LithiumBank Resources

Amtech Systems Reports First Quarter 2024 Results

09 February 2024

TEMPE, Ariz. / Feb 09, 2024 / Business Wire / 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 first quarter ended December 31, 2023.

First Quarter Fiscal 2024 Financial and Operational Results:

  • Net revenue of $24.9 million
  • GAAP operating loss of $8.9 million, inclusive of non-cash impairment charges of $7.6 million due to our book value materially exceeding our market value as of December 31, 2023
  • Non-GAAP operating loss of $0.2 million (1)
  • GAAP net loss of $9.4 million
  • Non-GAAP net loss of $0.6 million (1)
  • Customer orders of $23.1 million
  • Book to bill ratio of 0.9:1
  • Backlog of $50.0 million

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

“I am pleased with the progress we are making to improve our cost structure and position the Company for strong operating results as markets recover. Our revenue of $24.9 million and adjusted EBITDA(1) of $0.2 million exceeded the high-end of our expectations. We remain focused on operational optimization, having achieved $6 million in annualized cost savings through actions implemented over the past four months. Looking ahead, we believe the strategic actions we are taking will lead to significant improvements in operational efficiency, operating leverage, and increased shareholder value,” commented Mr. Bob Daigle, Chief Executive Officer of Amtech.

GAAP and Non-GAAP Financial Results 

 

(in millions, except per share amounts)

Q1

 

Q4

 

Q1

 

FY 2024

 

FY 2023

 

FY 2023

Revenues, net

$

24.9

 

 

$

27.7

 

 

$

21.6

 

Gross profit

$

8.2

 

 

$

2.8

 

 

$

8.3

 

Gross margin

 

33.0

%

 

 

10.1

%

 

 

38.5

%

Non-GAAP gross profit (1)

$

9.3

 

 

$

8.9

 

 

$

8.3

 

Non-GAAP gross margin (1)

 

37.5

%

 

 

32.2

%

 

 

38.5

%

 

 

 

 

 

 

GAAP operating loss

$

(8.9

)

 

$

(11.7

)

 

$

(2.7

)

GAAP operating margin

 

-35.9

%

 

 

-42.2

%

 

 

-12.4

%

Non-GAAP operating loss (1)

$

(0.2

)

 

$

(3.0

)

 

$

(0.7

)

Non-GAAP operating margin (1)

 

-0.8

%

 

 

-10.9

%

 

 

-3.1

%

 

 

 

 

 

 

GAAP net loss

$

(9.4

)

 

$

(12.0

)

 

$

(2.7

)

GAAP net loss per diluted share

$

(0.66

)

 

$

(0.85

)

 

$

(0.20

)

Non-GAAP net loss (1)

$

(0.6

)

 

$

(2.5

)

 

$

(0.7

)

Non-GAAP net loss per diluted share (1)

$

(0.04

)

 

$

(0.18

)

 

$

(0.05

)

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

Net revenues decreased 10% sequentially and increased 16% from the first quarter of fiscal 2023. The sequential decrease is primarily due to a decrease in equipment shipments across our business segments due to continued softness in the semiconductor market. The increase from prior year is primarily attributable to increases in our belt furnace shipments and the addition of Entrepix, partially offset by lower shipments of our reflow equipment in fiscal 2024.

GAAP gross margin increased sequentially due primarily to the intangible asset impairment charge of $4.6 million that was recorded in fiscal Q4 2023. Compared to the prior year period, GAAP gross margin decreased primarily due to a less favorable product mix and an intangible asset impairment charge of $0.8 million recorded in Q1 2024. Non-GAAP gross margin increased sequentially due primarily to lower overhead expenses and a more favorable product mix. Non-GAAP gross margin in fiscal Q1 2024 was slightly lower compared to the same prior year period due primarily to a less favorable product mix.

During the first quarter of fiscal 2024, the market value of our stock materially declined below our book value. Accordingly, we recorded $1.3 million of intangible asset impairment charges and $6.4 million of goodwill charges in our Material and Substrate segment, of which $0.8 million is recorded within gross profit and the remainder is recorded within operating expenses.

