Amtech Reports Third Quarter Fiscal 2025 Results
6 augusti, 22:05
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, 2025.
Third Quarter Fiscal 2025 Financial and Operational Results:
- Net revenue of $19.6 million
- Cash of $15.6 million
- Cash provided by operations of $2.5 million
- GAAP net income of $0.1 million
- Non-GAAP net income of $0.9 million (1)
- Adjusted EBITDA of $2.2 million (1)
- Customer orders of $21.7 million
- Backlog of $21.2 million
(1) See GAAP to non-GAAP and EBITDA and Adjusted EBITDA reconciliation in schedules following this release. |
“I’m pleased to report that our third quarter performance was above expectations, with revenue of $19.6 million, an increase of 26% over the prior quarter. Both our Thermal Processing Solutions and our Semiconductor Fabrication Solutions segments exceeded forecasts, reflecting ongoing strength in the advanced packaging market and stabilizing demand within the mature-node semiconductor market. We have made significant progress optimizing our operating model over the past 18 months, resulting in $13 million in annualized savings. Looking ahead, we believe the structural changes we’ve made to improve operating leverage and our focused investments in product and application development position us well to deliver profitable growth in the years ahead,” 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 2025 | FY 2025 | FY 2024 | 2025 | 2024 | |||||||||||
Revenues, net | $ | 19.6 | $ | 15.6 | $ | 26.7 | $ | 59.5 | $ | 77.1 | |||||
Gross profit (loss) | $ | 9.1 | $ | (0.3 | ) | $ | 9.8 | $ | 18.2 | $ | 26.4 | ||||
Gross margin | 46.7 | % | -2.1 | % | 36.5 | % | 30.5 | % | 34.3 | % | |||||
Non-GAAP gross profit (1) | $ | 9.1 | $ | 5.7 | $ | 9.8 | $ | 24.2 | $ | 27.7 | |||||
Non-GAAP gross margin (1) | 46.7 | % | 36.3 | % | 36.5 | % | 40.6 | % | 36.0 | % | |||||
GAAP net income (loss) | $ | 0.1 | $ | (31.8 | ) | $ | 0.4 | $ | (31.4 | ) | $ | (8.0 | ) | ||
GAAP net income (loss) per diluted share | $ | 0.01 | $ | (2.23 | ) | $ | 0.03 | $ | (2.20 | ) | $ | (0.56 | ) | ||
Non-GAAP net income (loss) (1) | $ | 0.9 | $ | (2.3 | ) | $ | 1.1 | $ | (0.6 | ) | $ | 0.3 | |||
Non-GAAP net income (loss) per diluted share (1) | $ | 0.06 | $ | (0.16 | ) | $ | 0.08 | $ | (0.04 | ) | $ | 0.02 |
(1) See GAAP to non-GAAP reconciliation in schedules following this release. |
Net revenues increased 26% sequentially from the prior quarter, driven primarily by strong demand in Asia for reflow ovens used in AI applications. Revenues decreased 27% compared to the same period last year, largely due to continued weakness in the mature node semiconductor market, which led to lower sales of wafer cleaning equipment, diffusion systems, and high-temperature furnaces. This decline was partially offset by increased sales of advanced packaging solutions.
GAAP gross margin increased by $9.5 million sequentially from the prior quarter, primarily due to the absence of $6.0 million in non-cash inventory write-downs recorded last quarter. Compared to the same period last year, gross margin decreased by $0.6 million, driven by lower sales volume resulting from continued weak demand in the mature node semiconductor market. This quarter’s gross margin benefited from a $1.0 million Employee Retention Credit ("ERC") refund. Excluding the ERC, normalized gross margin was 41.5%, a solid improvement from 36.5% in the third quarter of fiscal 2024.
Selling, General & Administrative (“SG&A”) expenses increased $0.3 million sequentially from last quarter and decreased $0.8 million compared to the same prior year period. The increase from last quarter is primarily due to an increase in third party consulting costs. The decrease compared to the same prior year period is primarily due to the ERC refund and cost reductions attributed to actions we have taken to reduce our fixed cost structure. We also saw lower commission expense from the reduced sales volume.
Research, Development, and Engineering expenses declined by $0.5 million quarter-over-quarter, primarily due to project-specific purchasing timing and the benefit of the ERC refund. Compared to the same period last year, expenses decreased $0.3 million, reflecting the ERC benefit and non-recurring development efforts within our Semiconductor Fabrication Solutions segment.
GAAP net income for the third quarter of fiscal 2025 was $0.1 million, or 1 cents per share. This compares to GAAP net loss of $31.8 million, or 2.23 cents per share for the preceding quarter and GAAP net income of $0.4 million, or 3 cents per share, for the third quarter of fiscal 2024.
Non-GAAP net income for the third quarter of fiscal 2025 was $0.9 million, or 6 cents per share. This compares to non-GAAP net loss of $2.3 million, or 16 cents per share for the preceding quarter and non-GAAP net income of $1.1 million, or 8 cents per share, for the third quarter of fiscal 2024.
Unrestricted cash and cash equivalents at June 30, 2025, were $15.6 million, compared to $11.1 million at September 30, 2024, due primarily to our focus on operational cash generation, strong accounts receivable collections from customers, and employee retention credit.
In discussing financial results for the three and nine months ended June 30, 2025 and 2024 and the three months ended March 31, 2025, 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, goodwill and intangible asset impairment, inventory write-down of mature node semiconductor products, 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 fiscal fourth quarter ending September 30, 2025, we expect revenues in the range of $17 to $19 million. Growth in AI related equipment sales in our Thermal Processing Solutions segment is anticipated to partially offset continued softness in mature node semiconductor product lines. With the benefit of previously implemented structural and operational cost reductions, we expect to deliver improved operating leverage, resulting in adjusted EBITDA margins in the mid-single digits. We remain focused on driving further efficiency gains and cost optimization across Amtech’s operations, positioning the company to expand margins and generate more resilient profitability going forward.
