Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Nov. 23, 2022 | Mar. 31, 2022 | |
Cover [Abstract] | ||||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Sep. 30, 2022 | |||
Document Fiscal Year Focus | 2022 | |||
Document Fiscal Period Focus | FY | |||
Entity Registrant Name | AMTECH SYSTEMS, INC. | |||
Entity Central Index Key | 0000720500 | |||
Current Fiscal Year End Date | --09-30 | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Small Business | true | |||
Entity Emerging Growth Company | false | |||
Entity Voluntary Filers | No | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Public Float | $ 113,239,072 | |||
Entity Common Stock, Shares Outstanding | 14,000,154 | |||
Entity Current Reporting Status | Yes | |||
Entity Shell Company | false | |||
Entity File Number | 0-11412 | |||
Entity Tax Identification Number | 86-0411215 | |||
Entity Address, Address Line One | 131 South Clark Drive | |||
Entity Address, City or Town | Tempe | |||
Entity Address, State or Province | AZ | |||
Entity Address, Postal Zip Code | 85288 | |||
City Area Code | 480 | |||
Local Phone Number | 967-5146 | |||
Entity Interactive Data Current | Yes | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |||
Trading Symbol | ASYS | |||
Security Exchange Name | NASDAQ | |||
Entity Incorporation, State or Country Code | AZ | |||
Document Annual Report | true | |||
Document Transition Report | false | |||
Documents Incorporated by Reference | Portions of the Definitive Proxy Statement related to the registrant’s 2023 Annual Meeting of Shareholders, which Proxy Statement will be filed under the Securities Exchange Act of 1934, as amended, within 120 days of the end of the registrant’s fiscal year ended September 30, 2022 , are incorporated by reference into Items 10-14 of Part III of this Form 10-K. | |||
ICFR Auditor Attestation Flag | false | |||
Auditor Firm ID | 248 | 199 | ||
Auditor Location | Phoenix, Arizona | Phoenix, Arizona | ||
Auditor Name | GRANT THORNTON LLP | MAYER HOFFMAN MCCANN P.C |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 46,874 | $ 32,836 |
Accounts receivable - Net | 25,013 | 22,502 |
Inventories | 25,488 | 22,075 |
Income taxes receivable | 1,046 | |
Other current assets | 5,561 | 2,407 |
Total current assets | 102,936 | 80,866 |
Property, Plant and Equipment - Net | 6,552 | 14,083 |
Right-of-Use Assets - Net | 11,258 | 8,646 |
Intangible Assets - Net | 758 | 858 |
Goodwill | 11,168 | 11,168 |
Deferred Income Taxes - Net | 79 | 631 |
Other Assets | 783 | 661 |
Total Assets | 133,534 | 116,913 |
Current Liabilities | ||
Accounts payable | 7,301 | 8,229 |
Accrued compensation and related taxes | 4,109 | 2,881 |
Accrued warranty expense | 871 | 545 |
Other accrued liabilities | 900 | 903 |
Current maturities of finance lease liabilities and long-term debt | 107 | 396 |
Current portion of long-term operating lease liabilities | 2,101 | 531 |
Contract liabilities | 7,231 | 1,624 |
Income taxes payable | 6 | |
Total current liabilities | 22,626 | 15,109 |
Finance Lease Liabilities and Long-Term Debt | 220 | 4,402 |
Long-Term Operating Lease Liabilities | 9,395 | 8,389 |
Income taxes payable | 2,849 | 3,277 |
Other Long-Term Liabilities | 76 | 102 |
Total Liabilities | 35,166 | 31,279 |
Commitments and Contingencies (Note 16) | ||
Shareholders’ Equity | ||
Preferred stock; 100,000,000 shares authorized; none issued | ||
Common stock; $0.01 par value; 100,000,000 shares authorized; shares issued and outstanding: 13,994,154 and 14,304,492 in 2022 and 2021, respectively | 140 | 143 |
Additional paid-in capital | 124,458 | 126,380 |
Accumulated other comprehensive (loss) income | (1,767) | 14 |
Retained deficit | (24,463) | (40,903) |
Total Shareholders’ Equity | 98,368 | 85,634 |
Total Liabilities and Shareholders’ Equity | $ 133,534 | $ 116,913 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Sep. 30, 2021 |
Shareholders’ Equity | ||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 13,994,154 | 14,304,492 |
Common stock, shares outstanding | 13,994,154 | 14,304,492 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | |||
Revenue, net | $ 106,298 | $ 85,205 | $ 65,463 |
Cost of sales | 66,787 | 50,675 | 41,022 |
Gross profit | 39,511 | 34,530 | 24,441 |
Selling, general and administrative | 28,300 | 24,740 | 21,397 |
Research, development and engineering | 6,390 | 5,979 | 3,312 |
Gain on sale of fixed assets | (12,465) | ||
Severance expense | 0 | 86 | 217 |
Operating income (loss) | 17,286 | 3,725 | (485) |
Loss on sale of subsidiary | 0 | 0 | (2,793) |
Interest income (expense) and other, net | 1,499 | (291) | 162 |
Income (loss) from continuing operations before income taxes | 18,785 | 3,434 | (3,116) |
Income tax provision | 1,418 | 1,926 | 791 |
Income (loss) from continuing operations, net of tax | 17,367 | 1,508 | (3,907) |
Loss from discontinued operations, net of tax | (11,816) | ||
Net income (loss) | $ 17,367 | $ 1,508 | $ (15,723) |
Income (Loss) Per Basic Share: | |||
Basic income (loss) per share from continuing operations | $ 1.24 | $ 0.11 | $ (0.28) |
Basic loss per share from discontinued operations | (0.83) | ||
Net income (loss) per basic share | 1.24 | 0.11 | (1.11) |
Income (Loss) Per Diluted Share: | |||
Diluted income (loss) per share from continuing operations | 1.22 | 0.11 | (0.28) |
Diluted loss per share from discontinued operations | (0.83) | ||
Net income (loss) per diluted share | $ 1.22 | $ 0.11 | $ (1.11) |
Weighted average shares outstanding - basic | 14,014 | 14,189 | 14,159 |
Weighted average shares outstanding - diluted | 14,184 | 14,340 | 14,159 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 17,367 | $ 1,508 | $ (15,723) |
Foreign currency translation adjustment | (1,781) | 660 | 1,790 |
Reclassification adjustment for net foreign currency translation losses included in net loss | 8,797 | ||
Comprehensive income (loss) | $ 15,586 | $ 2,168 | $ (5,136) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid- In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Deficit |
Beginning balance at Sep. 30, 2019 | $ 87,452 | $ 143 | $ 125,098 | $ (11,233) | $ (26,556) | |
Beginning balance (in shares) at Sep. 30, 2019 | 14,269,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (15,723) | (15,723) | ||||
Translation adjustment | 10,587 | 10,587 | ||||
Stock compensation expense | 326 | 326 | ||||
Repurchase of treasury stock | (2,000) | $ (2,000) | ||||
Repurchase of treasury stock (in shares) | (366,000) | |||||
Retirement of treasury stock | $ (4) | $ 2,000 | (1,864) | (132) | ||
Retirement of treasury stock (in shares) | (366,000) | 366,000 | ||||
Stock options exercised | 877 | $ 2 | 875 | |||
Stock options exercised (in shares) | 160,000 | |||||
Ending balance at Sep. 30, 2020 | 81,519 | $ 141 | 124,435 | (646) | (42,411) | |
Ending balance (in shares) at Sep. 30, 2020 | 14,063,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 1,508 | 1,508 | ||||
Translation adjustment | 660 | 660 | ||||
Stock compensation expense | 401 | 401 | ||||
Stock options exercised | 1,546 | $ 2 | 1,544 | |||
Stock options exercised (in shares) | 241,000 | |||||
Ending balance at Sep. 30, 2021 | $ 85,634 | $ 143 | 126,380 | 14 | (40,903) | |
Ending balance (in shares) at Sep. 30, 2021 | 14,304,492 | 14,304,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | $ 17,367 | 17,367 | ||||
Translation adjustment | (1,781) | (1,781) | ||||
Stock compensation expense | 543 | 543 | ||||
Repurchase of treasury stock | (4,115) | $ (4,115) | ||||
Repurchase of treasury stock (in shares) | (434,000) | |||||
Retirement of treasury stock | $ (4) | $ 4,115 | (3,184) | (927) | ||
Retirement of treasury stock (in shares) | (434,000) | 434,000 | ||||
Stock options exercised | 720 | $ 1 | 719 | |||
Stock options exercised (in shares) | 124,000 | |||||
Ending balance at Sep. 30, 2022 | $ 98,368 | $ 140 | $ 124,458 | $ (1,767) | $ (24,463) | |
Ending balance (in shares) at Sep. 30, 2022 | 13,994,154 | 13,994,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating Activities | ||||
Net income (loss) | $ 17,367 | $ 1,508 | $ (15,723) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,729 | 1,398 | 1,258 | |
Write-down of inventory | 102 | 544 | 733 | |
(Reversal of) provision for allowance for doubtful accounts | (32) | 44 | 24 | |
Deferred income taxes | 592 | (65) | 218 | |
Non-cash share based compensation expense | 543 | 401 | 326 | |
Loss on sales of subsidiaries | 13,709 | |||
Gain on sale of fixed assets | (12,465) | |||
Other, net | 43 | 55 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (2,479) | (11,023) | 1,359 | |
Inventories | (3,684) | (5,180) | (913) | |
Contract and other assets | (2,203) | (686) | 324 | |
Accounts payable | (1,080) | 5,472 | (3,620) | |
Accrued income taxes | 623 | 353 | (2,701) | |
Accrued and other liabilities | 584 | 829 | 4,658 | |
Contract liabilities | 5,607 | 400 | (1,371) | |
Net cash provided by (used in) operating activities | 5,204 | (5,962) | (1,664) | |
Investing Activities | ||||
Purchases of property, plant and equipment | (1,135) | (3,012) | (2,676) | |
Proceeds from sale of property, plant and equipment | 19,908 | |||
Net cash disposed of in sales of subsidiaries | (9,940) | |||
Acquisition, net of cash and cash equivalents acquired | (5,082) | |||
Net cash provided by (used in) investing activities | 18,773 | (8,094) | (12,616) | |
Financing Activities | ||||
Proceeds from the exercise of stock options | 720 | 1,546 | 877 | |
Repurchase of common stock | (4,115) | (2,000) | ||
Payments on long-term debt | (4,872) | (380) | (379) | |
Net cash (used in) provided by financing activities | (8,267) | 1,166 | (1,502) | |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (1,672) | 656 | 1,718 | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 14,038 | (12,234) | (14,064) | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | [1] | 32,836 | 45,070 | 59,134 |
Cash, Cash Equivalents and Restricted Cash, End of Year | [1] | 46,874 | 32,836 | 45,070 |
Supplemental Cash Flow Information: | ||||
Income tax payments, net | 386 | 1,868 | 2,116 | |
Interest paid, net of capitalized interest | 164 | 241 | 265 | |
Supplemental Non-cash Financing and Investing Activities: | ||||
Transfer of inventory to property, plant, and equipment | 169 | 39 | 37 | |
Leased assets obtained in exchange for new operating lease liabilities | 3,686 | 3,680 | $ 5,262 | |
Leased assets obtained in exchange for new finance lease liabilities | $ 42 | 160 | ||
Accrued for asset retirement obligation | $ 36 | |||
[1] Includes Cash, Cash Equivalents and Restricted Cash that are included in Held-For-Sale Assets on the Consolidated Balance Sheets for periods prior to January 22, 2020. |
Summary of Operations and Signi
Summary of Operations and Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Operations and Significant Accounting Policies | 1. Summary of Operations and Significant Accounting Policies Description of Business – Amtech is a leading, global manufacturer of capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power devices, analog and discrete devices, electronic assemblies and light-emitting diodes (LEDs). We sell these products to semiconductor device and module manufacturers worldwide, particularly in Asia, North America and Europe. We serve niche markets in industries that are experiencing technological advances, and which historically have been very cyclical. Therefore, future profitability and growth depend on our ability to develop or acquire and market profitable new products and on our ability to adapt to cyclical trends. Our fiscal year is from October 1 to September 30. Unless otherwise stated, references to the years 2022, 2021 and 2020 relate to the fiscal years ended September 30, 2022, 2021 and 2020, respectively. In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the World Health Organization, and the outbreak became increasingly widespread, including in all of the markets in which we operate. We continue to monitor the impact of COVID-19 on all aspects of our business. We are a company operating in a critical infrastructure industry, as defined by the U.S. Department of Homeland Security. Consistent with federal guidelines and with foreign government, state and local orders to date, we have continued to operate across our footprint throughout the COVID-19 pandemic. Following the onset of COVID-19 and its negative effects on our business, most prominently reflected in our second, third and fourth quarter fiscal 2020 results, global economic conditions improved during fiscal 2021, resulting in increased demand for our products and services, which led to our earnings for fiscal 2021 substantially exceeding our fiscal 2020 results. There remain many unknowns and we continue to monitor the expected trends and related demand for our products and services and have and will continue to adjust our operations accordingly. On March 28, 2022, the Chinese government issued a mandatory shutdown in Shanghai, the location of one of our manufacturing facilities. The factory was allowed to partially reopen in May 2022 and was fully reopened on June 1, 2022. Upon reopening on June 1, 2022, the factory was able to operate at near full capacity for the entire month of June. We were able to make up the shipments missed in the fourth quarter and are now operating at normal capacity levels. Additionally, given the uncertainty surrounding the COVID-19 pandemic and the emergence of variations thereof, there can be no assurance that this facility will be allowed to remain open on a consistent basis. Principles of Consolidation – The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications – Certain reclassifications have been made to prior year financial statement footnotes to conform to the current year presentation. These reclassifications had no effect on the previously reported consolidated financial statements for any period. Divestitures – Significant accounting policies associated with a decision to dispose of a business are discussed below: Discontinued Operations – A business is classified as discontinued operations if the disposal represents a strategic shift that will have a major effect on operations or financial results and meets the criteria to be classified as held for sale or is disposed of by sale or otherwise. Significant judgments are involved in determining whether a business meets the criteria for discontinued operations reporting and the period in which these criteria are met. If a business is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the Consolidated Statement of Operations. Interest on debt directly attributable to the discontinued operation is allocated to discontinued operations. Assets Held for Sale – An asset or business is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. In isolated instances, assets held for sale may exceed one year due to events or circumstances beyond our control. The assets and related liabilities are aggregated and reported on separate lines of the Consolidated Balance Sheets. Cash and Cash Equivalents – We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist of amounts invested in U.S. money market funds and various U.S. and foreign bank operating and time deposit accounts. We maintain our cash, cash equivalents and restricted cash in multiple financial institutions. Balances in the United States, which account for approximately 84 % and 83 % of total cash balances as of September 30, 2022 and 2021 , respectively, are primarily invested in AAA-rated U.S Treasury and U.S. Government Agency repo money market mutual funds, which have a constant net asset value and consist of direct U.S. Treasuries and/or U.S. Government Agencies with repurchase agreements backed by U.S. Treasury or U.S. Government Agency collateral only, or are in financial institutions insured by the FDIC. The remainder of our cash is maintained with financial institutions with reputable credit in China, the United Kingdom and Malaysia. We maintain cash in bank accounts in amounts which at times may exceed federally insured limits. We have not experienced any losses on such accounts. Accounts Receivable and Allowance for Doubtful Accounts – Accounts receivable are recorded at the sales price of products sold to customers on trade credit terms. Accounts receivable are considered past due when payment has not been received from the customer within the normal credit terms extended to that customer. A valuation allowance is established for accounts when collection is no longer probable. Accounts are written off against the allowance when the probability of collection is remote. Historically, these write-offs have been immaterial. Inventories – We value our inventory at the lower of cost (first-in, first-out method) or net realizable value. Inventory cost includes the purchase price of parts or finished goods, labor, overhead and any freight cost incurred to receive the inventory into our manufacturing facilities. We regularly review inventory quantities and record a write-down to net realizable value for excess and obsolete inventory. The write-down is primarily based on historical inventory usage adjusted for expected changes in product demand and production requirements. Our industry is characterized by customers in highly-cyclical industries, rapid technological changes, frequent new product developments and rapid product obsolescence. Changes in demand for our products could result in further write-downs. Property, Plant and Equipment – Property, plant and equipment are recorded at cost upon acquisition. We begin depreciation and amortization when an asset is both in the location and condition for its intended use. Maintenance and repairs are charged to expense as incurred. The cost of property retired or sold and the related accumulated depreciation and amortization are removed from the applicable accounts when disposition occurs and any gain or loss is recognized. Depreciation and amortization are computed using the straight-line method over the estimated useful life of the asset. Useful lives for equipment and machinery range from three to seven years ; for leasehold improvements from three to fifteen years ; for furniture and fixtures from five to ten years ; and for buildings from 20 to 30 years . Reviews are regularly performed to determine whether facts and circumstances exist which indicate that the useful life is shorter than originally estimated or the carrying amount of assets may not be recoverable. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. Leases – We determine if a contract or arrangement is, or contains, a lease at inception. Balances related to operating leases are included in right-of-use ("ROU") assets in our Consolidated Balance Sheets. Balances related to financing leases are immaterial and are included in property, plant and equipment and finance lease liabilities and long-term debt in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As none of our leases provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset includes any prepaid lease payments and additional direct costs and excludes lease incentives. Our lease terms may include options to extend or terminate the lease, which we include in the recognition of the ROU asset and lease liability, when it is reasonably certain that we will exercise that option. We lease office space, buildings, land, vehicles and equipment. We made an accounting policy election not to separate non-lease components from lease components for all existing classes of underlying assets with the exception of land and buildings. Lease agreements with an initial term of 12 months or less with no renewal options are not recorded on the balance sheet. Instead, we recognize the lease expense as incurred over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We have one lease that requires the underlying asset to be returned to its original condition at the end of the lease term. The related asset retirement obligation, which is immaterial, is reflected within other long-term liabilities in our Consolidated Balance Sheets. Certain lease agreements include one or more options to renew, with individual option terms that can extend the lease term from one to five years . The exercise of lease renewal options is at our sole discretion. Some equipment leases also include options to purchase the leased property. The estimated life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. In June 2022, we entered into a sale-leaseback transaction to facilitate a future move of our Massachusetts operations, pursuant to which we sold the property to a third party and agreed to lease the property back for two years. To determine whether the transfer of the property should be accounted for as a sale, we evaluated whether we transferred control to the third party in accordance with the revenue recognition guidance set forth in ASC 606. The transfer was deemed to be a sale at market terms. Therefore, we recognized the transaction price for the sale based on the cash proceeds received, derecognized the carrying amount of the underlying assets and recognized a gain in the Consolidated Statements of Operations for the difference between the carrying value of the asset and the transaction price. We then accounted for the leaseback in accordance with our lease accounting policy. Intangible Assets – Intangible assets acquired in business combinations are capitalized and subsequently amortized on a straight-line basis over their estimated useful life. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. Patent costs consist primarily of legal and filing fees incurred to file patents on proprietary methods and technology we developed. Patent costs are expensed when incurred, as they are insignificant. Goodwill – Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is not subject to amortization but is tested for impairment annually or when it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is concluded that there is a potential impairment, we would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (although the loss would not exceed the total amount of goodwill allocated to the reporting unit). Revenue Recognition – We recognize revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration expected to be received in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a product or service to the customer. The transaction price of a contract is allocated to each distinct performance obligation based upon the relative standalone selling price ("SSP") for each performance obligation and is recognized as revenue upon satisfaction of the performance obligation. To record revenue properly, we apply the following five steps: 1) Identify the contract with the customer A contract with a customer exists when (i) we enter into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the related payment terms, (ii) the contract has commercial substance, and (iii) we determine that collection of substantially all consideration for goods and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. 2) Identify the performance obligations in the contract Performance obligations are identified based on the goods and services that will be transferred to the customer that are both (i) capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other available resources, and (ii) are distinct in the context of the contract, whereby the transfer of the good or service is separately identifiable from other promises to the customer in the contract. To the extent a contract includes multiple promised goods and services, we must apply judgment to determine whether promised goods and services are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation. Our equipment sales consist of multiple promises, including the delivery of the system itself and obligations that are not delivered simultaneously with the system, such as installation services and training. In most cases, these services require minimal effort and are immaterial in the context of the contract. Therefore, equipment and related services are treated as one performance obligation. Customers who purchase new systems are provided an assurance-type warranty, generally for periods of 12 to 36 months. Assurance-type warranties are not considered a performance obligation. We account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations. Our remaining performance obligations as of September 30, 2022, have an original duration of one year or less. Our obligations for returns and/or refunds are immaterial in all periods presented. 3) Determine the transaction price The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring goods and services to the customer. The transaction price is based on the price reflected in the individual customer’s purchase order. Occasionally, our customers earn a commission on the purchase and/or resale of our products. These payments to customers are recorded as a reduction of revenue and are less than 5 % of our total revenues. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each distinct performance obligation. When required, the SSP for each performance obligation is based on observable data from standalone sales. To determine the SSP for labor-related performance obligations, we use directly observable inputs based on the standalone sale prices for these services. 5) Recognize revenue when, or as, we satisfy a performance obligation We satisfy performance obligations either over time or at a point in time. Revenue is recognized over time if either (i) the customer simultaneously receives and consumes the benefits provided by our performance, (ii) our performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (iii) our performance does not create an asset with an alternative use to the entity and we have an enforceable right to payment for performance completed to date. If we do not satisfy a performance obligation over time, the related performance obligation is satisfied at a point in time by transferring the control of a promised good or service to a customer. For over time recognition, we are required to select a single revenue recognition method for the performance obligation that faithfully depicts our performance in transferring control of the goods and services. Equipment and related product revenues (e.g., furnace systems, system add-ons, machinery, consumables and spare parts) are recognized at a point in time, when they are shipped or delivered, depending on contractual terms. Revenue for maintenance services are recognized over time based on hours incurred, as the hours incurred align to the maintenance activities performed. We exclude from the transaction price all sales taxes that are assessed by a governmental authority and that are imposed on and concurrent with a specific revenue-producing transaction and collected from a customer (for example, sales, use, value added, and certain excise taxes). Sales taxes are presented on a net basis (excluded from revenues) in our Consolidated Statements of Operations. Our remaining performance obligations as of September 30, 2022 , have an original duration of one year or less. Our customers generally have payment terms of 60 - 90 days . We do not have any payment terms that exceed one year from the point we have satisfied the related performance obligations. Management reviews disaggregated revenue at the reportable segment level. Revenue-generating transactions vary between our reportable segments due to several factors. For example, lead times vary among our reportable segments and among our products. Most of the revenue for our Material and Substrate segment results from the sale of consumables, rather than equipment sales. These consumables have a much shorter production period than equipment produced by our other reportable segment. Due to these variations between reportable segments, management determined that disaggregated revenue by reportable segment sufficiently depicts how economic factors affect the nature, amount, timing and uncertainty of our revenue and cash flows. See Note 18 for additional information on our reportable segments. Contract Assets – Contract assets consist of amounts we are not legally able to invoice but have completed the related performance obligation. These amounts generally arise from variances between the contractual payment terms and the transaction price assigned to the open performance obligations (e.g., we have recognized revenue in an amount greater than the amount that is billable under the contract). There were no contract assets at September 30, 2022 and 2021 . Contract Liabilities – Contract liabilities are reflected in current liabilities on the Consolidated Balance Sheets as all performance obligations are expected to be satisfied within the next 12 months. Contract liabilities include customer deposits and deferred profit, if any. Contract liabilities relate to payments invoiced or received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations. Contract liabilities consist of customer deposits as of September 30, 2022 and 2021 . Of the $ 1.6 million contract liabilities recorded at September 30, 2021, the entire $ 1.6 million was recorded as revenue for the year ended September 30, 2022. Of the $ 1.2 million contract liabilities recorded at September 30, 2020, the entire $ 1.2 million was recorded as revenue for the year ended September 30, 2021. Of the $ 1.4 million contract liabilities recorded at September 30, 2019, the entire $ 1.4 million was recorded as revenue for the year ended September 30, 2020. Warranty – A limited warranty is provided free of charge, generally for periods of 12 to 36 months to all purchasers of our new products and systems. Accruals are recorded for estimated warranty costs at the time revenue is recognized, generally upon shipment or acceptance, as determined under the revenue recognition policy above. On occasion, we have been required and may be required in the future to provide additional warranty coverage to ensure that the systems are ultimately accepted or to maintain customer goodwill. While our warranty costs have historically been within our expectations and we believe that the amounts accrued for warranty expenditures are sufficient for all systems sold through September 30, 2022, we cannot guarantee that we will continue to experience a similar level of predictability with regard to warranty costs. In addition, technological changes or previously unknown defects in raw materials or components may result in more extensive and frequent warranty service than anticipated, which could result in an increase in our warranty expense. The following is a summary of activity in accrued warranty expense at our continuing operations, in thousands: Years Ended September 30, 2022 2021 2020 Beginning balance $ 545 $ 380 $ 556 Additions for warranties issued during the period 821 250 393 Reductions in the liability for payments made under ( 36 ) ( 9 ) ( 433 ) Changes related to pre-existing warranties ( 459 ) ( 76 ) ( 121 ) Currency translation adjustment — — ( 15 ) Ending balance $ 871 $ 545 $ 380 Shipping Expense – Shipping expenses at our continuing operations of $ 2.4 million, $ 0.8 million and $ 0.5 million for 2022, 2021 and 2020 , respectively, are included in selling, general and administrative expenses. Advertising Expense – Advertising costs are expensed as incurred. Advertising expenses at our continuing operations of $ 0.4 million, $ 0.2 million and $ 0.3 million for 2022, 2021 and 2020 , respectively, are included in selling, general and administrative expenses. Stock-Based Compensation – We measure compensation costs relating to share-based payment transactions based upon the grant-date fair value of the award. Those costs are recognized as expense over the requisite service period, which is generally the vesting period, with forfeitures recognized as they occur. We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model requires us to apply estimates, including expected stock price volatility, expected life of the option and the risk-free interest rate. Research, Development and Engineering Expenses – RD&E expenses consist of the cost of employees, consultants and contractors who design, engineer and develop new products and processes as well as materials and supplies used in producing prototypes. RD&E expenses may vary from period to period depending on the engineering projects in process. Expenses related to engineers working on strategic projects or sustaining engineering projects are recorded in RD&E. However, from time to time we add functionality to our products or develop new products during engineering and manufacturing to fulfill specifications in a customer’s order, in which case the cost of development, along with other costs of the order, are charged to cost of goods sold. When certain contract requirements are met, governmental research and development grants are netted against research, development and engineering expenses. The following is a summary of our research, development and engineering expense, thousands: Years Ended September 30, 2022 2021 2020 Research, development and engineering $ 6,390 $ 5,979 $ 3,689 Grants earned — — ( 377 ) Net research, development and engineering $ 6,390 $ 5,979 $ 3,312 Foreign Currency Transactions and Translation – We use the U.S. dollar as our reporting currency. Our operations in the UK, China and other countries are primarily conducted in their functional currencies, the Euro, Renminbi, or the local country currency, respectively. Accordingly, assets and liabilities of the subsidiaries are translated into U.S. dollars at the exchange rate in effect at the balance sheet dates. Income and expense items are translated at the average exchange rate for each month within the year. The resulting translation adjustments are recorded directly in accumulated other comprehensive income (loss), net of tax - foreign currency translation adjustments as a separate component of shareholders’ equity. Net foreign currency transaction gains/losses, including transaction gains/losses on intercompany balances that are not of a long-term investment nature and non-functional currency cash balances, are reported as a separate component of non-operating (income) expense in our Consolidated Statements of Operations. Income Taxes – We file consolidated federal income tax returns in the United States for all subsidiaries except those in China and the UK, where separate returns are filed. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and deferred tax liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and deferred tax liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and deferred tax liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law and results of recent operations. If we determine that we would not be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset through recognizing a valuation allowance, which would increase the provision for income taxes. Concentrations of Credit Risk – Our customers are primarily manufacturers of semiconductor substrates and devices and electronic assemblies. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and trade accounts receivable. Credit risk is managed by performing credit evaluations of the customers’ financial condition, by requiring significant deposits where appropriate, and by actively monitoring collections. Letters of credit are required of certain customers depending on the size of the order, type of customer or its creditworthiness, and country of domicile. As of September 30, 2022, one Semiconductor customer individually represented 12 % of accounts receivable. As of September 30, 2021 , one Semiconductor customer individually represented 14 % of accounts receivable. Refer to Note 20 for information regarding revenue and assets in other countries subject to fluctuation in foreign currency exchange rates. Fair Value of Financial Instruments – We group our financial assets and liabilities measured at fair value on a recurring basis into three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 – Valuation is based upon quoted market price for identical instruments traded in active markets. Level 2 – Valuation is based on quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. Valuation techniques include use of discounted cash flow models and similar techniques. It is our policy to use observable inputs whenever reasonably practicable in order to minimize the use of unobservable inputs when developing fair value measurements. When available, we use quoted market prices to measure fair value. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including interest rate yield curves, option volatilities and currency rates. In certain cases, where market rate assumptions are not available, we are required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect current or future valuations. Cash, Cash Equivalents and Restricted Cash – Included in cash and cash equivalents and restricted cash in the Consolidated Balance Sheets are money market funds invested in treasury bills, notes and other direct obligations of the U.S. Treasury and foreign bank operating and time deposit accounts. Cash equivalents are classified as Level 1 in the fair value hierarchy. Receivables and Payables – The recorded amounts of these financial instruments, including accounts receivable and accounts payable, approximate their fair value because of the short maturities of these instruments. Debt – Due to the relatively short-term nature of the debt, we believe that the carrying value approximated fair value. We paid this debt in full on June 23, 2022 upon the closing of the sale of our Massachusetts manufacturing facility (see Note 8). Recently Issued Accounting Pronouncements There were no new accounting pronouncements issued or effective as of September 30, 2022 that had or are expected to have a material impact on our consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisition | 2. Acquisition On March 3, 2021 , we acquired 100 % of the issued and outstanding capital stock of Intersurface Dynamics, a Connecticut-based manufacturer of substrate process chemicals used in various manufacturing processes, including semiconductors, silicon and compound semiconductor wafers, and optics, for a cash purchase price of $ 5.3 million. The total fair value of net assets acquired was approximately $ 0.7 million, including $ 0.4 million of identifiable intangible assets consisting of customer relationships and trade name, which are amortized using the straight-line method over their estimated useful lives of ten and three years , respectively. Goodwill acquired approximated $ 4.5 million, which was recorded in our Material and Substrate segment. Intersurface Dynamics's results of operations are included in our Material and Substrate segment from the date of acquisition. Our historical results would not have been materially affected by the acquisition of Intersurface Dynamics. |
Cybersecurity Incident
Cybersecurity Incident | 12 Months Ended |
Sep. 30, 2022 | |
Cybersecurity Incident [Abstract] | |
Cybersecurity Incident | 3. Cybersecurity Incident On April 12, 2021, we detected a data incident in which attackers acquired data and disabled some of the technology systems used by one of our subsidiaries. Upon learning of the incident, we immediately engaged external counsel and retained a team of third-party forensic, incident response, and security professionals to investigate and determine the full scope of this incident. We also notified law enforcement officials and confirmed that the incident is covered by our insurance. We completed the investigation of the data incident with assistance from our outside professionals, and indications were that the unauthorized third-party gained access to certain personal information relating to employees and their beneficiaries for some of our operations. There was no indication of any misuse of this information. Despite this disruption, production continued in our facilities. Our previously disabled subsidiary network is now back up and running securely. Working alongside our security professionals, we were able to bring our subsidiary’s systems online with enhanced security controls. We have deployed an advanced next generation anti-virus and endpoint detection and response tool, as well as Managed Detection & Response services. We remain committed to protecting the security of the personal information entrusted to us and providing high-quality products and service to our customers. We recorded approximately $ 1.1 million of expense related to this incident, which was included in selling, general and administrative expenses, during 2021. The expense was primarily related to third-party service providers, including security professionals as well as legal and response teams. We may make additional investments in the future to further strengthen our cybersecurity. We filed an insurance claim during 2021 related to the incident. During 2022, we signed a final settlement agreement with our insurer resulting in total reimbursement of approximately $ 0.6 million, which included $ 0.4 million received during the quarter ended December 31, 2021 and $ 0.2 million received during the quarter ended March 31, 2022. No portion of the reimbursement remains outstanding as of September 30, 2022. |