Selling, General & Administrative (“SG&A”) expenses decreased $2.5 million on a sequential basis and decreased $0.6 million compared to the prior year period. The sequential decrease is due primarily to reductions in the following expenses: $0.7 million of intangible asset amortization, $0.4 million of equity compensation, $0.4 million of labor, and $0.3 million of consulting and audit fees. Compared to the prior year, the decrease is due primarily to $1.4 million of lower acquisition expenses and $0.3 million of lower consulting expenses, partially offset by added SG&A from the addition of Entrepix.

Research, Development and Engineering expenses decreased $1.0 million sequentially and increased $0.2 million compared to the same prior year period. The sequential decrease is due primarily to lower development efforts in our Material & Substrate segment as we wind down development of our next-gen polishing equipment.

GAAP operating loss was $8.9 million, compared to GAAP operating loss of $11.7 million in the fourth quarter of fiscal 2023 and GAAP operating loss of $2.7 million in the same prior year period.

Non-GAAP operating loss was $0.2 million, compared to non-GAAP operating loss of $3.0 million in the fourth quarter of fiscal 2023 and non-GAAP operating loss of $0.7 million in the same prior year period.

GAAP net loss for the first quarter of fiscal 2024 was $9.4 million, or 66 cents per share. This compares to GAAP net loss of $12.0 million, or 85 cents per share, for the preceding quarter and GAAP net loss of $2.7 million, or 20 cents per share, for the first quarter of fiscal 2023.

Non-GAAP net loss for the first quarter of fiscal 2024 was $0.6 million, or 4 cents per share. This compares to non-GAAP net loss of $2.5 million, or 18 cents per share, for the preceding quarter and non-GAAP net loss of $0.7 million, or 5 cents per share, for the first quarter of fiscal 2023.

Unrestricted cash and cash equivalents at December 31, 2023, were $17.0 million, compared to $13.1 million at September 30, 2023, due primarily to strong accounts receivable collection efforts during the quarter. Additionally, in January we paid $2.0 million on our revolving line of credit.

In discussing financial results for the three months ended December 31, 2023 and 2022 and the three months ended September 30, 2023, in this press release, the Company refers to certain financial measures that are adjusted from the financial results prepared in accordance with 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 sale-leaseback of our Massachusetts facility, 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 second fiscal quarter ending March 31, 2024, we expect revenues in the range of $22 - $25 million with EBITDA nominally negative to neutral. 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 8:00 a.m. ET on Monday, February 12, 2024 to discuss our fiscal first quarter financial results. The call will be available to interested parties by dialing 1-877-407-0784. For international callers, please dial +1-201-689-8560. A live webcast of the conference call will be available in the Investor Relations section of Amtech’s website at: https://www.amtechsystems.com/investors/events.

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

About Amtech Systems, Inc.

Amtech Systems, Inc. is a leading, global manufacturer of thermal processing, wafer cleaning and chemical mechanical polishing (CMP) capital equipment and related consumables used in semiconductor, advanced mobility and renewable energy manufacturing applications. We sell process equipment and services used in the fabrication of semiconductor devices, such as silicon carbide (SiC), silicon power, electronic assemblies and modules to semiconductor device and module manufacturers worldwide, particularly in 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

 

 

December 31,
2023

 

September 30,
2023

 

December 31,
2022

Amtech Systems, Inc.

 

 

 

 

 

 

Revenues, net

 

$

24,920

 

 

$

27,707

 

 

$

21,558

 

GAAP gross profit

 

$

8,219

 

 

$

2,794

 

 

$

8,303

 

Non-GAAP gross profit

 

$

9,341

 

 

$

8,926

 

 

$

8,303

 

GAAP gross margin

 

 

33

%

 

 

10

%

 

 

39

%

Non-GAAP gross margin

 

 

37

%

 

 

32

%

 

 

39

%

GAAP operating loss

 

$

(8,934

)

 

$

(11,690

)

 

$

(2,680

)

Non-GAAP operating loss

 

$

(210

)

 

$

(3,020

)

