Intevac Announces $11 Million Order for 200 Lean Systems

Rhea-AI Summary

Intevac, Inc. (Nasdaq: IVAC) announced an $11 million order for 200 Lean® systems, scheduled for delivery in the second half of 2023. This marks the fourth significant HDD order within six months, following a $10 million order and a $54 million system order. CEO Nigel Hunton emphasized that their visibility and backlog are the strongest in over 12 years, establishing the 200 Lean as the preferred platform for media capacity expansion in the industry.

Positive

• Secured a significant $11 million order for 200 Lean® systems.
• Strong backlog and visibility, the best seen in over 12 years.
• Four major HDD orders in the last six months totaling over $75 million.

Negative

• Risks associated with shipment timing that 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 an $11 million order for 200 Lean® systems. These systems are currently scheduled to be delivered in the second half of 2023.

“We are pleased to announce our fourth significant HDD order within the last six months,” said Nigel Hunton, Intevac’s president and chief executive officer. “In November of last year, we announced a $10 million order that represented the very beginning of the media capacity addition plans for the industry. In February, we announced a multi-year refurbishment and upgrade agreement valued at over $20 million, which will add media capacity for this leading data storage customer. Last month, we announced a $54 million system order, which was followed up by today’s order announcement for an additional $11 million in systems. Our visibility and backlog are the strongest we’ve seen in at least 12 years, and we have firmly established the 200 Lean as the platform of choice for all media capacity being added to the industry right now.”

About Intevac

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. For more information call 408-986-9888, or visit the Company's website at https://ir.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 shipments. 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/20220502005164/en/

James Moniz

Chief Financial Officer

(408) 986-9888

Claire McAdams

Investor Relations

(530) 265-9899

Source: Intevac, Inc.

FAQ

What is the latest order announced by Intevac, Inc. (IVAC)?

Intevac announced an $11 million order for 200 Lean® systems, set for delivery in the second half of 2023.

How many major HDD orders has Intevac received recently?

Intevac has received four significant HDD orders within the last six months, totaling over $75 million.

What does Intevac's backlog indicate about the company's performance?

Intevac's backlog is the strongest it has been in at least 12 years, indicating a solid demand for its products.

What are the risks mentioned in Intevac's press release?

The risks include potential failures to meet planned shipment dates, which could adversely impact business and stock price.