Amtech Reports Second Quarter 2024 Results

About this update from Amtech Systems, Inc.

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 second quarter ended March 31, 2024 . Second Quarter Fiscal 2024 Financial and Operational Results: Net revenue of $25.4 million GAAP operating income of $1.4 million Net proceeds of $2.5 million from sale of corporate headquarters building Debt payments of $6.4 million , ending the quarter with net cash position of $8.8 million Non-GAAP operating income of $0.2 million (1) GAAP net income of $1.0 million Non-GAAP net loss of $0.2 million (1) Customer orders of $19.8 million Backlog of $44.3 million (1) See GAAP to non-GAAP reconciliation in schedules following this release. “In the second quarter of fiscal 2024 we benefited from improvements in our cost structure and operational effectiveness. We exceeded the high-end of our guidance range with revenue of $25.4 million and, more importantly, we delivered adjusted EBITDA of $0.8 million despite continued softness in overall market demand. Over the past few quarters, we have better aligned the size of our organization to support current market demand and believe we have positioned the company to deliver strong operating results as the broader semiconductor market recovers,” commented Mr. Bob Daigle , Chief Executive Officer of Amtech . GAAP and Non-GAAP Financial Results (in millions, except per share amounts) Q2 Q1 Q2 6 Months 6 Months FY 2024 FY 2024 FY 2023 2024 2023 Revenues, net $ 25.4 $ 24.9 $ 33.3 $ 50.4 $ 54.9 Gross profit $ 8.5 $ 8.2 $ 13.5 $ 16.7 $ 21.8 Gross margin 33.2 % 33.0 % 40.4 % 33.1 % 39.7 % Non-GAAP gross profit (1) $ 8.6 $ 9.3 $ 13.5 $ 18.0 $ 21.8 Non-GAAP gross margin (1) 33.9 % 37.5 % 40.4 % 35.7 % 39.7 % GAAP operating income (loss) $ 1.4 $ (8.9 ) $ 0.5 $ (7.6 ) $ (2.2 ) GAAP operating margin 5.4 % -35.9 % 1.6 % -15.0 % -3.9 % Non-GAAP operating income (loss) (1) $ 0.2 $ (0.2 ) $ 3.2 $ (0.0 ) $ 2.5 Non-GAAP operating margin (1) 0.7 % -0.8 % 9.5 % 0.0 % 4.5 % GAAP net income (loss) $ 1.0 $ (9.4 ) $ 3.2 $ (8.4 ) $ 0.5 GAAP net income (loss) per diluted share $ 0.07 $ (0.66 ) $ 0.23 $ (0.59 ) $ 0.03 Non-GAAP net (loss) income (1) $ (0.2 ) $ (0.6 ) $ 2.7 $ (0.8 ) $ 1.9 Non-GAAP net (loss) income per diluted share (1) $ (0.01 ) $ (0.04 ) $ 0.19 $ (0.06 ) $ 0.14 (1) See GAAP to non-GAAP reconciliation in schedules following this release. Net revenues increased 2% sequentially and decreased 24% from the second quarter of fiscal 2023. The sequential increase is primarily due to increased consumable sales in our Material and Substrate segment, as customers update their buying patterns and adjust inventory levels. 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 second quarter of fiscal 2024, GAAP gross margin was flat sequentially and decreased compared to the same prior year period. In our semiconductor segment, GAAP gross margin was negatively affected by product mix and increased material costs, both primarily attributed to shipments of our horizontal diffusion furnaces. GAAP gross margin in our Material and Substrate segment increased sequentially and compared to the same prior year period due primarily to a more favorable product mix, with increased consumable sales partially offset by lower equipment sales. Non-GAAP gross margin decreased sequentially and compared to the same prior year period due primarily to a less favorable product mix and increased material costs, both primarily attributed to shipments of our horizontal diffusion furnaces. Selling, General & Administrative (“SG&A”) expenses decreased $0.3 million on a sequential basis and decreased $3.2 million compared to the prior year