Earnings Per Share & Diluted Ea
Earnings Per Share & Diluted Earnings Per Share | 12 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share & Diluted Earnings Per Share | 4. Earnings Per Share & Diluted Earnings Per Share Basic EPS is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similarly to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares had been issued. In the case of a net loss, diluted EPS is calculated in the same manner as basic EPS. For the years 2022, 2021 and 2020 , options for 189,000 , 101,000 and 642,000 weighted average shares, respectively, were excluded from the diluted EPS calculations because they were anti-dilutive. These shares could become dilutive in the future. A reconciliation of the denominators of the basic and diluted EPS calculations follows, in thousands, except per share amounts: Years Ended September 30, 2022 2021 2020 Numerator: Net income (loss) from continuing operations $ 17,367 $ 1,508 $ ( 3,907 ) Net loss from discontinued operations $ — $ — $ ( 11,816 ) Net income (loss) $ 17,367 $ 1,508 $ ( 15,723 ) Denominator: Weighted-average shares used to compute basic EPS 14,014 14,189 14,159 Common stock equivalents (1) 170 151 — Weighted-average shares used to compute diluted EPS 14,184 14,340 14,159 Basic income (loss) per share from continuing operations $ 1.24 $ 0.11 $ ( 0.28 ) Basic loss per share from discontinued operations $ — $ — $ ( 0.83 ) Net income (loss) per basic share $ 1.24 $ 0.11 $ ( 1.11 ) Diluted income (loss) per share from continuing operations $ 1.22 $ 0.11 $ ( 0.28 ) Diluted loss per share from discontinued operations $ — $ — $ ( 0.83 ) Net income (loss) per diluted share $ 1.22 $ 0.11 $ ( 1.11 ) (1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Severance
Severance | 12 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Severance | 5. Severance The table below details the severance activity for the years ended September 30, 2022 and 2021. The activity during 2021 is the result of staff reductions in our Semiconductor and Material and Substrate operations. The outstanding obligations as of September 30, 2022 and 2021 are as follows, in thousands: Years Ended September 30, 2022 2021 Balance at beginning of the year $ 17 $ 102 Severance expense, net of adjustments — 86 Cash payments ( 17 ) ( 171 ) Balance at the end of the year $ — $ 17 |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories The components of inventories are as follows, in thousands: September 30, 2022 2021 Purchased parts and raw materials $ 15,377 $ 12,647 Work-in-process 6,146 4,865 Finished goods 3,965 4,563 $ 25,488 $ 22,075 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment The following is a summary of property, plant and equipment, in thousands: September 30, 2022 2021 Land $ 189 $ 3,240 Buildings 717 5,396 Building and leasehold improvements 2,694 4,622 Equipment and machinery 7,238 6,261 Furniture and fixtures 2,307 2,458 13,145 21,977 Accumulated depreciation and amortization ( 6,593 ) ( 7,894 ) $ 6,552 $ 14,083 Depreciation was $ 1.6 million, $ 1.2 million and $ 0.8 million in 2022, 2021 and 2020 , respectively. |
Sale and Leaseback of Real Esta
Sale and Leaseback of Real Estate | 12 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Sale and Leaseback of Real Estate | 8. Sale and Leaseback of Real Estate On June 23, 2022, BTU completed the sale and leaseback of its building in Massachusetts (the “Property”). The sale price was $ 20.6 million, of which $ 0.7 million was deducted at closing for commission and other closing expenses. Simultaneously with the closing, BTU entered into a two-year leaseback of the Property. The lease terms include annual base rent of $ 1.5 million in an absolute triple net lease. In connection with the sale, BTU recognized a pre-tax gain on sale of $ 12.5 million, which is recorded within operating expenses on the Consolidated Statement of Operations. This sale-leaseback transaction resulted in a net cash inflow of approximately $ 14.9 million, after repayment of the existing mortgage and settlement of related sale expenses. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 9. Leases The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets as of September 30, 2022 and 2021, in thousands: September 30, 2022 2021 Assets Right-of-use assets - operating $ 11,258 $ 8,646 Right-of-use assets - finance 149 174 Total right-of-use assets $ 11,407 $ 8,820 Liabilities Current Operating lease liabilities $ 2,101 $ 470 Finance lease liabilities 71 61 Total current portion of long-term lease liabilities 2,172 531 Long-term Operating lease liabilities 9,395 8,279 Finance lease liabilities 76 110 Total long-term lease liabilities 9,471 8,389 Total lease liabilities $ 11,643 $ 8,920 The following table provides information about the financial statement classification of our lease expenses reported in the Consolidated Statements of Operations for the years ended September 30, 2022 and 2021, in thousands: Years Ended September 30, Lease cost Classification 2022 2021 2020 Operating lease cost Cost of sales $ 822 $ 536 $ 208 Operating lease cost Selling, general and administrative expenses 359 256 84 Operating lease cost Research, development and engineering 14 — — Finance lease cost Cost of sales 4 5 16 Finance lease cost Selling, general and administrative expenses 71 17 8 Short-term lease cost Cost of sales — 191 164 Total lease cost $ 1,270 $ 1,005 $ 480 Future minimum lease payments under non-cancelable leases as of September 30, 2022 are as follows, in thousands: Operating Leases Finance Leases Total 2023 $ 2,535 $ 76 $ 2,611 2024 2,136 57 2,193 2025 978 9 987 2026 861 9 870 2027 773 3 776 Thereafter 7,863 — 7,863 Total lease payments 15,146 154 15,300 Less: Interest 3,650 7 3,657 Present value of lease liabilities $ 11,496 $ 147 $ 11,643 Operating lease payments include $ 6.2 million related to options to extend lease terms that are reasonably certain of being exercised. The following table provides information about the remaining lease terms and discount rates applied as of September 30, 2022 and 2021: September 30, 2022 2021 Weighted average remaining lease term Operating leases 12.65 years 16.92 years Finance leases 2.45 years 2.79 years Weighted average discount rate Operating leases 4.17 % 4.17 % Finance leases 4.17 % 4.17 % |
Intangible Assets
Intangible Assets | 12 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 10 . Intangible Assets Intangible assets consist of the following, in thousands: September 30, Useful Life 2022 2021 Customer lists 6 - 10 years $ 1,609 $ 1,609 Trade names 3 - 15 years 879 879 2,488 2,488 Accumulated amortization ( 1,730 ) ( 1,630 ) Intangible assets, net $ 758 $ 858 During each fiscal year, we periodically assessed whether any indicators of impairment existed related to our intangible assets. As of each interim period end during each fiscal year, we concluded that a triggering event had not occurred that would more likely than not reduce the fair value of intangible assets below their carrying value. Amortization expense related to intangible assets at our continuing operations was $ 0.1 million, $ 0.2 million and $ 0.3 million in 2022, 2021 and 2020 , respectively. Future amortization expense for the remaining unamortized balance as of September 30, 2022 is estimated as follows, in thousands: Years Ending September 30, Amortization 2023 $ 100 2024 98 2025 97 2026 97 2027 97 Thereafter 269 Total $ 758 |
Goodwill
Goodwill | 12 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 11. Goodwill The changes in the carrying amount of goodwill, by reportable segment, for the year ended September 30, 2022 are as follows, in thousands: Semiconductor Material and Substrate Total Goodwill Goodwill $ 5,905 $ 5,263 $ 11,168 Accumulated impairment losses — — — Balance at September 30, 2021 5,905 5,263 11,168 Goodwill acquired during 2022 — — — Impairment of goodwill during 2022 — — — Balance at September 30, 2022 $ 5,905 $ 5,263 $ 11,168 Goodwill $ 5,905 $ 5,263 $ 11,168 Accumulated impairment losses — — — Balance at September 30, 2022 $ 5,905 $ 5,263 $ 11,168 On March 3, 2021, we acquired Intersurface Dynamics, which has been integrated into our Material and Substrate segment. Under the purchase method of accounting, the purchase price for the acquisition was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired of approximately $ 4.5 million was recorded as goodwill in the Material and Substrate segment. The primary driver for this acquisition was to bolster our offerings in the substrate consumables space and incorporate wafer processing coolants and chemicals to our existing consumable and machine product lines. During each fiscal year, we periodically assessed whether any indicators of impairment existed which would require us to perform an interim impairment review. As of each interim period end during each fiscal year, we concluded that a triggering event had not occurred that would more likely than not reduce the fair value of our reporting units below their carrying values. We performed our annual test of goodwill for impairment as of September 30. The results of the goodwill impairment test indicated that the fair values of our Semiconductor and Material and Substrate reporting units were in excess of the carrying values, and, thus, we did not require an impairment charge. While the quantitative analysis indicated no impairment of Semiconductor and Material and Substrate segment goodwill existed as of September 30, 2022 , if the future performance of these reporting units fall short of our expectations or if there are significant changes in operations due to changes in market conditions, we could be required to recognize material impairment charges in future periods. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Income Tax Provision The following note related to income taxes summarizes the results from both continuing and discontinued operations. The components of income (loss) before provision for income taxes are as follows, in thousands: Years Ended September 30, 2022 2021 2020 Domestic $ 15,275 $ ( 3,320 ) $ ( 18,652 ) Foreign 3,510 6,754 3,673 $ 18,785 $ 3,434 $ ( 14,979 ) The components of the provision for income taxes are as follows, in thousands: Years Ended September 30, 2022 2021 2020 Current: Domestic federal $ — $ — $ ( 239 ) Foreign 711 1,999 1,407 Foreign withholding taxes 255 292 201 Domestic state 77 ( 300 ) ( 59 ) Total current 1,043 1,991 1,310 Deferred: Domestic Federal ( 39 ) — — Foreign 414 ( 65 ) ( 566 ) Total deferred 375 ( 65 ) ( 566 ) Total provision $ 1,418 $ 1,926 $ 744 The CARES Act, which was signed into law on March 27, 2020, included a provision for a five-year carryback of net operating losses. We have assessed the benefit of the provision and utilized a portion of the 2019 net operating loss carryback to offset income from 2018. The income tax provision as of and for the year ended September 30, 2020 reflects such impact. Due to the tax treatment relating to the sale of Tempress, we realized an income tax benefit of $ 11.1 million, which is reflected in our discontinued operations in 2020. We realized income tax expense of $ 0.2 million for the sale of R2D, which is reflected in our continuing operations in 2020. The income tax (benefit) expense is fully offset by a valuation allowance. A reconciliation of actual income taxes to income taxes at the expected U.S. federal corporate income tax rate is as follows, in thousands, except percentages: Years Ended September 30, 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % Tax expense (benefit) at the federal statutory rate $ 3,945 $ 722 $ ( 3,146 ) Effect of permanent book-tax differences 11 54 145 State tax provision 554 24 34 Valuation allowance for net deferred tax assets ( 3,138 ) 842 3,775 Uncertain tax items 55 ( 276 ) ( 47 ) Tax rate differential 535 267 222 Other items ( 544 ) 293 ( 239 ) $ 1,418 $ 1,926 $ 744 Deferred Income Taxes and Valuation Allowance Deferred income taxes reflect the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to be realized. The components of deferred tax assets and deferred tax liabilities are as follows, in thousands: September 30, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 17,180 $ 20,650 Accruals and reserves 1,441 1,250 Foreign tax credit 811 1,207 Operating lease liabilities 2,492 1,119 Foreign service fee 1,579 1,635 Other assets 467 1,092 Total deferred tax assets 23,970 26,953 Valuation allowance ( 20,000 ) ( 23,292 ) Deferred tax assets, net of valuation allowance 3,970 3,661 Deferred tax liabilities: Goodwill and identifiable intangible assets ( 321 ) ( 499 ) Property and equipment, net ( 758 ) ( 1,201 ) Operating lease, right-of-use assets ( 2,494 ) ( 1,119 ) Prepaid assets ( 318 ) ( 211 ) Total deferred tax liabilities ( 3,891 ) ( 3,030 ) Total deferred tax assets (liabilities) $ 79 $ 631 Changes in the deferred tax valuation allowance are as follows, in thousands: Years Ended September 30, 2022 2021 Balance at the beginning of the year $ 23,292 $ 21,733 (Reductions) additions to valuation allowance ( 3,292 ) 1,559 Balance at the end of the year $ 20,000 $ 23,292 The deferred tax valuation allowance decreased by $ 3.3 million and increased by $ 1.6 million for the years ended September 30, 2022 and 2021, respectively. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future income and tax planning strategies in making this assessment. We have established valuation allowances on all net U.S. deferred tax assets, after considering all of the available objective evidence, both positive and negative, historical and prospective, with greater weight given to historical evidence, and determined it is not more likely than not that these assets will be realized. We have established a partial valuation allowance on certain foreign deferred tax assets that we consider it is more likely than not will not be realized. We intend to permanently reinvest undistributed earnings of our foreign subsidiaries. It is not practicable to estimate the amount of tax that might be payable on the undistributed amounts. Net Operating Losses As of September 30, 2022, we have federal net operating loss carryforwards of approximately $ 10.0 million that expire at various times between 2032 and 2035 . T he utilization of those federal net operating losses is limited to approximately $ 0.8 million per year. Additionally, we have federal net operating loss carryforwards of approximately $ 68.0 million that have an indefinite carryforward period. The utilization of those federal net operating losses is limited to 80 % of taxable income after 2021. We have no foreign net operating loss carryforwards as of September 30, 2022 . We have approximately $ 14.0 million of state net operating loss carryforwards, with various expiration dates and limitations on utilization, depending on the state. As of September 30, 2022 , we have approximately $ 0.8 million of Foreign Tax Credit carryforwards that expire in 2030 and 2031 . Uncertain Tax Positions We have included all of our liabilities for uncertain tax positions with income taxes payable long-term. A reconciliation of the beginning and ending amount of our unrecognized tax benefits is summarized as follows (in thousands): Years Ended September 30, 2022 2021 2020 Balance at beginning of the year $ 949 $ 1,225 $ 1,272 Additions related to tax positions taken in prior years 55 — — Reductions due to resolution of uncertain tax position — ( 276 ) ( 47 ) Balance at the end of the year $ 1,004 $ 949 $ 1,225 Approximately $ 1.0 million of our total unrecognized tax benefits, inclusive of penalties and interest, represents the amount that, if recognized, would favorably affect our effective income tax rate in future periods. We report accrued interest and penalties related to unrecognized tax benefits in income tax expense. We recognized a net (benefit) expense for interest and penalties of $ 0.1 million, $( 0.1 ) million and $ 4,000 for 2022, 2021 and 2020 , respectively. Income taxes payable long-term on the Consolidated Balance Sheets includes a cumulative accrual for potential interest and penalties of $ 0.7 million and $ 0.6 million as of September 30, 2022 and 2021, respectively. We do not expect that the amount of our tax reserves for uncertain tax positions will materially change in the next 12 months other than the continued accrual of interest and penalties. Tax Return Matters We file income tax returns in China and other foreign jurisdictions, as well as the U.S. and various states in the U.S. We have not signed any agreements with the Internal Revenue Service, any state or foreign jurisdiction to extend the statute of limitations for any fiscal year. As such, the number of open years is the number of years dictated by statute in each of the respective taxing jurisdictions. U.S. Federal tax returns generally have a 3-year statute of limitations. Therefore, U.S. federal returns for tax years ending on or after September 30, 2019 remain open for examination. In addition, the statute for a tax year for which a loss was carried back to remains open for the same period as the year the loss originated. Because the Company filed a net operating loss carryback claim for the tax year ended September 30, 2016 for a loss originating in the tax year ended September 30, 2019, the statute for the carryback claim in 2016 will remain open until 2023 . Furthermore, the IRS may adjust attribute c arryforwards utilized in an open year even though the year the attributes originated may be closed. State and foreign statutes are generally 3 to 5 years but vary by jurisdiction. These open years contain certain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, timing, or inclusion of revenues and expenses, or the sustainability of income tax positions of Amtech and our subsidiaries. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 13. Long-Term Debt We had a mortgage note secured by BTU’s real property in Massachusetts, which was paid in full upon the closing of the sale of this facility in June 2022 (see Note 8). Our remaining long-term debt consists of an equipment finance agreement. Annual maturities relating to our long-term debt as of September 30, 2022 are as follows (in thousands): Annual 2023 $ 36 2024 38 2025 40 2026 41 2027 25 Thereafter — Total long-term debt $ 180 Interest expense on long-term debt was $ 0.1 million, $ 0.2 million and $ 0.2 million in 2022, 2021 and 2020 , respectively. |
Equity and Stock-Based Compensa
