Leases

12 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

8. Leases

The following table provides information about the financial statement classification of our lease balances reported within the Consolidated Balance Sheets, in thousands:

	September 30,
	2024		2023
Assets
Right-of-use assets - operating	$	16,596	$	11,217
Right-of-use assets - finance		227		123
Total right-of-use assets	$	16,823	$	11,340
Liabilities
Current
Operating lease liabilities	$	2,041	$	2,623
Finance lease liabilities		101		64
Total current portion of long-term lease liabilities		2,142		2,687
Long-term
Operating lease liabilities		15,240		8,894
Finance lease liabilities		189		50
Total long-term lease liabilities		15,429		8,944
Total lease liabilities	$	17,571	$	11,631

The following table provides information about the financial statement classification of our lease expenses reported in the Consolidated Statements of Operations, in thousands:

		Years Ended September 30,
Lease cost	Classification	2024		2023		2022
Operating lease cost	Cost of sales	$	2,202	$	2,318	$	822
Operating lease cost	Selling, general and administrative expenses		1,409		781		359
Operating lease cost	Research, development and engineering		12		13		14
Finance lease cost	Cost of sales		2		4		4
Finance lease cost	Selling, general and administrative expenses		114		76		71
Short-term lease cost	Cost of sales		—		25		—
Total lease cost		$	3,739	$	3,217	$	1,270

Future minimum lease payments under non-cancelable leases as of September 30, 2024 are as follows, in thousands:

Years Ending September 30,	Operating Leases		Finance Leases		Total
2025	$	3,077	$	118	$	3,195
2026		2,881		118		2,999
2027		2,298		78		2,376
2028		2,338		5		2,343
2029		2,382		—		2,382
Thereafter		10,022		—		10,022
Total lease payments		22,998		319		23,317
Less: Interest		5,717		29		5,746
Present value of lease liabilities	$	17,281	$	290	$	17,571

Operating lease payments include $2.3 million related to options to extend lease terms that are reasonably certain of being exercised. During 2023, we reassessed the options to extend the term of the lease on our manufacturing facility in Carlisle, Pennsylvania, and determined it was not reasonably certain that Amtech would exercise those options. As a result, we reduced our ROU Asset and the related ROU Operating Lease liability by $2.7 million.

The following table provides information about the remaining lease terms and discount rates applied:

	September 30,
	2024			2023
Weighted average remaining lease term
Operating leases	8.47 years			7.31 years
Finance leases	2.73 years			2.54 years
Weighted average discount rate
Operating leases		6.58	%		5.50	%
Finance leases		6.43	%		4.91	%