period. The sequential decrease is due primarily to reductions in labor expenses and lower commissions and shipping expenses. Compared to the same prior year period, the decrease is due primarily to $1.5 million of lower acquisition expenses, $0.6 million of lower amortization expense, and reductions in labor, commissions and shipping expenses. Research, Development and Engineering expenses decreased $0.7 million sequentially and decreased $0.6 million compared to the same prior year period due primarily to the timing of purchases related to specific projects in our Semiconductor segment. During the second quarter of fiscal 2024, we sold our corporate headquarters building in Tempe, Arizona for a gain of $2.2 million and net cash proceeds of $2.5 million . GAAP operating income was $1.4 million , compared to GAAP operating loss of $8.9 million in the first quarter of fiscal 2024 and GAAP operating income of $0.5 million in the same prior year period. Non-GAAP operating income was $0.2 million , compared to non-GAAP operating loss of $0.2 million in the first quarter of fiscal 2024 and non-GAAP operating income of $3.2 million in the same prior year period. GAAP net income for the second quarter of fiscal 2024 was $1.0 million , or 7 cents per share. This compares to GAAP net loss of $9.4 million , or 66 cents per share, for the preceding quarter and GAAP net income of $3.2 million , or 23 cents per share, for the second quarter of fiscal 2023. Non-GAAP net loss for the second quarter of fiscal 2024 was $0.2 million , or 1 cent per share. This compares to non-GAAP net loss of $0.6 million , or 4 cents per share, for the preceding quarter and non-GAAP net income of $2.7 million , or 19 cents per share, for the second quarter of fiscal 2023. Unrestricted cash and cash equivalents at March 31, 2024 , were $13.0 million , compared to $13.1 million at September 30, 2023 . Debt payments during the three months ended March 31, 2024 were $6.4 million . Net cash as of March 31, 2024 was $8.8 million compared to $7.0 million as of December 31, 2023 . In discussing financial results for the three and six months ended March 31, 2024 and 2023 and the three months ended December 31, 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 the sale of our Arizona headquarters, 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 third fiscal quarter ending June 30, 2024 , we expect revenues in the range of $22 - 25 million with adjusted EBITDA nominally positive, which includes some expenses and production downtime with the BTU facility move. 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 5:00 pm ET on Wednesday, May 8, 2024 to discuss our fiscal second quarter financial results. The call will be available to interested parties by dialing 1-888-886-7786. For international callers, please dial +1-416-764-8658. 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 Six Months Ended March 31 , March 31 , 2024 December 31 , 2023 March 31 , 2023 2024 2023 Amtech Systems, Inc. Revenues, net $ 25,433 $ 24,920 $ 33,310 $ 50,353 $ 54,868 GAAP gross profit $ 8,451 $ 8,219 $ 13,470 $ 16,670 $ 21,773 Non-GAAP gross profit $ 8,626 $ 9,341 $ 13,470 $ 17,967 $ 21,773 GAAP gross margin 33 % 33 % 40 % 33 % 40 % Non-GAAP gross margin 34 % 37 % 40 % 36 % 40 % GAAP operating income (loss) $ 1,363 $ (8,934 ) $ 519 $ (7,571 ) $ (2,161 ) Non-GAAP operating income (loss) $ 188 $ (210 ) $ 3,162 $ (22 ) $ 2,492 New orders $ 19,771 $ 23,105 $ 34,266 $ 42,876 $ 59,495 Backlog $ 44,316 $ 49,979 $ 65,838 $ 44,316 $ 65,838 Semiconductor Segment Revenues, net $ 17,441 $ 17,527 $ 22,047 $ 34,968 $ 38,934 GAAP gross profit $ 5,040 $ 6,159 $ 8,931 $ 