Welcome to our dedicated page for Intevac news (Ticker: IVAC), a resource for investors and traders seeking the latest updates and insights on Intevac stock.
The IVAC news page on Stock Titan provides an archive of news and press releases related to Intevac, Inc., a former Nasdaq‑listed supplier of thin‑film processing systems for the hard disk drive (HDD) industry. These articles document how Intevac positioned itself as a provider of thin‑film process technology and manufacturing platforms for high‑volume manufacturing environments and how its business evolved over time.
Intevac’s news flow covers several recurring themes. Many releases describe its role as a long‑time supplier to the HDD industry, highlighting the 200 Lean® platform, which the company stated supports the majority of the world’s capacity for HDD disk media production and the vast majority of the industry’s most advanced HAMR media. Other updates discuss technology upgrades for next‑generation HAMR media, HDD upgrades, spares and field service activity, and restructuring decisions such as the closure of the TRIO™ business to refocus on HDD.
Corporate governance and strategic developments also feature prominently. News items include board appointments, changes in board leadership, the formation and work of a Strategic Committee, and the engagement of Houlihan Lokey to explore strategic alternatives. Later releases detail the agreement for Seagate Technology Holdings plc to acquire Intevac, followed by confirmation that Seagate completed the acquisition through a tender offer and merger, after which Intevac became a wholly owned subsidiary of Seagate and its shares ceased trading and will be delisted from Nasdaq.
Investors and researchers can use this news archive to trace Intevac’s strategic focus on HDD thin‑film technology, its restructuring steps, and the sequence of events leading to its acquisition. Bookmark this page to reference historical announcements, transaction details, and company communications associated with the IVAC ticker.
Intevac (Nasdaq: IVAC) has announced the grant of inducement awards to Cameron McAulay, the company's new Chief Financial Officer, Secretary, and Treasurer. The grants, made under the Intevac, Inc. 2022 Inducement Equity Incentive Plan, include:
1. A time-based restricted stock unit (RSU) award covering 48,000 shares of Intevac's common stock, vesting in approximately equal annual installments over three years starting August 15, 2024.
2. A performance-based restricted stock unit (PRSU) award covering 72,000 shares at target performance (144,000 shares at maximum performance), eligible to be earned based on achievement of strategic goals by December 26, 2026.
These awards were granted on August 15, 2024, as a material inducement to McAulay's employment, in accordance with Nasdaq Listing Rule 5635(c)(4).
Intevac Inc (NASDAQ: IVAC) reported financial results for Q2 2024, showing improved performance compared to Q2 2023. Revenues increased to $14.5 million from $10.3 million, driven by strengthening demand for HDD media technology upgrades. The gross margin improved to 38.2% from 24.9%, while the net loss narrowed to $3.3 million ($0.12 per share) from $4.9 million ($0.19 per share).
The company's cash position strengthened, with total cash, restricted cash, and investments exceeding $70 million at quarter-end. Intevac is progressing with the qualification of its new TRIO™ platform, which has been installed at a customer facility in Asia. The order backlog stood at $42.5 million as of June 29, 2024.
Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, has announced it will release its fiscal second quarter 2024 financial results on Monday, August 5th, 2024, at approximately 1 p.m. PT (4 p.m. ET). Following the release, Intevac management will host a teleconference at 1:30 p.m. PT (4:30 p.m. ET) to discuss the company's financial performance.
Investors and analysts can participate in the teleconference by calling toll-free (877) 407-0989 (for international callers: +1 (201) 389-0921) and referencing meeting number 13747605. The call will also be available via live webcast on the company's investor relations website and at a specific webcast link. For those unable to attend live, an archived version of the webcast will be made available.
Intevac has appointed Cameron McAulay as its new Chief Financial Officer (CFO), effective immediately. McAulay succeeds Kevin Soulsby, who has been serving as interim CFO since August 2023 and will now resume his role as Corporate Controller. McAulay brings over 25 years of financial management experience, having previously served as CFO of Transphorm, a NASDAQ-listed semiconductor company recently acquired for $339M by Renesas Electronics. His background includes roles at KLA , Atmel , and National Semiconductor Intevac's CEO, Nigel Hunton, expressed confidence in McAulay's ability to drive the company's strategic growth initiatives.
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