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 6, 2025 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. provides equipment, consumables and services for semiconductor wafer fabrication and device packaging. Our products are used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon (Si) power devices, digital and analog devices, power electronic packages, advanced semiconductor packages and electronic assemblies. We sell these products to semiconductor device and module manufacturers worldwide, particularly in Asia, North America and Europe.
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, delivering profitable growth, creating long-term value for our shareholders, long term future prospects, operating results, business strategies, projected costs, the optimization and reduction of structural 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, 2024, 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 | Nine Months Ended June 30, | ||||||||||||||||||||
June 30, | March 31, 2025 | June 30, | 2025 | 2024 | |||||||||||||||||
Amtech Systems, Inc. | |||||||||||||||||||||
Revenues, net | $ | 19,557 | $ | 15,580 | $ | 26,749 | $ | 59,522 | $ | 77,102 | |||||||||||
GAAP gross profit (loss) | $ | 9,132 | $ | (325 | ) | $ | 9,758 | $ | 18,169 | $ | 26,428 | ||||||||||
Non-GAAP gross profit | $ | 9,132 | $ | 5,661 | $ | 9,758 | $ | 24,155 | $ | 27,725 | |||||||||||
GAAP gross margin | 47 | % | (2 | )% | 36 | % | 31 | % | 34 | % | |||||||||||
Non-GAAP gross margin | 47 | % | 36 | % | 36 | % | 41 | % | 36 | % | |||||||||||
Operating income (loss) | $ | 915 | $ | (31,583 | ) | $ | 816 | $ | (30,328 | ) | $ | (6,755 | ) | ||||||||
New orders | $ | 21,655 | $ | 15,701 | $ | 18,814 | $ | 55,426 | $ | 61,690 | |||||||||||
Backlog | $ | 21,216 | $ | 19,119 | $ | 31,837 | $ | 21,216 | $ | 31,837 | |||||||||||
Thermal Processing Solutions Segment | |||||||||||||||||||||
Revenues, net | $ | 14,208 | $ | 10,575 | $ | 18,038 | $ | 43,467 | $ | 53,006 | |||||||||||
GAAP gross profit | $ | 6,325 | $ | 350 | $ | 6,313 | $ | 14,005 | $ | 17,513 | |||||||||||
Non-GAAP gross profit | $ | 6,325 | $ | 3,912 | $ | 6,313 | $ | 17,567 | $ | 17,513 | |||||||||||
GAAP gross margin | 45 | % | 3 | % | 35 | % | 32 | % | 33 | % | |||||||||||
Non-GAAP gross margin | 45 | % | 37 | % | 35 | % | 40 | % | 33 | % | |||||||||||
Operating income (loss) | $ | 2,907 | $ | (8,401 | ) | $ | 1,690 | $ | (2,620 | ) | $ | 3,666 | |||||||||
New orders | $ | 14,057 | $ | 10,562 | $ | 10,801 | $ | 37,786 | $ | 39,990 | |||||||||||
Backlog | $ | 15,164 | $ | 15,315 | $ | 27,673 | $ | 15,164 | $ | 27,673 | |||||||||||
Semiconductor Fabrication Solutions Segment | |||||||||||||||||||||
Revenues, net | $ | 5,349 | $ | 5,005 | $ | 8,711 | $ | 16,055 | $ | 24,096 | |||||||||||
GAAP gross profit (loss) | $ | 2,807 | $ | (675 | ) | $ | 3,445 | $ | 4,164 | $ | 8,915 | ||||||||||
Non-GAAP gross profit | $ | 2,807 | $ | 1,749 | $ | 3,445 | $ | 6,588 | $ | 10,212 | |||||||||||
GAAP gross margin | 52 | % | (13 | )% | 40 | % | 26 | % | 37 | % | |||||||||||
Non-GAAP gross margin | 52 | % | 35 | % | 40 | % | 41 | % | 42 | % | |||||||||||
Operating income (loss) | $ | 878 | $ | (21,077 | ) | $ | 1,621 | $ | (20,557 | ) | $ | (5,321 | ) | ||||||||
New orders | $ | 7,598 | $ | 5,139 | $ | 8,013 | $ | 17,640 | $ | 21,700 | |||||||||||
Backlog | $ | 6,052 | $ | 3,804 | $ | 4,164 | $ | 6,052 | $ | 4,164 |
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, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenues, net | $ | 19,557 | $ | 26,749 | $ | 59,522 | $ | 77,102 | ||||||||
Cost of sales | 10,425 | 16,991 | 41,353 | 49,825 | ||||||||||||
Intangible asset impairment | — | — | — | 849 | ||||||||||||
Gross profit | 9,132 | 9,758 | 18,169 | 26,428 | ||||||||||||
Selling, general and administrative | 7,387 | 8,209 | 22,553 | 25,028 | ||||||||||||
Research, development and engineering | 364 | 693 | 2,070 | 3,202 | ||||||||||||
Loss (gain) on sale of fixed assets | 45 | — | 274 | (2,197 | ) | |||||||||||
Goodwill impairment | — | — | 20,353 | 6,370 | ||||||||||||
Intangible asset impairment | — | — | 2,569 | 430 | ||||||||||||
Severance expense | 421 | 40 | 678 | 350 | ||||||||||||
Operating income (loss) | 915 | 816 | (30,328 | ) | (6,755 | ) | ||||||||||
Interest income | 88 | 2 | 119 | 35 | ||||||||||||
Interest expense | (5 | ) | (107 | ) | (19 | ) | (498 | ) | ||||||||
Foreign currency (loss) gain | (96 | ) | 182 | 305 | (5 | ) | ||||||||||
Other | 3 | 2 | 45 | 11 | ||||||||||||
Income (loss) before income tax provision | 905 | 895 | (29,878 | ) | (7,212 | ) | ||||||||||
Income tax provision | 799 | 457 | 1,516 | 738 | ||||||||||||
Net income (loss) | $ | 106 | $ | 438 | $ | (31,394 | ) | $ | (7,950 | ) | ||||||
Income (Loss) Per Share: | ||||||||||||||||
