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Leases | 12 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Leases | 8. Le ases The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets as of September 30, 2023 and 2022, in thousands:
|  | September 30, |
|  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |
Right-of-use assets - operating |  | $ | 11,217 |  |  | $ | 11,258 |
Right-of-use assets - finance |  |  | 123 |  |  |  | 149 |
Total right-of-use assets |  | $ | 11,340 |  |  | $ | 11,407 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease liabilities |  | $ | 2,623 |  |  | $ | 2,101 |
Finance lease liabilities |  |  | 64 |  |  |  | 71 |
Total current portion of long-term lease liabilities |  |  | 2,687 |  |  |  | 2,172 |
Long-term |  |  |  |  |  |
Operating lease liabilities |  |  | 8,894 |  |  |  | 9,395 |
Finance lease liabilities |  |  | 50 |  |  |  | 76 |
Total long-term lease liabilities |  |  | 8,944 |  |  |  | 9,471 |
Total lease liabilities |  | $ | 11,631 |  |  | $ | 11,643 |
The following table provides information about the financial statement classification of our lease expenses reported in the Consolidated Statements of Operations for the years ended September 30, 2023, 2022 and 2021, in thousands:
|  |  |  | Years Ended September 30, |
Lease cost |  | Classification |  | 2023 |  |  | 2022 |  |  | 2021 |
Operating lease cost |  | Cost of sales |  | $ | 2,318 |  |  | $ | 822 |  |  | $ | 536 |
Operating lease cost |  | Selling, general and administrative expenses |  |  | 781 |  |  |  | 359 |  |  |  | 256 |
Operating lease cost |  | Research, development and engineering |  |  | 13 |  |  |  | 14 |  |  |  | — |
Finance lease cost |  | Cost of sales |  |  | 4 |  |  |  | 4 |  |  |  | 5 |
Finance lease cost |  | Selling, general and administrative expenses |  |  | 76 |  |  |  | 71 |  |  |  | 17 |
Short-term lease cost |  | Cost of sales |  |  | 25 |  |  |  | — |  |  |  | 191 |
Total lease cost |  |  |  | $ | 3,217 |  |  | $ | 1,270 |  |  | $ | 1,005 |
Future minimum lease payments under non-cancelable leases as of September 30, 2023 are as follows, in thousands:
Years Ending September 30, |  | Operating Leases |  |  | Finance Leases |  |  | Total |
2024 |  | $ | 3,131 |  |  | $ | 68 |  |  | $ | 3,199 |
2025 |  |  | 2,040 |  |  |  | 20 |  |  |  | 2,060 |
2026 |  |  | 1,707 |  |  |  | 20 |  |  |  | 1,727 |
2027 |  |  | 1,100 |  |  |  | 12 |  |  |  | 1,112 |
2028 |  |  | 1,108 |  |  |  | 2 |  |  |  | 1,110 |
Thereafter |  |  | 5,160 |  |  |  | — |  |  |  | 5,160 |
Total lease payments |  |  | 14,246 |  |  |  | 122 |  |  |  | 14,368 |
Less: Interest |  |  | 2,729 |  |  |  | 8 |  |  |  | 2,737 |
Present value of lease liabilities |  | $ | 11,517 |  |  | $ | 114 |  |  | $ | 11,631 |
Operating lease payments inclu de $2.3 mil lion related to options to extend lease terms that are reasonably certain of being exercised. During 2023, we reassessed the options to extend the term of the lease on our manufacturing facility in Carlisle, Pennsylvania, and determined it was not reasonably certain that Amtech would exercise those options. As a result, we reduced our ROU Asset and the related ROU Operating Lease liability by $2.7 million. The following table provides information about the remaining lease terms and discount rates applied as of September 30, 2023 and 2022:
|  | September 30, |
|  | 2023 |  |  | 2022 |
Weighted average remaining lease term |  |  |  |  |  |
Operating leases |  | 7.31 years |  |  | 12.65 years |
Finance leases |  | 2.54 years |  |  | 2.45 years |
Weighted average discount rate |  |  |  |  |  |
Operating leases |  |  | 5.50 | % |  |  | 4.17 | %
Finance leases |  |  | 4.91 | % |  |  | 4.17 | %
As of September 30, 2023, we have entered into a lease that has not yet commenced. We expect to record $7.1 million of ROU asset and lease liability upon the commencement of this new lease in the third quarter of fiscal 2024.

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