Amtech Systems (ASYS) 10-Q 10 May 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		14,046,535
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
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	Mar. 31, 2023	Sep. 30, 2022
Current Assets
Cash and cash equivalents	$ 17,733	$ 46,874
Accounts receivable (less allowance for doubtful accounts of $314 and $114 at March 31,2023 and September 30, 2022, respectively)	29,427	25,013
Inventories	35,285	25,488
Other current assets	4,416	5,561
Total current assets	86,861	102,936
Property, Plant and Equipment - Net	8,740	6,552
Right-of-Use Assets - Net	12,448	11,258
Intangible Assets - Net	12,563	758
Goodwill	29,257	11,168
Deferred Income Taxes - Net	87	79
Other Assets	1,046	783
Total Assets	151,002	133,534
Current Liabilities
Accounts payable	7,556	7,301
Accrued compensation and related taxes	2,949	4,109
Other accrued liabilities	2,815	1,771
Current maturities of finance lease liabilities and long-term debt	2,202	107
Current portion of long-term operating lease liabilities	2,771	2,101
Contract liabilities	9,661	7,231
Income taxes payable	712	6
Total current liabilities	28,666	22,626
Finance Lease Liabilities and Long-Term Debt	9,530	220
Long-Term Operating Lease Liabilities	9,953	9,395
Income Taxes Payable	2,445	2,849
Other Long-Term Liabilities	111	76
Total Liabilities	50,705	35,166
Commitments and Contingencies (Note 9)
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: 14,039,334 and 13,994,154 at March 31,2023 and September 30, 2022, respectively	140	140
Additional paid-in capital	125,127	124,458
Accumulated other comprehensive loss	(967)	(1,767)
Retained deficit	(24,003)	(24,463)
Total Shareholders' Equity	100,297	98,368
Total Liabilities and Shareholders’ Equity	$ 151,002	$ 133,534

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Sep. 30, 2022
Current Assets
Allowance for doubtful accounts	$ 314	$ 114
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	14,039,334	13,994,154
Common stock, shares outstanding	14,039,334	13,994,154

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues, net	$ 33,310	$ 27,556	$ 54,868	$ 54,019
Cost of sales	19,840	16,396	33,095	32,961
Gross profit	13,470	11,160	21,773	21,058
Selling, general and administrative	11,434	6,765	20,624	13,851
Research, development and engineering	1,517	1,800	2,910	3,372
Severance expense			400
Operating income (loss)	519	2,595	(2,161)	3,835
Interest (expense) income and other, net	(261)	30	(329)	(53)
Income (loss) before income tax provision	258	2,625	(2,490)	3,782
Income tax (benefit) provision	(2,946)	660	(2,950)	820
Net income	$ 3,204	$ 1,965	$ 460	$ 2,962
Income Per Share:
Net income per basic share	$ 0.23	$ 0.14	$ 0.03	$ 0.21
Net income per diluted share	$ 0.23	$ 0.14	$ 0.03	$ 0.21
Weighted average shares outstanding - basic	14,028	13,979	14,018	14,118
Weighted average shares outstanding - diluted	14,157	14,144	14,142	14,318

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 3,204	$ 1,965	$ 460	$ 2,962
Foreign currency translation adjustment	384	102	800	339
Comprehensive income	$ 3,588	$ 2,067	$ 1,260	$ 3,301

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 Deficit
Beginning balance at Sep. 30, 2021	$ 85,634	$ 143		$ 126,380	$ 14	$ (40,903)
Beginning balance (in shares) at Sep. 30, 2021		14,304,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	997					997
Translation adjustment	237				237
Stock compensation expense	103			103
Repurchase of treasury stock	(2,713)		$ (2,713)
Repurchase of treasury stock (in shares)			(291,000)
Retirement of treasury stock		$ (3)	$ 2,713	(2,122)		(588)
Retirement of treasury stock (in shares)		(291,000)	291,000
Stock options exercised	69			69
Stock options exercised (in shares)		12,000
Ending balance at Dec. 31, 2021	84,327	$ 140		124,430	251	(40,494)
Ending balance (in shares) at Dec. 31, 2021		14,025,000
Beginning balance at Sep. 30, 2021	85,634	$ 143		126,380	14	(40,903)
Beginning balance (in shares) at Sep. 30, 2021		14,304,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	2,962
Ending balance at Mar. 31, 2022	85,158	$ 139		123,534	353	(38,868)
Ending balance (in shares) at Mar. 31, 2022		13,887,000
Beginning balance at Dec. 31, 2021	84,327	$ 140		124,430	251	(40,494)
Beginning balance (in shares) at Dec. 31, 2021		14,025,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	1,965					1,965
Translation adjustment	102				102
Stock compensation expense	137			137
Repurchase of treasury stock	(1,402)		$ (1,402)
Repurchase of treasury stock (in shares)			(143,000)
Retirement of treasury stock		$ (1)	$ 1,402	(1,062)		(339)
Retirement of treasury stock (in shares)		(143,000)	143,000
Stock options exercised	29			29
Stock options exercised (in shares)		5,000
Ending balance at Mar. 31, 2022	85,158	$ 139		123,534	353	(38,868)
Ending balance (in shares) at Mar. 31, 2022		13,887,000
Beginning balance at Sep. 30, 2022	$ 98,368	$ 140		124,458	(1,767)	(24,463)
Beginning balance (in shares) at Sep. 30, 2022	13,994,154	13,994,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ (2,744)					(2,744)
Translation adjustment	416				416
Stock compensation expense	164			164
Stock options exercised	34			34
Stock options exercised (in shares)		9,000
Ending balance at Dec. 31, 2022	96,238	$ 140		124,656	(1,351)	(27,207)
Ending balance (in shares) at Dec. 31, 2022		14,003,000
Beginning balance at Sep. 30, 2022	$ 98,368	$ 140		124,458	(1,767)	(24,463)
Beginning balance (in shares) at Sep. 30, 2022	13,994,154	13,994,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ 460
Ending balance at Mar. 31, 2023	$ 100,297	$ 140		125,127	(967)	(24,003)
Ending balance (in shares) at Mar. 31, 2023	14,039,334	14,039,000
Beginning balance at Dec. 31, 2022	$ 96,238	$ 140		124,656	(1,351)	(27,207)
Beginning balance (in shares) at Dec. 31, 2022		14,003,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	3,204					3,204
Translation adjustment	384				384
Stock compensation expense	174			174
Stock options exercised	297			297
Stock options exercised (in shares)		36,000
Ending balance at Mar. 31, 2023	$ 100,297	$ 140		$ 125,127	$ (967)	$ (24,003)
Ending balance (in shares) at Mar. 31, 2023	14,039,334	14,039,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net income	$ 460	$ 2,962
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	1,887	864
Write-down of inventory	517	115
Deferred income taxes	(3,172)
Non-cash share-based compensation expense	338	240
Provision for allowance for doubtful accounts	156	41
Other, net		(2)
Changes in operating assets and liabilities:
Accounts receivable	1,113	(8,321)
Inventories	(4,631)	(2,433)
Other assets	2,215	(788)
Accounts payable	(1,497)	1,407
Accrued income taxes	(1,192)	1,272
Accrued and other liabilities	(2,289)	331
Contract liabilities	768	3,951
Net cash used in operating activities	(5,327)	(361)
Investing Activities
Purchases of property, plant and equipment	(976)	(125)
Acquisition, net of cash and cash equivalents acquired	(35,498)
Net cash used in investing activities	(36,474)	(125)
Financing Activities
Proceeds from the exercise of stock options	331	98
Repurchase of common stock		(4,115)
Payments on long-term debt	(412)	(198)
Borrowings on long-term debt	12,000
Net cash provided by (used in) financing activities	11,919	(4,215)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	741	286
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(29,141)	(4,415)
Cash and Cash Equivalents , Beginning of Period	46,874	32,836
Cash, Cash Equivalents and Restricted Cash, End of Period	17,733	28,421
Supplemental Cash Flow Information:
Income tax (payments) refunds, net	(1,529)	250
Interest paid	$ 94	$ 123