Net income (loss) per basic share | $ | 0.01 | $ | 0.03 | $ | (2.20 | ) | $ | (0.56 | ) | ||||||
Net income (loss) per diluted share | $ | 0.01 | $ | 0.03 | $ | (2.20 | ) | $ | (0.56 | ) | ||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 14,314 | 14,209 | 14,294 | 14,198 | ||||||||||||
Diluted | 14,314 | 14,254 | 14,294 | 14,198 | ||||||||||||
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) | ||||||||
Consolidated Balance Sheets (in thousands, except share data) | ||||||||
June 30, | September 30, | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 15,563 | $ | 11,086 | ||||
Accounts receivable (less allowance for credit losses of $126 and $103 at | 19,047 | 21,989 | ||||||
Inventories | 19,620 | 26,867 | ||||||
Income taxes receivable | 152 | 132 | ||||||
Other current assets | 3,373 | 4,302 | ||||||
Total current assets | 57,755 | 64,376 | ||||||
Property, Plant and Equipment - Net | 10,445 | 11,647 | ||||||
Right-of-Use Assets - Net | 17,856 | 16,596 | ||||||
Intangible Assets - Net | 1,135 | 4,004 | ||||||
Goodwill | 908 | 21,261 | ||||||
Deferred Income Taxes - Net | 185 | 185 | ||||||
Other Assets | 1,180 | 884 | ||||||
Total Assets | $ | 89,464 | $ | 118,953 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 6,899 | $ | 5,356 | ||||
Accrued compensation and related taxes | 1,666 | 2,057 | ||||||
Accrued warranty expense | 414 | 602 | ||||||
Other accrued liabilities | 1,522 | 477 | ||||||
Current maturities of finance lease liabilities and long-term debt | 112 | 101 | ||||||
Current portion of long-term operating lease liabilities | 1,828 | 2,041 | ||||||
Contract liabilities | 6,399 | 8,965 | ||||||
Total current liabilities | 18,840 | 19,599 | ||||||
Finance Lease Liabilities and Long-Term Debt | 127 | 189 | ||||||
Long-Term Operating Lease Liabilities | 16,894 | 15,240 | ||||||
Income Taxes Payable | 1,750 | 1,510 | ||||||
Other Long-Term Liabilities | 135 | 57 | ||||||
Total Liabilities | 37,746 | 36,595 | ||||||
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 | 143 | 143 | ||||||
Additional paid-in capital | 129,577 | 128,466 | ||||||
Accumulated other comprehensive loss | (1,077 | ) | (720 | ) | ||||
Retained deficit | (76,925 | ) | (45,531 | ) | ||||
Total Shareholders’ Equity | 51,718 | 82,358 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 89,464 | $ | 118,953 |
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) | ||||||||
Consolidated Statements of Cash Flows (in thousands) | ||||||||
Nine Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Operating Activities | ||||||||
Net loss | $ | (31,394 | ) | $ | (7,950 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 2,167 | 2,310 | ||||||
Write-down of inventory | 6,647 | 1,367 | ||||||
Goodwill impairment | 20,353 | 6,370 | ||||||
Intangible asset impairment | 2,569 | 1,279 | ||||||
Deferred income taxes | — | (13 | ) | |||||
Non-cash share-based compensation expense | 961 | 1,155 | ||||||
Loss (gain) on sale of fixed assets | 274 | (2,197 | ) | |||||
Provision for allowance for credit losses | 43 | (21 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 2,899 | 2,204 | ||||||
Inventories | 600 | 4,695 | ||||||
Other assets | 3,057 | 4,205 | ||||||
Accounts payable | 1,477 | (1,965 | ) | |||||
Accrued income taxes | 219 | 548 | ||||||
Accrued and other liabilities | (1,696 | ) | (4,298 | ) | ||||
Contract liabilities | (2,567 | ) | 1,274 | |||||
Net cash provided by operating activities | 5,609 | 8,963 | ||||||
Investing Activities | ||||||||
Purchases of property, plant and equipment | (704 | ) | (5,310 | ) | ||||
Proceeds from the sale of property, plant and equipment | 12 | 2,700 | ||||||
Net cash used in investing activities | (692 | ) | (2,610 | ) | ||||
Financing Activities | ||||||||
Proceeds from the exercise of stock options | 150 | 28 | ||||||
Payments on long-term debt | (70 | ) | (6,668 | ) | ||||
Net cash provided by (used in) financing activities | 80 | (6,640 | ) | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (520 | ) | 337 | |||||
Net Increase in Cash and Cash Equivalents | 4,477 | 50 | ||||||
Cash and Cash Equivalents, Beginning of Period | 11,086 | 13,133 | ||||||
Cash and Cash Equivalents, End of Period | $ | 15,563 | $ | 13,183 |
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, | March 31, 2025 | June 30, | 2025 | 2024 | |||||||||||||||||
Amtech Systems, Inc. Gross Profit (Loss): | |||||||||||||||||||||
GAAP gross profit (loss) | $ | 9,132 | $ | (325 | ) | $ | 9,758 | $ | 18,169 | $ | 26,428 | ||||||||||
Write-down of inventory related to polishing equipment | - | - | - | - | 448 | ||||||||||||||||
Inventory write-down of mature node semiconductor products | - | 5,986 | - | 5,986 | - | ||||||||||||||||
Intangible asset impairment | - | - | - | - | 849 | ||||||||||||||||
