Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 Common Stock, Shares Outstanding | 14,253,478 | |
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 | 85281 | |
City Area Code | 480 | |
Local Phone Number | 967-5146 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | AZ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Trading Symbol | ASYS | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 37,040 | $ 45,070 |
Accounts receivable (less allowance for doubtful accounts of $138 and $159 at June 30, 2021, and September 30, 2020, respectively) | 20,893 | 11,243 |
Inventories | 20,528 | 17,277 |
Income taxes receivable | 1,057 | 1,362 |
Other current assets | 1,894 | 1,617 |
Total current assets | 81,412 | 76,569 |
Property, Plant and Equipment - Net | 12,007 | 11,995 |
Right-of-Use Assets - Net | 8,789 | 5,124 |
Intangible Assets - Net | 883 | 609 |
Goodwill - Net | 11,168 | 6,633 |
Deferred Income Taxes - Net | 566 | 566 |
Other Assets | 744 | 602 |
Total Assets | 115,569 | 102,098 |
Current Liabilities | ||
Accounts payable | 8,571 | 2,676 |
Accrued compensation and related taxes | 2,427 | 2,066 |
Accrued warranty expense | 485 | 380 |
Other accrued liabilities | 1,825 | 751 |
Current maturities of long-term debt | 392 | 380 |
Contract liabilities | 1,870 | 1,224 |
Total current liabilities | 15,570 | 7,477 |
Long-Term Debt | 4,502 | 4,798 |
Long-Term Lease Liability | 8,419 | 5,064 |
Income Taxes Payable | 3,471 | 3,240 |
Other Long-Term Liabilities | 67 | |
Total Liabilities | 32,029 | 20,579 |
Commitments and Contingencies | ||
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: 14,252,978 and 14,063,172 at June 30, 2021 and September 30, 2020, respectively | 143 | 141 |
Additional paid-in capital | 125,858 | 124,435 |
Accumulated other comprehensive loss | (892) | (646) |
Retained deficit | (41,569) | (42,411) |
Total shareholders’ equity | 83,540 | 81,519 |
Total Liabilities and Shareholders’ Equity | $ 115,569 | $ 102,098 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Current Assets | ||
Allowance for doubtful accounts | $ 138 | $ 159 |
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 | 14,252,978 | 14,063,172 |
Common stock, shares outstanding | 14,252,978 | 14,063,172 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues, net of returns and allowances | $ 23,100 | $ 15,227 | $ 60,865 | $ 50,379 |
Cost of sales | 13,021 | 9,276 | 35,546 | 30,896 |
Gross profit | 10,079 | 5,951 | 25,319 | 19,483 |
Selling, general and administrative | 7,281 | 4,804 | 18,182 | 16,134 |
Research, development and engineering | 1,523 | 899 | 4,637 | 2,436 |
Restructuring charges | 71 | 217 | 71 | 217 |
Operating income | 1,204 | 31 | 2,429 | 696 |
Loss on sale of subsidiary | (2,793) | |||
Interest (expense) income and other, net | (155) | (13) | (337) | 512 |
Income (loss) from continuing operations before income taxes | 1,049 | 18 | 2,092 | (1,585) |
Income tax provision | 680 | 90 | 1,250 | 297 |
Income (loss) from continuing operations, net of tax | 369 | (72) | 842 | (1,882) |
Loss from discontinued operations, net of tax | (11,816) | |||
Net income (loss) | $ 369 | $ (72) | $ 842 | $ (13,698) |
Income (Loss) Per Basic Share: | ||||
Basic income (loss) per share from continuing operations | $ 0.03 | $ (0.01) | $ 0.06 | $ (0.13) |
Basic loss per share from discontinued operations | (0.83) | |||
Net income (loss) per basic share | 0.03 | (0.01) | 0.06 | (0.96) |
Income (Loss) Per Diluted Share: | ||||
Diluted income (loss) per share from continuing operations | 0.03 | (0.01) | 0.06 | (0.13) |
Diluted loss per share from discontinued operations | (0.83) | |||
Net income (loss) per diluted share | $ 0.03 | $ (0.01) | $ 0.06 | $ (0.96) |
Weighted average shares outstanding - basic | 14,176 | 14,155 | 14,163 | 14,195 |
Weighted average shares outstanding - diluted | 14,373 | 14,155 | 14,292 | 14,195 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 369 | $ (72) | $ 842 | $ (13,698) |
Foreign currency translation adjustment | (616) | 22 | (246) | 644 |
Reclassification adjustment for net foreign currency translation losses included in net loss | 8,797 | |||
Comprehensive (loss) income | $ (247) | $ (50) | $ 596 | $ (4,257) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid- In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated 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) | (1,932) | (1,932) | ||||
Translation adjustment | 2,673 | 2,673 | ||||
Stock compensation expense | 68 | 68 | ||||
Stock options exercised | 701 | $ 1 | 700 | |||
Stock options exercised (in shares) | 117,000 | |||||
Ending balance at Dec. 31, 2019 | 88,962 | $ 144 | 125,866 | (8,560) | (28,488) | |
Ending balance (in shares) at Dec. 31, 2019 | 14,386,000 | |||||
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) | (13,698) | |||||
Ending balance at Jun. 30, 2020 | 82,251 | $ 140 | 124,289 | (1,792) | (40,386) | |
Ending balance (in shares) at Jun. 30, 2020 | 14,048,000 | |||||
Beginning balance at Dec. 31, 2019 | 88,962 | $ 144 | 125,866 | (8,560) | (28,488) | |
Beginning balance (in shares) at Dec. 31, 2019 | 14,386,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (11,694) | (11,694) | ||||
Translation adjustment | 6,746 | 6,746 | ||||
Stock compensation expense | 65 | 65 | ||||
Stock repurchases | $ (2,000) | $ (2,000) | ||||
Stock repurchases (in shares) | (366,000) | (366,000) | ||||
Retirement of stock repurchases | $ (4) | $ 2,000 | (1,864) | (132) | ||
Retirement of stock repurchases (in shares) | (366,000) | 366,000 | ||||
Stock options exercised | $ 78 | 78 | ||||
Stock options exercised (in shares) | 21,000 | |||||
Ending balance at Mar. 31, 2020 | 82,157 | $ 140 | 124,145 | (1,814) | (40,314) | |
Ending balance (in shares) at Mar. 31, 2020 | 14,041,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (72) | (72) | ||||
Translation adjustment | 22 | 22 | ||||
Stock compensation expense | 124 | 124 | ||||
Stock options exercised | 20 | 20 | ||||
Stock options exercised (in shares) | 7,000 | |||||
Ending balance at Jun. 30, 2020 | 82,251 | $ 140 | 124,289 | (1,792) | (40,386) | |
Ending balance (in shares) at Jun. 30, 2020 | 14,048,000 | |||||
Beginning balance at Sep. 30, 2020 | $ 81,519 | $ 141 | 124,435 | (646) | (42,411) | |
Beginning balance (in shares) at Sep. 30, 2020 | 14,063,172 | 14,063,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | $ 719 | 719 | ||||
Translation adjustment | 595 | 595 | ||||
Stock compensation expense | 65 | 65 | ||||
Stock options exercised | 135 | 135 | ||||
Stock options exercised (in shares) | 28,000 | |||||
Ending balance at Dec. 31, 2020 | 83,033 | $ 141 | 124,635 | (51) | (41,692) | |
Ending balance (in shares) at Dec. 31, 2020 | 14,091,000 | |||||
Beginning balance at Sep. 30, 2020 | $ 81,519 | $ 141 | 124,435 | (646) | (42,411) | |
Beginning balance (in shares) at Sep. 30, 2020 | 14,063,172 | 14,063,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | $ 842 | |||||
Ending balance at Jun. 30, 2021 | $ 83,540 | $ 143 | 125,858 | (892) | (41,569) | |
Ending balance (in shares) at Jun. 30, 2021 | 14,252,978 | 14,253,000 | ||||
Beginning balance at Dec. 31, 2020 | $ 83,033 | $ 141 | 124,635 | (51) | (41,692) | |