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Mar. 31, 2023
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, our 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. 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 (“GAAP”). 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, 2022, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP 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, 2022. Our fiscal year is from October 1 to September 30. Unless otherwise stated, references to particular years, quarters, months or periods refer to our fiscal years ending or ended September 30, and the associated quarters, months, and periods of those fiscal years. The consolidated results of operations for the three and six months ended March 31, 2023, are not necessarily indicative of the results to be expected for the full fiscal year. 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. 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 of fiscal 2022 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 in the future. 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 GAAP 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. Restricted Cash – Restricted cash includes collateral for bank guarantees required by certain customers from whom deposits have been received in advance of shipment. Our restricted cash at March 31, 2022 was $ 0.5 million. Intangible Assets – Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic No. 350, Intangibles - Goodwill and Other (“ASC 350”), finite-lived intangible assets are stated at acquisition-date fair value. Intangible assets are amortized using the straight-line method 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 – The Company accounts for goodwill under ASC 350. Goodwill represents the excess of the fair value of the consideration conveyed in an acquisition over the fair value of net 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). Long-lived assets – We review our long-lived assets 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 can be found in Notes 1 and 11 of our Annual Report on Form 10-K for the year ended September 30, 2022. Contract Liabilities – Contract liabilities are reflected in current liabilities on the Condensed Consolidated Balance Sheets as all performance obligations are expected to be satisfied within the next 12 months. 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 March 31, 2023 and September 30, 2022. Of the $ 7.2 million contract liabilities recorded at September 30, 2022 , $ 0.8 million and $ 1.4 million was recorded as revenue for the three and six months ended March 31, 2023 , respectively. 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 our revenue recognition policy. 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 March 31, 2023, 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. Our accrued warranty expense is $ 1.1 million at March 31, 2023 and $ 0.9 million at September 30, 2022. Our accrued warranty expense is included in other accrued liabilities on the Condensed Consolidated Balance Sheets. Shipping Expense – Shipping and handling fees associated with outbound freight are expensed as incurred and included in selling, general and administrative expenses. Shipping expense was $ 0.8 million and $ 0.6 million for the three months ended March 31, 2023 and 2022 , respectively, and $ 1.4 million and $ 1.8 million for the six months ended March 31, 2023 and 2022 , respectively. Concentrations of Credit Risk – Our customers consist of semiconductor manufacturers worldwide, as well as customers in 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 March 31, 2023 , two Semiconductor segment customers individually represented 19 % and 12 % of accounts receivable. As of September 30, 2022 , one Semiconductor segment customer individually represented 12 % of accounts receivable. We maintain our cash and cash equivalents in multiple financial institutions. Balances in the United States, which account for approximately 67 % and 84 % of total cash balances as of March 31, 2023 and September 30, 2022, respectively, are primarily invested in financial institutions insured by the FDIC as well as a money market account. 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 11 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 In October 2021, the Financial Accounting Standards Board issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. We adopted the amendments in ASU 2021-08 as of October 1, 2022, without a material impact on our unaudited condensed consolidated financial statements. There were no other new accounting pronouncements issued or effective as of March 31, 2023 that had or are expected to have a material impact on our consolidated financial statements. Correction of Immaterial Misstatements During the preparation of the condensed consolidated financial statements for the period ended June 30, 2022, the Company identified certain immaterial misstatements related to the classification of sales discounts to distributors within our semiconductor reportable segment.  The Company previously presented these sales discounts as part of selling, general and administrative expenses instead of as a reduction of revenues in its unaudited condensed consolidated statements of operations for the three-month period ended December 31, 2021, and the three and six-month periods ended March 31, 2022, which resulted in overstatements of revenue and selling, general and administrative expenses for those periods. In accordance with Staff Accounting Bulletin No. 99, “Materiality,” the Company evaluated the misstatements and determined that the related impact was not material to the Company’s financial statements for any interim period. Accordingly, the Company revised the unaudited condensed consolidated statements of operations for the periods ended December 31, 2021 and March 31, 2022, including the related notes presented herein, as applicable. The misstatements did not impact operating income or net income in the condensed consolidated statements of operations, or the condensed consolidated balance sheets or the condensed consolidated statements of cash flows for any of those periods. A summary of the corrections to previously reported condensed consolidated statements of operations is as follows: Six Months Ended March 31, 2022 As Reported Adjustment As Corrected Revenues, net $ 55,908 $ ( 1,889 ) $ 54,019 Gross profit $ 22,947 $ ( 1,889 ) $ 21,058 Selling, general and administrative $ 15,740 $ ( 1,889 ) $ 13,851 Three Months Ended March 31, 2022 As Reported Adjustment As Corrected Revenues, net $ 28,579 $ ( 1,023 ) $ 27,556 Gross profit $ 12,183 $ ( 1,023 ) $ 11,160 Selling, general and administrative $ 7,788 $ ( 1,023 ) $ 6,765 Three Months Ended December 31, 2021 As Reported Adjustment As Corrected Revenues, net $ 27,329 $ ( 866 ) $ 26,463 Gross profit $ 10,764 $ ( 866 ) $ 9,898 Selling, general and administrative $ 7,952 $ ( 866 ) $ 7,086

Long-Term Debt

Long-Term Debt	6 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	2. Long-Term Debt Our finance lease liabilities and long-term debt consists of the following, in thousands: March 31, September 30, Senior revolving credit facility $ — $ — Term loan 11,620 — Finance leases 112 147 Equipment finance — 180 Total 11,732 327 Less: current portion of finance lease liabilities ( 2,202 ) ( 107 ) Finance Lease Liabilities and Long-Term Debt $ 9,530 $ 220 Loan and Security Agreement On January 17, 2023, we entered into a Loan and Security Agreement (the “LSA”) by and among Amtech, its U.S. based wholly owned subsidiaries Bruce Technologies, Inc., a Massachusetts corporation, BTU International, Inc., a Delaware corporation, Intersurface Dynamics, Incorporated, a Connecticut corporation, P.R. Hoffman Machine Products, Inc., an Arizona corporation, and Entrepix, Inc., (collectively the “Borrowers”) and UMB Bank, N.A., national banking association (the “Lender”). The LSA provides for (i) a term loan (the “Term Loan”) in the amount of $ 12.0 million maturing January 17, 2028 , and (ii) a revolving loan facility (the “Revolver”) with an availability of $ 8.0 million maturing January 17, 2024 . The recorded amount of the Term Loan has an interest rate of 6.38 %. The Revolver has a floating per annum rate of interest equal to the Prime Rate, adjusted daily. Under the LSA, we are required to pay a non-utilization fee equal to 0.125 % of any unused portion of the Revolver in excess of any letter of credit obligations. As of March 31, 2023, no amounts were borrowed against the Revolver. The Term Loan and Revolver are secured by a first priority lien on substantially all of the Borrowers’ assets (other than certain customary excluded assets) and the LSA contains customary events of default, representations and warranties, and covenants that restrict the Borrowers’ ability to, among other things, incur additional indebtedness, other than permitted indebtedness, enter into mergers or acquisitions, sell or otherwise dispose of assets, or pay dividends, subject to customary exceptions. The LSA additionally contains financial covenants such that, as of the end of each of their fiscal quarters, beginning March 31, 2023, the Borrowers must maintain (i) a ratio of consolidated debt owed to Lender to consolidated EBITDA (as defined in the LSA) for such fiscal quarter, of not greater than 1.50 to 1.00, through December 31, 2024, based on a building 4 quarters (as described in the LSA), and then 1.00 to 1.00 each fiscal quarter thereafter, (ii) a ratio of (a) the total for such fiscal quarter of EBITDAR (as defined in the LSA) minus the sum of all income taxes paid in cash plus cash dividends/distributions plus maintenance Capital Expenditures (as defined in the LSA) plus management fees paid in cash, to (b) the sum for such fiscal quarter of (1) Interest Charges (as defined in the LSA) plus (2) required payments of principal on Debt (as defined in the LSA) (including the Term Loan, but excluding the Revolver) plus (3) operating lease/rent expense, of not less than 1.30 to 1.00 based on a building 4 quarters (as described in the LSA), and (iii) a consolidated working capital of current assets (excluding related party receivables and prepaid expenses) minus current liabilities of at least $ 35.0 million. Finance Lease Obligations Our finance lease obligations totaled $ 0.1 million as of March 31, 2023 and September 30, 2022. The current and long-term portions of our finance leases are included in the current and long-term portions of finance lease liabilities and long-term debt in the table above and in our Condensed Consolidated Balance Sheets as of March 31, 2023 and September 30, 2022. Further, see Note 6 for additional information.

