Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Amtech Systems (ASYS) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.Amtech Systems is a member of the Computer and Technology sector. This group includes 618 individual stocks and currently holds a Zacks Sector Rank of #10. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measu ...

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, June 21:Amtech Systems, Inc. (ASYS) : This semiconductor equipment company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 70.6% over the last 60 days.Amtech's shares gained 13.1% over the last three months compared with the S&P 500’s advanced of 4.6%. The company possesses a Momentum Score of B.Futu Holdings Limited (FUTU) : This company which prov ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Amtech Systems, Inc. (ASYS) : This semiconductor equipment company has seen the Zacks Consensus Estimate for its current year earnings increasing 70.6% over the last 60 days.Laureate Education, Inc. (LAUR) : This education services provider has seen the Zacks Consensus Estimate for its current year earnings increasing 5.7% over the last 60 days.Elbit Systems Ltd. (ESLT) : This defense and aerospace technology company has seen the Zacks ...

Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase ...

Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has Amtech Systems (ASYS) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.Amtech Systems is a member of the Computer and Technology sector. This group includes 619 individual stocks and currently holds a Zacks Sector Rank of #11. The Zacks Se ...

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Characteristics - Momentum investing can be risky as stocks may lose momentum if future growth does not justify high valuations [1] - Identifying the right entry point for fast-moving stocks is challenging, and traditional momentum parameters may not always be reliable [1] Group 2: Amtech Systems (ASYS) Analysis - ASYS has shown a price increase of 32.1% over the past four weeks, indicating growing investor interest [2] - The stock gained 31.8% over the past 12 weeks, demonstrating its ability to deliver positive returns over a longer timeframe [3] - ASYS has a beta of 1.46, suggesting it moves 46% higher than the market in either direction, indicating fast-paced momentum [3] Group 3: Earnings and Valuation - ASYS has a Momentum Score of B, suggesting it is a favorable time to invest in the stock [3] - The stock has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investors [4] - ASYS is trading at a Price-to-Sales ratio of 0.84, indicating it is reasonably valued at 84 cents for each dollar of sales [4] Group 4: Investment Opportunities - ASYS is part of a broader category of stocks that meet the criteria for "Fast-Paced Momentum at a Bargain," suggesting potential for further investment [5] - The Zacks Premium Screens offer various strategies to identify winning stock picks based on different investing styles [5]

Amtech Systems (ASYS) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Ind ...

Amtech Systems, Inc. (NASDAQ:ASYS) Q2 2024 Earnings Conference Call May 8, 2024 5:00 PM ET Company Participants Erica Mannion - Sapphire Investor Relations Bob Daigle - Chairman & Chief Executive Officer Lisa Gibbs - Chief Financial Officer Conference Call Participants Mark Miller - Benchmark Kevin Garrigan - WestPark Capital. Craig Irwin - ROTH MKM Operator Good day, and welcome to the Amtech Systems Fiscal Second Quarter 2024 Earnings Call. Please note that this event is being recorded. I would now like t ...

Group 1 - Amtech Systems reported a quarterly loss of $0.01 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.11, and compared to earnings of $0.19 per share a year ago, indicating an earnings surprise of 90.91% [1] - The company posted revenues of $25.43 million for the quarter ended March 2024, exceeding the Zacks Consensus Estimate by 10.58%, although this represents a decline from year-ago revenues of $33.31 million [1] - Over the last four quarters, Amtech has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [1] Group 2 - Amtech shares have increased by approximately 13.1% since the beginning of the year, outperforming the S&P 500's gain of 8.8% [2] - The future performance of Amtech's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [2] Group 3 - The current consensus EPS estimate for the upcoming quarter is breakeven on $26 million in revenues, while for the current fiscal year, it is projected at -$0.17 on $105 million in revenues [4] - The Semiconductor - General industry, to which Amtech belongs, is currently ranked in the bottom 18% of over 250 Zacks industries, indicating potential challenges ahead [4]

Cautionary Statement Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) - The report contains forward-looking statements identified by specific terminology 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'[10](index=10&type=chunk) - Actual results may differ materially from expectations due to various risks and uncertainties, including economic conditions, changes in demand, execution difficulties, competition, industry cyclicality, pricing pressures, new technologies, regulatory developments, litigation, business interruptions, cybersecurity incidents, financial institution issues, and compliance with credit agreements[10](index=10&type=chunk) - The Company disclaims any obligation to update or publicly revise forward-looking statements and advises investors to consult further disclosures in subsequent SEC filings and 'Item 1A. Risk Factors'[12](index=12&type=chunk) PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income (loss), shareholders' equity, and cash flows, along with their accompanying notes, providing a snapshot of the company's financial position and performance for the periods ended March 31, 2024 and September 30, 2023 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Metric | March 31, 2024 (Unaudited) (in thousands) | September 30, 2023 (in thousands) | Change (in thousands) | % Change | | :----- | :---------------------------------------- | :-------------------------------- | :-------------------- | :------- | | **Assets** | | | | | | Total current assets | $70,299 | $81,189 | $(10,890) | -13.4% | | Property, Plant and Equipment - Net | $9,476 | $9,695 | $(219) | -2.3% | | Intangible Assets - Net | $4,352 | $6,114 | $(1,762) | -28.8% | | Goodwill | $21,261 | $27,631 | $(6,370) | -23.1% | | Total Assets | $116,474 | $137,021 | $(20,547) | -15.0% | | **Liabilities** | | | | | | Total current liabilities | $25,914 | $29,718 | $(3,804) | -12.8% | | Finance Lease Liabilities and Long-Term Debt | $65 | $8,422 | $(8,357) | -99.2% | | Total Liabilities | $35,583 | $48,656 | $(13,073) | -26.9% | | **Shareholders' Equity** | | | | | | Total Shareholders' Equity | $80,891 | $88,365 | $(7,474) | -8.5% | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) | Metric (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | Change | % Change | | :-------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Revenues, net | $25,433 | $33,310 | $(7,877) | -23.6% | | Gross profit | $8,451 | $13,470 | $(5,019) | -37.3% | | Operating income (loss) | $1,363 | $519 | $844 | 162.6% | | Net income (loss) | $970 | $3,204 | $(2,234) | -69.7% | | Net income (loss) per basic share | $0.07 | $0.23 | $(0.16) | -69.6% | | Net income (loss) per diluted share | $0.07 | $0.23 | $(0.16) | -69.6% | | Metric (in thousands) | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | Change | % Change | | :-------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Revenues, net | $50,353 | $54,868 | $(4,515) | -8.2% | | Gross profit | $16,670 | $21,773 | $(5,103) | -23.4% | | Operating income (loss) | $(7,571) | $(2,161) | $(5,410) | -250.3% | | Net income (loss) | $(8,388) | $460 | $(8,848) | -1923.5% | | Net income (loss) per basic share | $(0.59) | $0.03 | $(0.62) | -2066.7% | | Net income (loss) per diluted share | $(0.59) | $0.03 | $(0.62) | -2066.7% | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) | Metric (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | Change | % Change | | :-------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Net income (loss) | $970 | $3,204 | $(2,234) | -69.7% | | Foreign currency translation adjustment | $(50) | $384 | $(434) | -113.0% | | Comprehensive income (loss) | $920 | $3,588 | $(2,668) | -74.4% | | Metric (in thousands) | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | Change | % Change | | :-------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Net income (loss) | $(8,388) | $460 | $(8,848) | -1923.5% | | Foreign currency translation adjustment | $219 | $800 | $(581) | -72.6% | | Comprehensive income (loss) | $(8,169) | $1,260 | $(9,429) | -748.3% | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) | Metric (in thousands) | Balance at September 30, 2023 | Balance at March 31, 2024 | Change | % Change | | :-------------------- | :---------------------------- | :------------------------ | :----- | :------- | | Common Stock Par Value | $142 | $142 | $0 | 0.0% | | Additional Paid-In Capital | $126,963 | $127,658 | $695 | 0.5% | | Accumulated Other Comprehensive Loss | $(1,695) | $(1,476) | $219 | -12.9% | | Retained Deficit | $(37,045) | $(45,433) | $(8,388) | 22.6% | | Total Shareholders' Equity | $88,365 | $80,891 | $(7,474) | -8.5% | - The **retained deficit increased** by **$8.388 million** from September 30, 2023, to March 31, 2024, primarily due to the **net loss** incurred during the period[25](index=25&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Activity (in thousands) | Six Months Ended March 31, 2024 | Six Months Ended March 31, 2023 | Change | | :-------------------------------- | :------------------------------ | :------------------------------ | :----- | | Net cash provided by (used in) operating activities | $5,307 | $(5,327) | $10,634 | | Net cash provided by (used in) investing activities | $724 | $(36,474) | $37,198 | | Net cash (used in) provided by financing activities | $(6,385) | $11,919 | $(18,304) | | Net Decrease in Cash and Cash Equivalents | $(133) | $(29,141) | $29,008 | | Cash and Cash Equivalents, End of Period | $13,000 | $17,733 | $(4,733) | - **Operating activities generated** **$5.3 million** in cash for the six months ended March 31, 2024, a **significant improvement** from the **$5.3 million** cash used in the prior year, driven by improved accounts receivable collections and increased customer down payments[29](index=29&type=chunk)[147](index=147&type=chunk) - **Investing activities provided** **$0.7 million**, a **substantial shift** from **$36.5 million** used in the prior year, primarily due to proceeds from the sale of real property in Arizona, partially offset by capital expenditures[29](index=29&type=chunk)[148](index=148&type=chunk) - **Financing activities used** **$6.4 million**, mainly for long-term debt payments, contrasting with **$11.9 million** provided in the prior year from debt borrowings[29](index=29&type=chunk)[149](index=149&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [Basis of Presentation and Significant Accounting Policies](index=10&type=section&id=1.