Business
Amtech Reports Third Quarter 2024 Results
TEMPE, Ariz.--(BUSINESS WIRE)-- Amtech Systems, Inc. ("Amtech") (NASDAQ: ASYS), a manufacturer of equipment and consumables for semiconductor fabrication and
About this update from Amtech Systems, Inc.
[{"type":"text","content":" TEMPE, Ariz.--(BUSINESS WIRE)--\nAmtech 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, 2024.\n\n\nThird Quarter Fiscal 2024 Financial and Operational Results:\n\n\n\nNet revenue of $26.7 million\n\n\n\nGAAP operating income of $0.8 million\n\n\n\nNet cash position of $8.9 million\n\n\n\nNon-GAAP operating income of $1.5 million (1)\n\n\n\nGAAP net income of $0.4 million\n\n\n\nNon-GAAP net income of $1.1 million (1)\n\n\n\nCustomer orders of $18.8 million\n\n\n\nBacklog of $31.8 million\n\n\n\n(1) See GAAP to non-GAAP reconciliation in schedules following this release.\n\n\n“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 $26.7 million exceeded the high-end of our guidance range, and we achieved adjusted EBITDA of $2.3 million. This is the third consecutive quarter of positive adjusted EBITDA and operating cash flow. I am pleased that we are seeing the financial benefits of the approximately $7 million of annualized operating cost reductions taken over the past few quarters,” commented Mr. Bob Daigle, Chief Executive Officer of Amtech.\n\n\nGAAP and Non-GAAP Financial Results\n\n\n\n\n(in millions, except per share amounts)\n\n\n\n\n\n\nQ3\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ3\n\n\n\n\n\n\n \n\n\n\n\n\n\n9 Months\n\n\n\n\n\n\n \n\n\n\n\n\n\n9 Months\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nFY 2024\n\n\n\n\n\n\n \n\n\n\n\n\n\nFY 2024\n\n\n\n\n\n\n \n\n\n\n\n\n\nFY 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n\n\nRevenues, net\n\n\n\n\n\n\n$\n\n\n\n\n\n\n26.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n25.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n30.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n77.1\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n85.6\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nGross profit\n\n\n\n\n\n\n$\n\n\n\n\n\n\n9.8\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n8.5\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n11.0\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n26.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n32.8\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nGross margin\n\n\n\n\n\n\n \n\n\n\n\n\n\n36...