Acquisition

Acquisition	6 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Acquisition	3. Acquisition Entrepix Merger On January 17, 2023 (the “Closing Date”), the Company acquired 100 % of the issued and outstanding shares of capital stock of Entrepix, Inc., an Arizona corporation (“Entrepix”), which primarily manufactures chemical mechanical polishing (“CMP”) technology, through a reverse triangular merger. Entrepix’s CMP technology portfolio and water cleaning equipment will complement our existing substrate polishing and wet process chemical offerings. Pursuant to the terms and conditions of the Agreement and Plan of Merger dated January 17, 2023 (the “Merger Agreement”), Emerald Merger Sub, Inc., a wholly-owned subsidiary of the Company (“Merger Sub”) merged with and into Entrepix (the “Merger”), resulting in Entrepix surviving the Merger and becoming a wholly-owned subsidiary of the Company (the “Acquisition” or “Transaction”). On the Closing Date, in connection with the Merger Agreement and in contemplation of the Transaction, the Company entered into a Loan and Security Agreement with UMB Bank, N.A., under which the Lender provided the Company with (i) a $ 12.0 million term loan maturing January 17, 2028 , and (ii) an $ 8.0 million revolving loan facility maturing January 17, 2024 (see Note 2). The proceeds of the Term Loan were used to partially fund the Transaction. The Acquisition is accounted for using the acquisition method of accounting for business combinations under FASB Accounting Standard Codification Topic No. 805, Business Combinations (“ASC 805”), with Amtech representing the accounting acquirer under this guidance. Summary of Consideration Transferred The total consideration for the Acquisition was $ 39.8 million, consisting of $ 35.8 million cash consideration to the sellers and $ 4.0 million cash paid for debt and Entrepix transaction costs. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Such assets include synergies the Company expects to achieve, such as deeper penetration into an overlapping customer base, complementary product offerings, and cost redundancy reductions. In accordance with the measurement principles in FASB Accountings Standard Codification Topic No. 820, Fair Value Measurement , the purchase consideration for the Acquisition has been allocated under the acquisition method of accounting to the estimated fair market value of the net assets acquired, including a residual amount of goodwill, none of which is deductible for tax purposes. Amtech’s acquisition costs incurred were $ 2.0 million for the six months ended March 31, 2023, and were recorded as “General and administrative expenses” in the accompanying Condensed Consolidated Statements of Operations. The following table summarizes the provisional fair values assigned to identifiable assets acquired and liabilities assumed, in thousands: Fair value of total cash consideration transferred $ 39,787 Estimated fair value of identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 4,289 Accounts receivable, net 5,681 Inventories 5,683 Other current assets 179 Property, plant, and equipment 2,051 Right-of-use assets 2,246 Intangible assets 12,800 Goodwill 18,089 Other assets 31 Total assets acquired 51,049 Accounts payable 1,574 Other accrued liabilities 1,170 Contract liabilities 1,662 Income taxes payable 1,447 Current portion of long-term operating lease liabilities 515 Long-term operating lease liabilities 1,730 Deferred tax liability 3,164 Total liabilities assumed 11,262 Net assets acquired $ 39,787 The establishment of the allocation to goodwill requires the extensive use of accounting estimates and management judgement. In accordance with ASC 805, the Company has up to one year from the acquisition date (referred to as the measurement period) to account for changes in the fair values of the identifiable assets acquired and the liabilities assumed in the acquired entity. As of the issuance of the condensed consolidated financial statements for the period ended March 31, 2023, the Company has not finalized its calculation of consideration transferred, intangible assets, deferred tax assets or liabilities, income taxes payable, and the resulting adjustments to goodwill. The calculation of consideration is pending the finalization of working capital adjustments. Intangible assets will be finalized pending management’s final review of the third party valuation report, and the tax-related items will be finalized pending a consolidated analysis of the combined tax attributes of the Acquisition. If a change in any of these items is identified during the measurement period, the Company will record the cumulative impact of measurement period adjustments in the period the adjustment is identified. The fair value associated with acquired intangible assets and their associated weighted-average amortization periods consist of the following, in thousands: Classification of Amortization Amount Weighted-Average Developed technology Cost of sales $ 5,900 5.0 years Customer relationships Selling, general and administrative 2,800 10.0 years Backlog Selling, general and administrative 2,100 1.0 year Trade names Selling, general and administrative 1,800 10.0 years Noncompetition agreements Selling, general and administrative 200 5.0 years Total intangible assets $ 12,800 6.1 years Unaudited Pro Forma Financial Information Entrepix is included in the Company’s consolidated results beginning January 17, 2023. Total revenues and net loss attributable to Entrepix for the period from January 17, 2023 to March 31, 2023 were $ 6.3 million and $ 0.1 million, respectively. The following unaudited pro forma financial information presents the combined results of operations of Amtech and Entrepix, in thousands, as if the acquisition occurred on October 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on the date indicated or of results that may occur in the future. Three Months Ended March 31, Six Months Ended March 31, 2023 2022 2023 2022 Revenues, Net $ 34,623 $ 33,725 $ 63,778 $ 65,825 Net Income (Loss) $ 4,285 $ ( 35 ) $ 1,149 $ 642 The unaudited pro forma financial information presented above include the following adjustments: 3 Months Ended March 31, 2023 and March 31, 2022 • reversal of amortization expense on intangible assets acquired of $ 0.5 million and incremental amortization expense of $ 0.9 million for the three months ended March 31, 2023 and March 31, 2022, respectively; • incremental interest expense on the Term Loan of $ 0.2 million for the three months ended March 31, 2023 and March 31, 2022; and • non-recurring adjustments directly attributable to the business combination, including acquisition related costs of $ 2.0 million for the three months ended March 31, 2022. 6 Months Ended March 31, 2023 and March 31, 2022 • incremental amortization expense on intangible assets acquired of $ 0.9 million and $ 1.9 million for the six months ended March 31, 2023 and March 31, 2022, respectively; • incremental interest expense on the Term Loan of $ 0.3 million and $ 0.4 million for the six months ended March 31, 2023 and March 31, 2022, respectively; and • non-recurring adjustments directly attributable to the business combination, including acquisition related costs of $ 2.0 million for the six months ended March 31, 2022. The unaudited pro forma financial information includes adjustments to align accounting policies, which were materially similar to the Company’s accounting policies. Any differences in accounting policies were adjusted to reflect the accounting policies of the Company in the unaudited pro forma financial information presented.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	4. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income 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. Dilutive potential common shares include outstanding restricted stock units (“RSUs”) and stock options. In the case of a net loss, diluted earnings per share is calculated in the same manner as basic EPS. For the three and six months ended March 31, 2023 , options for 327,000 and 293,000 weighted average shares, respectively, were excluded from the diluted EPS calculations because they were anti-dilutive. For the three and six months ended March 31, 2022 , options for 187,000 and 95,000 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 March 31, Six Months Ended March 31, 2023 2022 2023 2022 Numerator: Net income $ 3,204 $ 1,965 $ 460 $ 2,962 Denominator: Weighted-average shares used to compute basic EPS 14,028 13,979 14,018 14,118 Dilutive potential common shares due to stock 128 165 124 200 Dilutive potential common shares due to RSUs (1) 1 — — — Weighted-average shares used to compute diluted EPS 14,157 14,144 14,142 14,318 Income per share: Net income per basic share $ 0.23 $ 0.14 $ 0.03 $ 0.21 Net income per diluted share $ 0.23 $ 0.14 $ 0.03 $ 0.21 (1) The number of common stock equivalents is calculated using the treasury method and the average market price during the period.

