10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 29, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                    .

Commission File No.: 0-121

KULICKE AND SOFFA INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania	23-1498399
(State or other jurisdiction of incorporation)	(IRS Employer
	Identification No.)

23A Serangoon North Avenue 5, #01-01, Singapore 554369

1005 Virginia Dr., Fort Washington, PA 19034

(Address of principal executive offices and Zip Code)

(215) 784-6000

(Registrant's telephone number, including area code) 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Without Par Value	KLIC	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ 

As of May 2, 2025, there were 52,769,348 shares of the Registrant’s Common Stock, no par value, outstanding.

KULICKE AND SOFFA INDUSTRIES, INC.

FORM 10 – Q

March 29, 2025

 Index

		Page Number
PART I - FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS (Unaudited)
	Consolidated Condensed Balance Sheets as of March 29, 2025 and September 28, 2024	1
	Consolidated Condensed Statements of Operations for the three and six months ended March 29, 2025 and March 30, 2024	2
	Consolidated Condensed Statements of Comprehensive Income for the three and six months ended March 29, 2025 and March 30, 2024	3
	Consolidated Condensed Statements of Changes in Shareholders’ Equity for the three and six months ended March 29, 2025 and March 30, 2024	4
	Consolidated Condensed Statements of Cash Flows for the six months ended March 29, 2025 and March 30, 2024	6
	Notes to Consolidated Condensed Financial Statements	7
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	29
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	43
Item 4.	CONTROLS AND PROCEDURES	44
PART II - OTHER INFORMATION
Item 1.	LEGAL PROCEEDINGS	45
Item 1A.	RISK FACTORS	45
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	48
Item 3.	DEFAULTS UPON SENIOR SECURITIES	48
Item 4.	MINE SAFETY DISCLOSURES	48
Item 5.	OTHER INFORMATION	48
Item 6.	EXHIBITS	49
	SIGNATURES	50

PART I. - FINANCIAL INFORMATION

Item 1. – FINANCIAL STATEMENTS

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)

(in thousands)

	As of
	March 29, 2025		September 28, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	286,519	$	227,147
Short-term investments	295,000		350,000
Accounts and other receivable, net of allowance for doubtful accounts of $65 and $49, respectively	173,934		193,909
Inventories, net	155,655		177,736
Prepaid expenses and other current assets	37,092		46,161
TOTAL CURRENT ASSETS	948,200		994,953
Property, plant and equipment, net	60,118		64,823
Operating right-of-use assets	30,207		35,923
Goodwill	69,522		89,748
Intangible assets, net	6,215		25,239
Deferred tax assets	18,716		17,900
Equity investments	5,484		3,143
Other assets	6,802		8,433
TOTAL ASSETS	$	1,145,264	$	1,240,162
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	48,396		58,847
Operating lease liabilities	6,702		7,718
Accrued expenses and other current liabilities	96,125		90,802
Income taxes payable	31,807		26,427
TOTAL CURRENT LIABILITIES	183,030		183,794
Deferred tax liabilities	35,215		34,594
Income taxes payable	20,156		31,352
Operating lease liabilities	29,575		33,245
Other liabilities	13,122		13,168
TOTAL LIABILITIES	$	281,098	$	296,153
Commitments and contingent liabilities (Note 15)
SHAREHOLDERS' EQUITY
Preferred stock, without par value: Authorized 5,000 shares; issued - none	$	—	$	—
Common stock, without par value: Authorized 200,000 shares; issued 85,364 and 85,364, respectively; outstanding 53,032 and 53,854 shares, respectively	605,322		596,703
Treasury stock, at cost, 32,332 and 31,510 shares, respectively	(935,633)		(881,830)
Retained earnings	1,217,808		1,242,558
Accumulated other comprehensive loss	(23,331)		(13,422)
TOTAL SHAREHOLDERS’ EQUITY	$	864,166	$	944,009
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,145,264	$	1,240,162

The accompanying notes are an integral part of these consolidated condensed financial statements.

1

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except per share data)

	Three months ended				Six months ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Net revenue	$	161,986	$	172,074	$	328,110	$	343,263
Cost of sales	121,602		155,603		200,642		246,896
Gross profit	40,384		16,471		127,468		96,367
Selling, general and administrative	48,014		39,450		86,628		80,843
Research and development	37,220		37,704		75,028		74,514
Gain relating to cessation of business	—		—		(75,987)		—
Impairment charges	39,817		44,472		39,817		44,472
Operating expenses	125,051		121,626		125,486		199,829
(Loss)/Income from operations	(84,667)		(105,155)		1,982		(103,462)
Interest income	5,622		8,848		11,974		18,747
Interest expense	(36)		(18)		(63)		(40)
(Loss)/Income before income taxes	(79,081)		(96,325)		13,893		(84,755)
Provision for income taxes	5,438		6,355		16,770		8,632
Net loss	$	(84,519)	$	(102,680)	$	(2,877)	$	(93,387)
Net loss per share:
Basic	$	(1.59)	$	(1.83)	$	(0.05)	$	(1.66)
Diluted	$	(1.59)	$	(1.83)	$	(0.05)	$	(1.66)
Weighted average shares outstanding:
Basic	53,311		56,154		53,551		56,402
Diluted	53,311		56,154		53,551		56,402

 The accompanying notes are an integral part of these consolidated condensed financial statements.

2

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in thousands)

	Three months ended				Six months ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Net loss	$	(84,519)	$	(102,680)	$	(2,877)	$	(93,387)
Other comprehensive (loss)/income:
Foreign currency translation adjustment	468		(3,027)		(7,789)		3,253
Net changes in pension plan, net of tax	(39)		55		79		(12)
Net increase/(decrease) from derivatives designated as hedging instruments, net of tax	369		(1,161)		(2,199)		309
Total other comprehensive income/(loss)	798		(4,133)		(9,909)		3,550
Comprehensive loss	$	(83,721)	$	(106,813)	$	(12,786)	$	(89,837)

The accompanying notes are an integral part of these consolidated condensed financial statements.

3

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)

(in thousands)

	Common Stock			Treasury Stock		Retained Earnings		Accumulated Other Comprehensive (Loss)/Gain		Shareholders' Equity
	Outstanding Shares	Amount
Balances as of September 28, 2024	53,854	$	596,703	$	(881,830)	$	1,242,558	$	(13,422)	$	944,009
Issuance of stock for services rendered	7	245		70		—		—		315
Repurchase of common stock	(793)	—		(36,879)		—		—		(36,879)
Issuance of shares for equity-based compensation	473	(4,873)		4,549		—		—		(324)
Excise tax	—	—		(151)		—		—		(151)
Equity-based compensation	—	5,826		—		—		—		5,826
Cash dividend declared ($0.205 per share)	—	—		—		(10,987)		—		(10,987)
Components of comprehensive income:
Net income	—	—		—		81,642		—		81,642
Other comprehensive loss	—	—		—		—		(10,707)		(10,707)
Total comprehensive income/(loss)	—	—		—		81,642		(10,707)		70,935
Balances as of December 28, 2024	53,541	$	597,901	$	(914,241)	$	1,313,213	$	(24,129)	$	972,744
Issuance of stock for services rendered	7	259		55		—		—		314
Repurchase of common stock	(518)	—		(21,250)		—		—		(21,250)
Issuance of shares for equity-based compensation	2	(17)		14		—		—		(3)
Excise tax	—	—		(211)		—		—		(211)
Equity-based compensation	—	7,179		—		—		—		7,179
Cash dividend declared ($0.205 per share)	—	—		—		(10,886)		—		(10,886)
Components of comprehensive loss:
Net loss	—	—		—		(84,519)		—		(84,519)
Other comprehensive income	—	—		—		—		798		798
Total comprehensive (loss)/income	—	—		—		(84,519)		798		(83,721)
Balances as of March 29, 2025	53,032	$	605,322	$	(935,633)	$	1,217,808	$	(23,331)	$	864,166

4

	Common Stock			Treasury Stock		Retained Earnings		Accumulated Other Comprehensive (Loss)/Income		Shareholders' Equity
	Outstanding Shares	Amount
Balances as of September 30, 2023	56,310	$	577,727	$	(737,214)	$	1,355,810	$	(21,762)	$	1,174,561
Issuance of stock for services rendered	7	253		62		—		—		315
Repurchase of common stock	(556)	—		(26,840)		—		—		(26,840)
Issuance of shares for equity-based compensation	734	(7,043)		7,043		—		—		—
Equity-based compensation	—	7,542		—		—		—		7,542
Cash dividend declared ($0.20 per share)	—	—		—		(11,303)		—		(11,303)
Components of comprehensive income
Net income	—	—		—		9,293		—		9,293
Other comprehensive income	—	—		—		—		7,683		7,683
Total comprehensive income	—	—		—		9,293		7,683		16,976
Balances as of December 30, 2023	56,495	$	578,479	$	(756,949)	$	1,353,800	$	(14,079)	$	1,161,251
Issuance of stock for services rendered	6	258		57		—		—		315
Repurchase of common stock	(755)	—		(37,329)		—		—		(37,329)
Issuance of shares for equity-based compensation	4	(28)		28		—		—		—
Equity-based compensation	—	5,917		—		—		—		5,917
Cash dividend declared ($0.20 per share)	—	—		—		(11,164)		—		(11,164)
Components of comprehensive income:
Net loss	—	—		—		(102,680)		—		(102,680)
Other comprehensive loss	—	—		—		—		(4,133)		(4,133)
Total comprehensive loss	—	—		—		(102,680)		(4,133)		(106,813)
Balances as of March 30, 2024	55,750	$	584,626	$	(794,193)	$	1,239,956	$	(18,212)	$	1,012,177

 The accompanying notes are an integral part of these consolidated condensed financial statements.

5

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

	Six months ended
	March 29, 2025		March 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(2,877)	$	(93,387)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,024		14,952
Impairment charges	39,817		44,472
Equity-based compensation	13,634		14,089
Adjustment for doubtful accounts	16		—
Adjustment for inventory valuation	33,443		65,681
Deferred taxes	(195)		12,563
(Gain)/loss on disposal of property, plant and equipment	(128)		43
Gain on disposal of a subsidiary	(3,154)		—
Unrealized fair value changes on equity investment	(526)		(423)
Unrealized foreign currency translation	(3,895)		1,689
Changes in operating assets and liabilities, net of assets and liabilities assumed in businesses combinations:
Accounts and other receivable	20,091		(36,491)
Inventories	(11,290)		(28,644)
Prepaid expenses and other current assets	7,422		13,406
Accounts payable, accrued expenses and other current liabilities	3,306		(7,784)
Income taxes payable	(5,818)		(21,713)
Other, net	(1,091)		(5,932)
Net cash provided by/(used in) operating activities	98,779		(27,479)
CASH FLOWS FROM INVESTING ACTIVITIES:
Disposal of a subsidiary, net of cash disposed of	2,535		—
Purchases of property, plant and equipment	(12,156)		(10,997)
Proceeds from sales of property, plant and equipment	60		—
Investment in private equity fund	(1,815)		(1,115)
Purchase of short-term investments	(250,000)		(430,000)
Maturity of short-term investments	305,000		385,000
Net cash provided by/(used in) investing activities	43,624		(57,112)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment for finance lease	(207)		(306)
Repurchase of common stock/treasury stock	(58,487)		(63,477)
Payment of excise tax for share repurchases	(1,156)		—
Payments related to tax on vested equity compensation	(327)		—
Common stock cash dividends paid	(21,781)		(22,013)
Net cash used in financing activities	(81,958)		(85,796)
Effect of exchange rate changes on cash and cash equivalents	(1,073)		733
Changes in cash and cash equivalents	59,372		(169,654)
Cash and cash equivalents at beginning of period	227,147		529,402
Cash and cash equivalents at end of period	$	286,519	$	359,748
CASH PAID FOR:
Interest	$	63	$	40
Income taxes, net of refunds	$	17,860	$	17,488

The accompanying notes are an integral part of these consolidated condensed financial statements.

6

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited

NOTE 1. BASIS OF PRESENTATION

These consolidated condensed financial statements include the accounts of Kulicke and Soffa Industries, Inc. and its subsidiaries (“K&S,” “we,” “us,” “our,” or the “Company”), with appropriate elimination of intercompany balances and transactions.

The interim consolidated condensed financial statements are unaudited and, in management’s opinion, include all adjustments (consisting only of normal and recurring adjustments) necessary for a fair statement of results for these interim periods. The interim consolidated condensed financial statements do not include all of the information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024 (the “2024 Annual Report”) filed with the Securities and Exchange Commission on November 14, 2024, which includes the Consolidated Balance Sheets as of September 28, 2024 and September 30, 2023, and the related Consolidated Statements of Operations, Statements of Comprehensive Income, Changes in Shareholders’ Equity and Cash Flows for each of the years in the three-year period ended September 28, 2024. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full year.

Fiscal Year    

Each of the Company’s first three fiscal quarters end on the Saturday that is 13 weeks after the end of the immediately preceding fiscal quarter. The fourth quarter of each fiscal year ends on the Saturday closest to September 30. Fiscal 2025 quarters end on December 28, 2024, March 29, 2025, June 28, 2025 and October 4, 2025. In fiscal years consisting of 53 weeks, the fourth quarter will consist of 14 weeks. Fiscal 2024 quarters ended on December 30, 2023, March 30, 2024, June 29, 2024 and September 28, 2024.

Nature of Business

The Company designs, develops, manufactures and sells capital equipment and tools as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company’s operating results depend upon the capital and operating expenditures of integrated device manufacturers (“IDMs”), outsourced semiconductor assembly and test providers (“OSATs”), foundry service providers, and other electronics manufacturers and automotive electronics suppliers worldwide which, in turn, depend on the current and anticipated market demand for semiconductors and products utilizing semiconductors. The semiconductor industry is highly volatile and experiences downturns and slowdowns which can have a severe negative effect on the semiconductor industry’s demand for semiconductor capital equipment, including assembly equipment manufactured and sold by the Company and, to a lesser extent, tools, solutions and services, including those sold or provided by the Company. These downturns and slowdowns have in the past adversely affected the Company’s operating results. The Company believes such volatility will continue to characterize the industry and the Company’s operations in the future.

On March 25, 2025, the Board of Directors of the Company approved a strategic plan related to the intended cessation of its Electronics Assembly ("EA") equipment business. The plan includes an intention to wind down the EA equipment business in an effort to prioritize core semiconductor assembly business opportunities and enhance overall through-cycle financial performance. The intended cessation of the EA equipment business is subject to a consultation process with the applicable works council and union representatives, which the Company intends to initiate in its third fiscal quarter of 2025. The wind down activities are ongoing and are expected to be substantially completed by the first half of fiscal 2026, after which there will be some service support activities to serve out the remaining customer obligations. For additional information, see Note 16: Cessation of Business in our Notes to the Consolidated Condensed Financial Statements.

7

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

Use of Estimates

The preparation of consolidated condensed financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, net revenue and expenses during the reporting periods, and disclosures of contingent assets and liabilities as of the date of the consolidated condensed financial statements. On an ongoing basis, management evaluates estimates, including but not limited to, those related to accounts receivable, reserves for excess and obsolete inventory and inventory valuation, carrying value and lives of fixed assets, goodwill and intangible assets, accrual for customer credit programs, the valuation estimates and assessment of impairment and observable price adjustments, income taxes, equity-based compensation expense, accrual for employee termination benefits and warranties. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of the Company’s assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates, and on an ongoing basis, management evaluates these estimates. Actual results may differ from these estimates.

In light of macroeconomic headwinds, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of March 29, 2025. While there was no material impact from macroeconomic headwinds to our consolidated condensed financial statements as of and for the quarter ended March 29, 2025, these estimates may change, as new events occur and additional information is obtained, including factors related to these headwinds, that could materially impact our consolidated condensed financial statements in future reporting periods.

Significant Accounting Policies

There have been no material changes to our significant accounting policies summarized in Note 1: Basis of Presentation to our Consolidated Financial Statements included in our 2024 Annual Report.

Recent Accounting Pronouncements

Disclosure Improvements

In October 2023, the Financial Accounting Standards Board (the "FASB") issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU aligns the requirements in the FASB Accounting Standards Codification with the SEC’s regulations. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements over a variety of Codification Topics. They will also allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. This ASU will become effective for each amendment on the date on which the SEC removes the related disclosure from its regulations. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity's overall performance and assess potential future cash flows. This ASU will be effective for the Company's fiscal year 2025, and interim periods within the fiscal years beginning after the Company’s fiscal year 2026. Early adoption is permitted. The Company will include the required Segment Reporting disclosures within the Notes to Financial Statements with the filing of its Annual Report on Form 10-K for the year ending on October 4, 2025.

8

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

Income Taxes

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvement to Income Tax Disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This ASU will be effective for the Company's fiscal year 2026. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses. This ASU requires disclosure of certain expenses in the notes to the financial statements. This ASU will be effective for the Company's fiscal 2028 on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

9

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

NOTE 2. BALANCE SHEET COMPONENTS

Components of significant balance sheet accounts as of March 29, 2025 and September 28, 2024 are as follows:

	As of
(in thousands)	March 29, 2025		September 28, 2024
Inventories, net:
Raw materials and supplies	$	113,115	$	113,119
Work in process	39,889		43,023
Finished goods	61,237		53,378
	214,241		209,520
Inventory reserves (1)	(58,586)		(31,784)
	$	155,655	$	177,736
Property, plant and equipment, net (1) (2):
Land	$	2,182	$	2,182
Buildings and building improvements	28,200		23,951
Leasehold improvements	39,253		44,682
Data processing equipment and software	38,281		37,917
Machinery, equipment, furniture and fixtures	102,060		105,548
Construction in progress	8,712		10,060
	218,688		224,340
Accumulated depreciation	(158,570)		(159,517)
	$	60,118	$	64,823
Accrued expenses and other current liabilities:
Accrued customer obligations (3)	$	26,687	$	31,014
Wages and benefits	28,581		28,942
Dividends payable	10,886		10,794
Commissions and professional fees	3,415		4,654
Accrued leasehold renovations	—		6,476
Accrued adverse purchase commitments(1)	11,357		1,836
Severance(1)	11,292		2,407
Other	3,907		4,679
	$	96,125	$	90,802

(1)Please see Note 16: Cessation of Business for more information on the wind down charges and impairments related to the intended cessation of the EA equipment business.

(2)Certain balances previously presented as Accumulated Impairment as of September 28, 2024 have been reclassified to conform to the current period presentation. These reclassifications have no impact to the consolidated financial statements in the fiscal period.

(3)Represents customer advance payments, customer credit program, accrued warranty expense and accrued retrofit obligations.

10

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

NOTE 3. GOODWILL AND INTANGIBLE ASSETS

Goodwill

Intangible assets classified as goodwill are not amortized. The goodwill established in connection with our acquisitions represents the estimated future economic benefits arising from the assets we acquired that did not qualify to be identified and recognized individually. The goodwill also includes the value of expected future cash flows from the acquisitions, expected synergies with our other affiliates and other unidentifiable intangible assets.

The Company performs an annual impairment test of its goodwill during the fourth quarter of each fiscal year, which coincides with the completion of its annual forecasting and refreshing of business outlook process.

The Company performed its annual impairment test in the fourth quarter of fiscal 2024 and concluded that no impairment charge was required. Any future adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate fair values could result in a non-cash impairment in the future.

Under ASC 350, the Company is required to test its goodwill and other intangible assets for impairment annually or when a triggering event has occurred that would indicate it is more likely than not that the fair value of the reporting unit is less than the carrying value including goodwill and other intangible assets. During the three months ended March 29, 2025, the Company concluded that a triggering event had occurred in connection with one reporting unit within the APS reportable segment and one reporting unit within the "All Others" category. The triggering event occurred based on the approval of the strategic plan related to the intended cessation of the EA equipment business. In view of the intended cessation of the EA equipment business and the related reduction in revenue and future cash flow for the reporting units, the Company performed a qualitative assessment and determined that it is more likely than not that this will reduce the fair value of the impacted reporting units below their carrying amount.

In accordance with the guidance under ASC 350, the Company’s impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value, not to exceed the amount of goodwill assigned to the report unit. Accordingly, the Company performed a quantitative impairment test and estimated the fair value of each reporting unit to be less than its carrying value.

The Company used a discounted cash flow model to determine the fair value of each reporting unit within the APS reportable segment and "All Others" category respectively, and as such they were classified as Level 3 assets in the fair value hierarchy. The cash flow projections used within the discounted cash flow models were prepared using the forecasted financial results of each reporting unit, which was based upon the underlying assumption that future revenue and cash flows will diminish once the intended cessation of business is completed. Please refer to Note 16: Cessation of Business for further information on the intended cessation of business. As a result, a goodwill impairment charge, which is a non-cash charge that represents the entire goodwill assigned to the respective reporting units, of $19.2 million within the APS reportable segment and "All Others" category has been recorded and reflected in the Company’s Consolidated Condensed Statements of Operations for the three and six months ended March 29, 2025.

While we have concluded that a triggering event for other reporting units did not occur during the quarter ended March 29, 2025, the persistent macroeconomic headwinds could, in the future, require changes to assumptions utilized in the determination of the estimated fair values of the reporting units which could result in future goodwill impairment charges. Net sales and earnings growth rates could be negatively impacted by reductions or changes in demand for our products. The discount rate utilized in our valuation model could also be impacted by changes in the underlying interest rates and risk premiums included in the determination of the cost of capital.

The following table summarizes the changes in the Company’s recorded goodwill, where applicable, by reportable segments and the “All Others” category as of March 29, 2025 and September 28, 2024. Please refer to Note 16: Cessation of Business for further information on the intended cessation of business:

11

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

(in thousands)	Wedge Bonding Equipment		APS		All Others	Total
Balance at September 28, 2024(1)	$	18,280	$	26,268	45,200	$	89,748
Goodwill impairment	—		(2,850)		(16,348)	$	(19,198)
Other	—		(152)		(876)	$	(1,028)
Balance at March 29, 2025	$	18,280	$	23,266	27,976	$	69,522

(1) Cumulative goodwill impairment pertaining to the “All Others” category as of September 28, 2024 was $45.0 million.

Intangible Assets

Intangible assets with determinable lives are amortized over their estimated useful lives. The Company’s intangible assets consist primarily of developed technology, customer relationships, in-process research and development, and trade and brand names.

In connection with the intended cessation of the EA equipment business, the Company recorded an impairment charge of $15.7 million on the developed technology reported within the APS reportable segment and “All Others” category for the quarter ended March 29, 2025. The impairment of intangible assets is a non-cash charge which has been reflected in the Company’s Consolidated Statements of Operations for the quarter ended March 29, 2025.

The following table reflects net intangible assets as of March 29, 2025 and September 28, 2024: 

		As of March 29, 2025						As of September 28, 2024
(dollar amounts in thousands)	Average estimated useful lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Developed technology	6.0 to 15.0	$	37,461	$	(34,310)	$	3,151	$	83,401	$	(61,575)	$	21,826
Customer relationships	5.0 to 8.0	$	21,430	$	(19,855)	$	1,575	$	37,625	$	(35,916)	$	1,709
Trade and brand name	7.0 to 8.0	$	4,600	$	(4,600)	$	—	$	7,272	$	(7,272)	$	—
Other intangible assets	1.0 to 8.0	$	5,618	$	(4,588)	$	1,030	$	5,617	$	(4,372)	$	1,245
In-process research and development	N.A	$	459	$	—	$	459	$	459	$	—	$	459
		$	69,568	$	(63,353)	$	6,215	$	134,374	$	(109,135)	$	25,239

The following table reflects estimated annual amortization expense related to intangible assets as of March 29, 2025:

	As of
(in thousands)	March 29, 2025
Remaining fiscal 2025	$	659
Fiscal 2026	1,288
Fiscal 2027	1,013
Fiscal 2028	922
Fiscal 2029	922
Thereafter	1,411
Total amortization expense	$	6,215

12

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

NOTE 4. CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS

Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase. In general, these investments are free of trading restrictions.

Cash, cash equivalents, and short-term investments consisted of the following as of March 29, 2025:

(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	21,920	$	—	$	—	$	21,920
Cash equivalents:
Mutual Funds (1)	172,185		35		—		172,220
Time deposits (2)	92,379		—		—		92,379
Total cash and cash equivalents	$	286,484	$	35	$	—	$	286,519
Short-term investments:
Time deposits (2)	295,000		—		—		295,000
Total short-term investments	$	295,000	$	—	$	—	$	295,000
Total cash, cash equivalents and short-term investments	$	581,484	$	35	$	—	$	581,519

(1)Mutual funds held by the Company include Money Market Funds and Ultra-Short Funds. The fair value was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy.

(2)The fair value of all short-term investments approximates cost basis. The Company did not recognize any realized gains or losses on the sale of investments during the three and six months ended March 29, 2025.

Cash, cash equivalents and short-term investments consisted of the following as of September 28, 2024:

(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	26,800	$	—	$	—	$	26,800
Cash equivalents:
Mutual Funds (1)	157,590		89		—		157,679
Time deposits (2)	42,668		—		—		42,668
Total cash and cash equivalents	$	227,058	$	89	$	—	$	227,147
Short-term investments:
Time deposits (2)	350,000		—		—		350,000
Total short-term investments	$	350,000	$	—	$	—	$	350,000
Total cash, cash equivalents and short-term investments	$	577,058	$	89	$	—	$	577,147

(1)Mutual funds held by the Company include Money Market Funds. The fair value was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy.

(2)The fair value of all short-term investments approximates cost basis. The Company did not recognize any realized gains or losses on the sale of investments during the three and six months ended March 30, 2024.

13

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

NOTE 5. EQUITY INVESTMENTS

Equity investments consisted of the following as of March 29, 2025 and September 28, 2024:

	As of
(in thousands)	March 29, 2025		September 28, 2024
Non-marketable equity securities	$	5,484	$	3,143

Net Asset Value (“NAV”) (Private Equity Fund): Equity investments in affiliated investment funds are valued based on the NAV reported by the investment fund in accordance with ASC Topic 820-10. Investments held by the affiliated investment fund include a diversified portfolio of investments in the global semiconductor industry. The Company receives distributions through the liquidation of the underlying investments by the affiliated investment fund. However, the period of time over which the underlying investments are expected to be liquidated is unknown. Additionally, the Company’s ability to withdraw from the fund is subject to restrictions. The term of the fund will continue until March 18, 2032, unless dissolved earlier or otherwise extended by the General Partner. In accordance with ASC Topic 820-10, this investment is measured at fair value using the NAV per share (or its equivalent) practical expedient and has not been classified in the fair value hierarchy. As of March 29, 2025, the Company has funded $5.2 million into the affiliated investment fund and recognized a cumulative unrealized fair value gain of $0.3 million. The Company has recorded the amount of funded capital that has been called as an equity investment.

