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Amtech Reports Second Quarter 2024 Results

Amtech Systems, Inc. ("Amtech") (NASDAQ: ASYS), a 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, today reported results for its second quarter ended March 31, 2024.

Second Quarter Fiscal 2024 Financial and Operational Results:

  • Net revenue of $25.4 million
  • GAAP operating income of $1.4 million
  • Net proceeds of $2.5 million from sale of corporate headquarters building
  • Debt payments of $6.4 million, ending the quarter with net cash position of $8.8 million
  • Non-GAAP operating income of $0.2 million (1)
  • GAAP net income of $1.0 million
  • Non-GAAP net loss of $0.2 million (1)
  • Customer orders of $19.8 million
  • Backlog of $44.3 million

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

“In the second quarter of fiscal 2024 we benefited from improvements in our cost structure and operational effectiveness. We exceeded the high-end of our guidance range with revenue of $25.4 million and, more importantly, we delivered adjusted EBITDA of $0.8 million despite continued softness in overall market demand. Over the past few quarters, we have better aligned the size of our organization to support current market demand and believe we have positioned the company to deliver strong operating results as the broader semiconductor market recovers,” commented Mr. Bob Daigle, Chief Executive Officer of Amtech.

GAAP and Non-GAAP Financial Results

(in millions, except per share amounts)

Q2

 

Q1

 

Q2

 

6 Months

 

6 Months

 

 

FY 2024

 

FY 2024

 

FY 2023

 

2024

 

2023

 

Revenues, net

$

25.4

 

$

24.9

 

$

33.3

 

$

50.4

 

$

54.9

 

Gross profit

$

8.5

 

$

8.2

 

$

13.5

 

$

16.7

 

$

21.8

 

Gross margin

 

33.2

%

 

33.0

%

 

40.4

%

 

33.1

%

 

39.7

%

Non-GAAP gross profit (1)

$

8.6

 

$

9.3

 

$

13.5

 

$

18.0

 

$

21.8

 

Non-GAAP gross margin (1)

 

33.9

%

 

37.5

%

 

40.4

%

 

35.7

%

 

39.7

%

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

$

1.4

 

$

(8.9

)

$

0.5

 

$

(7.6

)

$

(2.2

)

GAAP operating margin

 

5.4

%

 

-35.9

%

 

1.6

%

 

-15.0

%

 

-3.9

%

Non-GAAP operating income (loss) (1)

$

0.2

 

$

(0.2

)

$

3.2

 

$

(0.0

)

$

2.5

 

Non-GAAP operating margin (1)

 

0.7

%

 

-0.8

%

 

9.5

%

 

0.0

%

 

4.5

%

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

1.0

 

$

(9.4

)

$

3.2

 

$

(8.4

)

$

0.5

 

GAAP net income (loss) per diluted share

$

0.07

 

$

(0.66

)

$

0.23

 

$

(0.59

)

$

0.03

 

Non-GAAP net (loss) income (1)

$

(0.2

)

$

(0.6

)

$

2.7

 

$

(0.8

)

$

1.9

 

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

$

(0.01

)

$

(0.04

)

$

0.19

 

$

(0.06

)

$

0.14

 

 

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

Net revenues increased 2% sequentially and decreased 24% from the second quarter of fiscal 2023. The sequential increase is primarily due to increased consumable sales in our Material and Substrate segment, as customers update their buying patterns and adjust inventory levels. 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 second quarter of fiscal 2024, GAAP gross margin was flat sequentially and decreased compared to the same prior year period. In our semiconductor segment, GAAP gross margin was negatively affected by product mix and increased material costs, both primarily attributed to shipments of our horizontal diffusion furnaces. GAAP gross margin in our Material and Substrate segment increased sequentially and compared to the same prior year period due primarily to a more favorable product mix, with increased consumable sales partially offset by lower equipment sales. Non-GAAP gross margin decreased sequentially and compared to the same prior year period due primarily to a less favorable product mix and increased material costs, both primarily attributed to shipments of our horizontal diffusion furnaces.