Inventories

Inventories	6 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	5. Inventories The components of inventories are as follows, in thousands: March 31, September 30, Purchased parts and raw materials $ 22,994 $ 15,377 Work-in-process 7,291 6,146 Finished goods 5,000 3,965 $ 35,285 $ 25,488

Leases

Leases	6 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	6. Leases The following table provides information about the financial statement classification of our lease balances reported within the Condensed Consolidated Balance Sheets, in thousands: March 31, September 30, Assets Right-of-use assets - operating $ 12,448 $ 11,258 Right-of-use assets - finance 113 149 Total right-of-use assets $ 12,561 $ 11,407 Liabilities Current Operating lease liabilities $ 2,771 $ 2,101 Finance lease liabilities 71 71 Total current portion of long-term lease liabilities 2,842 2,172 Long-term Operating lease liabilities 9,953 9,395 Finance lease liabilities 41 76 Total long-term lease liabilities 9,994 9,471 Total lease liabilities $ 12,836 $ 11,643 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 March 31, Six Months Ended March 31, Lease cost Classification 2023 2022 2023 2022 Operating lease cost Cost of sales $ 688 $ 198 $ 1,149 $ 395 Operating lease cost Selling, general and administrative 202 86 379 170 Operating lease cost Research, development and engineering 4 — 7 — Finance lease cost Cost of sales 1 1 2 2 Finance lease cost Selling, general and administrative 18 19 36 35 Short-term lease cost Cost of sales 9 — 17 — Total lease cost $ 922 $ 304 $ 1,590 $ 602 Future minimum lease payments under non-cancelable leases, including leases that are executed but not yet effective, as of March 31, 2023 are as follows, in thousands: Operating Leases Finance Leases Total Remainder of 2023 $ 1,645 $ 39 $ 1,684 2024 2,895 59 2,954 2025 1,739 12 1,751 2026 1,404 12 1,416 2027 789 6 795 Thereafter 7,913 1 7,914 Total lease payments 16,385 129 16,514 Less: Interest 3,661 6 3,667 Present value of lease liabilities $ 12,724 $ 123 $ 12,847 Operating le ase payments includ e $ 6.3 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: March 31, September 30, Weighted average remaining lease term Operating leases 11.32 years 12.65 years Finance leases 2.07 years 2.45 years Weighted average discount rate Operating leases 4.54 % 4.17 % Finance leases 4.17 % 4.17 %

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes Income Tax (Benefit) Provision Our effective tax rate was 118.0 % and 21.7 % for the six months ended March 31, 2023 and 2022 , respectively. The effective tax rate for the six months ended March 31, 2023 differs from the U.S. statutory tax rate of 21 % primarily due to the release of a portion of our valuation allowance in connection with a deferred tax liability related to the Entrepix acquisition resulting in recognition of previously recorded deferred tax assets. For the three months ended March 31, 2023 and 2022, we recorded an income tax benefit of $ 2.9 million and income tax expense of $ 0.7 million, respectively. For the six months ended March 31, 2023 and 2022, we recorded an income tax benefit of $ 3.0 million and income tax expense of $ 0.8 million, respectively. 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 excluded from the determination of the estimated annual effective tax rate. Deferred Income Taxes and Valuation Allowance GAAP requires that a valuation allowance be established when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. A review of all available positive and negative evidence needs to be considered, including a company’s performance, the market environment in which the company operates and the length of carryback and carryforward periods. According to those principles, it is difficult to conclude that a valuation allowance is not needed when the negative evidence includes cumulative losses in recent years. Based on the considerations of all available evidence, we have concluded that we will maintain a full valuation allowance for all net deferred tax assets related to the carryforwards of U.S. net operating losses and foreign tax credits. 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 expect to pay minimal U.S federal cash taxes for the foreseeable future as a result of our U.S. net operating losses that are carried forward.

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	6 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity and Stock-Based Compensation	8. Equity and Stock-Based Compensation Stock-based compensation expense was $ 0.2 million and $ 0.1 million in the three months ended March 31, 2023 and 2022, respectively, and $ 0.3 million and $ 0.2 million in the six months ended March 31, 2023 and 2022, respectively. Stock-based compensation expense is included in selling, general and administrative expenses. The following table summarizes our stock option activity during the six months ended March 31, 2023: Options Weighted Outstanding at beginning of period 589,341 $ 8.06 Granted 111,500 9.27 Exercised ( 21,675 ) 5.01 Forfeited ( 23,000 ) 10.81 Outstanding at end of period 656,166 $ 8.27 Exercisable at end of period 451,421 $ 7.52 Weighted average fair value of options granted during the period $ 4.81 The fair value of options was estimated at the applicable grant date using the Black-Scholes option pricing model with the following assumptions: Six Months Ended March 31, 2023 Six Months Ended March 31, 2022 Risk free interest rate 4 % 1 % Expected term 5 years 5 years Dividend rate — % — % Volatility 56 % 57 % The following table summarizes our RSU activity during the six months ended March 31, 2023: Number Weighted Nonvested at beginning of year — $ — Granted 23,421 9.56 Released ( 3,000 ) 9.61 Forfeited — — Nonvested at end of period 20,421 $ 9.55 2023 Stock Repurchase Plan On February 7, 2023, our Board of Directors (the “Board”) approved a stock repurchase program, pursuant to which we may repurchase up to $ 5 million of our outstanding Common Stock over a one-year period, commencing on February 10, 2023. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the Securities and Exchange Commission; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on our stock price and other market conditions. We may, in the sole discretion of the Board, terminate the repurchase program at any time while it is in effect. Repurchased shares may be retired or kept in treasury for further issuance. There were no repurchases during the quarter ended March 31, 2023. 2022 Stock Repurchase Plan On February 10, 2022, the Board approved a new stock repurchase program, pursuant to which we may repurchase up to $ 5 million of our outstanding Common Stock over a one-year period, commencing on February 16, 2022. Repurchases under the program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with the rules and regulations of the SEC; however, we have no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management’s discretion and will depend on our stock price and other market conditions. We may, in the sole discretion of the Board, terminate the repurchase program at any time while it is in effect. Repurchased shares may be retired or kept in treasury for further issuance. During the quarter ended March 31, 2022, we repurchased 143,430 shares of our Common Stock on the open market at a total cost of approximately $ 1.4 million (an average price of $ 9.78 per share). All repurchased shares have been retired. The term of this repurchase program expired during the quarter ended March 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Purchase Obligations – As of March 31, 2023 , we had unrecorded purchase obligations in the amount of $ 23.5 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 months of salary.

Reportable Segments

Reportable Segments	6 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Reportable Segments	10. Reportable Segments 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 the results of Entrepix from the date of acquisition (see Note 3). Information concerning our reportable segments is as follows, in thousands: Three Months Ended March 31, Six Months Ended March 31, 2023 2022 2023 2022 Net Revenues: Semiconductor $ 22,047 $ 23,584 $ 38,934 $ 46,349 Material and Substrate 11,263 3,972 15,934 7,670 $ 33,310 $ 27,556 $ 54,868 $ 54,019 Operating income (loss): Semiconductor $ 2,950 $ 3,368 $ 3,819 $ 5,725 Material and Substrate 297 654 930 835 Non-segment related ( 2,728 ) ( 1,427 ) ( 6,910 ) ( 2,725 ) $ 519 $ 2,595 $ ( 2,161 ) $ 3,835 March 31, September 30, Identifiable Assets: Semiconductor $ 75,879 $ 75,622 Material and Substrate 70,143 22,032 Non-segment related* 4,980 35,880 $ 151,002 $ 133,534 * Non-segment related assets include cash, property, 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 11 of our Annual Report on Form 10-K for the year ended September 30, 2022 .