 

$

(670

)

New orders

 

$

23,105

 

 

$

18,185

 

 

$

25,229

 

Backlog

 

$

49,979

 

 

$

51,794

 

 

$

54,452

 

Semiconductor Segment

 

 

 

 

 

 

Revenues, net

 

$

17,527

 

 

$

18,820

 

 

$

16,887

 

GAAP gross profit

 

$

6,159

 

 

$

7,374

 

 

$

6,172

 

Non-GAAP gross profit

 

$

6,159

 

 

$

7,374

 

 

$

6,172

 

GAAP gross margin

 

 

35

%

 

 

39

%

 

 

37

%

Non-GAAP gross margin

 

 

35

%

 

 

39

%

 

 

37

%

GAAP operating income

 

$

1,081

 

 

$

2,046

 

 

$

869

 

Non-GAAP operating income

 

$

1,192

 

 

$

2,046

 

 

$

869

 

New orders

 

$

17,129

 

 

$

10,834

 

 

$

21,084

 

Backlog

 

$

44,835

 

 

$

45,233

 

 

$

52,209

 

Material and Substrate Segment

 

 

 

 

 

 

Revenues, net

 

$

7,393

 

 

$

8,887

 

 

$

4,671

 

GAAP gross profit (loss)

 

$

2,060

 

 

$

(4,580

)

 

$

2,131

 

Non-GAAP gross profit

 

$

3,182

 

 

$

1,552

 

 

$

2,131

 

GAAP gross margin

 

 

28

%

 

 

-52

%

 

 

46

%

Non-GAAP gross margin

 

 

43

%

 

 

17

%

 

 

46

%

GAAP operating (loss) income

 

$

(7,844

)

 

$

(10,176

)

 

$

633

 

Non-GAAP operating income (loss)

 

$

452

 

 

$

(2,455

)

 

$

633

 

New orders

 

$

5,976

 

 

$

7,351

 

 

$

4,145

 

Backlog

 

$

5,144

 

 

$

6,561

 

 

$

2,243

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Statements of Operations

(in thousands, except per share data)

 

 

 

Three Months Ended December 31,

 

 

2023

 

2022

Revenues, net

 

$

24,920

 

 

$

21,558

 

Cost of sales

 

 

15,852

 

 

 

13,255

 

Intangible asset impairment

 

 

849

 

 

 

 

Gross profit

 

 

8,219

 

 

 

8,303

 

 

 

 

 

 

Selling, general and administrative

 

 

8,567

 

 

 

9,190

 

Research, development and engineering

 

 

1,588

 

 

 

1,393

 

Goodwill impairment

 

 

6,370

 

 

 

 

Intangible asset impairment

 

 

430

 

 

 

 

Severance expense

 

 

198

 

 

 

400

 

Operating loss

 

 

(8,934

)

 

 

(2,680

)

 

 

 

 

 

Interest income

 

 

19

 

 

 

290

 

Interest expense

 

 

(198

)

 

 

(2

)

Foreign currency loss

 

 

(187

)

 

 

(347

)

Other

 

 

 

 

 

(9

)

Loss before income tax provision

 

 

(9,300

)

 

 

(2,748

)

Income tax provision (benefit)

 

 

58

 

 

 

(4

)

Net loss

 

$

(9,358

)

 

$

(2,744

)

 

 

 

 

 

Loss Per Share:

 

 

 

 

Net loss per basic share

 

$

(0.66

)

 

$

(0.20

)

Net loss per diluted share

 

$

(0.66

)

 

$

(0.20

)

Weighted average shares outstanding:

 

 

 

 

Basic

 

 

14,188

 

 

 

14,008

 

Diluted

 

 

14,188

 

 

 

14,008

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Consolidated Balance Sheets

(in thousands, except share data)

 

 

 

December 31,
2023

 

September 30,
2023

Assets

 

 

 

 

Current Assets

 

 

 

 

Cash and cash equivalents

 

$

17,033

 

 

$

13,133

 

Accounts receivable (less allowance for credit losses of $83 and $146 at December 31, 2023 and September 30, 2023, respectively)