Beginning balance (in shares) at Dec. 31, 2020 | 14,091,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (246) | (246) | ||||
Translation adjustment | (225) | (225) | ||||
Stock compensation expense | 84 | 84 | ||||
Stock options exercised | 795 | $ 1 | 794 | |||
Stock options exercised (in shares) | 131,000 | |||||
Ending balance at Mar. 31, 2021 | 83,441 | $ 142 | 125,513 | (276) | (41,938) | |
Ending balance (in shares) at Mar. 31, 2021 | 14,222,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 369 | 369 | ||||
Translation adjustment | (616) | (616) | ||||
Stock compensation expense | $ 128 | 128 | ||||
Stock repurchases (in shares) | 0 | |||||
Stock options exercised | $ 218 | $ 1 | 217 | |||
Stock options exercised (in shares) | 31,000 | |||||
Ending balance at Jun. 30, 2021 | $ 83,540 | $ 143 | $ 125,858 | $ (892) | $ (41,569) | |
Ending balance (in shares) at Jun. 30, 2021 | 14,252,978 | 14,253,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Operating Activities | |||
Net income (loss) | $ 842 | $ (13,698) | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
Depreciation and amortization | 1,038 | 932 | |
Write-down of inventory | 278 | 540 | |
Deferred income taxes | 784 | ||
Non-cash share-based compensation expense | 277 | 257 | |
Loss on sales of subsidiaries | 13,708 | ||
Provision for (reversal of) allowance for doubtful accounts, net | 16 | (26) | |
Other, net | 8 | 13 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (9,385) | 2,356 | |
Inventories | (3,328) | (2,791) | |
Other assets | (324) | (2,376) | |
Accounts payable | 5,815 | (2,363) | |
Accrued income taxes | 536 | (2,722) | |
Accrued and other liabilities | 809 | 5,346 | |
Contract liabilities | 646 | (950) | |
Net cash used in operating activities | (2,772) | (990) | |
Investing Activities | |||
Purchases of property, plant and equipment | (790) | (860) | |
Acquisition, net of cash and cash equivalents acquired | (5,082) | ||
Net cash disposed of in sales of subsidiaries | (9,940) | ||
Net cash used in investing activities | (5,872) | (10,800) | |
Financing Activities | |||
Proceeds from the exercise of stock options | 1,148 | 799 | |
Repurchase of common stock | (2,000) | ||
Payments on long-term debt | (284) | (285) | |
Net cash provided by (used in) financing activities | 864 | (1,486) | |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (250) | 578 | |
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (8,030) | (12,698) | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | [1] | 45,070 | 59,134 |
Cash, Cash Equivalents and Restricted Cash, End of Period | $ 37,040 | $ 46,436 | |
[1] | Includes Cash, Cash Equivalents and Restricted Cash that are included in Held-For-Sale Assets on the Condensed Consolidated Balance Sheets for periods prior to January 22, 2020. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 1. Basis of Presentation and Significant Accounting Policies Nature of Operations and Basis of Presentation – Amtech Systems, Inc. (the “Company,” “Amtech,” “we,” “our” or “us”) 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. In the second quarter of fiscal 2019, we began the process to divest our solar business. As such, we have reported the results of the Solar segment as discontinued operations in our Condensed Consolidated Statements of Operations. These divestitures were completed in the second quarter of fiscal 2020. For additional information on the divestitures, see Note 13. For additional information on our segments, see Note 11. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), and consequently do not include all disclosures normally required by accounting principles generally accepted in the United States of America. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments necessary, all of which are of a normal and recurring nature, to present fairly our financial position, results of operations and cash flows. Certain information and note disclosures normally included in financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. The condensed consolidated balance sheet at September 30, 2020, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. Our fiscal year is from October 1 to September 30. Unless otherwise stated, references to the years 2021 and 2020 relate to the fiscal year ending September 30, 2021 and the fiscal year ended September 30, 2020, respectively. The consolidated results of operations for the three and nine months ended June 30, 2021, are not necessarily indicative of the results to be expected for the full fiscal year. Principles of Consolidation – The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries. All significant 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 statements 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 Condensed Consolidated Statements 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 Condensed Consolidated Balance Sheets. Shipping Expense – Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling, general and administrative expenses. Shipping expense was $0.1 million in each of the three months ended June 30, 2021 and 2020, and $0.4 Research, Development and Engineering Expense – The table below shows gross research and development expenses and grants earned, in thousands: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Research, development and engineering $ 1,523 $ 982 $ 4,637 $ 2,762 Grants earned — (83 ) — (326 ) Net research, development and engineering $ 1,523 $ 899 $ 4,637 $ 2,436 Concentrations of Credit Risk – Our customers consist of semiconductor manufacturers worldwide, as well as the lapping and polishing marketplace. 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 ongoing 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 June 30, 2021, two Semiconductor segment customers individually represented 19% and 16% of accounts receivable. As of September 30, 2020, two Semiconductor customers individually represented 11% and 10% of accounts receivable. We maintain our cash and cash equivalents in multiple financial institutions. Balances in the United States, which account for approximately 82% and 89% of total cash balances as of June 30, 2021 and September 30, 2020, respectively, are primarily invested in U.S. Treasuries or are in financial institutions insured by the Federal Deposit Insurance Corporation (“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. Refer to Note 12 to Condensed Consolidated Financial Statements for information regarding major customers, foreign sales and revenue in other countries subject to fluctuation in foreign currency exchange rates. Impact of Recently Issued Accounting Pronouncements There have been no material changes or additions to the recently issued accounting standards other than those previously reported in Note 1 to our Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended September 30, 2020 that affect or may affect our consolidated financial statements. |
Acquisition
Acquisition | 9 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisition | 2. Acquisition On March 3, 2021, we acquired 100% of the issued and outstanding shares of capital stock of Intersurface Dynamics, Inc. (“IDI”), 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 brand 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. IDI’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 IDI. |
