 

$

3,445

 

 

$

3,586

 

 

$

4,278

 

 

 

$

10,212

 

 

$

10,948

 

GAAP gross margin

 

 

40

%

 

 

43

%

 

 

39

%

 

 

 

37

%

 

 

41

%

Non-GAAP gross margin

 

 

40

%

 

 

45

%

 

 

39

%

 

 

 

42

%

 

 

41

%

GAAP operating income (loss)

 

$

1,621

 

 

$

900

 

 

$

481

 

 

 

$

(5,321

)

 

$

1,411

 

Non-GAAP operating income

 

$

1,802

 

 

$

1,300

 

 

$

1,506

 

 

 

$

3,556

 

 

$

4,077

 

New orders

 

$

8,013

 

 

$

7,710

 

 

$

7,924

 

 

 

$

21,700

 

 

$

21,729

 

Backlog

 

$

4,164

 

 

$

4,861

 

 

$

8,096

 

 

 

$

4,164

 

 

$

8,096

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Statements of Operations

(in thousands, except per share data)

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues, net

 

$

26,749

 

 

$

30,740

 

 

$

77,102

 

 

$

85,608

 

Cost of sales

 

 

16,991

 

 

 

19,755

 

 

 

49,825

 

 

 

52,850

 

Intangible asset impairment

 

 

 

 

 

 

 

 

849

 

 

 

 

Gross profit

 

 

9,758

 

 

 

10,985

 

 

 

26,428

 

 

 

32,758

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

8,209

 

 

 

10,300

 

 

 

25,028

 

 

 

30,924

 

Research, development and engineering

 

 

693

 

 

 

1,804

 

 

 

3,202

 

 

 

4,714

 

Gain on sale of fixed assets

 

 

 

 

 

 

 

 

(2,197

)

 

 

 

Goodwill impairment

 

 

 

 

 

 

 

 

6,370

 

 

 

 

Intangible asset impairment

 

 

 

 

 

 

 

 

430

 

 

 

 

Severance expense

 

 

40

 

 

 

 

 

 

350

 

 

 

400

 

Operating income (loss)

 

 

816

 

 

 

(1,119

)

 

 

(6,755

)

 

 

(3,280

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

2

 

 

 

17

 

 

 

35

 

 

 

356

 

Interest expense

 

 

(107

)

 

 

(185

)

 

 

(498

)

 

 

(342

)

Foreign currency gain (loss)

 

 

182

 

 

 

456

 

 

 

(5

)

 

 

(59

)

Other

 

 

2

 

 

 

15

 

 

 

11

 

 

 

19

 

Income (loss) before income tax provision

 

 

895

 

 

 

(816

)

 

 

(7,212

)

 

 

(3,306

)

Income tax provision (benefit)

 

 

457

 

 

 

211

 

 

 

738

 

 

 

(2,739

)

Net income (loss)

 

$

438

 

 

$

(1,027

)

 

$

(7,950

)

 

$

(567

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per basic share

 

$

0.03

 

 

$

(0.07

)

 

$

(0.56

)

 

$

(0.04

)

Net income (loss) per diluted share

 

$

0.03

 

 

$

(0.07

)

 

$

(0.56

)

 

$

(0.04

)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

14,209

 

 

 

14,058

 

 

 

14,198

 

 

 

14,031

 

Diluted

 

 

14,254

 

 

 

14,058

 

 

 

14,198

 

 

 

14,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Balance Sheets

(in thousands, except share data)

 

 

June 30,
2024

 

 

September 30,
2023

 

Assets

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,183

 

 

$

13,133

 

Accounts receivable (less allowance for credit losses of $89 and $146 at
   June 30, 2024 and September 30, 2023, respectively)

 

 

24,292

 

 

 

26,474

 

Inventories

 

 

28,753

 

 

 

34,845

 

Income taxes receivable

 

 

91

 

 

 

632

 

Other current assets

 

 

4,074

 

 

 

6,105

 

Total current assets

 

 

70,393

 

 

 

81,189

 

Property, Plant and Equipment - Net

 

 

12,362

 

 

 

9,695

 

Right-of-Use Assets - Net

 

 

17,559

 

 

 

11,217

 

Intangible Assets - Net

 

 

4,178

 

 

 

6,114

 

Goodwill

 

 

21,261

 