 

 

21,403

 

 

 

26,474

 

Inventories

 

 

34,030

 

 

 

34,845

 

Income taxes receivable

 

 

664

 

 

 

632

 

Other current assets

 

 

5,061

 

 

 

6,105

 

Total current assets

 

 

78,191

 

 

 

81,189

 

Property, Plant and Equipment - Net

 

 

9,353

 

 

 

9,695

 

Right-of-Use Assets - Net

 

 

10,541

 

 

 

11,217

 

Intangible Assets - Net

 

 

4,526

 

 

 

6,114

 

Goodwill

 

 

21,261

 

 

 

27,631

 

Deferred Income Taxes - Net

 

 

126

 

 

 

101

 

Other Assets

 

 

1,044

 

 

 

1,074

 

Total Assets

 

$

125,042

 

 

$

137,021

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current Liabilities

 

 

 

 

Accounts payable

 

$

8,545

 

 

$

10,815

 

Accrued compensation and related taxes

 

 

2,652

 

 

 

3,481

 

Accrued warranty expense

 

 

791

 

 

 

965

 

Other accrued liabilities

 

 

1,461

 

 

 

1,551

 

Current maturities of finance lease liabilities and long-term debt

 

 

934

 

 

 

2,265

 

Current portion of long-term operating lease liabilities

 

 

2,292

 

 

 

2,623

 

Contract liabilities

 

 

9,518

 

 

 

8,018

 

Total current liabilities

 

 

26,193

 

 

 

29,718

 

Finance Lease Liabilities and Long-Term Debt

 

 

9,197

 

 

 

8,422

 

Long-Term Operating Lease Liabilities

 

 

8,598

 

 

 

8,894

 

Income Taxes Payable

 

 

1,384

 

 

 

1,575

 

Other Long-Term Liabilities

 

 

49

 

 

 

47

 

Total Liabilities

 

 

45,421

 

 

 

48,656

 

Commitments and Contingencies

 

 

 

 

Shareholders’ Equity

 

 

 

 

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

 

 

 

 

 

 

Common stock; $0.01 par value; 100,000,000 shares authorized; shares issued and outstanding: 14,190,977 and 14,185,977 at December 31, 2023 and September 30, 2023, respectively

 

 

142

 

 

 

142

 

Additional paid-in capital

 

 

127,308

 

 

 

126,963

 

Accumulated other comprehensive loss

 

 

(1,426

)

 

 

(1,695

)

Retained deficit

 

 

(46,403

)

 

 

(37,045

)

Total Shareholders’ Equity

 

 

79,621

 

 

 

88,365

 

Total Liabilities and Shareholders’ Equity

 

$

125,042

 

 

$

137,021

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited) 

 

Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Three Months Ended December 31,

 

 

2023

 

2022

Operating Activities

 

 

 

 

Net loss

 

$

(9,358

)

 

$

(2,744

)

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

 

 

 

 

Depreciation and amortization

 

 

852

 

 

 

388

 

Write-down of inventory

 

 

572

 

 

 

48

 

Goodwill impairment

 

 

6,370

 

 

 

 

Intangible asset impairment

 

 

1,279

 

 

 

 

Deferred income taxes

 

 

(25

)

 

 

(35

)

Non-cash share-based compensation expense

 

 

317

 

 

 

164

 

Loss on sale of property, plant and equipment

 

 

20

 

 

 

 

(Reversal of) provision for allowance for credit losses

 

 

(42

)

 

 

35

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

5,114

 

 

 

3,194

 

Inventories

 

 

223

 

 

 

(2,796

)

Other assets

 

 

1,783

 

 

 

1,106

 

Accounts payable

 

 

(1,661

)

 

 

(643

)

Accrued income taxes

 

 

(222

)

 

 

(284

)

Accrued and other liabilities

 

 

(1,751

)

 

 

(665

)

Contract liabilities

 

 

1,500

 

 

 

(276

)

Net cash provided by (used in) operating activities

 

 

4,971

 

 

 

(2,508

)