11,199 $ 15,103 Non-GAAP gross profit $ 5,040 $ 6,159 $ 8,931 $ 11,199 $ 15,103 GAAP gross margin 29 % 35 % 41 % 32 % 39 % Non-GAAP gross margin 29 % 35 % 41 % 32 % 39 % GAAP operating income $ 896 $ 1,081 $ 2,950 $ 1,977 $ 3,819 Non-GAAP operating income $ 896 $ 1,192 $ 2,950 $ 2,088 $ 3,819 New orders $ 12,061 $ 17,129 $ 24,606 $ 29,189 $ 45,690 Backlog $ 39,455 $ 44,835 $ 54,767 $ 39,455 $ 54,767 Material and Substrate Segment Revenues, net $ 7,992 $ 7,393 $ 11,263 $ 15,385 $ 15,934 GAAP gross profit $ 3,411 $ 2,060 $ 4,539 $ 5,471 $ 6,670 Non-GAAP gross profit $ 3,586 $ 3,182 $ 4,539 $ 6,768 $ 6,670 GAAP gross margin 43 % 28 % 40 % 36 % 42 % Non-GAAP gross margin 45 % 43 % 40 % 44 % 42 % GAAP operating income (loss) $ 900 $ (7,844 ) $ 297 $ (6,943 ) $ 930 Non-GAAP operating income $ 1,300 $ 452 $ 1,938 $ 1,753 $ 2,571 New orders $ 7,710 $ 5,976 $ 9,660 $ 13,687 $ 13,805 Backlog $ 4,861 $ 5,144 $ 11,071 $ 4,861 $ 11,071 AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended March 31 , Six Months Ended March 31 , 2024 2023 2024 2023 Revenues, net $ 25,433 $ 33,310 $ 50,353 $ 54,868 Cost of sales 16,982 19,840 32,834 33,095 Intangible asset impairment — — 849 — Gross profit 8,451 13,470 16,670 21,773 Selling, general and administrative 8,252 11,434 16,819 20,624 Research, development and engineering 921 1,517 2,509 2,910 Gain on sale of fixed assets (2,197 ) — (2,197 ) — Goodwill impairment — — 6,370 — Intangible asset impairment — — 430 — Severance expense 112 — 310 400 Operating income (loss) 1,363 519 (7,571 ) (2,161 ) Interest income 14 49 33 339 Interest expense (193 ) (155 ) (391 ) (157 ) Foreign currency loss — (168 ) (187 ) (515 ) Other 9 13 9 4 Income (loss) before income tax provision 1,193 258 (8,107 ) (2,490 ) Income tax provision (benefit) 223 (2,946 ) 281 (2,950 ) Net income (loss) $ 970 $ 3,204 $ (8,388 ) $ 460 Income (Loss) Per Share: Net income (loss) per basic share $ 0.07 $ 0.23 $ (0.59 ) $ 0.03 Net income (loss) per diluted share $ 0.07 $ 0.23 $ (0.59 ) $ 0.03 Weighted average shares outstanding: Basic 14,197 14,028 14,193 14,018 Diluted 14,209 14,157 14,193 14,142 AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) Consolidated Balance Sheets (in thousands, except share data) March 31 , 2024 September 30 , 2023 Assets Current Assets Cash and cash equivalents $ 13,000 $ 13,133 Accounts receivable (less allowance for credit losses of $115 and $146 at March 31, 2024 and September 30, 2023 , respectively) 21,230 26,474 Inventories 31,308 34,845 Income taxes receivable 457 632 Other current assets 4,304 6,105 Total current assets 70,299 81,189 Property, Plant and Equipment - Net 9,476 9,695 Right-of-Use Assets - Net 9,784 11,217 Intangible Assets - Net 4,352 6,114 Goodwill 21,261 27,631 Deferred Income Taxes - Net 123 101 Other Assets 1,179 1,074 Total Assets $ 116,474 $ 137,021 Liabilities and Shareholders’ Equity Current Liabilities Accounts payable $ 6,741 $ 10,815 Accrued compensation and related taxes 2,085 3,481 Accrued warranty expense 763 965 Other accrued liabilities 1,133 1,551 Current maturities of finance lease liabilities and long-term debt 4,243 2,265 Current portion of long-term operating lease liabilities 1,934 2,623 Contract liabilities 9,015 8,018 Total current liabilities 25,914 29,718 Finance Lease Liabilities and Long-Term Debt 65 8,422 Long-Term Operating Lease Liabilities 8,195 8,894 Income Taxes Payable 1,357 1,575 Other Long-Term Liabilities 52 47 Total Liabilities 35,583 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: 14,208,795 and 14,185,977 at March 31, 2024 and September 30, 2023 , respectively 142 142 Additional paid-in capital 127,658 126,963 