Non-GAAP gross profit | $ | 9,132 | $ | 5,661 | $ | 9,758 | $ | 24,155 | $ | 27,725 | |||||||||||
GAAP gross margin | 47 | % | (2 | )% | 36 | % | 31 | % | 34 | % | |||||||||||
Non-GAAP gross margin | 47 | % | 36 | % | 36 | % | 41 | % | 36 | % | |||||||||||
Thermal Processing Solutions Segment Gross Profit: | |||||||||||||||||||||
GAAP gross profit | $ | 6,325 | $ | 350 | $ | 6,313 | $ | 14,005 | $ | 17,513 | |||||||||||
Write-down of inventory related to polishing equipment | - | - | - | - | - | ||||||||||||||||
Inventory write-down of mature node semiconductor products | - | 3,562 | - | 3,562 | - | ||||||||||||||||
Intangible asset impairment | - | - | - | - | - | ||||||||||||||||
Non-GAAP gross profit | $ | 6,325 | $ | 3,912 | $ | 6,313 | $ | 17,567 | $ | 17,513 | |||||||||||
GAAP gross margin | 45 | % | 3 | % | 35 | % | 32 | % | 33 | % | |||||||||||
Non-GAAP gross margin | 45 | % | 37 | % | 35 | % | 40 | % | 33 | % | |||||||||||
Semiconductor Fabrication Solutions Segment Gross Profit (Loss): | |||||||||||||||||||||
GAAP gross profit (loss) | $ | 2,807 | $ | (675 | ) | $ | 3,445 | $ | 4,164 | $ | 8,915 | ||||||||||
Write-down of inventory related to polishing equipment | - | - | - | - | 448 | ||||||||||||||||
Inventory write-down of mature node semiconductor products | - | 2,424 | - | 2,424 | - | ||||||||||||||||
Intangible asset impairment | - | - | - | - | 849 | ||||||||||||||||
Non-GAAP gross profit | $ | 2,807 | $ | 1,749 | $ | 3,445 | $ | 6,588 | $ | 10,212 | |||||||||||
GAAP gross margin | 52 | % | (13 | )% | 40 | % | 26 | % | 37 | % | |||||||||||
Non-GAAP gross margin | 52 | % | 35 | % | 40 | % | 41 | % | 42 | % |
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, | March 31, 2025 | June 30, | 2025 | 2024 | |||||||||||||||||
Consolidated Net Income (Loss): | |||||||||||||||||||||
GAAP net income (loss) | $ | 106 | $ | (31,812 | ) | $ | 438 | $ | (31,394 | ) | $ | (7,950 | ) | ||||||||
Gain on sale of fixed assets | - | - | - | - | (2,197 | ) | |||||||||||||||
Building move expense | - | - | - | - | 231 | ||||||||||||||||
Write-down of inventory related to polishing equipment | - | - | - | - | 448 | ||||||||||||||||
Inventory write-down of mature node semiconductor products | - | 5,986 | - | 5,986 | - | ||||||||||||||||
Amortization of acquired intangible assets | 27 | 107 | 154 | 242 | 595 | ||||||||||||||||
Stock compensation expense | 338 | 290 | 488 | 961 | 1,155 | ||||||||||||||||
Goodwill impairment | - | 20,353 | - | 20,353 | 6,370 | ||||||||||||||||
Intangible asset impairment | - | 2,569 | - | 2,569 | 1,279 | ||||||||||||||||
Severance expense | 421 | 184 | 40 | 678 | 350 | ||||||||||||||||
Non-GAAP net income (loss) | $ | 892 | $ | (2,323 | ) | $ | 1,120 | $ | (605 | ) | $ | 281 | |||||||||
Net Income (Loss) per Diluted Share: | |||||||||||||||||||||
GAAP net income (loss) per diluted share | $ | 0.01 | $ | (2.23 | ) | $ | 0.03 | $ | (2.20 | ) | $ | (0.56 | ) | ||||||||
Gain on sale of fixed assets | - | - | - | - | (0.15 | ) | |||||||||||||||
Building move expense | - | - | - | - | 0.01 | ||||||||||||||||
Write-down of inventory related to polishing equipment | - | - | - | - | 0.03 | ||||||||||||||||
Inventory write-down of mature node semiconductor products | - | 0.42 | - | 0.42 | - | ||||||||||||||||
Amortization of acquired intangible assets | - | 0.01 | 0.01 | 0.02 | 0.04 | ||||||||||||||||
Stock compensation expense | 0.02 | 0.02 | 0.03 | 0.07 | 0.08 | ||||||||||||||||
Goodwill impairment | - | 1.43 | - | 1.42 | 0.45 | ||||||||||||||||
Intangible asset impairment | - | 0.18 | - | 0.18 | 0.09 | ||||||||||||||||
Severance expense | 0.03 | 0.01 | 0.01 | 0.05 | 0.02 | ||||||||||||||||
Non-GAAP net income (loss) per diluted share | $ | 0.06 | $ | (0.16 | ) | $ | 0.08 | $ | (0.04 | ) | $ | 0.02 |
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) | |||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in thousands, except per share data) | |||||||
Three Months Ended June 30, 2025 | Nine Months Ended June 30, 2025 | ||||||
Amtech Systems, Inc. EBITDA: | |||||||
GAAP net income (loss) | $ | 106 | $ | (31,394 | ) | ||
Interest income | (88 | ) | (119 | ) | |||
Interest expense | 5 | 19 | |||||
Income tax provision | 799 | 1,516 | |||||
Depreciation and amortization expense | 594 | 2,167 | |||||
EBITDA | 1,416 | (27,811 | ) | ||||
Inventory write-down of mature node semiconductor products | - | 5,986 | |||||
Stock compensation expense | 338 | 961 | |||||
Goodwill impairment | - | 20,353 | |||||
Intangible asset impairment | - | 2,569 | |||||
Severance expense | 421 | 678 | |||||
Adjusted EBITDA | $ | 2,175 | $ | 2,736 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250806493221/en/
Amtech Reports Third Quarter Fiscal 2025 Results
6 augusti, 22:05
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, 2025.