Selling, General & Administrative (“SG&A”) expenses decreased $0.3 million on a sequential basis and decreased $3.2 million compared to the prior year period. The sequential decrease is due primarily to reductions in labor expenses and lower commissions and shipping expenses. Compared to the same prior year period, the decrease is due primarily to $1.5 million of lower acquisition expenses, $0.6 million of lower amortization expense, and reductions in labor, commissions and shipping expenses.

Research, Development and Engineering expenses decreased $0.7 million sequentially and decreased $0.6 million compared to the same prior year period due primarily to the timing of purchases related to specific projects in our Semiconductor segment.

During the second quarter of fiscal 2024, we sold our corporate headquarters building in Tempe, Arizona for a gain of $2.2 million and net cash proceeds of $2.5 million.

GAAP operating income was $1.4 million, compared to GAAP operating loss of $8.9 million in the first quarter of fiscal 2024 and GAAP operating income of $0.5 million in the same prior year period.

Non-GAAP operating income was $0.2 million, compared to non-GAAP operating loss of $0.2 million in the first quarter of fiscal 2024 and non-GAAP operating income of $3.2 million in the same prior year period.

GAAP net income for the second quarter of fiscal 2024 was $1.0 million, or 7 cents per share. This compares to GAAP net loss of $9.4 million, or 66 cents per share, for the preceding quarter and GAAP net income of $3.2 million, or 23 cents per share, for the second quarter of fiscal 2023.

Non-GAAP net loss for the second quarter of fiscal 2024 was $0.2 million, or 1 cent per share. This compares to non-GAAP net loss of $0.6 million, or 4 cents per share, for the preceding quarter and non-GAAP net income of $2.7 million, or 19 cents per share, for the second quarter of fiscal 2023.

Unrestricted cash and cash equivalents at March 31, 2024, were $13.0 million, compared to $13.1 million at September 30, 2023. Debt payments during the three months ended March 31, 2024 were $6.4 million. Net cash as of March 31, 2024 was $8.8 million compared to $7.0 million as of December 31, 2023.

In discussing financial results for the three and six months ended March 31, 2024 and 2023 and the three months ended December 31, 2023, 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, intangible asset impairment, gain on the sale of our Arizona headquarters, 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 third fiscal quarter ending June 30, 2024, we expect revenues in the range of $22 - 25 million with adjusted EBITDA nominally positive, which includes some expenses and production downtime with the BTU facility move. 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 $6 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, May 8, 2024 to discuss our fiscal second quarter financial results. The call will be available to interested parties by dialing 1-888-886-7786. For international callers, please dial +1-416-764-8658. 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

 

 

Six Months Ended March 31,

 

 

March 31,

2024

 

December 31,

2023

 

March 31,

2023

 

 

2024

 

2023

Amtech Systems, Inc.

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

25,433

 

 

$

24,920

 

 

$

33,310

 

 

 

$

50,353

 

 

$

54,868

 

GAAP gross profit

 

$

8,451

 

 

$

8,219

 

 

$

13,470

 

 

 

$

16,670

 

 

$

21,773

 

Non-GAAP gross profit

 

$

8,626

 

 

$

9,341

 

 

$

13,470

 

 

 

$

17,967

 

 

$

21,773

 

GAAP gross margin

 

 

33

%

 

 

33

%

 

 

40

%

 

 

 

33

%

 

 

40

%

Non-GAAP gross margin

 

 

34

%

 

 

37

%

 

 

40

%

 

 

 

36

%

 

 

40

%

GAAP operating income (loss)

 

$

1,363

 

 

$

(8,934

)

 

$

519

 

 

 

$

(7,571

)

 

$

(2,161

)

Non-GAAP operating income (loss)

 

$

188

 

 

$

(210

)

 

$

3,162

 

 

 

$

(22

)

 

$

2,492

 

New orders

 

$

19,771

 

 

$

23,105

 

 

$

34,266

 

 

 

$

42,876

 

 

$

59,495

 

Backlog

 

$

44,316

 

 

$

49,979

 

 

$

65,838

 

 

 

$

44,316

 

 

$

65,838

 

Semiconductor Segment

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

17,441

 

 

$

17,527

 

 

$

22,047

 