%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) - Amtech is a global manufacturer of capital equipment, including thermal processing, wafer polishing and cleaning, and related consumables used in fabricating semiconductor devices (e.g., SiC, silicon power, analog, discrete, electronic assemblies, LEDs), serving markets worldwide[31](index=31&type=chunk) - The unaudited condensed consolidated financial statements are prepared under SEC rules and GAAP, with certain disclosures condensed or omitted, and should be read with the 2023 Form 10-K[32](index=32&type=chunk) - In the first quarter of fiscal year 2024, the company recorded **impairment** of definite-lived intangible assets and goodwill in its Material and Substrate segment due to a **decline** in stock price[38](index=38&type=chunk)[40](index=40&type=chunk) | Contract Liabilities Activity (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | | :----------------------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Beginning balance | $9,518 | $6,955 | $8,018 | $7,231 | | New deposits | $724 | $3,552 | $3,547 | $4,279 | | Revenue recognized | $(1,218) | $(846) | $(2,544) | $(1,414) | | Ending balance | $9,015 | $9,661 | $9,015 | $9,661 | - Remaining performance obligations totaled approximately **$44.3 million** as of March 31, 2024, **down** from **$51.8 million** at September 30, 2023, with orders expected to ship within the next twelve months[41](index=41&type=chunk) | Accrued Warranty Expense (in thousands) | Six Months Ended March 31, 2024 | Six Months Ended March 31, 2023 | | :------------------------------------ | :------------------------------ | :------------------------------ | | Beginning balance | $965 | $871 | | Additions for warranties issued | $97 | $342 | | Costs incurred | $(19) | $9 | | Changes in estimate | $(280) | $(139) | | Ending balance | $763 | $1,083 | - Shipping expense **decreased** to **$0.5 million** for the three months ended March 31, 2024 (from **$0.8 million** in 2023) and to **$1.1 million** for the six months ended March 31, 2024 (from **$1.4 million** in 2023)[43](index=43&type=chunk) - Two Semiconductor segment customers each represented **14%** of accounts receivable as of March 31, 2024[44](index=44&type=chunk) - The company's **cash and cash equivalents exceeded** federally insured limits by approximately **$8.2 million** at March 31, 2024[45](index=45&type=chunk) - The carrying value of the company's **total debt was** **$4.2 million** at March 31, 2024, approximating fair value and classified as Level 2 in the fair value hierarchy[49](index=49&type=chunk) - The company is evaluating ASU 2023-07 (Segment Reporting) for its impact on consolidated financial statements, effective for fiscal years beginning after December 15, 2023[51](index=51&type=chunk) [Long-Term Debt](index=13&type=section&id=2.%20Long-Term%20Debt) | Debt Component (in thousands) | 2024 | 2023 | | :---------------------------- | :--- | :--- | | Term loan | $4,202 | $10,573 | | Finance leases | $106 | $114 | | Total | $4,308 | $10,687 | | Less: current portion | $(4,243) | $(2,265) | | Finance Lease Liabilities and Long-Term Debt | $65 | $8,422 | - Interest expense on finance lease liabilities and long-term debt was **$0.2 million** for the three months ended March 31, 2024 and 2023, and **$0.4 million** and **$0.2 million** for the six months ended March 31, 2024 and 2023, respectively[54](index=54&type=chunk) - The company entered into a Forbearance & Modification Agreement with UMB Bank on December 5, 2023, due to non-compliance with Debt to EBITDA and Fixed Charge Coverage Ratio covenants. The forbearance period extends through January 17, 2025[58](index=58&type=chunk)[151](index=151&type=chunk) - The Forbearance Agreement **increased** the revolving credit facility to **$14.0 million** (from **$8.0 million**) and **reduced** the term loan commitment to **$4.4 million** (from **$12.0 million**). Both maturities were extended by one year[59](index=59&type=chunk)[152](index=152&type=chunk) - As of March 31, 2024, **$4.2 million** was outstanding on the Term Loan, no amounts were borrowed against the Revolver, and there was a **$0.3 million** outstanding letter of credit. All outstanding debt was classified as current due to the lender's ability to call amounts at the end of the forbearance period[60](index=60&type=chunk)[61](index=61&type=chunk)[152](index=152&type=chunk)[156](index=156&type=chunk) - The company was in compliance with the Minimum **EBITDA** Covenant for the six-month period ended March 31, 2024, with actual positive **EBITDA** of **$1.0 million** (covenant not less than negative **$800,000**)[60](index=60&type=chunk)[153](index=153&type=chunk) [Acquisition](index=16&type=section&id=3.%20Acquisition) - On January 17, 2023, Amtech acquired **100%** of Entrepix, Inc., a manufacturer of chemical mechanical polishing (CMP) technology, for a total consideration of **$39.2 million** (**$35.2 million** cash to sellers, **$4.0 million** for debt and transaction costs)[64](index=64&type=chunk)[65](index=65&type=chunk) - The acquisition was partially funded by a **$12.0 million** term loan from UMB Bank[65](index=65&type=chunk) - Goodwill of **$16.463 million** was recognized, representing estimated future economic benefits from synergies like deeper customer penetration, complementary product offerings, and cost reductions[66](index=66&type=chunk)[69](index=69&type=chunk) | Acquired Intangible Asset | Amortization Period | Amount (in thousands) | Classification of Amortization | | :------------------------ | :------------------ | :-------------------- | :----------------------------- | | Developed technology | 5.0 years | $6,700 | Cost of sales | | Customer relationships | 10.0 years | $2,800 | Selling, general and administrative | | Backlog | 1.0 year | $2,100 | Selling, general and administrative | | Trade names | 10.0 years | $1,800 | Selling, general and administrative | | Noncompetition agreements | 5.0 years | $200 | Selling, general and administrative | | Total intangible assets | 6.1 years (weighted-average) | $13,600 | | | Pro Forma Financial Information (in thousands) | 3 Months Ended March 31, 2023 | 6 Months Ended March 31, 2023 | | :------------------------------------------- | :---------------------------- | :---------------------------- | | Revenues, Net | $34,623 | $63,778 | | Net Income | $4,285 | $1,149 | [Earnings Per Share](index=19&type=section&id=4.