Accumulated other comprehensive loss (1,476 ) (1,695 ) Retained deficit (45,433 ) (37,045 ) Total Shareholders’ Equity 80,891 88,365 Total Liabilities and Shareholders’ Equity $ 116,474 $ 137,021 AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) Consolidated Statements of Cash Flows (in thousands) Six Months Ended March 31 , 2024 2023 Operating Activities Net (loss) income $ (8,388 ) $ 460 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 1,572 1,887 Write-down of inventory 940 517 Goodwill impairment 6,370 — Intangible asset impairment 1,279 — Deferred income taxes (22 ) (3,172 ) Non-cash share-based compensation expense 667 338 Gain on sale of property, plant and equipment (2,197 ) — Provision for allowance for credit losses — 156 Changes in operating assets and liabilities: Accounts receivable 5,244 1,113 Inventories 2,617 (4,631 ) Other assets 3,163 2,215 Accounts payable (3,462 ) (1,497 ) Accrued income taxes (42 ) (1,192 ) Accrued and other liabilities (3,432 ) (2,289 ) Contract liabilities 998 768 Net cash provided by (used in) operating activities 5,307 (5,327 ) Investing Activities Purchases of property, plant and equipment (1,976 ) (976 ) Proceeds from the sale of property, plant and equipment 2,700 — Acquisition, net of cash and cash equivalents acquired — (35,498 ) Net provided by provided by (used in) investing activities 724 (36,474 ) Financing Activities Proceeds from the exercise of stock options 28 331 Payments on long-term debt (6,413 ) (412 ) Borrowings on long-term debt — 12,000 Net cash (used in) provided by financing activities (6,385 ) 11,919 Effect of Exchange Rate Changes on Cash and Cash Equivalents 221 741 Net Decrease in Cash and Cash Equivalents (133 ) (29,141 ) Cash and Cash Equivalents, Beginning of Period 13,133 46,874 Cash and Cash Equivalents, End of Period $ 13,000 $ 17,733 AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share data) Three Months Ended Six Months Ended March 31 , March 31 , 2024 December 31 , 2023 March 31 , 2023 2024 2023 Amtech Systems, Inc. Gross Profit: GAAP gross profit $ 8,451 $ 8,219 $ 13,470 $ 16,670 $ 21,773 Write-down of inventory related to polishing equipment 175 273 - 448 - Intangible asset impairment - 849 - 849 - Non-GAAP gross profit $ 8,626 $ 9,341 $ 13,470 $ 17,967 $ 21,773 GAAP gross margin 33 % 33 % 40 % 33 % 40 % Non-GAAP gross margin 34 % 37 % 40 % 36 % 40 % Semiconductor Segment Gross Profit: GAAP gross profit $ 5,040 $ 6,159 $ 8,931 $ 11,199 $ 15,103 Write-down of inventory related to polishing equipment - - - - - Intangible asset impairment - - - - - Non-GAAP gross profit $ 5,040 $ 6,159 $ 8,931 $ 11,199 $ 15,103 GAAP gross margin 29 % 35 % 41 % 32 % 39 % Non-GAAP gross margin 29 % 35 % 41 % 32 % 39 % Material and Substrate Segment Gross Profit: GAAP gross profit $ 3,411 $ 2,060 $ 4,539 $ 5,471 $ 6,670 Write-down of inventory related to polishing equipment 175 273 - 448 - Intangible asset impairment - 849 - 849 - Non-GAAP gross profit $ 3,586 $ 3,182 $ 4,539 $ 6,768 $ 6,670 GAAP gross margin 43 % 28 % 40 % 36 % 42 % Non-GAAP gross margin 45 % 43 % 40 % 44 % 42 % AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share data) Three Months Ended Six Months Ended March 31 , March 31 , 2024 December 31 , 2023 March 31 , 2023 2024 2023 Amtech Systems, Inc. Operating Income (Loss): GAAP operating income (loss) $ 1,363 $ (8,934 ) $ 519 $ (7,571 ) $ (2,161 ) Gain on sale of fixed assets (2,197 ) - - (2,197 ) - Building move expense 231 - - 231 - Acquisition expenses - - 1,524 - 2,970 Write-down of inventory related to polishing equipment 175 273 - 448 - Amortization of acquired intangible assets 154 287 945 441 945 Stock