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Amtech Systems Inc. (ASYS+0.19%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports net revenue of $101.2 million, a decrease from $113.3 million in the previous year, attributed to lower shipments in both Thermal Processing Solutions and Semiconductor Fabrication Solutions segments.
Gross profit for the year was $36.2 million, with a gross margin of 36%, compared to $35.6 million and 31% in the previous year. The improvement in gross margin was mainly due to reduced impairment charges.
Selling, general, and administrative expenses decreased to $33.8 million from $42.0 million, reflecting cost reductions and lower employee-related expenses.
The company reported a net loss of $8.5 million, compared to a net loss of $12.6 million in the previous year. The loss was impacted by a goodwill impairment charge of $6.4 million.
Amtech's cash and cash equivalents at year-end were $11.1 million, down from $13.1 million, primarily due to repayment of debt and capital expenditures.
The company continues to focus on growth in advanced mobility, supply chain resiliency, and artificial intelligence markets, with ongoing investments in research and development.
Amtech's backlog at the end of the fiscal year was $25.3 million, a decrease from $51.8 million, reflecting improved lead times and a decline in demand.
The filing also details the company's acquisition of Entrepix, Inc. in January 2023, which added chemical mechanical polishing technology to its portfolio.
Amtech identified and remediated material weaknesses in its internal control over financial reporting during the year, with improvements in IT general controls and transaction review processes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Amtech Systems Inc. annual 10-K report dated December 12, 2024. To report an error, please email earnings@qz.com.