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SEGMENT INFORMATION | 9 Months Ended
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Jun. 28, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | . SEGMENT INFORMATION Reportable segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer is the CODM. The CODM does not review discrete asset information. The Company has four reportable segments consisting of: (1) Ball Bonding Equipment, (2) Wedge Bonding Equipment, (3) Advanced Solutions, and (4) Aftermarket Products and Services (“APS”). The four reportable segments are disclosed below: Ball Bonding Equipment: Reflects the results of the Company from the design, development, manufacture and sale of ball bonding equipment and wafer level bonding equipment. Wedge Bonding Equipment: Reflects the results of the Company from the design, development, manufacture and sale of wedge and wedge-related bonding equipment. Advanced Solutions: Reflects the results of the Company from the design, development, manufacture and sale of certain advanced display, die-attach and thermocompression systems and solutions. APS: Reflects the results of the Company from the design, development, manufacture and sale of a variety of tools, spares and services for our equipment. Any other operating segments that have not been aggregated within the reportable segments described above which do not meet the quantitative threshold to be disclosed as a separate reportable segment have been grouped within an “All Others” category. This group is reflective of the results of the Company from the design, development, manufacture and sale of certain advanced display, advanced dispense, electronics assembly and die-attach systems and solutions. Results for the “All Others” category and other corporate expenses are included as a reconciling item between the Company’s reportable segments and its consolidated results of operations. The following table reflects operating information by segment for the three and nine months ended June 28, 2025 and June 29, 2024:
| Three months ended |  | Nine months ended |  |  |
(in thousands) | June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024 |  |  |
Net revenue: |  |  |  |  |  |  |  |  |  |
Ball Bonding Equipment | $ | 75,990 |  |  | $ | 93,254 |  |  | $ | 201,957 |  |  | $ | 261,432 |  |  |  |
Wedge Bonding Equipment | 22,126 |  |  | 26,144 |  |  | 90,546 |  |  | 72,364 |  |  |  |
Advanced Solutions | 10,811 |  |  | 20,953 |  |  | 56,627 |  |  | 46,401 |  |  |  |
APS | 36,448 |  |  | 38,059 |  |  | 113,354 |  |  | 119,967 |  |  |  |
All Others | 3,038 |  |  | 3,240 |  |  | 14,039 |  |  | 24,749 |  |  |  |
Net revenue | $ | 148,413 |  |  | $ | 181,650 |  |  | $ | 476,523 |  |  | $ | 524,913 |  |  |  |
(Loss)/Income from operations: |  |  |  |  |  |  |  |  |  |
Ball Bonding Equipment | $ | 23,480 |  |  | $ | 27,751 |  |  | $ | 56,203 |  |  | $ | 80,617 |  |  |  |
Wedge Bonding Equipment | 2,065 |  |  | 4,149 |  |  | 17,681 |  |  | 12,696 |  |  |  |
Advanced Solutions | (10,692) |  |  | (9,785) |  |  | 61,753 |  |  | (140,201) |  |  |  |
APS | 7,346 |  |  | 11,443 |  |  | 17,304 |  |  | 36,275 |  |  |  |
All Others | (6,179) |  |  | (8,317) |  |  | (84,637) |  |  | (25,945) |  |  |  |
Corporate Expenses | (22,114) |  |  | (16,964) |  |  | (72,416) |  |  | (58,627) |  |  |  |
(Loss)/Income from operations | $ | (6,094) |  |  | $ | 8,277 |  |  | $ | (4,112) |  |  | $ | (95,185) |  |  |  |
