Amtech Reports Third Quarter 2024 Results
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
GAAP and Non-GAAP Financial Results
(in millions, except per share amounts) |
Q3 |
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Q2 |
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Q3 |
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9 Months |
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9 Months |
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FY 2024 |
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FY 2024 |
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FY 2023 |
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2024 |
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2023 |
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Revenues, net |
$ |
26.7 |
|
$ |
25.4 |
|
$ |
30.7 |
|
$ |
77.1 |
|
$ |
85.6 |
|
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Gross profit |
$ |
9.8 |
|
$ |
8.5 |
|
$ |
11.0 |
|
$ |
26.4 |
|
$ |
32.8 |
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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 |
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$ |
32.8 |
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Non-GAAP gross margin (1) |
|
36.5 |
% |
|
33.9 |
% |
|
35.7 |
% |
|
36.0 |
% |
|
38.3 |
% |
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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 |
% |
||||
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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
Research, Development and Engineering expenses decreased
GAAP operating income was
Non-GAAP operating income was
GAAP net income for the third quarter of fiscal 2024 was
Non-GAAP net income for the third quarter of fiscal 2024 was
Unrestricted cash and cash equivalents at
In discussing financial results for the three and nine months ended
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
A portion of
Conference Call
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
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
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(NASDAQ: ASYS) |
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(Unaudited) |
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Summary Financial Information |
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(in thousands, except percentages) |
||||||||||||||||||||||
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Three Months Ended |
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Nine Months Ended |
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2024 |
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2023 |
|||||||||||
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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 |
|
|
|
|
|
|
|
|
|
|
|
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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 |
|
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Backlog |
|
$ |
27,673 |
|
|
$ |
39,455 |
|
|
$ |
53,219 |
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|
|
$ |
27,673 |
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|
$ |
53,219 |
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Material and Substrate Segment |
|
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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 |
|
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|
$ |
(5,321 |
) |
|
$ |
1,411 |
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Non-GAAP operating income |
|
$ |
1,802 |
|
|
$ |
1,300 |
|
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$ |
1,506 |
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|
$ |
3,556 |
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$ |
4,077 |
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New orders |
|
$ |
8,013 |
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$ |
7,710 |
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$ |
7,924 |
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$ |
21,700 |
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$ |
21,729 |
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Backlog |
|
$ |
4,164 |
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$ |
4,861 |
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$ |
8,096 |
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$ |
4,164 |
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$ |
8,096 |
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Consolidated Statements of Operations |
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(in thousands, except per share data) |
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Three Months Ended |
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Nine Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues, net |
|
$ |
26,749 |
|
|
$ |
30,740 |
|
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$ |
77,102 |
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$ |
85,608 |
|
Cost of sales |
|
|
16,991 |
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|
19,755 |
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|
49,825 |
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|
52,850 |
|
Intangible asset impairment |
|
|
— |
|
|
|
— |
|
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|
849 |
|
|
|
— |
|
Gross profit |
|
|
9,758 |
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|
|
10,985 |
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|
26,428 |
|
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|
32,758 |
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Selling, general and administrative |
|
|
8,209 |
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|
10,300 |
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|
25,028 |
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|
30,924 |
|
Research, development and engineering |
|
|
693 |
|
|
|
1,804 |
|
|
|
3,202 |
|
|
|
4,714 |
|
Gain on sale of fixed assets |
|
|
— |
|
|
|
— |
|
|
|
(2,197 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
6,370 |
|
|
|
— |
|
Intangible asset impairment |
|
|
— |
|
|
|
— |
|
|
|
430 |
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|
|
— |
|
Severance expense |
|
|
40 |
|
|
|
— |
|
|
|
350 |
|
|
|
400 |
|
Operating income (loss) |
|
|
816 |
|
|
|
(1,119 |
) |
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|
(6,755 |
) |
|
|
(3,280 |
) |
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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 |
) |
|
|
|
|
|
|
|
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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 |
|
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(NASDAQ: ASYS) |
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(Unaudited) |
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Consolidated Balance Sheets |
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(in thousands, except share data) |
||||||||
|
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|
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|
||||
Assets |
|
|
|
|
||||
Current Assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
13,183 |
|
|
$ |
13,133 |
|
Accounts receivable (less allowance for credit losses of |
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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Shareholders’ Equity |
|
|
|
|
||||
Preferred stock; 100,000,000 shares authorized; none issued |
|
|
— |
|
|
|
— |
|
Common stock; |
|
|
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 |
|
|
||||||||
(NASDAQ: ASYS) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
|
|
Nine Months Ended |
||||||
|
|
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 |
|
|
|
|
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 |
|
|
||||||||||||||||||||||
(NASDAQ: ASYS) |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
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 |
% |
|
||||||||||||||||||||||
(NASDAQ: ASYS) |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
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 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
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 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
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 |
|
|
||||||||||||||||||||||
(NASDAQ: ASYS) |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
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 |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
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 |
|
|
||||||||
(NASDAQ: ASYS) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA |
||||||||
(in thousands, except per share data) |
||||||||
|
|
Three Months Ended |
Nine Months Ended |
|||||
|
|
|
|
|||||
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 |
|
|
|
|
|
- |
|
|
6,370 |
|
|
Intangible asset impairment |
|
|
- |
|
|
1,279 |
|
|
Severance expense |
|
|
40 |
|
|
350 |
|
|
Adjusted EBITDA |
|
$ |
2,266 |
|
$ |
3,197 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807940271/en/
Chief Financial Officer
(480) 360-3756
irelations@amtechsystems.com
Sapphire Investor Relations, LLC
(617) 542-6180
irelations@amtechsystems.com
Source: