v3.25.4
SEGMENT INFORMATION
 3 Months Ended
Jan. 03, 2026
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 Interim Chief Executive Officer is the CODM. Our CODM evaluates performance and allocates resources primarily based on income from operations. This measure is regularly provided to and reviewed by our CODM to support budgeting, forecasting, and decisions regarding resource allocation for strategic initiatives across segments, capital investments, and workforce planning. While income from operations is the primary measure used by our CODM to allocate resources, our CODM regularly reviews materials that present revenue, cost of sales and significant operating expenses. Accordingly, we have disclosed these segment items in the tables below. The CODM does not review discrete asset information.
Future changes to this internal financial structure may result in changes to our reportable segments. 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 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 advanced dispense, electronics assembly systems and solutions and related aftermarket spares and services. 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 unallocated corporate expenses category includes certain operating expenses that are not allocated to our reportable segments and are managed separately at the corporate level. These operating expenses include costs related to certain management, finance, legal, human resources, and research and development functions provided at the corporate level. In addition, we do not allocate to our reportable segments severance costs related to restructuring actions. Segment operating income also excludes interest income/expenses, other financial charges and income taxes. Our CODM does not consider the unallocated costs in measuring the performance of the reportable segments.
The following table reflects operating information by segment for the three months ended January 3, 2026 and December 28, 2024: 
(in thousands)Three months ended January 3, 2026
Reportable segmentsReconciling items
Ball Bonding EquipmentWedge Bonding EquipmentAdvanced SolutionsAPSAll OthersUnallocated Corporate ExpensesTotal Company
Net Revenue$110,283 $21,121 $17,221 $39,624 $11,376 $— $199,625 
Cost of sales 54,910 12,846 9,626 18,978 4,304 6 100,670 
Selling, general and administrative6,641 2,396 4,535 3,298 3,773 20,116 40,759 
Research and development10,256 6,251 14,029 2,852 3,016 3,972 40,376 
Total operating expenses16,897 8,647 18,564 6,150 6,789 24,088 81,135 
Income / (Loss) from operations$38,476 $(372)$(10,969)$14,496 $283 $(24,094)$17,820 
(in thousands)Three months ended December 28, 2024
Reportable segmentsReconciling items
Ball Bonding EquipmentWedge Bonding EquipmentAdvanced Solutions
APS(1)
All Others(1)
Unallocated Corporate ExpensesTotal Company
Net Revenue$59,686 $32,223 $28,178 $32,117 $13,920 $— $166,124 
Cost of sales30,998 17,906 6,304 14,950 8,873 9 79,040 
Selling, general and administrative5,614 2,122 (69,308)3,001 2,900 18,298 (37,373)
Research and development9,646 5,492 12,608 2,483 5,787 1,792 37,808 
Total operating expenses15,260 7,614 (56,700)5,484 8,687 20,090 435 
Income / (Loss) from operations$13,428 $6,703 $78,574 $11,683 $(3,640)$(20,099)$86,649 
(1) In view of the cessation of EA equipment business, the financial results for the three months ended January 3, 2026 now excludes a certain product line from the APS segment and now reports it as part of "All Others". This change in composition of reportable segments has been retrospectively applied to the corresponding results for the three months ended December 28, 2024.
The following table reconciles total segment profit to total income / (loss) before income taxes for the three months ended January 3, 2026 and December 28, 2024: 
Three months ended
January 3, 2026December 28, 2024
Total income from reportable segments$41,631 $110,388 
All Others283 (3,640)
Unallocated corporate expenses(24,094)(20,099)
Net interest income4,719 6,325 
Income before income taxes$22,539 $92,974 
We have considered: (1) information that is regularly provided to 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 months ended January 3, 2026 and December 28, 2024: 
Three months ended
(in thousands)January 3, 2026December 28, 2024
General Semiconductor (1)
$124,682 $65,559 
Automotive & Industrial (1)
13,635 50,454 
Memory (1)
16,222 10,725 
APS (1)
45,086 39,386 
Total revenue$199,625 $166,124 
(1) In view of the cessation of EA equipment business, 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.
The following table reflects capital expenditures, depreciation expense and amortization expense for the three months ended January 3, 2026 and December 28, 2024:
Three months ended
(in thousands)January 3, 2026December 28, 2024
Capital expenditures:
Ball Bonding Equipment$35 $7 
Wedge Bonding Equipment76 35 
Advanced Solutions— 78 
APS(1)
749 307 
All Others (1)
5 225 
Corporate Expenses1,204 1,459 
$2,069 $2,111 
Depreciation expense:
Ball Bonding Equipment$275 $332 
Wedge Bonding Equipment227 227 
Advanced Solutions261 235 
APS (1)
1,199 1,397 
All Others (1)
282 330 
Corporate Expenses1,407 1,246 
$3,651 $3,767 
Amortization expense:
Ball Bonding Equipment$— $— 
Wedge Bonding Equipment— — 
Advanced Solutions— — 
APS (1)
— — 
All Others (1)
216 1,154 
Corporate Expenses92 92 
$308 $1,246 
(1) In view of the cessation of EA equipment business, the financial results for the three months ended January 3, 2026 now excludes a certain product line from the APS segment and now reports it as part of "All Others". This change in composition of reportable segments has been retrospectively applied to the corresponding results for the three months ended December 28, 2024.