Third Quarter Fiscal 2025 Financial and Operational Results:
- Net revenue of $19.6 million
- Cash of $15.6 million
- Cash provided by operations of $2.5 million
- GAAP net income of $0.1 million
- Non-GAAP net income of $0.9 million (1)
- Adjusted EBITDA of $2.2 million (1)
- Customer orders of $21.7 million
- Backlog of $21.2 million
(1) See GAAP to non-GAAP and EBITDA and Adjusted EBITDA reconciliation in schedules following this release. |
“I’m pleased to report that our third quarter performance was above expectations, with revenue of $19.6 million, an increase of 26% over the prior quarter. Both our Thermal Processing Solutions and our Semiconductor Fabrication Solutions segments exceeded forecasts, reflecting ongoing strength in the advanced packaging market and stabilizing demand within the mature-node semiconductor market. We have made significant progress optimizing our operating model over the past 18 months, resulting in $13 million in annualized savings. Looking ahead, we believe the structural changes we’ve made to improve operating leverage and our focused investments in product and application development position us well to deliver profitable growth in the years ahead,” 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 2025 | FY 2025 | FY 2024 | 2025 | 2024 | |||||||||||
Revenues, net | $ | 19.6 | $ | 15.6 | $ | 26.7 | $ | 59.5 | $ | 77.1 | |||||
Gross profit (loss) | $ | 9.1 | $ | (0.3 | ) | $ | 9.8 | $ | 18.2 | $ | 26.4 | ||||
Gross margin | 46.7 | % | -2.1 | % | 36.5 | % | 30.5 | % | 34.3 | % | |||||
Non-GAAP gross profit (1) | $ | 9.1 | $ | 5.7 | $ | 9.8 | $ | 24.2 | $ | 27.7 | |||||
Non-GAAP gross margin (1) | 46.7 | % | 36.3 | % | 36.5 | % | 40.6 | % | 36.0 | % | |||||
GAAP net income (loss) | $ | 0.1 | $ | (31.8 | ) | $ | 0.4 | $ | (31.4 | ) | $ | (8.0 | ) | ||
GAAP net income (loss) per diluted share | $ | 0.01 | $ | (2.23 | ) | $ | 0.03 | $ | (2.20 | ) | $ | (0.56 | ) | ||
Non-GAAP net income (loss) (1) | $ | 0.9 | $ | (2.3 | ) | $ | 1.1 | $ | (0.6 | ) | $ | 0.3 | |||
Non-GAAP net income (loss) per diluted share (1) | $ | 0.06 | $ | (0.16 | ) | $ | 0.08 | $ | (0.04 | ) | $ | 0.02 |
(1) See GAAP to non-GAAP reconciliation in schedules following this release. |
Net revenues increased 26% sequentially from the prior quarter, driven primarily by strong demand in Asia for reflow ovens used in AI applications. Revenues decreased 27% compared to the same period last year, largely due to continued weakness in the mature node semiconductor market, which led to lower sales of wafer cleaning equipment, diffusion systems, and high-temperature furnaces. This decline was partially offset by increased sales of advanced packaging solutions.
GAAP gross margin increased by $9.5 million sequentially from the prior quarter, primarily due to the absence of $6.0 million in non-cash inventory write-downs recorded last quarter. Compared to the same period last year, gross margin decreased by $0.6 million, driven by lower sales volume resulting from continued weak demand in the mature node semiconductor market. This quarter’s gross margin benefited from a $1.0 million Employee Retention Credit ("ERC") refund. Excluding the ERC, normalized gross margin was 41.5%, a solid improvement from 36.5% in the third quarter of fiscal 2024.
Selling, General & Administrative (“SG&A”) expenses increased $0.3 million sequentially from last quarter and decreased $0.8 million compared to the same prior year period. The increase from last quarter is primarily due to an increase in third party consulting costs. The decrease compared to the same prior year period is primarily due to the ERC refund and cost reductions attributed to actions we have taken to reduce our fixed cost structure. We also saw lower commission expense from the reduced sales volume.
Research, Development, and Engineering expenses declined by $0.5 million quarter-over-quarter, primarily due to project-specific purchasing timing and the benefit of the ERC refund. Compared to the same period last year, expenses decreased $0.3 million, reflecting the ERC benefit and non-recurring development efforts within our Semiconductor Fabrication Solutions segment.
GAAP net income for the third quarter of fiscal 2025 was $0.1 million, or 1 cents per share. This compares to GAAP net loss of $31.8 million, or 2.23 cents per share for the preceding quarter and GAAP net income of $0.4 million, or 3 cents per share, for the third quarter of fiscal 2024.
Non-GAAP net income for the third quarter of fiscal 2025 was $0.9 million, or 6 cents per share. This compares to non-GAAP net loss of $2.3 million, or 16 cents per share for the preceding quarter and non-GAAP net income of $1.1 million, or 8 cents per share, for the third quarter of fiscal 2024.
Unrestricted cash and cash equivalents at June 30, 2025, were $15.6 million, compared to $11.1 million at September 30, 2024, due primarily to our focus on operational cash generation, strong accounts receivable collections from customers, and employee retention credit.
In discussing financial results for the three and nine months ended June 30, 2025 and 2024 and the three months ended March 31, 2025, 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, goodwill and intangible asset impairment, inventory write-down of mature node semiconductor products, 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 fiscal fourth quarter ending September 30, 2025, we expect revenues in the range of $17 to $19 million. Growth in AI related equipment sales in our Thermal Processing Solutions segment is anticipated to partially offset continued softness in mature node semiconductor product lines. With the benefit of previously implemented structural and operational cost reductions, we expect to deliver improved operating leverage, resulting in adjusted EBITDA margins in the mid-single digits. We remain focused on driving further efficiency gains and cost optimization across Amtech’s operations, positioning the company to expand margins and generate more resilient profitability going forward.