Equity and Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity and Stock-Based Compensation | 14. Equity and Stock-Based Compensation Stock Repurchase Plans The following table summarizes information related to our stock repurchase plans, in thousands, except share and per share amounts: Name of Stock Repurchase Plan Date Approved by Board Plan Term Amount Authorized ($) Amount Used for Repurchases ($) Average Price Paid per Share ($) Shares Repurchased (#) Amount Available for Repurchases ($) Plan Status Fiscal Year of Repurchases 2022 Stock Repurchase Plan 2/10/2022 1 year 5,000 1,400 9.78 143,430 3,600 Open 2022 2021 Stock Repurchase Plan 2/9/2021 1 year 4,000 2,700 9.31 291,383 — Expired 2022 2020 Stock Repurchase Plan 2/4/2020 1 year 4,000 2,000 5.46 366,000 — Expired 2020 2019 Stock Repurchase Plan 11/29/2018 1 year 4,000 — — — — Expired NA All repurchased shares have been retired. Stock-Based Compensation Expense Stock-based compensation expenses of $ 0.5 million, $ 0.4 million and $ 0.3 million for 2022, 2021 and 2020, respectively, are included in selling, general and administrative expenses. As of September 30, 2022, total compensation cost related to non-vested stock options not yet recognized is $ 0.7 m illion, which is expected to be recognized over the next 1.19 y ears on a weighted-average basis. Amtech Equity Compensation Plans The 2022 Plan, under which 1,000,000 shares could be granted, was adopted by the Board of Directors in November 2021, and approved by the shareholders in March 2022. The 2007 Plan, under which 500,000 shares could be granted, was adopted by the Board in April 2007, and approved by the shareholders in May 2007. The 2007 Plan was amended in 2009, 2014 and 2015 to add 2,500,000 shares. The plan was also amended in 2019 to extend the term of the plan and allow for the grant of restricted stock units. Upon the adoption of the 2022 Plan, no further awards will be granted from the 2007 Plan. Previously issued awards will remain outstanding in accordance with their terms. The Non-Employee Directors Stock Option Plan was approved by the shareholders in 1996 for issuance of up to 100,000 shares of common stock to directors. The Non-Employee Directors Stock Option Plan was amended in 2005, 2009 and 2014 to add 400,000 shares. The plan was also amended in 2020 to extend the term of the plan. Upon the adoption of the 2022 Plan as stated above, no further awards will be granted from the Non-Employee Directors Stock Option Plan. Previously issued awards will remain outstanding in accordance with their terms. Equity compensation plans as of September 30, 2022 are summarized in the table below: Name of Plan Shares Shares Options Plan 2022 Plan 1,000,000 946,000 54,000 Mar. 2032 2007 Plan 3,000,000 — 397,341 Mar. 2024 Non-Employee Directors Stock Option Plan 500,000 — 138,000 Mar. 2024 946,000 589,341 Stock Options Stock options issued under the terms of our equity compensation plans have, or will have, an exercise price equal to or greater than the fair market value of the common stock at the date of the option grant and expire no later than 10 years from the date of grant. Options issued under the plans vest over 1 to 3 years. We estimated the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions: Years Ended September 30, 2022 2021 2020 Risk free interest rate 2 % 1 % 1 % Expected life 5 years 6 years 6 years Dividend rate 0 % 0 % 0 % Volatility 57 % 58 % 58 % The following table summarizes our stock option activity du ring 2022, 2021 and 2020: Years Ended September 30, 2022 2021 2020 Options Weighted Options Weighted Options Weighted Outstanding at beginning of period 608,269 $ 6.48 696,665 $ 7.00 1,068,665 $ 7.04 Granted 135,500 $ 12.80 204,000 $ 6.25 32,500 $ 5.34 Exercised ( 124,475 ) $ 5.78 ( 241,320 ) $ 6.40 ( 160,375 ) $ 5.47 Forfeited/expired ( 29,953 ) $ 6.92 ( 51,076 ) $ 13.01 ( 244,125 ) $ 7.94 Outstanding at end of period 589,341 $ 8.06 608,269 $ 6.48 696,665 $ 7.00 Exercisable at end of period 358,343 $ 6.92 403,853 $ 6.87 611,542 $ 7.19 Weighted average grant-date $ 6.39 $ 3.33 $ 2.89 The following table summarizes information for stock options outstanding and exercisable as of September 30, 2022: Options Outstanding Options Exercisable Range of Exercise Prices Number Remaining Weighted Number Weighted $ 2.95 -$ 4.90 62,000 5.72 $ 4.64 62,000 $ 4.64 $ 5.07 -$ 5.52 86,883 5.80 $ 5.38 66,717 $ 5.39 $ 5.67 -$ 5.67 113,958 8.13 $ 5.67 38,626 $ 5.67 $ 5.75 -$ 7.01 77,000 2.20 $ 6.70 77,000 $ 6.70 $ 7.40 -$ 9.98 114,000 4.98 $ 8.75 84,000 $ 9.12 $ 9.99 -$ 9.99 6,000 8.87 $ 9.99 6,000 $ 9.99 $ 10.22 -$ 10.22 24,000 9.42 $ 10.22 — — $ 10.71 -$ 10.71 6,000 2.52 $ 10.71 6,000 $ 10.71 $ 11.51 -$ 11.51 18,000 8.48 $ 11.51 18,000 $ 11.51 $ 15.43 -$ 15.43 81,500 9.13 $ 15.43 — — $ 2.95 -$ 15.43 589,341 6.30 $ 8.06 358,343 $ 6.92 The aggregate intrinsic values of options outstanding and options exercisable as of September 30, 2022 were approximately $ 1.0 million and $ 0.7 million , respectively, which represents the total pre-tax intrinsic value, based on our closing stock price of $ 8.50 per share as of September 30, 2022, the last business day of our fiscal year, which would have been received by the option holders had all option holders exercised their options as of that date. The total intrinsic value of stock options exercised during the fiscal years ended September 30, 2022, 2021 and 2020 was $ 0.8 million, $ 0.8 million and $ 0.1 million, respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Benefit Plans | 15. Benefit Plans We have retirement plans covering substantially all our employees. The principal plans are our defined contribution plan that covers substantially all of our employees in the United States and the multi-employer pension plan for hourly union employees in Pennsylvania. Expense related to both plans is insignificant. Defined Contribution Plan – Domestic employees of Amtech and its subsidiaries who meet certain eligibility requirements may participate, at the employee’s option, in the 401(k) Plan. The 401(k) Plan is a defined contribution plan subject to the provisions of ERISA. We match employee contributions to the 401(k) Plan equal to 60 % of the participants' elective deferrals, up to 3.6 % of the participants’ eligible compensation each payroll period. Employees are auto-enrolled upon eligibility at a 6 % contribution rate, however, an employee may opt out at their election. The match expense was $ 0.4 million in 2022 and $ 0.3 million in 2021 and 2020. Pension Plan – Our hourly union employees in Pennsylvania participate in a multi-employer pension plan, the NIGPP, in accordance with the union agreement between PR Hoffman and the United Automobile, Aerospace and Agriculture Implement Workers of America. The agreement was renewed in 2022 for a three-year term that expires September 30, 2025 . Every company participating in the plan pays a contribution per hour worked for each employee of the company that is eligible to participate in the NIGPP. Our contributions to the NIGPP were $ 38,000 , $ 39,000 and $ 44,000 in 2022, 2021 and 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Purchase Obligations – As of September 30, 2022 , we had unrecorded purchase obligations in the amount of $ 20.0 million. These purchase obligations consist of outstanding purchase orders for goods and services. While the amount represents purchase agreements, the actual amounts to be paid may be less in the event that any agreements are renegotiated, canceled or terminated. Legal Proceedings and Other Claims – From time to time, we are a party to claims and actions for matters arising out of our business operations. We regularly evaluate the status of the legal proceedings and other claims in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss, or an additional loss, may have been incurred and determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of possible loss or range of possible loss can be made for disclosure. Although the outcome of claims and litigation is inherently unpredictable, we believe that we have adequate provisions for any probable and estimable losses. It is possible, nevertheless, that our consolidated financial position, results of operations or liquidity could be materially and adversely affected in any particular period by the resolution of a claim or legal proceeding. Legal expenses related to defense, negotiations, settlements, rulings and advice of outside legal counsel are expensed as incurred. Employment Contracts – We have employment contracts and change in control agreements with, and severance plans covering, certain officers and management employees under which severance payments would become payable in the event of specified terminations without cause or terminations under certain circumstances after a change in control. If severance payments under the current employment contracts or severance plans were to become payable, the severance payments would generally range from six to twelve m onths of salary. |
Cash Flows
Cash Flows | 12 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flows | 17. Cash Flows Non-cash investing activities may include capital expenditures in accounts payable, representing additions purchased at period end but not yet paid in cash. Non-cash investing activities for the year ended September 30, 2022 included $ 0.2 million of capital expenditures in accounts payable. There were no non-cash capital expenditures in accounts payable for the year ended September 30, 2021. Non-cash investing activities for the year ended September 30, 2020 included $ 80,000 of capital expenditures in accounts payable. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Reportable Segments | 18. Reportable Segments Upon the acquisition of Intersurface Dynamics in 2021 (see Note 2), we evaluated our organizational structure and concluded that we have two reportable segments following the acquisition. Amtech has two operating segments that are structured around the types of product offerings provided to our customers. In addition, the operating segments may be further distinguished by the Company’s respective brands. These two operating segments comprise our two reportable segments discussed below. Our two reportable segments are as follows: Semiconductor – We design, manufacture, sell and service thermal processing equipment and related controls for use by leading semiconductor manufacturers, and in electronics, automotive and other industries. Material and Substrate – We produce consumables and machinery for lapping (fine abrading) and polishing of materials, such as sapphire substrates, optical components, silicon wafers, numerous types of crystal materials, ceramics and metal components. Our Material and Substrate segment includes our former SiC/LED segment in addition to Intersurface Dynamics, as they sell complementary products to a similar market. Information concerning our reportable segments is as follows, in thousands: Years Ended September 30, 2022 2021 2020 Net revenue: Semiconductor $ 87,982 $ 72,086 $ 54,516 Material and Substrate 18,316 13,119 10,304 Non-segment related — — 643 $ 106,298 $ 85,205 $ 65,463 Operating income (loss): Semiconductor $ 20,672 $ 8,585 $ 4,168 Material and Substrate 3,728 278 684 Non-segment related ( 7,114 ) ( 5,138 ) ( 5,337 ) $ 17,286 $ 3,725 $ ( 485 ) Years Ended September 30, 2022 2021 2020 Capital expenditures: Semiconductor $ 452 $ 2,264 $ 912 Material and Substrate 411 695 1,724 Non-segment related 272 53 39 $ 1,135 $ 3,012 $ 2,675 Depreciation and amortization expense: Semiconductor $ 1,101 $ 905 $ 821 Material and Substrate 565 438 197 Non-segment related 63 55 60 $ 1,729 $ 1,398 $ 1,078 September 30, 2022 2021 Identifiable assets: Semiconductor $ 75,622 $ 70,631 Material and Substrate 22,032 19,541 Non-segment related* 35,880 26,741 $ 133,534 $ 116,913 * Non-segment related assets include cash, property and other assets. |
Major Customers and Sales by Co
Major Customers and Sales by Country | 12 Months Ended |
Sep. 30, 2022 | |
Geographic Areas, Revenues from External Customers [Abstract] | |
Major Customers and Sales by Country | 19. Major Customers and Sales by Country In 2022, two Semiconductor customers accounted for 14 % and 12 % of net revenues. In 2021 , two Semiconductor customers accounted for 14 % and 13 % of net revenues. In 2020 , one Semiconductor customer accounted for 11 % of net revenues. Our net revenues for 2022, 2021 and 2020 were to customers in the following geographic regions: Years Ended September 30, 2022 2021 2020 United States 27 % 22 % 28 % Other 9 % 5 % 7 % Total Americas 36 % 27 % 35 % China 17 % 29 % 25 % Malaysia 7 % 3 % 5 % Taiwan 14 % 15 % 15 % Other 6 % 11 % 7 % Total Asia 44 % 58 % 52 % Germany 4 % 5 % 3 % Austria 10 % 3 % — % Other 6 % 7 % 10 % Total Europe 20 % 15 % 13 % 100 % 100 % 100 % |
Geographic Regions
Geographic Regions | 12 Months Ended |
Sep. 30, 2022 | |
Segments, Geographical Areas [Abstract] | |
Geographic Regions | 20. Geographic Regions We have continuing operations in the United States and China, as well as satellite offices in Europe and Asia. Revenues, operating income (loss) and identifiable assets by geographic region are as follows, in thousands: Years Ended September 30, 2022 2021 2020 Net revenue: United States* $ 89,197 $ 58,937 $ 48,089 China 13,854 22,828 13,510 Other 3,247 3,440 3,864 $ 106,298 $ 85,205 $ 65,463 Operating income (loss): United States* $ 14,163 $ ( 4,174 ) $ ( 5,814 ) China 2,003 6,958 4,744 Other 1,120 941 585 $ 17,286 $ 3,725 $ ( 485 ) * United States revenue includes $ 22.7 million, $ 19.7 million and $ 14.9 million in 2022, 2021 and 2020, respectively, related to the products manufactured in our China facility but sold through our Massachusetts facility. September 30, 2022 2021 Net property, plant and equipment: United States $ 4,981 $ 11,990 China 1,571 2,093 $ 6,552 $ 14,083 |
Supplementary Financial Informa
Supplementary Financial Information | 12 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplementary Financial Information | 21. Supplementary Financial Information The following is a summary of the activity in our allowance for doubtful accounts, in thousands: Years Ended September 30, 2022 2021 2020 Balance at beginning of year $ 188 $ 159 $ 172 Provision ( 34 ) 44 86 Write offs 6 ( 2 ) ( 26 ) Adjustment (1) ( 46 ) ( 13 ) ( 73 ) Balance at end of year $ 114 $ 188 $ 159 (1) Primarily foreign currency translation adjustments. Our net accounts receivable as of September 30, 2022, 2021 and 2020 was $ 25.0 million, $ 22.5 million and $ 11.2 million, respectively. |
Discontinued Operations and Dis
Discontinued Operations and Disposals | 12 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Disposals | 22. Discontinued Operations and Disposals Discontinued Operations In April 2019, we announced that the Board determined that it was in the long-term best interest of Amtech to exit the solar business segment and focus our strategic efforts on our non-Solar segments in order to more fully realize the opportunities presented in those areas. The Board made its decision, effective March 28, 2019, after analyzing current market conditions and the strategic outlook for its Solar segment, which operates in a highly competitive market among lower cost manufacturers, particularly in China. The divestiture of our solar business included our Tempress and SoLayTec subsidiaries, which comprised substantially all of our Solar segment. We adopted a plan to sell our Solar operations on or before March 31, 2020. As such, we classified substantially all of the Solar segment as held for sale in our Consolidated Balance Sheets and reported its results as discontinued operations in our Consolidated Statements of Operations. SoLayTec was sold in fiscal 2019. Effective January 22, 2020 (“Tempress Sale Date”), we completed the sale of Tempress for nominal consideration to a third party located in the Netherlands. In connection with this sale transaction, we provided an unsecured term loan to Tempress in the principal sum of $ 2.25 million, to be used to fund Tempress’ working capital requirements and to facilitate the restructuring of Tempress’ operations. We forgave $ 0.5 million of the loan in accordance with the terms of the loan agreement. The balance of the loan was paid in full during 2020. We recorded a pre-tax loss on sale of approximately $ 10.9 million, of which approximately $ 7.2 million was the recognition of previously recorded accumulated foreign currency translation losses. The total pre-tax loss did not have a material effect on our cash balances at our continuing operations. We also recognized a significant tax benefit relating to this loss, which can be carried over to future years. Effective on the Tempress Sale Date, Tempress is no longer included in our consolidated financial statements. Operating results of our discontinued solar operations were as follows, in thousands: Year Ended September 30, 2020 Revenue, net $ 7,442 Cost of sales 5,969 Gross profit 1,473 Selling, general and administrative 1,814 Research, development and engineering 540 Restructuring charges 37 Operating loss ( 918 ) Loss on sale of subsidiary ( 10,916 ) Interest expense and other, net ( 29 ) Loss from discontinued operations before income taxes ( 11,863 ) Income tax benefit ( 47 ) Net loss $ ( 11,816 ) Amtech’s Consolidated Statement of Cash flows combines cash flows from discontinued operations with cash flows from continuing operations within each cash flow statement category. The following table summarizes selected cash flow information for discontinued operations, in thousands: Year Ended September 30, 2020 Loss from discontinued operations, net of tax $ ( 11,816 ) Depreciation and amortization $ 180 Reversal of allowance for doubtful accounts, net $ ( 62 ) Loss on sale of subsidiary $ ( 10,916 ) Purchases of property, plant and equipment $ 1 Other Disposal R2D – On December 13, 2019 (“R2D Sale Date”), we finalized the sale of R2D to certain members of R2D’s management team. Upon the sale, we recognized a loss of approximately $ 2.8 million, which we reported as loss on sale of subsidiary in our Consolidated Statements of Operations for the year ended September 30, 2020. Effective on the R2D Sale Date, R2D is no longer included in our consolidated financial statements. R2D did not meet the discontinued operations or held-for-sale criteria. |
Summary of Operations and Sig_2
Summary of Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business – Amtech is a leading, global manufacturer of capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power devices, analog and discrete devices, electronic assemblies and light-emitting diodes (LEDs). We sell these products to semiconductor device and module manufacturers worldwide, particularly in Asia, North America and Europe. We serve niche markets in industries that are experiencing technological advances, and which historically have been very cyclical. Therefore, future profitability and growth depend on our ability to develop or acquire and market profitable new products and on our ability to adapt to cyclical trends. Our fiscal year is from October 1 to September 30. Unless otherwise stated, references to the years 2022, 2021 and 2020 relate to the fiscal years ended September 30, 2022, 2021 and 2020, respectively. In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the World Health Organization, and the outbreak became increasingly widespread, including in all of the markets in which we operate. We continue to monitor the impact of COVID-19 on all aspects of our business. We are a company operating in a critical infrastructure industry, as defined by the U.S. Department of Homeland Security. Consistent with federal guidelines and with foreign government, state and local orders to date, we have continued to operate across our footprint throughout the COVID-19 pandemic. Following the onset of COVID-19 and its negative effects on our business, most prominently reflected in our second, third and fourth quarter fiscal 2020 results, global economic conditions improved during fiscal 2021, resulting in increased demand for our products and services, which led to our earnings for fiscal 2021 substantially exceeding our fiscal 2020 results. There remain many unknowns and we continue to monitor the expected trends and related demand for our products and services and have and will continue to adjust our operations accordingly. On March 28, 2022, the Chinese government issued a mandatory shutdown in Shanghai, the location of one of our manufacturing facilities. The factory was allowed to partially reopen in May 2022 and was fully reopened on June 1, 2022. Upon reopening on June 1, 2022, the factory was able to operate at near full capacity for the entire month of June. We were able to make up the shipments missed in the fourth quarter and are now operating at normal capacity levels. Additionally, given the uncertainty surrounding the COVID-19 pandemic and the emergence of variations thereof, there can be no assurance that this facility will be allowed to remain open on a consistent basis. |
Principles of Consolidation | Principles of Consolidation – The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassifications | Reclassifications – Certain reclassifications have been made to prior year financial statement footnotes to conform to the current year presentation. These reclassifications had no effect on the previously reported consolidated financial statements for any period. |
Divestitures | Divestitures – Significant accounting policies associated with a decision to dispose of a business are discussed below: Discontinued Operations – A business is classified as discontinued operations if the disposal represents a strategic shift that will have a major effect on operations or financial results and meets the criteria to be classified as held for sale or is disposed of by sale or otherwise. Significant judgments are involved in determining whether a business meets the criteria for discontinued operations reporting and the period in which these criteria are met. If a business is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the Consolidated Statement of Operations. Interest on debt directly attributable to the discontinued operation is allocated to discontinued operations. Assets Held for Sale – An asset or business is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. In isolated instances, assets held for sale may exceed one year due to events or circumstances beyond our control. The assets and related liabilities are aggregated and reported on separate lines of the Consolidated Balance Sheets. |
