Amtech Systems Inc. Files Q3 2024 10-Q Report

TL;DR

AMTECH Q3 24 10-Q filed. Check financials.

AI Summary

Amtech Systems Inc. reported its third-quarter results for the period ending June 30, 2024. The company's financial performance and operational updates are detailed in this 10-Q filing. Specific financial figures and operational highlights are available within the document.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Amtech Systems Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the specific financial details and operational risks are not fully elaborated in the provided header information, necessitating a deeper review of the full document.

Key Numbers

• 09-30 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• AMTECH SYSTEMS INC (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240807 (date) — Filing Date
• QUARTZ ENGINEERING & MATERIALS INC (company) — Former Company Name

FAQ

Key Financial Figures

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

Filing Documents

• asys-20240630.htm (10-Q) — 2068KB
• 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
• img251406788_0.jpg (GRAPHIC) — 66KB
• 0000950170-24-092822.txt ( ) — 9718KB
• asys-20240630.xsd (EX-101.SCH) — 1292KB
• asys-20240630_htm.xml (XML) — 1898KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 4 Condensed Consolidated Balance Sheets June 30, 2024 (Unaudited) and September 30, 2023 4 Condensed Consolidated Statements of Operations (Unaudited) Three and Nine Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three and Nine Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) Three and Nine Months Ended June 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended June 30, 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 25 Overview 25 Results of Operations 26 Liquidity and Capital Resources 30 Off-Balance Sheet Arrangements 32 Contractual Obligations 32 Critical Accounting Estimates 33 Impact of Recently Issued Accounting Pronouncements 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION 35

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36

SIGNATURES

SIGNATURES 37 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) June 30, 2024 September 30, 2023 Assets (Unaudited) Current Assets Cash and cash equivalents $ 13,183 $ 13,133 Accounts receivable (less allowance for credit losses of $ 89 and $ 146 at June 30, 2024 and September 30, 2023, respectively) 24,292 26,474 Inventories 28,753 34,845 Income taxes receivable 91 632 Other current assets 4,074 6,105 Total current assets 70,393 81,189 Property, Plant and Equipment - Net 12,362 9,695 Right-of-Use Assets - Net 17,559 11,217 Intangible Assets - Net 4,178 6,114 Goodwill 21,261 27,631 Deferred Income Taxes - Net 115 101 Other Assets 1,191 1,074 Total Assets $ 127,059 $ 137,021 Liabilities and Shareholders' Equity Current Liabilities Accounts payable $ 8,330 $ 10,815 Accrued compensation and related taxes 1,762 3,481 Accrued warranty expense 749 965 Other accrued liabilities 1,348 1,551 Current maturities of finance lease liabilities and long-term debt 4,064 2,265 Current portion of long-term operating lease liabilities 1,856 2,623 Contract liabilities 9,291 8,018 Total current liabilities 27,400 29,718 Finance Lease Liabilities and Long-Term Debt 177 8,422 Long-Term Operating Lease Liabilities 16,129 8,894 Income Taxes Payable 1,582 1,575 Other Long-Term Liabilities 53 47 Total Liabilities 45,341 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 June 30, 2024 and September 30, 2023, respectively 142 142 Additional paid-in capital 128,146 126,963 Accumulated other

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View this 10-Q filing on SEC EDGAR