Intevac Announces First Quarter 2021 Financial Results
Intevac, Inc. (Nasdaq: IVAC) reported challenging financial results for Q1 2021, with net revenues of $16.2 million, down from $18.8 million in Q1 2020. The operating and net loss stood at $6.5 million. Revenue declines were attributed to pauses in their Photonics and Thin-film Equipment (TFE) businesses. Positively, Intevac secured its first order in semiconductor packaging and announced a $7 million Photonics development program. Cash flow from operations increased, ending the quarter with $53.6 million in cash, an increase of $3.2 million since year-end 2020.
- Secured first purchase order in advanced semiconductor packaging.
- Announced a $7 million new development program in Photonics.
- Increased total cash to $53.6 million from $50.4 million at year-end 2020.
- Net revenues decreased to $16.2 million from $18.8 million in Q1 2020.
- Operating loss of $6.5 million compared to $1.1 million in Q1 2020.
- Net loss increased from $1.2 million in Q1 2020 to $6.5 million.
Intevac, Inc. (Nasdaq: IVAC) today reported financial results for the first quarter ended April 3, 2021.
“As expected, the first quarter of 2021 was challenging, as we experienced a pause in revenue momentum within both of our businesses,” commented Wendell Blonigan, president and chief executive officer of Intevac. “In Photonics, the pause was chiefly related to the completion of night vision camera deliveries for the funded R&D stage of the IVAS program, and in our Thin-film Equipment (TFE) business, we are in a period of reduced capital investments by our hard disk drive (HDD) customers. At the same time, highlights of the quarter included the successful completion of our INTEVAC MATRIX® evaluation program for advanced semiconductor packaging, which resulted in our first purchase order, and first revenues, in this new market for Intevac. We announced an incremental new
“While these pauses in revenue momentum will be challenging to our financial results in the near term, our longer-term outlook remains strong. We continue to expect Intevac will participate in a meaningful way in the major programs and technology trends that are positively impacting the outlooks for both Photonics and TFE. These include being a supplier of digital night vision technology for our U.S. military ground soldiers, and being the world’s leading provider of HDD media production systems as the industry moves forward with capacity expansion plans in support of strong secular growth in data center and cloud storage. Our continued progress in MATRIX and VERTEX evaluation programs and demos provide additional growth potential, incremental to the strong growth expected in our two core markets. Our demonstrated ability to preserve our balance sheet as we navigate through these lean periods will serve us well, as we expect a return to growth in 2022.”
($ Millions, except per share amounts) |
Q1 2021 |
Q1 2020 |
|||||||||||||
GAAP Results |
Non-GAAP Results |
GAAP Results |
Non-GAAP Results |
||||||||||||
Net Revenues |
$ |
16.2 |
|
$ |
16.2 |
|
$ |
18.8 |
|
$ |
18.8 |
|
|||
Operating Loss |
$ |
(6.5 |
) |
$ |
(6.5 |
) |
$ |
(1.1 |
) |
$ |
(1.1 |
) |
|||
Net Loss |
$ |
(6.5 |
) |
$ |
(6.5 |
) |
$ |
(1.2 |
) |
$ |
(1.2 |
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FAQ
What were Intevac's Q1 2021 revenue figures?
Intevac reported net revenues of $16.2 million for Q1 2021, a decline from $18.8 million in Q1 2020.
What is the operating loss reported by Intevac in Q1 2021?
Intevac reported an operating loss of $6.5 million for Q1 2021.
How did Intevac's cash position change in Q1 2021?
Intevac ended Q1 2021 with $53.6 million in cash, an increase of $3.2 million from year-end 2020.
What new programs were announced by Intevac in the first quarter of 2021?
Intevac announced a new $7 million development program in Photonics and secured its first order in advanced semiconductor packaging.
Intevac Inc
NASDAQ:IVACIVAC RankingsIVAC Latest NewsIVAC Stock Data
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Specialty Industrial Machinery
Special Industry Machinery, Nec
United States of America
SANTA CLARA
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