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 6, 2025 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. provides equipment, consumables and services for semiconductor wafer fabrication and device packaging. Our products are used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon (Si) power devices, digital and analog devices, power electronic packages, advanced semiconductor packages and electronic assemblies. We sell these products to semiconductor device and module manufacturers worldwide, particularly in Asia, North America and Europe.
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, delivering profitable growth, creating long-term value for our shareholders, long term future prospects, operating results, business strategies, projected costs, the optimization and reduction of structural 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, 2024, 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 | Nine Months Ended June 30, | ||||||||||||||||||||
June 30, | March 31, 2025 | June 30, | 2025 | 2024 | |||||||||||||||||
Amtech Systems, Inc. | |||||||||||||||||||||
Revenues, net | $ | 19,557 | $ | 15,580 | $ | 26,749 | $ | 59,522 | $ | 77,102 | |||||||||||
GAAP gross profit (loss) | $ | 9,132 | $ | (325 | ) | $ | 9,758 | $ | 18,169 | $ | 26,428 | ||||||||||
Non-GAAP gross profit | $ | 9,132 | $ | 5,661 | $ | 9,758 | $ | 24,155 | $ | 27,725 | |||||||||||
GAAP gross margin | 47 | % | (2 | )% | 36 | % | 31 | % | 34 | % | |||||||||||
Non-GAAP gross margin | 47 | % | 36 | % | 36 | % | 41 | % | 36 | % | |||||||||||
Operating income (loss) | $ | 915 | $ | (31,583 | ) | $ | 816 | $ | (30,328 | ) | $ | (6,755 | ) | ||||||||
New orders | $ | 21,655 | $ | 15,701 | $ | 18,814 | $ | 55,426 | $ | 61,690 | |||||||||||
Backlog | $ | 21,216 | $ | 19,119 | $ | 31,837 | $ | 21,216 | $ | 31,837 | |||||||||||
Thermal Processing Solutions Segment | |||||||||||||||||||||
Revenues, net | $ | 14,208 | $ | 10,575 | $ | 18,038 | $ | 43,467 | $ | 53,006 | |||||||||||
GAAP gross profit | $ | 6,325 | $ | 350 | $ | 6,313 | $ | 14,005 | $ | 17,513 | |||||||||||
Non-GAAP gross profit | $ | 6,325 | $ | 3,912 | $ | 6,313 | $ | 17,567 | $ | 17,513 | |||||||||||
GAAP gross margin | 45 | % | 3 | % | 35 | % | 32 | % | 33 | % | |||||||||||
Non-GAAP gross margin | 45 | % | 37 | % | 35 | % | 40 | % | 33 | % | |||||||||||
Operating income (loss) | $ | 2,907 | $ | (8,401 | ) | $ | 1,690 | $ | (2,620 | ) | $ | 3,666 | |||||||||
New orders | $ | 14,057 | $ | 10,562 | $ | 10,801 | $ | 37,786 | $ | 39,990 | |||||||||||
Backlog | $ | 15,164 | $ | 15,315 | $ | 27,673 | $ | 15,164 | $ | 27,673 | |||||||||||
Semiconductor Fabrication Solutions Segment | |||||||||||||||||||||
Revenues, net | $ | 5,349 | $ | 5,005 | $ | 8,711 | $ | 16,055 | $ | 24,096 | |||||||||||
GAAP gross profit (loss) | $ | 2,807 | $ | (675 | ) | $ | 3,445 | $ | 4,164 | $ | 8,915 | ||||||||||
Non-GAAP gross profit | $ | 2,807 | $ | 1,749 | $ | 3,445 | $ | 6,588 | $ | 10,212 | |||||||||||
GAAP gross margin | 52 | % | (13 | )% | 40 | % | 26 | % | 37 | % | |||||||||||
Non-GAAP gross margin | 52 | % | 35 | % | 40 | % | 41 | % | 42 | % | |||||||||||
Operating income (loss) | $ | 878 | $ | (21,077 | ) | $ | 1,621 | $ | (20,557 | ) | $ | (5,321 | ) | ||||||||
New orders | $ | 7,598 | $ | 5,139 | $ | 8,013 | $ | 17,640 | $ | 21,700 | |||||||||||
Backlog | $ | 6,052 | $ | 3,804 | $ | 4,164 | $ | 6,052 | $ | 4,164 |
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, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenues, net | $ | 19,557 | $ | 26,749 | $ | 59,522 | $ | 77,102 | ||||||||
Cost of sales | 10,425 | 16,991 | 41,353 | 49,825 | ||||||||||||
Intangible asset impairment | — | — | — | 849 | ||||||||||||
Gross profit | 9,132 | 9,758 | 18,169 | 26,428 | ||||||||||||
Selling, general and administrative | 7,387 | 8,209 | 22,553 | 25,028 | ||||||||||||
Research, development and engineering | 364 | 693 | 2,070 | 3,202 | ||||||||||||
Loss (gain) on sale of fixed assets | 45 | — | 274 | (2,197 | ) | |||||||||||
Goodwill impairment | — | — | 20,353 | 6,370 | ||||||||||||
Intangible asset impairment | — | — | 2,569 | 430 | ||||||||||||
Severance expense | 421 | 40 | 678 | 350 | ||||||||||||
Operating income (loss) | 915 | 816 | (30,328 | ) | (6,755 | ) | ||||||||||
Interest income | 88 | 2 | 119 | 35 | ||||||||||||
Interest expense | (5 | ) | (107 | ) | (19 | ) | (498 | ) | ||||||||
Foreign currency (loss) gain | (96 | ) | 182 | 305 | (5 | ) | ||||||||||
Other | 3 | 2 | 45 | 11 | ||||||||||||
Income (loss) before income tax provision | 905 | 895 | (29,878 | ) | (7,212 | ) | ||||||||||
Income tax provision | 799 | 457 | 1,516 | 738 | ||||||||||||
Net income (loss) | $ | 106 | $ | 438 | $ | (31,394 | ) | $ | (7,950 | ) | ||||||
Income (Loss) Per Share: | ||||||||||||||||