%20Earnings%20Per%20Share) | EPS Metric | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | | :--------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Net income (loss) per basic share | $0.07 | $0.23 | $(0.59) | $0.03 | | Net income (loss) per diluted share | $0.07 | $0.23 | $(0.59) | $0.03 | - For the six months ended March 31, 2024, the company reported a **net loss** per basic and diluted share of **$(0.59)**, a **significant decline** from **$0.03** in the prior year, primarily due to the overall **net loss**[81](index=81&type=chunk) - Options for **817,191** and **645,244** weighted average shares were excluded from diluted EPS calculations for the three and six months ended March 31, 2024, respectively, as they were anti-dilutive[78](index=78&type=chunk) [Inventories](index=20&type=section&id=5.%20Inventories) | Inventory Component (in thousands) | March 31, 2024 | September 30, 2023 | Change | % Change | | :--------------------------------- | :------------- | :----------------- | :----- | :------- | | Purchased parts and raw materials | $21,558 | $22,627 | $(1,069) | -4.7% | | Work-in-process | $7,058 | $7,774 | $(716) | -9.2% | | Finished goods | $2,692 | $4,444 | $(1,752) | -39.4% | | Total | $31,308 | $34,845 | $(3,537) | -10.1% | - Total inventories **decreased** by **10.1%** from September 30, 2023, to March 31, 2024, with finished goods experiencing the largest percentage **decrease** of **39.4%**[82](index=82&type=chunk) [Leases](index=20&type=section&id=6.%20Leases) | Lease Balance (in thousands) | March 31, 2024 | September 30, 2023 | Change | % Change | | :--------------------------- | :------------- | :----------------- | :----- | :------- | | Total right-of-use assets | $9,890 | $11,340 | $(1,450) | -12.8% | | Total lease liabilities | $10,235 | $11,631 | $(1,396) | -12.0% | | Lease Cost (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | | :------------------------ | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Total lease cost | $863 | $922 | $1,836 | $1,590 | - The weighted average remaining lease term for operating leases was **7.72 years** (vs **7.31 years** in 2023) and for finance leases was **4.88 years** (vs **2.54 years** in 2023) as of March 31, 2024[89](index=89&type=chunk) - The company expects to record **$8.6 million** of ROU assets and lease liabilities upon the commencement of new leases in the third quarter of fiscal 2024[89](index=89&type=chunk) [Goodwill and Intangible Assets](index=22&type=section&id=7.%20Goodwill%20and%20Intangible%20Assets) | Intangible Assets (in thousands) | March 31, 2024 | September 30, 2023 | Change | % Change | | :------------------------------- | :------------- | :----------------- | :----- | :------- | | Intangible assets, net | $4,352 | $6,114 | $(1,762) | -28.8% | - The company recorded a total **impairment charge** for intangible assets in its Material and Substrate segment of **$1.3 million** during the quarter ended December 31, 2023, related to developed technology, trade name, customer relationships, and non-competition agreements at Entrepix[94](index=94&type=chunk)[95](index=95&type=chunk) | Goodwill (in thousands) | Semiconductor | Material and Substrate | Total Goodwill | | :---------------------- | :------------ | :--------------------- | :------------- | | Balance at September 30, 2023 | $5,905 | $21,726 | $27,631 | | Impairment of goodwill | — | $(6,370) | $(6,370) | | Balance at March 31, 2024 | $5,905 | $15,356 | $21,261 | - A **goodwill impairment charge** of **$6.37 million** was recognized in the Material and Substrate segment during the six months ended March 31, 2024, due to the reporting unit's book value exceeding its fair value, triggered by a **decline** in stock price[97](index=97&type=chunk) - The fair value measurements for goodwill and intangible assets fall under Level 3 of the fair value hierarchy, involving significant estimates and assumptions[98](index=98&type=chunk) [Income Taxes](index=26&type=section&id=8.%20Income%20Taxes) | Income Tax Metric | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | | :---------------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Income tax provision (benefit) (in thousands) | $223 | $(2,946) | $281 | $(2,950) | | Effective tax rate | N/A | N/A | (3.5%) | 118.0% | - The effective tax rate for the six months ended March 31, 2024, was **(3.5%)**, differing from the U.S. statutory rate of **21%** primarily due to losses for which no tax benefit could be recognized[100](index=100&type=chunk) - The effective tax rate for the six months ended March 31, 2023, was **118.0%**, primarily due to the release of a valuation allowance related to the Entrepix acquisition[100](index=100&type=chunk) [Equity and Stock-Based Compensation](index=26&type=section&id=9.%20Equity%20and%20Stock-Based%20Compensation) | Stock-Based Compensation Expense (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | | :-------------------------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Expense | $300 | $200 | $700 | $300 | | Stock Option Activity | Options Outstanding at Sep 30, 2023 | Options Outstanding at Mar 31, 2024 | | :-------------------- | :---------------------------------- | :---------------------------------- | | Number of Options | 672,924 | 1,181,433 | | Weighted Average Exercise Price | $8.76 | $7.28 | | Options Granted (6 months) | N/A | 557,500 | | Options Exercised (6 months) | N/A | (5,000) | - The company's stock repurchase program, approved on February 7, 2023, for up to **$5 million** of common stock, expired during the quarter ended March 31, 2024, with no repurchases made during that quarter[106](index=106&type=chunk) [Commitments and Contingencies](index=27&type=section&id=10.%20Commitments%20and%20Contingencies) - As of March 31, 2024, the company had unrecorded purchase obligations of **$16.3 million**, consisting of outstanding purchase orders for goods and services[107](index=107&type=chunk) - The company is involved in various legal proceedings and claims, for which it believes it has adequate provisions for probable and estimable losses, though outcomes are inherently unpredictable[108](index=108&type=chunk) - Employment contracts and severance plans for certain officers and management employees could result in severance payments ranging from six to twelve months of salary under specified termination circumstances[109](index=109&type=chunk) [Reportable Segments](index=28&type=section&id=11.