Major Customers and Foreign Sal

Major Customers and Foreign Sales	6 Months Ended
	Mar. 31, 2023
Geographic Areas, Revenues from External Customers [Abstract]
Major Customers and Foreign Sales	11. Major Customers and Foreign Sales During the six months ended March 31, 2023, two Semiconductor segment customers individually represented 12 % and 11 % of our net revenues. During the six months ended March 31, 2022 , two Semiconductor segment customers individually represented 16 % and 12 % of our net revenues. Our net revenues were from customers in the following geographic regions: Six Months Ended March 31, 2023 2022 United States 33 % 21 % Canada 8 % 3 % Other 5 % 6 % Total Americas 46 % 30 % China 13 % 20 % Malaysia 9 % 9 % Taiwan 5 % 14 % Other 9 % 5 % Total Asia 36 % 48 % Germany 2 % 6 % Austria 6 % 9 % Other 10 % 7 % Total Europe 18 % 22 % 100 % 100 %

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2023
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, our 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. 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 (“GAAP”). 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, 2022, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP 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, 2022. Our fiscal year is from October 1 to September 30. Unless otherwise stated, references to particular years, quarters, months or periods refer to our fiscal years ending or ended September 30, and the associated quarters, months, and periods of those fiscal years. The consolidated results of operations for the three and six months ended March 31, 2023, are not necessarily indicative of the results to be expected for the full fiscal year. 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. 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 of fiscal 2022 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 in the future.
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 GAAP 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.
Restricted Cash	Restricted Cash – Restricted cash includes collateral for bank guarantees required by certain customers from whom deposits have been received in advance of shipment. Our restricted cash at March 31, 2022 was $ 0.5 million.
Intangible Assets	Intangible Assets – Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic No. 350, Intangibles - Goodwill and Other (“ASC 350”), finite-lived intangible assets are stated at acquisition-date fair value. Intangible assets are amortized using the straight-line method 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 – The Company accounts for goodwill under ASC 350. Goodwill represents the excess of the fair value of the consideration conveyed in an acquisition over the fair value of net 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).
Long-lived assets	Long-lived assets – We review our long-lived assets 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 can be found in Notes 1 and 11 of our Annual Report on Form 10-K for the year ended September 30, 2022.
Contract Liabilities	Contract Liabilities – Contract liabilities are reflected in current liabilities on the Condensed Consolidated Balance Sheets as all performance obligations are expected to be satisfied within the next 12 months. 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 March 31, 2023 and September 30, 2022. Of the $ 7.2 million contract liabilities recorded at September 30, 2022 , $ 0.8 million and $ 1.4 million was recorded as revenue for the three and six months ended March 31, 2023 , respectively.
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 our revenue recognition policy. 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 March 31, 2023, 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. Our accrued warranty expense is $ 1.1 million at March 31, 2023 and $ 0.9 million at September 30, 2022. Our accrued warranty expense is included in other accrued liabilities on the Condensed Consolidated Balance Sheets.
Shipping Expense	Shipping Expense – Shipping and handling fees associated with outbound freight are expensed as incurred and included in selling, general and administrative expenses. Shipping expense was $ 0.8 million and $ 0.6 million for the three months ended March 31, 2023 and 2022 , respectively, and $ 1.4 million and $ 1.8 million for the six months ended March 31, 2023 and 2022 , respectively.
Concentrations of Credit Risk	Concentrations of Credit Risk – Our customers consist of semiconductor manufacturers worldwide, as well as customers in 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 March 31, 2023 , two Semiconductor segment customers individually represented 19 % and 12 % of accounts receivable. As of September 30, 2022 , one Semiconductor segment customer individually represented 12 % of accounts receivable. We maintain our cash and cash equivalents in multiple financial institutions. Balances in the United States, which account for approximately 67 % and 84 % of total cash balances as of March 31, 2023 and September 30, 2022, respectively, are primarily invested in financial institutions insured by the FDIC as well as a money market account. 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 11 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 In October 2021, the Financial Accounting Standards Board issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. We adopted the amendments in ASU 2021-08 as of October 1, 2022, without a material impact on our unaudited condensed consolidated financial statements. There were no other new accounting pronouncements issued or effective as of March 31, 2023 that had or are expected to have a material impact on our consolidated financial statements.
Correction of Immaterial Misstatements	Correction of Immaterial Misstatements During the preparation of the condensed consolidated financial statements for the period ended June 30, 2022, the Company identified certain immaterial misstatements related to the classification of sales discounts to distributors within our semiconductor reportable segment.  The Company previously presented these sales discounts as part of selling, general and administrative expenses instead of as a reduction of revenues in its unaudited condensed consolidated statements of operations for the three-month period ended December 31, 2021, and the three and six-month periods ended March 31, 2022, which resulted in overstatements of revenue and selling, general and administrative expenses for those periods. In accordance with Staff Accounting Bulletin No. 99, “Materiality,” the Company evaluated the misstatements and determined that the related impact was not material to the Company’s financial statements for any interim period. Accordingly, the Company revised the unaudited condensed consolidated statements of operations for the periods ended December 31, 2021 and March 31, 2022, including the related notes presented herein, as applicable. The misstatements did not impact operating income or net income in the condensed consolidated statements of operations, or the condensed consolidated balance sheets or the condensed consolidated statements of cash flows for any of those periods. A summary of the corrections to previously reported condensed consolidated statements of operations is as follows: Six Months Ended March 31, 2022 As Reported Adjustment As Corrected Revenues, net $ 55,908 $ ( 1,889 ) $ 54,019 Gross profit $ 22,947 $ ( 1,889 ) $ 21,058 Selling, general and administrative $ 15,740 $ ( 1,889 ) $ 13,851 Three Months Ended March 31, 2022 As Reported Adjustment As Corrected Revenues, net $ 28,579 $ ( 1,023 ) $ 27,556 Gross profit $ 12,183 $ ( 1,023 ) $ 11,160 Selling, general and administrative $ 7,788 $ ( 1,023 ) $ 6,765 Three Months Ended December 31, 2021 As Reported Adjustment As Corrected Revenues, net $ 27,329 $ ( 866 ) $ 26,463 Gross profit $ 10,764 $ ( 866 ) $ 9,898 Selling, general and administrative $ 7,952 $ ( 866 ) $ 7,086

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Corrections to Previously Reported Condensed Consolidated Statements of Operations	A summary of the corrections to previously reported condensed consolidated statements of operations is as follows: Six Months Ended March 31, 2022 As Reported Adjustment As Corrected Revenues, net $ 55,908 $ ( 1,889 ) $ 54,019 Gross profit $ 22,947 $ ( 1,889 ) $ 21,058 Selling, general and administrative $ 15,740 $ ( 1,889 ) $ 13,851 Three Months Ended March 31, 2022 As Reported Adjustment As Corrected Revenues, net $ 28,579 $ ( 1,023 ) $ 27,556 Gross profit $ 12,183 $ ( 1,023 ) $ 11,160 Selling, general and administrative $ 7,788 $ ( 1,023 ) $ 6,765 Three Months Ended December 31, 2021 As Reported Adjustment As Corrected Revenues, net $ 27,329 $ ( 866 ) $ 26,463 Gross profit $ 10,764 $ ( 866 ) $ 9,898 Selling, general and administrative $ 7,952 $ ( 866 ) $ 7,086

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Finance Lease Liabilities and Long-Term Debt	Our finance lease liabilities and long-term debt consists of the following, in thousands: March 31, September 30, Senior revolving credit facility $ — $ — Term loan 11,620 — Finance leases 112 147 Equipment finance — 180 Total 11,732 327 Less: current portion of finance lease liabilities ( 2,202 ) ( 107 ) Finance Lease Liabilities and Long-Term Debt $ 9,530 $ 220