 

 

$

34,968

 

 

$

38,934

 

GAAP gross profit

 

$

5,040

 

 

$

6,159

 

 

$

8,931

 

 

 

$

11,199

 

 

$

15,103

 

Non-GAAP gross profit

 

$

5,040

 

 

$

6,159

 

 

$

8,931

 

 

 

$

11,199

 

 

$

15,103

 

GAAP gross margin

 

 

29

%

 

 

35

%

 

 

41

%

 

 

 

32

%

 

 

39

%

Non-GAAP gross margin

 

 

29

%

 

 

35

%

 

 

41

%

 

 

 

32

%

 

 

39

%

GAAP operating income

 

$

896

 

 

$

1,081

 

 

$

2,950

 

 

 

$

1,977

 

 

$

3,819

 

Non-GAAP operating income

 

$

896

 

 

$

1,192

 

 

$

2,950

 

 

 

$

2,088

 

 

$

3,819

 

New orders

 

$

12,061

 

 

$

17,129

 

 

$

24,606

 

 

 

$

29,189

 

 

$

45,690

 

Backlog

 

$

39,455

 

 

$

44,835

 

 

$

54,767

 

 

 

$

39,455

 

 

$

54,767

 

Material and Substrate Segment

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

7,992

 

 

$

7,393

 

 

$

11,263

 

 

 

$

15,385

 

 

$

15,934

 

GAAP gross profit

 

$

3,411

 

 

$

2,060

 

 

$

4,539

 

 

 

$

5,471

 

 

$

6,670

 

Non-GAAP gross profit

 

$

3,586

 

 

$

3,182

 

 

$

4,539

 

 

 

$

6,768

 

 

$

6,670

 

GAAP gross margin

 

 

43

%

 

 

28

%

 

 

40

%

 

 

 

36

%

 

 

42

%

Non-GAAP gross margin

 

 

45

%

 

 

43

%

 

 

40

%

 

 

 

44

%

 

 

42

%

GAAP operating income (loss)

 

$

900

 

 

$

(7,844

)

 

$

297

 

 

 

$

(6,943

)

 

$

930

 

Non-GAAP operating income

 

$

1,300

 

 

$

452

 

 

$

1,938

 

 

 

$

1,753

 

 

$

2,571

 

New orders

 

$

7,710

 

 

$

5,976

 

 

$

9,660

 

 

 

$

13,687

 

 

$

13,805

 

Backlog

 

$

4,861

 

 

$

5,144

 

 

$

11,071

 

 

 

$

4,861

 

 

$

11,071

 

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Statements of Operations

(in thousands, except per share data)

 

 

 

Three Months Ended March 31,

 

Six Months Ended March 31,

 

 

2024

 

2023

 

2024

 

2023

Revenues, net

 

$

25,433

 

 

$

33,310

 

 

$

50,353

 

 

$

54,868

 

Cost of sales

 

 

16,982

 

 

 

19,840

 

 

 

32,834

 

 

 

33,095

 

Intangible asset impairment

 

 

 

 

 

 

 

 

849

 

 

 

 

Gross profit

 

 

8,451

 

 

 

13,470

 

 

 

16,670

 

 

 

21,773

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

8,252

 

 

 

11,434

 

 

 

16,819

 

 

 

20,624

 

Research, development and engineering

 

 

921

 

 

 

1,517

 

 

 

2,509

 

 

 

2,910

 

Gain on sale of fixed assets

 

 

(2,197

)

 

 

 

 

 

(2,197

)

 

 

 

Goodwill impairment

 

 

 

 

 

 

 

 

6,370

 

 

 

 

Intangible asset impairment

 

 

 

 

 

 

 

 

430

 

 

 

 

Severance expense

 

 

112

 

 

 

 

 

 

310

 

 

 

400

 

Operating income (loss)

 

 

1,363

 

 

 

519

 

 

 

(7,571

)

 

 

(2,161

)

 

 

 

 

 

 

 

 

 

Interest income

 

 

14

 

 

 

49

 

 

 

33

 

 

 

339

 

Interest expense

 

 

(193

)

 

 

(155

)