Cybersecurity Incident
Cybersecurity Incident | 9 Months Ended |
Jun. 30, 2021 | |
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 are wrapping up the investigation of the data incident with assistance from our outside professionals, and indications are that the unauthorized third-party gained access to certain personal information relating to employees and their beneficiaries for some of our operations. There is currently 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 is included in selling, general and administrative expenses, during the third quarter of fiscal 2021. The expense is 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 cyber security. We expect to file an insurance claim during the fourth quarter of fiscal 2021 related to the incident. Disputes over the extent of insurance coverage for claims are not uncommon, and there will be a time lag between the initial incurrence of costs and the receipt of any insurance proceeds. There is no guarantee that we will be fully reimbursed for all expenses incurred. |
Contracts with Customers
Contracts with Customers | 9 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Contracts with Customers | 4. Contracts with Customers The components of contract liabilities are as follows, in thousands: June 30, 2021 September 30, 2020 Customer deposits $ 1,870 $ 1,224 Contract liabilities $ 1,870 $ 1,224 |
Leases
Leases | 9 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 5. Leases We lease office space, buildings, land, vehicles and equipment. Lease agreements with an initial term of 12 months or less are not recorded on the balance sheet. Instead, we recognize the lease expense as incurred over the lease term. Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease term from one to five years. The exercise of lease renewal options is at our sole discretion. Some agreements 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. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Significant Accounting Policy 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 Condensed Consolidated Balance Sheets. Balances related to financing leases are immaterial and are included in property and equipment, other current liabilities, and long-term lease liability in our Condensed 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 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 when it is reasonably certain that we will exercise that option. The following table provides information about the financial statement classification of our lease balances reported within the Condensed Consolidated Balance Sheets, in thousands: June 30, 2021 September 30, 2020 Assets Operating lease assets $ 8,789 $ 5,124 Finance lease assets 18 26 Total lease assets $ 8,807 $ 5,150 Liabilities Current Operating lease liabilities $ 465 $ 113 Finance lease liabilities 8 11 Non-current Operating lease liabilities 8,409 5,048 Finance lease liabilities 10 16 Total lease liabilities $ 8,892 $ 5,188 The following table provides information about the financial statement classification of our lease expenses reported in the Condensed Consolidated Statements of Operations, in thousands: Three Months Ended June 30, Nine Months Ended June 30, Lease cost Classification 2021 2020 2021 2020 Operating lease cost Cost of sales $ 196 $ 56 $ 340 $ 143 Operating lease cost Selling, general and administrative expenses 86 16 170 44 Finance lease cost Cost of sales 1 3 4 14 Finance lease cost Selling, general and administrative expenses 2 2 6 6 Short-term lease cost Cost of sales 107 — 183 — Total lease cost $ 392 $ 77 $ 703 $ 207 Future minimum lease payments under non-cancelable leases, including leases that are executed but not yet effective, as of June 30, 2021 are as follows, in thousands: Operating leases Finance Leases Total Remainder of 2021 $ 266 $ 3 $ 269 2022 1,064 8 1,072 2023 1,057 6 1,063 2024 1,037 2 1,039 2025 1,024 — 1,024 Thereafter 9,741 — 9,741 Total lease payments 14,189 19 14,208 Less: Interest 5,315 1 5,316 Present value of lease liabilities 8,874 18 $ 8,892 Operating lease payments include $6.4 million related to optional lease extension periods for multiple leases that are not yet exercisable but are reasonably certain of being exercised. The following table provides information about the remaining lease terms and discount rates applied: June 30, 2021 Weighted average remaining lease term Operating leases 17.05 years Finance leases 2.33 years Weighted average discount rate Operating leases 4.17 % Finance leases 4.17 % |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income (loss) 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 earnings per share is calculated in the same manner as basic EPS. For the three and nine months ended June 30, 2021, options for 25,000 and 103,000 weighted average shares, respectively, were excluded from the diluted EPS calculations because they were anti-dilutive. For the three and nine months ended June 30, 2020, options for 695,000 and 652,000 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 components of the basic and diluted EPS calculations follows (in thousands, except per share amounts): Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income (loss) from continuing operations $ 369 $ (72 ) $ 842 $ (1,882 ) Net loss from discontinued operations $ — $ — $ — $ (11,816 ) Net income (loss) $ 369 $ (72 ) $ 842 $ (13,698 ) Denominator: Weighted-average shares used to compute basic EPS 14,176 14,155 14,163 14,195 Common stock equivalents (1) 197 — 129 — Weighted-average shares used to compute diluted EPS 14,373 14,155 14,292 14,195 Basic income (loss) per share from continuing operations $ 0.03 $ (0.01 ) $ 0.06 $ (0.13 ) Basic loss per share from discontinued operations $ — $ — $ — $ (0.83 ) Net income (loss) per basic share $ 0.03 $ (0.01 ) $ 0.06 $ (0.96 ) Diluted income (loss) per share from continuing operations $ 0.03 $ (0.01 ) $ 0.06 $ (0.13 ) Diluted loss per share from discontinued operations $ — $ — $ — $ (0.83 ) Net income (loss) per diluted share $ 0.03 $ (0.01 ) $ 0.06 $ (0.96 ) (1) The number of common stock equivalents is calculated using the treasury method and the average market price during the period. |
Inventory