Investing Activities

 

 

 

 

Purchases of property, plant and equipment

 

 

(756

)

 

 

(224

)

Net cash used in investing activities

 

 

(756

)

 

 

(224

)

Financing Activities

 

 

 

 

Proceeds from the exercise of stock options

 

 

28

 

 

 

34

 

Payments on long-term debt

 

 

(556

)

 

 

(14

)

Net cash (used in) provided by financing activities

 

 

(528

)

 

 

20

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

 

 

213

 

 

 

372

 

Net Increase (Decrease) in Cash and Cash Equivalents

 

 

3,900

 

 

 

(2,340

)

Cash and Cash Equivalents, Beginning of Period

 

 

13,133

 

 

 

46,874

 

Cash and Cash Equivalents, End of Period

 

$

17,033

 

 

$

44,534

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

December 31,
2023

 

September 30,
2023

 

December 31,
2022

Amtech Systems, Inc. Operating Loss:

 

 

 

 

 

 

GAAP operating loss

 

$

(8,934

)

 

$

(11,690

)

 

$

(2,680

)

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

1,446

 

Write-down of inventory related to polishing equipment

 

 

273

 

 

 

1,487

 

 

 

-

 

Amortization of acquired intangible assets

 

 

287

 

 

 

985

 

 

 

-

 

Stock compensation expense

 

 

317

 

 

 

744

 

 

 

164

 

Goodwill impairment

 

 

6,370

 

 

 

-

 

 

 

-

 

Intangible asset impairment

 

 

1,279

 

 

 

5,189

 

 

 

-

 

Severance expense

 

 

198

 

 

 

265

 

 

 

400

 

Non-GAAP operating loss

 

$

(210

)

 

$

(3,020

)

 

$

(670

)

 

 

 

 

 

 

 

GAAP operating margin

 

 

(35.9

)%

 

 

(42.2

)%

 

 

(12.4

)%

Non-GAAP operating margin

 

 

(0.8

)%

 

 

(10.9

)%

 

 

(3.1

)%

 

 

 

 

 

 

 

Consolidated Net Loss:

 

 

 

 

 

 

GAAP net loss

 

$

(9,358

)

 

$

(12,015

)

 

$

(2,744

)

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

1,446

 

Write-down of inventory related to polishing equipment

 

 

273

 

 

 

1,487

 

 

 

-

 

Amortization of acquired intangible assets

 

 

287

 

 

 

985

 

 

 

-

 

Stock compensation expense

 

 

317

 

 

 

744

 

 

 

164

 

Goodwill impairment

 

 

6,370

 

 

 

-

 

 

 

-

 

Intangible asset impairment

 

 

1,279

 

 

 

5,189

 

 

 

-

 

Severance expense

 

 

198

 

 

 

265

 

 

 

400

 

Income tax provision related to acquisition

 

 

-

 

 

 

856

 

 

 

-

 

Non-GAAP net loss

 

$

(634

)

 

$

(2,489

)

 

$

(734

)

 

 

 

 

 

 

 

Net Loss per Diluted Share:

 

 

 

 

 

 

GAAP net loss per diluted share

 

$

(0.66

)

 

$

(0.85

)

 

$

(0.20

)

Acquisition expenses

 

 

-

 

 

 

-

 

 

 

0.10

 

Write-down of inventory related to polishing equipment

 

 

0.02

 

 

 

0.10

 

 

 

-

 

Amortization of acquired intangible assets

 

 

0.02

 

 

 

0.07

 

 

 

-

 

Stock compensation expense

 

 

0.02

 

 

 

0.05

 

 

 

0.01

 

Goodwill impairment

 

 

0.45

 

 

 

-

 

 

 

-

 

Intangible asset impairment

 

 

0.09

 

 

 

0.37

 

 

 

-

 

Severance expense

 

 

0.02

 

 

 

0.02

 

 

 

0.04

 

Income tax provision related to acquisition

 

 

-

 

 

 

0.06

 

 

 

-

 

Non-GAAP net loss per diluted share

 

$

(0.04

)

 

$

(0.18

)