Net income (loss) per basic share | $ | 0.01 | $ | 0.03 | $ | (2.20 | ) | $ | (0.56 | ) | ||||||
Net income (loss) per diluted share | $ | 0.01 | $ | 0.03 | $ | (2.20 | ) | $ | (0.56 | ) | ||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 14,314 | 14,209 | 14,294 | 14,198 | ||||||||||||
Diluted | 14,314 | 14,254 | 14,294 | 14,198 | ||||||||||||
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) | ||||||||
Consolidated Balance Sheets (in thousands, except share data) | ||||||||
June 30, | September 30, | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 15,563 | $ | 11,086 | ||||
Accounts receivable (less allowance for credit losses of $126 and $103 at | 19,047 | 21,989 | ||||||
Inventories | 19,620 | 26,867 | ||||||
Income taxes receivable | 152 | 132 | ||||||
Other current assets | 3,373 | 4,302 | ||||||
Total current assets | 57,755 | 64,376 | ||||||
Property, Plant and Equipment - Net | 10,445 | 11,647 | ||||||
Right-of-Use Assets - Net | 17,856 | 16,596 | ||||||
Intangible Assets - Net | 1,135 | 4,004 | ||||||
Goodwill | 908 | 21,261 | ||||||
Deferred Income Taxes - Net | 185 | 185 | ||||||
Other Assets | 1,180 | 884 | ||||||
Total Assets | $ | 89,464 | $ | 118,953 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 6,899 | $ | 5,356 | ||||
Accrued compensation and related taxes | 1,666 | 2,057 | ||||||
Accrued warranty expense | 414 | 602 | ||||||
Other accrued liabilities | 1,522 | 477 | ||||||
Current maturities of finance lease liabilities and long-term debt | 112 | 101 | ||||||
Current portion of long-term operating lease liabilities | 1,828 | 2,041 | ||||||
Contract liabilities | 6,399 | 8,965 | ||||||
Total current liabilities | 18,840 | 19,599 | ||||||
Finance Lease Liabilities and Long-Term Debt | 127 | 189 | ||||||
Long-Term Operating Lease Liabilities | 16,894 | 15,240 | ||||||
Income Taxes Payable | 1,750 | 1,510 | ||||||
Other Long-Term Liabilities | 135 | 57 | ||||||
Total Liabilities | 37,746 | 36,595 | ||||||
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 | 143 | 143 | ||||||
Additional paid-in capital | 129,577 | 128,466 | ||||||
Accumulated other comprehensive loss | (1,077 | ) | (720 | ) | ||||
Retained deficit | (76,925 | ) | (45,531 | ) | ||||
Total Shareholders’ Equity | 51,718 | 82,358 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 89,464 | $ | 118,953 |
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) | ||||||||
Consolidated Statements of Cash Flows (in thousands) | ||||||||
Nine Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Operating Activities | ||||||||
Net loss | $ | (31,394 | ) | $ | (7,950 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 2,167 | 2,310 | ||||||
Write-down of inventory | 6,647 | 1,367 | ||||||
Goodwill impairment | 20,353 | 6,370 | ||||||
Intangible asset impairment | 2,569 | 1,279 | ||||||
Deferred income taxes | — | (13 | ) | |||||
Non-cash share-based compensation expense | 961 | 1,155 | ||||||
Loss (gain) on sale of fixed assets | 274 | (2,197 | ) | |||||
Provision for allowance for credit losses | 43 | (21 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 2,899 | 2,204 | ||||||
Inventories | 600 | 4,695 | ||||||
Other assets | 3,057 | 4,205 | ||||||
Accounts payable | 1,477 | (1,965 | ) | |||||
Accrued income taxes | 219 | 548 | ||||||
Accrued and other liabilities | (1,696 | ) | (4,298 | ) | ||||
Contract liabilities | (2,567 | ) | 1,274 | |||||
Net cash provided by operating activities | 5,609 | 8,963 | ||||||
Investing Activities | ||||||||
Purchases of property, plant and equipment | (704 | ) | (5,310 | ) | ||||
Proceeds from the sale of property, plant and equipment | 12 | 2,700 | ||||||
Net cash used in investing activities | (692 | ) | (2,610 | ) | ||||
Financing Activities | ||||||||
Proceeds from the exercise of stock options | 150 | 28 | ||||||
Payments on long-term debt | (70 | ) | (6,668 | ) | ||||
Net cash provided by (used in) financing activities | 80 | (6,640 | ) | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (520 | ) | 337 | |||||
Net Increase in Cash and Cash Equivalents | 4,477 | 50 | ||||||
Cash and Cash Equivalents, Beginning of Period | 11,086 | 13,133 | ||||||
Cash and Cash Equivalents, End of Period | $ | 15,563 | $ | 13,183 |
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, | March 31, 2025 | June 30, | 2025 | 2024 | |||||||||||||||||
Amtech Systems, Inc. Gross Profit (Loss): | |||||||||||||||||||||
GAAP gross profit (loss) | $ | 9,132 | $ | (325 | ) | $ | 9,758 | $ | 18,169 | $ | 26,428 | ||||||||||
Write-down of inventory related to polishing equipment | - | - | - | - | 448 | ||||||||||||||||
Inventory write-down of mature node semiconductor products | - | 5,986 | - | 5,986 | - | ||||||||||||||||
Intangible asset impairment | - | - | - | - | 849 | ||||||||||||||||