NOTE 6. FAIR VALUE MEASUREMENTS

Accounting standards establish three levels of inputs that may be used to measure fair value: quoted prices in active markets for identical assets or liabilities (referred to as Level 1), inputs other than Level 1 that are observable for the asset or liability either directly or indirectly (referred to as Level 2) and unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities (referred to as Level 3).

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis 

We measure certain financial assets and liabilities as described in Note 4: Cash, Cash Equivalents, and Short-Term Investments and Note 5: Equity Investments at fair value on a recurring basis. There were no transfers between fair value measurement levels during the three and six months ended March 29, 2025.

Fair Value Measurements on a Nonrecurring Basis

Our non-financial assets such as intangible assets and property, plant and equipment are carried at cost unless impairment is deemed to have occurred. Please refer to Note 3: Goodwill and Intangible Assets for further information on the fair value measurement of assets relating to the intended cessation of the EA equipment business.

Fair Value of Financial Instruments

Amounts reported as accounts receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value.

NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS

The Company’s international operations are exposed to changes in foreign exchange rates due to transactions denominated in currencies other than U.S. dollars. Most of the Company’s revenue and cost of materials are transacted in U.S. dollars. However, a significant amount of the Company’s operating expenses is denominated in local currencies, primarily in Singapore.

14

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

The foreign currency exposure of our operating expenses is generally hedged with foreign exchange forward contracts. The Company’s foreign exchange risk management programs include using foreign exchange forward contracts with cash flow hedge accounting designation to hedge exposures to the variability in the U.S. dollar equivalent of forecasted non-U.S. dollar-denominated operating expenses. These instruments generally mature within twelve months. For these derivatives, we report the after-tax gain or loss from the effective portion of the hedge as a component of accumulated other comprehensive income (loss), and we reclassify it into earnings in the same period or periods in which the hedged transaction affects earnings and in the same line item on the Consolidated Condensed Statements of Operations as the impact of the hedged transaction.

The fair value of derivative instruments on our Consolidated Condensed Balance Sheets as of March 29, 2025 and September 28, 2024 were as follows:

	As of
	March 29, 2025				September 28, 2024
(in thousands)	Notional Amount		Fair Value Liability Derivatives(1)		Notional Amount		Fair Value Asset Derivatives(2)
Derivatives designated as hedging instruments:
Foreign exchange forward contracts (3)	$	47,251	$	(678)	$	46,234	$	1,521
Total derivatives	$	47,251	$	(678)	$	46,234	$	1,521

(1)The fair value of derivative liabilities is measured using level 2 fair value inputs and is included in accrued expenses and other current liabilities on our Consolidated Condensed Balance Sheets.

(2)The fair value of derivative assets is measured using level 2 fair value inputs and is included in prepaid expenses and other current assets on our Consolidated Condensed Balance Sheets.

(3)Hedged amounts expected to be recognized to income within the next twelve months.

The effects of derivative instruments designated as cash flow hedges in our Consolidated Condensed Statements of Comprehensive Income for the three and six months ended March 29, 2025 and March 30, 2024 were as follows:

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Foreign exchange forward contract in cash flow hedging relationships:
Net gain/(loss) recognized in OCI, net of tax(1)	$	214	$	(1,189)	$	(2,071)	$	66
Net (loss)/gain reclassified from accumulated OCI into net income, net of tax(2)	$	(155)	$	(28)	$	128	$	(243)

(1)Net change in the fair value of the effective portion classified in OCI.

(2)Effective portion classified as selling, general and administrative expense.

15

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

NOTE 8. LEASES

We have entered into various non-cancellable operating and finance lease agreements for certain of our offices, manufacturing, technology, sales support and service centers, equipment, and vehicles. We determine if an arrangement is a lease, or contains a lease, at inception and record the leases in our financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. Our lease terms may include one or more options to extend the lease terms, for periods from one year to 20 years, when it is reasonably certain that we will exercise that option. As of March 29, 2025, there were no options to extend the lease which was recognized as a right-of-use (“ROU”) asset, or a lease liability. We have lease agreements with lease and non-lease components, and non-lease components are accounted for separately and not included in our leased assets and corresponding liabilities. We have elected not to present short-term leases on the Consolidated Condensed Balance Sheets as these leases have a lease term of 12 months or less at lease inception.

Operating leases are included in operating ROU assets, current operating lease liabilities and non-current operating lease liabilities, and finance leases are included in property, plant and equipment, accrued expenses and other current liabilities, and other liabilities on the Consolidated Condensed Balance Sheets. As of March 29, 2025 and September 28, 2024, our finance leases are not material.

The following table shows the components of lease expense:

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Operating lease expense (1)	$	2,369	$	2,558	$	4,717	$	5,415

(1)Operating lease expense includes short-term lease expense and variable lease expenses, which is immaterial for the three and six months ended March 29, 2025 and March 30, 2024.

The following table shows the cash flows arising from lease transactions. Cash payments related to short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:

	Six months ended
(in thousands)	March 29, 2025		March 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	5,068	$	4,705

The following table shows the weighted-average lease terms and discount rates for operating leases:

	As of
	March 29, 2025		September 28, 2024
Operating leases:
Weighted-average remaining lease term (in years):	7.0		7.3
Weighted-average discount rate:	7.1	%	7.2	%

16

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

Future lease payments, excluding short-term leases, as of March 29, 2025, are detailed as follows:

	As of
(in thousands)	March 29, 2025
Remaining fiscal 2025	$	4,939
Fiscal 2026	7,924
Fiscal 2027	5,649
Fiscal 2028	4,959
Fiscal 2029	4,874
Thereafter	17,941
Total minimum lease payments	$	46,286
Less: Interest	$	10,009
Present value of lease obligations	$	36,277
Less: Current portion	$	6,702
Long-term portion of lease obligations	$	29,575

NOTE 9. DEBT AND OTHER OBLIGATIONS

Bank Guarantees

On November 22, 2013, the Company obtained a $5.0 million credit facility with Citibank in connection with the issuance of bank guarantees for operational purposes. As of March 29, 2025, the outstanding amount under this facility was $4.8 million.

Credit Facilities

On February 15, 2019, the Company entered into a Facility Letter and Overdraft Agreement (collectively, the “Facility Agreements”) with MUFG Bank, Ltd., Singapore Branch (the “Bank”). The Facility Agreements provide the Company and one of its subsidiaries with an overdraft facility of up to $150.0 million (the “Overdraft Facility”) for general corporate purposes. Amounts outstanding under the Overdraft Facility, including interest, are payable upon thirty days written demand by the Bank. Interest on the Overdraft Facility is calculated on a daily basis, and the applicable interest rate is calculated at the Secured Overnight Financing Rate (“SOFR”) plus a margin of 1.5% per annum. The Overdraft Facility is an unsecured facility per the terms of the Facility Agreements. The Facility Agreements contain customary non-financial covenants, including, without limitation, covenants that restrict the Company’s ability to sell or dispose of its assets, cease owning at least 51% of two of its subsidiaries (the “Subsidiaries”), or encumber its assets with material security interests (including any pledge of monies in the Subsidiaries' cash deposit account with the Bank). The Facility Agreements also contain typical events of default, including, without limitation, non-payment of financial obligations when due, cross defaults to other material indebtedness of the Company and any breach of a representation or warranty under the Facility Agreements. As of March 29, 2025, there were no outstanding amounts under the Overdraft Facility.

17

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

NOTE 10. SHAREHOLDERS’ EQUITY AND EMPLOYEE BENEFIT PLANS

Share Repurchase Program

On August 15, 2017, the Company’s Board of Directors authorized a program to repurchase up to $100 million of the Company’s common stock on or before August 1, 2020. In 2018, 2019, 2020 and 2022, the Board of Directors increased the share repurchase authorization to $200 million, $300 million, $400 million and $800 million, respectively, and extended its duration through August 1, 2025 (the "Prior Program").

During the three months ended December 28, 2024, the Company repurchased a total of approximately 657.0 thousand shares of common stock under the Prior Program at a cost of approximately $30.3 million. On December 2, 2024, the Company announced that it has completed share repurchases under the Prior Program.

Additionally, as announced on November 13, 2024, the Board of Directors authorized a new share repurchase program to repurchase up to $300 million of the Company's common stock (the "New Program"). On December 2, 2024, the Company entered into a new written trading plan under Rule 10b5-1 of the Exchange Act, to facilitate repurchases under the New Program. The plan permits the purchase of up to approximately $300 million of the Company’s common stock from December 2, 2024 through December 2, 2029. The New Program may be suspended or discontinued at any time and is funded using the Company’s available cash, cash equivalents and short-term investments. Under the New Program, shares may be repurchased through open market and/or privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under the New Program depend on market conditions as well as corporate and regulatory considerations.

During the three and six months ended March 29, 2025, the Company repurchased a total of approximately 518.0 thousand and 654.0 thousand shares of common stock under the New Program at a cost of approximately $21.3 million and $27.9 million, respectively.

The stock repurchases were recorded in the periods the repurchased shares were delivered and accounted for as treasury stock in the Company’s Consolidated Condensed Balance Sheets. The Company records treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon re-issuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid-in capital.

If the Company reissues treasury stock at an amount below its acquisition cost and additional paid-in capital associated with prior treasury stock transactions is insufficient to cover the difference between acquisition cost and the reissue price, this difference is recorded against retained earnings.

As of March 29, 2025, our remaining stock repurchase authorization under the New Program was approximately $272.1 million.

Dividends

On November 13, 2025, the Board of Directors declared a quarterly dividend of $0.205 per share of common stock. Dividends paid during the three and six months ended March 29, 2025 totaled $11.0 million and $21.8 million, respectively. The declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that such dividends are in the best interests of the Company’s shareholders.

18

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

Accumulated Other Comprehensive Loss

The following table reflects changes in accumulated other comprehensive income/(loss) by component as of March 29, 2025 and September 28, 2024: 

(in thousands)	Cumulative Foreign Currency Translation Adjustment		Pension Plan Adjustments		Gain/(Loss) on Derivative Instruments		Total
As of September 28, 2024	$	(13,261)	$	(1,682)	$	1,521	$	(13,422)
Other comprehensive (loss)/income before reclassifications	(7,401)		79		(2,071)		(9,393)
Amount reclassified out of accumulated other comprehensive loss	(815)		—		(128)		(943)
Tax effects	427		—		—		427
Other comprehensive (loss)/income	(7,789)		79		(2,199)		(9,909)
As of March 29, 2025	$	(21,050)	$	(1,603)	$	(678)	$	(23,331)

Equity-Based Compensation

The Company has a stockholder-approved equity-based compensation plan, the 2021 Omnibus Incentive Plan (the “Plan”) from which employees and directors receive grants. On March 5, 2025, the stockholders of the Company approved an amendment to the Plan that increased the number of shares of common stock available for issuance by 2.8 million shares, which were registered on the registration statement on Form S-8 filed with the SEC on March 11, 2025. As of March 29, 2025, 3.9 million shares of common stock are available for grant to the Company’s employees and directors under the Plan.

•Relative Total Shareholder Return Performance Share Units (“Relative TSR PSUs”) entitle the employee to receive common stock of the Company on the award vesting date, typically the third anniversary of the grant date (or as soon as administratively practicable if later), if market performance objectives which measure the relative TSR are attained. Relative TSR is calculated based upon the 90-calendar day average price at the end of the performance period of the Company’s stock as compared to specific peer companies that comprise the GICS (45301020) Semiconductor Index. TSR is measured for the Company and each peer company over a performance period, which is generally three years. Vesting percentages range from 0% to 200% of awards granted. The provisions of the Relative TSR PSUs are reflected in the grant date fair value of the award; therefore, compensation expense is recognized regardless of whether the market condition is ultimately satisfied. Compensation expense is reversed if the award is forfeited prior to the vesting date.

•Revenue Growth Performance Share Units (“Growth PSUs”) entitle the employee to receive common stock of the Company on the award vesting date, typically the third anniversary of the grant date (or as soon as administratively practicable if later), based on organic revenue growth objectives and relative growth performance against named competitors as set by the Management Development and Compensation Committee (“MDCC”) of the Company’s Board of Directors. Organic revenue growth is calculated by averaging revenue growth (net of revenues from acquisitions) over a performance period, which is generally three years. Revenues from acquisitions will be included in the calculation after four fiscal quarters after acquisition. Any portion of the grant that does not meet the revenue growth objectives and relative growth performance is forfeited. Vesting percentages range from 0% to 200% of awards granted.

•In general, Time-based Restricted Share Units (“Time-based RSUs”) awarded to employees vest ratably over a three-year period on the anniversary of the grant date provided the employee remains employed by the Company.

19

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

Equity-based compensation expense recognized in the Consolidated Condensed Statements of Operations for the three and six months ended March 29, 2025 and March 30, 2024 was based upon awards ultimately expected to vest, with forfeiture accounted for when they occur.

The following table reflects Time-based RSUs, Relative TSR PSUs, Growth PSUs and common stock granted during the three and six months ended March 29, 2025 and March 30, 2024:

	Three months ended		Six months ended
(shares in thousands)	March 29, 2025	March 30, 2024	March 29, 2025	March 30, 2024
Time-based RSUs	—	3	563	502
Relative TSR PSUs	—	—	128	231
Growth PSUs	—	—	—	49
Common stock	7	6	14	13
Equity-based compensation in shares	7	9	705	795

The following table reflects total equity-based compensation expense, which includes Time-based RSUs, Relative TSR PSUs, Growth PSUs and common stock, included in the Consolidated Condensed Statements of Operations during the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Cost of sales	$	387	$	363	$	770	$	722
Selling, general and administrative	4,920		4,103		8,659		9,783
Research and development	2,186		1,766		4,205		3,584
Total equity-based compensation expense	$	7,493	$	6,232	$	13,634	$	14,089

The following table reflects equity-based compensation expense, by type of award, for the three and six months ended March 29, 2025 and March 30, 2024:  

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Time-based RSUs	$	5,210	$	4,470	$	10,366	$	9,013
Relative TSR PSUs	1,837		1,273		3,615		2,833
Growth PSUs	131		174		(977)		1,613
Common stock	315		315		630		630
Total equity-based compensation expense	$	7,493	$	6,232	$	13,634	$	14,089

NOTE 11. REVENUE AND CONTRACT BALANCES

The Company recognizes revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. In general, the Company generates revenue from product sales, either directly to customers or to distributors. In determining whether a contract exists, we evaluate the terms of the agreement, the relationship with the customer or distributor and their ability to pay. Service revenue is generally recognized over time as the services are performed. For the three and six months ended March 29, 2025 and March 30, 2024, the service revenue was not material.

The Company reports revenue based on its reportable segments and end markets, which provides information about how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Please refer to Note 14: Segment Information, for disclosure of revenue by segment and end markets.

20

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

Contract Balances

	As of
(in thousands)	March 29, 2025		September 28, 2024
Contract liabilities	$	14,830	$	18,646

Our contract liabilities are primarily related to payments received in advance of satisfying performance obligations, and are reported in the accompanying Consolidated Condensed Balance Sheets within accrued expenses and other current liabilities.

Contract liabilities increased as a result of receiving new advanced payments from customers, partially offset by the recognition in revenue of $10.6 million that was included in contract liabilities as of September 28, 2024.

NOTE 12. EARNINGS PER SHARE

Basic income per share is calculated using the weighted average number of shares of common stock outstanding during the period. Restricted stock are included in the calculation of diluted earnings per share, except when their effect would be anti-dilutive. For the three and six months ended March 29, 2025 and March 30, 2024, restricted stock were excluded due to the net loss the Company incurred during the period.

The following table reflects a reconciliation of the shares used in the basic and diluted net loss per share computation for the three and six months ended March 29, 2025 and March 30, 2024:

21

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

	Three months ended
(in thousands, except per share data)	March 29, 2025				March 30, 2024
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net loss	$	(84,519)	$	(84,519)	$	(102,680)	$	(102,680)
DENOMINATOR:
Weighted average shares outstanding - Basic	53,311		53,311		56,154		56,154
Dilutive effect of Equity Plans			—				—
Weighted average shares outstanding - Diluted			53,311				56,154
EPS:
Net loss per share - Basic	$	(1.59)	$	(1.59)	$	(1.83)	$	(1.83)
Effect of dilutive shares			—				—
Net loss per share - Diluted			$	(1.59)			$	(1.83)
Anti-dilutive shares(1)			249				416

	Six months ended
(in thousands, except per share data)	March 29, 2025				March 30, 2024
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net loss	$	(2,877)	$	(2,877)	$	(93,387)	$	(93,387)
DENOMINATOR:
Weighted average shares outstanding - Basic	53,551		53,551		56,402		56,402
Dilutive effect of Equity Plans							—
Weighted average shares outstanding - Diluted			53,551				56,402
EPS:
Net loss per share - Basic	$	(0.05)	$	(0.05)	$	(1.66)	$	(1.66)
Effect of dilutive shares			—				—
Net loss per share - Diluted			$	(0.05)			$	(1.66)
Anti-dilutive shares(1)			285				412

(1) Represents the Time-based RSUs, Relative TSR PSUs and Growth PSUs that are excluded from the calculation of diluted earnings per share for the three and six months ended March 29, 2025 and March 30, 2024 as the effect would have been anti-dilutive.

22

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

NOTE 13. INCOME TAXES

The following table reflects the provision for income taxes and the effective tax rate for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended						Six months ended
(dollar amounts in thousands)	March 29, 2025			March 30, 2024			March 29, 2025			March 30, 2024
Provision for income taxes	$	5,438		$	6,355		$	16,770		$	8,632
Effective tax rate	(6.9)		%	(6.6)		%	120.7		%	(10.2)		%

For the three and six months ended March 29, 2025, as compared to the same period ended March 30, 2024, the change in provision for income taxes and effective tax rate was primarily due to the tax effects of the intended cessation of the Company's EA equipment business and the reimbursement from the cancellation of Project W which were recorded as discrete items during fiscal 2025 as well as the one-time charge for cancellation of Project W and the increase in valuation allowance recorded against certain deferred tax assets, which were recorded as discrete items during fiscal 2024.

For the three and six months ended March 29, 2025, the effective tax rate is different than the U.S. federal statutory tax rate primarily due to earnings of foreign subsidiaries subject to tax at different rates than the U.S., tax incentives, tax credits, changes in valuation allowances, the impact of global intangible low-taxed income, and the tax impact of the discrete items noted above.

NOTE 14. 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.

23

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

The following table reflects operating information by segment for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Net revenue:
Ball Bonding Equipment	$	66,281	$	81,908	$	125,967	$	168,178
Wedge Bonding Equipment	36,197		22,761		68,420		46,220
Advanced Solutions	17,638		14,124		45,816		25,448
APS	37,520		40,667		76,906		81,908
All Others	4,350		12,614		11,001		21,509
Net revenue	161,986		172,074		328,110		343,263
Income/(loss) from operations:
Ball Bonding Equipment	19,295		25,152		32,723		52,866
Wedge Bonding Equipment	8,913		4,253		$	15,616	$	8,547
Advanced Solutions	(6,129)		(116,981)		$	72,445	$	(130,416)
APS	(1,297)		12,586		9,958		24,832
All Others	(75,246)		(9,554)		(78,458)		(17,628)
Corporate Expenses	(30,203)		(20,611)		(50,302)		(41,663)
(Loss)/income from operations	$	(84,667)	$	(105,155)	$	1,982	$	(103,462)

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 six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
General Semiconductor	$	90,684	$	90,137	$	156,243	$	161,085
Automotive & Industrial (1)	30,976		30,943		81,430		60,196
Memory	2,806		10,327		13,531		40,074
APS	37,520		40,667		76,906		81,908
Total revenue	$	161,986	$	172,074	$	328,110	$	343,263

(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.

24

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

The following table reflects capital expenditures, depreciation expense and amortization expense for the three and six months ended March 29, 2025 and March 30, 2024:

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Capital expenditures:
Ball Bonding Equipment	$	50	$	158	$	57	$	554
Wedge Bonding Equipment	45		121		80		135
Advanced Solutions	14		74		92		318
APS	409		245		793		670
All Others	239		286		387		427
Corporate Expenses	1,959		2,962		3,418		5,275
	$	2,716	$	3,846	$	4,827	$	7,379
Depreciation expense:
Ball Bonding Equipment	$	332	$	326	$	664	$	647
Wedge Bonding Equipment	228		252		455		536
Advanced Solutions	281		2,321		516		5,368
APS	1,313		1,302		2,712		2,625
All Others	342		386		670		766
Corporate Expenses	1,344		1,055		2,590		2,338
	$	3,840	$	5,642	$	7,607	$	12,280
Amortization expense:
Ball Bonding Equipment	$	—	$	—	$	—	$	—
Wedge Bonding Equipment	—		—		—		—
Advanced Solutions	—		—		—		—
APS	245		231		526		457
All Others	835		1,003		1,708		2,032
Corporate Expenses	91		91		183		183
	$	1,171	$	1,325	$	2,417	$	2,672

NOTE 15. COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS

Warranty Expense

The Company’s equipment is generally shipped with a one-year warranty against manufacturing defects. The Company establishes reserves for estimated warranty expense when revenue for the related equipment is recognized. The reserve for estimated warranty expense is based upon historical experience and management’s estimate of future warranty costs, including product part replacement, freight charges and related labor costs expected to be incurred in correcting manufacturing defects during the warranty period.

25

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

The following table reflects the reserve for warranty activity for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Reserve for warranty, beginning of period	$	9,426	$	10,167	$	9,911	$	10,457
Provision for warranty	1,883		3,133		4,412		6,069
Utilization of reserve	(2,785)		(3,393)		(5,799)		(6,619)
Reserve for warranty, end of period	$	8,524	$	9,907	$	8,524	$	9,907

Other Commitments and Contingencies

The following table reflects obligations not reflected on the Consolidated Condensed Balance Sheets as of March 29, 2025:

			Payments due by fiscal year
(in thousands)	Total		2025		2026		2027		2028		2029		Thereafter
Inventory purchase obligation (1)	$	102,484	$	60,746	$	41,738	$	—	$	—	$	—	$	—

(1)The Company orders inventory components in the normal course of its business. A portion of these orders are non-cancelable and a portion may have varying penalties and charges in the event of cancellation.

From time to time, the Company is party to or the target of lawsuits, claims, investigations and proceedings, including for personal injury, intellectual property, commercial, contract, and employment matters, which are handled and defended in the ordinary course of business. The Company accrues a contingent loss liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, the Company accrues the minimum amount. The Company expenses legal costs, including those expected to be incurred in connection with a loss contingency, as incurred.

Unfunded Capital Commitments

As of March 29, 2025, the Company also has an obligation to fund uncalled capital commitments of approximately $4.8 million, as and when required, in relation to its investment in a private equity fund.

Concentrations

The following table reflects significant customer concentrations as a percentage of net revenue for the six months ended March 29, 2025 and March 30, 2024:

	Six months ended
	March 29, 2025	March 30, 2024
Forehope Electronic (Ningbo) Co., Ltd.	*	13.8	%

* Represents less than 10% of total net revenue

26

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

The following table reflects significant customer concentrations as a percentage of total accounts receivable as of March 29, 2025 and March 30, 2024:

	As of
	March 29, 2025		March 30, 2024
Tianshui Huatian Technology Co., Ltd.	18.2	%	11.6	%
Forehope Electronic (Ningbo) Co., Ltd.	13.9	%	25.4	%

* Represents less than 10% of total accounts receivable

NOTE 16. CESSATION OF BUSINESS

Cancellation of Project

The Company was engaged by one of its customers (the "Customer") to support the Customer with the development and future mass production of certain technologies relating to advanced display (the "Project"), previously referred to as Project W. As previously disclosed in fiscal 2024, in connection with the Customer's strategic review of its business, the Customer informed the Company that it cancelled the Project.

On November 4, 2024, the Company and the Customer entered into a written agreement pursuant to which the Customer had agreed to reimburse the Company for certain costs and expenses that the Company incurred in connection with the Project. Pursuant to the agreement, the Customer agreed to pay $86.2 million to the Company. In the previous quarter ended December 28, 2024, $15.1 million was included within "Net Revenue" for delivered products and the remaining $71.1 million was included in "Gain relating to cessation of business" in the Consolidated Condensed Statements of Operations. As of the quarter ended March 29, 2025, the Company has received the reimbursement amount from the Customer.

Intended cessation of EA Equipment Business

On March 25, 2025, the Board of Directors of the Company approved a strategic plan related to the intended cessation of its EA equipment business. The plan includes the intended wind down of the EA equipment business in an effort to prioritize core semiconductor assembly business opportunities and enhance overall through-cycle financial performance. The intended cessation of the EA equipment business is subject to a consultation process with the applicable works council and union representatives, which the Company intends to initiate in its third fiscal quarter of 2025.

The Company expects to complete the majority of the wind down activities related to the EA equipment business in the first half of fiscal 2026, after which there will be some service support activities to serve out the remaining customer obligations.

Wind down charges as a result of these activities incurred during the period ended March 29, 2025 were accounted in accordance with ASC 330, Inventory and ASC 712, Compensation—Nonretirement Postemployment Benefits. The Company also performed the impairment tests of all associated assets with reference to the guidance under ASC 330, Inventory, ASC 360, Property, Plant and Equipment and ASC 350, Intangibles - Goodwill and Other. The wind down charges and impairments are primarily recorded in the Company’s "All Others" category and the APS reportable segment. We plan to fund the cash costs through existing cash balances.

27

KULICKE AND SOFFA INDUSTRIES, INC.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Unaudited (continued)

The following table summarizes the charges resulting from the intended cessation of the EA equipment business.

	Three and Six Months Ended March 29, 2025
	Cost of sales		Impairment charges		Selling, general and administrative		Total
Inventory write-down	$	28,919	$	—	$	—	$	28,919
Impairment charges related to goodwill and intangible assets	$	—	$	34,870	$	—	$	34,870
Impairment charges relating to long-lived assets	$	—	$	4,947	$	—	$	4,947
Employee termination benefits	$	—	$	—	$	8,180	$	8,180
Adverse purchase commitments	$	9,664	$	—	$	—	$	9,664
	$	38,583	$	39,817	$	8,180	$	86,580

Inventory write-down

In determining the value of our inventory, we consider indicators that net realizable value may be lower than cost based upon projections about future consumption, and market conditions. We recorded a write-down to inventory totaling $28.9 million with a corresponding increase to cost of sales in our consolidated condensed statement of operations for the three and six months ended March 29, 2025. See Note 2: Balance Sheet Components for inventory balances.