 

 

(391

)

 

 

(157

)

Foreign currency loss

 

 

 

 

 

(168

)

 

 

(187

)

 

 

(515

)

Other

 

 

9

 

 

 

13

 

 

 

9

 

 

 

4

 

Income (loss) before income tax provision

 

 

1,193

 

 

 

258

 

 

 

(8,107

)

 

 

(2,490

)

Income tax provision (benefit)

 

 

223

 

 

 

(2,946

)

 

 

281

 

 

 

(2,950

)

Net income (loss)

 

$

970

 

 

$

3,204

 

 

$

(8,388

)

 

$

460

 

 

 

 

 

 

 

 

 

 

Income (Loss) Per Share:

 

 

 

 

 

 

 

 

Net income (loss) per basic share

 

$

0.07

 

 

$

0.23

 

 

$

(0.59

)

 

$

0.03

 

Net income (loss) per diluted share

 

$

0.07

 

 

$

0.23

 

 

$

(0.59

)

 

$

0.03

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

14,197

 

 

 

14,028

 

 

 

14,193

 

 

 

14,018

 

Diluted

 

 

14,209

 

 

 

14,157

 

 

 

14,193

 

 

 

14,142

 

 

 

 

 

 

 

 

 

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Balance Sheets

(in thousands, except share data)

 

 

 

March 31,

2024

 

September 30,

2023

Assets

 

 

 

 

Current Assets

 

 

 

 

Cash and cash equivalents

 

$

13,000

 

 

$

13,133

 

Accounts receivable (less allowance for credit losses of $115 and $146 at March 31, 2024 and September 30, 2023, respectively)

 

 

21,230

 

 

 

26,474

 

Inventories

 

 

31,308

 

 

 

34,845

 

Income taxes receivable

 

 

457

 

 

 

632

 

Other current assets

 

 

4,304

 

 

 

6,105

 

Total current assets

 

 

70,299

 

 

 

81,189

 

Property, Plant and Equipment - Net

 

 

9,476

 

 

 

9,695

 

Right-of-Use Assets - Net

 

 

9,784

 

 

 

11,217

 

Intangible Assets - Net

 

 

4,352

 

 

 

6,114

 

Goodwill

 

 

21,261

 

 

 

27,631

 

Deferred Income Taxes - Net

 

 

123

 

 

 

101

 

Other Assets

 

 

1,179

 

 

 

1,074

 

Total Assets

 

$

116,474

 

 

$

137,021

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current Liabilities

 

 

 

 

Accounts payable

 

$

6,741

 

 

$

10,815

 

Accrued compensation and related taxes

 

 

2,085

 

 

 

3,481

 

Accrued warranty expense

 

 

763

 

 

 

965

 

Other accrued liabilities

 

 

1,133

 

 

 

1,551

 

Current maturities of finance lease liabilities and long-term debt

 

 

4,243

 

 

 

2,265

 

Current portion of long-term operating lease liabilities

 

 

1,934

 

 

 

2,623

 

Contract liabilities

 

 

9,015

 

 

 

8,018

 

Total current liabilities

 

 

25,914

 

 

 

29,718

 

Finance Lease Liabilities and Long-Term Debt

 

 

65

 

 

 

8,422

 

Long-Term Operating Lease Liabilities

 

 

8,195

 

 

 

8,894

 

Income Taxes Payable

 

 

1,357

 

 

 

1,575

 

Other Long-Term Liabilities

 

 

52

 

 

 

47

 

Total Liabilities

 

 

35,583

 

 

 

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 March 31, 2024 and September 30, 2023, respectively

 

 

142

 

 

 

142

 

Additional paid-in capital

 

 

127,658

 

 

 

126,963

 

Accumulated other comprehensive loss

 

 

(1,476

)

 

 

(1,695

)

Retained deficit

 

 

(45,433

)

 

 

(37,045

)

Total Shareholders’ Equity

 

 

80,891

 

 

 

88,365

 

Total Liabilities and Shareholders’ Equity

 

$

116,474

 

 

$

137,021

 

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Six Months Ended March 31,

 

 

2024

 

2023

Operating Activities

 