Cash and Cash Equivalents | Cash and Cash Equivalents – We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist of amounts invested in U.S. money market funds and various U.S. and foreign bank operating and time deposit accounts. We maintain our cash, cash equivalents and restricted cash in multiple financial institutions. Balances in the United States, which account for approximately 84 % and 83 % of total cash balances as of September 30, 2022 and 2021 , respectively, are primarily invested in AAA-rated U.S Treasury and U.S. Government Agency repo money market mutual funds, which have a constant net asset value and consist of direct U.S. Treasuries and/or U.S. Government Agencies with repurchase agreements backed by U.S. Treasury or U.S. Government Agency collateral only, or are in financial institutions insured by the FDIC. The remainder of our cash is maintained with financial institutions with reputable credit in China, the United Kingdom and Malaysia. We maintain cash in bank accounts in amounts which at times may exceed federally insured limits. We have not experienced any losses on such accounts. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts – Accounts receivable are recorded at the sales price of products sold to customers on trade credit terms. Accounts receivable are considered past due when payment has not been received from the customer within the normal credit terms extended to that customer. A valuation allowance is established for accounts when collection is no longer probable. Accounts are written off against the allowance when the probability of collection is remote. Historically, these write-offs have been immaterial. |
Inventories | Inventories – We value our inventory at the lower of cost (first-in, first-out method) or net realizable value. Inventory cost includes the purchase price of parts or finished goods, labor, overhead and any freight cost incurred to receive the inventory into our manufacturing facilities. We regularly review inventory quantities and record a write-down to net realizable value for excess and obsolete inventory. The write-down is primarily based on historical inventory usage adjusted for expected changes in product demand and production requirements. Our industry is characterized by customers in highly-cyclical industries, rapid technological changes, frequent new product developments and rapid product obsolescence. Changes in demand for our products could result in further write-downs. |
Property, Plant and Equipment | Property, Plant and Equipment – Property, plant and equipment are recorded at cost upon acquisition. We begin depreciation and amortization when an asset is both in the location and condition for its intended use. Maintenance and repairs are charged to expense as incurred. The cost of property retired or sold and the related accumulated depreciation and amortization are removed from the applicable accounts when disposition occurs and any gain or loss is recognized. Depreciation and amortization are computed using the straight-line method over the estimated useful life of the asset. Useful lives for equipment and machinery range from three to seven years ; for leasehold improvements from three to fifteen years ; for furniture and fixtures from five to ten years ; and for buildings from 20 to 30 years . Reviews are regularly performed to determine whether facts and circumstances exist which indicate that the useful life is shorter than originally estimated or the carrying amount of assets may not be recoverable. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. |
Leases | Leases – We determine if a contract or arrangement is, or contains, a lease at inception. Balances related to operating leases are included in right-of-use ("ROU") assets in our Consolidated Balance Sheets. Balances related to financing leases are immaterial and are included in property, plant and equipment and finance lease liabilities and long-term debt in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As none of our leases provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset includes any prepaid lease payments and additional direct costs and excludes lease incentives. Our lease terms may include options to extend or terminate the lease, which we include in the recognition of the ROU asset and lease liability, when it is reasonably certain that we will exercise that option. We lease office space, buildings, land, vehicles and equipment. We made an accounting policy election not to separate non-lease components from lease components for all existing classes of underlying assets with the exception of land and buildings. Lease agreements with an initial term of 12 months or less with no renewal options are not recorded on the balance sheet. Instead, we recognize the lease expense as incurred over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We have one lease that requires the underlying asset to be returned to its original condition at the end of the lease term. The related asset retirement obligation, which is immaterial, is reflected within other long-term liabilities in our Consolidated Balance Sheets. Certain lease agreements include one or more options to renew, with individual option terms that can extend the lease term from one to five years . The exercise of lease renewal options is at our sole discretion. Some equipment leases also include options to purchase the leased property. The estimated life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. |
Intangible Assets | Intangible Assets – Intangible assets acquired in business combinations are capitalized and subsequently amortized on a straight-line basis over their estimated useful life. We regularly perform reviews to determine if facts and circumstances exist which indicate that the useful lives of our intangible assets are shorter than originally estimated or the carrying amount of these assets may not be recoverable. Impairment, if any, is based on the excess of the carrying amount over the estimated fair value of those assets. Patent costs consist primarily of legal and filing fees incurred to file patents on proprietary methods and technology we developed. Patent costs are expensed when incurred, as they are insignificant. |
Goodwill | Goodwill – Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is not subject to amortization but is tested for impairment annually or when it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If it is concluded that there is a potential impairment, we would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value (although the loss would not exceed the total amount of goodwill allocated to the reporting unit). |
Revenue Recognition | Revenue Recognition – We recognize revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration expected to be received in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a product or service to the customer. The transaction price of a contract is allocated to each distinct performance obligation based upon the relative standalone selling price ("SSP") for each performance obligation and is recognized as revenue upon satisfaction of the performance obligation. To record revenue properly, we apply the following five steps: 1) Identify the contract with the customer A contract with a customer exists when (i) we enter into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the related payment terms, (ii) the contract has commercial substance, and (iii) we determine that collection of substantially all consideration for goods and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. 2) Identify the performance obligations in the contract Performance obligations are identified based on the goods and services that will be transferred to the customer that are both (i) capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other available resources, and (ii) are distinct in the context of the contract, whereby the transfer of the good or service is separately identifiable from other promises to the customer in the contract. To the extent a contract includes multiple promised goods and services, we must apply judgment to determine whether promised goods and services are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation. Our equipment sales consist of multiple promises, including the delivery of the system itself and obligations that are not delivered simultaneously with the system, such as installation services and training. In most cases, these services require minimal effort and are immaterial in the context of the contract. Therefore, equipment and related services are treated as one performance obligation. Customers who purchase new systems are provided an assurance-type warranty, generally for periods of 12 to 36 months. Assurance-type warranties are not considered a performance obligation. We account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations. Our remaining performance obligations as of September 30, 2022, have an original duration of one year or less. Our obligations for returns and/or refunds are immaterial in all periods presented. 3) Determine the transaction price The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring goods and services to the customer. The transaction price is based on the price reflected in the individual customer’s purchase order. Occasionally, our customers earn a commission on the purchase and/or resale of our products. These payments to customers are recorded as a reduction of revenue and are less than 5 % of our total revenues. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each distinct performance obligation. When required, the SSP for each performance obligation is based on observable data from standalone sales. To determine the SSP for labor-related performance obligations, we use directly observable inputs based on the standalone sale prices for these services. 5) Recognize revenue when, or as, we satisfy a performance obligation We satisfy performance obligations either over time or at a point in time. Revenue is recognized over time if either (i) the customer simultaneously receives and consumes the benefits provided by our performance, (ii) our performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (iii) our performance does not create an asset with an alternative use to the entity and we have an enforceable right to payment for performance completed to date. If we do not satisfy a performance obligation over time, the related performance obligation is satisfied at a point in time by transferring the control of a promised good or service to a customer. For over time recognition, we are required to select a single revenue recognition method for the performance obligation that faithfully depicts our performance in transferring control of the goods and services. Equipment and related product revenues (e.g., furnace systems, system add-ons, machinery, consumables and spare parts) are recognized at a point in time, when they are shipped or delivered, depending on contractual terms. Revenue for maintenance services are recognized over time based on hours incurred, as the hours incurred align to the maintenance activities performed. We exclude from the transaction price all sales taxes that are assessed by a governmental authority and that are imposed on and concurrent with a specific revenue-producing transaction and collected from a customer (for example, sales, use, value added, and certain excise taxes). Sales taxes are presented on a net basis (excluded from revenues) in our Consolidated Statements of Operations. Our remaining performance obligations as of September 30, 2022 , have an original duration of one year or less. Our customers generally have payment terms of 60 - 90 days . We do not have any payment terms that exceed one year from the point we have satisfied the related performance obligations. Management reviews disaggregated revenue at the reportable segment level. Revenue-generating transactions vary between our reportable segments due to several factors. For example, lead times vary among our reportable segments and among our products. Most of the revenue for our Material and Substrate segment results from the sale of consumables, rather than equipment sales. These consumables have a much shorter production period than equipment produced by our other reportable segment. Due to these variations between reportable segments, management determined that disaggregated revenue by reportable segment sufficiently depicts how economic factors affect the nature, amount, timing and uncertainty of our revenue and cash flows. See Note 18 for additional information on our reportable segments. |
Contract Assets | Contract Assets – Contract assets consist of amounts we are not legally able to invoice but have completed the related performance obligation. These amounts generally arise from variances between the contractual payment terms and the transaction price assigned to the open performance obligations (e.g., we have recognized revenue in an amount greater than the amount that is billable under the contract). There were no contract assets at September 30, 2022 and 2021 . |
Contract Liabilities | Contract Liabilities – Contract liabilities are reflected in current liabilities on the Consolidated Balance Sheets as all performance obligations are expected to be satisfied within the next 12 months. Contract liabilities include customer deposits and deferred profit, if any. Contract liabilities relate to payments invoiced or received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations. Contract liabilities consist of customer deposits as of September 30, 2022 and 2021 . Of the $ 1.6 million contract liabilities recorded at September 30, 2021, the entire $ 1.6 million was recorded as revenue for the year ended September 30, 2022. Of the $ 1.2 million contract liabilities recorded at September 30, 2020, the entire $ 1.2 million was recorded as revenue for the year ended September 30, 2021. Of the $ 1.4 million contract liabilities recorded at September 30, 2019, the entire $ 1.4 million was recorded as revenue for the year ended September 30, 2020. |
Warranty | Warranty – A limited warranty is provided free of charge, generally for periods of 12 to 36 months to all purchasers of our new products and systems. Accruals are recorded for estimated warranty costs at the time revenue is recognized, generally upon shipment or acceptance, as determined under the revenue recognition policy above. On occasion, we have been required and may be required in the future to provide additional warranty coverage to ensure that the systems are ultimately accepted or to maintain customer goodwill. While our warranty costs have historically been within our expectations and we believe that the amounts accrued for warranty expenditures are sufficient for all systems sold through September 30, 2022, we cannot guarantee that we will continue to experience a similar level of predictability with regard to warranty costs. In addition, technological changes or previously unknown defects in raw materials or components may result in more extensive and frequent warranty service than anticipated, which could result in an increase in our warranty expense. The following is a summary of activity in accrued warranty expense at our continuing operations, in thousands: Years Ended September 30, 2022 2021 2020 Beginning balance $ 545 $ 380 $ 556 Additions for warranties issued during the period 821 250 393 Reductions in the liability for payments made under ( 36 ) ( 9 ) ( 433 ) Changes related to pre-existing warranties ( 459 ) ( 76 ) ( 121 ) Currency translation adjustment — — ( 15 ) Ending balance $ 871 $ 545 $ 380 |
Shipping Expense | Shipping Expense – Shipping expenses at our continuing operations of $ 2.4 million, $ 0.8 million and $ 0.5 million for 2022, 2021 and 2020 , respectively, are included in selling, general and administrative expenses. |
Advertising Expense | Advertising Expense – Advertising costs are expensed as incurred. Advertising expenses at our continuing operations of $ 0.4 million, $ 0.2 million and $ 0.3 million for 2022, 2021 and 2020 , respectively, are included in selling, general and administrative expenses. |
Stock-Based Compensation | Stock-Based Compensation – We measure compensation costs relating to share-based payment transactions based upon the grant-date fair value of the award. Those costs are recognized as expense over the requisite service period, which is generally the vesting period, with forfeitures recognized as they occur. We estimate the fair value of stock option awards on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model requires us to apply estimates, including expected stock price volatility, expected life of the option and the risk-free interest rate. |
Research, Development and Engineering Expenses | Research, Development and Engineering Expenses – RD&E expenses consist of the cost of employees, consultants and contractors who design, engineer and develop new products and processes as well as materials and supplies used in producing prototypes. RD&E expenses may vary from period to period depending on the engineering projects in process. Expenses related to engineers working on strategic projects or sustaining engineering projects are recorded in RD&E. However, from time to time we add functionality to our products or develop new products during engineering and manufacturing to fulfill specifications in a customer’s order, in which case the cost of development, along with other costs of the order, are charged to cost of goods sold. When certain contract requirements are met, governmental research and development grants are netted against research, development and engineering expenses. The following is a summary of our research, development and engineering expense, thousands: Years Ended September 30, 2022 2021 2020 Research, development and engineering $ 6,390 $ 5,979 $ 3,689 Grants earned — — ( 377 ) Net research, development and engineering $ 6,390 $ 5,979 $ 3,312 |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation – We use the U.S. dollar as our reporting currency. Our operations in the UK, China and other countries are primarily conducted in their functional currencies, the Euro, Renminbi, or the local country currency, respectively. Accordingly, assets and liabilities of the subsidiaries are translated into U.S. dollars at the exchange rate in effect at the balance sheet dates. Income and expense items are translated at the average exchange rate for each month within the year. The resulting translation adjustments are recorded directly in accumulated other comprehensive income (loss), net of tax - foreign currency translation adjustments as a separate component of shareholders’ equity. Net foreign currency transaction gains/losses, including transaction gains/losses on intercompany balances that are not of a long-term investment nature and non-functional currency cash balances, are reported as a separate component of non-operating (income) expense in our Consolidated Statements of Operations. |
Income Taxes | Income Taxes – We file consolidated federal income tax returns in the United States for all subsidiaries except those in China and the UK, where separate returns are filed. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and deferred tax liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and deferred tax liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and deferred tax liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law and results of recent operations. If we determine that we would not be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset through recognizing a valuation allowance, which would increase the provision for income taxes. |