Impairment charges relating to goodwill and intangible assets

In accordance with the guidance under ASC 350, the Company performed a qualitative assessment as the intended cessation of the EA equipment business was a triggering event. Accordingly, the Company performed a quantitative impairment test and estimated the fair value of each reporting unit to be less than its carrying value. We recorded a full impairment charge of $19.2 million related to goodwill, and $15.7 million related to the intangible assets reported within the APS reportable segment and "All Others" category. See Note 3: Goodwill and Intangible Assets for more details.

Impairment charges relating to long-lived assets

At March 29, 2025, we recorded a full impairment of the long-lived assets, resulting in an impairment charge of $1.4 million related to property, plant and equipment and $3.6 million related to the ROU assets.

Employee termination benefits

During the quarter ended March 29, 2025, in connection with the intended cessation of the EA equipment business and in accordance with ASC 712, the Company accrued for costs amounting to $8.2 million pertaining to the ongoing employee benefit arrangements. The costs were recorded within "Selling, general and administrative" in the Consolidated Statement of Operations, and are expected to be paid when wind-down activities are completed.

The Company also expects to incur additional employee termination benefits pertaining to one-time benefit arrangements in accordance with ASC 420. We expect to record between approximately $3.0 million and $5.0 million of these costs throughout the completion of the wind-down period.

Adverse purchase commitments

During the quarter ended March 29, 2025, the Company accrued for a loss of $9.7 million that is expected to arise from firm, non-cancelable and unhedged commitments for the future purchase of inventory items in accordance with ASC 330. The costs were recorded within "Cost of Sales" in the Consolidated Statement of Operations.

Contract termination charges and other associated costs

Contract termination charges primarily relate to the costs expected to be incurred to terminate a contract before the end of its term in accordance with ASC 420. The Company expects to record between approximately $3.0 million and $5.0 million throughout the completion of the wind-down period.

28

Item 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

In addition to historical information, this Quarterly Report contains statements relating to future events or our future results. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are subject to the safe harbor provisions created by statute. Such forward-looking statements include, but are not limited to, statements with respect to our future revenue increasing, continuing or strengthening, or decreasing or weakening; our capital allocation strategies, including any share repurchases; demand for our products, including replacement demand; our research and development efforts; our ability to identify and realize new growth opportunities; our ability to successfully execute our business; our ability to control costs; and our operational flexibility as a result of (among other factors):

•our ability to successfully carry out the intended cessation of our Electronics Assembly ("EA") equipment business, including delays or other problems arising from regulatory or judicial review of the activities concerning the intended cessation;

•our ability to achieve expected organizational efficiencies after the successful cessation of our EA equipment business;

•risks arising from changes or uncertainties in trade policies, including the imposition of new, reciprocal or increases in existing tariffs or other restrictive trade measures, affecting supply chain costs, product pricing and customer demand;

•our expectations regarding the potential impacts on our business of actual or potential inflationary pressures, interest rate and risk premium adjustments, falling consumer sentiment, or economic recession caused, directly or indirectly, by the ongoing tensions in the Middle East, the prolonged Ukraine/Russia conflict, the worsening trade relationship between the U.S. and the world, geopolitical tensions and other macroeconomic factors;

•our expectations regarding supply chain disruptions caused, directly or indirectly, by various macroeconomic events, including increased tariffs, geopolitical tensions, catastrophic events resulting from climate change or other natural disasters and other factors;

•our expectations regarding our effective tax rate and our unrecognized tax benefit;

•our ability to operate our business in accordance with our business plan;

•our ability to adequately protect our trade secrets and intellectual property rights from misappropriation;

•our expectations regarding our success in integrating companies we may acquire with our business, and our ability to continue to acquire or divest companies;

•risks inherent in doing business on an international level, including currency risks, regulatory requirements, systems and cybersecurity risks, political risks, evolving trade and export restrictions and other trade-related barriers;

•disruptions, breaches or failures in our information technology systems and network infrastructures;

•projected growth rates in the overall semiconductor industry, the semiconductor assembly equipment market, and the market for semiconductor packaging materials;

•projected demand for our products and services; and

•unexpected delays and difficulties in executing against our environmental, climate, diversity and inclusion goals or such other environmental, social and governance (“ESG”) targets and commitments.

Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,” “goal” and “believe,” or the negative of or other variations on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this filing. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

29

Forward-looking statements are based on current expectations and involve risks and uncertainties. Our future results could differ significantly from those expressed or implied by our forward-looking statements. These risks and uncertainties include, without limitation, those described below and in our Annual Report on Form 10-K for the fiscal year ended September 28, 2024 (our “2024 Annual Report”) and our other reports filed from time to time with the Securities and Exchange Commission. This discussion should be read in conjunction with the Consolidated Condensed Financial Statements and Notes included in this Quarterly Report, as well as our audited financial statements included in our 2024 Annual Report.

We operate in a rapidly changing and competitive environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements, which speak only as of the date on which they were made. Except as required by law, we assume no obligation to update or revise any forward-looking statement to reflect actual results or changes in, or additions to, the factors affecting such forward-looking statement. Given those risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictions of actual results.

OVERVIEW

Kulicke and Soffa Industries, Inc. (“K&S,” “we,” “us,” “our,” or the “Company”) is a global leader in semiconductor assembly technology, advancing device performance across automotive, compute, industrial, memory and communications markets. Founded on innovation in 1951, K&S is uniquely positioned to overcome increasingly dynamic process challenges – creating and delivering long-term value by aligning technology with opportunity.

We design, develop, manufacture and sell capital equipment and consumables and provide services used to assemble semiconductor and electronic devices, such as integrated circuits, power discretes, light-emitting diode (“LEDs”), advanced displays and sensors. We also service, maintain, repair and upgrade our equipment and sell consumable aftermarket solutions and services for our and our peer companies’ equipment. Our customers primarily consist of integrated device manufacturers (“IDMs”), outsourced semiconductor assembly and test providers (“OSATs”), foundry service providers, and other electronics manufacturers and automotive electronics suppliers.

Our goal is to be the technology leader and the most competitive supplier in terms of performance, cost and quality in each of our major product lines. Accordingly, we invest in research and engineering projects intended to expand our market access and enhance our leadership position in semiconductor, electronics and display assembly. We also remain focused on enhancing our value to customers through higher productivity systems, more autonomous capabilities and continuous improvement and optimization of our operational costs. Delivering new levels of value to our customers is a critically important goal.

Our Ball Bonding Equipment, Wedge Bonding Equipment and Advanced Solutions reportable segments engage in the design, development, manufacture and sale of ball bonding equipment, wafer level bonding equipment, wedge and wedge-related bonding equipment, certain advanced display, die-attach and thermocompression systems and solutions to IDMs, OSATs, foundry service providers, and other electronics manufacturers and automotive electronics suppliers.

Our APS segment engages in the design, development, manufacture and sale of a variety of tools, spares and services for our equipment. For example, we manufacture capillaries, blades, wedge bonder consumables and other spare parts which complements our equipment and to support a broader range of semiconductor packaging applications. We also provide equipment repair, post-sale support, maintenance and servicing, training services, refurbishment and upgrades for our equipment.

All other operating segments that 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.

30

Business Environment

The semiconductor business environment is highly volatile and is driven by internal dynamics, both cyclical and seasonal, in addition to macroeconomic forces. Over the long term, semiconductor consumption has historically grown, and is forecasted to continue to grow. This growth is driven, in part, by regular advances in device performance and by price declines that result from improvements in manufacturing technology. In order to exploit these trends, semiconductor manufacturers, both IDMs and OSATs, periodically invest aggressively in the latest generation capital equipment. This buying pattern often leads to periods of excess supply and reduced capital spending — the so-called semiconductor cycle. Within this broad semiconductor cycle there are also, generally weaker, seasonal effects that are specifically tied to annual, end-consumer purchasing patterns. Typically, semiconductor manufacturers prepare for heightened demand by adding or replacing equipment capacity by the end of the September quarter. Occasionally, this results in subsequent reductions in demand during the December quarter. This annual seasonality can be overshadowed by effects of the broader semiconductor cycle. Macroeconomic factors also affect the industry, primarily through their effect on business and consumer demand for electronic devices, as well as other products that have significant electronic content such as automobiles, white goods, and telecommunication equipment. There can be no assurances regarding levels of demand for our products and we believe historic industry-wide volatility will persist.

From time to time, our customers may request that we deliver our products to countries where they own or operate production facilities or to countries where they utilize third-party subcontractors or warehouses as part of their supply chain. For example, customers headquartered in the U.S. may require us to deliver our products to their back-end production facilities in China. Our customer base in the Asia/Pacific region has become more geographically concentrated over time as a result of general economic and industry conditions and trends. Approximately 86.3% and 86.2% of our net revenue for the three months ended March 29, 2025 and March 30, 2024, respectively, were for shipments to customer locations outside of the U.S., primarily in the Asia/Pacific region. Approximately 45.8% and 48.6% of our net revenue for the three months ended March 29, 2025 and March 30, 2024, respectively, were for shipments to customers headquartered in China.

Similarly, approximately 86.8% and 88.1% of our net revenue for the six months ended March 29, 2025 and March 30, 2024, respectively, were for shipments to customer locations outside of the U.S., primarily in the Asia/Pacific region. Approximately 47.3% and 47.4% of our net revenue for the six months ended March 29, 2025 and March 30, 2024, respectively, were for shipments to customers headquartered in China.

While our customers have generally been impacted by the current global macroeconomic conditions, those with operations in China, an important manufacturing and supply chain hub, have witnessed a faster decline in demand and, accordingly, a faster decline in product shipments, compared to the rest of the world. The shipments to customers headquartered in China are subject to heightened risks and uncertainties related to the respective trade and export control policies of the governments of China and the U.S, including the imposition of new tariffs or increases in existing tariffs and general inflationary considerations. Furthermore, there remains a potential risk of conflict and instability in the relationship between Taiwan and China that could disrupt the operations of our customers and/or suppliers in both Taiwan and China and our manufacturing operations in Taiwan and China.

The U.S. and several other countries have levied tariffs on certain goods and sectors and have introduced other trade restrictions resulting in substantial uncertainties in the semiconductor, LED, memory and automotive markets.

Our Ball Bonding Equipment, Wedge Bonding Equipment and Advanced Solutions reportable segments, as well as the remaining operating segments in the “All Others” category, are primarily affected by the industry’s internal cyclical and seasonal dynamics in addition to broader macroeconomic factors that can positively or negatively affect our financial performance. The sales mix of IDM and OSAT customers in any period also impacts financial performance, as changes in this mix can affect our products’ average selling prices and gross margins due to differences in volume purchases and machine configurations required by each customer type.

Our APS reportable segment has historically been less volatile than the other reportable segments. APS sales are more directly tied to semiconductor unit consumption rather than capacity requirements and production capability improvements. 

We continue to position our business to leverage our research and development leadership and innovation and to focus our efforts on mitigating volatility, improving profitability and ensuring longer-term growth. We remain focused on operational excellence, expanding our product offerings through continuous research and development or acquisitions and managing our business efficiently throughout the business cycles. However, our visibility into future demand is generally limited, forecasting is difficult, and we generally experience typical industry seasonality.

31

To limit potential adverse cyclical, seasonal and macroeconomic effects on our financial position, we have continued our efforts to maintain a strong balance sheet. As of March 29, 2025, our total cash, cash equivalents and short-term investments were $581.5 million, a $4.4 million increase from the prior fiscal year end. We believe our ability to maintain a strong cash position will allow us to continue to invest in product development, pursue non-organic growth opportunities and return capital to investors through our share repurchase and dividend programs. Please see “Liquidity and Capital Resources” for more information.

Key Events in Fiscal 2025 to Date

Intended Cessation of EA Equipment Business

On March 25, 2025, the Board of Directors of the Company approved a strategic plan related to the intended cessation of its Electronics Assembly ("EA") equipment business. The plan includes an intention to wind down the EA equipment business in an effort to prioritize core semiconductor assembly business opportunities and enhance overall through-cycle financial performance. The intended cessation of the EA equipment business is subject to a consultation process with the applicable works council and union representatives, which the Company intends to initiate in its third fiscal quarter of 2025. The wind down activities are ongoing and are expected to be substantially completed by the first half of fiscal 2026, after which there will be some service support activities to serve out the remaining customer obligations. For additional information, see Note 16: Cessation of Business in our Notes to the Consolidated Condensed Financial Statements.

Cancellation of Project W

The Company was engaged by one of its customers (the "Customer") to support the Customer with the development and future mass production of certain technologies relating to advanced display (the "Project"), previously referred to as Project W. As previously disclosed in fiscal 2024, in connection with the Customer's strategic review of its business, the Customer informed the Company that it cancelled the Project.

On November 4, 2024, the Company and the Customer entered into a written agreement pursuant to which the Customer had agreed to reimburse the Company for certain costs and expenses that the Company incurred in connection with the Project. Pursuant to the agreement, the Customer agreed to pay $86.2 million to the Company. In the quarter ended December 28, 2024, $15.1 million was included within "Net Revenue" for delivered products and the remaining $71.1 million was included in "Gain relating to cessation of business" in the Consolidated Condensed Statements of Operations. As of the quarter ended March 29, 2025, the Company has received the reimbursement amount from the Customer.

Macroeconomic Headwinds

The cost of logistics remains high as a result of macroeconomic conditions, inflation and labor shortages across layers of the supply chain. The Company’s management continues to monitor for signs of any expansion of economic or supply chain disruptions or broader supply chain inflationary and logistical costs resulting either directly or indirectly from the tensions in the Middle East or between Ukraine and Russia, as well as the imposition of new, increased or retaliatory tariffs.

The ongoing tensions in the Middle East and the prolonged Ukraine/Russia conflict have not had a material impact on our financial condition and operating results in fiscal 2025 to date. We believe that our existing cash, cash equivalents, short-term investments, existing Facility Agreements, and anticipated cash flows from operations will be sufficient to meet our liquidity and capital requirements, notwithstanding the ongoing tensions in the Middle East and the prolonged Ukraine/Russia conflict and other macroeconomic factors, for at least the next twelve months from the date of this Quarterly Report. However, this is a highly dynamic situation. As the macroeconomic situation remains highly volatile and the geopolitical situation remains uncertain, there is uncertainty surrounding the operations of our manufacturing locations, our business, our expectations regarding future demand or supply conditions, our near- and long-term liquidity and our financial condition. Consequentially, our operating results could deteriorate.

During fiscal years 2021 and 2022, semiconductor suppliers rapidly increased production output in response to increases in end-consumer demand. Concerns surrounding supply availability spurred defensive inventory purchases, which led to a heightened demand for our products.

The current macroeconomic conditions and declining consumer sentiment during fiscal years 2023 and 2024 have persisted, which continues to exacerbate inventory buildup in the semiconductor industry. Many of our customers who accumulated our products in the past three years continue to reduce their order rates as a result of inventory adjustment.

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Due to general inflationary pressures, existing and future tariffs, declining consumer sentiment, and an economic downturn caused, directly or indirectly, by various macroeconomic factors, including the ongoing tensions in the Middle East and the prolonged Ukraine/Russia conflict, the sector continues to experience volatility and disruption. However, we believe that the long-term semiconductor industry macroeconomics have not changed and we anticipate that the industry’s growth projections will normalize.

For a description of the risks to our business arising from or relating to the general macroeconomic conditions, please see Part I, Item 1A, “Risk Factors” of our 2024 Annual Report.

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RESULTS OF OPERATIONS

The following tables reflect our income from operations for the three and six months ended March 29, 2025 and March 30, 2024:

	Three months ended
(dollar amounts in thousands)	March 29, 2025		March 30, 2024		$ Change		% Change
Net revenue	$	161,986	$	172,074	$	(10,088)	(5.9)	%
Cost of sales	121,602		155,603		(34,001)		(21.9)	%
Gross profit	40,384		16,471		23,913		145.2	%
Selling, general and administrative	48,014		39,450		8,564		21.7	%
Research and development	37,220		37,704		(484)		(1.3)	%
Impairment charges	39,817		44,472		(4,655)		(10.5)	%
Operating expenses	125,051		121,626		3,425		2.8	%
Loss from operations	$	(84,667)	$	(105,155)	$	20,488	19.5	%

	Six months ended
(dollar amounts in thousands)	March 29, 2025		March 30, 2024		$ Change		% Change
Net revenue	$	328,110	$	343,263	$	(15,153)	(4.4)	%
Cost of sales	200,642		246,896		(46,254)		(18.7)	%
Gross profit	127,468		96,367		31,101		32.3	%
Selling, general and administrative	86,628		80,843		5,785		7.2	%
Research and development	75,028		74,514		514		0.7	%
Impairment charges	39,817		44,472		(4,655)		(10.5)	%
Gain relating to cessation of business	(75,987)		—		(75,987)		N/A
Operating expenses	125,486		199,829		(74,343)		(37.2)	%
Income/(loss) from operations	$	1,982	$	(103,462)	$	105,444	101.9	%

Net Revenue

Our net revenue for the three and six months ended March 29, 2025 decreased as compared to our net revenue for the three and six months ended March 30, 2024. The decrease in net revenue is primarily due to lower volume in Ball Bonding Equipment, APS and All Others and partially offset by the higher volume in Wedge Bonding Equipment and Advanced Solutions, as further outlined in the following tables presented immediately below.

The following tables reflect net revenue for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended
(dollar amounts in thousands)	March 29, 2025				March 30, 2024				$ Change		% Change
	Net Revenue		% of total net revenue		Net Revenue		% of total net revenue
Ball Bonding Equipment	$	66,281	40.9	%	$	81,908	47.6	%	$	(15,627)	(19.1)	%
Wedge Bonding Equipment	36,197		22.3	%	22,761		13.2	%	$	13,436	59.0	%
Advanced Solutions	17,638		10.9	%	14,124		8.2	%	$	3,514	24.9	%
APS	37,520		23.2	%	40,667		23.6	%	(3,147)		(7.7)	%
All Others	4,350		2.7	%	12,614		7.4	%	(8,264)		(65.5)	%
Total net revenue	$	161,986	100.0	%	$	172,074	100.0	%	$	(10,088)	(5.9)	%

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	Six months ended
(dollar amounts in thousands)	March 29, 2025				March 30, 2024				$ Change		% Change
	Net Revenue		% of total net revenue		Net Revenue		% of total net revenue
Ball Bonding Equipment	$	125,967	38.4	%	$	168,178	49.0	%	$	(42,211)	(25.1)	%
Wedge Bonding Equipment	68,420		20.9	%	46,220		13.5	%	$	22,200	48.0	%
Advanced Solutions	45,816		14.0	%	25,448		7.4	%	$	20,368	80.0	%
APS	76,906		23.4	%	81,908		23.9	%	$	(5,002)	(6.1)	%
All Others	11,001		3.3	%	21,509		6.2	%	$	(10,508)	(48.9)	%
Total net revenue	$	328,110	100.0	%	$	343,263	100.0	%	$	(15,153)	(4.4)	%

Ball Bonding Equipment

For the three and six months ended March 29, 2025, the decrease in Ball Bonding Equipment net revenue as compared to the prior year period was primarily due to lower volume of customer purchases in the general semiconductor and memory end markets as a result of relatively stable factory utilization levels in certain regions.

Wedge Bonding Equipment

For the three and six months ended March 29, 2025, the increase in Wedge Bonding Equipment net revenue as compared to the prior year period was primarily due to higher volume of customer purchases primarily in the general semiconductor and automotive markets driven by wider Electric Vehicle adoption in certain regions.

Advanced Solutions

For the three and six months ended March 29, 2025, the increase in Advanced Solutions net revenue as compared to the prior year period was primarily due to a higher volume of customer purchases in the general semiconductor end markets.

APS

For the three and six months ended March 29, 2025, the decrease in APS net revenue as compared to the prior year period was due to a lower volume of customer purchases primarily in spares and services, and unfavorable pricing from bonding tools.

All Others

For the three and six months ended March 29, 2025, the decrease in All Others net revenue as compared to the prior year period was primarily due to a lower volume of customer purchases in the general semiconductor end market.

Gross Profit Margin

The following tables reflect gross profit margin as a percentage of net revenue by reportable segments for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Basis Point
	March 29, 2025		March 30, 2024		Change
Ball Bonding Equipment	50.8	%	47.6	%	320
Wedge Bonding Equipment	44.6	%	51.2	%	(660)
Advanced Solutions	58.2	%	(405.6)	%	46,380
APS	49.4	%	55.9	%	(650)
All Others	(878.6)	%	2.1	%	(88,070)
Total gross profit margin	24.9	%	9.6	%	1,530

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	Six months ended				Basis Point
	March 29, 2025		March 30, 2024		Change
Ball Bonding Equipment	49.5	%	47.4	%	210
Wedge Bonding Equipment	44.5	%	50.8	%	(630)
Advanced Solutions	70.2	%	(213.5)	%	28,370
APS	51.1	%	55.6	%	(450)
All Others	(334.2)	%	8.3	%	(34,250)
Total gross profit margin	38.8	%	28.1	%	1,070

Ball Bonding Equipment

For the three and six months ended March 29, 2025, the increase in Ball Bonding Equipment gross profit margin as compared to the prior year period was primarily due to a favorable customer mix, including higher sales to customers where we achieve higher average margins.

Wedge Bonding Equipment

For the three and six months ended March 29, 2025, the decrease in Wedge Bonding Equipment gross profit margin as compared to the prior year period was primarily driven by a less favorable product mix, including higher sales of lower margin products and a shift in customer mix, including higher sales to customers where we achieve lower average margins.

Advanced Solutions

For the three and six months ended March 29, 2025, the increase in Advanced Solutions gross profit margin as compared to the prior year period was primarily due to the inventory write-down charges in the prior year as a result of the cancellation of Project W and favorable product mix, including higher sales of higher margin products.

APS

For the three and six months ended March 29, 2025, the decrease in APS gross profit margin as compared to the prior year period was primarily driven by lower volume from spares and services, and unfavorable pricing from bonding tools.

All others

For the three and six months ended March 29, 2025, the decrease in gross profit margin for the “All Others” category as compared to the prior year period was primarily driven by the inventory write-down charges incurred as a result of the intended cessation of the EA equipment business.

Operating Expenses

The following tables reflect operating expenses for the three and six months ended March 29, 2025 and March 30, 2024:

	Three months ended
(dollar amounts in thousands)	March 29, 2025		March 30, 2024		$ Change		% Change
Selling, general & administrative	$	48,014	$	39,450	$	8,564	21.7	%
Research & development	37,220		37,704		(484)		(1.3)	%
Impairment charges	39,817		44,472		(4,655)		(10.5)	%
Total	$	125,051	$	121,626	$	3,425	2.8	%

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	Six months ended
(dollar amounts in thousands)	March 29, 2025		March 30, 2024		$ Change		% Change
Selling, general & administrative	$	86,628	$	80,843	$	5,785	7.2	%
Research & development	75,028		74,514		514		0.7	%
Gain relating to cessation of business	(75,987)		—		(75,987)		N/A
Impairment charges	39,817		44,472		(4,655)		(10.5)	%
Total	$	125,486	$	199,829	$	(74,343)	(37.2)	%

Selling, General and Administrative (“SG&A”)

For the three months ended March 29, 2025, the higher SG&A expenses as compared to the prior year period were primarily due to $5.9 million higher severance expenses, $1.4 million higher staff cost, $0.5 million higher professional services and $0.5 million net unfavorable variance in foreign exchange.

For the six months ended March 29, 2025, the higher SG&A expenses as compared to the prior year period were primarily due to $6.7 million higher severance expenses, $1.8 million higher staff cost and $0.5 million higher professional services. This was partially offset by $3.6 million net favorable variance in foreign exchange.

Research and Development (“R&D”)

For the three months ended March 29, 2025, the lower R&D expenses as compared to the prior year period were primarily due to $1.1 million lower professional services. This was partially offset by $0.5 million higher staff cost.

For the six months ended March 29, 2025, the higher R&D expenses as compared to the prior year period were primarily due to $3.4 million higher staff cost. This was partially offset by $2.5 million lower prototype materials.

Gain relating to cessation of business

For the six months ended March 29, 2025, the gain relating to cessation of business was primarily due to the $71.1 million reimbursement for certain costs and expenses from the cancellation of Project W, a $3.2 million gain on the disposal of a subsidiary and a $1.7 million gain from the supplier settlement.

Impairment Charges

For the three and six months ended March 29, 2025, the impairment charges in the current period were due to $39.8 million impairment charges on long-lived assets, intangible assets and goodwill related to the intended cessation of the EA equipment business. The impairment charges in the prior year period were due to $44.5 million impairment charges on long-lived assets related to the cancellation of Project W.

Income/(Loss) from Operations

Our loss from operations for the three and six months ended March 29, 2025 decreased as compared to our loss from operations for the three and six months ended March 30, 2024. The changes in income/(loss) from operations for the respective segments are due to the changes in net revenue, gross profit margin and operating expenses as explained in the respective sections above.

The following tables reflect income/(loss) from operations by reportable segments for the three and six months ended March 29, 2025 and March 30, 2024.

	Three months ended
(dollar amounts in thousands)	March 29, 2025		March 30, 2024		$ Change		% Change
Ball Bonding Equipment	$	19,295	$	25,152	$	(5,857)	(23.3)	%
Wedge Bonding Equipment	8,913		4,253		4,660		109.6	%
Advanced Solutions	(6,129)		(116,981)		110,852		94.8	%
APS	(1,297)		12,586		(13,883)		(110.3)	%
All Others	(75,246)		(9,554)		(65,692)		(687.6)	%
Corporate Expenses	(30,203)		(20,611)		(9,592)		(46.5)	%
Total loss from operations	$	(84,667)	$	(105,155)	$	20,488	19.5	%

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	Six months ended
(dollar amounts in thousands)	March 29, 2025		March 30, 2024		$ Change		% Change
Ball Bonding Equipment	$	32,723	$	52,866	$	(20,143)	(38.1)	%
Wedge Bonding Equipment	15,616		8,547		7,069		82.7	%
Advanced Solutions	72,445		(130,416)		202,861		155.5	%
APS	9,958		24,832		(14,874)		(59.9)	%
All Others	(78,458)		(17,628)		(60,830)		(345.1)	%
Corporate Expenses	(50,302)		(41,663)		(8,639)		(20.7)	%
Total income/(loss) from operations	$	1,982	$	(103,462)	$	105,444	101.9	%

Interest Income and Expense

The following tables reflect interest income and interest expense for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended
(dollar amounts in thousands)	March 29, 2025		March 30, 2024		$ Change		% Change
Interest income	$	5,622	$	8,848	$	(3,226)	(36.5)	%
Interest expense	$	(36)	$	(18)	$	(18)	(100.0)	%

	Six months ended
(dollar amounts in thousands)	March 29, 2025		March 30, 2024		$ Change		% Change
Interest income	$	11,974	$	18,747	$	(6,773)	(36.1)	%
Interest expense	$	(63)	$	(40)	$	(23)	(57.5)	%

Interest income

For the three and six months ended March 29, 2025, interest income decreased as compared to the prior year period primarily due to a lower average balances of cash, cash equivalents and short-term investments.