 

 

 

Net (loss) income

 

$

(8,388

)

 

$

460

 

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

 

 

 

 

Depreciation and amortization

 

 

1,572

 

 

 

1,887

 

Write-down of inventory

 

 

940

 

 

 

517

 

Goodwill impairment

 

 

6,370

 

 

 

 

Intangible asset impairment

 

 

1,279

 

 

 

 

Deferred income taxes

 

 

(22

)

 

 

(3,172

)

Non-cash share-based compensation expense

 

 

667

 

 

 

338

 

Gain on sale of property, plant and equipment

 

 

(2,197

)

 

 

 

Provision for allowance for credit losses

 

 

 

 

 

156

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

5,244

 

 

 

1,113

 

Inventories

 

 

2,617

 

 

 

(4,631

)

Other assets

 

 

3,163

 

 

 

2,215

 

Accounts payable

 

 

(3,462

)

 

 

(1,497

)

Accrued income taxes

 

 

(42

)

 

 

(1,192

)

Accrued and other liabilities

 

 

(3,432

)

 

 

(2,289

)

Contract liabilities

 

 

998

 

 

 

768

 

Net cash provided by (used in) operating activities

 

 

5,307

 

 

 

(5,327

)

Investing Activities

 

 

 

 

Purchases of property, plant and equipment

 

 

(1,976

)

 

 

(976

)

Proceeds from the sale of property, plant and equipment

 

 

2,700

 

 

 

 

Acquisition, net of cash and cash equivalents acquired

 

 

 

 

 

(35,498

)

Net provided by provided by (used in) investing activities

 

 

724

 

 

 

(36,474

)

Financing Activities

 

 

 

 

Proceeds from the exercise of stock options

 

 

28

 

 

 

331

 

Payments on long-term debt

 

 

(6,413

)

 

 

(412

)

Borrowings on long-term debt

 

 

 

 

 

12,000

 

Net cash (used in) provided by financing activities

 

 

(6,385

)

 

 

11,919

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

 

 

221

 

 

 

741

 

Net Decrease in Cash and Cash Equivalents

 

 

(133

)

 

 

(29,141

)

Cash and Cash Equivalents, Beginning of Period

 

 

13,133

 

 

 

46,874

 

Cash and Cash Equivalents, End of Period

 

$

13,000

 

 

$

17,733

 

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended March 31,

 

 

March 31,

2024

 

December 31,

2023

 

March 31,

2023

 

 

2024

 

2023

Amtech Systems, Inc. Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

8,451

 

 

$

8,219

 

 

$

13,470

 

 

 

$

16,670

 

 

$

21,773

 

Write-down of inventory related to polishing equipment

 

 

175

 

 

 

273

 

 

 

-

 

 

 

 

448

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

849

 

 

 

-

 

 

 

 

849

 

 

 

-

 

Non-GAAP gross profit

 

$

8,626

 

 

$

9,341

 

 

$

13,470

 

 

 

$

17,967

 

 

$

21,773

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

33

%

 

 

33

%

 

 

40

%

 

 

 

33

%

 

 

40

%

Non-GAAP gross margin

 

 

34

%

 

 

37

%

 

 

40

%

 

 

 

36

%

 

 

40

%

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductor Segment Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

5,040

 

 

$

6,159

 

 

$

8,931

 

 

 

$

11,199

 

 

$

15,103

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Non-GAAP gross profit

 

$

5,040

 

 

$

6,159

 

 

$

8,931

 

 

 

$

11,199

 

 

$

15,103

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

29

%

 

 

35

%

 

 

41

%

 

 

 

32

%

 

 

39

%

Non-GAAP gross margin

 

 

29

%

 

 

35

%

 

 

41

%

 

 

 

32

%

 

 

39

%

 

 

 

 

 

 

 

 

 

 

 

 

Material and Substrate Segment Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

3,411

 

 

$

2,060

 

 

$

4,539

 

 

 

$

5,471

 

 

$

6,670

 

Write-down of inventory related to polishing equipment

 

 

175

 

 

 

273

 

 

 

-

 

 

 

 

448

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

849

 