Concentrations of Credit Risk | Concentrations of Credit Risk – Our customers are primarily manufacturers of semiconductor substrates and devices and electronic assemblies. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and trade accounts receivable. Credit risk is managed by performing credit evaluations of the customers’ financial condition, by requiring significant deposits where appropriate, and by actively monitoring collections. Letters of credit are required of certain customers depending on the size of the order, type of customer or its creditworthiness, and country of domicile. As of September 30, 2022, one Semiconductor customer individually represented 12 % of accounts receivable. As of September 30, 2021 , one Semiconductor customer individually represented 14 % of accounts receivable. Refer to Note 20 for information regarding revenue and assets in other countries subject to fluctuation in foreign currency exchange rates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments – We group our financial assets and liabilities measured at fair value on a recurring basis into three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 – Valuation is based upon quoted market price for identical instruments traded in active markets. Level 2 – Valuation is based on quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. Valuation techniques include use of discounted cash flow models and similar techniques. It is our policy to use observable inputs whenever reasonably practicable in order to minimize the use of unobservable inputs when developing fair value measurements. When available, we use quoted market prices to measure fair value. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including interest rate yield curves, option volatilities and currency rates. In certain cases, where market rate assumptions are not available, we are required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect current or future valuations. Cash, Cash Equivalents and Restricted Cash – Included in cash and cash equivalents and restricted cash in the Consolidated Balance Sheets are money market funds invested in treasury bills, notes and other direct obligations of the U.S. Treasury and foreign bank operating and time deposit accounts. Cash equivalents are classified as Level 1 in the fair value hierarchy. Receivables and Payables – The recorded amounts of these financial instruments, including accounts receivable and accounts payable, approximate their fair value because of the short maturities of these instruments. Debt – Due to the relatively short-term nature of the debt, we believe that the carrying value approximated fair value. We paid this debt in full on June 23, 2022 upon the closing of the sale of our Massachusetts manufacturing facility (see Note 8). |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements There were no new accounting pronouncements issued or effective as of September 30, 2022 that had or are expected to have a material impact on our consolidated financial statements. |
Summary of Operations and Sig_3
Summary of Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Product Warranty Liability | The following is a summary of activity in accrued warranty expense at our continuing operations, in thousands: Years Ended September 30, 2022 2021 2020 Beginning balance $ 545 $ 380 $ 556 Additions for warranties issued during the period 821 250 393 Reductions in the liability for payments made under ( 36 ) ( 9 ) ( 433 ) Changes related to pre-existing warranties ( 459 ) ( 76 ) ( 121 ) Currency translation adjustment — — ( 15 ) Ending balance $ 871 $ 545 $ 380 |
Summary of Research, Development and Engineering Expense | The following is a summary of our research, development and engineering expense, thousands: Years Ended September 30, 2022 2021 2020 Research, development and engineering $ 6,390 $ 5,979 $ 3,689 Grants earned — — ( 377 ) Net research, development and engineering $ 6,390 $ 5,979 $ 3,312 |
Earnings Per Share & Diluted _2
Earnings Per Share & Diluted Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Denominators of Basic and Diluted EPS Calculations | A reconciliation of the denominators of the basic and diluted EPS calculations follows, in thousands, except per share amounts: Years Ended September 30, 2022 2021 2020 Numerator: Net income (loss) from continuing operations $ 17,367 $ 1,508 $ ( 3,907 ) Net loss from discontinued operations $ — $ — $ ( 11,816 ) Net income (loss) $ 17,367 $ 1,508 $ ( 15,723 ) Denominator: Weighted-average shares used to compute basic EPS 14,014 14,189 14,159 Common stock equivalents (1) 170 151 — Weighted-average shares used to compute diluted EPS 14,184 14,340 14,159 Basic income (loss) per share from continuing operations $ 1.24 $ 0.11 $ ( 0.28 ) Basic loss per share from discontinued operations $ — $ — $ ( 0.83 ) Net income (loss) per basic share $ 1.24 $ 0.11 $ ( 1.11 ) Diluted income (loss) per share from continuing operations $ 1.22 $ 0.11 $ ( 0.28 ) Diluted loss per share from discontinued operations $ — $ — $ ( 0.83 ) Net income (loss) per diluted share $ 1.22 $ 0.11 $ ( 1.11 ) (1) The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Severance (Tables)
Severance (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Severance | The table below details the severance activity for the years ended September 30, 2022 and 2021. The activity during 2021 is the result of staff reductions in our Semiconductor and Material and Substrate operations. The outstanding obligations as of September 30, 2022 and 2021 are as follows, in thousands: Years Ended September 30, 2022 2021 Balance at beginning of the year $ 17 $ 102 Severance expense, net of adjustments — 86 Cash payments ( 17 ) ( 171 ) Balance at the end of the year $ — $ 17 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventories | The components of inventories are as follows, in thousands: September 30, 2022 2021 Purchased parts and raw materials $ 15,377 $ 12,647 Work-in-process 6,146 4,865 Finished goods 3,965 4,563 $ 25,488 $ 22,075 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property,Plant and Equipment | The following is a summary of property, plant and equipment, in thousands: September 30, 2022 2021 Land $ 189 $ 3,240 Buildings 717 5,396 Building and leasehold improvements 2,694 4,622 Equipment and machinery 7,238 6,261 Furniture and fixtures 2,307 2,458 13,145 21,977 Accumulated depreciation and amortization ( 6,593 ) ( 7,894 ) $ 6,552 $ 14,083 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Financial Statement Classification of Lease Balances Within Consolidated Balance Sheets | The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets as of September 30, 2022 and 2021, in thousands: September 30, 2022 2021 Assets Right-of-use assets - operating $ 11,258 $ 8,646 Right-of-use assets - finance 149 174 Total right-of-use assets $ 11,407 $ 8,820 Liabilities Current Operating lease liabilities $ 2,101 $ 470 Finance lease liabilities 71 61 Total current portion of long-term lease liabilities 2,172 531 Long-term Operating lease liabilities 9,395 8,279 Finance lease liabilities 76 110 Total long-term lease liabilities 9,471 8,389 Total lease liabilities $ 11,643 $ 8,920 |
Schedule of Financial Statement Classification of Lease Expenses Reported in Consolidated Statements of Operations | The following table provides information about the financial statement classification of our lease expenses reported in the Consolidated Statements of Operations for the years ended September 30, 2022 and 2021, in thousands: Years Ended September 30, Lease cost Classification 2022 2021 2020 Operating lease cost Cost of sales $ 822 $ 536 $ 208 Operating lease cost Selling, general and administrative expenses 359 256 84 Operating lease cost Research, development and engineering 14 — — Finance lease cost Cost of sales 4 5 16 Finance lease cost Selling, general and administrative expenses 71 17 8 Short-term lease cost Cost of sales — 191 164 Total lease cost $ 1,270 $ 1,005 $ 480 |
Future Minimum Lease Payments Under Non-cancelable Leases Including Leases | Future minimum lease payments under non-cancelable leases as of September 30, 2022 are as follows, in thousands: Operating Leases Finance Leases Total 2023 $ 2,535 $ 76 $ 2,611 2024 2,136 57 2,193 2025 978 9 987 2026 861 9 870 2027 773 3 776 Thereafter 7,863 — 7,863 Total lease payments 15,146 154 15,300 Less: Interest 3,650 7 3,657 Present value of lease liabilities $ 11,496 $ 147 $ 11,643 |
Schedule of Weighted Average Remaining Term and Discount Rates | The following table provides information about the remaining lease terms and discount rates applied as of September 30, 2022 and 2021: September 30, 2022 2021 Weighted average remaining lease term Operating leases 12.65 years 16.92 years Finance leases 2.45 years 2.79 years Weighted average discount rate Operating leases 4.17 % 4.17 % Finance leases 4.17 % 4.17 % |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consist of the following, in thousands: September 30, Useful Life 2022 2021 Customer lists 6 - 10 years $ 1,609 $ 1,609 Trade names 3 - 15 years 879 879 2,488 2,488 Accumulated amortization ( 1,730 ) ( 1,630 ) Intangible assets, net $ 758 $ 858 |
Schedule of Future Amortization Expense for Remaining Unamortized Balance | Future amortization expense for the remaining unamortized balance as of September 30, 2022 is estimated as follows, in thousands: Years Ending September 30, Amortization 2023 $ 100 2024 98 2025 97 2026 97 2027 97 Thereafter 269 Total $ 758 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill, by reportable segment, for the year ended September 30, 2022 are as follows, in thousands: Semiconductor Material and Substrate Total Goodwill Goodwill $ 5,905 $ 5,263 $ 11,168 Accumulated impairment losses — — — Balance at September 30, 2021 5,905 5,263 11,168 Goodwill acquired during 2022 — — — Impairment of goodwill during 2022 — — — Balance at September 30, 2022 $ 5,905 $ 5,263 $ 11,168 Goodwill $ 5,905 $ 5,263 $ 11,168 Accumulated impairment losses — — — Balance at September 30, 2022 $ 5,905 $ 5,263 $ 11,168 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income (Loss) Before Provision for Income Taxes | The following note related to income taxes summarizes the results from both continuing and discontinued operations. The components of income (loss) before provision for income taxes are as follows, in thousands: Years Ended September 30, 2022 2021 2020 Domestic $ 15,275 $ ( 3,320 ) $ ( 18,652 ) Foreign 3,510 6,754 3,673 $ 18,785 $ 3,434 $ ( 14,979 ) The components of the provision for income taxes are as follows, in thousands: Years Ended September 30, 2022 2021 2020 Current: Domestic federal $ — $ — $ ( 239 ) Foreign 711 1,999 1,407 Foreign withholding taxes 255 292 201 Domestic state 77 ( 300 ) ( 59 ) Total current 1,043 1,991 1,310 Deferred: Domestic Federal ( 39 ) — — Foreign 414 ( 65 ) ( 566 ) Total deferred 375 ( 65 ) ( 566 ) Total provision $ 1,418 $ 1,926 $ 744 |
Schedule of Reconciliation of Actual Income Taxes to Income Taxes at Expected U.S. Federal Corporate Income Tax Rate | A reconciliation of actual income taxes to income taxes at the expected U.S. federal corporate income tax rate is as follows, in thousands, except percentages: Years Ended September 30, 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % Tax expense (benefit) at the federal statutory rate $ 3,945 $ 722 $ ( 3,146 ) Effect of permanent book-tax differences 11 54 145 State tax provision 554 24 34 Valuation allowance for net deferred tax assets ( 3,138 ) 842 3,775 Uncertain tax items 55 ( 276 ) ( 47 ) Tax rate differential 535 267 222 Other items ( 544 ) 293 ( 239 ) $ 1,418 $ 1,926 $ 744 |
Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities | The components of deferred tax assets and deferred tax liabilities are as follows, in thousands: September 30, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 17,180 $ 20,650 Accruals and reserves 1,441 1,250 Foreign tax credit 811 1,207 Operating lease liabilities 2,492 1,119 Foreign service fee 1,579 1,635 Other assets 467 1,092 Total deferred tax assets 23,970 26,953 Valuation allowance ( 20,000 ) ( 23,292 ) Deferred tax assets, net of valuation allowance 3,970 3,661 Deferred tax liabilities: Goodwill and identifiable intangible assets ( 321 ) ( 499 ) Property and equipment, net ( 758 ) ( 1,201 ) Operating lease, right-of-use assets ( 2,494 ) ( 1,119 ) Prepaid assets ( 318 ) ( 211 ) Total deferred tax liabilities ( 3,891 ) ( 3,030 ) Total deferred tax assets (liabilities) $ 79 $ 631 |
Schedule of Changes in Deferred Tax Valuation Allowance | Changes in the deferred tax valuation allowance are as follows, in thousands: Years Ended September 30, 2022 2021 Balance at the beginning of the year $ 23,292 $ 21,733 (Reductions) additions to valuation allowance ( 3,292 ) 1,559 Balance at the end of the year $ 20,000 $ 23,292 |
Summary of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of our unrecognized tax benefits is summarized as follows (in thousands): Years Ended September 30, 2022 2021 2020 Balance at beginning of the year $ 949 $ 1,225 $ 1,272 Additions related to tax positions taken in prior years 55 — — Reductions due to resolution of uncertain tax position — ( 276 ) ( 47 ) Balance at the end of the year $ 1,004 $ 949 $ 1,225 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | Annual maturities relating to our long-term debt as of September 30, 2022 are as follows (in thousands): Annual 2023 $ 36 2024 38 2025 40 2026 41 2027 25 Thereafter — Total long-term debt $ 180 |
Equity and Stock-Based Compen_2
Equity and Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Repurchase Plans | The following table summarizes information related to our stock repurchase plans, in thousands, except share and per share amounts: Name of Stock Repurchase Plan Date Approved by Board Plan Term Amount Authorized ($) Amount Used for Repurchases ($) Average Price Paid per Share ($) Shares Repurchased (#) Amount Available for Repurchases ($) Plan Status Fiscal Year of Repurchases 2022 Stock Repurchase Plan 2/10/2022 1 year 5,000 1,400 9.78 143,430 3,600 Open 2022 2021 Stock Repurchase Plan 2/9/2021 1 year 4,000 2,700 9.31 291,383 — Expired 2022 2020 Stock Repurchase Plan 2/4/2020 1 year 4,000 2,000 5.46 366,000 — Expired 2020 2019 Stock Repurchase Plan 11/29/2018 1 year 4,000 — — — — Expired NA |
Summary of Equity Compensation Plans | Equity compensation plans as of September 30, 2022 are summarized in the table below: Name of Plan Shares Shares Options Plan 2022 Plan 1,000,000 946,000 54,000 Mar. 2032 2007 Plan 3,000,000 — 397,341 Mar. 2024 Non-Employee Directors Stock Option Plan 500,000 — 138,000 Mar. 2024 946,000 589,341 |
Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model | We estimated the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model using the following assumptions: Years Ended September 30, 2022 2021 2020 Risk free interest rate 2 % 1 % 1 % Expected life 5 years 6 years 6 years Dividend rate 0 % 0 % 0 % Volatility 57 % 58 % 58 % |
Summary of Stock Option Activity | The following table summarizes our stock option activity du ring 2022, 2021 and 2020: Years Ended September 30, 2022 2021 2020 Options Weighted Options Weighted Options Weighted Outstanding at beginning of period 608,269 $ 6.48 696,665 $ 7.00 1,068,665 $ 7.04 Granted 135,500 $ 12.80 204,000 $ 6.25 32,500 $ 5.34 Exercised ( 124,475 ) $ 5.78 ( 241,320 ) $ 6.40 ( 160,375 ) $ 5.47 Forfeited/expired ( 29,953 ) $ 6.92 ( 51,076 ) $ 13.01 ( 244,125 ) $ 7.94 Outstanding at end of period 589,341 $ 8.06 608,269 $ 6.48 696,665 $ 7.00 Exercisable at end of period 358,343 $ 6.92 403,853 $ 6.87 611,542 $ 7.19 Weighted average grant-date $ 6.39 $ 3.33 $ 2.89 |
Summary of Stock Options Outstanding and Exercisable | The following table summarizes information for stock options outstanding and exercisable as of September 30, 2022: Options Outstanding Options Exercisable Range of Exercise Prices Number Remaining Weighted Number Weighted $ 2.95 -$ 4.90 62,000 5.72 $ 4.64 62,000 $ 4.64 $ 5.07 -$ 5.52 86,883 5.80 $ 5.38 66,717 $ 5.39 $ 5.67 -$ 5.67 113,958 8.13 $ 5.67 38,626 $ 5.67 $ 5.75 -$ 7.01 77,000 2.20 $ 6.70 77,000 $ 6.70 $ 7.40 -$ 9.98 114,000 4.98 $ 8.75 84,000 $ 9.12 $ 9.99 -$ 9.99 6,000 8.87 $ 9.99 6,000 $ 9.99 $ 10.22 -$ 10.22 24,000 9.42 $ 10.22 — — $ 10.71 -$ 10.71 6,000 2.52 $ 10.71 6,000 $ 10.71 $ 11.51 -$ 11.51 18,000 8.48 $ 11.51 18,000 $ 11.51 $ 15.43 -$ 15.43 81,500 9.13 $ 15.43 — — $ 2.95 -$ 15.43 589,341 6.30 $ 8.06 358,343 $ 6.92 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments Information | Information concerning our reportable segments is as follows, in thousands: Years Ended September 30, 2022 2021 2020 Net revenue: Semiconductor $ 87,982 $ 72,086 $ 54,516 Material and Substrate 18,316 13,119 10,304 Non-segment related — — 643 $ 106,298 $ 85,205 $ 65,463 Operating income (loss): Semiconductor $ 20,672 $ 8,585 $ 4,168 Material and Substrate 3,728 278 684 Non-segment related ( 7,114 ) ( 5,138 ) ( 5,337 ) $ 17,286 $ 3,725 $ ( 485 ) Years Ended September 30, 2022 2021 2020 Capital expenditures: Semiconductor $ 452 $ 2,264 $ 912 Material and Substrate 411 695 1,724 Non-segment related 272 53 39 $ 1,135 $ 3,012 $ 2,675 Depreciation and amortization expense: Semiconductor $ 1,101 $ 905 $ 821 Material and Substrate 565 438 197 Non-segment related 63 55 60 $ 1,729 $ 1,398 $ 1,078 September 30, 2022 2021 Identifiable assets: Semiconductor $ 75,622 $ 70,631 Material and Substrate 22,032 19,541 Non-segment related* 35,880 26,741 $ 133,534 $ 116,913 * Non-segment related assets include cash, property and other assets. |
Major Customers and Sales by _2
Major Customers and Sales by Country (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Geographic Areas, Revenues from External Customers [Abstract] | |
Schedule of Revenues by Geographic Region | Our net revenues for 2022, 2021 and 2020 were to customers in the following geographic regions: Years Ended September 30, 2022 2021 2020 United States 27 % 22 % 28 % Other 9 % 5 % 7 % Total Americas 36 % 27 % 35 % China 17 % 29 % 25 % Malaysia 7 % 3 % 5 % Taiwan 14 % 15 % 15 % Other 6 % 11 % 7 % Total Asia 44 % 58 % 52 % Germany 4 % 5 % 3 % Austria 10 % 3 % — % Other 6 % 7 % 10 % Total Europe 20 % 15 % 13 % 100 % 100 % 100 % |
Geographic Regions (Tables)
Geographic Regions (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Revenues, Operating Income (Loss) and Identifiable Assets by Geographic Region | We have continuing operations in the United States and China, as well as satellite offices in Europe and Asia. Revenues, operating income (loss) and identifiable assets by geographic region are as follows, in thousands: Years Ended September 30, 2022 2021 2020 Net revenue: United States* $ 89,197 $ 58,937 $ 48,089 China 13,854 22,828 13,510 Other 3,247 3,440 3,864 $ 106,298 $ 85,205 $ 65,463 Operating income (loss): United States* $ 14,163 $ ( 4,174 ) $ ( 5,814 ) China 2,003 6,958 4,744 Other 1,120 941 585 $ 17,286 $ 3,725 $ ( 485 ) United States revenue includes $ 22.7 million, $ 19.7 million and $ 14.9 million in 2022, 2021 and 2020, respectively, related to the products manufactured in our China facility but sold through our Massachusetts facility. September 30, 2022 2021 Net property, plant and equipment: United States $ 4,981 $ 11,990 China 1,571 2,093 $ 6,552 $ 14,083 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Activity in Allowance for Doubtful Accounts | The following is a summary of the activity in our allowance for doubtful accounts, in thousands: Years Ended September 30, 2022 2021 2020 Balance at beginning of year $ 188 $ 159 $ 172 Provision ( 34 ) 44 86 Write offs 6 ( 2 ) ( 26 ) Adjustment (1) ( 46 ) ( 13 ) ( 73 ) Balance at end of year $ 114 $ 188 $ 159 (1) Primarily foreign currency translation adjustments. |
Discontinued Operations and D_2
Discontinued Operations and Disposals (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Operating results of our discontinued solar operations were as follows, in thousands: Year Ended September 30, 2020 Revenue, net $ 7,442 Cost of sales 5,969 Gross profit 1,473 Selling, general and administrative 1,814 Research, development and engineering 540 Restructuring charges 37 Operating loss ( 918 ) Loss on sale of subsidiary ( 10,916 ) Interest expense and other, net ( 29 ) Loss from discontinued operations before income taxes ( 11,863 ) Income tax benefit ( 47 ) Net loss $ ( 11,816 ) The following table summarizes selected cash flow information for discontinued operations, in thousands: Year Ended September 30, 2020 Loss from discontinued operations, net of tax $ ( 11,816 ) Depreciation and amortization $ 180 Reversal of allowance for doubtful accounts, net $ ( 62 ) Loss on sale of subsidiary $ ( 10,916 ) Purchases of property, plant and equipment $ 1 |
Summary of Operations and Sig_4
Summary of Operations and Significant Accounting Policies - Cash and cash Equivalents - Additional Information (Details) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
US Treasuries and FDIC Insured | ||
Concentration Risk [Line Items] | ||
Percentage of cash balances | 84% | 83% |
Summary of Operations and Sig_5
Summary of Operations and Significant Accounting Policies - Property, Plant and Equipment - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2022 | |
Minimum | Equipment, and Machinery | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 3 years |
Minimum | Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 3 years |
Minimum | Furniture and fixtures | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 5 years |
Minimum | Building | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 20 years |
Maximum | Equipment, and Machinery | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 7 years |
Maximum | Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 15 years |
Maximum | Furniture and fixtures | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 10 years |
Maximum | Building | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life (in years) | 30 years |
Summary of Operations and Sig_6
Summary of Operations and Significant Accounting Policies - Leases - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2022 | |
Lessee, Lease, Description [Line Items] | |
Operating lease, existence of option to extend | true |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease renewal term | 5 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease renewal term | 1 year |
Summary of Operations and Sig_7
Summary of Operations and Significant Accounting Policies - Revenue Recognition - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | |
Performance obligation remaining, original duration | 1 year |
Revenue remaining performance obligation | true |
Revenue performance obligation, description of payment terms | Our customers generally have payment terms of 60-90 days. |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Revenue performance obligation, payment term | 60 days |
Minimum | Equipment Sales | |
Disaggregation of Revenue [Line Items] | |
Warranty period | 12 months |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Revenue performance obligation, payment term | 90 days |
Maximum | Equipment Sales | |
Disaggregation of Revenue [Line Items] | |
Warranty period | 36 months |
Maximum | Revenue from Contract with Customer Benchmark | Revenue from Rights Concentration Risk | |
Disaggregation of Revenue [Line Items] | |
Percentage of total revenue | 5% |
Summary of Operations and Sig_8
Summary of Operations and Significant Accounting Policies - Contract Assets - Additional Information (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Capitalized Contract Cost [Line Items] | ||
Contract assets | $ 0 | $ 0 |
Summary of Operations and Sig_9
Summary of Operations and Significant Accounting Policies - Contract Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Contract liabilities | $ 7,231 | $ 1,624 | $ 1,200 | $ 1,400 |
Contract revenue | $ 1,600 | $ 1,200 | $ 1,400 |
Summary of Operations and Si_10
Summary of Operations and Significant Accounting Policies - Warranty - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2022 | |
Minimum | |
Product Warranty Liability [Line Items] | |
Standard product warranty, period | 12 months |
Maximum | |
Product Warranty Liability [Line Items] | |
Standard product warranty, period | 36 months |
Summary of Operations and Si_11
Summary of Operations and Significant Accounting Policies - Summary of Activity in Accrued Warranty Expense at Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accrued Warranty [Roll Forward] | |||
Beginning balance | $ 545 | $ 380 | $ 556 |
Additions for warranties issued during the period | 821 | 250 | 393 |
Reductions in the liability for payments made under the warranty | (36) | (9) | (433) |
Changes related to pre-existing warranties | (459) | (76) | (121) |
Currency translation adjustment | (15) | ||
Ending balance | $ 871 | $ 545 | $ 380 |
Summary of Operations and Si_12
Summary of Operations and Significant Accounting Policies - Shipping Expense - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Expense [Line Items] | |||
Selling, general and administrative expenses | $ 28,300 | $ 24,740 | $ 21,397 |
Shipping | |||
Schedule Of Expense [Line Items] | |||
Selling, general and administrative expenses | $ 2,400 | $ 800 | $ 500 |
Summary of Operations and Si_13
Summary of Operations and Significant Accounting Policies - Advertising Expense - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Advertising expense | $ 0.4 | $ 0.2 | $ 0.3 |
Summary of Operations and Si_14
Summary of Operations and Significant Accounting Policies - Summary of Research, Development and Engineering Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Research, development and engineering | $ 6,390 | $ 5,979 | $ 3,689 |
Grants earned | (377) | ||
Net research, development and engineering | $ 6,390 | $ 5,979 | $ 3,312 |
Summary of Operations and Si_15
Summary of Operations and Significant Accounting Policies - Concentrations of Credit Risk - Additional Information (Details) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts Receivable | Customer One | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12% | 14% |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | |||
Goodwill - Net | $ 11,168 | $ 11,168 | |
Customer Relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible asset, estimated useful lives | 10 years | ||
Trade Name | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible asset, estimated useful lives | 3 years | ||
Intersurface Dynamics, Inc. | |||
Business Acquisition [Line Items] | |||
Business acquisition, effective date of acquisition | Mar. 03, 2021 | ||
Business acquisition, percentage of voting interests acquired | 100% | ||
Business acquisition, cash purchase price | $ 5,300 | ||
Business acquisition, fair value of net assets | 700 | ||
Business acquisition, identifiable intangible assets | 400 | ||
Goodwill - Net | $ 4,500 |
Cybersecurity Incident - Additi
Cybersecurity Incident - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Selling, General and Administrative Expenses [Member] | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Cybersecurity expenses | $ 1.1 | |||
Insurance Claims [Member] | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Reimbursement received | $ 0.2 | $ 0.4 | $ 0.6 |
Earnings Per Share & Diluted _3
Earnings Per Share & Diluted Earnings Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 189,000 | 101,000 | 642,000 |
Earnings Per Share & Diluted _4
Earnings Per Share & Diluted Earnings Per Share - Reconciliation of Denominators of Basic and Diluted EPS Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Numerator: | ||||
Net income (loss) from continuing operations | $ 17,367 | $ 1,508 | $ (3,907) | |
Loss from discontinued operations, net of tax | (11,816) | |||
Net income (loss) | $ 17,367 | $ 1,508 | $ (15,723) | |
Denominator: | ||||
Weighted-average shares used to compute basic EPS | 14,014 | 14,189 | 14,159 | |
Common stock equivalents | [1] | 170 | 151 | |
Weighted-average shares used to compute diluted EPS | 14,184 | 14,340 | 14,159 | |
Basic income (loss) per share from continuing operations | $ 1.24 | $ 0.11 | $ (0.28) | |
Basic loss per share from discontinued operations | (0.83) | |||
Net income (loss) per basic share | 1.24 | 0.11 | (1.11) | |
Diluted income (loss) per share from continuing operations | 1.22 | 0.11 | (0.28) | |
Diluted loss per share from discontinued operations | (0.83) | |||
Net income (loss) per diluted share | $ 1.22 | $ 0.11 | $ (1.11) | |
[1] The number of common stock equivalents is calculated using the treasury stock method and the average market price during the period. |
Severance - Schedule of Severan
Severance - Schedule of Severance Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |||
Balance at beginning of the year | $ 17 | $ 102 | |
Severance expense, net of adjustments | 0 | 86 | $ 217 |
Cash payments | (17) | (171) | |
Balance at the end of the year | $ 0 | $ 17 | $ 102 |
Inventories - Schedule of Compo
Inventories - Schedule of Components of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Purchased parts and raw materials | $ 15,377 | $ 12,647 |
Work-in-process | 6,146 | 4,865 |
Finished goods | 3,965 | 4,563 |
Inventories | $ 25,488 | $ 22,075 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property,Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,145 | $ 21,977 |
Accumulated depreciation and amortization | (6,593) | (7,894) |
Property, plant and equipment - net | 6,552 | 14,083 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 189 | 3,240 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 717 | 5,396 |
Building and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,694 | 4,622 |
Equipment and machinery | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,238 | 6,261 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,307 | $ 2,458 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 1.6 | $ 1.2 | $ 0.8 |
Sale and Leaseback of Real Es_2
Sale and Leaseback of Real Estate - Additional Information (Details) $ in Millions | Jun. 23, 2022 USD ($) |
Lessee, Lease, Description [Line Items] | |
Annual base rent | $ 1.5 |
Pretax gain on sale and lease back transaction | 12.5 |
Net cash inflow, after repayment of existing mortgage and settlement of related sale expenses | $ 14.9 |
Term of absolute triple net lease | The sale price was $20.6 million, of which $0.7 million was deducted at closing for commission and other closing expenses. Simultaneously with the closing, BTU entered into a two-year leaseback of the Property. The lease terms include annual base rent of $1.5 million in an absolute triple net lease. |
Property | |
Lessee, Lease, Description [Line Items] | |
Sale of property | $ 20.6 |
Sale price deducted for sale leaseback transaction commission and other closing expenses | $ 0.7 |
Leases - Schedule of Financial
Leases - Schedule of Financial Statement Classification of Lease Balances Within Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Leases [Abstract] | ||
Right-of-use assets - operating | $ 11,258 | $ 8,646 |
Right-of-use assets - finance | $ 149 | $ 174 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant and Equipment - Net | Property, Plant and Equipment - Net |
Total right-of-use assets | $ 11,407 | $ 8,820 |
Operating lease liabilities | $ 2,101 | $ 470 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of long-term operating lease liabilities | Current portion of long-term operating lease liabilities |
Finance lease liabilities | $ 71 | $ 61 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current maturities of finance lease liabilities and long-term debt | Current maturities of finance lease liabilities and long-term debt |
Total current portion of long-term lease liability | $ 2,172 | $ 531 |
Operating lease liabilities | $ 9,395 | $ 8,279 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-Term Operating Lease Liabilities | Long-Term Operating Lease Liabilities |
Finance lease liabilities | $ 76 | $ 110 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Finance Lease Liabilities and Long-Term Debt | Finance Lease Liabilities and Long-Term Debt |
Total long-term lease liability | $ 9,471 | $ 8,389 |
Total lease liabilities | $ 11,643 | $ 8,920 |
Leases - Schedule of Financia_2
Leases - Schedule of Financial Statement Classification of Lease Expenses Reported in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee Lease Description [Line Items] | |||
Total lease cost | $ 1,270 | $ 1,005 | $ 480 |
Cost of sales | |||
Lessee Lease Description [Line Items] | |||
Operating lease cost | 822 | 536 | 208 |
Finance lease cost | 4 | 5 | 16 |
Short-term lease cost | 191 | 164 | |
Selling, general and administrative expenses | |||
Lessee Lease Description [Line Items] | |||
Operating lease cost | 359 | 256 | 84 |
Finance lease cost | 71 | $ 17 | $ 8 |
Research, development and engineering | |||
Lessee Lease Description [Line Items] | |||
Operating lease cost | $ 14 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Non-cancelable Leases Including Leases (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Operating Lease | |
2023 | $ 2,535 |
2024 | 2,136 |
2025 | 978 |
2026 | 861 |
2027 | 773 |
Thereafter | 7,863 |
Total lease payments | 15,146 |
Less: Interest | 3,650 |
Present value of lease liabilities | 11,496 |
Finance Lease | |
2023 | 76 |
2024 | 57 |
2025 | 9 |
2026 | 9 |
2027 | 3 |
Total lease payments | 154 |
Less: Interest | 7 |
Present value of lease liabilities | 147 |
Operating Lease and Finance lease | |
2023 | 2,611 |
2024 | 2,193 |
2025 | 987 |
2026 | 870 |
2027 | 776 |
Thereafter | 7,863 |
Total lease payments | 15,300 |
Less: Interest | 3,657 |
Present value of lease liabilities | $ 11,643 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2022 USD ($) | |
Lessee Lease Description [Line Items] | |
Operating lease, existence of option to extend | true |
Operating lease, option to extend lease terms, description | Operating lease payments include $6.2 million related to options to extend lease terms that are reasonably certain of being exercised. |
Payments related to options to extend lease terms | $ 6.2 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Term and Discount Rates (Detail) | Sep. 30, 2022 | Sep. 30, 2021 |
Leases [Abstract] | ||
Operating leases, Weighted average remaining lease term | 12 years 7 months 24 days | 16 years 11 months 1 day |
Finance leases, Weighted average remaining lease term | 2 years 5 months 12 days | 2 years 9 months 14 days |
Operating leases, Weighted average discount rate | 4.17% | 4.17% |
Finance leases, Weighted average discount rate | 4.17% | 4.17% |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,488 | $ 2,488 |
Accumulated Amortization | (1,730) | (1,630) |
Net Carrying Amount | 758 | 858 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,609 | 1,609 |
Customer lists | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 6 years | |
Customer lists | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 3 years | |
Gross Carrying Amount | $ 879 | $ 879 |
Trade names | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 3 years | |
Trade names | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 15 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to intangible assets at continuing operations | $ 0.1 | $ 0.2 | $ 0.3 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Future Amortization Expense for Remaining Unamortized Balance (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 100 | |
2024 | 98 | |
2025 | 97 | |
2026 | 97 | |
2027 | 97 | |
Thereafter | 269 | |
Net Carrying Amount | $ 758 | $ 858 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill [Line Items] | ||
Beginning balance | $ 11,168,000 | |
Goodwill | 11,168,000 | $ 11,168,000 |
Ending Balance | 11,168,000 | |
Semiconductor | ||
Goodwill [Line Items] | ||
Beginning balance | 5,905,000 | |
Impairment of goodwill | 0 | |
Goodwill | 5,905,000 | 5,905,000 |
Ending Balance | 5,905,000 | |
Material and Substrate | ||
Goodwill [Line Items] | ||
Beginning balance | 5,263,000 | |
Impairment of goodwill | 0 | |
Goodwill | 5,263,000 | $ 5,263,000 |
Ending Balance | $ 5,263,000 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Mar. 03, 2021 | |
Goodwill [Line Items] | |||
Goodwill | $ 11,168,000 | $ 11,168,000 | |
Intersurface Dynamics, Inc. | |||
Goodwill [Line Items] | |||
Goodwill | $ 4,500,000 | ||
Semiconductor | |||
Goodwill [Line Items] | |||
Impairment of goodwill | 0 | ||
Goodwill | 5,905,000 | 5,905,000 | |
Material and Substrate | |||
Goodwill [Line Items] | |||
Impairment of goodwill | 0 | ||
Goodwill | $ 5,263,000 | $ 5,263,000 | |
Material and Substrate | Intersurface Dynamics, Inc. | |||
Goodwill [Line Items] | |||
Goodwill | $ 4,500,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (15,275) | $ (3,320) | $ (18,652) |
Foreign | 3,510 | 6,754 | 3,673 |
Income (loss) before provision for income taxes | $ 18,785 | $ 3,434 | $ (14,979) |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Current: | |||
Domestic federal | $ (239) | ||
Foreign | $ 711 | $ 1,999 | 1,407 |
Foreign withholding taxes | 255 | 292 | 201 |
Domestic state | 77 | (300) | (59) |
Total current | 1,043 | 1,991 | 1,310 |
Deferred: | |||
Domestic Federal | (39) | ||
Foreign | 414 | (65) | (566) |
Total deferred | 375 | (65) | (566) |
Total provision | $ 1,418 | $ 1,926 | $ 744 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Contingency [Line Items] | |||
(Reductions) additions to valuation allowance | $ (3,292,000) | $ 1,559,000 | |
Operating loss carryforwards, annual utilization limits | $ 800,000 | ||
Operating loss carryforwards, utilization limit, percent | 80% | ||
Unrecognized tax benefits that would impact effective tax rate | $ 1,000,000 | ||
Net (benefit) expense for interest and penalties | 100,000 | (100,000) | $ 4,000 |
Cumulative accrual for potential interest and penalties | $ 700,000 | $ 600,000 | |
Net operating loss statute carryback claim ending year | 2023 | ||
Net operating loss statute carryback claim open year | 2016 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Operating loss carry forwards expiration year | 2035 | ||
Minimum | |||
Income Tax Contingency [Line Items] | |||
Operating loss carry forwards expiration year | 2032 | ||
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 10,000,000 | ||
Net operating loss carryforwards with indefinite carryforward period | $ 68,000,000 | ||
Number of years open for tax examinations | 3 years | ||
Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 0 | ||
Tax credit carryforwards | $ 800,000 | ||
Foreign Tax Authority | Maximum | |||
Income Tax Contingency [Line Items] | |||
Number of years open for tax examinations | 5 years | ||
Tax credit carry forwards expiration year | 2031 | ||
Foreign Tax Authority | Minimum | |||
Income Tax Contingency [Line Items] | |||
Number of years open for tax examinations | 3 years | ||
Tax credit carry forwards expiration year | 2030 | ||
State Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 14,000,000 | ||
State Jurisdiction | Maximum | |||
Income Tax Contingency [Line Items] | |||
Number of years open for tax examinations | 5 years | ||
State Jurisdiction | Minimum | |||
Income Tax Contingency [Line Items] | |||
Number of years open for tax examinations | 3 years | ||
Tempress | |||
Income Tax Contingency [Line Items] | |||
Income tax expense (benefit) from discontinued operations | (11,100,000) | ||
R2D | |||
Income Tax Contingency [Line Items] | |||
Income tax expense (benefit) from discontinued operations | $ 200,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Actual Income Taxes to Income Taxes at Expected U.S. Federal Corporate Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21% | 21% | 21% |
Tax expense (benefit) at the federal statutory rate | $ 3,945 | $ 722 | $ (3,146) |
Effect of permanent book-tax differences | 11 | 54 | 145 |
State tax provision | 554 | 24 | 34 |
Valuation allowance for net deferred tax assets | (3,138) | 842 | 3,775 |
Uncertain tax items | 55 | (276) | (47) |
Tax rate differential | 535 | 267 | 222 |
Other items | (544) | 293 | (239) |
Total provision | $ 1,418 | $ 1,926 | $ 744 |
Income Taxes - Schedule of Co_3
Income Taxes - Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 |
Deferred tax assets: | |||
Net operating loss carryforwards | $ 17,180 | $ 20,650 | |
Accruals and reserves | 1,441 | 1,250 | |
Foreign tax credits | 811 | 1,207 | |
Operating lease liabilities | 2,492 | 1,119 | |
Foreign service fee | 1,579 | 1,635 | |
Other assets | 467 | 1,092 | |
Total deferred tax assets | 23,970 | 26,953 | |
Valuation allowance | (20,000) | (23,292) | $ (21,733) |
Deferred tax assets, net of valuation allowance | 3,970 | 3,661 | |
Deferred tax liabilities: | |||
Goodwill and identifiable intangible assets | (321) | (499) | |
Property and equipment, net | (758) | (1,201) | |
Operating lease, right-of-use assets | (2,494) | (1,119) | |
Prepaid assets | (318) | (211) | |
Total deferred tax liabilities | (3,891) | (3,030) | |