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Provisional Fair Value Assigned to Identifiable Assets Acquired and Liabilities Assumed	The following table summarizes the provisional fair values assigned to identifiable assets acquired and liabilities assumed, in thousands: Fair value of total cash consideration transferred $ 39,787 Estimated fair value of identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 4,289 Accounts receivable, net 5,681 Inventories 5,683 Other current assets 179 Property, plant, and equipment 2,051 Right-of-use assets 2,246 Intangible assets 12,800 Goodwill 18,089 Other assets 31 Total assets acquired 51,049 Accounts payable 1,574 Other accrued liabilities 1,170 Contract liabilities 1,662 Income taxes payable 1,447 Current portion of long-term operating lease liabilities 515 Long-term operating lease liabilities 1,730 Deferred tax liability 3,164 Total liabilities assumed 11,262 Net assets acquired $ 39,787
Fair Value Associated with Acquired Intangible Assets and Weighted-Average Amortization Periods	The fair value associated with acquired intangible assets and their associated weighted-average amortization periods consist of the following, in thousands: Classification of Amortization Amount Weighted-Average Developed technology Cost of sales $ 5,900 5.0 years Customer relationships Selling, general and administrative 2,800 10.0 years Backlog Selling, general and administrative 2,100 1.0 year Trade names Selling, general and administrative 1,800 10.0 years Noncompetition agreements Selling, general and administrative 200 5.0 years Total intangible assets $ 12,800 6.1 years
Summary of Unaudited Pro forma Financial Information	The following unaudited pro forma financial information presents the combined results of operations of Amtech and Entrepix, in thousands, as if the acquisition occurred on October 1, 2021. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on the date indicated or of results that may occur in the future. Three Months Ended March 31, Six Months Ended March 31, 2023 2022 2023 2022 Revenues, Net $ 34,623 $ 33,725 $ 63,778 $ 65,825 Net Income (Loss) $ 4,285 $ ( 35 ) $ 1,149 $ 642

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2023
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 March 31, Six Months Ended March 31, 2023 2022 2023 2022 Numerator: Net income $ 3,204 $ 1,965 $ 460 $ 2,962 Denominator: Weighted-average shares used to compute basic EPS 14,028 13,979 14,018 14,118 Dilutive potential common shares due to stock 128 165 124 200 Dilutive potential common shares due to RSUs (1) 1 — — — Weighted-average shares used to compute diluted EPS 14,157 14,144 14,142 14,318 Income per share: Net income per basic share $ 0.23 $ 0.14 $ 0.03 $ 0.21 Net income per diluted share $ 0.23 $ 0.14 $ 0.03 $ 0.21 (1) The number of common stock equivalents is calculated using the treasury method and the average market price during the period.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	The components of inventories are as follows, in thousands: March 31, September 30, Purchased parts and raw materials $ 22,994 $ 15,377 Work-in-process 7,291 6,146 Finished goods 5,000 3,965 $ 35,285 $ 25,488

Leases (Tables)

Leases (Tables)	6 Months Ended
	Mar. 31, 2023
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: March 31, September 30, Assets Right-of-use assets - operating $ 12,448 $ 11,258 Right-of-use assets - finance 113 149 Total right-of-use assets $ 12,561 $ 11,407 Liabilities Current Operating lease liabilities $ 2,771 $ 2,101 Finance lease liabilities 71 71 Total current portion of long-term lease liabilities 2,842 2,172 Long-term Operating lease liabilities 9,953 9,395 Finance lease liabilities 41 76 Total long-term lease liabilities 9,994 9,471 Total lease liabilities $ 12,836 $ 11,643
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 March 31, Six Months Ended March 31, Lease cost Classification 2023 2022 2023 2022 Operating lease cost Cost of sales $ 688 $ 198 $ 1,149 $ 395 Operating lease cost Selling, general and administrative 202 86 379 170 Operating lease cost Research, development and engineering 4 — 7 — Finance lease cost Cost of sales 1 1 2 2 Finance lease cost Selling, general and administrative 18 19 36 35 Short-term lease cost Cost of sales 9 — 17 — Total lease cost $ 922 $ 304 $ 1,590 $ 602
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 March 31, 2023 are as follows, in thousands: Operating Leases Finance Leases Total Remainder of 2023 $ 1,645 $ 39 $ 1,684 2024 2,895 59 2,954 2025 1,739 12 1,751 2026 1,404 12 1,416 2027 789 6 795 Thereafter 7,913 1 7,914 Total lease payments 16,385 129 16,514 Less: Interest 3,661 6 3,667 Present value of lease liabilities $ 12,724 $ 123 $ 12,847
Schedule of Weighted Average Remaining Term and Discount Rates	The following table provides information about the remaining lease terms and discount rates applied: March 31, September 30, Weighted average remaining lease term Operating leases 11.32 years 12.65 years Finance leases 2.07 years 2.45 years Weighted average discount rate Operating leases 4.54 % 4.17 % Finance leases 4.17 % 4.17 %

Equity and Stock-Based Compen_2

Equity and Stock-Based Compensation (Tables)	6 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes our stock option activity during the six months ended March 31, 2023: Options Weighted Outstanding at beginning of period 589,341 $ 8.06 Granted 111,500 9.27 Exercised ( 21,675 ) 5.01 Forfeited ( 23,000 ) 10.81 Outstanding at end of period 656,166 $ 8.27 Exercisable at end of period 451,421 $ 7.52 Weighted average fair value of options granted during the period $ 4.81
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: Six Months Ended March 31, 2023 Six Months Ended March 31, 2022 Risk free interest rate 4 % 1 % Expected term 5 years 5 years Dividend rate — % — % Volatility 56 % 57 %
Schedule of Restricted Shares Activity	The following table summarizes our RSU activity during the six months ended March 31, 2023: Number Weighted Nonvested at beginning of year — $ — Granted 23,421 9.56 Released ( 3,000 ) 9.61 Forfeited — — Nonvested at end of period 20,421 $ 9.55

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Reportable Segments Information	Information concerning our reportable segments is as follows, in thousands: Three Months Ended March 31, Six Months Ended March 31, 2023 2022 2023 2022 Net Revenues: Semiconductor $ 22,047 $ 23,584 $ 38,934 $ 46,349 Material and Substrate 11,263 3,972 15,934 7,670 $ 33,310 $ 27,556 $ 54,868 $ 54,019 Operating income (loss): Semiconductor $ 2,950 $ 3,368 $ 3,819 $ 5,725 Material and Substrate 297 654 930 835 Non-segment related ( 2,728 ) ( 1,427 ) ( 6,910 ) ( 2,725 ) $ 519 $ 2,595 $ ( 2,161 ) $ 3,835 March 31, September 30, Identifiable Assets: Semiconductor $ 75,879 $ 75,622 Material and Substrate 70,143 22,032 Non-segment related* 4,980 35,880 $ 151,002 $ 133,534 * Non-segment related assets include cash, property, and other assets.

Major Customers and Foreign S_2

Major Customers and Foreign Sales (Tables)	6 Months Ended
	Mar. 31, 2023
Geographic Areas, Revenues from External Customers [Abstract]
Schedule of Revenues by Geographic Region	Our net revenues were from customers in the following geographic regions: Six Months Ended March 31, 2023 2022 United States 33 % 21 % Canada 8 % 3 % Other 5 % 6 % Total Americas 46 % 30 % China 13 % 20 % Malaysia 9 % 9 % Taiwan 5 % 14 % Other 9 % 5 % Total Asia 36 % 48 % Germany 2 % 6 % Austria 6 % 9 % Other 10 % 7 % Total Europe 18 % 22 % 100 % 100 %

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Restricted Cash - Additional Information (Details) $ in Millions	Mar. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash	$ 0.5

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Contract Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract liabilities	$ 9,661	$ 9,661	$ 7,231
Contract revenue	$ 800	$ 1,400

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Warranty- Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2023	Sep. 30, 2022
Other Accrued Liabilities
Product Warranty Liability [Line Items]
Accrued warranty expense	$ 1.1	$ 0.9
Minimum
Product Warranty Liability [Line Items]
Standard product warranty, period	12 months
Maximum
Product Warranty Liability [Line Items]
Standard product warranty, period	36 months

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies - Shipping Expense - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Expense [Line Items]
Selling, general and administrative expenses	$ 11,434	$ 6,765	$ 7,086	$ 20,624	$ 13,851
Shipping
Schedule Of Expense [Line Items]
Selling, general and administrative expenses	$ 800	$ 600		$ 1,400	$ 1,800