Inventory | 9 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | 7. Inventory The components of inventories are as follows, in thousands: June 30, 2021 September 30, 2020 Purchased parts and raw materials $ 13,833 $ 14,530 Work-in-process 5,761 3,074 Finished goods 4,816 3,942 24,410 21,546 Excess and obsolete reserves (3,882 ) (4,269 ) $ 20,528 $ 17,277 |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes For the three months ended June 30, 2021 and 2020, we recorded income tax expense at our continuing operations of $0.7 million and $0.1 million, respectively. For the nine months ended June 30, 2021 and 2020, we recorded income tax expense of $1.3 million and $0.3 million, respectively. Tax expense for the nine months ended June 30, 2021, includes a benefit of approximately $0.3 million related to the reversal of previously recorded uncertain tax positions. In the nine months ended June 30, 2020, we recorded an income tax benefit of $47,000 in our discontinued operations. The quarterly income tax provision is calculated using an estimated annual effective tax rate, based upon expected annual income, permanent items, statutory rates and planned tax strategies in the various jurisdictions in which we operate. However, losses in certain jurisdictions and discrete items are treated separately. The Coronavirus Aid, Relief, and Economic Security Act (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 impacts of this provision were recognized during fiscal 2020. Deferred tax assets and liabilities reflect the tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We record a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Our expectations regarding realization of our deferred tax assets is based upon the weight of all available evidence, including such factors as our recent earnings history, expected future taxable income and available tax planning strategies. We established valuation allowances on substantially 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. In 2020, we reversed a portion of the valuation allowance related to foreign deferred tax assets which we have determined will be utilized against net operating income in future years. We will continue to monitor our cumulative income and loss positions in the U.S. and foreign jurisdictions to determine whether full valuation allowances on net deferred tax assets are appropriate. We classify all of our uncertain tax positions as income taxes payable long-term. At June 30, 2021 and September 30, 2020, the total amount of unrecognized tax benefits was approximately $0.9 million and $1.2 million, respectively. Income taxes payable long-term includes other items, primarily withholding taxes that are not due until the related intercompany service fees are paid. We classify interest and penalties related to unrecognized tax benefits as income tax expense. As of June 30, 2021 and September 30, 2020, we had an accrual for potential interest and penalties of approximately $0.6 million and $0.8 million, respectively, classified with income taxes payable long-term. Amtech and one or more of its subsidiaries file income tax returns in China and other foreign jurisdictions, as well as in 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, which generally is from 3 to 5 years. |
Equity and Stock-Based Compensa
Equity and Stock-Based Compensation | 9 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity and Stock-Based Compensation | 9. Equity and Stock-Based Compensation Stock-based compensation expense was $0.1 million in each of the three months ended June 30, 2021 and 2020, and was $0.3 million in each of the nine months ended June 30, 2021 and 2020. Stock-based compensation expense is included in selling, general and administrative expenses. The following table summarizes our stock option activity during the nine months ended June 30, 2021: Options Weighted Average Exercise Price Outstanding at beginning of period 696,665 $ 7.00 Granted 198,000 6.14 Exercised (189,806 ) 6.05 Forfeited (44,326 ) 14.14 Outstanding at end of period 660,533 $ 6.54 Exercisable at end of period 437,367 $ 6.78 Weighted average fair value of options granted during the period $ 3.27 The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions: Nine Months Ended June 30, 2021 Risk free interest rate 1 % Expected life 6 years Dividend rate — % Volatility 58 % On February 4, 2020, our Board of Directors (“the Board”) approved a stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding Common Stock over a one-year On February 9, 2021, the Board approved a new stock repurchase program, pursuant to which we may repurchase up to $4 million of our outstanding Common Stock over a one-year |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Purchase Obligations – As of June 30, 2021, we had unrecorded purchase obligations in the amount of $11.1 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 twelve to thirty-six months of salary. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | 11. Business Segment Information Upon the acquisition of IDI in the second quarter of 2021 (see Note 2), we evaluated our organizational structure and concluded that we have two reportable business segments following the acquisition. 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 IDI, as they sell complementary products to a similar market. Information concerning our business segments is as follows, in thousands: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Net Revenues: Semiconductor $ 19,501 $ 12,357 $ 52,195 $ 41,581 Material and Substrate 3,599 2,870 8,670 8,155 Non-segment related — — — 643 $ 23,100 $ 15,227 $ 60,865 $ 50,379 Operating income (loss): Semiconductor $ 2,114 $ 1,058 $ 5,976 $ 3,762 Material and Substrate 333 241 14 1,196 Non-segment related (1,243 ) (1,268 ) (3,561 ) (4,262 ) $ 1,204 $ 31 $ 2,429 $ 696 June 30, 2021 September 30, 2020 Identifiable Assets: Semiconductor $ 65,155 $ 51,648 Material and Substrate 20,630 12,717 Non-segment related* 29,784 37,733 $ 115,569 $ 102,098 * Non-segment related assets include cash, property, income tax assets and other assets. Goodwill and other long-lived assets We review our long-lived assets, including goodwill, for impairment at least annually in our fourth quarter or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Additional information on impairment testing of long-lived assets, intangible assets and goodwill can be found in Notes 1 and 10 of our Annual Report on Form 10-K for the year ended September 30, 2020. |
Major Customers and Foreign Sal
Major Customers and Foreign Sales | 9 Months Ended |
Jun. 30, 2021 | |
Geographic Areas Revenues From External Customers [Abstract] | |
Major Customers and Foreign Sales | 12. Major Customers and Foreign Sales During the nine months ended June 30, 2021, two customers individually represented 17% and 14% of our net revenues. During the nine months ended June 30, 2020, no customer individually represented greater than 10% of our net revenues. Our net revenues were from customers in the following geographic regions: Nine Months Ended June 30, 2021 2020 United States 22 % 31 % Other 3 % 6 % Total North America 25 % 37 % China 33 % 25 % Malaysia 4 % 4 % Taiwan 17 % 15 % Other 9 % 7 % Total Asia 63 % 51 % Germany 4 % 3 % Other 8 % 9 % Total Europe 12 % 12 % 100 % 100 % |
Assets Held for Sale, Discontin