 

 

27,631

 

Deferred Income Taxes - Net

 

 

115

 

 

 

101

 

Other Assets

 

 

1,191

 

 

 

1,074

 

Total Assets

 

$

127,059

 

 

$

137,021

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable

 

$

8,330

 

 

$

10,815

 

Accrued compensation and related taxes

 

 

1,762

 

 

 

3,481

 

Accrued warranty expense

 

 

749

 

 

 

965

 

Other accrued liabilities

 

 

1,348

 

 

 

1,551

 

Current maturities of finance lease liabilities and long-term debt

 

 

4,064

 

 

 

2,265

 

Current portion of long-term operating lease liabilities

 

 

1,856

 

 

 

2,623

 

Contract liabilities

 

 

9,291

 

 

 

8,018

 

Total current liabilities

 

 

27,400

 

 

 

29,718

 

Finance Lease Liabilities and Long-Term Debt

 

 

177

 

 

 

8,422

 

Long-Term Operating Lease Liabilities

 

 

16,129

 

 

 

8,894

 

Income Taxes Payable

 

 

1,582

 

 

 

1,575

 

Other Long-Term Liabilities

 

 

53

 

 

 

47

 

Total Liabilities

 

 

45,341

 

 

 

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: 14,208,795 and 14,185,977 at June 30, 2024
   and September 30, 2023, respectively

 

 

142

 

 

 

142

 

Additional paid-in capital

 

 

128,146

 

 

 

126,963

 

Accumulated other comprehensive loss

 

 

(1,575

)

 

 

(1,695

)

Retained deficit

 

 

(44,995

)

 

 

(37,045

)

Total Shareholders’ Equity

 

 

81,718

 

 

 

88,365

 

Total Liabilities and Shareholders’ Equity

 

$

127,059

 

 

$

137,021

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Statements of Cash Flows

(in thousands)

 

 

Nine Months Ended June 30,

 

 

 

2024

 

 

2023

 

Operating Activities

 

 

 

 

 

 

Net loss

 

$

(7,950

)

 

$

(567

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

2,310

 

 

 

3,435

 

Write-down of inventory

 

 

1,367

 

 

 

1,233

 

Goodwill impairment

 

 

6,370

 

 

 

 

Intangible asset impairment

 

 

1,279

 

 

 

 

Deferred income taxes

 

 

(13

)

 

 

(3,430

)

Non-cash share-based compensation expense

 

 

1,155

 

 

 

528

 

Gain on sale of property, plant and equipment

 

 

(2,197

)

 

 

 

Provision for allowance for credit losses

 

 

(21

)

 

 

109

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

2,204

 

 

 

2,391

 

Inventories

 

 

4,695

 

 

 

(4,724

)

Other assets

 

 

4,205

 

 

 

1,775

 

Accounts payable

 

 

(1,965

)

 

 

(1,586

)

Accrued income taxes

 

 

548

 

 

 

(1,947

)

Accrued and other liabilities

 

 

(4,298

)

 

 

(2,993

)

Contract liabilities

 

 

1,274

 

 

 

(1,374

)

Net cash provided by (used in) operating activities

 

 

8,963

 

 

 

(7,150

)

Investing Activities

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(5,310

)

 

 

(1,922

)

Proceeds from the sale of property, plant and equipment

 

 

2,700

 

 

 

6

 

Acquisition, net of cash and cash equivalents acquired

 

 

 

 

 

(34,938

)

Net cash used in investing activities

 

 

(2,610

)

 

 

(36,854

)

Financing Activities

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

 

28

 

 

 

539

 

Payments on long-term debt

 

 

(6,668

)

 

 

(949

)

Borrowings on long-term debt

 

 

 

 

 

12,000

 

Net cash (used in) provided by financing activities

 

 

(6,640

)

 

 

11,590

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

 

 

337

 

 

 

(155

)

Net Increase (Decrease) in Cash and Cash Equivalents

 

 

50

 

 

 

(32,569

)

Cash and Cash Equivalents, Beginning of Period

 

 

13,133

 

 

 

46,874

 

Cash and Cash Equivalents, End of Period

 

$

13,183

 

 

$

14,305

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

Nine Months Ended June 30,

 

 

 

June 30,
2024

 

 

March 31, 2024

 

 

June 30,
2023

 

 