Provision for Income Taxes

The following table reflects the provision for income taxes and the effective tax rate for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended									Six months ended
(dollar amounts in thousands)	March 29, 2025			March 30, 2024			Change			March 29, 2025			March 30, 2024			Change
Provision for income taxes	$	5,438		$	6,355		$	(917)		$	16,770		$	8,632		$	8,138
Effective tax rate	(6.9)		%	(6.6)		%	(0.3)		%	120.7		%	(10.2)		%	130.9		%

For the three and six months ended March 29, 2025, as compared to the same period ended March 30, 2024, the change in provision for income taxes and effective tax rate was primarily due to the tax effects of the intended cessation of the Company's EA equipment business and the reimbursement from the cancellation of Project W which were recorded as discrete items during fiscal 2025 as well as the one-time charge for the cancellation of Project W and the increase in valuation allowance recorded against certain deferred tax assets, which were recorded as discrete items during fiscal 2024.

For the three and six months ended March 29, 2025, the effective tax rate is different than the U.S. federal statutory tax rate primarily due to earnings of foreign subsidiaries subject to tax at different rates than the U.S., tax incentives, tax credits, change in valuation allowances, the impact of global intangible low-taxed income, and the tax impact of the discrete items noted above.

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LIQUIDITY AND CAPITAL RESOURCES

The following table reflects total cash, cash equivalents, and short-term investments as of March 29, 2025 and September 28, 2024:

	As of
(dollar amounts in thousands)	March 29, 2025		September 28, 2024		$ Change
Cash and cash equivalents	$	286,519	$	227,147	$	59,372
Short-term investments	295,000		350,000		(55,000)
Total cash, cash equivalents, and short-term investments	$	581,519	$	577,147	$	4,372
Percentage of total assets	50.8%		46.5%

The following table reflects a summary of the Consolidated Condensed Statements of Cash Flow information for the six months ended March 29, 2025 and March 30, 2024:

	Six months ended
(in thousands)	March 29, 2025		March 30, 2024
Net cash provided by/(used in) operating activities	$	98,779	$	(27,479)
Net cash provided by/(used in) investing activities	43,624		(57,112)
Net cash used in financing activities	(81,958)		(85,796)
Effect of exchange rate changes on cash and cash equivalents	(1,073)		733
Changes in cash and cash equivalents	$	59,372	$	(169,654)
Cash and cash equivalents, beginning of period	227,147		529,402
Cash and cash equivalents, end of period	$	286,519	$	359,748

Six months ended March 29, 2025

The increase in net cash provided by operating activities was primarily due to non-cash adjustments to net loss of $89.0 million and a net favourable change in operating assets and liabilities of $12.6 million, partially offset by a net loss of $2.9 million. The non-cash adjustments were primarily due to impairment charges of $39.8 million and an inventory write-down of $28.9 million as a result of the intended cessation of the EA equipment business. The net change in operating assets and liabilities was primarily driven by a decrease in accounts and other receivable of $20.1 million, a decrease in prepaid expenses and other current assets of $7.4 million, and a net increase in accounts payable, accrued expenses and other liabilities of $3.3 million. This was partially offset by an increase in inventories of $11.3 million after excluding the impact of the inventory write-down as shown above, and a decrease in income tax payable of $5.8 million.

The decrease in accounts and other receivable in the six months ended March 29, 2025 was mainly due to lower sales for the period. The decrease in prepaid expenses and other current assets was mainly due to the receipt of tax refunds. The net increase in accounts payable, accrued expenses and other liabilities was primarily due to higher accrued adverse purchase commitments, partially offset by overall lower purchases. The increase in inventories was due to the buildup of long lead time materials to fulfill certain customer purchase orders. The decrease in income tax payable was primarily due to lower profitability which included the net impact from the intended cessation of EA equipment business and reimbursement from the cancellation of Project W which were treated as discrete items.

Net cash provided by investing activities was due to net maturity of short-term investments of $55.0 million and net cash received from the disposal of a subsidiary of $2.5 million, partially offset by capital expenditures of $12.2 million and investment in a private equity fund of $1.8 million.

Net cash used in financing activities was primarily due to common stock repurchases of $58.5 million and dividend payments of $21.8 million.

39

Six months ended March 30, 2024

The increase in net cash used in operating activities was primarily due to a net loss of $93.4 million and a net unfavorable change in operating assets and liabilities of $87.2 million, partially offset by non-cash adjustments to net income of $153.1 million. The non-cash adjustments were primarily due to impairment charges of $44.5 million and inventory write-down of $57.3 million as a result of the cancellation of the Project. The net change in operating assets and liabilities was primarily driven by an increase in accounts and other receivable of $36.5 million, an increase in inventories of $28.6 million after excluding the impact of the inventory write-down as shown above, a decrease in income tax payable of $21.7 million and a decrease in accounts payable and accrued expenses and other current liabilities of $7.8 million. This was partially offset by a decrease in prepaid expenses and other current assets of $13.4 million.

The increase in accounts and other receivable in the six months ended March 30, 2024 was mainly due to the timing of payments due. The increase in inventories was due to the buildup of long lead time materials to fulfill certain customer purchase orders. The decrease in income tax payable was primarily due to lower profitability. The decrease in accounts payable and accrued expenses and other current liabilities was primarily due to the payment of back loaded purchases, partially offset by higher accrued employee compensation and accrued purchase order cancellation charges arising from the cancellation of the Project. The decrease in prepaid expenses was mainly due the transfer of contract assets to net account receivables.

Net cash used in investing activities was due to net purchase of short-term investments of $45.0 million, capital expenditures of $11.0 million and investment in a private equity fund of $1.1 million.

Net cash used in financing activities was primarily due to common stock repurchases of $63.5 million and dividend payments of $22.0 million.

Fiscal 2025 Liquidity and Capital Resource Outlook

We expect our aggregate fiscal 2025 capital expenditures to be between approximately $12.0 million and $16.0 million, of which approximately $4.8 million has been incurred through the second quarter. The actual amounts for 2025 will vary depending on market conditions. Expenditures are anticipated to be primarily for research and development projects, enhancements to our manufacturing operations, improvements to our information technology security, implementation of an enterprise resource planning system and leasehold improvements for our facilities. Our ability to make these expenditures will depend, in part, on our future cash flows, which are determined by our future operating performance and, therefore, subject to prevailing macroeconomic conditions, including actual or potential inflationary pressures, supply chain challenges, geopolitical tensions and other factors, some of which are beyond our control.

As of March 29, 2025 and September 28, 2024, approximately $409.7 million and $302.6 million of cash, cash equivalents, and short-term investments, respectively, were held by the Company’s foreign subsidiaries, with a large portion of the cash amounts expected to be available for use in the U.S. without incurring additional U.S. income tax. The decrease is primarily due to the repatriation of cash held by the Company's foreign subsidiaries to the U.S.

The Company’s operations and capital requirements are anticipated to be funded primarily by cash on hand, cash generated from operating activities, and cash from our existing Facility Agreements (as defined below). We believe these sources of cash and liquidity are sufficient to meet our additional liquidity needs for the foreseeable future, including repayment of outstanding balances under the Facility Agreements, as well as payment of dividends, share repurchases and income taxes.

We believe that our existing cash, cash equivalents, short-term investments, existing Facility Agreements, and anticipated cash flows from operations will be sufficient to meet our liquidity and capital requirements, notwithstanding the macroeconomic headwinds, for at least the next twelve months and beyond. Our liquidity is affected by many factors, some based on normal operations of our business and others related to macroeconomic conditions including actual or potential inflationary pressures, industry-related uncertainties, and effects arising from the ongoing tensions in the Middle East and the prolonged Ukraine/Russia conflict, which we cannot predict. We also cannot predict economic conditions or industry downturns or the timing, strength or duration of recoveries. We intend to continue to use our cash for working capital needs and for general corporate purposes.

40

In this unprecedented macroeconomic environment, we may seek, as we believe appropriate, additional debt or equity financing that would provide capital for general corporate purposes, working capital funding, additional liquidity needs or to fund future growth opportunities, including possible acquisitions. The timing and amount of potential capital requirements cannot be determined at this time and will depend on a number of factors, including the actual and projected demand for our products, semiconductor and semiconductor capital equipment industry conditions, competitive factors, the condition of financial markets and the global economic situation.

Share Repurchase Program

On August 15, 2017, the Company’s Board of Directors authorized a program to repurchase up to $100 million of the Company’s common stock on or before August 1, 2020. In 2018, 2019, 2020 and 2022, the Board of Directors increased the share repurchase authorization to $200 million, $300 million, $400 million and $800 million, respectively, and extended its duration through August 1, 2025 (the "Prior Program").

During the three months ended December 28, 2024, the Company repurchased a total of approximately 657.0 thousand shares of common stock under the Prior Program at a cost of approximately $30.3 million. On December 2, 2024, the Company announced that it has completed share repurchases under the Prior Program.

Additionally, as previously announced on November 13, 2024, the Board of Directors authorized a new share repurchase program to repurchase up to $300 million of the Company's common stock (the "New Program"). On December 2, 2024, the Company entered into a new written trading plan under Rule 10b5-1 of the Exchange Act, to facilitate repurchases under the New Program. The plan permits the purchase of up to approximately $300 million of the Company’s common stock from December 2, 2024 through December 2, 2029. The New Program may be suspended or discontinued at any time and is funded using the Company’s available cash, cash equivalents and short-term investments. Under the New Program, shares may be repurchased through open market and/or privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under the New Program depend on market conditions as well as corporate and regulatory considerations.

During the three and six months ended March 29, 2025, the Company repurchased a total of approximately 518.0 thousand and 654.0 thousand shares of common stock under the New Program at a cost of approximately $21.3 million and $27.9 million, respectively.

The stock repurchases were recorded in the periods the repurchased shares were delivered and accounted for as treasury stock in the Company’s Consolidated Condensed Balance Sheets. The Company records treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon re-issuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid-in capital.

If the Company reissues treasury stock at an amount below its acquisition cost and additional paid-in capital associated with prior treasury stock transactions is insufficient to cover the difference between acquisition cost and the reissue price, this difference is recorded against retained earnings.

As of March 29, 2025, our remaining stock repurchase authorization under the New Program was approximately $272.1 million.

Dividends

On November 13, 2024, the Board of Directors declared a quarterly dividend of $0.205 per share of common stock. Dividends paid during the three and six months ended March 29, 2025 totaled $11.0 million and $21.8 million, respectively. The declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that such dividends are in the best interests of the Company’s shareholders.

Other Obligations and Contingent Payments

In accordance with U.S. GAAP, certain obligations and commitments are not required to be included in the Consolidated Condensed Balance Sheets and Statements of Operations. These obligations and commitments, while entered into in the normal course of business, may have a material impact on our liquidity and are disclosed in the table below.

41

As of March 29, 2025, the Company had deferred tax liabilities of $35.2 million and unrecognized tax benefits within the income taxes payable for uncertain tax positions of $20.2 million, inclusive of accrued interest on uncertain tax positions of $4.4 million, substantially all of which would affect our effective tax rate in the future, if recognized.

It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next twelve months due to the expected lapse of statutes of limitation and / or settlements of tax examinations. Given the number of years and numerous matters that remain subject to examination in various tax jurisdictions, we cannot practicably estimate the timing or financial outcomes of these examinations and, therefore, these amounts are excluded from the amounts below.

The following table presents certain payments due by the Company under contractual and statutory obligations with minimum firm commitments as of March 29, 2025:

			Payments due in
(in thousands)	Total		Less than  1 year		1 - 3 years		3 - 5 years		More than  5 years
Inventory purchase obligations (1)	$	102,484	$	60,746	$	41,738	$	—	$	—
U.S. one-time transition tax payable (2) (reflected on our Consolidated Condensed Balance Sheets)	$	11,811	11,811		—		—		—
Total	$	114,295	$	72,557	$	41,738	$	—	$	—

(1)The Company orders inventory components in the normal course of its business. A portion of these orders are non-cancellable and some orders impose varying penalties and charges in the event of cancellation.

(2) Associated with the U.S. one-time transition tax on certain earnings and profits of our foreign subsidiaries in relation to the U.S. Tax Cuts and Job Act of 2017.

Credit facilities

On February 15, 2019, the Company entered into a Facility Letter and Overdraft Agreement (collectively, the “Facility Agreements”) with MUFG Bank, Ltd., Singapore Branch (the “Bank”). The Facility Agreements provide the Company and one of its subsidiaries with an overdraft facility of up to $150.0 million (the “Overdraft Facility”) for general corporate purposes. Amounts outstanding under the Overdraft Facility, including interest, are payable upon thirty days written demand by the Bank. Interest on the Overdraft Facility is calculated on a daily basis, and the applicable interest rate is calculated at the Secured Overnight Financing Rate (“SOFR”) plus a margin of 1.5% per annum. The Overdraft Facility is an unsecured facility per the terms of the Facility Agreements. The Facility Agreements contain customary non-financial covenants, including, without limitation, covenants that restrict the Company’s ability to sell or dispose of its assets, cease owning at least 51% of two of its subsidiaries (the “Subsidiaries”) or encumber its assets with material security interests (including any pledge of monies in the Subsidiaries’ cash deposit account with the Bank). The Facility Agreements also contain typical events of default, including, without limitation, non-payment of financial obligations when due, cross defaults to other material indebtedness of the Company, and breach of a representation or warranty under the Facility Agreements. As of March 29, 2025, there were no outstanding amounts under the Overdraft Facility.

As of March 29, 2025, other than the bank guarantee disclosed in Note 9: Debt and Other Obligations in our Notes to Consolidated Condensed Financial Statements, we did not have any other off-balance sheet arrangements, such as contingent interests or obligations associated with variable interest entities.

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Item 3. - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

Our available-for-sale securities, if applicable, may consist of short-term investments in highly rated debt instruments of the U.S. Government and its agencies, financial institutions, and corporations. We continually monitor our exposure to changes in interest rates and credit ratings of issuers with respect to any available-for-sale securities and target an average life to maturity of less than 18 months. Accordingly, we believe that the effects on us of changes in interest rates and credit ratings of issuers are limited and would not have a material impact on our financial condition or results of operations.

Foreign Currency Risk

Our international operations are exposed to changes in foreign currency exchange rates due to transactions denominated in currencies other than the location’s functional currency. Our international operations are also exposed to foreign currency fluctuations that impact the remeasurement of net monetary assets of those operations whose functional currency, the U.S. dollar, differs from their respective local currencies, most notably in Israel, Singapore and Switzerland. Our U.S. operations also have foreign currency exposure due to net monetary assets denominated in currencies other than the U.S. dollar. In addition to net monetary remeasurement, we have exposures related to the translation of subsidiary financial statements from their functional currency, the local currency, into its reporting currency, the U.S. dollar, most notably in the Netherlands, China, Taiwan, Japan and Germany.

Based on our foreign currency exposure as of March 29, 2025, a 10.0% fluctuation could impact our financial position, results of operations or cash flows by $4.0 million to $5.0 million. Our attempts to hedge against these risks may not be successful and may result in a material adverse impact on our financial results and cash flow.

We enter into foreign exchange forward contracts to hedge a portion of our forecasted foreign currency-denominated expenses in the normal course of business and, accordingly, they are not speculative in nature. These instruments generally mature within twelve months. We have foreign exchange forward contracts with a notional amount of $47.3 million outstanding as of March 29, 2025.

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Item 4. - CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our Management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 29, 2025. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of March 29, 2025, our disclosure controls and procedures were effective in providing reasonable assurance that the information required to be disclosed by us in reports filed under the Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms; and (ii) accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding disclosure.

Changes in Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP.

In connection with the evaluation by our management, including with the participation of our Chief Executive Officer and Chief Financial Officer, of our internal control over financial reporting, no changes during the three months ended March 29, 2025 were identified to have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. - OTHER INFORMATION 

Item 1. - LEGAL PROCEEDINGS

From time to time, we may be a plaintiff or defendant in cases arising out of our business. We are party to ordinary, routine litigation incidental to our business. We cannot be assured of the results of any pending or future litigation, but we do not believe resolution of any currently pending matters will have a material adverse effect on our business, financial condition or operating results.

Item 1A. - RISK FACTORS

Certain Risks Related to Our Business

There have been no material changes from the risk factors discussed in Part I, Item 1A, “Risk Factors”, of our 2024 Annual Report, except for the following:

Substantially all of our sales, distribution channels and manufacturing operations are located outside of the U.S., which subjects us to risks, including risks from changes in trade regulations, currency fluctuations, political instability and conflicts.

From time to time, our customers may request that we deliver our products to countries where they own or operate production facilities or to countries where they utilize third party subcontractors or warehouses as part of their supply chain. Our customer base in the Asia/Pacific region has become more geographically concentrated over time as a result of general economic and industry conditions and trends. Over 85% of our net revenue is derived from shipments to customers located outside of the U.S., primarily in the Asia/Pacific region. Approximately 47.3% and 47.4% of our net revenue for the six months ended March 29, 2025 and March 30, 2024, respectively, were for shipments to customers headquartered in China.

We expect our future performance to depend on our ability to continue to compete in foreign markets, particularly in the Asia/Pacific region. Some of these economies have been highly volatile, resulting in significant fluctuation in local currencies, and political and economic instability. Some of these economies may also increase trade protectionism, thereby increasing barriers to entry, amplifying supply chain risks and adversely affecting the demand for our products. These conditions may continue or worsen, which may materially and adversely affect our business, financial condition and operating results.

We also rely on non U.S. suppliers for materials and components used in our products, and substantially all of our manufacturing operations are located in countries other than the U.S. We currently manufacture our ball, wedge, APAMATM and APTURATM bonders in Singapore, our Hybrid and Electronic Assembly solutions in the Netherlands and in Singapore, our dicing blades, capillaries and bonding wedges in China, our capillaries in Israel and China, and our advanced dispensing equipment in Taiwan. We also rely on independent foreign distribution channels for certain of our product lines. As a result, a major portion of our business is subject to the risks associated with international commerce, particularly Asia/Pacific region, such as:

• stringent and frequently changing trade compliance regulations;

• less protective foreign intellectual property laws, and the enforcement of patent and other intellectual property rights;

• longer payment cycles in foreign markets and potential default risks;

• foreign exchange restrictions and capital controls, monetary policies and regulatory requirements;

• restrictions or significant taxes on the repatriation of our assets, including cash;

• tariff and currency fluctuations;

• trade wars or trade conflicts;

• difficulties of staffing and managing dispersed international operations, including labor work stoppages and strikes in our factories or the factories of our suppliers;

• changes in our structure or tax incentive arrangements;

• possible disagreements with tax authorities;

45

• episodic events outside our control such as, for example, outbreaks of coronaviruses, influenza, monkeypox or other illnesses;

• natural disasters such as earthquakes, fires or floods, including as a result of climate change;

• war, risks and rumors of war and civil disturbances, including the prolonged tensions in the Middle East and the Ukraine/Russia conflict, or other events that may limit or disrupt manufacturing, markets and international trade;

• act of terrorism that impact our operations, customers or supply chain or that target U.S. interests or U.S. companies;

• seizure of our foreign assets, including cash;

• the imposition of sanctions of countries in which we do business;

• changing political conditions and rising geopolitical tensions; and

• legal systems which are less developed and may be less predictable than those in the U.S.

In addition, there remains a potential risk of conflict and instability in the relationship between Taiwan and China which could disrupt the operations of our customers and/or suppliers in both Taiwan and China, our manufacturing operations in Taiwan and China, and our future plans in the region.

Our international operations also depend on favorable trade relations between the U.S. and those foreign countries in which our customers, subcontractors and materials suppliers have operations. In 2025, the U.S. has imposed, or threatened to impose, additional tariffs on a number of countries. Impacted countries have imposed, and in the future may impose, retaliatory tariffs, and such actions could give rise to an escalation of other trade measures by the countries subject to such tariffs. While the application of certain previously announced tariffs has been delayed, there is no guarantee that the tariffs will not go into effect and there is the possibility that additional U.S. tariffs may be imposed on certain countries. In addition to tariffs, the U.S. has imposed export controls targeted at specific industries, including the semiconductor industry.

These tariffs and other adverse trade actions, as well as the threat of trade wars against foreign countries/regions, have created even more uncertainties in international trade, which may affect our business. For example, the imposition of tariffs and export controls could increase the cost of our products, which could in turn materially and adversely affect our ability to sell our products in foreign markets.

We are subject to export restrictions that may limit our ability to sell to certain customers, and trade wars, in particular the U.S. China trade war, could adversely affect our business.

The U.S. and several other countries levy tariffs on certain goods and impose other trade restrictions that may impact our customers’ investment in manufacturing equipment, reduce the competitiveness of our products, or inhibit our ability to sell products or purchase necessary equipment and supplies.

In particular, trade tensions between the U.S. and China have been escalating since 2018, with U.S. tariffs on Chinese goods and retaliatory Chinese tariffs on U.S. goods. In 2025, the U.S. has imposed additional tariffs on Chinese-origin goods. In addition, the U.S. has imposed extensive export controls targeted primarily at the semiconductor industry in China. In response, China has imposed retaliatory tariffs and has recently restricted the export of certain metals and prohibited the export of certain rare minerals from China to the U.S.

We cannot predict what further actions may ultimately be taken with respect to tariffs or trade relations between the U.S. and other countries, what products may be subject to such actions, or what actions may be taken by other countries in response. Further changes in trade policy, tariffs, additional taxes, restrictions on exports or other trade barriers, or restrictions on supplies, equipment, and raw materials, may limit our ability to produce products, increase our selling and/or manufacturing costs, reduce the competitiveness of our products, or inhibit our ability to sell products or purchase necessary equipment and supplies, which could have a material adverse effect on our business, results of operations, or financial condition.

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Though nearly all of our manufacturing activities take place outside of the U.S., certain of our advanced packaging products are subject to the EAR because they are based on U.S. technology or contain more than a de minimis amount of controlled U.S. content. The EAR require licenses for, and sometimes prohibit, the export of certain products. The CCL sets forth the types of goods and services controlled by the EAR, including civilian science, technology, and engineering dual use items. For products listed on the CCL, a license may be required as a condition to export depending on the end destination, end use or end user and any applicable license exceptions.

In 2020, the U.S. Department of Commerce Bureau of Industry and Security (“BIS”) amended the EAR to expand controls on certain foreign products based on U.S. technology and sold to Huawei and certain other companies. In October 2022, the BIS amended the EAR again to extend those foreign controls to numerous companies on BIS’ so called Entity List. The 2020 and 2022 amendments impact some of our advanced packaging products, which are based on U.S. technology and are within the scope of the expanded EAR controls on Huawei and other Entity List companies. Therefore, these products cannot be sold to Huawei and other Entity List companies, and are subject to certain end use restrictions. To date, these amendments to the EAR have not had a material direct impact on our business, financial condition or results of operations and we do not expect that they will, although they could have indirect impact, including increasing tensions in U.S. and Chinese trade relations, potentially leading to negative sentiments towards U.S. based companies among Chinese consumers. Additionally, some end users may prefer to avoid the U.S. supply chain in its entirety to avoid the application of these regulations.

In November 2023, the BIS issued additional rules to update export controls on advanced computing semiconductors and semiconductor manufacturing equipment , as well as items that support supercomputing applications and end uses, to arms embargoed countries, including China. Further in December 2024, the BIS added new export controls pertaining to high-bandwidth memory, semiconductor manufacturing equipment and related items that enable advanced-node integrated circuit production. In January 2025, the BIS issued its "Framework for AI Diffusion", which includes a set of additional export controls on advanced computing chips and certain closed artificial intelligence ("AI") model weights, as well as a three-tiered framework for AI access.

We are taking appropriate measures to comply with all applicable BIS Rules. Where required, we will apply for export licenses from the BIS to avoid disruption to our customers’ operations. Export licenses may be subject to a prolonged review and appeals process, to which there cannot be an assurance as to whether an export license may be granted, granted with conditions or eventually revoked due to subsequent challenge.

Additionally, the rules promulgated by the BIS are typically complex, and the BIS could revise or expand them in response to public comments. Likewise, the BIS may issue guidance clarifying the scope of the rules. Such revisions, expansions or guidance could change the impact of the rules for our business. Future changes in, and responses to, the various export regulations, tariffs, or other trade regulations between the U.S. and other countries may be unpredictable. Such further changes may limit our ability to produce products, increase our selling or manufacturing costs, decrease margins, reduce the competitiveness of our products and cause our sales to decline, and therefore could have a material adverse effect on our business, financial condition or results of operations.

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Item 2. - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table summarizes the repurchases of common stock during the three months ended March 29, 2025 (in millions, except number of shares, which are reflected in thousands, and per share amounts):

Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(1)
December 29, 2024 to January 25, 2025	127	$	46.76	127	$	287,438
January 26, 2025 to March 1, 2025	199	$	41.98	199	$	279,095
March 2, 2025 to March 29, 2025	192	$	36.26	192	$	272,121
For the three months ended March 29, 2025	518			518

(1)On August 15, 2017, the Company’s Board of Directors authorized the Prior Program, as amended from time to time. Additionally, and as previously announced on November 13, 2024, the Board of Directors authorized the New Program, with the intention that the New Program initiate upon the completion of the Prior Program. Contemporaneously, on December 2, 2024, the Company entered into a new written trading plan under Rule 10b5-1 of the Exchange Act, to facilitate repurchases under the New Program. The plan permits the purchase of up to approximately $300 million of the Company’s common stock from December 2, 2024 through December 2, 2029. The New Program may be suspended or discontinued at any time and is funded using the Company’s available cash, cash equivalents and short-term investments. Under the New Program, shares may be repurchased through open market and/or privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under the New Program depend on market conditions as well as corporate and regulatory considerations.

Item 3. – Defaults Upon Senior Securities.

None.

Item 4. – Mine Safety Disclosures

None.

Item 5. – Other Information

Director and Officer Trading Plans and Arrangements

None of the Company’s directors or officers (as defined in Rule 16a-1f of the Exchange Act) have adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended March 29, 2025, as such terms are defined under Item 408(a) of Regulation S-K.

48

Item 6. -     Exhibits

Exhibit No.	Description
3.1	The Company's Amended and Restated Articles of Incorporation, dated December 5, 2007, are incorporated herein by reference to Exhibit 3(i) to the Company's Annual Report on Form 10-K for the fiscal year ended September 29, 2007, SEC file number 000-00121.
3.2	The Company's Amended and Restated By-Laws, dated March 13, 2024, are incorporated herein by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated March 14, 2024.
31.1	Certification of Fusen Chen, Chief Executive Officer of Kulicke and Soffa Industries, Inc., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Lester Wong, Chief Financial Officer of Kulicke and Soffa Industries, Inc., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Fusen Chen, Chief Executive Officer of Kulicke and Soffa Industries, Inc., pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Lester Wong, Chief Financial Officer of Kulicke and Soffa Industries, Inc., pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101.INS).
*	This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the Exchange Act.