Assets Held for Sale, Discontinued Operations and Disposals | 9 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Assets Held for Sale, Discontinued Operations and Disposals | 13. Assets Held for Sale, Discontinued Operations and Disposals Discontinued Operations In April 2019, we announced that our Board determined that it was in the long-term best interest of the Company to exit the solar business segment and focus our strategic efforts on our semiconductor and silicon carbide/polishing business segments in order to more fully realize the opportunities the Company believes are presented in those areas. The divestitures of our solar business included our Tempress and SoLayTec subsidiaries, which comprised substantially all of our Solar segment. We classified substantially all of the Solar segment as held for sale in our Condensed Consolidated Balance Sheets and reported its results as discontinued operations in our Condensed Consolidated Statements of Operations for periods reported subsequent to the announcement. On June 7, 2019 (“SoLayTec Sale Date”), we completed the sale of our subsidiary, SoLayTec, to a third party located in the Netherlands. Upon the sale, we recognized a gain of approximately $1.6 million, which we reported as gain on sale of subsidiary in our Condensed Consolidated Statements of Operations for the three months ended June 30, 2019. Effective on the SoLayTec Sale Date, SoLayTec is no longer included in our consolidated financial statements. Effective January 22, 2020 (“Tempress Sale Date”), we completed the sale of our subsidiary, Tempress Group Holding B.V. (“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. We recorded a pre-tax loss on deconsolidation 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 does 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: Nine Months Ended June 30, 2020 Revenues, net of returns and allowances $ 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 from discontinued operations, net of tax $ (11,816 ) Amtech’s Condensed Consolidated Statements 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: Nine Months Ended June 30, 2020 Loss from discontinued operations, net of tax $ (11,816 ) Depreciation and amortization $ 180 Reversal of allowance for doubtful accounts, net $ (66 ) Loss on sale of subsidiary $ (10,916 ) Purchases of property, plant and equipment $ 1 Other Disposal On December 13, 2019 (“R2D Sale Date”), we finalized the sale of our subsidiary, R2D Automation SAS (“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 Condensed Consolidated Statements of Operations for the nine months ended June 30, 2020. Effective on the R2D Sale Date, R2D is no longer included in our consolidated financial statements. R2D does not meet the discontinued operations or held-for-sale criteria. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation – Amtech Systems, Inc. (the “Company,” “Amtech,” “we,” “our” or “us”) 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. In the second quarter of fiscal 2019, we began the process to divest our solar business. As such, we have reported the results of the Solar segment as discontinued operations in our Condensed Consolidated Statements of Operations. These divestitures were completed in the second quarter of fiscal 2020. For additional information on the divestitures, see Note 13. For additional information on our segments, see Note 11. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), and consequently do not include all disclosures normally required by accounting principles generally accepted in the United States of America. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments necessary, all of which are of a normal and recurring nature, to present fairly our financial position, results of operations and cash flows. Certain information and note disclosures normally included in financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. The condensed consolidated balance sheet at September 30, 2020, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. Our fiscal year is from October 1 to September 30. Unless otherwise stated, references to the years 2021 and 2020 relate to the fiscal year ending September 30, 2021 and the fiscal year ended September 30, 2020, respectively. The consolidated results of operations for the three and nine months ended June 30, 2021, are not necessarily indicative of the results to be expected for the full fiscal year. |
Principles of Consolidation | Principles of Consolidation – The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries. All significant 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 statements 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 Condensed Consolidated Statements 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 Condensed Consolidated Balance Sheets. |
Shipping Expense | Shipping Expense – Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling, general and administrative expenses. Shipping expense was $0.1 million in each of the three months ended June 30, 2021 and 2020, and $0.4 |
Research, Development and Engineering Expenses | Research, Development and Engineering Expense – The table below shows gross research and development expenses and grants earned, in thousands: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Research, development and engineering $ 1,523 $ 982 $ 4,637 $ 2,762 Grants earned — (83 ) — (326 ) Net research, development and engineering $ 1,523 $ 899 $ 4,637 $ 2,436 |
Concentrations of Credit Risk | Concentrations of Credit Risk – Our customers consist of semiconductor manufacturers worldwide, as well as the lapping and polishing marketplace. 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 ongoing 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 June 30, 2021, two Semiconductor segment customers individually represented 19% and 16% of accounts receivable. As of September 30, 2020, two Semiconductor customers individually represented 11% and 10% of accounts receivable. We maintain our cash and cash equivalents in multiple financial institutions. Balances in the United States, which account for approximately 82% and 89% of total cash balances as of June 30, 2021 and September 30, 2020, respectively, are primarily invested in U.S. Treasuries or are in financial institutions insured by the Federal Deposit Insurance Corporation (“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. Refer to Note 12 to Condensed Consolidated Financial Statements for information regarding major customers, foreign sales and revenue in other countries subject to fluctuation in foreign currency exchange rates. |
Impact of Recently Issued Accounting Pronouncements | Impact of Recently Issued Accounting Pronouncements There have been no material changes or additions to the recently issued accounting standards other than those previously reported in Note 1 to our Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended September 30, 2020 that affect or may affect our consolidated financial statements. |
Significant Accounting Policy | Significant Accounting Policy 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 Condensed Consolidated Balance Sheets. Balances related to financing leases are immaterial and are included in property and equipment, other current liabilities, and long-term lease liability in our Condensed 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 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 when it is reasonably certain that we will exercise that option. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Research, Development and Engineering Expense | The table below shows gross research and development expenses and grants earned, in thousands: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Research, development and engineering $ 1,523 $ 982 $ 4,637 $ 2,762 Grants earned — (83 ) — (326 ) Net research, development and engineering $ 1,523 $ 899 $ 4,637 $ 2,436 |
Contracts with Customers (Table