Total deferred tax assets (liabilities) | $ 79 | $ 631 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes in Deferred Tax Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Deferred Tax Valuation Allowance [Roll Forward] | ||
Balance at the beginning of the year | $ 23,292 | $ 21,733 |
(Reductions) additions to valuation allowance | 3,292 | (1,559) |
Balance at the end of the year | $ 20,000 | $ 23,292 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of the year | $ 949 | $ 1,225 | $ 1,272 |
Additions related to tax positions taken in prior years | 55 | ||
Reductions due to resolution of uncertain tax position | (276) | (47) | |
Balance at the end of the year | $ 1,004 | $ 949 | $ 1,225 |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 36 |
2024 | 38 |
2025 | 40 |
2026 | 41 |
2027 | 25 |
Total long-term debt | $ 180 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |||
Interest expense on long-term debt | $ 0.1 | $ 0.2 | $ 0.2 |
Equity and Stock-Based Compen_3
Equity and Stock-Based Compensation - Summary of Stock Repurchase Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||
Amount Used for Repurchases | $ 4,115 | $ 2,000 |
2022 Stock Repurchase Plan | ||
Equity, Class of Treasury Stock [Line Items] | ||
Date Approved by Board | Feb. 10, 2022 | |
Plan Term | 1 year | |
Amount Authorized | $ 5,000 | |
Amount Used for Repurchases | $ 1,400 | |
Average Price Paid per Share | $ 9.78 | |
Shares Repurchased | 143,430 | |
Amount Available for Repurchases | $ 3,600 | |
Fiscal Year of Repurchases | 2022 | |
2021 Stock Repurchase Plan | ||
Equity, Class of Treasury Stock [Line Items] | ||
Date Approved by Board | Feb. 09, 2021 | |
Plan Term | 1 year | |
Amount Authorized | $ 4,000 | |
Amount Used for Repurchases | $ 2,700 | |
Average Price Paid per Share | $ 9.31 | |
Shares Repurchased | 291,383 | |
Fiscal Year of Repurchases | 2022 | |
2020 Stock Repurchase Plan | ||
Equity, Class of Treasury Stock [Line Items] | ||
Date Approved by Board | Feb. 04, 2020 | |
Plan Term | 1 year | |
Amount Authorized | $ 4,000 | |
Amount Used for Repurchases | $ 2,000 | |
Average Price Paid per Share | $ 5.46 | |
Shares Repurchased | 366,000 | |
Fiscal Year of Repurchases | 2020 | |
2019 Stock Repurchase Plan | ||
Equity, Class of Treasury Stock [Line Items] | ||
Date Approved by Board | Nov. 29, 2018 | |
Plan Term | 1 year | |
Amount Authorized | $ 4,000 |
Equity and Stock-Based Compen_4
Equity and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 84 Months Ended | 120 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2000 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2021 | Apr. 30, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock, par value | $ 0.01 | $ 0.01 | ||||||
Total cost of shares repurchased and retired | $ 4,115 | $ 2,000 | ||||||
Stock-based compensation expense | 543 | $ 401 | $ 326 | |||||
Compensation cost on non-vested stock options not yet recognized | $ 700 | |||||||
Compensation cost, expected weighted-average recognition period | 1 year 2 months 8 days | |||||||
Shares available to grant | 946,000 | |||||||
2007 Plan | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available to grant | 500,000 | |||||||
Number of additional shares authorized | 2,500,000 | |||||||
2022 Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available to grant | 946,000 | |||||||
2022 Plan | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available to grant | 1,000,000 | |||||||
Non-Employee Directors Stock Option Plan | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of additional shares authorized | 400,000 | |||||||
Share-based compensation, shares issued | 100,000 | |||||||
2019 Stock Repurchase Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock repurchase program period | 1 year | |||||||
Authorized stock repurchase amount | $ 4,000 | |||||||
2020 Stock Repurchase Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock repurchase program period | 1 year | |||||||
Authorized stock repurchase amount | $ 4,000 | |||||||
Shares repurchased and retired during the period | 366,000 | |||||||
Total cost of shares repurchased and retired | $ 2,000 | |||||||
Average price per share of shares repurchased | $ 5.46 | |||||||
2021 Stock Repurchase Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock repurchase program period | 1 year | |||||||
Authorized stock repurchase amount | $ 4,000 | |||||||
Shares repurchased and retired during the period | 291,383 | |||||||
Total cost of shares repurchased and retired | $ 2,700 | |||||||
Average price per share of shares repurchased | $ 9.31 | |||||||
2022 Stock Repurchase Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock repurchase program period | 1 year | |||||||
Authorized stock repurchase amount | $ 5,000 | |||||||
Shares repurchased and retired during the period | 143,430 | |||||||
Total cost of shares repurchased and retired | $ 1,400 | |||||||
Average price per share of shares repurchased | $ 9.78 | |||||||
Amount Available for Repurchases | $ 3,600 |
Equity and Stock-Based Compen_5
Equity and Stock-Based Compensation - Summary of Equity Compensation Plans (Details) | 12 Months Ended |
Sep. 30, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Available for Grant | 946,000 |
Options Outstanding | 589,341 |
2022 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Authorized | 1,000,000 |
Shares Available for Grant | 946,000 |
Options Outstanding | 54,000 |
Plan Expiration | 2032-03 |
2007 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Authorized | 3,000,000 |
Options Outstanding | 397,341 |
Plan Expiration | 2024-03 |
Non-Employee Directors Stock Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Authorized | 500,000 |
Options Outstanding | 138,000 |
Plan Expiration | 2024-03 |
Equity and Stock-Based Compen_6
Equity and Stock-Based Compensation - Stock Options - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options outstanding | $ 1 | ||
Intrinsic value of options exercisable | $ 0.7 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock price | $ 8.50 | ||
Intrinsic value of stock options exercised | $ 0.8 | $ 0.8 | $ 0.1 |
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option vesting period | 1 year | ||
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Option vesting period | 3 years |
Equity and Stock-Based Compen_7
Equity and Stock-Based Compensation - Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model (Details) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Risk free interest rate | 2% | 1% | 1% |
Expected life | 5 years | 6 years | 6 years |
Dividend rate | 0% | 0% | 0% |
Volatility | 57% | 58% | 58% |
Equity and Stock-Based Compen_8
Equity and Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Options | |||
Outstanding at end of period | 589,341 | ||
Stock Options | |||
Options | |||
Outstanding at beginning of period | 608,269 | 696,665 | 1,068,665 |
Granted | 135,500 | 204,000 | 32,500 |
Exercised | (124,475) | (241,320) | (160,375) |
Forfeited/expired | (29,953) | (51,076) | (244,125) |
Outstanding at end of period | 589,341 | 608,269 | 696,665 |
Exercisable at end of period | 358,343 | 403,853 | 611,542 |
Weighted average grant-date fair value of options granted during the period | $ 6.39 | $ 3.33 | $ 2.89 |
Weighted Average Exercise Price | |||
Outstanding at beginning of period | 6.48 | 7 | 7.04 |
Granted | 12.80 | 6.25 | 5.34 |
Exercised | 5.78 | 6.40 | 5.47 |
Forfeited/expired | 6.92 | 13.01 | 7.94 |
Outstanding at end of period | 8.06 | 6.48 | 7 |
Exercisable at end of period | $ 6.92 | $ 6.87 | $ 7.19 |
Equity and Stock-Based Compen_9
Equity and Stock-Based Compensation - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Options Outstanding | ||||
Number Outstanding | 589,341 | |||
Stock Options | ||||
Options Outstanding | ||||
Number Outstanding | 589,341 | 608,269 | 696,665 | 1,068,665 |
Weighted Average Exercise Price Per Share | $ 8.06 | $ 6.48 | $ 7 | $ 7.04 |
Options Exercisable | ||||
Number Exercisable | 358,343 | 403,853 | 611,542 | |
Weighted Average Exercise Price Per Share | $ 6.92 | $ 6.87 | $ 7.19 | |
Stock Options | 2.95-4.90 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 2.95 | |||
Range of Exercise Prices, Upper limit | $ 4.90 | |||
Number Outstanding | 62,000 | |||
Remaining Contractual Life | 5 years 8 months 19 days | |||
Weighted Average Exercise Price Per Share | $ 4.64 | |||
Options Exercisable | ||||
Number Exercisable | 62,000 | |||
Weighted Average Exercise Price Per Share | $ 4.64 | |||
Stock Options | 5.07-5.52 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 5.07 | |||
Range of Exercise Prices, Upper limit | $ 5.52 | |||
Number Outstanding | 86,883 | |||
Remaining Contractual Life | 5 years 9 months 18 days | |||
Weighted Average Exercise Price Per Share | $ 5.38 | |||
Options Exercisable | ||||
Number Exercisable | 66,717 | |||
Weighted Average Exercise Price Per Share | $ 5.39 | |||
Stock Options | 5.67-5.67 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 5.67 | |||
Range of Exercise Prices, Upper limit | $ 5.67 | |||
Number Outstanding | 113,958 | |||
Remaining Contractual Life | 8 years 1 month 17 days | |||
Weighted Average Exercise Price Per Share | $ 5.67 | |||
Options Exercisable | ||||
Number Exercisable | 38,626 | |||
Weighted Average Exercise Price Per Share | $ 5.67 | |||
Stock Options | 5.75-7.01 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 5.75 | |||
Range of Exercise Prices, Upper limit | $ 7.01 | |||
Number Outstanding | 77,000 | |||
Remaining Contractual Life | 2 years 2 months 12 days | |||
Weighted Average Exercise Price Per Share | $ 6.70 | |||
Options Exercisable | ||||
Number Exercisable | 77,000 | |||
Weighted Average Exercise Price Per Share | $ 6.70 | |||
Stock Options | 7.40-9.98 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 7.40 | |||
Range of Exercise Prices, Upper limit | $ 9.98 | |||
Number Outstanding | 114,000 | |||
Remaining Contractual Life | 4 years 11 months 23 days | |||
Weighted Average Exercise Price Per Share | $ 8.75 | |||
Options Exercisable | ||||
Number Exercisable | 84,000 | |||
Weighted Average Exercise Price Per Share | $ 9.12 | |||
Stock Options | 9.99-9.99 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 9.99 | |||
Range of Exercise Prices, Upper limit | $ 9.99 | |||
Number Outstanding | 6,000 | |||
Remaining Contractual Life | 8 years 10 months 13 days | |||
Weighted Average Exercise Price Per Share | $ 9.99 | |||
Options Exercisable | ||||
Number Exercisable | 6,000 | |||
Weighted Average Exercise Price Per Share | $ 9.99 | |||
Stock Options | 10.22-10.22 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 10.22 | |||
Range of Exercise Prices, Upper limit | $ 10.22 | |||
Number Outstanding | 24,000 | |||
Remaining Contractual Life | 9 years 5 months 1 day | |||
Weighted Average Exercise Price Per Share | $ 10.22 | |||
Stock Options | 10.71-10.71 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 10.71 | |||
Range of Exercise Prices, Upper limit | $ 10.71 | |||
Number Outstanding | 6,000 | |||
Remaining Contractual Life | 2 years 6 months 7 days | |||
Weighted Average Exercise Price Per Share | $ 10.71 | |||
Options Exercisable | ||||
Number Exercisable | 6,000 | |||
Weighted Average Exercise Price Per Share | $ 10.71 | |||
Stock Options | 11.51-11.51 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 11.51 | |||
Range of Exercise Prices, Upper limit | $ 11.51 | |||
Number Outstanding | 18,000 | |||
Remaining Contractual Life | 8 years 5 months 23 days | |||
Weighted Average Exercise Price Per Share | $ 11.51 | |||
Options Exercisable | ||||
Number Exercisable | 18,000 | |||
Weighted Average Exercise Price Per Share | $ 11.51 | |||
Stock Options | 15.43-15.43 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 15.43 | |||
Range of Exercise Prices, Upper limit | $ 15.43 | |||
Number Outstanding | 81,500 | |||
Remaining Contractual Life | 9 years 1 month 17 days | |||
Weighted Average Exercise Price Per Share | $ 15.43 | |||
Stock Options | 2.95-15.43 | ||||
Options Outstanding | ||||
Range of Exercise Prices, Lower limit | 2.95 | |||
Range of Exercise Prices, Upper limit | $ 15.43 | |||
Number Outstanding | 589,341 | |||
Remaining Contractual Life | 6 years 3 months 18 days | |||
Weighted Average Exercise Price Per Share | $ 8.06 | |||
Options Exercisable | ||||
Number Exercisable | 358,343 | |||
Weighted Average Exercise Price Per Share | $ 6.92 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Employee matching contribution, percent | 60% | |||
Employees auto enrolled upon eligibility, contribution rate | 6% | |||
Employee contributions match | $ 400,000 | $ 300,000 | $ 300,000 | |
Pension Plan | NIGPP | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Multiemployer plan, agreement renewal period | 3 years | |||
Multiemployer plan, agreement expiration date | Sep. 30, 2025 | |||
Multiemployer plan, contribution amount | $ 38,000 | $ 39,000 | $ 44,000 | |
Maximum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employee participants eligible compensation each payroll period, percent | 3.60% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2022 USD ($) | |
Commitments and Contingencies [Line Items] | |
Purchase obligation | $ 20 |
Minimum | |
Commitments and Contingencies [Line Items] | |
Severance payment term | 6 months |
Maximum | |
Commitments and Contingencies [Line Items] | |
Severance payment term | 12 months |
Cash Flows - Additional Informa
Cash Flows - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Additions purchased at period end but not yet paid for in cash | $ 200,000 | $ 0 | $ 80,000 |
Reportable Segments - Additiona
Reportable Segments - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Number of operating segments | 2 |
Reportable Segments - Schedule
Reportable Segments - Schedule of Reportable Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 106,298 | $ 85,205 | $ 65,463 | |
Operating income (loss) | 17,286 | 3,725 | (485) | |
Capital expenditures | 1,135 | 3,012 | 2,676 | |
Depreciation and amortization | 1,729 | 1,398 | 1,258 | |
Identifiable assets | 133,534 | 116,913 | ||
Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 1,135 | 3,012 | 2,675 | |
Depreciation and amortization | 1,729 | 1,398 | 1,078 | |
Operating Segments | Semiconductor | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 87,982 | 72,086 | 54,516 | |
Operating income (loss) | 20,672 | 8,585 | 4,168 | |
Identifiable assets | 75,622 | 70,631 | ||
Operating Segments | Semiconductor | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 452 | 2,264 | 912 | |
Depreciation and amortization | 1,101 | 905 | 821 | |
Operating Segments | Material and Substrate | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 18,316 | 13,119 | 10,304 | |
Operating income (loss) | 3,728 | 278 | 684 | |
Identifiable assets | 22,032 | 19,541 | ||
Operating Segments | Material and Substrate | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 411 | 695 | 1,724 | |
Depreciation and amortization | 565 | 438 | 197 | |
Non-Segment Related | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 0 | 0 | 643 | |
Operating income (loss) | (7,114) | (5,138) | (5,337) | |
Identifiable assets | [1] | 35,880 | 26,741 | |
Non-Segment Related | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 272 | 53 | 39 | |
Depreciation and amortization | $ 63 | $ 55 | $ 60 | |
[1] Non-segment related assets include cash, property and other assets. |
Major Customers and Sales by _3
Major Customers and Sales by Country - Additional Information (Details) - Net Revenues - Customer Concentration Risk | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Customer One | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 14% | 14% | 11% |
Customer Two | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 12% | 13% |
Major Customers and Sales by _4
Major Customers and Sales by Country - Schedule of Revenues by Geographic Region (Details) - Net Revenues - Geographic Concentration Risk | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 100% | 100% | 100% |
United States | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 27% | 22% | 28% |
Other Americas | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 9% | 5% | 7% |
Total Americas | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 36% | 27% | 35% |
China | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 17% | 29% | 25% |
Malaysia | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 7% | 3% | 5% |
Taiwan | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 14% | 15% | 15% |
Other Asia | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 6% | 11% | 7% |
Total Asia | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 44% | 58% | 52% |
Germany | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 4% | 5% | 3% |
Austria | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 10% | 3% | |
Other Europe | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 6% | 7% | 10% |
Total Europe | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 20% | 15% | 13% |
Geographic Regions (Details)
Geographic Regions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 106,298 | $ 85,205 | $ 65,463 |
Operating income (loss) | 17,286 | 3,725 | (485) |
Net long-lived assets | 6,552 | 14,083 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 89,197 | 58,937 | 48,089 |
Operating income (loss) | 14,163 | (4,174) | (5,814) |
Net long-lived assets | 4,981 | 11,990 | |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 13,854 | 22,828 | 13,510 |
Operating income (loss) | 2,003 | 6,958 | 4,744 |
Net long-lived assets | 1,571 | 2,093 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 3,247 | 3,440 | 3,864 |
Operating income (loss) | $ 1,120 | $ 941 | $ 585 |
Geographic Regions (Parenthetic
Geographic Regions (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 106,298 | $ 85,205 | $ 65,463 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 89,197 | 58,937 | 48,089 |
United States | China Facility | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 22,700 | $ 19,700 | $ 14,900 |
Supplementary Financial Infor_3
Supplementary Financial Information - Summary of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | $ 188 | $ 159 | $ 172 |
Provision | (34) | 44 | 86 |
Write offs | (6) | (2) | (26) |
Adjustment | (46) | (13) | (73) |
Balance at end of year | $ 114 | $ 188 | $ 159 |
Supplementary Financial Infor_4
Supplementary Financial Information - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net accounts receivable | $ 25,013 | $ 22,502 | $ 11,200 |
Discontinued Operations and D_3
Discontinued Operations and Disposals - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 22, 2020 | Sep. 30, 2022 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on sale of subsidiary | $ (13,709) | ||
R2D | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on sale of subsidiary | $ (2,800) | ||
Tempress | Discontinued Operations, Disposed of by Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Unsecured term loan, principal amount | $ 2,250 | ||
Pre-tax loss on sale | (10,900) | ||
Previously recorded accumulated foreign currency translation losses recognized | $ (7,200) | ||
Forgave unsecured term loans | $ 500 |
Discontinued Operations and D_4
Discontinued Operations and Disposals - Operating Results of Discontinued Operations (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2020 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net loss | $ (11,816) |
Tempress and SoLayTec | Discontinued Operations, Held-for-sale | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Revenue, net | 7,442 |
Cost of sales | 5,969 |
Gross profit | 1,473 |
Selling, general and administrative | 1,814 |
Research, development and engineering | 540 |
Restructuring charges | 37 |
Operating loss | (918) |
Loss on sale of subsidiary | (10,916) |
Interest expense and other, net | (29) |
Loss from discontinued operations before income taxes | (11,863) |
Income benefit | (47) |
Net loss | $ (11,816) |
Discontinued Operations and D_5
Discontinued Operations and Disposals - Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Reversal of allowance for doubtful accounts, net | $ (32) | $ 44 | $ 24 |
Loss on sale of subsidiary | (13,709) | ||
Tempress and SoLayTec | Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from discontinued operations, net of tax | (11,816) | ||
Depreciation and amortization | 180 | ||
Reversal of allowance for doubtful accounts, net | (62) | ||
Loss on sale of subsidiary | (10,916) | ||
Purchases of property, plant and equipment | $ 1 |