 

 

-

 

 

 

 

849

 

 

 

-

 

Non-GAAP gross profit

 

$

3,586

 

 

$

3,182

 

 

$

4,539

 

 

 

$

6,768

 

 

$

6,670

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

43

%

 

 

28

%

 

 

40

%

 

 

 

36

%

 

 

42

%

Non-GAAP gross margin

 

 

45

%

 

 

43

%

 

 

40

%

 

 

 

44

%

 

 

42

%

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended March 31,

 

 

March 31,

2024

 

December 31,

2023

 

March 31,

2023

 

 

2024

 

2023

Amtech Systems, Inc. Operating Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

1,363

 

 

$

(8,934

)

 

$

519

 

 

 

$

(7,571

)

 

$

(2,161

)

Gain on sale of fixed assets

 

 

(2,197

)

 

 

-

 

 

 

-

 

 

 

 

(2,197

)

 

 

-

 

Building move expense

 

 

231

 

 

 

-

 

 

 

-

 

 

 

 

231

 

 

 

-

 

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

1,524

 

 

 

 

-

 

 

 

2,970

 

Write-down of inventory related to polishing equipment

 

 

175

 

 

 

273

 

 

 

-

 

 

 

 

448

 

 

 

-

 

Amortization of acquired intangible assets

 

 

154

 

 

 

287

 

 

 

945

 

 

 

 

441

 

 

 

945

 

Stock compensation expense

 

 

350

 

 

 

317

 

 

 

174

 

 

 

 

667

 

 

 

338

 

Goodwill impairment

 

 

-

 

 

 

6,370

 

 

 

-

 

 

 

 

6,370

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

1,279

 

 

 

-

 

 

 

 

1,279

 

 

 

-

 

Severance expense

 

 

112

 

 

 

198

 

 

 

-

 

 

 

 

310

 

 

 

400

 

Non-GAAP operating income (loss)

 

$

188

 

 

$

(210

)

 

$

3,162

 

 

 

$

(22

)

 

$

2,492

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

 

5.4

%

 

 

(35.9

)%

 

 

1.6

%

 

 

 

(15.0

)%

 

 

(3.9

)%

Non-GAAP operating margin

 

 

0.7

%

 

 

(0.8

)%

 

 

9.5

%

 

 

 

(0.0

)%

 

 

4.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductor Segment Operating Income:

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income

 

$

896

 

 

$

1,081

 

 

$

2,950

 

 

 

$

1,977

 

 

$

3,819

 

Severance expense

 

 

-

 

 

 

111

 

 

 

-

 

 

 

 

111

 

 

 

-

 

Non-GAAP operating income

 

$

896

 

 

$

1,192

 

 

$

2,950

 

 

 

$

2,088

 

 

$

3,819

 

 

 

 

 

 

 

 

 

 

 

 

 

Material and Substrate Segment Operating Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income (loss)

 

$

900

 

 

$

(7,844

)

 

$

297

 

 

 

$

(6,943

)

 

$

930

 

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

696

 

 

 

 

-

 

 

 

696

 

Write-down of inventory related to polishing equipment

 

 

175

 

 

 

273

 

 

 

-

 

 

 

 

448

 

 

 

-

 

Amortization of acquired intangible assets

 

 

154

 

 

 

287

 

 

 

945

 

 

 

 

441

 

 

 

945

 

Goodwill impairment

 

 

-

 

 

 

6,370

 

 

 

-

 

 

 

 

6,370

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

1,279

 

 

 

-

 

 

 

 

1,279

 

 

 

-

 

Severance expense

 

 

71

 

 

 

87

 

 

 

-

 

 

 

 

158

 

 

 

-

 

Non-GAAP operating income

 

$

1,300

 

 

$

452

 

 

$

1,938

 

 

 

$

1,753

 

 

$

2,571

 

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended March 31,

 

 

March 31,

2024

 

December 31,

2023

 

March 31,

2023

 

 

2024

 

2023

Consolidated Net Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

970

 

 

$

(9,358

)

 

$

3,204

 

 

 

$

(8,388

)

 

$

460

 

Gain on sale of fixed assets

 