Contracts with Customers (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Components of Contract Liabilities | The components of contract liabilities are as follows, in thousands: June 30, 2021 September 30, 2020 Customer deposits $ 1,870 $ 1,224 Contract liabilities $ 1,870 $ 1,224 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Financial Statement Classification of Lease Balances Within Condensed Consolidated Balance Sheets | The following table provides information about the financial statement classification of our lease balances reported within the Condensed Consolidated Balance Sheets, in thousands: June 30, 2021 September 30, 2020 Assets Operating lease assets $ 8,789 $ 5,124 Finance lease assets 18 26 Total lease assets $ 8,807 $ 5,150 Liabilities Current Operating lease liabilities $ 465 $ 113 Finance lease liabilities 8 11 Non-current Operating lease liabilities 8,409 5,048 Finance lease liabilities 10 16 Total lease liabilities $ 8,892 $ 5,188 |
Schedule of Financial Statement Classification of Lease Expenses Reported in Condensed Consolidated Statements of Operations | The following table provides information about the financial statement classification of our lease expenses reported in the Condensed Consolidated Statements of Operations, in thousands: Three Months Ended June 30, Nine Months Ended June 30, Lease cost Classification 2021 2020 2021 2020 Operating lease cost Cost of sales $ 196 $ 56 $ 340 $ 143 Operating lease cost Selling, general and administrative expenses 86 16 170 44 Finance lease cost Cost of sales 1 3 4 14 Finance lease cost Selling, general and administrative expenses 2 2 6 6 Short-term lease cost Cost of sales 107 — 183 — Total lease cost $ 392 $ 77 $ 703 $ 207 |
Future Minimum Lease Payments Under Non-cancelable Leases Including Leases that are Executed but not yet Effective | Future minimum lease payments under non-cancelable leases, including leases that are executed but not yet effective, as of June 30, 2021 are as follows, in thousands: Operating leases Finance Leases Total Remainder of 2021 $ 266 $ 3 $ 269 2022 1,064 8 1,072 2023 1,057 6 1,063 2024 1,037 2 1,039 2025 1,024 — 1,024 Thereafter 9,741 — 9,741 Total lease payments 14,189 19 14,208 Less: Interest 5,315 1 5,316 Present value of lease liabilities 8,874 18 $ 8,892 |
Schedule of Weighted Average Remaining Term and Discount Rates | The following table provides information about the remaining lease terms and discount rates applied: June 30, 2021 Weighted average remaining lease term Operating leases 17.05 years Finance leases 2.33 years Weighted average discount rate Operating leases 4.17 % Finance leases 4.17 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Components of Basic and Diluted EPS Calculations | A reconciliation of the components of the basic and diluted EPS calculations follows (in thousands, except per share amounts): Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income (loss) from continuing operations $ 369 $ (72 ) $ 842 $ (1,882 ) Net loss from discontinued operations $ — $ — $ — $ (11,816 ) Net income (loss) $ 369 $ (72 ) $ 842 $ (13,698 ) Denominator: Weighted-average shares used to compute basic EPS 14,176 14,155 14,163 14,195 Common stock equivalents (1) 197 — 129 — Weighted-average shares used to compute diluted EPS 14,373 14,155 14,292 14,195 Basic income (loss) per share from continuing operations $ 0.03 $ (0.01 ) $ 0.06 $ (0.13 ) Basic loss per share from discontinued operations $ — $ — $ — $ (0.83 ) Net income (loss) per basic share $ 0.03 $ (0.01 ) $ 0.06 $ (0.96 ) Diluted income (loss) per share from continuing operations $ 0.03 $ (0.01 ) $ 0.06 $ (0.13 ) Diluted loss per share from discontinued operations $ — $ — $ — $ (0.83 ) Net income (loss) per diluted share $ 0.03 $ (0.01 ) $ 0.06 $ (0.96 ) (1) The number of common stock equivalents is calculated using the treasury method and the average market price during the period. |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventories | The components of inventories are as follows, in thousands: June 30, 2021 September 30, 2020 Purchased parts and raw materials $ 13,833 $ 14,530 Work-in-process 5,761 3,074 Finished goods 4,816 3,942 24,410 21,546 Excess and obsolete reserves (3,882 ) (4,269 ) $ 20,528 $ 17,277 |
Equity and Stock-Based Compen_2
Equity and Stock-Based Compensation (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes our stock option activity during the nine months ended June 30, 2021: Options Weighted Average Exercise Price Outstanding at beginning of period 696,665 $ 7.00 Granted 198,000 6.14 Exercised (189,806 ) 6.05 Forfeited (44,326 ) 14.14 Outstanding at end of period 660,533 $ 6.54 Exercisable at end of period 437,367 $ 6.78 Weighted average fair value of options granted during the period $ 3.27 |
Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model | The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions: Nine Months Ended June 30, 2021 Risk free interest rate 1 % Expected life 6 years Dividend rate — % Volatility 58 % |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Information concerning our business segments is as follows, in thousands: Three Months Ended June 30, Nine Months Ended June 30, 2021 2020 2021 2020 Net Revenues: Semiconductor $ 19,501 $ 12,357 $ 52,195 $ 41,581 Material and Substrate 3,599 2,870 8,670 8,155 Non-segment related — — — 643 $ 23,100 $ 15,227 $ 60,865 $ 50,379 Operating income (loss): Semiconductor $ 2,114 $ 1,058 $ 5,976 $ 3,762 Material and Substrate 333 241 14 1,196 Non-segment related (1,243 ) (1,268 ) (3,561 ) (4,262 ) $ 1,204 $ 31 $ 2,429 $ 696 June 30, 2021 September 30, 2020 Identifiable Assets: Semiconductor $ 65,155 $ 51,648 Material and Substrate 20,630 12,717 Non-segment related* 29,784 37,733 $ 115,569 $ 102,098 * Non-segment related assets include cash, property, income tax assets and other assets. |
Major Customers and Foreign S_2
Major Customers and Foreign Sales (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Geographic Areas Revenues From External Customers [Abstract] | |
Schedule of Revenues by Geographic Region | Our net revenues were from customers in the following geographic regions: Nine Months Ended June 30, 2021 2020 United States 22 % 31 % Other 3 % 6 % Total North America 25 % 37 % China 33 % 25 % Malaysia 4 % 4 % Taiwan 17 % 15 % Other 9 % 7 % Total Asia 63 % 51 % Germany 4 % 3 % Other 8 % 9 % Total Europe 12 % 12 % 100 % 100 % |
Assets Held for Sale, Discont_2
Assets Held for Sale, Discontinued Operations and Disposals (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Operating results of our discontinued solar operations were as follows, in thousands: Nine Months Ended June 30, 2020 Revenues, net of returns and allowances $ 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 from discontinued operations, net of tax $ (11,816 ) Nine Months Ended June 30, 2020 Loss from discontinued operations, net of tax $ (11,816 ) Depreciation and amortization $ 180 Reversal of allowance for doubtful accounts, net $ (66 ) Loss on sale of subsidiary $ (10,916 ) Purchases of property, plant and equipment $ 1 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Shipping Expense - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule Of Expense [Line Items] | ||||
Selling, general and administrative | $ 7,281 | $ 4,804 | $ 18,182 | $ 16,134 |
Shipping | ||||
Schedule Of Expense [Line Items] | ||||