 

2024

 

 

2023

 

Amtech Systems, Inc. Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

9,758

 

 

$

8,451

 

 

$

10,985

 

 

 

$

26,428

 

 

$

32,758

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

175

 

 

 

-

 

 

 

 

448

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

849

 

 

 

-

 

Non-GAAP gross profit

 

$

9,758

 

 

$

8,626

 

 

$

10,985

 

 

 

$

27,725

 

 

$

32,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

36

%

 

 

33

%

 

 

36

%

 

 

 

34

%

 

 

38

%

Non-GAAP gross margin

 

 

36

%

 

 

34

%

 

 

36

%

 

 

 

36

%

 

 

38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductor Segment Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

6,313

 

 

$

5,040

 

 

$

6,707

 

 

 

$

17,513

 

 

$

21,810

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Non-GAAP gross profit

 

$

6,313

 

 

$

5,040

 

 

$

6,707

 

 

 

$

17,513

 

 

$

21,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

35

%

 

 

29

%

 

 

34

%

 

 

 

33

%

 

 

37

%

Non-GAAP gross margin

 

 

35

%

 

 

29

%

 

 

34

%

 

 

 

33

%

 

 

37

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material and Substrate Segment Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

3,445

 

 

$

3,411

 

 

$

4,278

 

 

 

$

8,915

 

 

$

10,948

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

175

 

 

 

-

 

 

 

 

448

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

849

 

 

 

-

 

Non-GAAP gross profit

 

$

3,445

 

 

$

3,586

 

 

$

4,278

 

 

 

$

10,212

 

 

$

10,948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

40

%

 

 

43

%

 

 

39

%

 

 

 

37

%

 

 

41

%

Non-GAAP gross margin

 

 

40

%

 

 

45

%

 

 

39

%

 

 

 

42

%

 

 

41

%

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

Nine Months Ended June 30,

 

 

 

June 30,
2024

 

 

March 31, 2024

 

 

June 30,
2023

 

 

 

2024

 

 

2023

 

Amtech Systems, Inc. Operating Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

816

 

 

$

1,363

 

 

$

(1,119

)

 

 

$

(6,755

)

 

$

(3,280

)

Gain on sale of fixed assets

 

 

-

 

 

 

(2,197

)

 

 

-

 

 

 

 

(2,197

)

 

 

-

 

Building move expense

 

 

-

 

 

 

231

 

 

 

-

 

 

 

 

231

 

 

 

-

 

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

272

 

 

 

 

-

 

 

 

3,242

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

175

 

 

 

-

 

 

 

 

448

 

 

 

-

 

Amortization of acquired intangible assets

 

 

154

 

 

 

154

 

 

 

1,025

 

 

 

 

595

 

 

 

1,970

 

Stock compensation expense

 

 

488

 

 

 

350

 

 

 

190

 

 

 

 

1,155

 

 

 

528

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

6,370

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,279

 

 

 

-

 

Severance expense

 

 

40

 

 

 

112

 

 

 

-

 

 

 

 

350

 

 

 

400

 

Non-GAAP operating income

 

$

1,498

 

 

$

188

 

 

$

368

 

 

 

$

1,476

 

 

$

2,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

 

3.1

%

 

 

5.4

%

 

 

(3.6

)%

 

 

 

(8.8

)%

 

 

(3.8

)%

Non-GAAP operating margin

 

 

5.6

%

 

 

0.7

%

 

 

1.2

%

 

 

 

1.9

%

 

 

3.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductor Segment Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income

 

$

1,690

 

 

$

896

 

 

$

1,042

 

 

 

$

3,666

 

 

$

4,861

 

Severance expense

 

 

13

 

 

 

-

 

 

 

-

 

 

 

 

124

 

 

 

-

 

Non-GAAP operating income

 

$

1,703

 

 

$

896

 

 

$

1,042

 

 

 

$

3,790

 

 

$

4,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material and Substrate Segment Operating Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

1,621

 

 

$

900

 

 

$

481

 

 

 

$

(5,321

)

 

$

1,411

 

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

696

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

175

 

 

 

-

 

 

 

 

448

 

 

 

-

 

Amortization of acquired intangible assets

 

 

154

 

 

 

154

 

 

 

1,025

 

 

 

 

595

 

 

 

1,970

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

6,370

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,279

 

 