compensation expense 350 317 174 667 338 Goodwill impairment - 6,370 - 6,370 - Intangible asset impairment - 1,279 - 1,279 - Severance expense 112 198 - 310 400 Non-GAAP operating income (loss) $ 188 $ (210 ) $ 3,162 $ (22 ) $ 2,492 GAAP operating margin 5.4 % (35.9 )% 1.6 % (15.0 )% (3.9 )% Non-GAAP operating margin 0.7 % (0.8 )% 9.5 % (0.0 )% 4.5 % Semiconductor Segment Operating Income: GAAP operating income $ 896 $ 1,081 $ 2,950 $ 1,977 $ 3,819 Severance expense - 111 - 111 - Non-GAAP operating income $ 896 $ 1,192 $ 2,950 $ 2,088 $ 3,819 Material and Substrate Segment Operating Income (Loss): GAAP operating income (loss) $ 900 $ (7,844 ) $ 297 $ (6,943 ) $ 930 Acquisition expenses - - 696 - 696 Write-down of inventory related to polishing equipment 175 273 - 448 - Amortization of acquired intangible assets 154 287 945 441 945 Goodwill impairment - 6,370 - 6,370 - Intangible asset impairment - 1,279 - 1,279 - Severance expense 71 87 - 158 - Non-GAAP operating income $ 1,300 $ 452 $ 1,938 $ 1,753 $ 2,571 AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share data) Three Months Ended Six Months Ended March 31 , March 31 , 2024 December 31 , 2023 March 31 , 2023 2024 2023 Consolidated Net Income (Loss): GAAP net income (loss) $ 970 $ (9,358 ) $ 3,204 $ (8,388 ) $ 460 Gain on sale of fixed assets (2,197 ) - - (2,197 ) - Building move expense 231 - - 231 - Acquisition expenses - - 1,524 - 2,970 Write-down of inventory related to polishing equipment 175 273 - 448 - Amortization of acquired intangible assets 154 287 945 441 945 Stock compensation expense 350 317 174 667 338 Goodwill impairment - 6,370 - 6,370 - Intangible asset impairment - 1,279 - 1,279 - Severance expense 112 198 - 310 400 Income tax provision related to acquisition - - (3,164 ) - (3,164 ) Non-GAAP net (loss) income $ (205 ) $ (634 ) $ 2,683 $ (839 ) $ 1,949 Net (Loss) Income per Diluted Share: GAAP net income (loss) per diluted share $ 0.07 $ (0.66 ) $ 0.23 $ (0.59 ) $ 0.03 Gain on sale of fixed assets (0.15 ) - - (0.15 ) - Building move expense 0.02 - - 0.01 - Acquisition expenses - - 0.11 - 0.21 Write-down of inventory related to polishing equipment 0.01 0.02 - 0.03 - Amortization of acquired intangible assets 0.01 0.02 0.06 0.03 0.07 Stock compensation expense 0.02 0.02 0.01 0.05 0.02 Goodwill impairment - 0.45 - 0.45 - Intangible asset impairment - 0.09 - 0.09 - Severance expense 0.01 0.02 - 0.02 0.03 Income tax provision related to acquisition - - (0.22 ) - (0.22 ) Non-GAAP net (loss) income per diluted share $ (0.01 ) $ (0.04 ) $ 0.19 $ (0.06 ) $ 0.14 AMTECH SYSTEMS, INC. (NASDAQ: ASYS) (Unaudited) Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (in thousands, except per share data) Three Months Ended March 31 , 2024 Six Months Ended March 31 , 2024 Amtech Systems, Inc. EBITDA: GAAP net income (loss) $ 970 $ (8,388 ) Interest income (14 ) (33 ) Interest expense 193 391 Income tax provision 223 281 Depreciation and amortization expense 720 1,572 EBITDA 2,092 (6,177 ) Gain on sale of fixed assets (2,197 ) (2,197 ) Building move expense 231 231 Write-down of inventory related to polishing equipment 175 448 Stock compensation expense 350 667 Goodwill impairment - 6,370 Intangible asset impairment - 1,279 Severance expense 112 310 Adjusted EBITDA $ 763 $ 931 View source version on businesswire.com : https://www.businesswire.com/news/home/20240508230607/en/ Amtech Systems, Inc. Lisa D. Gibbs Chief Financial Officer (480) 360-3756 [email protected] Sapphire Investor Relations, LLC Erica Mannion and Mike Funari (617) 542-6180 [email protected] Source: Amtech Systems, Inc.

View stock analysis, news, and events for Amtech Systems, Inc.