Basis of Presentation and Sig_8

Basis of Presentation and Significant Accounting Policies - Concentrations of Credit Risk - Additional Information (Details)	6 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022
US Treasuries and FDIC Insured
Concentration Risk [Line Items]
Percentage of cash balances	67%	84%
Accounts Receivable | Customer Concentration Risk | Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	19%	12%
Accounts Receivable | Customer Concentration Risk | Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage	12%

Basis of Presentation and Sig_9

Basis of Presentation and Significant Accounting Policies - Summary of Corrections to Previously Reported Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues, net	$ 33,310	$ 27,556	$ 26,463	$ 54,868	$ 54,019
Gross profit	13,470	11,160	9,898	21,773	21,058
Selling, general and administrative	$ 11,434	6,765	7,086	$ 20,624	13,851
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues, net		28,579	27,329		55,908
Gross profit		12,183	10,764		22,947
Selling, general and administrative		7,788	7,952		15,740
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenues, net		(1,023)	(866)		(1,889)
Gross profit		(1,023)	(866)		(1,889)
Selling, general and administrative		$ (1,023)	$ (866)		$ (1,889)

Long-Term Debt - Summary of Fin

Long-Term Debt - Summary of Finance Lease Liabilities and Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Finance leases	$ 112	$ 147
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:DebtAndCapitalLeaseObligations	us-gaap:DebtAndCapitalLeaseObligations
Total	$ 11,732	$ 327
Less: current portion of finance lease liabilities and long-term debt	(2,202)	(107)
Finance Lease Liabilities and Long-Term Debt	9,530	220
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 11,620
Equipment Finance
Debt Instrument [Line Items]
Long-term debt, gross		$ 180

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information - (Details) - USD ($)		6 Months Ended
	Jan. 17, 2023	Mar. 31, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Finance leases		$ 112,000	$ 147,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		us-gaap:DebtAndCapitalLeaseObligations	us-gaap:DebtAndCapitalLeaseObligations
Loan and Security Agreement | Each Fiscal Quarter Thereafter
Debt Instrument [Line Items]
Debt to EBITDA ratio	1%
Loan and Security Agreement | Minimum
Debt Instrument [Line Items]
Consolidated working capital	$ 35,000,000
Loan and Security Agreement | Maximum
Debt Instrument [Line Items]
Operating lease or rent expense ratio	1.30%
Loan and Security Agreement | Maximum | Through December 31, 2024
Debt Instrument [Line Items]
Debt to EBITDA ratio	1.50%
Loan and Security Agreement | UMB Bank, N.A. | Revolving Loan Facility
Debt Instrument [Line Items]
Debt instruments carrying value		$ 0
Loan facility available	$ 8,000,000
Loan facility maturity date	Jan. 17, 2024
Percentage of non-utilization fee		0.125%
Loan and Security Agreement | UMB Bank, N.A. | Term Loan
Debt Instrument [Line Items]
Debt instruments carrying value	$ 12,000,000
Debt instrument maturity date	Jan. 17, 2028
Interest rate		6.38%

Acquisition - Additional Inform

Acquisition - Additional Information (Details) - USD ($) $ in Thousands		2 Months Ended	3 Months Ended		6 Months Ended
	Jan. 17, 2023	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
UMB Bank, N.A. | Term Loan | Loan and Security Agreement
Business Acquisition [Line Items]
Debt instruments carrying value	$ 12,000
Debt Instrument, Maturity Date	Jan. 17, 2028
UMB Bank, N.A. | Revolving Loan Facility | Loan and Security Agreement
Business Acquisition [Line Items]
Loan facility available	$ 8,000
Loan facility maturity date	Jan. 17, 2024
Entrepix, Inc.
Business Acquisition [Line Items]
Total cash consideration for the acquisition	$ 39,800				$ 39,787
Business acquisition, percentage of voting interests acquired	100%
Cash consideration to the sellers	$ 35,800
Cash paid for debt and Entrepix transaction costs	$ 4,000
Total Revenues		$ 6,300
Net Income (Loss)		$ 100
Incremental (reversal) amortization expense on intangible assets acquired			$ 500	$ 900	900	$ 1,900
Non-recurring adjustments including acquisition related costs				2,000		2,000
Entrepix, Inc. | Term Loan
Business Acquisition [Line Items]
Incremental interest expense on loan			$ 200	$ 200	300	$ 400
Amtech's | General and Administrative Expenses
Business Acquisition [Line Items]
Acquisition cost					$ 2,000

Acquisition - Summary of Provis

Acquisition - Summary of Provisional Fair Value Assigned to Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		6 Months Ended
	Jan. 17, 2023	Mar. 31, 2023	Sep. 30, 2022
Consideration:
Cash		$ 35,498
Estimated fair value of identifiable assets acquired and liabilities assumed:
Goodwill		29,257	$ 11,168
Entrepix, Inc.
Consideration:
Fair value of total cash consideration transferred	$ 39,800	39,787
Estimated fair value of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents		4,289
Accounts receivable, net		5,681
Inventories		5,683
Other current assets		179
Property, plant, and equipment		2,051
Right-of-use assets		2,246
Intangible assets		12,800
Goodwill		18,089
Other assets		31
Total assets acquired		51,049
Accounts payable		1,574
Other accrued liabilities		1,170
Contract liabilities		1,662
Income taxes payable		1,447
Current portion of long-term operating lease liabilities		515
Long-term operating lease liabilities		1,730
Deferred tax liability		3,164
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total		11,262
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total		$ 39,787

Acquisition - Fair Value Associ

Acquisition - Fair Value Associated with Acquired Intangible Assets and Weighted-Average Amortization Periods (Details) - Entrepix, Inc. $ in Thousands	6 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Total intangible assets	$ 12,800
Weighted-Average Amortization Period	6 years 1 month 6 days
Developed Technology Rights [Member]
Business Acquisition [Line Items]
Total intangible assets	$ 5,900
Customer Relationships
Business Acquisition [Line Items]
Total intangible assets	2,800
Backlog
Business Acquisition [Line Items]
Total intangible assets	2,100
Trade Names
Business Acquisition [Line Items]
Total intangible assets	1,800
Noncompetition Agreements
Business Acquisition [Line Items]
Total intangible assets	$ 200
Cost of Sales | Developed Technology Rights [Member]
Business Acquisition [Line Items]
Weighted-Average Amortization Period	5 years
Selling, General and Administrative | Customer Relationships
Business Acquisition [Line Items]
Weighted-Average Amortization Period	10 years
Selling, General and Administrative | Backlog
Business Acquisition [Line Items]
Weighted-Average Amortization Period	1 year
Selling, General and Administrative | Trade Names
Business Acquisition [Line Items]
Weighted-Average Amortization Period	10 years
Selling, General and Administrative | Noncompetition Agreements
Business Acquisition [Line Items]
Weighted-Average Amortization Period	5 years

Acquisition - Summary of Unaudi

Acquisition - Summary of Unaudited Pro forma Financial Information (Details) - Amtech and Entrepix - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Revenues, Net	$ 34,623	$ 33,725	$ 63,778	$ 65,825
Net Income (Loss)	$ 4,285	$ (35)	$ 1,149	$ 642

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	327,000	187,000	293,000	95,000

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		6 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income		$ 3,204	$ 1,965	$ 460	$ 2,962
Denominator:
Weighted-average shares used to compute basic EPS		14,028	13,979	14,018	14,118
Weighted-average shares used to compute diluted EPS		14,157	14,144	14,142	14,318
Net income per basic share		$ 0.23	$ 0.14	$ 0.03	$ 0.21
Net income per diluted share		$ 0.23	$ 0.14	$ 0.03	$ 0.21
Stock Options
Denominator:
Dilutive potential common shares	[1]	128	165	124	200
RSU
Denominator:
Dilutive potential common shares	[1]	1
[1] The number of common stock equivalents is calculated using the treasury method and the average market price during the period.