Selling, general and administrative | $ 100 | $ 100 | $ 400 | $ 400 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Summary of Research, Development and Engineering Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Research, development and engineering | $ 1,523 | $ 982 | $ 4,637 | $ 2,762 |
Grants earned | (83) | (326) | ||
Net research, development and engineering | $ 1,523 | $ 899 | $ 4,637 | $ 2,436 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Concentrations of Credit Risk - Additional Information (Details) | 9 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Sep. 30, 2020 | |
US Treasuries and FDIC Insured | ||
Concentration Risk [Line Items] | ||
Percentage of cash balances | 82.00% | 89.00% |
Customer One | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 19.00% | 11.00% |
Customer Two | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 16.00% | 10.00% |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) - USD ($) $ in Thousands | Mar. 03, 2021 | Jun. 30, 2021 | Sep. 30, 2020 |
Business Acquisition [Line Items] | |||
Goodwill - Net | $ 11,168 | $ 6,633 | |
Intersurface Dynamics, Inc. | |||
Business Acquisition [Line Items] | |||
Business acquisition, effective date of acquisition | Mar. 3, 2021 | ||
Business acquisition, percentage of voting interests acquired | 100.00% | ||
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) $ in Millions | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Selling, General And Administrative Expenses [Member] | |
Cybersecurity Incident [Line Items] | |
Cybersecurity expenses | $ 1.1 |
Contracts with Customers - Comp
Contracts with Customers - Components of Contract Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Capitalized Contract Cost [Line Items] | ||
Contract liabilities | $ 1,870 | $ 1,224 |
Customer deposits | ||
Capitalized Contract Cost [Line Items] | ||
Contract liabilities | $ 1,870 | $ 1,224 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2021USD ($) | |
Lessee Lease Description [Line Items] | |
Operating lease, existence of option to extend | true |
Operating lease, optional lease extension periods for multiple leases, description | Operating lease payments include $6.4 million related to optional lease extension periods for multiple leases that are not yet exercisable but are reasonably certain of being exercised. |
Payments related to optional lease extension periods for multiple leases | $ 6.4 |
Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease renewal term | 1 year |
Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease renewal term | 5 years |
Leases - Schedule of Financial
Leases - Schedule of Financial Statement Classification of Lease Balances Within Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Leases [Abstract] | ||
Operating lease assets | $ 8,789 | $ 5,124 |
Finance lease assets | $ 18 | $ 26 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant and Equipment - Net | Property, Plant and Equipment - Net |
Total lease assets | $ 8,807 | $ 5,150 |
Operating lease liabilities | $ 465 | $ 113 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Finance lease liabilities | $ 8 | $ 11 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Operating lease liabilities | $ 8,409 | $ 5,048 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-Term Lease Liability | Long-Term Lease Liability |
Finance lease liabilities | $ 10 | $ 16 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-Term Lease Liability | Long-Term Lease Liability |
Total lease liabilities | $ 8,892 | $ 5,188 |
Leases - Schedule of Financia_2
Leases - Schedule of Financial Statement Classification of Lease Expenses Reported in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee Lease Description [Line Items] | ||||
Total lease cost | $ 392 | $ 77 | $ 703 | $ 207 |
Cost of sales | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease cost | 196 | 56 | 340 | 143 |
Finance lease cost | 1 | 3 | 4 | 14 |
Short-term lease cost | 107 | 183 | ||
Selling, General And Administrative Expenses [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease cost | 86 | 16 | 170 | 44 |
Finance lease cost | $ 2 | $ 2 | $ 6 | $ 6 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Non-cancelable Leases Including Leases that are Executed but not yet Effective (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Operating Lease | |
Remainder of 2021 | $ 266 |
2022 | 1,064 |
2023 | 1,057 |
2024 | 1,037 |
2025 | 1,024 |
Thereafter | 9,741 |
Total lease payments | 14,189 |
Less: Interest | 5,315 |
Present value of lease liabilities | 8,874 |
Finance Lease | |
Remainder of 2021 | 3 |
2022 | 8 |
2023 | 6 |
2024 | 2 |
Total lease payments | 19 |
Less: Interest | 1 |
Present value of lease liabilities | 18 |
Operating Lease and Finance lease | |
Remainder of 2021 | 269 |
2022 | 1,072 |
2023 | 1,063 |
2024 | 1,039 |
2025 | 1,024 |
Thereafter | 9,741 |
Total lease payments | 14,208 |
Less: Interest | 5,316 |
Present value of lease liabilities | $ 8,892 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Term and Discount Rates (Detail) | Jun. 30, 2021 |
Leases [Abstract] | |
Operating leases, Weighted average remaining lease term | 17 years 18 days |
Finance leases, Weighted average remaining lease term | 2 years 3 months 29 days |
Operating leases, Weighted average discount rate | 4.17% |
Finance leases, Weighted average discount rate | 4.17% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 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) | 25,000 | 695,000 | 103,000 | 652,000 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Components of Basic and Diluted EPS Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net income (loss) from continuing operations | $ 369 | $ (72) | $ 842 | $ (1,882) |
Loss from discontinued operations, net of tax | (11,816) | |||
Net income (loss) | $ 369 | $ (72) | $ 842 | $ (13,698) |
Denominator: | ||||
Weighted-average shares used to compute basic EPS | 14,176 | 14,155 | 14,163 | 14,195 |
Common stock equivalents | 197 | 129 | ||
Weighted-average shares used to compute diluted EPS | 14,373 | 14,155 | 14,292 | 14,195 |
Basic income (loss) per share from continuing operations | $ 0.03 | $ (0.01) | $ 0.06 | $ (0.13) |
Basic loss per share from discontinued operations | (0.83) | |||
Net income (loss) per basic share | 0.03 | (0.01) | 0.06 | (0.96) |
Diluted income (loss) per share from continuing operations | 0.03 | (0.01) | 0.06 | (0.13) |
Diluted loss per share from discontinued operations | (0.83) | |||
Net income (loss) per diluted share | $ 0.03 | $ (0.01) | $ 0.06 | $ (0.96) |
Inventory - Schedule of Compone
Inventory - Schedule of Components of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Purchased parts and raw materials | $ 13,833 | $ 14,530 |
Work-in-process | 5,761 | 3,074 |
Finished goods | 4,816 | 3,942 |
Inventory, gross | 24,410 | 21,546 |
Excess and obsolete reserves | (3,882) | (4,269) |
Inventory | $ 20,528 | $ 17,277 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Income Tax Contingency [Line Items] | |||||
Income tax expense | $ 680,000 | $ 90,000 | $ 1,250,000 | $ 297,000 | |
Benefit related to reversal of previously recorded uncertain tax positions | 300,000 | ||||
