Amtech Systems Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Amtech Systems Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

AMTECH SYSTEMS INC (ASYS) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Amtech Systems Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 30th. Amtech Systems Inc. was formerly known as Quartz Engineering & Materials Inc. The company's business address is located in Tempe, Arizona.

Why It Matters

For investors and stakeholders tracking AMTECH SYSTEMS INC, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and operational status for the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing Amtech Systems Inc.'s current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — AMTECH SYSTEMS INC shows moderate risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting, but the specific financial details and operational updates within the report will determine the actual risk level.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand revenue trends, profitability, and any new business developments.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Company fiscal year end)

Key Players & Entities

• AMTECH SYSTEMS INC (company) — Filer name
• QUARTZ ENGINEERING & MATERIALS INC (company) — Former company name
• Tempe, Arizona (location) — Business address city and state
• 2024-03-31 (date) — Conformed period of report
• 2024-05-08 (date) — Filed as of date

FAQ

Industry Context

Amtech Systems Inc. operates in the Special Industry Machinery sector, specifically focusing on semiconductor equipment and materials.

Regulatory Implications

The filing is a 10-Q, which is a standard quarterly report required by the SEC for public companies under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and net income figures for the reported quarter.
2. Examine any disclosed risks or uncertainties in the Management's Discussion and Analysis section.
3. Compare key financial metrics to previous periods to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, which is a routine quarterly report. Specific comparisons to the previous filing would require access to the prior period's document.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share ASYS NASDAQ Global Select

Filing Documents

• asys-20240331.htm (10-Q) — 1987KB
• asys-ex31_1.htm (EX-31.1) — 17KB
• asys-ex31_2.htm (EX-31.2) — 16KB
• asys-ex32_1.htm (EX-32.1) — 10KB
• asys-ex32_2.htm (EX-32.2) — 10KB
• img251403906_0.jpg (GRAPHIC) — 66KB
• 0000950170-24-055725.txt (&nbsp;) — 9496KB
• asys-20240331.xsd (EX-101.SCH) — 1286KB
• asys-20240331_htm.xml (XML) — 1861KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 4 Condensed Consolidated Balance Sheets March 31, 2024 (Unaudited) and September 30, 2023 4 Condensed Consolidated Statements of Operations (Unaudited) Three and Six Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three and Six Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) Three and Six Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Overview 26 Results of Operations 27 Liquidity and Capital Resources 30 Off-Balance Sheet Arrangements 33 Contractual Obligations 33 Critical Accounting Estimates 33 Impact of Recently Issued Accounting Pronouncements 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION 36

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 37

SIGNATURES

SIGNATURES 38 2 Cautionary Note Regardin g Forward-Looking Statements Our discussion and analysis in this Quarterly Report on Form 10-Q ("Quarterly Report"), our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (the "2023 Form 10-K"), our other reports that we file with the Securities and Exchange Commission ("SEC"), our press releases and in public statements of our officers and corporate spokespersons contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements give our or our officers' current expectations or forecasts of future events. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. We have tried, wherever possible, to identify such statements by using words 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 thereof or variations thereon or similar terminology relating to the uncertainty of future events or outcomes. Any expectations based on these forward-looking statements are subject to risks and uncertainties and other important factors. Some factors that could cause actual results to differ materially from those anticipated include, among others, future economic conditions, including changes in the markets in which we operate; changes in demand for our services and products; our revenue and operating performance; difficulties in successfully executing our growth initiatives; difficulties in executing on our strategic initiatives with respect to our material and substrate business segment; the effects of competition in the markets in whic

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements AMTECH SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolida ted Balance Sheets (in thousands, except share data) March 31, 2024 September 30, 2023 Assets (Unaudited) 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 (Note 10) 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 othe

View Full Filing

View this 10-Q filing on SEC EDGAR