Intevac Inc - IVAC STOCK NEWS

Intevac (NASDAQ: IVAC) reported Q3 2024 financial results with revenues of $28.5 million, including $13 million from HDD upgrades, spares, and field service, plus $15 million from an inventory transfer agreement. The company posted a net loss of $2.2 million, or $0.08 per share. Gross margin was 24.8%, impacted by approximately 20 percentage points due to inventory-related adjustments. The company ended the quarter with $72.1 million in total cash, cash equivalents, restricted cash and investments, and order backlog stood at $44.4 million. Technology upgrades supporting next-generation HAMR media continue to drive the majority of business operations.

Intevac (IVAC) has appointed Ryan L. Vardeman to its Board of Directors, effective immediately. Vardeman is a principal and co-founder of Palogic Value Fund, L.P., a substantial shareholder of Intevac. The appointment comes with a cooperation agreement between Intevac and Palogic. Board Chair Kevin Barber expressed confidence that Vardeman will enhance the Board's strength in building stockholder value. Vardeman stated his commitment to supporting management's initiatives to improve profitability, operational efficiency, and value creation.

Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, has announced it will release its fiscal third quarter 2024 financial results on Monday, November 11th, 2024, at approximately 1 p.m. PT (4 p.m. ET). Following the release, Intevac management will host a teleconference at 1:30 p.m. PT (4:30 p.m. ET) to discuss the Company's financial results.

Interested parties can participate in the teleconference by calling toll-free (877) 407-0989 for domestic callers or +1 (201) 389-0921 for international callers, referencing meeting number 13748961. The call will also be available via live webcast at https://www.webcast-eqs.com/login/intevac111124 or on Intevac's investor relations website. An archived version of the webcast will be accessible at the same link for those unable to attend the live event.

Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, has announced the appointment of Kevin Barber as the new Board Chairman, effective immediately. Barber succeeds David S. Dury, who has served as Board Chairman since 2017 and will remain on the Board until the 2025 annual meeting of stockholders.

Dury has overseen significant upgrades at the Board level, led the hire of CEO Nigel Hunton in 2022, and oversaw the sale of Photonics in 2021. Barber, who joined the Board in 2018, brings relevant expertise from his experience growing businesses such as Synaptics and building semiconductor manufacturing capability.

Intevac's CEO, Nigel Hunton, expressed gratitude for Dury's contributions and confidence in Barber's ability to support the company's growth strategy and deliver shareholder value.

Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, has appointed Eiji Miyanaga as a new independent director to its Board. Miyanaga brings extensive experience from his roles at Ferrotec Holdings , where he served on the board and as CEO of Ferrotec USA. His appointment is aimed at enhancing Intevac's growth potential in Asia-based electronics manufacturing markets.

CEO Nigel Hunton emphasized that Miyanaga's expertise aligns with Intevac's focus on accessing new markets with significant growth potential, particularly in the Asia-based electronics supply chain. Miyanaga expressed excitement about joining Intevac during the launch of its TRIO™ platform, highlighting the importance of success in Asian markets for the company's future growth.

Intevac (Nasdaq: IVAC) has announced the grant of inducement awards to Cameron McAulay, the company's new Chief Financial Officer, Secretary, and Treasurer. The grants, made under the Intevac, Inc. 2022 Inducement Equity Incentive Plan, include:

1. A time-based restricted stock unit (RSU) award covering 48,000 shares of Intevac's common stock, vesting in approximately equal annual installments over three years starting August 15, 2024.

2. A performance-based restricted stock unit (PRSU) award covering 72,000 shares at target performance (144,000 shares at maximum performance), eligible to be earned based on achievement of strategic goals by December 26, 2026.

These awards were granted on August 15, 2024, as a material inducement to McAulay's employment, in accordance with Nasdaq Listing Rule 5635(c)(4).

Intevac Inc (NASDAQ: IVAC) reported financial results for Q2 2024, showing improved performance compared to Q2 2023. Revenues increased to $14.5 million from $10.3 million, driven by strengthening demand for HDD media technology upgrades. The gross margin improved to 38.2% from 24.9%, while the net loss narrowed to $3.3 million ($0.12 per share) from $4.9 million ($0.19 per share).

The company's cash position strengthened, with total cash, restricted cash, and investments exceeding $70 million at quarter-end. Intevac is progressing with the qualification of its new TRIO™ platform, which has been installed at a customer facility in Asia. The order backlog stood at $42.5 million as of June 29, 2024.

Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, has announced it will release its fiscal second quarter 2024 financial results on Monday, August 5th, 2024, at approximately 1 p.m. PT (4 p.m. ET). Following the release, Intevac management will host a teleconference at 1:30 p.m. PT (4:30 p.m. ET) to discuss the company's financial performance.

Investors and analysts can participate in the teleconference by calling toll-free (877) 407-0989 (for international callers: +1 (201) 389-0921) and referencing meeting number 13747605. The call will also be available via live webcast on the company's investor relations website and at a specific webcast link. For those unable to attend live, an archived version of the webcast will be made available.

Intevac has appointed Cameron McAulay as its new Chief Financial Officer (CFO), effective immediately. McAulay succeeds Kevin Soulsby, who has been serving as interim CFO since August 2023 and will now resume his role as Corporate Controller. McAulay brings over 25 years of financial management experience, having previously served as CFO of Transphorm, a NASDAQ-listed semiconductor company recently acquired for $339M by Renesas Electronics. His background includes roles at KLA , Atmel , and National Semiconductor Intevac's CEO, Nigel Hunton, expressed confidence in McAulay's ability to drive the company's strategic growth initiatives.