%20Reportable%20Segments) - Amtech operates in two reportable segments: Semiconductor (thermal processing equipment) and Material and Substrate (consumables and machinery for lapping, polishing, and cleaning materials)[110](index=110&type=chunk) | Segment Net Revenues (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | Change | % Change | | :---------------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Semiconductor | $17,441 | $22,047 | $(4,606) | -20.9% | | Material and Substrate | $7,992 | $11,263 | $(3,271) | -29.0% | | Total | $25,433 | $33,310 | $(7,877) | -23.6% | | Segment Operating Income (Loss) (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | Change | % Change | | :--------------------------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Semiconductor | $896 | $2,950 | $(2,054) | -69.6% | | Material and Substrate | $900 | $297 | $603 | 203.0% | | Non-segment related | $(433) | $(2,728) | $2,295 | -84.1% | | Total | $1,363 | $519 | $844 | 162.6% | | Segment Identifiable Assets (in thousands) | March 31, 2024 | September 30, 2023 | Change | % Change | | :----------------------------------------- | :------------- | :----------------- | :----- | :------- | | Semiconductor | $63,986 | $72,466 | $(8,480) | -11.7% | | Material and Substrate | $50,579 | $61,576 | $(10,997) | -17.9% | | Non-segment related | $1,909 | $2,979 | $(1,070) | -35.9% | | Total | $116,474 | $137,021 | $(20,547) | -15.0% | [Major Customers and Foreign Sales](index=29&type=section&id=12.%20Major%20Customers%20and%20Foreign%20Sales) - One Semiconductor segment customer accounted for **12%** of net revenues for the six months ended March 31, 2024[112](index=112&type=chunk) | Geographic Region | Six Months Ended March 31, 2024 (% of Net Revenues) | Six Months Ended March 31, 2023 (% of Net Revenues) | | :---------------- | :-------------------------------------------------- | :-------------------------------------------------- | | United States | 43% | 33% | | Total Americas | 45% | 46% | | China | 23% | 13% | | Total Asia | 39% | 36% | | Germany | 8% | 2% | | Total Europe | 16% | 18% | - Sales to the United States **increased significantly** from **33%** to **43%** of net revenues, while China's contribution **rose** from **13%** to **23%** for the six months ended March 31, 2024, compared to the prior year[113](index=113&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, results of operations, and cash flows for the periods presented, highlighting key trends, strategic initiatives, and significant financial events [Overview](index=26&type=section&id=Overview) - Amtech is a global manufacturer of capital equipment (thermal processing, wafer polishing, consumables) for semiconductor devices, including silicon carbide (SiC) and silicon power devices, analog, discrete, electronic assemblies, and light-emitting diodes (LEDs)[116](index=116&type=chunk) - The company operates in two reportable segments: Semiconductor (thermal processing equipment) and Material and Substrate (wafer cleaning equipment, substrate consumables)[117](index=117&type=chunk) - The semiconductor industry is cyclical, and these broad industry trends impact the company's revenue[118](index=118&type=chunk) [Strategy](index=30&type=section&id=Strategy) - The company's strategic **growth** plan focuses on Power Semiconductor, leveraging existing experience, products, and capabilities for **growth**, profitability, and sustainability[119](index=119&type=chunk) - Core focus areas include Advanced Mobility (electric vehicles, ADAS), Supply Chain Resiliency (expanding operations outside mainland China), and Artificial Intelligence (reflow oven systems for advanced packaging of AI chips)[119](index=119&type=chunk) - Future investments are anticipated in R&D and capital expenditures to meet demand, including a move to a smaller Massachusetts facility and the sale of corporate headquarters real property in Arizona for **$2.5 million** net cash inflow[120](index=120&type=chunk)[121](index=121&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) [Net Revenue](index=31&type=section&id=Net%20Revenue) | Segment Net Revenues (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | Change | % Change | | :---------------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Semiconductor | $17,441 | $22,047 | $(4,606) | -20.9% | | Material and Substrate | $7,992 | $11,263 | $(3,271) | -29.0% | | Total net revenue | $25,433 | $33,310 | $(7,877) | -23.6% | - **Total net revenue decreased** by **24%** for the three months ended March 31, 2024, primarily due to decreased shipments of belt furnaces, SMT, and packaging equipment in the Semiconductor segment, and lower sales of wafer cleaning equipment and spare parts in the Material and Substrate segment[125](index=125&type=chunk)[126](index=126&type=chunk) | Segment Net Revenues (in thousands) | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | Change | % Change | | :---------------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Semiconductor | $34,968 | $38,934 | $(3,966) | -10.2% | | Material and Substrate | $15,385 | $15,934 | $(549) | -3.4% | | Total net revenue | $50,353 | $54,868 | $(4,515) | -8.2% | - For the six months ended March 31, 2024, **total net revenue decreased** by **8%**, driven by fewer shipments of horizontal diffusion furnaces, SMT, and packaging equipment in the Semiconductor segment, and decreased consumables shipments in the Material and Substrate segment[126](index=126&type=chunk) [Orders and Backlog](index=33&type=section&id=Orders%20and%20Backlog) | New Orders Booked (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | Change | % Change | | :------------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Semiconductor | $12,061 | $24,606 | $(12,545) | -51.0% | | Material and Substrate | $7,710 | $9,660 | $(1,950) | -20.2% | | Total new orders | $19,771 | $34,266 | $(14,495) | -42.3% | | Backlog (in thousands) | March 31, 2024 | March 31, 2023 | Change | % Change | | :--------------------- | :------------- | :------------- | :----- | :------- | | Semiconductor | $39,455 | $54,767 | $(15,312) | -27.9% | | Material and Substrate | $4,861 | $11,071 | $(6,210) | -56.1% | | Total backlog | $44,316 | $65,838 | $(21,522) | -32.7% | - **Total new orders decreased** by **42%** for the three months ended March 31, 2024, and **total backlog decreased** by **33%** to **$44.3 million** as of March 31, 2024, compared to the prior year[128](index=128&type=chunk)[129](index=129&type=chunk) - One Semiconductor segment customer accounted for **29%** of the backlog, and another customer (across both segments) accounted for **23%** as of March 31, 2024[129](index=129&type=chunk) [Gross Profit and Gross Margin](index=33&type=section&id=Gross%20Profit%20and%20Gross%20Margin) | Gross Profit (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | Change | % Change | | :-------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Semiconductor | $5,040 | $8,931 | $(3,891) | -43.6% | | Material and Substrate | $3,411 | $4,539 | $(1,128) | -24.9% | | Total gross profit | $8,451 | $13,470 | $(5,019) | -37.3% | | Gross Margin | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | Change (pp) | | :----------- | :---------------------------- | :---------------------------- | :---------- | | Semiconductor | 29% | 41% | -12 pp | | Material and Substrate | 43% | 40% | +3 pp | | Total gross margin | 33% | 40% | -7 pp | - Overall **gross profit decreased** by **$5.0 million** (**37.3%**) for the three months ended March 31, 2024, with Semiconductor segment **gross margin declining** due to product mix, higher material costs, and lower Shanghai facility utilization. Material and Substrate segment **gross margin increased** due to a favorable product mix with increased consumable sales[131](index=131&type=chunk)[132](index=132&type=chunk) - For the six months ended March 31, 2024, total **gross profit decreased** by **$5.1 million** (**23.4%**), with Material and Substrate **gross margin** impacted by an **$0.8 million** intangible asset **impairment charge**[131](index=131&type=chunk)[133](index=133&type=chunk) - The company is experiencing **increased** material costs across all segments and is exploring partnerships with contract manufacturers and making targeted labor reductions[132](index=132&type=chunk) [Selling, General and Administrative](index=35&type=section&id=Selling,%20General%20and%20Administrative) | SG&A Expenses (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | Change | % Change | | :--------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | SG&A expenses | $8,252 | $11,434 | $(3,182) | -27.8% | - **SG&A expenses decreased** by **$3.2 million** (**27.8%**) for the three months ended March 31, 2024, primarily due to lower shipping expenses, reduced labor and employee-related costs from staff reductions, and the absence of **$1.5 million** in Entrepix acquisition transaction expenses from the prior year[134](index=134&type=chunk) | SG&A Expenses (in thousands) | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | Change | % Change | | :--------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | SG&A expenses | $16,819 | $20,624 | $(3,805) | -18.4% | - For the six months ended March 31, 2024, **SG&A expenses decreased** by **$3.8 million** (**18.4%**), driven by similar factors including lower shipping, labor, consulting fees, and the absence of **$3.0 million** in Entrepix acquisition transaction expenses from the prior year[135](index=135&type=chunk) [Research, Development and Engineering](index=35&type=section&id=Research,%20Development%20and%20Engineering) | RD&E Expenses (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | Change | % Change | | :--------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | RD&E expense | $921 | $1,517 | $(596) | -39.3% | | RD&E Expenses (in thousands) | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | Change | % Change | | :--------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | RD&E expense | $2,509 | $2,910 | $(401) | -13.8% | - **RD&E expenses decreased** by **$0.6 million** (**39.3%**) for the three months and **$0.4 million** (**13.8%**) for the six months ended March 31, 2024, primarily due to the timing of purchases related to specific strategic-development projects in the Semiconductor segment[137](index=137&type=chunk) [Goodwill Impairment](index=35&type=section&id=Goodwill%20Impairment) - A **goodwill impairment charge** of **$6.4 million** was recognized in the Material and Substrate segment during the six months ended March 31, 2024, triggered by a **decline** in the company's stock price causing book value to materially exceed market value[138](index=138&type=chunk)[97](index=97&type=chunk) [Intangible Asset Impairment](index=36&type=section&id=Intangible%20Asset%20Impairment) - An **impairment** of definite-lived intangible assets totaling **$1.3 million** was recognized in the Material and Substrate segment during the six months ended March 31, 2024[139](index=139&type=chunk) - Of this **$1.3 million impairment**, **$0.8 million** was recorded in cost of goods sold, and the remainder in operating expenses[139](index=139&type=chunk) [Severance Expense](index=36&type=section&id=Severance%20Expense) | Severance Expense (in thousands) | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | | :------------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Expense | $112 | $0 | $310 | $400 | - Severance expense for the three and six months ended March 31, 2024, was **$0.1 million** and **$0.3 million**, respectively, primarily due to staff reductions across all divisions[140](index=140&type=chunk) [Income Taxes](index=36&type=section&id=Income%20Taxes) | Income Tax Metric | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | 6 Months Ended March 31, 2024 | 6 Months Ended March 31, 2023 | | :---------------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Income tax provision (benefit) (in thousands) | $223 | $(2,946) | $281 | $(2,950) | | Effective tax rate | N/A | N/A | (3.5%) | 118.0% | - The effective tax rate for the six months ended March 31, 2024, was **(3.5%)**, primarily due to losses for which no tax benefit could be recognized, contrasting with **118.0%** in the prior year due to the release of a valuation allowance from the Entrepix acquisition[141](index=141&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) [Cash and Cash Flow](index=36&type=section&id=Cash%20and%20Cash%20Flow) | Cash Flow Metric (in thousands) | Six Months Ended March 31, 2024 | Six Months Ended March 31, 2023 | Change | | :------------------------------ | :------------------------------ | :------------------------------ | :----- | | Net cash provided by (used in) operating activities | $5,307 | $(5,327) | $10,634 | | Net cash provided by (used in) investing activities | $724 | $(36,474) | $37,198 | | Net cash (used in) provided by financing activities | $(6,385) | $11,919 | $(18,304) | | Net decrease in cash and cash equivalents | $(133) | $(29,141) | $29,008 | | Cash and cash equivalents, end of period | $13,000 | $17,733 | $(4,733) | | Liquidity Metric (in thousands) | March 31, 2024 | September 30, 2023 | Change | | :------------------------------ | :------------- | :----------------- | :----- | | Cash and cash equivalents | $13,000 | $13,133 | $(133) | | Working capital | $44,385 | $51,471 | $(7,086) | | Current ratio | 2.7:1 | 2.7:1 | 0.0 | - The **decrease** in cash and cash equivalents by **$0.1 million** from September 30, 2023, was primarily due to long-term debt payments and fixed asset purchases, partially offset by customer down payments, collections, and proceeds from the Arizona real property sale[145](index=145&type=chunk) - **Working capital decreased** by **$7.1 million**, mainly due to **decreases** in accounts receivable and inventories[145](index=145&type=chunk) [Cash Flows from Operating Activities](index=37&type=section&id=Cash%20Flows%20from%20Operating%20Activities) - **Operating activities generated** **$5.3 million** in cash for the six months ended March 31, 2024, a **significant improvement** from **$5.3 million** used in the prior year, driven by stronger accounts receivable collections and **increased** customer down payments[147](index=147&type=chunk) [Cash Flows from Investing Activities](index=37&type=section&id=Cash%20Flows%20from%20Investing%20Activities) - **Investing activities provided** **$0.7 million** for the six months ended March 31, 2024, primarily from **$2.7 million** in proceeds from the sale of Arizona real property, partially offset by capital expenditures. This contrasts with **$36.5 million** used in the prior year, mainly for the Entrepix acquisition[148](index=148&type=chunk) - Capital expenditures are expected to **increase** in the third quarter of fiscal 2024 due to the relocation of Massachusetts operations[148](index=148&type=chunk) [Cash Flows from Financing Activities](index=37&type=section&id=Cash%20Flows%20from%20Financing%20Activities) - **Financing activities used** **$6.4 million** for the six months ended March 31, 2024, primarily for **$6.4 million** in long-term debt payments[149](index=149&type=chunk) - In the prior year, **financing activities provided** **$11.9 million**, mainly from **$12.0 million** in debt borrowings, partially offset by **$0.4 million** in debt payments[149](index=149&type=chunk) [Financing Facilities](index=37&type=section&id=Financing%20Facilities) - The company's debt balance was **$4.3 million** as of March 31, 2024, including finance lease obligations[150](index=150&type=chunk) - A Forbearance & Modification Agreement was entered into with UMB Bank on December 5, 2023, due to non-compliance with Debt to EBITDA and Fixed Charge Coverage Ratio covenants, with the forbearance period extending through January 17, 2025[151](index=151&type=chunk) - The agreement **increased** the revolving credit facility to **$14.0 million** and **reduced** the term loan to **$4.4 million**, extending both maturities by one year[152](index=152&type=chunk) - As of March 31, 2024, **$4.2 million** was outstanding on the Term Loan, no amounts on the Revolver, and a **$0.3 million** letter of credit. All debt is classified as current due to the lender's discretion to call it at the end of the forbearance period[152](index=152&type=chunk)[156](index=156&type=chunk) - The company was in compliance with the Minimum **EBITDA** Covenant as of March 31, 2024, with actual positive **EBITDA** of **$1.0 million** for the six-month period (covenant not less than negative **$800,000**)[153](index=153&type=chunk) [Off-Balance Sheet Arrangements](index=33&type=section&id=Off-Balance%20Sheet%20Arrangements) - As of March 31, 2024, the company had no material off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K[158](index=158&type=chunk) [Contractual Obligations](index=33&type=section&id=Contractual%20Obligations) - Unrecorded purchase obligations **decreased** by **$8.0 million** to **$16.3 million** as of March 31, 2024, from **$24.3 million** at September 30, 2023[159](index=159&type=chunk) [Critical Accounting Estimates](index=33&type=section&id=Critical%20Accounting%20Estimates) - The preparation of financial statements requires management to make estimates and assumptions, particularly concerning revenue recognition, income taxes, inventory valuation, business combinations, goodwill, and long-lived asset impairment[160](index=160&type=chunk)[161](index=161&type=chunk) - There