Intevac Photonics Announces New $7 Million Development Program

Rhea-AI Summary

Intevac (Nasdaq: IVAC) has secured a $1.8 million development contract from the Joint Directed Energy Transition Office for the first year of a $7 million project to develop a Gated SWIR Sensor for High Energy Laser systems. This marks a return to the Directed Energy weapons market, which is poised for growth. The contract underscores the military's commitment to Intevac's SWIR technology. Timothy Justyn and Wendell Blonigan from Intevac emphasize the strategic importance of this contract in enhancing military capabilities and creating future market opportunities.

Positive

• Received a $1.8 million development contract, part of a projected $7 million project.
• Re-entering the growing Directed Energy weapons systems market.
• Commitment from the U.S. military to Intevac's SWIR LIVAR® technology.

Negative

• Risks associated with not meeting planned shipment dates could adversely impact financial results and stock price.

Intevac, Inc. (Nasdaq: IVAC) announced today that it has received a $1.8 million development contract award from the Joint Directed Energy Transition Office (DE JTO) in Albuquerque New Mexico, representing the funding for year one of a projected three-year, $7 million development effort. In this program, Intevac Photonics will develop a Gated SWIR Sensor for High Energy Laser (HEL) 2D Fine Tracking and Adaptive Optics system applications, building on the Company’s experience in its fielded LIVAR® camera technology and legacy Fine Tracking / Adaptive Optics sensor technology first used on the Airborne Laser (ABL) program.

“The Gated SWIR camera developed under this program represents a return of Intevac to the rapidly-growing Directed Energy (DE) weapons systems market. DE systems are expected to become a critical component of our military’s advanced weapons systems and represent a significant future market opportunity for Intevac,” commented Timothy Justyn, executive vice president and general manager of Intevac Photonics. “This contract award demonstrates the U.S. military’s continued commitment to Intevac’s SWIR LIVAR® technology for new systems applications,” added Wendell Blonigan, president and chief executive officer of Intevac.

Intevac's digital night-vision sensors, based on its patented Electron Bombarded Active Pixel Sensor (EBAPS®) technology, provide state-of-the-art capability to the most advanced avionic fighting platforms in the U.S. Department of Defense inventory.

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, and solar photovoltaic 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 and size of the development 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/20210323005379/en/

FAQ

What is the recent contract awarded to Intevac (IVAC) about?

Intevac has been awarded a $1.8 million contract for a Gated SWIR Sensor development, part of a three-year, $7 million project.

How does the contract impact Intevac's market position?

This contract signals Intevac's return to the growing Directed Energy weapons systems market, which offers significant future opportunities.

What are the financial implications of the new contract for Intevac (IVAC)?

The contract provides initial funding and showcases military commitment, although there are risks that could affect financial performance.

What technology will Intevac develop under the new contract?

Intevac will develop a Gated SWIR Sensor for High Energy Laser applications, leveraging its existing LIVAR® camera technology.