 

(2,197

)

 

 

-

 

 

 

-

 

 

 

 

(2,197

)

 

 

-

 

Building move expense

 

 

231

 

 

 

-

 

 

 

-

 

 

 

 

231

 

 

 

-

 

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

1,524

 

 

 

 

-

 

 

 

2,970

 

Write-down of inventory related to polishing equipment

 

 

175

 

 

 

273

 

 

 

-

 

 

 

 

448

 

 

 

-

 

Amortization of acquired intangible assets

 

 

154

 

 

 

287

 

 

 

945

 

 

 

 

441

 

 

 

945

 

Stock compensation expense

 

 

350

 

 

 

317

 

 

 

174

 

 

 

 

667

 

 

 

338

 

Goodwill impairment

 

 

-

 

 

 

6,370

 

 

 

-

 

 

 

 

6,370

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

1,279

 

 

 

-

 

 

 

 

1,279

 

 

 

-

 

Severance expense

 

 

112

 

 

 

198

 

 

 

-

 

 

 

 

310

 

 

 

400

 

Income tax provision related to acquisition

 

 

-

 

 

 

-

 

 

 

(3,164

)

 

 

 

-

 

 

 

(3,164

)

Non-GAAP net (loss) income

 

$

(205

)

 

$

(634

)

 

$

2,683

 

 

 

$

(839

)

 

$

1,949

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income per Diluted Share:

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) per diluted share

 

$

0.07

 

 

$

(0.66

)

 

$

0.23

 

 

 

$

(0.59

)

 

$

0.03

 

Gain on sale of fixed assets

 

 

(0.15

)

 

 

-

 

 

 

-

 

 

 

 

(0.15

)

 

 

-

 

Building move expense

 

 

0.02

 

 

 

-

 

 

 

-

 

 

 

 

0.01

 

 

 

-

 

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

0.11

 

 

 

 

-

 

 

 

0.21

 

Write-down of inventory related to polishing equipment

 

 

0.01

 

 

 

0.02

 

 

 

-

 

 

 

 

0.03

 

 

 

-

 

Amortization of acquired intangible assets

 

 

0.01

 

 

 

0.02

 

 

 

0.06

 

 

 

 

0.03

 

 

 

0.07

 

Stock compensation expense

 

 

0.02

 

 

 

0.02

 

 

 

0.01

 

 

 

 

0.05

 

 

 

0.02

 

Goodwill impairment

 

 

-

 

 

 

0.45

 

 

 

-

 

 

 

 

0.45

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

0.09

 

 

 

-

 

 

 

 

0.09

 

 

 

-

 

Severance expense

 

 

0.01

 

 

 

0.02

 

 

 

-

 

 

 

 

0.02

 

 

 

0.03

 

Income tax provision related to acquisition

 

 

-

 

 

 

-

 

 

 

(0.22

)

 

 

 

-

 

 

 

(0.22

)

Non-GAAP net (loss) income per diluted share

 

$

(0.01

)

 

$

(0.04

)

 

$

0.19

 

 

 

$

(0.06

)

 

$

0.14

 

 

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 March 31,

2024

Six Months Ended March 31,

2024

Amtech Systems, Inc. EBITDA:

 

 

 

GAAP net income (loss)

 

$

970

 

$

(8,388

)

Interest income

 

 

(14

)

 

(33

)

Interest expense

 

 

193

 

 

391

 

Income tax provision

 

 

223

 

 

281

 

Depreciation and amortization expense

 

 

720

 

 

1,572

 

EBITDA

 

 

2,092

 

 

(6,177

)

 

 

 

 

Gain on sale of fixed assets

 

 

(2,197

)

 

(2,197

)

Building move expense

 

 

231

 

 

231

 

Write-down of inventory related to polishing equipment

 

 

175

 

 

448

 

Stock compensation expense

 

 

350

 

 

667

 

Goodwill impairment

 

 

-

 

 

6,370

 

Intangible asset impairment

 

 

-

 

 

1,279

 

Severance expense

 

 

112

 

 

310

 

Adjusted EBITDA

 

$

763

 

$

931

 

 

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