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Amtech Systems Inc. (ASYS-7.38%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a slight decrease in net revenue to $24.4 million from $24.9 million in the same quarter the previous year. The decrease is attributed to lower sales in the Semiconductor Fabrication Solutions segment.
Gross profit for the quarter increased to $9.4 million from $8.2 million in the previous year, with the gross margin improving to 38% from 33%. This improvement was due to changes in product mix and cost reductions.
Selling, general, and administrative expenses decreased to $8.1 million from $8.6 million, primarily due to fixed cost reductions.
Research, development, and engineering expenses were $0.9 million, down from $1.6 million, due to the timing of strategic development projects.
Net income for the quarter was $312,000, compared to a net loss of $9.4 million in the previous year, which included a $6.4 million goodwill impairment charge.
Cash provided by operating activities was $2.9 million, while cash used in investing and financing activities was $143,000 and $126,000, respectively.
Amtech had a working capital of $45.3 million as of December 31, 2024. The company continues to focus on its growth strategy, emphasizing advanced mobility, supply chain resiliency, and artificial intelligence.
The filing also details the company's financial position, including a decrease in backlog to $19.0 million from $50.0 million in the previous year, reflecting improved lead times and market conditions.
Amtech does not report any off-balance sheet arrangements and notes a decrease in unrecorded purchase obligations to $7.9 million from $12.1 million as of the previous quarter.
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. quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.