49

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	KULICKE AND SOFFA INDUSTRIES, INC.
Date: May 7, 2025	By:	/s/ LESTER WONG
		Lester Wong
		Executive Vice President and Chief Financial Officer (principal financial officer and principal accounting officer)

50

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Fusen Chen, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Kulicke and Soffa Industries, Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2025	By:	/s/ FUSEN CHEN
		Fusen Chen
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Lester Wong, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Kulicke and Soffa Industries, Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2025	By:	/s/ LESTER WONG
		Lester Wong
		Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Fusen Chen, President and Chief Executive Officer of Kulicke and Soffa Industries, Inc., do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.the Quarterly Report on Form 10-Q of Kulicke and Soffa Industries, Inc. for the period ended March 29, 2025 (the “ March 29, 2025 Form 10-Q”), as filed with the Securities and Exchange Commission, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2.the information contained in the March 29, 2025 Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Kulicke and Soffa Industries, Inc.

Date: May 7, 2025	By:	/s/ FUSEN CHEN
		Fusen Chen
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Lester Wong, Executive Vice President and Chief Financial Officer of Kulicke and Soffa Industries, Inc., do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. the Quarterly Report on Form 10-Q of Kulicke and Soffa Industries, Inc. for the period ended March 29, 2025 (the “March 29, 2025 Form 10-Q”), as filed with the Securities and Exchange Commission, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2. the information contained in the March 29, 2025 Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Kulicke and Soffa Industries, Inc.

Date: May 7, 2025	By:	/s/ LESTER WONG
		Lester Wong
		Executive Vice President and Chief Financial Officer

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	Mar. 29, 2025	May 02, 2025
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Principal Executive Offices
Entity Addresses [Line Items]
Entity Address, Address Line One	1005 Virginia Dr.
Entity Address, City or Town	Fort Washington
Entity Address, Postal Zip Code	19034
Entity Address, State or Province	PA

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 29, 2025	Sep. 28, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 286,519	$ 227,147
Short-term investments	295,000	350,000
Accounts and other receivable, net of allowance for doubtful accounts of $65 and $49, respectively	173,934	193,909
Inventories, net	155,655	177,736
Prepaid expenses and other current assets	37,092	46,161
TOTAL CURRENT ASSETS	948,200	994,953
Property, plant and equipment, net	60,118	64,823
Operating right-of-use assets	30,207	35,923
Goodwill	69,522	89,748
Intangible assets, net	6,215	25,239
Deferred tax assets	18,716	17,900
Equity investments	5,484	3,143
Other assets	6,802	8,433
TOTAL ASSETS	1,145,264	1,240,162
CURRENT LIABILITIES
Accounts payable	48,396	58,847
Operating lease liabilities	6,702	7,718
Income taxes payable	31,807	26,427
Accrued expenses and other current liabilities	96,125	90,802
TOTAL CURRENT LIABILITIES	183,030	183,794
Deferred tax liabilities	35,215	34,594
Income taxes payable	20,156	31,352
Operating lease liabilities	29,575	33,245
Other liabilities	13,122	13,168
TOTAL LIABILITIES	281,098	296,153
Commitments and contingent liabilities (Note 15)
SHAREHOLDERS' EQUITY
Preferred stock, without par value: Authorized 5,000 shares; issued - none	0	0
Common stock, without par value: Authorized 200,000 shares; issued 85,364 and 85,364, respectively; outstanding 53,032 and 53,854 shares, respectively	605,322	596,703
Treasury stock, at cost, 32,332 and 31,510 shares, respectively	(935,633)	(881,830)
Retained earnings	1,217,808	1,242,558
Accumulated other comprehensive loss	(23,331)	(13,422)
TOTAL SHAREHOLDERS’ EQUITY	864,166	944,009
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,145,264	$ 1,240,162

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CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 29, 2025	Sep. 28, 2024
Consolidated Balance Sheets Parenthetical [Abstract]
Allowance for doubtful accounts and notes receivable	$ 65	$ 49
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Common Stock, Shares Authorized (in shares)	200,000,000	200,000,000
Common Stock, Shares, Issued (in shares)	85,364,000	85,364,000
Common Stock, Shares, Outstanding (in shares)	53,032,000	53,854,000
Treasury Stock, Common, Shares (in shares)	32,332,000	31,510,000

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Income Statement [Abstract]
Net revenue	$ 161,986	$ 172,074	$ 328,110	$ 343,263
Cost of sales	121,602	155,603	200,642	246,896
Gross profit	40,384	16,471	127,468	96,367
Selling, general and administrative	48,014	39,450	86,628	80,843
Research and development	37,220	37,704	75,028	74,514
Gain relating to cessation of business	0	0	(75,987)	0
Impairment charges	39,817	44,472	39,817	44,472
Operating expenses	125,051	121,626	125,486	199,829
(Loss)/Income from operations	(84,667)	(105,155)	1,982	(103,462)
Interest income	5,622	8,848	11,974	18,747
Interest expense	(36)	(18)	(63)	(40)
(Loss)/Income before income taxes	(79,081)	(96,325)	13,893	(84,755)
Provision for income taxes	5,438	6,355	16,770	8,632
Net loss	$ (84,519)	$ (102,680)	$ (2,877)	$ (93,387)
Net loss per share:
Basic (in dollars per share)	$ (1.59)	$ (1.83)	$ (0.05)	$ (1.66)
Diluted (in dollars per share)	$ (1.59)	$ (1.83)	$ (0.05)	$ (1.66)
Weighted average shares outstanding:
Basic (in shares)	53,311	56,154	53,551	56,402
Diluted (in shares)	53,311	56,154	53,551	56,402

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (84,519)	$ (102,680)	$ (2,877)	$ (93,387)
Other comprehensive (loss)/income:
Foreign currency translation adjustment	468	(3,027)	(7,789)	3,253
Net changes in pension plan, net of tax	(39)	55	79	(12)
Net increase/(decrease) from derivatives designated as hedging instruments, net of tax	369	(1,161)	(2,199)	309
Other comprehensive loss	798	(4,133)	(9,909)	3,550
Comprehensive loss	$ (83,721)	$ (106,813)	$ (12,786)	$ (89,837)

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CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive (Loss)/Gain
Beginning balance (shares) at Sep. 30, 2023		56,310
Beginning balance at Sep. 30, 2023	$ 1,174,561	$ 577,727	$ (737,214)	$ 1,355,810	$ (21,762)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock for services rendered (shares)		7
Issuance of stock for services rendered	315	$ 253	62
Repurchase of common stock (shares)		(556)
Repurchase of common stock	(26,840)		(26,840)
Issuance of shares for equity based compensation (shares)		734
Issuance of shares for equity-based compensation	0	$ (7,043)	7,043
Equity-based compensation	7,542	$ 7,542
Cash dividend declared ($0.205 per share)	(11,303)			(11,303)
Net loss	9,293			9,293
Other comprehensive loss	7,683				7,683
Comprehensive loss	16,976			9,293	7,683
Ending balance (shares) at Dec. 30, 2023		56,495
Ending balance at Dec. 30, 2023	1,161,251	$ 578,479	(756,949)	1,353,800	(14,079)
Beginning balance (shares) at Sep. 30, 2023		56,310
Beginning balance at Sep. 30, 2023	1,174,561	$ 577,727	(737,214)	1,355,810	(21,762)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(93,387)
Other comprehensive loss	3,550
Comprehensive loss	(89,837)
Ending balance (shares) at Mar. 30, 2024		55,750
Ending balance at Mar. 30, 2024	1,012,177	$ 584,626	(794,193)	1,239,956	(18,212)
Beginning balance (shares) at Dec. 30, 2023		56,495
Beginning balance at Dec. 30, 2023	1,161,251	$ 578,479	(756,949)	1,353,800	(14,079)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock for services rendered (shares)		6
Issuance of stock for services rendered	315	$ 258	57
Repurchase of common stock (shares)		(755)
Repurchase of common stock	(37,329)		(37,329)
Issuance of shares for equity based compensation (shares)		4
Issuance of shares for equity-based compensation	0	$ (28)	28
Equity-based compensation	5,917	$ 5,917
Cash dividend declared ($0.205 per share)	(11,164)			(11,164)
Net loss	(102,680)			(102,680)
Other comprehensive loss	(4,133)				(4,133)
Comprehensive loss	(106,813)			(102,680)	(4,133)
Ending balance (shares) at Mar. 30, 2024		55,750
Ending balance at Mar. 30, 2024	1,012,177	$ 584,626	(794,193)	1,239,956	(18,212)
Beginning balance (shares) at Sep. 28, 2024		53,854
Beginning balance at Sep. 28, 2024	944,009	$ 596,703	(881,830)	1,242,558	(13,422)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock for services rendered (shares)		7
Issuance of stock for services rendered	315	$ 245	70
Repurchase of common stock (shares)		(793)
Repurchase of common stock	(36,879)		(36,879)
Issuance of shares for equity based compensation (shares)		473
Issuance of shares for equity-based compensation	(324)	$ (4,873)	4,549
Excise tax	(151)		(151)
Equity-based compensation	5,826	$ 5,826
Cash dividend declared ($0.205 per share)	(10,987)			(10,987)
Net loss	81,642			81,642
Other comprehensive loss	(10,707)				(10,707)
Comprehensive loss	70,935			81,642	(10,707)
Ending balance (shares) at Dec. 28, 2024		53,541
Ending balance at Dec. 28, 2024	972,744	$ 597,901	(914,241)	1,313,213	(24,129)
Beginning balance (shares) at Sep. 28, 2024		53,854
Beginning balance at Sep. 28, 2024	944,009	$ 596,703	(881,830)	1,242,558	(13,422)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,877)
Other comprehensive loss	(9,909)
Comprehensive loss	(12,786)
Ending balance (shares) at Mar. 29, 2025		53,032
Ending balance at Mar. 29, 2025	864,166	$ 605,322	(935,633)	1,217,808	(23,331)
Beginning balance (shares) at Dec. 28, 2024		53,541
Beginning balance at Dec. 28, 2024	972,744	$ 597,901	(914,241)	1,313,213	(24,129)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock for services rendered (shares)		7
Issuance of stock for services rendered	314	$ 259	55
Repurchase of common stock (shares)		(518)
Repurchase of common stock	(21,250)		(21,250)
Issuance of shares for equity based compensation (shares)		2
Issuance of shares for equity-based compensation	(3)	$ (17)	14
Excise tax	(211)		(211)
Equity-based compensation	7,179	$ 7,179
Cash dividend declared ($0.205 per share)	(10,886)			(10,886)
Net loss	(84,519)			(84,519)
Other comprehensive loss	798				798
Comprehensive loss	(83,721)			(84,519)	798
Ending balance (shares) at Mar. 29, 2025		53,032
Ending balance at Mar. 29, 2025	$ 864,166	$ 605,322	$ (935,633)	$ 1,217,808	$ (23,331)

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CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.205	$ 0.20

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,877)	$ (93,387)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,024	14,952
Impairment charges	39,817	44,472
Equity-based compensation	13,634	14,089
Adjustment for doubtful accounts	16	0
Adjustment for inventory valuation	33,443	65,681
Deferred taxes	(195)	12,563
(Gain)/loss on disposal of property, plant and equipment	(128)	43
Gain on disposal of a subsidiary	(3,154)	0
Unrealized fair value changes on equity investment	(526)	(423)
Unrealized foreign currency translation	(3,895)	1,689
Changes in operating assets and liabilities, net of assets and liabilities assumed in businesses combinations:
Accounts and other receivable	20,091	(36,491)
Inventories	(11,290)	(28,644)
Prepaid expenses and other current assets	7,422	13,406
Accounts payable, accrued expenses and other current liabilities	3,306	(7,784)
Income taxes payable	(5,818)	(21,713)
Other, net	(1,091)	(5,932)
Net cash provided by/(used in) operating activities	98,779	(27,479)
CASH FLOWS FROM INVESTING ACTIVITIES:
Disposal of a subsidiary, net of cash disposed of	2,535	0
Purchases of property, plant and equipment	(12,156)	(10,997)
Proceeds from sales of property, plant and equipment	60	0
Investment in private equity fund	(1,815)	(1,115)
Purchase of short-term investments	(250,000)	(430,000)
Maturity of short-term investments	305,000	385,000
Net cash provided by/(used in) investing activities	43,624	(57,112)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment for finance lease	(207)	(306)
Repurchase of common stock/treasury stock	(58,487)	(63,477)
Payment of excise tax for share repurchases	(1,156)	0
Payments related to tax on vested equity compensation	(327)	0
Common stock cash dividends paid	(21,781)	(22,013)
Net cash used in financing activities	(81,958)	(85,796)
Effect of exchange rate changes on cash and cash equivalents	(1,073)	733
Changes in cash and cash equivalents	59,372	(169,654)
Cash and cash equivalents at beginning of period	227,147	529,402
Cash and cash equivalents at end of period	286,519	359,748
CASH PAID FOR:
Interest	63	40
Income taxes, net of refunds	$ 17,860	$ 17,488

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BASIS OF PRESENTATION

6 Months Ended

Mar. 29, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

These consolidated condensed financial statements include the accounts of Kulicke and Soffa Industries, Inc. and its subsidiaries (“K&S,” “we,” “us,” “our,” or the “Company”), with appropriate elimination of intercompany balances and transactions.

The interim consolidated condensed financial statements are unaudited and, in management’s opinion, include all adjustments (consisting only of normal and recurring adjustments) necessary for a fair statement of results for these interim periods. The interim consolidated condensed financial statements do not include all of the information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024 (the “2024 Annual Report”) filed with the Securities and Exchange Commission on November 14, 2024, which includes the Consolidated Balance Sheets as of September 28, 2024 and September 30, 2023, and the related Consolidated Statements of Operations, Statements of Comprehensive Income, Changes in Shareholders’ Equity and Cash Flows for each of the years in the three-year period ended September 28, 2024. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full year.

Fiscal Year    

Each of the Company’s first three fiscal quarters end on the Saturday that is 13 weeks after the end of the immediately preceding fiscal quarter. The fourth quarter of each fiscal year ends on the Saturday closest to September 30. Fiscal 2025 quarters end on December 28, 2024, March 29, 2025, June 28, 2025 and October 4, 2025. In fiscal years consisting of 53 weeks, the fourth quarter will consist of 14 weeks. Fiscal 2024 quarters ended on December 30, 2023, March 30, 2024, June 29, 2024 and September 28, 2024.

Nature of Business

The Company designs, develops, manufactures and sells capital equipment and tools as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company’s operating results depend upon the capital and operating expenditures of integrated device manufacturers (“IDMs”), outsourced semiconductor assembly and test providers (“OSATs”), foundry service providers, and other electronics manufacturers and automotive electronics suppliers worldwide which, in turn, depend on the current and anticipated market demand for semiconductors and products utilizing semiconductors. The semiconductor industry is highly volatile and experiences downturns and slowdowns which can have a severe negative effect on the semiconductor industry’s demand for semiconductor capital equipment, including assembly equipment manufactured and sold by the Company and, to a lesser extent, tools, solutions and services, including those sold or provided by the Company. These downturns and slowdowns have in the past adversely affected the Company’s operating results. The Company believes such volatility will continue to characterize the industry and the Company’s operations in the future.

On March 25, 2025, the Board of Directors of the Company approved a strategic plan related to the intended cessation of its Electronics Assembly ("EA") equipment business. The plan includes an intention to wind down the EA equipment business in an effort to prioritize core semiconductor assembly business opportunities and enhance overall through-cycle financial performance. The intended cessation of the EA equipment business is subject to a consultation process with the applicable works council and union representatives, which the Company intends to initiate in its third fiscal quarter of 2025. The wind down activities are ongoing and are expected to be substantially completed by the first half of fiscal 2026, after which there will be some service support activities to serve out the remaining customer obligations. For additional information, see Note 16: Cessation of Business in our Notes to the Consolidated Condensed Financial Statements.

Use of Estimates

The preparation of consolidated condensed financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, net revenue and expenses during the reporting periods, and disclosures of contingent assets and liabilities as of the date of the consolidated condensed financial statements. On an ongoing basis, management evaluates estimates, including but not limited to, those related to accounts receivable, reserves for excess and obsolete inventory and inventory valuation, carrying value and lives of fixed assets, goodwill and intangible assets, accrual for customer credit programs, the valuation estimates and assessment of impairment and observable price adjustments, income taxes, equity-based compensation expense, accrual for employee termination benefits and warranties. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of the Company’s assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates, and on an ongoing basis, management evaluates these estimates. Actual results may differ from these estimates.

In light of macroeconomic headwinds, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of March 29, 2025. While there was no material impact from macroeconomic headwinds to our consolidated condensed financial statements as of and for the quarter ended March 29, 2025, these estimates may change, as new events occur and additional information is obtained, including factors related to these headwinds, that could materially impact our consolidated condensed financial statements in future reporting periods.

Significant Accounting Policies

There have been no material changes to our significant accounting policies summarized in Note 1: Basis of Presentation to our Consolidated Financial Statements included in our 2024 Annual Report.

Recent Accounting Pronouncements

Disclosure Improvements

In October 2023, the Financial Accounting Standards Board (the "FASB") issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU aligns the requirements in the FASB Accounting Standards Codification with the SEC’s regulations. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements over a variety of Codification Topics. They will also allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. This ASU will become effective for each amendment on the date on which the SEC removes the related disclosure from its regulations. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity's overall performance and assess potential future cash flows. This ASU will be effective for the Company's fiscal year 2025, and interim periods within the fiscal years beginning after the Company’s fiscal year 2026. Early adoption is permitted. The Company will include the required Segment Reporting disclosures within the Notes to Financial Statements with the filing of its Annual Report on Form 10-K for the year ending on October 4, 2025.

Income Taxes

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvement to Income Tax Disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This ASU will be effective for the Company's fiscal year 2026. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses. This ASU requires disclosure of certain expenses in the notes to the financial statements. This ASU will be effective for the Company's fiscal 2028 on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

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BALANCE SHEET COMPONENTS

6 Months Ended

Mar. 29, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET COMPONENTS

2. BALANCE SHEET COMPONENTS

Components of significant balance sheet accounts as of March 29, 2025 and September 28, 2024 are as follows:

	As of
(in thousands)	March 29, 2025		September 28, 2024
Inventories, net:
Raw materials and supplies	$	113,115	$	113,119
Work in process	39,889		43,023
Finished goods	61,237		53,378
	214,241		209,520
Inventory reserves (1)	(58,586)		(31,784)
	$	155,655	$	177,736
Property, plant and equipment, net (1) (2):
Land	$	2,182	$	2,182
Buildings and building improvements	28,200		23,951
Leasehold improvements	39,253		44,682
Data processing equipment and software	38,281		37,917
Machinery, equipment, furniture and fixtures	102,060		105,548
Construction in progress	8,712		10,060
	218,688		224,340
Accumulated depreciation	(158,570)		(159,517)
	$	60,118	$	64,823
Accrued expenses and other current liabilities:
Accrued customer obligations (3)	$	26,687	$	31,014
Wages and benefits	28,581		28,942
Dividends payable	10,886		10,794
Commissions and professional fees	3,415		4,654
Accrued leasehold renovations	—		6,476
Accrued adverse purchase commitments(1)	11,357		1,836
Severance(1)	11,292		2,407
Other	3,907		4,679
	$	96,125	$	90,802

(1)Please see Note 16: Cessation of Business for more information on the wind down charges and impairments related to the intended cessation of the EA equipment business.

(2)Certain balances previously presented as Accumulated Impairment as of September 28, 2024 have been reclassified to conform to the current period presentation. These reclassifications have no impact to the consolidated financial statements in the fiscal period.

(3)Represents customer advance payments, customer credit program, accrued warranty expense and accrued retrofit obligations.

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GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Mar. 29, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

3. GOODWILL AND INTANGIBLE ASSETS

Goodwill

Intangible assets classified as goodwill are not amortized. The goodwill established in connection with our acquisitions represents the estimated future economic benefits arising from the assets we acquired that did not qualify to be identified and recognized individually. The goodwill also includes the value of expected future cash flows from the acquisitions, expected synergies with our other affiliates and other unidentifiable intangible assets.

The Company performs an annual impairment test of its goodwill during the fourth quarter of each fiscal year, which coincides with the completion of its annual forecasting and refreshing of business outlook process.

The Company performed its annual impairment test in the fourth quarter of fiscal 2024 and concluded that no impairment charge was required. Any future adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate fair values could result in a non-cash impairment in the future.

Under ASC 350, the Company is required to test its goodwill and other intangible assets for impairment annually or when a triggering event has occurred that would indicate it is more likely than not that the fair value of the reporting unit is less than the carrying value including goodwill and other intangible assets. During the three months ended March 29, 2025, the Company concluded that a triggering event had occurred in connection with one reporting unit within the APS reportable segment and one reporting unit within the "All Others" category. The triggering event occurred based on the approval of the strategic plan related to the intended cessation of the EA equipment business. In view of the intended cessation of the EA equipment business and the related reduction in revenue and future cash flow for the reporting units, the Company performed a qualitative assessment and determined that it is more likely than not that this will reduce the fair value of the impacted reporting units below their carrying amount.

In accordance with the guidance under ASC 350, the Company’s impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value, not to exceed the amount of goodwill assigned to the report unit. Accordingly, the Company performed a quantitative impairment test and estimated the fair value of each reporting unit to be less than its carrying value.

The Company used a discounted cash flow model to determine the fair value of each reporting unit within the APS reportable segment and "All Others" category respectively, and as such they were classified as Level 3 assets in the fair value hierarchy. The cash flow projections used within the discounted cash flow models were prepared using the forecasted financial results of each reporting unit, which was based upon the underlying assumption that future revenue and cash flows will diminish once the intended cessation of business is completed. Please refer to Note 16: Cessation of Business for further information on the intended cessation of business. As a result, a goodwill impairment charge, which is a non-cash charge that represents the entire goodwill assigned to the respective reporting units, of $19.2 million within the APS reportable segment and "All Others" category has been recorded and reflected in the Company’s Consolidated Condensed Statements of Operations for the three and six months ended March 29, 2025.

While we have concluded that a triggering event for other reporting units did not occur during the quarter ended March 29, 2025, the persistent macroeconomic headwinds could, in the future, require changes to assumptions utilized in the determination of the estimated fair values of the reporting units which could result in future goodwill impairment charges. Net sales and earnings growth rates could be negatively impacted by reductions or changes in demand for our products. The discount rate utilized in our valuation model could also be impacted by changes in the underlying interest rates and risk premiums included in the determination of the cost of capital.

The following table summarizes the changes in the Company’s recorded goodwill, where applicable, by reportable segments and the “All Others” category as of March 29, 2025 and September 28, 2024. Please refer to Note 16: Cessation of Business for further information on the intended cessation of business:

(in thousands)	Wedge Bonding Equipment		APS		All Others	Total
Balance at September 28, 2024(1)	$	18,280	$	26,268	45,200	$	89,748
Goodwill impairment	—		(2,850)		(16,348)	$	(19,198)
Other	—		(152)		(876)	$	(1,028)
Balance at March 29, 2025	$	18,280	$	23,266	27,976	$	69,522

(1) Cumulative goodwill impairment pertaining to the “All Others” category as of September 28, 2024 was $45.0 million.

Intangible Assets

Intangible assets with determinable lives are amortized over their estimated useful lives. The Company’s intangible assets consist primarily of developed technology, customer relationships, in-process research and development, and trade and brand names.

In connection with the intended cessation of the EA equipment business, the Company recorded an impairment charge of $15.7 million on the developed technology reported within the APS reportable segment and “All Others” category for the quarter ended March 29, 2025. The impairment of intangible assets is a non-cash charge which has been reflected in the Company’s Consolidated Statements of Operations for the quarter ended March 29, 2025.

The following table reflects net intangible assets as of March 29, 2025 and September 28, 2024: 

		As of March 29, 2025						As of September 28, 2024
(dollar amounts in thousands)	Average estimated useful lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Developed technology	6.0 to 15.0	$	37,461	$	(34,310)	$	3,151	$	83,401	$	(61,575)	$	21,826
Customer relationships	5.0 to 8.0	$	21,430	$	(19,855)	$	1,575	$	37,625	$	(35,916)	$	1,709
Trade and brand name	7.0 to 8.0	$	4,600	$	(4,600)	$	—	$	7,272	$	(7,272)	$	—
Other intangible assets	1.0 to 8.0	$	5,618	$	(4,588)	$	1,030	$	5,617	$	(4,372)	$	1,245
In-process research and development	N.A	$	459	$	—	$	459	$	459	$	—	$	459
		$	69,568	$	(63,353)	$	6,215	$	134,374	$	(109,135)	$	25,239

The following table reflects estimated annual amortization expense related to intangible assets as of March 29, 2025:

	As of
(in thousands)	March 29, 2025
Remaining fiscal 2025	$	659
Fiscal 2026	1,288
Fiscal 2027	1,013
Fiscal 2028	922
Fiscal 2029	922
Thereafter	1,411
Total amortization expense	$	6,215

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CASH, CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS

6 Months Ended

Mar. 29, 2025

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS

4. CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS

Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase. In general, these investments are free of trading restrictions.

Cash, cash equivalents, and short-term investments consisted of the following as of March 29, 2025:

(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	21,920	$	—	$	—	$	21,920
Cash equivalents:
Mutual Funds (1)	172,185		35		—		172,220
Time deposits (2)	92,379		—		—		92,379
Total cash and cash equivalents	$	286,484	$	35	$	—	$	286,519
Short-term investments:
Time deposits (2)	295,000		—		—		295,000
Total short-term investments	$	295,000	$	—	$	—	$	295,000
Total cash, cash equivalents and short-term investments	$	581,484	$	35	$	—	$	581,519

(1)Mutual funds held by the Company include Money Market Funds and Ultra-Short Funds. The fair value was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy.

(2)The fair value of all short-term investments approximates cost basis. The Company did not recognize any realized gains or losses on the sale of investments during the three and six months ended March 29, 2025.

