Intevac Photonics Announces $16M IDIQ Contract for Apache Helicopter Program

Rhea-AI Summary

Intevac, Inc. (NASDAQ: IVAC) has secured a five-year, IDIQ contract valued at $16.3 million for producing night vision cameras for the Apache Helicopter's M-PNVS program for the U.S. Army. This contract allows the U.S. Army to procure additional units at pre-negotiated pricing through August 2026. The cameras utilize Intevac's patented EBAPS® digital imaging sensor for extreme low light detection. This contract signifies Intevac's continued support of military operations and reflects its established relationship with the U.S. Army.

Positive

• Secured a five-year, $16.3 million IDIQ contract.
• Continues production for the U.S. Army's Apache Helicopter M-PNVS program.
• Allows procurement of additional units through August 2026 at pre-negotiated prices.
• Strengthens Intevac's established relationship with the U.S. Army.

Negative

• None.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intevac, Inc. (Nasdaq: IVAC) announced today it was awarded a five-year, firm-fixed-price, Indefinite-Delivery/Indefinite-Quantity (IDIQ) contract with a maximum value of $16.3 million for the continued production of night vision cameras for the Apache Helicopter's Modernized Pilot Night Vision Sensor (M-PNVS) program for the U.S. Army.

This contract, from the U.S. Army's PM Apache Office in Huntsville, Alabama, will provide cameras for new Apache Airframe builds, Foreign Military Sales (FMS) orders, and spares. This contract vehicle enables the U.S. Army to procure additional units through August 2026 at pre-negotiated pricing.

The Electronic Image Intensification camera is based on Intevac's patented EBAPS® (Electron Bombarded Active Pixel Sensor) digital imaging sensor for extreme low-light level detection.

“Intevac finished deliveries outfitting the U.S. Apache fleet, spares and initial FMS customer orders in September of 2020. We are excited to be delivering additional cameras to support our warfighters effort,” commented Timothy Justyn, executive vice president and general manager of Intevac Photonics. “Since becoming a Prime supplier in 2013, Intevac’s success in fielding cameras to the U.S. Army played a significant role in winning this business.”

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, size, and/or future funding of the IDIQ production contract. 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/20211004005890/en/

James Moniz

Chief Financial Officer

(408) 986-9888

Claire McAdams

Investor Relations

(530) 265-9899

Source: Intevac Photonics

FAQ

What contract did Intevac recently secure?

Intevac secured a five-year, IDIQ contract valued at $16.3 million for producing night vision cameras for the Apache Helicopter's M-PNVS program.

What is the duration of Intevac’s new contract?

The contract lasts for five years and enables additional procurements through August 2026.

What is the purpose of the night vision cameras produced by Intevac?

The cameras are designed for the Apache Helicopter's Modernized Pilot Night Vision Sensor (M-PNVS) program for the U.S. Army.

What technology is used in Intevac's night vision cameras?

Intevac's cameras utilize the patented EBAPS® digital imaging sensor for extreme low-light detection.

What does IDIQ stand for in the context of Intevac's contract?

IDIQ stands for Indefinite-Delivery/Indefinite-Quantity.