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Intevac Announces $12 Million Order for HDD Technology Upgrades
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Intevac, Inc. (Nasdaq:IVAC) has secured a $12 million order for hard disk drive (HDD) technology upgrades, to be installed in 2023. This order highlights Intevac's strong relationship with its HDD customers and reinforces its status as a key technology provider in the industry. With over 180 200 Lean® systems delivered, Intevac plays a crucial role in HDD media processing, currently representing at least 65% of global HDD disk media capacity. Despite this positive development, the company acknowledges potential risks posed by global economic factors and supply chain disruptions.
Positive
Received a $12 million order for HDD technology upgrades.
Reinforces strong relationships with HDD customers.
Intevac's 200 Lean® platform accounts for at least 65% of global HDD disk media capacity.
Negative
Risks related to global economic impacts of COVID-19, including shipment delays.
Potential supply chain constraints could affect delivery schedules.
SANTA CLARA, Calif.--(BUSINESS WIRE)--
Intevac, Inc. (Nasdaq:IVAC, “Intevac” or “the Company”), a leading supplier of thin-film processing systems, today announced the receipt of a $12 million order for hard disk drive (HDD) technology upgrades. Scheduled to be installed in 2023, these upgrades will provide enhanced capabilities for its 200 Lean® installed base.
“This order is a reflection of our close partnership with our HDD customers as we work together to enable achievement of their media technology roadmaps,” said Nigel Hunton, president and chief executive officer. “We are pleased to be chosen as the premier technology provider for the next generation of HDD media. Our proven track record of strong execution in meeting our customers’ needs, including delivering multiple 200 Lean process modules on an aggressive shipment schedule, is an important aspect of our continued leadership in providing the industry’s most advanced media processing solutions.”
About Intevac
Founded in 1991, we are the world’s leading provider of hard disk drive (HDD) media processing systems. Over the last 20 years, we have delivered over 180 200 Lean® systems, which currently represent at least 65% of the world’s capacity for HDD disk media production. Today, we believe that all of the new media capacity additions for the HDD industry are being deployed on our 200 Lean platform. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we also have opportunities to leverage our technology in additional applications, such as protective coatings for the display cover glass market. 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 Company’s revenue growth potential and future financial performance. 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, global economic impacts of COVID-19 including shipment delays, availability of components, supply chain constraints and other disruptions related to COVID-19, and changes in market dynamics that could change the delivery schedule of our systems and upgrades, each of 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.