Cash, cash equivalents and short-term investments consisted of the following as of September 28, 2024:

(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	26,800	$	—	$	—	$	26,800
Cash equivalents:
Mutual Funds (1)	157,590		89		—		157,679
Time deposits (2)	42,668		—		—		42,668
Total cash and cash equivalents	$	227,058	$	89	$	—	$	227,147
Short-term investments:
Time deposits (2)	350,000		—		—		350,000
Total short-term investments	$	350,000	$	—	$	—	$	350,000
Total cash, cash equivalents and short-term investments	$	577,058	$	89	$	—	$	577,147

(1)Mutual funds held by the Company include Money Market Funds. The fair value was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy.

(2)The fair value of all short-term investments approximates cost basis. The Company did not recognize any realized gains or losses on the sale of investments during the three and six months ended March 30, 2024.

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EQUITY INVESTMENTS

6 Months Ended

Mar. 29, 2025

Equity Method Investments [Abstract]

EQUITY INVESTMENTS

5. EQUITY INVESTMENTS

Equity investments consisted of the following as of March 29, 2025 and September 28, 2024:

	As of
(in thousands)	March 29, 2025		September 28, 2024
Non-marketable equity securities	$	5,484	$	3,143

Net Asset Value (“NAV”) (Private Equity Fund): Equity investments in affiliated investment funds are valued based on the NAV reported by the investment fund in accordance with ASC Topic 820-10. Investments held by the affiliated investment fund include a diversified portfolio of investments in the global semiconductor industry. The Company receives distributions through the liquidation of the underlying investments by the affiliated investment fund. However, the period of time over which the underlying investments are expected to be liquidated is unknown. Additionally, the Company’s ability to withdraw from the fund is subject to restrictions. The term of the fund will continue until March 18, 2032, unless dissolved earlier or otherwise extended by the General Partner. In accordance with ASC Topic 820-10, this investment is measured at fair value using the NAV per share (or its equivalent) practical expedient and has not been classified in the fair value hierarchy. As of March 29, 2025, the Company has funded $5.2 million into the affiliated investment fund and recognized a cumulative unrealized fair value gain of $0.3 million. The Company has recorded the amount of funded capital that has been called as an equity investment.

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FAIR VALUE MEASUREMENTS

6 Months Ended

Mar. 29, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASURMENTS

6. FAIR VALUE MEASUREMENTS

Accounting standards establish three levels of inputs that may be used to measure fair value: quoted prices in active markets for identical assets or liabilities (referred to as Level 1), inputs other than Level 1 that are observable for the asset or liability either directly or indirectly (referred to as Level 2) and unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities (referred to as Level 3).

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis 

We measure certain financial assets and liabilities as described in Note 4: Cash, Cash Equivalents, and Short-Term Investments and Note 5: Equity Investments at fair value on a recurring basis. There were no transfers between fair value measurement levels during the three and six months ended March 29, 2025.

Fair Value Measurements on a Nonrecurring Basis

Our non-financial assets such as intangible assets and property, plant and equipment are carried at cost unless impairment is deemed to have occurred. Please refer to Note 3: Goodwill and Intangible Assets for further information on the fair value measurement of assets relating to the intended cessation of the EA equipment business.

Fair Value of Financial Instruments

Amounts reported as accounts receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value.

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DERIVATIVES FINANCIAL INSTRUMENTS (Notes)

6 Months Ended

Mar. 29, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES FINANCIAL INSTRUMENTS

7. DERIVATIVE FINANCIAL INSTRUMENTS

The Company’s international operations are exposed to changes in foreign exchange rates due to transactions denominated in currencies other than U.S. dollars. Most of the Company’s revenue and cost of materials are transacted in U.S. dollars. However, a significant amount of the Company’s operating expenses is denominated in local currencies, primarily in Singapore.

The foreign currency exposure of our operating expenses is generally hedged with foreign exchange forward contracts. The Company’s foreign exchange risk management programs include using foreign exchange forward contracts with cash flow hedge accounting designation to hedge exposures to the variability in the U.S. dollar equivalent of forecasted non-U.S. dollar-denominated operating expenses. These instruments generally mature within twelve months. For these derivatives, we report the after-tax gain or loss from the effective portion of the hedge as a component of accumulated other comprehensive income (loss), and we reclassify it into earnings in the same period or periods in which the hedged transaction affects earnings and in the same line item on the Consolidated Condensed Statements of Operations as the impact of the hedged transaction.

The fair value of derivative instruments on our Consolidated Condensed Balance Sheets as of March 29, 2025 and September 28, 2024 were as follows:

	As of
	March 29, 2025				September 28, 2024
(in thousands)	Notional Amount		Fair Value Liability Derivatives(1)		Notional Amount		Fair Value Asset Derivatives(2)
Derivatives designated as hedging instruments:
Foreign exchange forward contracts (3)	$	47,251	$	(678)	$	46,234	$	1,521
Total derivatives	$	47,251	$	(678)	$	46,234	$	1,521

(1)The fair value of derivative liabilities is measured using level 2 fair value inputs and is included in accrued expenses and other current liabilities on our Consolidated Condensed Balance Sheets.

(2)The fair value of derivative assets is measured using level 2 fair value inputs and is included in prepaid expenses and other current assets on our Consolidated Condensed Balance Sheets.

(3)Hedged amounts expected to be recognized to income within the next twelve months.

The effects of derivative instruments designated as cash flow hedges in our Consolidated Condensed Statements of Comprehensive Income for the three and six months ended March 29, 2025 and March 30, 2024 were as follows:

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Foreign exchange forward contract in cash flow hedging relationships:
Net gain/(loss) recognized in OCI, net of tax(1)	$	214	$	(1,189)	$	(2,071)	$	66
Net (loss)/gain reclassified from accumulated OCI into net income, net of tax(2)	$	(155)	$	(28)	$	128	$	(243)

(1)Net change in the fair value of the effective portion classified in OCI.

(2)Effective portion classified as selling, general and administrative expense.

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LEASES

6 Months Ended

Mar. 29, 2025

Leases [Abstract]

Leases

8. LEASES

We have entered into various non-cancellable operating and finance lease agreements for certain of our offices, manufacturing, technology, sales support and service centers, equipment, and vehicles. We determine if an arrangement is a lease, or contains a lease, at inception and record the leases in our financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. Our lease terms may include one or more options to extend the lease terms, for periods from one year to 20 years, when it is reasonably certain that we will exercise that option. As of March 29, 2025, there were no options to extend the lease which was recognized as a right-of-use (“ROU”) asset, or a lease liability. We have lease agreements with lease and non-lease components, and non-lease components are accounted for separately and not included in our leased assets and corresponding liabilities. We have elected not to present short-term leases on the Consolidated Condensed Balance Sheets as these leases have a lease term of 12 months or less at lease inception.

Operating leases are included in operating ROU assets, current operating lease liabilities and non-current operating lease liabilities, and finance leases are included in property, plant and equipment, accrued expenses and other current liabilities, and other liabilities on the Consolidated Condensed Balance Sheets. As of March 29, 2025 and September 28, 2024, our finance leases are not material.

The following table shows the components of lease expense:

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Operating lease expense (1)	$	2,369	$	2,558	$	4,717	$	5,415

(1)Operating lease expense includes short-term lease expense and variable lease expenses, which is immaterial for the three and six months ended March 29, 2025 and March 30, 2024.

The following table shows the cash flows arising from lease transactions. Cash payments related to short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:

	Six months ended
(in thousands)	March 29, 2025		March 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	5,068	$	4,705

The following table shows the weighted-average lease terms and discount rates for operating leases:

	As of
	March 29, 2025		September 28, 2024
Operating leases:
Weighted-average remaining lease term (in years):	7.0		7.3
Weighted-average discount rate:	7.1	%	7.2	%

Future lease payments, excluding short-term leases, as of March 29, 2025, are detailed as follows:

	As of
(in thousands)	March 29, 2025
Remaining fiscal 2025	$	4,939
Fiscal 2026	7,924
Fiscal 2027	5,649
Fiscal 2028	4,959
Fiscal 2029	4,874
Thereafter	17,941
Total minimum lease payments	$	46,286
Less: Interest	$	10,009
Present value of lease obligations	$	36,277
Less: Current portion	$	6,702
Long-term portion of lease obligations	$	29,575

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DEBT AND OTHER OBLIGATIONS DEBT AND OTHER OBLIGATIONS (Notes)

6 Months Ended

Mar. 29, 2025

Debt Disclosure [Abstract]

Debt and Other Obligations

9. DEBT AND OTHER OBLIGATIONS

Bank Guarantees

On November 22, 2013, the Company obtained a $5.0 million credit facility with Citibank in connection with the issuance of bank guarantees for operational purposes. As of March 29, 2025, the outstanding amount under this facility was $4.8 million.

Credit Facilities

On February 15, 2019, the Company entered into a Facility Letter and Overdraft Agreement (collectively, the “Facility Agreements”) with MUFG Bank, Ltd., Singapore Branch (the “Bank”). The Facility Agreements provide the Company and one of its subsidiaries with an overdraft facility of up to $150.0 million (the “Overdraft Facility”) for general corporate purposes. Amounts outstanding under the Overdraft Facility, including interest, are payable upon thirty days written demand by the Bank. Interest on the Overdraft Facility is calculated on a daily basis, and the applicable interest rate is calculated at the Secured Overnight Financing Rate (“SOFR”) plus a margin of 1.5% per annum. The Overdraft Facility is an unsecured facility per the terms of the Facility Agreements. The Facility Agreements contain customary non-financial covenants, including, without limitation, covenants that restrict the Company’s ability to sell or dispose of its assets, cease owning at least 51% of two of its subsidiaries (the “Subsidiaries”), or encumber its assets with material security interests (including any pledge of monies in the Subsidiaries' cash deposit account with the Bank). The Facility Agreements also contain typical events of default, including, without limitation, non-payment of financial obligations when due, cross defaults to other material indebtedness of the Company and any breach of a representation or warranty under the Facility Agreements. As of March 29, 2025, there were no outstanding amounts under the Overdraft Facility.

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SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS

6 Months Ended

Mar. 29, 2025

Share-Based Payment Arrangement [Abstract]

SHAREHOLDERS’ EQUITY AND EMPLOYEE BENEFIT PLANS

10. SHAREHOLDERS’ EQUITY AND EMPLOYEE BENEFIT PLANS

Share Repurchase Program

On August 15, 2017, the Company’s Board of Directors authorized a program to repurchase up to $100 million of the Company’s common stock on or before August 1, 2020. In 2018, 2019, 2020 and 2022, the Board of Directors increased the share repurchase authorization to $200 million, $300 million, $400 million and $800 million, respectively, and extended its duration through August 1, 2025 (the "Prior Program").

During the three months ended December 28, 2024, the Company repurchased a total of approximately 657.0 thousand shares of common stock under the Prior Program at a cost of approximately $30.3 million. On December 2, 2024, the Company announced that it has completed share repurchases under the Prior Program.

Additionally, as announced on November 13, 2024, the Board of Directors authorized a new share repurchase program to repurchase up to $300 million of the Company's common stock (the "New Program"). On December 2, 2024, the Company entered into a new written trading plan under Rule 10b5-1 of the Exchange Act, to facilitate repurchases under the New Program. The plan permits the purchase of up to approximately $300 million of the Company’s common stock from December 2, 2024 through December 2, 2029. The New Program may be suspended or discontinued at any time and is funded using the Company’s available cash, cash equivalents and short-term investments. Under the New Program, shares may be repurchased through open market and/or privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under the New Program depend on market conditions as well as corporate and regulatory considerations.

During the three and six months ended March 29, 2025, the Company repurchased a total of approximately 518.0 thousand and 654.0 thousand shares of common stock under the New Program at a cost of approximately $21.3 million and $27.9 million, respectively.

The stock repurchases were recorded in the periods the repurchased shares were delivered and accounted for as treasury stock in the Company’s Consolidated Condensed Balance Sheets. The Company records treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon re-issuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid-in capital.

If the Company reissues treasury stock at an amount below its acquisition cost and additional paid-in capital associated with prior treasury stock transactions is insufficient to cover the difference between acquisition cost and the reissue price, this difference is recorded against retained earnings.

As of March 29, 2025, our remaining stock repurchase authorization under the New Program was approximately $272.1 million.

Dividends

On November 13, 2025, the Board of Directors declared a quarterly dividend of $0.205 per share of common stock. Dividends paid during the three and six months ended March 29, 2025 totaled $11.0 million and $21.8 million, respectively. The declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on the Company’s financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that such dividends are in the best interests of the Company’s shareholders.

Accumulated Other Comprehensive Loss

The following table reflects changes in accumulated other comprehensive income/(loss) by component as of March 29, 2025 and September 28, 2024: 

(in thousands)	Cumulative Foreign Currency Translation Adjustment		Pension Plan Adjustments		Gain/(Loss) on Derivative Instruments		Total
As of September 28, 2024	$	(13,261)	$	(1,682)	$	1,521	$	(13,422)
Other comprehensive (loss)/income before reclassifications	(7,401)		79		(2,071)		(9,393)
Amount reclassified out of accumulated other comprehensive loss	(815)		—		(128)		(943)
Tax effects	427		—		—		427
Other comprehensive (loss)/income	(7,789)		79		(2,199)		(9,909)
As of March 29, 2025	$	(21,050)	$	(1,603)	$	(678)	$	(23,331)

Equity-Based Compensation

The Company has a stockholder-approved equity-based compensation plan, the 2021 Omnibus Incentive Plan (the “Plan”) from which employees and directors receive grants. On March 5, 2025, the stockholders of the Company approved an amendment to the Plan that increased the number of shares of common stock available for issuance by 2.8 million shares, which were registered on the registration statement on Form S-8 filed with the SEC on March 11, 2025. As of March 29, 2025, 3.9 million shares of common stock are available for grant to the Company’s employees and directors under the Plan.

•Relative Total Shareholder Return Performance Share Units (“Relative TSR PSUs”) entitle the employee to receive common stock of the Company on the award vesting date, typically the third anniversary of the grant date (or as soon as administratively practicable if later), if market performance objectives which measure the relative TSR are attained. Relative TSR is calculated based upon the 90-calendar day average price at the end of the performance period of the Company’s stock as compared to specific peer companies that comprise the GICS (45301020) Semiconductor Index. TSR is measured for the Company and each peer company over a performance period, which is generally three years. Vesting percentages range from 0% to 200% of awards granted. The provisions of the Relative TSR PSUs are reflected in the grant date fair value of the award; therefore, compensation expense is recognized regardless of whether the market condition is ultimately satisfied. Compensation expense is reversed if the award is forfeited prior to the vesting date.

•Revenue Growth Performance Share Units (“Growth PSUs”) entitle the employee to receive common stock of the Company on the award vesting date, typically the third anniversary of the grant date (or as soon as administratively practicable if later), based on organic revenue growth objectives and relative growth performance against named competitors as set by the Management Development and Compensation Committee (“MDCC”) of the Company’s Board of Directors. Organic revenue growth is calculated by averaging revenue growth (net of revenues from acquisitions) over a performance period, which is generally three years. Revenues from acquisitions will be included in the calculation after four fiscal quarters after acquisition. Any portion of the grant that does not meet the revenue growth objectives and relative growth performance is forfeited. Vesting percentages range from 0% to 200% of awards granted.

•In general, Time-based Restricted Share Units (“Time-based RSUs”) awarded to employees vest ratably over a three-year period on the anniversary of the grant date provided the employee remains employed by the Company.

Equity-based compensation expense recognized in the Consolidated Condensed Statements of Operations for the three and six months ended March 29, 2025 and March 30, 2024 was based upon awards ultimately expected to vest, with forfeiture accounted for when they occur.

The following table reflects Time-based RSUs, Relative TSR PSUs, Growth PSUs and common stock granted during the three and six months ended March 29, 2025 and March 30, 2024:

	Three months ended		Six months ended
(shares in thousands)	March 29, 2025	March 30, 2024	March 29, 2025	March 30, 2024
Time-based RSUs	—	3	563	502
Relative TSR PSUs	—	—	128	231
Growth PSUs	—	—	—	49
Common stock	7	6	14	13
Equity-based compensation in shares	7	9	705	795

The following table reflects total equity-based compensation expense, which includes Time-based RSUs, Relative TSR PSUs, Growth PSUs and common stock, included in the Consolidated Condensed Statements of Operations during the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Cost of sales	$	387	$	363	$	770	$	722
Selling, general and administrative	4,920		4,103		8,659		9,783
Research and development	2,186		1,766		4,205		3,584
Total equity-based compensation expense	$	7,493	$	6,232	$	13,634	$	14,089

The following table reflects equity-based compensation expense, by type of award, for the three and six months ended March 29, 2025 and March 30, 2024:  

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Time-based RSUs	$	5,210	$	4,470	$	10,366	$	9,013
Relative TSR PSUs	1,837		1,273		3,615		2,833
Growth PSUs	131		174		(977)		1,613
Common stock	315		315		630		630
Total equity-based compensation expense	$	7,493	$	6,232	$	13,634	$	14,089

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REVENUE AND CONTRACT BALANCES

6 Months Ended

Mar. 29, 2025

Revenue from Contract with Customer [Abstract]

REVENUE AND CONTRACT BALANCES

11. REVENUE AND CONTRACT BALANCES

The Company recognizes revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. In general, the Company generates revenue from product sales, either directly to customers or to distributors. In determining whether a contract exists, we evaluate the terms of the agreement, the relationship with the customer or distributor and their ability to pay. Service revenue is generally recognized over time as the services are performed. For the three and six months ended March 29, 2025 and March 30, 2024, the service revenue was not material.

The Company reports revenue based on its reportable segments and end markets, which provides information about how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Please refer to Note 14: Segment Information, for disclosure of revenue by segment and end markets.

Contract Balances

	As of
(in thousands)	March 29, 2025		September 28, 2024
Contract liabilities	$	14,830	$	18,646

Our contract liabilities are primarily related to payments received in advance of satisfying performance obligations, and are reported in the accompanying Consolidated Condensed Balance Sheets within accrued expenses and other current liabilities.

Contract liabilities increased as a result of receiving new advanced payments from customers, partially offset by the recognition in revenue of $10.6 million that was included in contract liabilities as of September 28, 2024.

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EARNINGS PER SHARE

6 Months Ended

Mar. 29, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

12. EARNINGS PER SHARE

Basic income per share is calculated using the weighted average number of shares of common stock outstanding during the period. Restricted stock are included in the calculation of diluted earnings per share, except when their effect would be anti-dilutive. For the three and six months ended March 29, 2025 and March 30, 2024, restricted stock were excluded due to the net loss the Company incurred during the period.

The following table reflects a reconciliation of the shares used in the basic and diluted net loss per share computation for the three and six months ended March 29, 2025 and March 30, 2024:

	Three months ended
(in thousands, except per share data)	March 29, 2025				March 30, 2024
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net loss	$	(84,519)	$	(84,519)	$	(102,680)	$	(102,680)
DENOMINATOR:
Weighted average shares outstanding - Basic	53,311		53,311		56,154		56,154
Dilutive effect of Equity Plans			—				—
Weighted average shares outstanding - Diluted			53,311				56,154
EPS:
Net loss per share - Basic	$	(1.59)	$	(1.59)	$	(1.83)	$	(1.83)
Effect of dilutive shares			—				—
Net loss per share - Diluted			$	(1.59)			$	(1.83)
Anti-dilutive shares(1)			249				416

	Six months ended
(in thousands, except per share data)	March 29, 2025				March 30, 2024
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net loss	$	(2,877)	$	(2,877)	$	(93,387)	$	(93,387)
DENOMINATOR:
Weighted average shares outstanding - Basic	53,551		53,551		56,402		56,402
Dilutive effect of Equity Plans							—
Weighted average shares outstanding - Diluted			53,551				56,402
EPS:
Net loss per share - Basic	$	(0.05)	$	(0.05)	$	(1.66)	$	(1.66)
Effect of dilutive shares			—				—
Net loss per share - Diluted			$	(0.05)			$	(1.66)
Anti-dilutive shares(1)			285				412

(1) Represents the Time-based RSUs, Relative TSR PSUs and Growth PSUs that are excluded from the calculation of diluted earnings per share for the three and six months ended March 29, 2025 and March 30, 2024 as the effect would have been anti-dilutive.

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INCOME TAXES

6 Months Ended

Mar. 29, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

13. INCOME TAXES

The following table reflects the provision for income taxes and the effective tax rate for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended						Six months ended
(dollar amounts in thousands)	March 29, 2025			March 30, 2024			March 29, 2025			March 30, 2024
Provision for income taxes	$	5,438		$	6,355		$	16,770		$	8,632
Effective tax rate	(6.9)		%	(6.6)		%	120.7		%	(10.2)		%

For the three and six months ended March 29, 2025, as compared to the same period ended March 30, 2024, the change in provision for income taxes and effective tax rate was primarily due to the tax effects of the intended cessation of the Company's EA equipment business and the reimbursement from the cancellation of Project W which were recorded as discrete items during fiscal 2025 as well as the one-time charge for cancellation of Project W and the increase in valuation allowance recorded against certain deferred tax assets, which were recorded as discrete items during fiscal 2024.

For the three and six months ended March 29, 2025, the effective tax rate is different than the U.S. federal statutory tax rate primarily due to earnings of foreign subsidiaries subject to tax at different rates than the U.S., tax incentives, tax credits, changes in valuation allowances, the impact of global intangible low-taxed income, and the tax impact of the discrete items noted above.

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SEGMENT INFORMATION

6 Months Ended

Mar. 29, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

14. 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 six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Net revenue:
Ball Bonding Equipment	$	66,281	$	81,908	$	125,967	$	168,178
Wedge Bonding Equipment	36,197		22,761		68,420		46,220
Advanced Solutions	17,638		14,124		45,816		25,448
APS	37,520		40,667		76,906		81,908
All Others	4,350		12,614		11,001		21,509
Net revenue	161,986		172,074		328,110		343,263
Income/(loss) from operations:
Ball Bonding Equipment	19,295		25,152		32,723		52,866
Wedge Bonding Equipment	8,913		4,253		$	15,616	$	8,547
Advanced Solutions	(6,129)		(116,981)		$	72,445	$	(130,416)
APS	(1,297)		12,586		9,958		24,832
All Others	(75,246)		(9,554)		(78,458)		(17,628)
Corporate Expenses	(30,203)		(20,611)		(50,302)		(41,663)
(Loss)/income from operations	$	(84,667)	$	(105,155)	$	1,982	$	(103,462)

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 six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
General Semiconductor	$	90,684	$	90,137	$	156,243	$	161,085
Automotive & Industrial (1)	30,976		30,943		81,430		60,196
Memory	2,806		10,327		13,531		40,074
APS	37,520		40,667		76,906		81,908
Total revenue	$	161,986	$	172,074	$	328,110	$	343,263

(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 six months ended March 29, 2025 and March 30, 2024:

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Capital expenditures:
Ball Bonding Equipment	$	50	$	158	$	57	$	554
Wedge Bonding Equipment	45		121		80		135
Advanced Solutions	14		74		92		318
APS	409		245		793		670
All Others	239		286		387		427
Corporate Expenses	1,959		2,962		3,418		5,275
	$	2,716	$	3,846	$	4,827	$	7,379
Depreciation expense:
Ball Bonding Equipment	$	332	$	326	$	664	$	647
Wedge Bonding Equipment	228		252		455		536
Advanced Solutions	281		2,321		516		5,368
APS	1,313		1,302		2,712		2,625
All Others	342		386		670		766
Corporate Expenses	1,344		1,055		2,590		2,338
	$	3,840	$	5,642	$	7,607	$	12,280
Amortization expense:
Ball Bonding Equipment	$	—	$	—	$	—	$	—
Wedge Bonding Equipment	—		—		—		—
Advanced Solutions	—		—		—		—
APS	245		231		526		457
All Others	835		1,003		1,708		2,032
Corporate Expenses	91		91		183		183
	$	1,171	$	1,325	$	2,417	$	2,672

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COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS

6 Months Ended

Mar. 29, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS

15. COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS

Warranty Expense

The Company’s equipment is generally shipped with a one-year warranty against manufacturing defects. The Company establishes reserves for estimated warranty expense when revenue for the related equipment is recognized. The reserve for estimated warranty expense is based upon historical experience and management’s estimate of future warranty costs, including product part replacement, freight charges and related labor costs expected to be incurred in correcting manufacturing defects during the warranty period.

The following table reflects the reserve for warranty activity for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Reserve for warranty, beginning of period	$	9,426	$	10,167	$	9,911	$	10,457
Provision for warranty	1,883		3,133		4,412		6,069
Utilization of reserve	(2,785)		(3,393)		(5,799)		(6,619)
Reserve for warranty, end of period	$	8,524	$	9,907	$	8,524	$	9,907

Other Commitments and Contingencies

The following table reflects obligations not reflected on the Consolidated Condensed Balance Sheets as of March 29, 2025:

			Payments due by fiscal year
(in thousands)	Total		2025		2026		2027		2028		2029		Thereafter
Inventory purchase obligation (1)	$	102,484	$	60,746	$	41,738	$	—	$	—	$	—	$	—

(1)The Company orders inventory components in the normal course of its business. A portion of these orders are non-cancelable and a portion may have varying penalties and charges in the event of cancellation.

From time to time, the Company is party to or the target of lawsuits, claims, investigations and proceedings, including for personal injury, intellectual property, commercial, contract, and employment matters, which are handled and defended in the ordinary course of business. The Company accrues a contingent loss liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, the Company accrues the minimum amount. The Company expenses legal costs, including those expected to be incurred in connection with a loss contingency, as incurred.

Unfunded Capital Commitments

As of March 29, 2025, the Company also has an obligation to fund uncalled capital commitments of approximately $4.8 million, as and when required, in relation to its investment in a private equity fund.

Concentrations

The following table reflects significant customer concentrations as a percentage of net revenue for the six months ended March 29, 2025 and March 30, 2024:

	Six months ended
	March 29, 2025	March 30, 2024
Forehope Electronic (Ningbo) Co., Ltd.	*	13.8	%

* Represents less than 10% of total net revenue

The following table reflects significant customer concentrations as a percentage of total accounts receivable as of March 29, 2025 and March 30, 2024:

	As of
	March 29, 2025		March 30, 2024
Tianshui Huatian Technology Co., Ltd.	18.2	%	11.6	%
Forehope Electronic (Ningbo) Co., Ltd.	13.9	%	25.4	%

* Represents less than 10% of total accounts receivable

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CESSATION OF BUSINESS

6 Months Ended

Mar. 29, 2025

Cessation Of Business [Abstract]

CESSATION OF BUSINESS

16. CESSATION OF BUSINESS

Cancellation of Project

The Company was engaged by one of its customers (the "Customer") to support the Customer with the development and future mass production of certain technologies relating to advanced display (the "Project"), previously referred to as Project W. As previously disclosed in fiscal 2024, in connection with the Customer's strategic review of its business, the Customer informed the Company that it cancelled the Project.

