Intevac Announces $10 Million in New Orders for HDD Technology Upgrades

Rhea-AI Summary

Intevac, Inc. (Nasdaq: IVAC) announced $10 million in new orders for technology upgrades from its HDD customers. These upgrades, expected to be completed by year-end, enhance technologies essential for advancing media technology roadmaps. Jay Cho, executive VP, noted the order reflects strong customer partnerships and growing demand for advanced media technology. The expected revenues from these orders were already included in the company’s 2021 TFE forecast provided earlier in May 2021.

Positive

• Secured $10 million in new orders for HDD technology upgrades.
• Upgrades reflect ongoing partnerships and increased demand in media technology.

Negative

• Risks associated with potential delays in meeting planned shipment dates could negatively impact financial results and stock price.

Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, today announced the receipt of $10 million in new orders for technology upgrades for its hard disk drive (HDD) customers. Scheduled to be completed by year-end, these upgrades provide new and enhanced technologies to enable Intevac’s customers to continue to progress along their media technology roadmaps.

“This order reflects our ongoing partnerships with our customers and the increasing demand for the industry’s most advanced media technology,” said Jay Cho, executive vice president and general manager of Intevac’s Thin-film Equipment (TFE) business.

As the new orders announced today were previously anticipated, the expected revenues for these upgrades are already reflected in the Company’s 2021 TFE forecast provided as of the May 3^rd, 2021 conference call.

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 HDD 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/20210614005190/en/

FAQ

What recent announcement did Intevac (IVAC) make regarding new orders?

Intevac announced $10 million in new orders for technology upgrades for its HDD customers.

How will the new orders affect Intevac's financial outlook?

The expected revenues from these orders are already reflected in Intevac's 2021 TFE forecast.

What is the significance of the technology upgrades announced by Intevac?

The upgrades are designed to help Intevac's HDD customers progress along their media technology roadmaps.

When are the technology upgrades for Intevac's HDD customers expected to be completed?

The upgrades are scheduled for completion by the end of the year.

What risks does Intevac face regarding the new HDD orders?

There are risks related to potential delays in shipment dates which could affect business and stock price.