Inventories - Schedule of Compo

Inventories - Schedule of Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Sep. 30, 2022
Inventory Disclosure [Abstract]
Purchased parts and raw materials	$ 22,994	$ 15,377
Work-in-process	7,291	6,146
Finished goods	5,000	3,965
Inventories	$ 35,285	$ 25,488

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	6 Months Ended
	Mar. 31, 2023 USD ($)
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 $6.3 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	$ 6.3

Leases - Schedule of Financial

Leases - Schedule of Financial Statement Classification of Lease Balances Within Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Sep. 30, 2022
Leases [Abstract]
Right-of-use assets - operating	$ 12,448	$ 11,258
Right-of-use assets - finance	$ 113	$ 149
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	$ 12,561	$ 11,407
Operating lease liabilities	$ 2,771	$ 2,101
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	$ 71
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 liabilities	$ 2,842	$ 2,172
Operating lease liabilities	$ 9,953	$ 9,395
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-Term Operating Lease Liabilities	Long-Term Operating Lease Liabilities
Finance lease liabilities	$ 41	$ 76
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 liabilities	$ 9,994	$ 9,471
Total lease liabilities	$ 12,836	$ 11,643

Leases - Schedule of Financia_2

Leases - Schedule of Financial Statement Classification of Lease Expenses Reported in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Lessee Lease Description [Line Items]
Total lease cost	$ 922	$ 304	$ 1,590	$ 602
Cost of sales
Lessee Lease Description [Line Items]
Operating lease cost	688	198	1,149	395
Finance lease cost	1	1	2	2
Short-term lease cost	9		17
Selling, general and administrative
Lessee Lease Description [Line Items]
Operating lease cost	202	86	379	170
Finance lease cost	18	$ 19	36	$ 35
Research, development and engineering
Lessee Lease Description [Line Items]
Operating lease cost	$ 4		$ 7

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-cancelable Leases Including Leases that are Executed but not yet Effective (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Operating Lease
Remainder of 2023	$ 1,645
2024	2,895
2025	1,739
2026	1,404
2027	789
Thereafter	7,913
Total lease payments	16,385
Less: Interest	3,661
Present value of lease liabilities	12,724
Finance Lease
Remainder of 2023	39
2024	59
2025	12
2026	12
2027	6
Thereafter	1
Total lease payments	129
Less: Interest	6
Present value of lease liabilities	123
Operating Lease and Finance lease
Remainder of 2023	1,684
2024	2,954
2025	1,751
2026	1,416
2027	795
Thereafter	7,914
Total lease payments	16,514
Less: Interest	3,667
Present value of lease liabilities	$ 12,847

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Term and Discount Rates (Details)	Mar. 31, 2023	Sep. 30, 2022
Leases [Abstract]
Operating leases, Weighted average remaining lease term	11 years 3 months 25 days	12 years 7 months 24 days
Finance leases, Weighted average remaining lease term	2 years 25 days	2 years 5 months 12 days
Operating leases, Weighted average discount rate	4.54%	4.17%
Finance leases, Weighted average discount rate	4.17%	4.17%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate			(118.00%)	21.70%
U.S. federal statutory rate			21%
Income tax (benefit) expense	$ (2,946)	$ 660	$ (2,950)	$ 820

Equity and Stock-Based Compen_3

Equity and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended			6 Months Ended
	Feb. 10, 2023	Feb. 16, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 200	$ 100		$ 338	$ 240
Total cost of shares repurchased and retired				$ 1,402	$ 2,713
2023 Stock Repurchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized stock repurchase amount	$ 5,000
Stock repurchase program period	1 year
Shares repurchased and retired during the period			0
2022 Stock Repurchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized stock repurchase amount		$ 5,000
Stock repurchase program period		1 year
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

Equity and Stock-Based Compen_4

Equity and Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options	6 Months Ended
	Mar. 31, 2023 $ / shares shares
Options
Outstanding at beginning of period | shares	589,341
Granted | shares	111,500
Exercised | shares	(21,675)
Forfeited | shares	(23,000)
Outstanding at end of period | shares	656,166
Exercisable at end of period | shares	451,421
Weighted average fair value of options granted during the period	$ 4.81
Weighted Average Exercise Price
Outstanding at beginning of period	8.06
Granted	9.27
Exercised	5.01
Forfeited	10.81
Outstanding at end of period	8.27
Exercisable at end of period	$ 7.52

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)	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Risk free interest rate	4%	1%
Expected term	5 years	5 years
Volatility	56%	57%

Equity and Stock-Based Compen_6

Equity and Stock-Based Compensation - Summary of RSU activity (Details) - RSU	6 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Granted | shares	23,421
Number of shares, Released | shares	(3,000)
Nonvested at end of period | shares	20,421
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ / shares	$ 9.56
Weighted Average Grant Date Fair Value, Released | $ / shares	9.61
Weighted Average Grant Date Fair Value, Nonvested at end of period | $ / shares	$ 9.55

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	6 Months Ended
	Mar. 31, 2023 USD ($)
Commitments and Contingencies [Line Items]
Purchase obligation	$ 23.5
Minimum
Commitments and Contingencies [Line Items]
Severance payment term	6 months
Maximum
Commitments and Contingencies [Line Items]
Severance payment term	12 months

Reportable Segments - Additiona

Reportable Segments - Additional Information (Details)	6 Months Ended
	Mar. 31, 2023 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		3 Months Ended			6 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net Revenues		$ 33,310	$ 27,556	$ 26,463	$ 54,868	$ 54,019
Operating income (loss)		519	2,595		(2,161)	3,835
Identifiable Assets		151,002			151,002		$ 133,534
Operating Segments | Semiconductor
Segment Reporting Information [Line Items]
Net Revenues		22,047	23,584		38,934	46,349
Operating income (loss)		2,950	3,368		3,819	5,725
Identifiable Assets		75,879			75,879		75,622
Operating Segments | Material and Substrate
Segment Reporting Information [Line Items]
Net Revenues		11,263	3,972		15,934	7,670
Operating income (loss)		297	654		930	835
Identifiable Assets		70,143			70,143		22,032
Non-Segment Related
Segment Reporting Information [Line Items]
Operating income (loss)		(2,728)	$ (1,427)		(6,910)	$ (2,725)
Identifiable Assets	[1]	$ 4,980			$ 4,980		$ 35,880
[1] * Non-segment related assets include cash, property, and other assets.

Major Customers and Foreign S_3

Major Customers and Foreign Sales - Additional Information (Details) - Net Revenues - Customer Concentration Risk	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Customer One
Revenue, Major Customer [Line Items]
Concentration risk, percentage	12%	16%
Customer Two
Revenue, Major Customer [Line Items]
Concentration risk, percentage	11%	12%

Major Customers and Foreign S_4

Major Customers and Foreign Sales - Schedule of Revenues by Geographic Region (Details) - Net Revenues - Geographic Concentration Risk	6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100%	100%
United States
Revenue, Major Customer [Line Items]
Concentration risk, percentage	33%	21%
Canada
Revenue, Major Customer [Line Items]
Concentration risk, percentage	8%	3%
Other North America
Revenue, Major Customer [Line Items]
Concentration risk, percentage	5%	6%
Total Americas
Revenue, Major Customer [Line Items]
Concentration risk, percentage	46%	30%
China
Revenue, Major Customer [Line Items]
Concentration risk, percentage	13%	20%
Malaysia
Revenue, Major Customer [Line Items]
Concentration risk, percentage	9%	9%
Taiwan
Revenue, Major Customer [Line Items]
Concentration risk, percentage	5%	14%
Other Asia
Revenue, Major Customer [Line Items]
Concentration risk, percentage	9%	5%
Total Asia
Revenue, Major Customer [Line Items]
Concentration risk, percentage	36%	48%
Germany
Revenue, Major Customer [Line Items]
Concentration risk, percentage	2%	6%
Austria
Revenue, Major Customer [Line Items]
Concentration risk, percentage	6%	9%
Other Europe
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10%	7%
Total Europe
Revenue, Major Customer [Line Items]
Concentration risk, percentage	18%	22%