Income tax expense from discontinued operations | $ (47,000) | ||||
Unrecognized tax benefits that would impact effective tax rate | 900,000 | 900,000 | $ 1,200,000 | ||
Accrual for potential interest and penalties | $ 600,000 | $ 600,000 | $ 800,000 | ||
Minimum | |||||
Income Tax Contingency [Line Items] | |||||
Number of years open for tax examinations | 3 years | ||||
Maximum | |||||
Income Tax Contingency [Line Items] | |||||
Number of years open for tax examinations | 5 years |
Equity and Stock-Based Compen_3
Equity and Stock-Based Compensation - Additional Information (Details) - USD ($) | Feb. 16, 2021 | Feb. 10, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Equity [Abstract] | |||||||
Non-cash share-based compensation expense | $ 100,000 | $ 100,000 | $ 277,000 | $ 257,000 | |||
Authorized stock repurchase amount | $ 4,000,000 | $ 4,000,000 | |||||
Stock repurchase program period | 1 year | 1 year | |||||
Shares repurchased and retired during the period | 0 | 366,000 | |||||
Total cost of shares repurchased and retired | $ 2,000,000 | ||||||
Average price per share of shares repurchased | $ 5.46 |
Equity and Stock-Based Compen_4
Equity and Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options | 9 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Options | |
Outstanding at beginning of period | shares | 696,665 |
Granted | shares | 198,000 |
Exercised | shares | (189,806) |
Forfeited | shares | (44,326) |
Outstanding at end of period | shares | 660,533 |
Exercisable at end of period | shares | 437,367 |
Weighted average fair value of options granted during the period | $ 3.27 |
Weighted Average Exercise Price | |
Outstanding at beginning of period | 7 |
Granted | 6.14 |
Exercised | 6.05 |
Forfeited | 14.14 |
Outstanding at end of period | 6.54 |
Exercisable at end of period | $ 6.78 |
Equity and Stock-Based Compen_5
Equity and Stock-Based Compensation - Schedule of Fair Value of Stock Option Using Black-Scholes Option Pricing Model (Details) | 9 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Risk free interest rate | 1.00% |
Expected life | 6 years |
Volatility | 58.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2021USD ($) | |
Other Commitments [Line Items] | |
Purchase obligation | $ 11.1 |
Minimum | |
Other Commitments [Line Items] | |
Severance payment term | 12 months |
Maximum | |
Other Commitments [Line Items] | |
Severance payment term | 36 months |
Business Segment Information -
Business Segment Information - Additional Information (Details) | 9 Months Ended |
Jun. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of business segments | 2 |
Business Segment Information _2
Business Segment Information - Schedule of Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 23,100 | $ 15,227 | $ 60,865 | $ 50,379 | |
Operating income (loss) | 1,204 | 31 | 2,429 | 696 | |
Identifiable assets | 115,569 | 115,569 | $ 102,098 | ||
Operating Segments | Semiconductor | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 19,501 | 12,357 | 52,195 | 41,581 | |
Operating income (loss) | 2,114 | 1,058 | 5,976 | 3,762 | |
Identifiable assets | 65,155 | 65,155 | 51,648 | ||
Operating Segments | Material and Substrate | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 3,599 | 2,870 | 8,670 | 8,155 | |
Operating income (loss) | 333 | 241 | 14 | 1,196 | |
Identifiable assets | 20,630 | 20,630 | 12,717 | ||
Non-Segment Related | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 643 | ||||
Operating income (loss) | (1,243) | $ (1,268) | (3,561) | $ (4,262) | |
Identifiable assets | $ 29,784 | $ 29,784 | $ 37,733 |
Major Customers and Foreign S_3
Major Customers and Foreign Sales - Additional Information (Details) - Net Revenues - Customer Concentration Risk | 9 Months Ended |
Jun. 30, 2021 | |
Customer One | |
Revenue, Major Customer [Line Items] | |
Concentration risk, percentage | 17.00% |
Customer Two | |
Revenue, Major Customer [Line Items] | |
Concentration risk, percentage | 14.00% |
Major Customers and Foreign S_4
Major Customers and Foreign Sales - Schedule of Revenues by Geographic Region (Details) - Net Revenues - Geographic Concentration Risk | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 100.00% | 100.00% |
United States | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 22.00% | 31.00% |
Other North America | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 3.00% | 6.00% |
Total North America | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 25.00% | 37.00% |
China | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 33.00% | 25.00% |
Malaysia | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 4.00% | 4.00% |
Taiwan | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 17.00% | 15.00% |
Other Asia | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 9.00% | 7.00% |
Total Asia | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 63.00% | 51.00% |
Germany | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 4.00% | 3.00% |
Other Europe | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 8.00% | 9.00% |
Total Europe | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 12.00% | 12.00% |
Assets Held for Sale, Discont_3
Assets Held for Sale, Discontinued Operations and Disposals - Additional Information (Details) - USD ($) $ in Thousands | Jan. 22, 2020 | Jun. 07, 2019 | Jun. 30, 2021 | Jun. 30, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (Loss) on sale of subsidiary | $ (13,708) | |||
SoLayTec | Discontinued Operations, Disposed of by Sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (Loss) on sale of subsidiary | $ 1,600 | |||
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 deconsolidation | 10,900 | |||
Previously recorded accumulated foreign currency translation losses recognized | $ 7,200 | |||
Forgave unsecured term loans | $ 500 | |||
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) |
Assets Held for Sale, Discont_4
Assets Held for Sale, Discontinued Operations and Disposals - Operating Results of Discontinued Operations (Details) | 9 Months Ended |
Jun. 30, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Income tax benefit | $ (47,000) |
Net loss from discontinued operations, net of tax | (11,816,000) |
Tempress and SoLayTec | Discontinued Operations, Held-for-sale | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Revenues, net of returns and allowances | 7,442,000 |
Cost of sales | 5,969,000 |
Gross profit | 1,473,000 |
Selling, general and administrative | 1,814,000 |
Research, development and engineering | 540,000 |
Restructuring charges | 37,000 |
Operating loss | (918,000) |
Loss on sale of subsidiary | (10,916,000) |
Interest expense and other, net | (29,000) |
Loss from discontinued operations before income taxes | (11,863,000) |
Income tax benefit | (47,000) |
Net loss from discontinued operations, net of tax | $ (11,816,000) |
Assets Held for Sale, Discont_5
Assets Held for Sale, Discontinued Operations and Disposals - Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Reversal of allowance for doubtful accounts, net | $ 16 | $ (26) |
Loss on sale of subsidiary | (13,708) | |
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 | (66) | |
Loss on sale of subsidiary | (10,916) | |
Purchases of property, plant and equipment | $ 1 |