Intevac Announces $10 Million in New HDD Orders

Rhea-AI Summary

Intevac, Inc. (Nasdaq: IVAC) announced new HDD orders totaling $10 million, which include a 200 Lean® system and technology upgrades intended to enhance media capacity. The upgrades will be installed through mid-2022, and the system is scheduled for delivery in the second half of 2022. This marks the first new 200 Lean order since 2018, reflecting anticipated industry demand for mass-capacity drives. The company is recognized for its leadership in thin-film processing systems and serves various markets including hard drives and semiconductor packaging.

Positive

• Secured $10 million in new HDD orders.
• First 200 Lean® system order since 2018.
• Technology upgrades will enhance media capacity.

Negative

• Potential delays in shipment and upgrades could impact financial results and stock price.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, today announced the receipt of $10 million in new HDD orders. These orders consist of one 200 Lean® system as well as technology upgrades, which will add to the company’s backlog at year-end 2021. The technology upgrades are expected to be installed through mid-2022 and the 200 Lean system is expected to be delivered in the second half of 2022.

“We are pleased to announce our first new 200 Lean order since 2018, reflecting the very beginning of planned media capacity additions our customers will be making over the next few years,” said Jay Cho, executive vice president and general manager of Intevac’s Thin-film Equipment business. “In addition to the tool order, these upgrades will provide new and enhanced technologies that enable continued improvements in areal density, in support of growing industry demand for mass-capacity drives.”

About Intevac

Intevac was founded in 1991 and has two businesses: Thin-film Equipment and Photonics.

In our Thin-film Equipment business, we are a leader in the design and development of high-productivity, thin-film processing systems. Our production-proven platforms are designed for high-volume manufacturing of substrates with precise thin film properties, such as the hard drive media, display cover panel, solar photovoltaic, and advanced semiconductor packaging markets we serve currently.

In our Photonics business, we are a recognized leading developer of advanced high-sensitivity digital sensors, cameras and systems that primarily serve the defense industry. We are the provider of integrated digital imaging systems for most U.S. military night vision programs.

For more information call 408-986-9888, or visit the Company's website at www.intevac.com.

Forward-Looking Statements

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to, the timing of the tool shipment and deployment of upgrades. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the company’s expectations. These risks include, but are not limited to: the failure to meet planned shipment dates, which could have a material impact on our business, our financial results, and the company's stock price. These risks and other factors are detailed in the Company’s periodic filings with the U.S. Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211116005563/en/

James Moniz

Chief Financial Officer

(408) 986-9888

Claire McAdams

Investor Relations

(530) 265-9899

Source: Intevac, Inc.

FAQ

What new orders did Intevac, Inc. announce?

Intevac announced $10 million in new HDD orders, including a 200 Lean® system and technology upgrades.

When is the new 200 Lean system expected to be delivered?

The new 200 Lean system is expected to be delivered in the second half of 2022.

What is the significance of the new HDD orders for IVAC stock?

The new orders reflect growing industry demand and could positively impact IVAC stock if executed on schedule.

What risks did Intevac highlight in their press release?

Intevac identified risks related to potential delays in tool shipments and upgrades that could affect their business and stock price.