 

$

(0.05

)

 

 

 

 

 

 

 

Semiconductor Segment Operating Income:

 

 

 

 

 

 

GAAP operating income

 

$

1,081

 

 

$

2,046

 

 

$

869

 

Severance expense

 

 

111

 

 

 

-

 

 

 

-

 

Non-GAAP operating income

 

$

1,192

 

 

$

2,046

 

 

$

869

 

 

 

 

 

 

 

 

Material and Substrate Segment Operating (Loss) Income:

 

 

 

 

 

 

GAAP operating (loss) income

 

$

(7,844

)

 

$

(10,176

)

 

$

633

 

Write-down of inventory related to polishing equipment

 

 

273

 

 

 

1,487

 

 

 

-

 

Amortization of acquired intangible assets

 

 

287

 

 

 

985

 

 

 

-

 

Goodwill impairment

 

 

6,370

 

 

 

-

 

 

 

-

 

Intangible asset impairment

 

 

1,279

 

 

 

5,189

 

 

 

-

 

Severance expense

 

 

87

 

 

 

60

 

 

 

-

 

Non-GAAP operating income (loss)

 

$

452

 

 

$

(2,455

)

 

$

633

 

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

December 31,
2023

 

September 30,
2023

 

December 31,
2022

Amtech Systems, Inc. Gross Profit:

 

 

 

 

 

 

GAAP gross profit

 

$

8,219

 

 

$

2,794

 

 

$

8,303

 

Write-down of inventory related to polishing equipment

 

 

273

 

 

 

1,487

 

 

 

-

 

Intangible asset impairment

 

 

849

 

 

 

4,645

 

 

 

-

 

Non-GAAP gross profit

 

$

9,341

 

 

$

8,926

 

 

$

8,303

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

33

%

 

 

10

%

 

 

39

%

Non-GAAP gross margin

 

 

37

%

 

 

32

%

 

 

39

%

 

 

 

 

 

 

 

Semiconductor Segment Gross Profit:

 

 

 

 

 

 

GAAP gross profit

 

$

6,159

 

 

$

7,374

 

 

$

6,172

 

Write-down of inventory related to polishing equipment

 

 

-

 

 

 

-

 

 

 

-

 

Intangible asset impairment

 

 

-

 

 

 

-

 

 

 

-

 

Non-GAAP gross profit

 

$

6,159

 

 

$

7,374

 

 

$

6,172

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

35

%

 

 

39

%

 

 

37

%

Non-GAAP gross margin

 

 

35

%

 

 

39

%

 

 

37

%

 

 

 

 

 

 

 

Material and Substrate Segment Gross Profit (Loss):

 

 

 

 

 

 

GAAP gross profit (loss)

 

$

2,060

 

 

$

(4,580

)

 

$

2,131

 

Write-down of inventory related to polishing equipment

 

 

273

 

 

 

1,487

 

 

 

-

 

Intangible asset impairment

 

 

849

 

 

 

4,645

 

 

 

-

 

Non-GAAP gross profit

 

$

3,182

 

 

$

1,552

 

 

$

2,131

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

28

%

 

 

(52

)%

 

 

46

%

Non-GAAP gross margin

 

 

43

%

 

 

17

%

 

 

46

%

AMTECH SYSTEMS, INC.

(NASDAQ: ASYS)

(Unaudited)

 

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

(in thousands, except per share data)

 

 

 

Three Months Ended
December 31, 2023

Amtech Systems, Inc. EBITDA:

 

 

GAAP net loss

 

$

(9,358

)

Interest income

 

 

(19

)

Interest expense

 

 

198

 

Income tax provision (benefit)

 

 

58

 

Depreciation and amortization expense

 

 

852

 

EBITDA

 

 

(8,269

)

 

 

 

Write-down of inventory related to polishing equipment

 

 

273

 

Stock compensation expense

 

 

317

 

Goodwill impairment

 

 

6,370

 

Intangible asset impairment

 

 

1,279

 

Severance expense

 

 

198

 

Adjusted EBITDA

 

$

168

 

 

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