Intevac Photonics Announces Two New Development Awards in Support of IVAS
Intevac, Inc. (Nasdaq: IVAC) announced two additional Phase 1 development program awards in Photonics to enhance low-light performance of their CMOS cameras. This follows a prior ManTech development award. The Enhanced Performance CIS and EBAPS awards aim to exceed current operating capabilities for military applications, potentially bringing in $23 million in development revenues over three years if selected for Phase 2. Intevac specializes in advanced digital sensors and is a key supplier for U.S. Department of Defense night vision programs.
- Secured two additional Phase 1 development awards, enhancing market position in Photonics.
- Potential for $23 million in funded development revenues over 36 months if selected for Phase 2.
- Forward-looking statements indicate risks related to shipment delays that could impact financial results and stock price.
Intevac, Inc. (Nasdaq: IVAC) announced today that it has received two additional Phase 1 development program awards in Photonics. These awards are in addition to the ManTech development award received from the Night Vision and Electronics Sensors Directorate during the first quarter of 2021, which was discussed during the Company’s May 3, 2021 conference call.
The ManTech award continues our work on the current CMOS camera developed in support of IVAS, targeting reduced power and cost, and improved performance. In the new awards announced today, the Enhanced Performance CIS (CMOS Image Sensor) award is aimed at further improving low-light performance for our next-generation CMOS camera, advancing from the current high-starlight operating capability to overcast starlight. The second of the two new awards, the Enhanced Performance EBAPS award, is aimed at significantly improved low-light performance utilizing Intevac’s ISIE19 EBAPS® technology. This Enhanced Performance EBAPS award is designed to provide ISIE19 low-light performance down to overcast-starlight capability in a greatly reduced form factor required for this application.
If selected for Phase 2 development work on all three of these IVAS-supporting programs, funded development revenues for Intevac Photonics would total approximately
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.
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