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Amtech Reports First Quarter 2024 Results
ASYSAmtech Systems(ASYS) Businesswire·2024-02-09 21:05

Financial Performance - Net revenue for Q1 FY2024 was 24.9million,a1024.9 million, a 10% sequential decrease but a 16% increase compared to Q1 FY2023 [2][5] - GAAP operating loss was 8.9 million, including 7.6millioninnon−cashimpairmentchargesduetomarketvaluedecline[2][6]−Non−GAAPoperatinglossimprovedto7.6 million in non-cash impairment charges due to market value decline [2][6] - Non-GAAP operating loss improved to 0.2 million, compared to 3.0millioninQ4FY2023and3.0 million in Q4 FY2023 and 0.7 million in Q1 FY2023 [2][8] - GAAP net loss was 9.4million(9.4 million (0.66 per share), while Non-GAAP net loss was 0.6million(0.6 million (0.04 per share) [2][8] Operational Highlights - Customer orders totaled 23.1millionwithabook−to−billratioof0.9:1[2]−Backlogstoodat23.1 million with a book-to-bill ratio of 0.9:1 [2] - Backlog stood at 50.0 million at the end of Q1 FY2024 [2] - Achieved 6millioninannualizedcostsavingsthroughoperationaloptimization[3]−Unrestrictedcashandcashequivalentsincreasedto6 million in annualized cost savings through operational optimization [3] - Unrestricted cash and cash equivalents increased to 17.0 million from 13.1millioninthepreviousquarter[9]SegmentPerformance−Semiconductorsegmentrevenuewas13.1 million in the previous quarter [9] Segment Performance - Semiconductor segment revenue was 17.5 million with GAAP gross margin of 35% [17] - Material and Substrate segment revenue was 7.4millionwithGAAPgrossmarginof287.4 million with GAAP gross margin of 28% [17] - Semiconductor segment backlog was 44.8 million, while Material and Substrate segment backlog was 5.1million[17]MarketandIndustryContext−Revenuedecreaseattributedtosoftnessinthesemiconductormarket,particularlyinequipmentshipments[5]−IncreasefromprioryeardrivenbyhigherbeltfurnaceshipmentsandEntrepixacquisition[5]−CompanyexpectsQ2FY2024revenuebetween5.1 million [17] Market and Industry Context - Revenue decrease attributed to softness in the semiconductor market, particularly in equipment shipments [5] - Increase from prior year driven by higher belt furnace shipments and Entrepix acquisition [5] - Company expects Q2 FY2024 revenue between 22-25 million with EBITDA ranging from nominally negative to neutral [11] Strategic Initiatives - Focused on operational optimization and cost structure improvement [3] - Implementing strategic actions to enhance operational efficiency and shareholder value [3] - Aligning product pricing with value to improve profitability through market cycles [12]