Amtech Reports First Quarter 2024 Results
Amtech Systems, Inc. reported Q1 Fiscal 2024 results with net revenue of $24.9 million, GAAP operating loss of $8.9 million, and non-GAAP operating loss of $0.2 million. The company achieved $6 million in cost savings and aims for operational efficiency improvements. However, GAAP net loss was $9.4 million, and the book to bill ratio was 0.9:1.
Positive
Net revenue of $24.9 million in Q1 Fiscal 2024.
GAAP operating loss of $8.9 million and non-GAAP operating loss of $0.2 million.
Achieved $6 million in annualized cost savings.
GAAP net loss of $9.4 million.
Book to bill ratio of 0.9:1.
Backlog of $50.0 million.
Focus on operational optimization and increased shareholder value.
Negative
GAAP net loss of $9.4 million.
Book to bill ratio of 0.9:1.
Intangible asset impairment charges and goodwill charges recorded in Material and Substrate segment.
Sequential decrease in net revenues due to softness in semiconductor market.
Less favorable product mix affecting gross margin.
Negative outlook for revenue and earnings in the near term.
The reported financial results of Amtech Systems, Inc. indicate a complex quarter with a mixture of positive and negative indicators. The net revenue of $24.9 million represents a 16% increase year-over-year but a 10% decrease sequentially. This suggests a fluctuating demand within the semiconductor industry, which could be due to the cyclical nature of the market or specific challenges faced by the company.
The GAAP operating loss of $8.9 million , including significant non-cash impairment charges, is a critical point for investors. These charges are indicative of the company's assets being overvalued compared to the market price, which may concern investors about the company's valuation methods and future profitability. However, the non-GAAP operating loss is substantially lower at $0.2 million, highlighting the impact of these one-time charges on the company's reported GAAP results.
Amtech's efforts to improve its cost structure , with $6 million in annualized cost savings, could be a sign of a strategic shift towards operational efficiency. This may positively influence the company's margins in the long-term, provided that the semiconductor market recovers and demand for Amtech's products stabilizes.
Amtech's book to bill ratio of 0.9:1 is an indicator of future revenue trends and suggests that the company is currently booking fewer orders than it is billing, which could imply a potential slowdown in future revenues. However, the substantial backlog of $50.0 million provides a buffer and indicates that there is still significant demand for the company's products, assuming these orders are realized as revenue.
The semiconductor industry is known for its volatility and sensitivity to economic cycles. Amtech's performance must be contextualized within this industry's dynamics. The continued softness in the semiconductor market , as mentioned in the report, aligns with broader industry trends and could be a contributing factor to the company's decreased equipment shipments. Investors would need to monitor industry-wide recovery signals, which would likely have a corresponding positive impact on Amtech's financials.
Amtech's financial results reflect broader economic factors affecting the semiconductor industry. The reported decrease in shipments and soft market conditions may be symptomatic of macroeconomic headwinds such as trade tensions, supply chain disruptions, or shifts in consumer demand. The company's proactive steps to reduce costs and align product pricing with value could be seen as a strategic adaptation to these economic challenges.
Furthermore, the unrestricted cash and cash equivalents increase to $17.0 million from $13.1 million in the previous quarter indicates strong cash management, particularly in light of the challenging revenue environment. This liquidity is crucial for weathering uncertain market conditions and funding ongoing operations without resorting to external financing.
Lastly, the mention of currency risk, specifically the fluctuation of the Renminbi against the U.S. Dollar, is an important consideration for investors. Currency volatility can have a significant impact on the financial results of companies with international operations, such as Amtech and should be considered when evaluating the company's future financial outlook.
02/09/2024 - 04:05 PM
TEMPE, Ariz. --(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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240209639848/en/
Amtech Systems, Inc.
Lisa D. Gibbs
Chief Financial Officer
(480) 360-3756
irelations@amtechsystems.com
Sapphire Investor Relations, LLC
Erica Mannion and Mike Funari
(617) 542-6180
irelations@amtechsystems.com
Source: Amtech Systems, Inc.
What was Amtech Systems' net revenue in Q1 Fiscal 2024?
Amtech Systems reported net revenue of $24.9 million in Q1 Fiscal 2024.
What was the GAAP operating loss in Q1 Fiscal 2024?
Amtech Systems reported a GAAP operating loss of $8.9 million in Q1 Fiscal 2024.
What actions did Amtech Systems take to improve cost structure?
Amtech Systems achieved $6 million in annualized cost savings through operational optimization.
What was Amtech Systems' GAAP net loss in Q1 Fiscal 2024?
Amtech Systems reported a GAAP net loss of $9.4 million in Q1 Fiscal 2024.
What was Amtech Systems' book to bill ratio in Q1 Fiscal 2024?
Amtech Systems had a book to bill ratio of 0.9:1 in Q1 Fiscal 2024.
What was the backlog amount for Amtech Systems?
Amtech Systems reported a backlog of $50.0 million.
What is the outlook for Amtech Systems' revenue and earnings in the near term?
Amtech Systems expects challenging revenue and earnings outlook in the near term.
What is the focus of Amtech Systems to enhance profitability?
Amtech Systems aims to reduce structural costs by approximately $6 million annually and align product pricing with value to enhance profitability.