On November 4, 2024, the Company and the Customer entered into a written agreement pursuant to which the Customer had agreed to reimburse the Company for certain costs and expenses that the Company incurred in connection with the Project. Pursuant to the agreement, the Customer agreed to pay $86.2 million to the Company. In the previous quarter ended December 28, 2024, $15.1 million was included within "Net Revenue" for delivered products and the remaining $71.1 million was included in "Gain relating to cessation of business" in the Consolidated Condensed Statements of Operations. As of the quarter ended March 29, 2025, the Company has received the reimbursement amount from the Customer.

Intended cessation of EA Equipment Business

On March 25, 2025, the Board of Directors of the Company approved a strategic plan related to the intended cessation of its EA equipment business. The plan includes the intended wind down of the EA equipment business in an effort to prioritize core semiconductor assembly business opportunities and enhance overall through-cycle financial performance. The intended cessation of the EA equipment business is subject to a consultation process with the applicable works council and union representatives, which the Company intends to initiate in its third fiscal quarter of 2025.

The Company expects to complete the majority of the wind down activities related to the EA equipment business in the first half of fiscal 2026, after which there will be some service support activities to serve out the remaining customer obligations.

Wind down charges as a result of these activities incurred during the period ended March 29, 2025 were accounted in accordance with ASC 330, Inventory and ASC 712, Compensation—Nonretirement Postemployment Benefits. The Company also performed the impairment tests of all associated assets with reference to the guidance under ASC 330, Inventory, ASC 360, Property, Plant and Equipment and ASC 350, Intangibles - Goodwill and Other. The wind down charges and impairments are primarily recorded in the Company’s "All Others" category and the APS reportable segment. We plan to fund the cash costs through existing cash balances.

The following table summarizes the charges resulting from the intended cessation of the EA equipment business.

	Three and Six Months Ended March 29, 2025
	Cost of sales		Impairment charges		Selling, general and administrative		Total
Inventory write-down	$	28,919	$	—	$	—	$	28,919
Impairment charges related to goodwill and intangible assets	$	—	$	34,870	$	—	$	34,870
Impairment charges relating to long-lived assets	$	—	$	4,947	$	—	$	4,947
Employee termination benefits	$	—	$	—	$	8,180	$	8,180
Adverse purchase commitments	$	9,664	$	—	$	—	$	9,664
	$	38,583	$	39,817	$	8,180	$	86,580

Inventory write-down

In determining the value of our inventory, we consider indicators that net realizable value may be lower than cost based upon projections about future consumption, and market conditions. We recorded a write-down to inventory totaling $28.9 million with a corresponding increase to cost of sales in our consolidated condensed statement of operations for the three and six months ended March 29, 2025. See Note 2: Balance Sheet Components for inventory balances.

Impairment charges relating to goodwill and intangible assets

In accordance with the guidance under ASC 350, the Company performed a qualitative assessment as the intended cessation of the EA equipment business was a triggering event. Accordingly, the Company performed a quantitative impairment test and estimated the fair value of each reporting unit to be less than its carrying value. We recorded a full impairment charge of $19.2 million related to goodwill, and $15.7 million related to the intangible assets reported within the APS reportable segment and "All Others" category. See Note 3: Goodwill and Intangible Assets for more details.

Impairment charges relating to long-lived assets

At March 29, 2025, we recorded a full impairment of the long-lived assets, resulting in an impairment charge of $1.4 million related to property, plant and equipment and $3.6 million related to the ROU assets.

Employee termination benefits

During the quarter ended March 29, 2025, in connection with the intended cessation of the EA equipment business and in accordance with ASC 712, the Company accrued for costs amounting to $8.2 million pertaining to the ongoing employee benefit arrangements. The costs were recorded within "Selling, general and administrative" in the Consolidated Statement of Operations, and are expected to be paid when wind-down activities are completed.

The Company also expects to incur additional employee termination benefits pertaining to one-time benefit arrangements in accordance with ASC 420. We expect to record between approximately $3.0 million and $5.0 million of these costs throughout the completion of the wind-down period.

Adverse purchase commitments

During the quarter ended March 29, 2025, the Company accrued for a loss of $9.7 million that is expected to arise from firm, non-cancelable and unhedged commitments for the future purchase of inventory items in accordance with ASC 330. The costs were recorded within "Cost of Sales" in the Consolidated Statement of Operations.

Contract termination charges and other associated costs

Contract termination charges primarily relate to the costs expected to be incurred to terminate a contract before the end of its term in accordance with ASC 420. The Company expects to record between approximately $3.0 million and $5.0 million throughout the completion of the wind-down period.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Mar. 29, 2025	Dec. 28, 2024	Mar. 30, 2024	Dec. 30, 2023	Mar. 29, 2025	Mar. 30, 2024
Pay vs Performance Disclosure
Net loss	$ (84,519)	$ 81,642	$ (102,680)	$ 9,293	$ (2,877)	$ (93,387)

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Insider Trading Arrangements	3 Months Ended
	Mar. 29, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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BASIS OF PRESENTATION (Policies)

6 Months Ended

Mar. 29, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidation

These consolidated condensed financial statements include the accounts of Kulicke and Soffa Industries, Inc. and its subsidiaries (“K&S,” “we,” “us,” “our,” or the “Company”), with appropriate elimination of intercompany balances and transactions.

The interim consolidated condensed financial statements are unaudited and, in management’s opinion, include all adjustments (consisting only of normal and recurring adjustments) necessary for a fair statement of results for these interim periods. The interim consolidated condensed financial statements do not include all of the information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024 (the “2024 Annual Report”) filed with the Securities and Exchange Commission on November 14, 2024, which includes the Consolidated Balance Sheets as of September 28, 2024 and September 30, 2023, and the related Consolidated Statements of Operations, Statements of Comprehensive Income, Changes in Shareholders’ Equity and Cash Flows for each of the years in the three-year period ended September 28, 2024. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full year.

Fiscal Year

Fiscal Year    

Each of the Company’s first three fiscal quarters end on the Saturday that is 13 weeks after the end of the immediately preceding fiscal quarter. The fourth quarter of each fiscal year ends on the Saturday closest to September 30. Fiscal 2025 quarters end on December 28, 2024, March 29, 2025, June 28, 2025 and October 4, 2025. In fiscal years consisting of 53 weeks, the fourth quarter will consist of 14 weeks. Fiscal 2024 quarters ended on December 30, 2023, March 30, 2024, June 29, 2024 and September 28, 2024.

Nature of business

Nature of Business

The Company designs, develops, manufactures and sells capital equipment and tools as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company’s operating results depend upon the capital and operating expenditures of integrated device manufacturers (“IDMs”), outsourced semiconductor assembly and test providers (“OSATs”), foundry service providers, and other electronics manufacturers and automotive electronics suppliers worldwide which, in turn, depend on the current and anticipated market demand for semiconductors and products utilizing semiconductors. The semiconductor industry is highly volatile and experiences downturns and slowdowns which can have a severe negative effect on the semiconductor industry’s demand for semiconductor capital equipment, including assembly equipment manufactured and sold by the Company and, to a lesser extent, tools, solutions and services, including those sold or provided by the Company. These downturns and slowdowns have in the past adversely affected the Company’s operating results. The Company believes such volatility will continue to characterize the industry and the Company’s operations in the future.

On March 25, 2025, the Board of Directors of the Company approved a strategic plan related to the intended cessation of its Electronics Assembly ("EA") equipment business. The plan includes an intention to wind down the EA equipment business in an effort to prioritize core semiconductor assembly business opportunities and enhance overall through-cycle financial performance. The intended cessation of the EA equipment business is subject to a consultation process with the applicable works council and union representatives, which the Company intends to initiate in its third fiscal quarter of 2025. The wind down activities are ongoing and are expected to be substantially completed by the first half of fiscal 2026, after which there will be some service support activities to serve out the remaining customer obligations. For additional information, see Note 16: Cessation of Business in our Notes to the Consolidated Condensed Financial Statements.

Use of Estimates

Use of Estimates

The preparation of consolidated condensed financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, net revenue and expenses during the reporting periods, and disclosures of contingent assets and liabilities as of the date of the consolidated condensed financial statements. On an ongoing basis, management evaluates estimates, including but not limited to, those related to accounts receivable, reserves for excess and obsolete inventory and inventory valuation, carrying value and lives of fixed assets, goodwill and intangible assets, accrual for customer credit programs, the valuation estimates and assessment of impairment and observable price adjustments, income taxes, equity-based compensation expense, accrual for employee termination benefits and warranties. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of the Company’s assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates, and on an ongoing basis, management evaluates these estimates. Actual results may differ from these estimates.

In light of macroeconomic headwinds, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of March 29, 2025. While there was no material impact from macroeconomic headwinds to our consolidated condensed financial statements as of and for the quarter ended March 29, 2025, these estimates may change, as new events occur and additional information is obtained, including factors related to these headwinds, that could materially impact our consolidated condensed financial statements in future reporting periods.

Significant Accounting Policies

Significant Accounting Policies

There have been no material changes to our significant accounting policies summarized in Note 1: Basis of Presentation to our Consolidated Financial Statements included in our 2024 Annual Report.

Recent accounting pronouncements

Recent Accounting Pronouncements

Disclosure Improvements

In October 2023, the Financial Accounting Standards Board (the "FASB") issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU aligns the requirements in the FASB Accounting Standards Codification with the SEC’s regulations. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements over a variety of Codification Topics. They will also allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. This ASU will become effective for each amendment on the date on which the SEC removes the related disclosure from its regulations. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity's overall performance and assess potential future cash flows. This ASU will be effective for the Company's fiscal year 2025, and interim periods within the fiscal years beginning after the Company’s fiscal year 2026. Early adoption is permitted. The Company will include the required Segment Reporting disclosures within the Notes to Financial Statements with the filing of its Annual Report on Form 10-K for the year ending on October 4, 2025.

Income Taxes

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvement to Income Tax Disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This ASU will be effective for the Company's fiscal year 2026. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses. This ASU requires disclosure of certain expenses in the notes to the financial statements. This ASU will be effective for the Company's fiscal 2028 on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

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BALANCE SHEET COMPONENTS (Tables)

6 Months Ended

Mar. 29, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of significant balance sheet accounts

Components of significant balance sheet accounts as of March 29, 2025 and September 28, 2024 are as follows:

	As of
(in thousands)	March 29, 2025		September 28, 2024
Inventories, net:
Raw materials and supplies	$	113,115	$	113,119
Work in process	39,889		43,023
Finished goods	61,237		53,378
	214,241		209,520
Inventory reserves (1)	(58,586)		(31,784)
	$	155,655	$	177,736
Property, plant and equipment, net (1) (2):
Land	$	2,182	$	2,182
Buildings and building improvements	28,200		23,951
Leasehold improvements	39,253		44,682
Data processing equipment and software	38,281		37,917
Machinery, equipment, furniture and fixtures	102,060		105,548
Construction in progress	8,712		10,060
	218,688		224,340
Accumulated depreciation	(158,570)		(159,517)
	$	60,118	$	64,823
Accrued expenses and other current liabilities:
Accrued customer obligations (3)	$	26,687	$	31,014
Wages and benefits	28,581		28,942
Dividends payable	10,886		10,794
Commissions and professional fees	3,415		4,654
Accrued leasehold renovations	—		6,476
Accrued adverse purchase commitments(1)	11,357		1,836
Severance(1)	11,292		2,407
Other	3,907		4,679
	$	96,125	$	90,802

(1)Please see Note 16: Cessation of Business for more information on the wind down charges and impairments related to the intended cessation of the EA equipment business.

(2)Certain balances previously presented as Accumulated Impairment as of September 28, 2024 have been reclassified to conform to the current period presentation. These reclassifications have no impact to the consolidated financial statements in the fiscal period.

(3)Represents customer advance payments, customer credit program, accrued warranty expense and accrued retrofit obligations.

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GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Mar. 29, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table summarizes the changes in the Company’s recorded goodwill, where applicable, by reportable segments and the “All Others” category as of March 29, 2025 and September 28, 2024. Please refer to Note 16: Cessation of Business for further information on the intended cessation of business:

(in thousands)	Wedge Bonding Equipment		APS		All Others	Total
Balance at September 28, 2024(1)	$	18,280	$	26,268	45,200	$	89,748
Goodwill impairment	—		(2,850)		(16,348)	$	(19,198)
Other	—		(152)		(876)	$	(1,028)
Balance at March 29, 2025	$	18,280	$	23,266	27,976	$	69,522

(1) Cumulative goodwill impairment pertaining to the “All Others” category as of September 28, 2024 was $45.0 million.

Net intangible assets

The following table reflects net intangible assets as of March 29, 2025 and September 28, 2024: 

		As of March 29, 2025						As of September 28, 2024
(dollar amounts in thousands)	Average estimated useful lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Developed technology	6.0 to 15.0	$	37,461	$	(34,310)	$	3,151	$	83,401	$	(61,575)	$	21,826
Customer relationships	5.0 to 8.0	$	21,430	$	(19,855)	$	1,575	$	37,625	$	(35,916)	$	1,709
Trade and brand name	7.0 to 8.0	$	4,600	$	(4,600)	$	—	$	7,272	$	(7,272)	$	—
Other intangible assets	1.0 to 8.0	$	5,618	$	(4,588)	$	1,030	$	5,617	$	(4,372)	$	1,245
In-process research and development	N.A	$	459	$	—	$	459	$	459	$	—	$	459
		$	69,568	$	(63,353)	$	6,215	$	134,374	$	(109,135)	$	25,239

Estimated annual amortization expense related to intangible assets

The following table reflects estimated annual amortization expense related to intangible assets as of March 29, 2025:

	As of
(in thousands)	March 29, 2025
Remaining fiscal 2025	$	659
Fiscal 2026	1,288
Fiscal 2027	1,013
Fiscal 2028	922
Fiscal 2029	922
Thereafter	1,411
Total amortization expense	$	6,215

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CASH, CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS (Tables)

6 Months Ended

Mar. 29, 2025

Cash and Cash Equivalents [Abstract]

Cash, cash equivalents, restricted cash and short-term investments

Cash, cash equivalents, and short-term investments consisted of the following as of March 29, 2025:

(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	21,920	$	—	$	—	$	21,920
Cash equivalents:
Mutual Funds (1)	172,185		35		—		172,220
Time deposits (2)	92,379		—		—		92,379
Total cash and cash equivalents	$	286,484	$	35	$	—	$	286,519
Short-term investments:
Time deposits (2)	295,000		—		—		295,000
Total short-term investments	$	295,000	$	—	$	—	$	295,000
Total cash, cash equivalents and short-term investments	$	581,484	$	35	$	—	$	581,519

(1)Mutual funds held by the Company include Money Market Funds and Ultra-Short Funds. The fair value was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy.

(2)The fair value of all short-term investments approximates cost basis. The Company did not recognize any realized gains or losses on the sale of investments during the three and six months ended March 29, 2025.

Cash, cash equivalents and short-term investments consisted of the following as of September 28, 2024:

(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	26,800	$	—	$	—	$	26,800
Cash equivalents:
Mutual Funds (1)	157,590		89		—		157,679
Time deposits (2)	42,668		—		—		42,668
Total cash and cash equivalents	$	227,058	$	89	$	—	$	227,147
Short-term investments:
Time deposits (2)	350,000		—		—		350,000
Total short-term investments	$	350,000	$	—	$	—	$	350,000
Total cash, cash equivalents and short-term investments	$	577,058	$	89	$	—	$	577,147

(1)Mutual funds held by the Company include Money Market Funds. The fair value was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy.

(2)The fair value of all short-term investments approximates cost basis. The Company did not recognize any realized gains or losses on the sale of investments during the three and six months ended March 30, 2024.

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EQUITY INVESTMENTS (Tables)

6 Months Ended

Mar. 29, 2025

Equity Method Investments [Abstract]

Equity investments

Equity investments consisted of the following as of March 29, 2025 and September 28, 2024:

	As of
(in thousands)	March 29, 2025		September 28, 2024
Non-marketable equity securities	$	5,484	$	3,143

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DERIVATIVES FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Mar. 29, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments on our Consolidated Condensed Balance Sheets as of March 29, 2025 and September 28, 2024 were as follows:

	As of
	March 29, 2025				September 28, 2024
(in thousands)	Notional Amount		Fair Value Liability Derivatives(1)		Notional Amount		Fair Value Asset Derivatives(2)
Derivatives designated as hedging instruments:
Foreign exchange forward contracts (3)	$	47,251	$	(678)	$	46,234	$	1,521
Total derivatives	$	47,251	$	(678)	$	46,234	$	1,521

(1)The fair value of derivative liabilities is measured using level 2 fair value inputs and is included in accrued expenses and other current liabilities on our Consolidated Condensed Balance Sheets.

(2)The fair value of derivative assets is measured using level 2 fair value inputs and is included in prepaid expenses and other current assets on our Consolidated Condensed Balance Sheets.

(3)Hedged amounts expected to be recognized to income within the next twelve months.

Derivative Instruments, Gain (Loss)

The effects of derivative instruments designated as cash flow hedges in our Consolidated Condensed Statements of Comprehensive Income for the three and six months ended March 29, 2025 and March 30, 2024 were as follows:

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Foreign exchange forward contract in cash flow hedging relationships:
Net gain/(loss) recognized in OCI, net of tax(1)	$	214	$	(1,189)	$	(2,071)	$	66
Net (loss)/gain reclassified from accumulated OCI into net income, net of tax(2)	$	(155)	$	(28)	$	128	$	(243)

(1)Net change in the fair value of the effective portion classified in OCI.

(2)Effective portion classified as selling, general and administrative expense.

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LEASES (Tables)

6 Months Ended

Mar. 29, 2025

Leases [Abstract]

Lease expense and components of lease expense

The following table shows the components of lease expense:

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Operating lease expense (1)	$	2,369	$	2,558	$	4,717	$	5,415

(1)Operating lease expense includes short-term lease expense and variable lease expenses, which is immaterial for the three and six months ended March 29, 2025 and March 30, 2024.

The following table shows the cash flows arising from lease transactions. Cash payments related to short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:

	Six months ended
(in thousands)	March 29, 2025		March 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	5,068	$	4,705

Weighted-average lease terms and discount rates

The following table shows the weighted-average lease terms and discount rates for operating leases:

	As of
	March 29, 2025		September 28, 2024
Operating leases:
Weighted-average remaining lease term (in years):	7.0		7.3
Weighted-average discount rate:	7.1	%	7.2	%

Future lease payments after ASC 842 adoption

Future lease payments, excluding short-term leases, as of March 29, 2025, are detailed as follows:

	As of
(in thousands)	March 29, 2025
Remaining fiscal 2025	$	4,939
Fiscal 2026	7,924
Fiscal 2027	5,649
Fiscal 2028	4,959
Fiscal 2029	4,874
Thereafter	17,941
Total minimum lease payments	$	46,286
Less: Interest	$	10,009
Present value of lease obligations	$	36,277
Less: Current portion	$	6,702
Long-term portion of lease obligations	$	29,575

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SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Mar. 29, 2025

Share-Based Payment Arrangement [Abstract]

Accumulated other comprehensive income reflected on the Consolidated Balance Sheets

The following table reflects changes in accumulated other comprehensive income/(loss) by component as of March 29, 2025 and September 28, 2024: 

(in thousands)	Cumulative Foreign Currency Translation Adjustment		Pension Plan Adjustments		Gain/(Loss) on Derivative Instruments		Total
As of September 28, 2024	$	(13,261)	$	(1,682)	$	1,521	$	(13,422)
Other comprehensive (loss)/income before reclassifications	(7,401)		79		(2,071)		(9,393)
Amount reclassified out of accumulated other comprehensive loss	(815)		—		(128)		(943)
Tax effects	427		—		—		427
Other comprehensive (loss)/income	(7,789)		79		(2,199)		(9,909)
As of March 29, 2025	$	(21,050)	$	(1,603)	$	(678)	$	(23,331)

Restricted stock and common stock granted

The following table reflects Time-based RSUs, Relative TSR PSUs, Growth PSUs and common stock granted during the three and six months ended March 29, 2025 and March 30, 2024:

	Three months ended		Six months ended
(shares in thousands)	March 29, 2025	March 30, 2024	March 29, 2025	March 30, 2024
Time-based RSUs	—	3	563	502
Relative TSR PSUs	—	—	128	231
Growth PSUs	—	—	—	49
Common stock	7	6	14	13
Equity-based compensation in shares	7	9	705	795

Equity-based compensation expense

The following table reflects total equity-based compensation expense, which includes Time-based RSUs, Relative TSR PSUs, Growth PSUs and common stock, included in the Consolidated Condensed Statements of Operations during the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Cost of sales	$	387	$	363	$	770	$	722
Selling, general and administrative	4,920		4,103		8,659		9,783
Research and development	2,186		1,766		4,205		3,584
Total equity-based compensation expense	$	7,493	$	6,232	$	13,634	$	14,089

The following table reflects equity-based compensation expense, by type of award, for the three and six months ended March 29, 2025 and March 30, 2024:  

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Time-based RSUs	$	5,210	$	4,470	$	10,366	$	9,013
Relative TSR PSUs	1,837		1,273		3,615		2,833
Growth PSUs	131		174		(977)		1,613
Common stock	315		315		630		630
Total equity-based compensation expense	$	7,493	$	6,232	$	13,634	$	14,089

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REVENUE AND CONTRACT BALANCES (Tables)

6 Months Ended

Mar. 29, 2025

Revenue from Contract with Customer [Abstract]

Contract Assets and Liabilities

Contract Balances

	As of
(in thousands)	March 29, 2025		September 28, 2024
Contract liabilities	$	14,830	$	18,646

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EARNINGS PER SHARE (Tables)

6 Months Ended

Mar. 29, 2025

Earnings Per Share [Abstract]

Reconciliation of shares used in the basic and diluted net income per share computation

The following table reflects a reconciliation of the shares used in the basic and diluted net loss per share computation for the three and six months ended March 29, 2025 and March 30, 2024:

	Three months ended
(in thousands, except per share data)	March 29, 2025				March 30, 2024
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net loss	$	(84,519)	$	(84,519)	$	(102,680)	$	(102,680)
DENOMINATOR:
Weighted average shares outstanding - Basic	53,311		53,311		56,154		56,154
Dilutive effect of Equity Plans			—				—
Weighted average shares outstanding - Diluted			53,311				56,154
EPS:
Net loss per share - Basic	$	(1.59)	$	(1.59)	$	(1.83)	$	(1.83)
Effect of dilutive shares			—				—
Net loss per share - Diluted			$	(1.59)			$	(1.83)
Anti-dilutive shares(1)			249				416

	Six months ended
(in thousands, except per share data)	March 29, 2025				March 30, 2024
	Basic		Diluted		Basic		Diluted
NUMERATOR:
Net loss	$	(2,877)	$	(2,877)	$	(93,387)	$	(93,387)
DENOMINATOR:
Weighted average shares outstanding - Basic	53,551		53,551		56,402		56,402
Dilutive effect of Equity Plans							—
Weighted average shares outstanding - Diluted			53,551				56,402
EPS:
Net loss per share - Basic	$	(0.05)	$	(0.05)	$	(1.66)	$	(1.66)
Effect of dilutive shares			—				—
Net loss per share - Diluted			$	(0.05)			$	(1.66)
Anti-dilutive shares(1)			285				412

(1) Represents the Time-based RSUs, Relative TSR PSUs and Growth PSUs that are excluded from the calculation of diluted earnings per share for the three and six months ended March 29, 2025 and March 30, 2024 as the effect would have been anti-dilutive.

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INCOME TAXES (Tables)

6 Months Ended

Mar. 29, 2025

Income Tax Disclosure [Abstract]

Provision for income taxes and the effective tax rate

The following table reflects the provision for income taxes and the effective tax rate for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended						Six months ended
(dollar amounts in thousands)	March 29, 2025			March 30, 2024			March 29, 2025			March 30, 2024
Provision for income taxes	$	5,438		$	6,355		$	16,770		$	8,632
Effective tax rate	(6.9)		%	(6.6)		%	120.7		%	(10.2)		%

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SEGMENT INFORMATION (Tables)

6 Months Ended

Mar. 29, 2025

Segment Reporting [Abstract]

Operating information by segment

The following table reflects operating information by segment for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Net revenue:
Ball Bonding Equipment	$	66,281	$	81,908	$	125,967	$	168,178
Wedge Bonding Equipment	36,197		22,761		68,420		46,220
Advanced Solutions	17,638		14,124		45,816		25,448
APS	37,520		40,667		76,906		81,908
All Others	4,350		12,614		11,001		21,509
Net revenue	161,986		172,074		328,110		343,263
Income/(loss) from operations:
Ball Bonding Equipment	19,295		25,152		32,723		52,866
Wedge Bonding Equipment	8,913		4,253		$	15,616	$	8,547
Advanced Solutions	(6,129)		(116,981)		$	72,445	$	(130,416)
APS	(1,297)		12,586		9,958		24,832
All Others	(75,246)		(9,554)		(78,458)		(17,628)
Corporate Expenses	(30,203)		(20,611)		(50,302)		(41,663)
(Loss)/income from operations	$	(84,667)	$	(105,155)	$	1,982	$	(103,462)

Schedule of net revenue by Capital Equipment end markets

The following table reflects net revenue by end markets served for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
General Semiconductor	$	90,684	$	90,137	$	156,243	$	161,085
Automotive & Industrial (1)	30,976		30,943		81,430		60,196
Memory	2,806		10,327		13,531		40,074
APS	37,520		40,667		76,906		81,908
Total revenue	$	161,986	$	172,074	$	328,110	$	343,263

(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.

