Amtech Systems Inc. Files 2024 Annual Report

TL;DR

AMTECH 10-K filed for FY24. Full financial picture inside.

AI Summary

Amtech Systems Inc. filed its 10-K for the fiscal year ending September 30, 2024, reporting on its financial performance and business operations. The company, incorporated in Arizona, is involved in the Special Industry Machinery sector. Key financial details and operational aspects are outlined in this comprehensive annual report.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Amtech Systems Inc.'s financial health and strategic direction for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-K, there are inherent risks associated with financial performance, market conditions, and operational challenges.

Key Numbers

• 0930 — Fiscal Year End (Indicates the end of the reporting period for the 10-K.)
• 20241212 — Filing Date (The date the 10-K was officially filed with the SEC.)

Key Players & Entities

• AMTECH SYSTEMS INC (company) — Filer of the 10-K
• 20240930 (date) — Fiscal year end
• 0000720500 (company) — Central Index Key for Amtech Systems Inc.
• AZ (location) — State of Incorporation
• TEMPE (location) — City of Business Address

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share ASYS NASDAQ Global Select
• $39.2 million — technology for a cash purchase price of $39.2 million. Entrepix's CMP technology portfolio an

Filing Documents

• asys-20240930.htm (10-K) — 4076KB
• asys-ex4_1.htm (EX-4.1) — 54KB
• asys-ex10_5.htm (EX-10.5) — 30KB
• asys-ex10_6.htm (EX-10.6) — 31KB
• asys-ex21_1.htm (EX-21.1) — 25KB
• asys-ex23_1.htm (EX-23.1) — 6KB
• asys-ex23_2.htm (EX-23.2) — 5KB
• asys-ex24.htm (EX-24) — 28KB
• asys-ex31_1.htm (EX-31.1) — 15KB
• asys-ex31_2.htm (EX-31.2) — 15KB
• asys-ex32_1.htm (EX-32.1) — 9KB
• asys-ex32_2.htm (EX-32.2) — 10KB
• img251409671_0.jpg (GRAPHIC) — 66KB
• 0000950170-24-135825.txt ( ) — 17273KB
• asys-20240930.xsd (EX-101.SCH) — 1908KB
• asys-20240930_htm.xml (XML) — 3701KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. Reserved 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 84 Item 9A.

Controls and Procedures

Controls and Procedures 84 Item 9B. Other Information 85 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 85 Part III Item 10. Directors, Executive Officers and Corporate Governance 86 Item 11.

Executive Compensation

Executive Compensation 86 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 86 Item 13. Certain Relationships and Related Transactions, and Director Independence 86 Item 14. Principal Accounting Fees and Services 86 Part IV Item 15. Exhibit and Financial Statement Schedules 87 Item 16. Form 10-K Summary 87

Signatures

Signatures 90 2 DEFINI TIONS Acronyms and defined terms used in the text include the following: Term Meaning 2007 Plan The 2007 Employee Stock Incentive Plan 2022 Plan Amtech Systems, Inc. 2022 Equity Incentive Plan 3D Three dimensional 401(k) Plan The Amtech Systems, Inc. 401(k) Plan 5G Fifth generation of mobile communications ACMI Advanced Compound Materials, Inc. ADAS Advanced driver assistance systems AI Artificial intelligence Amtech Amtech Systems, Inc. and Subsidiaries ASC Accounting Standards Codification Board The Board of Directors of Amtech Systems, Inc. Bruce Technologies Bruce Technologies, Inc. BTU BTU International, Inc. CEO Chief Executive Officer CFO Chief Financial Officer CM Contract manufacturer CMP Chemical Mechanical Planarization or Chemical Mechanical Polishing Common Stock Our common stock, par value $0.01 per share Company Amtech Systems, Inc. and Subsidiaries COSO Committee of Sponsoring Organizations of the Treadway Commission COVID-19 A novel coronavirus strain commonly referred to as "coronavirus" DBC Direct bond copper EBIT EBITDA Earnings Before Interest and Taxes Earnings Before Interest, Taxes, Depreciation, and Amortization EMEA Europe, Middle East and Asia Entrepix Entrepix, Inc. EPS Earnings (loss) per share ERISA Employee Retirement Income Security Act of 1974 EV Electric vehicle Exchange Act Securities Exchange Act of 1934, as amended FDIC Federal Deposit Insurance Corporation GAAP Generally Accepted Accounting Principles in the United States HEV Hybrid electric vehicles Intersurface Dynamics Intersurface Dynamics, Inc. ISO 9001:2015 International standard that specifies requirements for a quality management system IoT Internet of things LED Light-emitting diode Loan Agreement Loan and Security Agreement MEMS Microelectromechanical systems mm Millimeter 3

BUSINESS

ITEM 1. BUSINESS OUR COMPANY We provide 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. Our semiconductor fabrication solutions include consumables, equipment and services for wafer polishing, cleaning, slicing and dicing. Our thermal processing solutions include reflow equipment for chip packaging and electronic assembly, diffusion furnaces and furnaces used to produce ceramic based power semiconductor packages and passive electronic components. The focus of our strategy is to expand our consumables and service business for semiconductor wafer fabrication and to capitalize on opportunities for thermal processing equipment in advanced packaging and power electronic applications. We categorize each of our subsidiaries into one of two reportable segments, based primarily on the industries they serve: Reportable Segment % of 2024 Consolidated Net Revenue Thermal Processing Solutions 68 % Semiconductor Fabrication Solutions 32 % These reportable segments are comprised of the following five wholly-owned subsidiaries: Thermal Processing Solutions (formerly called Semiconductor): BTU, a Delaware corporation based in Westford, Massachusetts, with operations in China, Malaysia and the UK, acquired in January 2015. Semiconductor Fabrication Solutions (formerly called Material and Substrate): PR Hoffman, an Arizona corporation based in Carlisle, Pennsylvania, acquired in July 1997; Advanced Compound Materials, Inc., a Delaware corporation based in Spartanburg, South Carolina, founded in 2023; Intersurface Dynamics, a Connecticut cor

View Full Filing

View this 10-K filing on SEC EDGAR