Amtech Systems(ASYS) - 2025 Q1 - Quarterly Results

Financial Performance - Net revenue for Q1 FY 2025 was $24.4 million, a 1% increase sequentially from Q4 FY 2024 and a 2% decrease from Q1 FY 2024[6]. - Adjusted EBITDA for Q1 FY 2025 was$ 1.9 million, reflecting a $1.8 million year-over-year increase[5]. - GAAP net income for Q1 FY 2025 was$ 0.3 million, or $0.02 per share, compared to a net loss of$ 0.5 million in Q4 FY 2024 and a loss of $9.4 million in Q1 FY 2024[12]. - Revenue for the three months ended December 31, 2024, was$ 24.385 million, a slight decrease from $24.920 million in the same period of 2023, representing a decline of approximately 2.1%[26]. - The company reported a net loss of$ 0.312 million for the three months ended December 31, 2024, compared to a net loss of $0.358 million in the same period of 2023[26]. - For the three months ended December 31, 2024, Amtech Systems reported a net income of$ 312,000, a significant improvement compared to a net loss of $9,358,000 in the same period of 2023[28]. - Non-GAAP net income for the three months ended December 31, 2024, was$ 826,000, compared to a loss of $634,000 in the same period of 2023[30]. Cash and Liquidity - Unrestricted cash and cash equivalents increased to$ 13.2 million as of December 31, 2024, up from $11.1 million at September 30, 2024[14]. - Cash and cash equivalents at the end of the period were$ 13,214,000, down from $17,033,000 at the end of December 2023[28]. - The company experienced a net cash provided by operating activities of$ 2,867,000, a decrease from $4,971,000 in the prior year[28]. - Cash and cash equivalents increased to$ 13.214 million from $11.086 million, reflecting a growth of approximately 19.2%[27]. Expenses and Cost Management - SG&A expenses decreased by$ 0.7 million sequentially and $0.5 million year-over-year, primarily due to fixed cost reductions[10]. - Research, Development and Engineering expenses decreased by$ 0.1 million sequentially and $0.7 million year-over-year, attributed to timing of project-related purchases[11]. - The company continues to focus on operational excellence and cost optimization initiatives to enhance profitability through market cycles[5]. Assets and Liabilities - Total current assets as of December 31, 2024, were$ 64.267 million, slightly down from $64.376 million at September 30, 2024[27]. - Total liabilities decreased to$ 35.334 million from $36.595 million, showing a reduction of about 3.5%[27]. - Shareholders' equity increased to$ 82.442 million from $82.358 million, indicating a growth of approximately 0.1%[27]. - Accounts receivable decreased to$ 20.822 million from $21.989 million, a decline of about 5.3%[27]. - Inventories decreased to$ 25.611 million from $26.867 million, reflecting a decrease of approximately 4.7%[27]. - The company maintained goodwill at$ 21.261 million, unchanged from the previous quarter[27]. Segment Performance - The Semiconductor Fabrication Solutions Segment reported a GAAP gross profit of $2,034,000, with a gross margin of 36%[29]. - The Thermal Processing Solutions Segment achieved a GAAP gross profit of$ 7,329,000, with a gross margin of 39%[29]. - GAAP gross margin for Q1 FY 2025 was 38.4%, compared to 40.7% in Q4 FY 2024 and 33.0% in Q1 FY 2024[7]. - The GAAP gross profit for the same period was $9,363,000, resulting in a gross margin of 38%, compared to a gross margin of 33% in December 2023[29]. Future Outlook - The company expects revenues for Q2 FY 2025 to be in the range of$ 21 million to $23 million, with adjusted EBITDA expected to be nominally positive[18].