Capital expenditures, depreciation and amortization expense

The following table reflects capital expenditures, depreciation expense and amortization expense for the three and six months ended March 29, 2025 and March 30, 2024:

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Capital expenditures:
Ball Bonding Equipment	$	50	$	158	$	57	$	554
Wedge Bonding Equipment	45		121		80		135
Advanced Solutions	14		74		92		318
APS	409		245		793		670
All Others	239		286		387		427
Corporate Expenses	1,959		2,962		3,418		5,275
	$	2,716	$	3,846	$	4,827	$	7,379
Depreciation expense:
Ball Bonding Equipment	$	332	$	326	$	664	$	647
Wedge Bonding Equipment	228		252		455		536
Advanced Solutions	281		2,321		516		5,368
APS	1,313		1,302		2,712		2,625
All Others	342		386		670		766
Corporate Expenses	1,344		1,055		2,590		2,338
	$	3,840	$	5,642	$	7,607	$	12,280
Amortization expense:
Ball Bonding Equipment	$	—	$	—	$	—	$	—
Wedge Bonding Equipment	—		—		—		—
Advanced Solutions	—		—		—		—
APS	245		231		526		457
All Others	835		1,003		1,708		2,032
Corporate Expenses	91		91		183		183
	$	1,171	$	1,325	$	2,417	$	2,672

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COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Tables)

6 Months Ended

Mar. 29, 2025

Commitments and Contingencies Disclosure [Abstract]

Reserve for product warranty activity

The following table reflects the reserve for warranty activity for the three and six months ended March 29, 2025 and March 30, 2024: 

	Three months ended				Six months ended
(in thousands)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
Reserve for warranty, beginning of period	$	9,426	$	10,167	$	9,911	$	10,457
Provision for warranty	1,883		3,133		4,412		6,069
Utilization of reserve	(2,785)		(3,393)		(5,799)		(6,619)
Reserve for warranty, end of period	$	8,524	$	9,907	$	8,524	$	9,907

Obligations not reflected on the Consolidated Balance Sheet

The following table reflects obligations not reflected on the Consolidated Condensed Balance Sheets as of March 29, 2025:

			Payments due by fiscal year
(in thousands)	Total		2025		2026		2027		2028		2029		Thereafter
Inventory purchase obligation (1)	$	102,484	$	60,746	$	41,738	$	—	$	—	$	—	$	—

(1)The Company orders inventory components in the normal course of its business. A portion of these orders are non-cancelable and a portion may have varying penalties and charges in the event of cancellation.

Schedule of Revenue by Major Customers by Reporting Segments

The following table reflects significant customer concentrations as a percentage of net revenue for the six months ended March 29, 2025 and March 30, 2024:

	Six months ended
	March 29, 2025	March 30, 2024
Forehope Electronic (Ningbo) Co., Ltd.	*	13.8	%

* Represents less than 10% of total net revenue

Significant customer concentrations as a percentage of total accounts receivable

The following table reflects significant customer concentrations as a percentage of total accounts receivable as of March 29, 2025 and March 30, 2024:

	As of
	March 29, 2025		March 30, 2024
Tianshui Huatian Technology Co., Ltd.	18.2	%	11.6	%
Forehope Electronic (Ningbo) Co., Ltd.	13.9	%	25.4	%

* Represents less than 10% of total accounts receivable

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Contractors (Tables)

6 Months Ended

Mar. 29, 2025

Contractors [Abstract]

EA equipment business cessation charges

The following table summarizes the charges resulting from the intended cessation of the EA equipment business.

	Three and Six Months Ended March 29, 2025
	Cost of sales		Impairment charges		Selling, general and administrative		Total
Inventory write-down	$	28,919	$	—	$	—	$	28,919
Impairment charges related to goodwill and intangible assets	$	—	$	34,870	$	—	$	34,870
Impairment charges relating to long-lived assets	$	—	$	4,947	$	—	$	4,947
Employee termination benefits	$	—	$	—	$	8,180	$	8,180
Adverse purchase commitments	$	9,664	$	—	$	—	$	9,664
	$	38,583	$	39,817	$	8,180	$	86,580

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BALANCE SHEET COMPONENTS (Components of significant balance sheet accounts) (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Short-term investments	$ 295,000	$ 350,000
Inventories, net:
Raw materials and supplies	113,115	113,119
Work in process	39,889	43,023
Finished goods	61,237	53,378
Inventory, gross	214,241	209,520
Inventory reserves (1)	(58,586)	(31,784)
Inventories, net	155,655	177,736
Property, plant and equipment, net
Land	2,182	2,182
Buildings and building improvements	28,200	23,951
Leasehold improvements	39,253	44,682
Data processing equipment and software	38,281	37,917
Machinery, equipment, furniture and fixtures	102,060	105,548
Construction in progress	8,712	10,060
Property, plant and equipment, gross	218,688	224,340
Accumulated depreciation	(158,570)	(159,517)
Property, plant and equipment, net	60,118	64,823
Accrued expenses and other current liabilities:
Accrued customer obligations	26,687	31,014
Wages and benefits	28,581	28,942
Dividends payable	10,886	10,794
Commissions and professional fees	3,415	4,654
Accrued leasehold renovations	0	6,476
Accrued adverse purchase commitments	11,357	1,836
Severance	11,292	2,407
Other	3,907	4,679
Accrued expenses and other current liabilities	$ 96,125	$ 90,802

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GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) $ in Thousands	6 Months Ended
	Mar. 29, 2025 USD ($)
Goodwill [Line Items]
Goodwill impairment	$ 19,198
EA Equipment Business Cessation
Goodwill [Line Items]
Goodwill impairment	$ 19,200

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GOODWILL AND INTANGIBLE ASSETS (Goodwill by Reportable Segment) (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 29, 2025	Sep. 28, 2024
Goodwill [Roll Forward]
Beginning Balance	$ 89,748
Goodwill impairment	(19,198)
Other	(1,028)
Ending Balance	69,522
Wedge Bonding Equipment
Goodwill [Roll Forward]
Beginning Balance	18,280
Goodwill impairment	0
Other	0
Ending Balance	18,280
APS
Goodwill [Roll Forward]
Beginning Balance	26,268
Goodwill impairment	(2,850)
Other	(152)
Ending Balance	23,266
All Others
Goodwill [Roll Forward]
Beginning Balance	45,200
Goodwill impairment	(16,348)
Other	(876)
Ending Balance	$ 27,976
Goodwill, cumulative impairment		$ 45,000

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GOODWILL AND INTANGIBLE ASSETS (Net intangible assets) (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Sep. 28, 2024
Schedule Of Intangible Assets [Line Items]
Gross Carrying Amount	$ 69,568	$ 134,374
Accumulated Amortization	(63,353)	(109,135)
Net Amount	6,215	25,239
In-process research and development
Schedule Of Intangible Assets [Line Items]
Gross Carrying Amount	459	459
Accumulated Amortization	0	0
Net Amount	459	459
Developed technology
Schedule Of Intangible Assets [Line Items]
Gross Carrying Amount	37,461	83,401
Accumulated Amortization	(34,310)	(61,575)
Net Amount	$ 3,151	21,826
Developed technology | Minimum
Schedule Of Intangible Assets [Line Items]
Average estimated useful lives (in years)	6 years
Developed technology | Maximum
Schedule Of Intangible Assets [Line Items]
Average estimated useful lives (in years)	15 years
Customer relationships
Schedule Of Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,430	37,625
Accumulated Amortization	(19,855)	(35,916)
Net Amount	$ 1,575	1,709
Customer relationships | Minimum
Schedule Of Intangible Assets [Line Items]
Average estimated useful lives (in years)	5 years
Customer relationships | Maximum
Schedule Of Intangible Assets [Line Items]
Average estimated useful lives (in years)	8 years
Trade and brand name
Schedule Of Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,600	7,272
Accumulated Amortization	(4,600)	(7,272)
Net Amount	$ 0	0
Trade and brand name | Minimum
Schedule Of Intangible Assets [Line Items]
Average estimated useful lives (in years)	7 years
Trade and brand name | Maximum
Schedule Of Intangible Assets [Line Items]
Average estimated useful lives (in years)	8 years
Other intangible assets
Schedule Of Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,618	5,617
Accumulated Amortization	(4,588)	(4,372)
Net Amount	$ 1,030	$ 1,245
Other intangible assets | Minimum
Schedule Of Intangible Assets [Line Items]
Average estimated useful lives (in years)	1 year
Other intangible assets | Maximum
Schedule Of Intangible Assets [Line Items]
Average estimated useful lives (in years)	8 years

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GOODWILL AND INTANGIBLE ASSETS (Estimated annual amortization expense) (Details) $ in Thousands	Mar. 29, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining fiscal 2025	$ 659
Fiscal 2026	1,288
Fiscal 2027	1,013
Fiscal 2028	922
Fiscal 2029	922
Thereafter	1,411
Total amortization expense	$ 6,215

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CASH, CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Sep. 28, 2024
Cash, Cash Equivalents, Restricted Cash and Short-Term Investments [Line Items]
Cash, Amortized Cost	$ 21,920	$ 26,800
Cash, Unrealized Gains	0	0
Cash, Unrealized Losses	0	0
Cash, Estimated Fair Value	21,920	26,800
Cash and Cash Equivalents, Amortized Cost	286,484	227,058
Cash and Cash Equivalents, Unrealized Gain	35	89
Cash and Cash Equivalents, Unrealized Loss	0	0
Cash and Cash Equivalents, Estimated Fair Value	286,519	227,147
Short-term investments, Amortized Cost	295,000	350,000
Short-term Investments, Unrealized Gain	0	0
Short-term Investments, Unrealized Loss	0	0
Short-term Investments, Estimated Fair Value	295,000	350,000
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments, Amortized Cost	581,484	577,058
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments, Unrealized Gain	35	89
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments, Unrealized Loss	0	0
Cash, Cash Equivalents, Restricted Cash, and Short-Term Investments, Estimated Fair Value	581,519	577,147
Mutual Funds
Cash, Cash Equivalents, Restricted Cash and Short-Term Investments [Line Items]
Cash Equivalents, Amortized Cost	172,185	157,590
Cash Equivalents, Unrealized Gain	35	89
Cash Equivalents, Unrealized Loss	0	0
Cash Equivalents, Estimated Fair Value	172,220	157,679
Time deposits
Cash, Cash Equivalents, Restricted Cash and Short-Term Investments [Line Items]
Cash Equivalents, Amortized Cost	92,379	42,668
Cash Equivalents, Unrealized Gain	0	0
Cash Equivalents, Unrealized Loss	0	0
Cash Equivalents, Estimated Fair Value	92,379	42,668
Short-term investments, Amortized Cost	295,000	350,000
Short-term Investments, Unrealized Gain	0	0
Short-term Investments, Unrealized Loss	0	0
Short-term Investments, Estimated Fair Value	$ 295,000	$ 350,000

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EQUITY INVESTMENTS (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 29, 2025	Sep. 28, 2024
Equity Method Investments [Abstract]
Non-marketable equity securities	$ 5,484	$ 3,143
Equity securities funded	5,200
Unrealized fair value gain	$ 300

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DERIVATIVES FINANCIAL INSTRUMENTS - Additional information (Details)	6 Months Ended
	Mar. 29, 2025
Foreign exchange forward contracts | Derivatives designated as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, term of contract	12 months

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DERIVATIVES FINANCIAL INSTRUMENTS (Fair value of derivative instruments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 29, 2025	Sep. 28, 2024
Derivatives, Fair Value [Line Items]
Notional Amount	$ 47,251	$ 46,234
Fair value liability, derivates	$ (678)
Fair value asset, derivatives		1,521
Gain (loss) reclassification, estimate of time to transfer	12 months
Derivatives designated as hedging instruments: | Foreign exchange forward contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 47,251	46,234
Fair value liability, derivates	$ (678)
Fair value asset, derivatives		$ 1,521

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DERIVATIVES FINANCIAL INSTRUMENTS (Gain (loss) of derivative instruments) (Details) - Gain/(Loss) on Derivative Instruments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized (loss) / gain on derivative instruments, net of tax	$ 214	$ (1,189)	$ (2,071)	$ 66
Reclassification adjustment for loss / (gain) on derivative instruments recognized, net of tax	$ (155)	$ (28)	$ 128	$ (243)

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LEASES - Narrative (Details)	6 Months Ended
	Mar. 29, 2025 extend_options
Lessee, Lease, Description [Line Items]
Options to extend	0
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	20 years

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LEASES - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Lease, Cost [Abstract]
Operating lease expense	$ 2,369	$ 2,558	$ 4,717	$ 5,415
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases			$ 5,068	$ 4,705

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LEASES - Lease Terms and Discount Rates (Details)	Mar. 29, 2025	Sep. 28, 2024
Leases [Abstract]
Weighted-average remaining lease term (in years):	7 years	7 years 3 months 18 days
Weighted-average discount rate:	7.10%	7.20%

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LEASES - Future Lease Payments After Adoption ASC 842 (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Sep. 28, 2024
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining fiscal 2025	$ 4,939
Fiscal 2026	7,924
Fiscal 2027	5,649
Fiscal 2028	4,959
Fiscal 2029	4,874
Thereafter	17,941
Total minimum lease payments	46,286
Less: Interest	10,009
Present value of lease obligations	36,277
Less: Current portion	6,702	$ 7,718
Long-term portion of lease obligations	$ 29,575	$ 33,245

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DEBT AND OTHER OBLIGATIONS DEBT AND OTHER OBLIGATIONS (Details)	3 Months Ended
	Mar. 29, 2025 USD ($) subisidiary	Feb. 15, 2019 USD ($)	Nov. 22, 2013 USD ($)
Minimum
Capital Leased Assets [Line Items]
Subsidiary ownership covenant	0.51
Number of subsidiaries, minimum covenant | subisidiary	2
Citibank
Capital Leased Assets [Line Items]
Capacity under credit facility			$ 5,000,000.0
Outstanding amounts under credit facility	$ 4,800,000
Facility agreements | MUFG Bank, Ltd., Singapore Branch
Capital Leased Assets [Line Items]
Capacity under credit facility		$ 150,000,000.0
Outstanding amounts under credit facility	$ 0
Debt instrument, basis spread on variable rate	1.50%

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SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Mar. 05, 2025	Mar. 29, 2025	Dec. 28, 2024	Mar. 30, 2024	Dec. 30, 2023	Mar. 29, 2025	Mar. 30, 2024	Nov. 13, 2024	Mar. 03, 2022	Jul. 03, 2020	Jan. 31, 2019	Jul. 10, 2018	Aug. 15, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount									$ 800,000	$ 400,000	$ 300,000	$ 200,000
Value of shares acquired		$ 21,250	$ 36,879	$ 37,329	$ 26,840
Cash dividends declared (in dollars per share)		$ 0.205		$ 0.20
Payments of ordinary dividends		$ 11,000				$ 21,781	$ 22,013
Relative TSR calculation period						90 days
Relative TSR Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return award performance measurement period						3 years
Revenue Growth Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return award performance measurement period						3 years
Time-based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return award performance measurement period						3 years
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized for issuance (in shares)	2,800,000
Shares available for grant (in shares)		3,900,000				3,900,000
the Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased in period (shares)			657,000.0
Stock repurchase program, authorized amount													$ 100,000
Value of shares acquired			$ 30,300
New Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased in period (shares)		518,000.0				654,000.0
Stock repurchase program, authorized amount								$ 300,000
Value of shares acquired		$ 21,300				$ 27,900
Remaining repurchase authorized amount		$ 272,100				$ 272,100
Minimum | Relative TSR Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		0.00%				0.00%
Minimum | Revenue Growth Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		0.00%				0.00%
Maximum | Relative TSR Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		200.00%				200.00%
Maximum | Revenue Growth Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		200.00%				200.00%

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SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Accumulated other comprehensive income) (Details) $ in Thousands	6 Months Ended
	Mar. 29, 2025 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances, beginning of period	$ (13,422)
Other comprehensive (loss)/income before reclassifications	(9,393)
Amount reclassified out of accumulated other comprehensive loss	(943)
Tax effects	427
Other comprehensive (loss)/income	(9,909)
Balances, end of period	(23,331)
Cumulative Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances, beginning of period	(13,261)
Other comprehensive (loss)/income before reclassifications	(7,401)
Amount reclassified out of accumulated other comprehensive loss	(815)
Tax effects	427
Other comprehensive (loss)/income	(7,789)
Balances, end of period	(21,050)
Pension Plan Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances, beginning of period	(1,682)
Other comprehensive (loss)/income before reclassifications	79
Amount reclassified out of accumulated other comprehensive loss	0
Tax effects	0
Other comprehensive (loss)/income	79
Balances, end of period	(1,603)
Gain/(Loss) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances, beginning of period	1,521
Other comprehensive (loss)/income before reclassifications	(2,071)
Amount reclassified out of accumulated other comprehensive loss	(128)
Tax effects	0
Other comprehensive (loss)/income	(2,199)
Balances, end of period	$ (678)

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SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Restricted stock and common stock granted) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation in shares	7	9	705	795
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation in shares	0	3	563	502
Relative TSR PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation in shares	0	0	128	231
Growth PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation in shares	0	0	0	49
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation in shares	7	6	14	13

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SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Total equity-based compensation expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	$ 7,493	$ 6,232	$ 13,634	$ 14,089
Time-based RSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	5,210	4,470	10,366	9,013
Relative TSR PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	1,837	1,273	3,615	2,833
Growth PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	131	174	(977)	1,613
Common Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	315	315	630	630
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	387	363	770	722
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	4,920	4,103	8,659	9,783
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total equity-based compensation expense	$ 2,186	$ 1,766	$ 4,205	$ 3,584

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REVENUE AND CONTRACT BALANCES (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 14,830	$ 18,646

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REVENUE AND CONTRACT BALANCES - Narrative (Details) $ in Millions	6 Months Ended
	Mar. 29, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 10.6

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EARNINGS PER SHARE (Reconciliation of the shares used in the basic and diluted net income per share computation) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Mar. 29, 2025	Dec. 28, 2024	Mar. 30, 2024	Dec. 30, 2023	Mar. 29, 2025	Mar. 30, 2024
NUMERATOR:
Net loss	$ (84,519)	$ 81,642	$ (102,680)	$ 9,293	$ (2,877)	$ (93,387)
DENOMINATOR:
Weighted average shares outstanding - Basic (in shares)	53,311,000		56,154,000		53,551,000	56,402,000
Dilutive effect of Equity Plans (in shares)	0		0			0
Weighted average shares outstanding - Diluted (in shares)	53,311,000		56,154,000		53,551,000	56,402,000
EPS:
Net income per share - Basic (in dollars per share)	$ (1.59)		$ (1.83)		$ (0.05)	$ (1.66)
Effect of dilutive shares (in dollars per share)	0		0		0	0
Net income per share - Diluted (in dollars per share)	$ (1.59)		$ (1.83)		$ (0.05)	$ (1.66)
Anti-dilutive shares (in shares)	249,000		416,000		285,000	412,000

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INCOME TAXES (Provision for income taxes and the effective tax rate) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 5,438	$ 6,355	$ 16,770	$ 8,632
Effective tax rate	(6.90%)	(6.60%)	120.70%	(10.20%)

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SEGMENT INFORMATION (Narrative) (Details)	6 Months Ended
	Mar. 29, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	4

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SEGMENT INFORMATION (Operating information by segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Net revenue:
Net revenue	$ 161,986	$ 172,074	$ 328,110	$ 343,263
Income/(loss) from operations:
(Loss)/income from operations	(84,667)	(105,155)	1,982	(103,462)
Ball Bonding Equipment
Net revenue:
Net revenue	66,281	81,908	125,967	168,178
Income/(loss) from operations:
(Loss)/income from operations	19,295	25,152	32,723	52,866
Wedge Bonding Equipment
Net revenue:
Net revenue	36,197	22,761	68,420	46,220
Income/(loss) from operations:
(Loss)/income from operations	8,913	4,253	15,616	8,547
Advanced Solutions
Net revenue:
Net revenue	17,638	14,124	45,816	25,448
Income/(loss) from operations:
(Loss)/income from operations	(6,129)	(116,981)	72,445	(130,416)
APS
Net revenue:
Net revenue	37,520	40,667	76,906	81,908
Income/(loss) from operations:
(Loss)/income from operations	(1,297)	12,586	9,958	24,832
All Others
Net revenue:
Net revenue	4,350	12,614	11,001	21,509
Income/(loss) from operations:
(Loss)/income from operations	(75,246)	(9,554)	(78,458)	(17,628)
Corporate Expenses
Income/(loss) from operations:
(Loss)/income from operations	$ (30,203)	$ (20,611)	$ (50,302)	$ (41,663)

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SEGMENT INFORMATION (Schedule of net revenue by Capital Equipment end markets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	$ 161,986	$ 172,074	$ 328,110	$ 343,263
All segments excluding APS | General Semiconductor
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	90,684	90,137	156,243	161,085
All segments excluding APS | Automotive & Industrial (1)
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	30,976	30,943	81,430	60,196
All segments excluding APS | Memory
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	2,806	10,327	13,531	40,074
APS
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	$ 37,520	$ 40,667	$ 76,906	$ 81,908

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SEGMENT INFORMATION (Capital expenditures, depreciation and amortization expense by segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures:	$ 2,716	$ 3,846	$ 4,827	$ 7,379
Depreciation and amortization expense:
Depreciation expense:	3,840	5,642	7,607	12,280
Amortization expense:	1,171	1,325	2,417	2,672
Ball Bonding Equipment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures:	50	158	57	554
Depreciation and amortization expense:
Depreciation expense:	332	326	664	647
Amortization expense:	0	0	0	0
Wedge Bonding Equipment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures:	45	121	80	135
Depreciation and amortization expense:
Depreciation expense:	228	252	455	536
Amortization expense:	0	0	0	0
Advanced Solutions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures:	14	74	92	318
Depreciation and amortization expense:
Depreciation expense:	281	2,321	516	5,368
Amortization expense:	0	0	0	0
APS
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures:	409	245	793	670
Depreciation and amortization expense:
Depreciation expense:	1,313	1,302	2,712	2,625
Amortization expense:	245	231	526	457
All Others
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures:	239	286	387	427
Depreciation and amortization expense:
Depreciation expense:	342	386	670	766
Amortization expense:	835	1,003	1,708	2,032
Corporate Expenses
Segment Reporting, Other Significant Reconciling Item [Line Items]
Capital expenditures:	1,959	2,962	3,418	5,275
Depreciation and amortization expense:
Depreciation expense:	1,344	1,055	2,590	2,338
Amortization expense:	$ 91	$ 91	$ 183	$ 183

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COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Reserve for product warranty activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Reserve for warranty, beginning of period	$ 9,426	$ 10,167	$ 9,911	$ 10,457
Provision for warranty	1,883	3,133	4,412	6,069
Utilization of reserve	(2,785)	(3,393)	(5,799)	(6,619)
Reserve for warranty, end of period	$ 8,524	$ 9,907	$ 8,524	$ 9,907

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COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Obligations not reflected on the Consolidated Balance Sheet) (Details) $ in Thousands	Mar. 29, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total	$ 102,484
2025	60,746
2026	41,738
2027	0
2028	0
2029	0
Thereafter	$ 0

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COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Significant customer concentrations as a percentage of net revenue) (Details)	6 Months Ended
	Mar. 30, 2024
Revenue Benchmark | Customer Concentration Risk | Forehope Electronic (Ningbo) Co., Ltd.
Concentration Risk [Line Items]
Customer concentrations risk percentage	13.80%

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COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS (Significant customer concentrations as a percentage of total accounts receivable) (Details) - Accounts Receivable - Customer Concentration Risk	6 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Tianshui Huatian Technology Co., Ltd.
Concentration Risk [Line Items]
Customer concentrations risk percentage	18.20%	11.60%
Forehope Electronic (Ningbo) Co., Ltd.
Concentration Risk [Line Items]
Customer concentrations risk percentage	13.90%	25.40%

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COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS - Narrative (Details) $ in Millions	6 Months Ended
	Mar. 29, 2025 USD ($)
Other Commitments [Line Items]
Period of warranty for manufacturing defects	1 year
Unfunded capital commitments
Other Commitments [Line Items]
Other commitment	$ 4.8

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CESSATION OF BUSINESS - Cancellation of project (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Nov. 04, 2024	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Subsidiary or Equity Method Investee [Line Items]
Total revenue		$ 161,986	$ 172,074	$ 328,110	$ 343,263
Gain on contract termination		$ 0	$ 0	$ 75,987	$ 0
Project W
Subsidiary or Equity Method Investee [Line Items]
Loss contingency, receivable	$ 86,200
Total revenue	15,100
Gain on contract termination	$ 71,100

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CESSATION OF BUSINESS - EA equipment business cessation (Details) - EA Equipment Business Cessation - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 29, 2025	Mar. 29, 2025
Restructuring Cost and Reserve [Line Items]
Inventory write-down	$ 28,900	$ 28,919
Impairment charges related to goodwill and intangible assets		34,870
Impairment charges relating to long-lived assets		4,947
Employee termination benefits		8,180
Adverse purchase commitments	9,700	9,664
Restructuring Charges, Total		86,580
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Inventory write-down		28,919
Impairment charges related to goodwill and intangible assets		0
Impairment charges relating to long-lived assets		0
Employee termination benefits		0
Adverse purchase commitments		9,664
Restructuring Charges, Total		38,583
Asset Impairment Charges
Restructuring Cost and Reserve [Line Items]
Inventory write-down		0
Impairment charges related to goodwill and intangible assets		34,870
Impairment charges relating to long-lived assets		4,947
Employee termination benefits		0
Adverse purchase commitments		0
Restructuring Charges, Total		39,817
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Inventory write-down		0
Impairment charges related to goodwill and intangible assets		0
Impairment charges relating to long-lived assets		0
Employee termination benefits	$ 8,200	8,180
Adverse purchase commitments		0
Restructuring Charges, Total		$ 8,180

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CESSATION OF BUSINESS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 29, 2025	Mar. 29, 2025	Apr. 04, 2026
Restructuring Cost and Reserve [Line Items]
Goodwill impairment		$ 19,198
EA Equipment Business Cessation
Restructuring Cost and Reserve [Line Items]
Inventory write-down	$ 28,900	28,919
Goodwill impairment		19,200
Intangible assets impairment		15,700
Impairment charges relating to long-lived assets		4,947
Employee termination benefits		8,180
Adverse purchase commitments	9,700	9,664
Restructuring Charges		86,580
EA Equipment Business Cessation | Forecast | Minimum | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			$ 3,000
EA Equipment Business Cessation | Forecast | Maximum | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			5,000
EA Equipment Business Cessation | Asset Impairment Charges
Restructuring Cost and Reserve [Line Items]
Inventory write-down		0
Impairment charges relating to long-lived assets		4,947
Employee termination benefits		0
Adverse purchase commitments		0
Restructuring Charges		39,817
EA Equipment Business Cessation | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Inventory write-down		0
Impairment charges relating to long-lived assets		0
Employee termination benefits	$ 8,200	8,180
Adverse purchase commitments		0
Restructuring Charges		8,180
EA Equipment Business Cessation | Selling, General and Administrative Expenses | Forecast | Minimum
Restructuring Cost and Reserve [Line Items]
Employee termination benefits			3,000
EA Equipment Business Cessation | Selling, General and Administrative Expenses | Forecast | Maximum
Restructuring Cost and Reserve [Line Items]
Employee termination benefits			$ 5,000
EA Equipment Business Cessation | Property, Plant and Equipment | Asset Impairment Charges
Restructuring Cost and Reserve [Line Items]
Impairment charges relating to long-lived assets		1,400
EA Equipment Business Cessation | Right Of Use Assets | Asset Impairment Charges
Restructuring Cost and Reserve [Line Items]
Impairment charges relating to long-lived assets		$ 3,600