Non-GAAP gross profit | $ | 9,132 | $ | 5,661 | $ | 9,758 | $ | 24,155 | $ | 27,725 | |||||||||||
GAAP gross margin | 47 | % | (2 | )% | 36 | % | 31 | % | 34 | % | |||||||||||
Non-GAAP gross margin | 47 | % | 36 | % | 36 | % | 41 | % | 36 | % | |||||||||||
Thermal Processing Solutions Segment Gross Profit: | |||||||||||||||||||||
GAAP gross profit | $ | 6,325 | $ | 350 | $ | 6,313 | $ | 14,005 | $ | 17,513 | |||||||||||
Write-down of inventory related to polishing equipment | - | - | - | - | - | ||||||||||||||||
Inventory write-down of mature node semiconductor products | - | 3,562 | - | 3,562 | - | ||||||||||||||||
Intangible asset impairment | - | - | - | - | - | ||||||||||||||||
Non-GAAP gross profit | $ | 6,325 | $ | 3,912 | $ | 6,313 | $ | 17,567 | $ | 17,513 | |||||||||||
GAAP gross margin | 45 | % | 3 | % | 35 | % | 32 | % | 33 | % | |||||||||||
Non-GAAP gross margin | 45 | % | 37 | % | 35 | % | 40 | % | 33 | % | |||||||||||
Semiconductor Fabrication Solutions Segment Gross Profit (Loss): | |||||||||||||||||||||
GAAP gross profit (loss) | $ | 2,807 | $ | (675 | ) | $ | 3,445 | $ | 4,164 | $ | 8,915 | ||||||||||
Write-down of inventory related to polishing equipment | - | - | - | - | 448 | ||||||||||||||||
Inventory write-down of mature node semiconductor products | - | 2,424 | - | 2,424 | - | ||||||||||||||||
Intangible asset impairment | - | - | - | - | 849 | ||||||||||||||||
Non-GAAP gross profit | $ | 2,807 | $ | 1,749 | $ | 3,445 | $ | 6,588 | $ | 10,212 | |||||||||||
GAAP gross margin | 52 | % | (13 | )% | 40 | % | 26 | % | 37 | % | |||||||||||
Non-GAAP gross margin | 52 | % | 35 | % | 40 | % | 41 | % | 42 | % |
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, | March 31, 2025 | June 30, | 2025 | 2024 | |||||||||||||||||
Consolidated Net Income (Loss): | |||||||||||||||||||||
GAAP net income (loss) | $ | 106 | $ | (31,812 | ) | $ | 438 | $ | (31,394 | ) | $ | (7,950 | ) | ||||||||
Gain on sale of fixed assets | - | - | - | - | (2,197 | ) | |||||||||||||||
Building move expense | - | - | - | - | 231 | ||||||||||||||||
Write-down of inventory related to polishing equipment | - | - | - | - | 448 | ||||||||||||||||
Inventory write-down of mature node semiconductor products | - | 5,986 | - | 5,986 | - | ||||||||||||||||
Amortization of acquired intangible assets | 27 | 107 | 154 | 242 | 595 | ||||||||||||||||
Stock compensation expense | 338 | 290 | 488 | 961 | 1,155 | ||||||||||||||||
Goodwill impairment | - | 20,353 | - | 20,353 | 6,370 | ||||||||||||||||
Intangible asset impairment | - | 2,569 | - | 2,569 | 1,279 | ||||||||||||||||
Severance expense | 421 | 184 | 40 | 678 | 350 | ||||||||||||||||
Non-GAAP net income (loss) | $ | 892 | $ | (2,323 | ) | $ | 1,120 | $ | (605 | ) | $ | 281 | |||||||||
Net Income (Loss) per Diluted Share: | |||||||||||||||||||||
GAAP net income (loss) per diluted share | $ | 0.01 | $ | (2.23 | ) | $ | 0.03 | $ | (2.20 | ) | $ | (0.56 | ) | ||||||||
Gain on sale of fixed assets | - | - | - | - | (0.15 | ) | |||||||||||||||
Building move expense | - | - | - | - | 0.01 | ||||||||||||||||
Write-down of inventory related to polishing equipment | - | - | - | - | 0.03 | ||||||||||||||||
Inventory write-down of mature node semiconductor products | - | 0.42 | - | 0.42 | - | ||||||||||||||||
Amortization of acquired intangible assets | - | 0.01 | 0.01 | 0.02 | 0.04 | ||||||||||||||||
Stock compensation expense | 0.02 | 0.02 | 0.03 | 0.07 | 0.08 | ||||||||||||||||
Goodwill impairment | - | 1.43 | - | 1.42 | 0.45 | ||||||||||||||||
Intangible asset impairment | - | 0.18 | - | 0.18 | 0.09 | ||||||||||||||||
Severance expense | 0.03 | 0.01 | 0.01 | 0.05 | 0.02 | ||||||||||||||||
Non-GAAP net income (loss) per diluted share | $ | 0.06 | $ | (0.16 | ) | $ | 0.08 | $ | (0.04 | ) | $ | 0.02 |
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) | |||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in thousands, except per share data) | |||||||
Three Months Ended June 30, 2025 | Nine Months Ended June 30, 2025 | ||||||
Amtech Systems, Inc. EBITDA: | |||||||
GAAP net income (loss) | $ | 106 | $ | (31,394 | ) | ||
Interest income | (88 | ) | (119 | ) | |||
Interest expense | 5 | 19 | |||||
Income tax provision | 799 | 1,516 | |||||
Depreciation and amortization expense | 594 | 2,167 | |||||
EBITDA | 1,416 | (27,811 | ) | ||||
Inventory write-down of mature node semiconductor products | - | 5,986 | |||||
Stock compensation expense | 338 | 961 | |||||
Goodwill impairment | - | 20,353 | |||||
Intangible asset impairment | - | 2,569 | |||||
Severance expense | 421 | 678 | |||||
Adjusted EBITDA | $ | 2,175 | $ | 2,736 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250806493221/en/
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