Amtech Systems(ASYS) - 2025 Q1 - Quarterly Report

Financial Performance - Total net revenue for the three months ended December 31, 2024, was $24.4 million, a decrease of approximately$0.5 million or 2% compared to $24.9 million in the same period of 2023[92] - Gross profit for the three months ended December 31, 2024, was$9.4 million, representing a gross margin of 38%, an increase from $8.2 million and 33$6.4 million in the same quarter of 2023[99] Orders and Backlog - New orders for the Thermal Processing Solutions segment decreased by 23% to $13.2 million for the three months ended December 31, 2024, down from$17.1 million in 2023[94] - Total backlog as of December 31, 2024, was $19.0 million, a decrease of 62$50.0 million in the same period of 2023[94] Expenses - Research, development, and engineering expenses for the three months ended December 31, 2024, were $0.9 million, down from$1.6 million in the same period of 2023[98] - Selling, general and administrative expenses decreased to $8.1 million for the three months ended December 31, 2024, compared to$8.6 million in the same period of 2023[96] Tax and Cash Flow - The effective tax rate for the three months ended December 31, 2024, was 58.8%, compared to (0.6%) in the same period of 2023[103] - Net cash provided by operating activities decreased to $2.9 million for the three months ended December 31, 2024, down from$5.0 million in the same period of 2023, reflecting a decline of approximately 42.0%[107] Cash Management - Cash used in investing activities was $0.1 million for the three months ended December 31, 2024, compared to$0.8 million in the same period of 2023, indicating a reduction of 87.5%[109] - Cash provided by financing activities was $0.1 million for the three months ended December 31, 2024, while cash used was$0.5 million in the same period of 2023, showing a shift from outflow to inflow[110] - Cash and cash equivalents increased by $2.1 million from September 30, 2024, totaling$13.2 million as of December 31, 2024, compared to $11.1 million at the beginning of the period[105] Working Capital and Liquidity - Working capital rose to$45.3 million as of December 31, 2024, up from $44.8 million on September 30, 2024, reflecting an increase of approximately 1.2$7.9 million as of December 31, 2024, down from $12.1 million as of September 30, 2024, a decline of approximately 34.6$2.5 million[89] - The company continues to pursue acquisitions to supplement organic growth, with a focus on expanding operations outside of mainland China to enhance supply chain resiliency[88] Off-Balance Sheet Arrangements - There were no off-balance sheet arrangements as of December 31, 2024, that could materially affect the company's financial condition[111]