We have considered: (1) information that is regularly reviewed by our CODM in evaluating financial performance and how to allocate resources; and (2) other financial data, including information that we include in our earnings releases but which is not included in our financial statements, to disaggregate revenues by end markets served. The principal category we use to disaggregate revenues is by the end markets served. The following table reflects net revenue by end markets served for the three and nine months ended June 28, 2025 and June 29, 2024:
| Three months ended |  | Nine months ended |  |  |
(in thousands) | June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024 |  |  |
General Semiconductor | $ | 79,381 |  |  | $ | 89,154 |  |  | $ | 235,624 |  |  | $ | 250,239 |  |  |  |
Automotive & Industrial (1) | 17,116 |  |  | 40,061 |  |  | 98,546 |  |  | 100,257 |  |  |  |
Memory | 15,468 |  |  | 14,376 |  |  | 28,999 |  |  | 54,450 |  |  |  |
APS | 36,448 |  |  | 38,059 |  |  | 113,354 |  |  | 119,967 |  |  |  |
Total revenue | $ | 148,413 |  |  | $ | 181,650 |  |  | $ | 476,523 |  |  | $ | 524,913 |  |  |  |
(1) In view of the intended EA equipment business cessation, the Company has simplified its end market disclosures by consolidating LED revenue within Automotive & Industrial revenue. As a result, the net revenue recorded within the previously-defined LED end market for prior periods has been consolidated within the Automotive & Industrial end market to conform to the current period presentation. These changes have no impact to the consolidated financial statements. The following table reflects capital expenditures, depreciation expense and amortization expense for the three and nine months ended June 28, 2025 and June 29, 2024:
| Three months ended |  | Nine months ended |  |  |
(in thousands) | June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024 |  |  |
Capital expenditures: |  |  |  |  |  |  |  |  |  |
Ball Bonding Equipment | $ | 19 |  |  | $ | 172 |  |  | $ | 76 |  |  | $ | 726 |  |  |  |
Wedge Bonding Equipment | 211 |  |  | 495 |  |  | 291 |  |  | 630 |  |  |  |
Advanced Solutions | 32 |  |  | 47 |  |  | 124 |  |  | 365 |  |  |  |
APS | 441 |  |  | 157 |  |  | 1,234 |  |  | 827 |  |  |  |
All Others | 390 |  |  | 412 |  |  | 777 |  |  | 839 |  |  |  |
Corporate Expenses | 1,640 |  |  | 1,983 |  |  | 5,058 |  |  | 7,258 |  |  |  |
| $ | 2,733 |  |  | $ | 3,266 |  |  | $ | 7,560 |  |  | $ | 10,645 |  |  |  |
Depreciation expense: |  |  |  |  |  |  |  |  |  |
Ball Bonding Equipment | $ | 321 |  |  | $ | 363 |  |  | $ | 985 |  |  | $ | 1,010 |  |  |  |
Wedge Bonding Equipment | 219 |  |  | 228 |  |  | 674 |  |  | 764 |  |  |  |
Advanced Solutions | 277 |  |  | 295 |  |  | 793 |  |  | 5,663 |  |  |  |
APS | 1,209 |  |  | 1,332 |  |  | 3,921 |  |  | 3,957 |  |  |  |
All Others | 255 |  |  | 398 |  |  | 925 |  |  | 1,164 |  |  |  |
Corporate Expenses | 1,328 |  |  | 1,078 |  |  | 3,918 |  |  | 3,416 |  |  |  |
| $ | 3,609 |  |  | $ | 3,694 |  |  | $ | 11,216 |  |  | $ | 15,974 |  |  |  |
Amortization expense: |  |  |  |  |  |  |  |  |  |
Ball Bonding Equipment | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |
Wedge Bonding Equipment | — |  |  | — |  |  | — |  |  | — |  |  |  |
Advanced Solutions | — |  |  | — |  |  | — |  |  | — |  |  |  |
APS | — |  |  | 227 |  |  | 526 |  |  | 684 |  |  |  |
All Others | 216 |  |  | 931 |  |  | 1,924 |  |  | 2,963 |  |  |  |
Corporate Expenses | 92 |  |  | 92 |  |  | 275 |  |  | 275 |  |  |  |
| $ | 308 |  |  | $ | 1,250 |  |  | $ | 2,725 |  |  | $ | 3,922 |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. 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