 

-

 

Severance expense

 

 

27

 

 

 

71

 

 

 

-

 

 

 

 

185

 

 

 

-

 

Non-GAAP operating income

 

$

1,802

 

 

$

1,300

 

 

$

1,506

 

 

 

$

3,556

 

 

$

4,077

 

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

Nine Months Ended June 30,

 

 

 

June 30,
2024

 

 

March 31, 2024

 

 

June 30,
2023

 

 

 

2024

 

 

2023

 

Consolidated Net Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

438

 

 

$

970

 

 

$

(1,027

)

 

 

$

(7,950

)

 

$

(567

)

Gain on sale of fixed assets

 

 

-

 

 

 

(2,197

)

 

 

-

 

 

 

 

(2,197

)

 

 

-

 

Building move expense

 

 

-

 

 

 

231

 

 

 

-

 

 

 

 

231

 

 

 

-

 

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

272

 

 

 

 

-

 

 

 

3,242

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

175

 

 

 

-

 

 

 

 

448

 

 

 

-

 

Amortization of acquired intangible assets

 

 

154

 

 

 

154

 

 

 

1,025

 

 

 

 

595

 

 

 

1,970

 

Stock compensation expense

 

 

488

 

 

 

350

 

 

 

190

 

 

 

 

1,155

 

 

 

528

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

6,370

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,279

 

 

 

-

 

Severance expense

 

 

40

 

 

 

112

 

 

 

-

 

 

 

 

350

 

 

 

400

 

Income tax provision related to acquisition

 

 

-

 

 

 

-

 

 

 

(182

)

 

 

 

-

 

 

 

(3,346

)

Non-GAAP net income (loss)

 

$

1,120

 

 

$

(205

)

 

$

278

 

 

 

$

281

 

 

$

2,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income per Diluted Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) per diluted share

 

$

0.03

 

 

$

0.07

 

 

$

(0.07

)

 

 

$

(0.56

)

 

$

(0.04

)

Gain on sale of fixed assets

 

 

-

 

 

 

(0.15

)

 

 

-

 

 

 

 

(0.15

)

 

 

-

 

Building move expense

 

 

-

 

 

 

0.02

 

 

 

-

 

 

 

 

0.01

 

 

 

-

 

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

0.02

 

 

 

 

-

 

 

 

0.23

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

0.01

 

 

 

-

 

 

 

 

0.03

 

 

 

-

 

Amortization of acquired intangible assets

 

 

0.01

 

 

 

0.01

 

 

 

0.07

 

 

 

 

0.04

 

 

 

0.14

 

Stock compensation expense

 

 

0.03

 

 

 

0.02

 

 

 

0.01

 

 

 

 

0.08

 

 

 

0.04

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

0.45

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

0.09

 

 

 

-

 

Severance expense

 

 

0.01

 

 

 

0.01

 

 

 

-

 

 

 

 

0.02

 

 

 

0.03

 

Income tax provision related to acquisition

 

 

-

 

 

 

-

 

 

 

(0.01

)

 

 

 

-

 

 

 

(0.24

)

Non-GAAP net income (loss) per diluted share

 

$

0.08

 

 

$

(0.01

)

 

$

0.02

 

 

 

$

0.02

 

 

$

0.16

 

 

 


 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

(in thousands, except per share data)

 

 

 

Three Months Ended June 30, 2024

 

Nine Months Ended June 30, 2024

 

Amtech Systems, Inc. EBITDA:

 

 

 

 

 

GAAP net income (loss)

 

$

438

 

$

(7,950

)

Interest income

 

 

(2

)

 

(35

)

Interest expense

 

 

107

 

 

498

 

Income tax provision

 

 

457

 

 

738

 

Depreciation and amortization expense

 

 

738

 

 

2,310

 

EBITDA

 

 

1,738

 

 

(4,439

)

 

 

 

 

 

 

Gain on sale of fixed assets

 

 

-

 

 

(2,197

)

Building move expense

 

 

-

 

 

231

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

448

 

Stock compensation expense

 

 

488

 

 

1,155

 

Goodwill impairment

 

 

-

 

 

6,370

 

Intangible asset impairment

 

 

-

 

 

1,279

 

Severance expense

 

 

40

 

 

350

 

Adjusted EBITDA

 

$

2,266

 

$

3,197