have been no material changes in critical accounting estimates during the six months ended March 31, 2024[163](index=163&type=chunk) [Impact of Recently Issued Accounting Pronouncements](index=34&type=section&id=Impact%20of%20Recently%20Issued%20Accounting%20Pronouncements) - The company is evaluating ASU 2023-07, 'Segment Reporting,' which improves reportable segment disclosure requirements, effective for fiscal years beginning after December 15, 2023[51](index=51&type=chunk)[164](index=164&type=chunk) - ASU 2023-09, 'Income Taxes,' effective for fiscal years beginning on or after December 15, 2024, is not expected to materially affect financial condition or results of operations[50](index=50&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Amtech Systems, Inc. is electing scaled disclosure reporting obligations and is not required to provide the information requested by this Item - As a smaller reporting company, Amtech Systems, Inc. is exempt from providing quantitative and qualitative disclosures about market risk[165](index=165&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details the evaluation of the company's disclosure controls and procedures, identifies material weaknesses, and outlines the remediation plan to strengthen internal control over financial reporting [Evaluation of Disclosure Controls and Procedures](index=34&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - Management, including the CEO and CFO, concluded that disclosure controls and procedures were not effective as of March 31, 2024, due to previously identified material weaknesses[167](index=167&type=chunk) - A material weakness is defined as a reasonable possibility that a material misstatement of financial statements will not be prevented or detected timely[167](index=167&type=chunk) [Changes in Internal Control over Financial Reporting](index=34&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) - No other material changes to internal control over financial reporting occurred during the six months ended March 31, 2024, beyond the integration of Entrepix's controls[168](index=168&type=chunk) [Remediation Plan for Existing Material Weaknesses](index=34&type=section&id=Remediation%20Plan%20for%20Existing%20Material%20Weaknesses) - The company is actively designing and implementing measures to strengthen internal control over financial reporting (ICFR) and remediate material weaknesses[169](index=169&type=chunk) - Remediation efforts for goodwill and intangible assets include evaluating internal controls over non-routine transactions and engaging a new valuation firm for impairment assessments[169](index=169&type=chunk) - For general information technology controls, remediation includes formalizing IT policies, developing monitoring controls, strengthening user access reviews, enhancing program change management, and assessing segregation of duties[170](index=170&type=chunk) - Remediation of material weaknesses is anticipated to be completed during fiscal year 2024, pending sufficient operation and testing of controls[171](index=171&type=chunk) PART II. OTHER INFORMATION](index=36&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various claims and actions arising from business operations, for which it maintains adequate provisions for probable and estimable losses, as detailed in Note 10 to the financial statements - The company is periodically involved in legal proceedings and claims, for which it evaluates the status and makes accruals for probable and estimable losses[173](index=173&type=chunk)[108](index=108&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the comprehensive risk factors detailed in the company's 2023 Form 10-K and the cautionary statements regarding forward-looking information, noting no material changes to these risks during the reporting period - Investors are referred to 'Item 1A. Risk Factors' in the 2023 Form 10-K and the 'Cautionary Statements Regarding Forward-Looking Statements' for a full understanding of risks[174](index=174&type=chunk) - There have been no material changes to the risk factors previously disclosed in the 2023 Form 10-K and the Form 10-Q for the quarter ended December 31, 2023[174](index=174&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company's $5 million stock repurchase program, approved in February 2023, expired during the quarter ended March 31, 2024, with no repurchases made during that quarter and no unregistered sales of equity securities - The **$5 million** stock repurchase program, approved on February 7, 2023, expired during the quarter ended March 31, 2024[175](index=175&type=chunk) - No repurchases were made under the program during the quarter ended March 31, 2024[175](index=175&type=chunk) - No equity securities were sold that were not registered under the Securities Act of 1933 during the six months ended March 31, 2024[176](index=176&type=chunk) [Defaults Upon Senior Securities](index=36&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - There were no defaults upon senior securities[176](index=176&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[176](index=176&type=chunk) [Other Information](index=36&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended March 31, 2024 - No directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended March 31, 2024[176](index=176&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications and Inline XBRL documents - The report includes certifications pursuant to Rule 13a-14(a)/15d-14(a) and 18 U.S.C. Section 1350, as well as Inline XBRL documents[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) [SIGNATURES](index=38&type=section&id=SIGNATURES) The report is duly signed on behalf of Amtech Systems, Inc. by Lisa D. Gibbs, Vice President and Chief Financial Officer, on May 8, 2024 - The report was signed by Lisa D. Gibbs, Vice President and Chief Financial Officer, on May 8, 2024[185](index=185&type=chunk)