Intevac - IVAC STOCK NEWS

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 For those unable to attend live, an archived version of the webcast will be made available.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.

Intevac, Inc. (IVAC) announced its first quarter 2024 financial results, showcasing strong demand for HDD technology upgrades with sales of nearly $10 million and gross margin of 44%. New orders exceeded $20 million, including initial HAMR upgrade orders. The company resolved payment terms with a major customer and shipped an initial TRIO system to a display cover glass facility in Asia. Total cash, restricted cash, and investments stood at $65 million. Q1 revenues were $9.6 million, with a net loss of $1.6 million. Backlog was $53.1 million, and the company ended the quarter with $65.5 million in cash and $114.0 million in tangible book value.

Intevac, Inc. (IVAC) has rescheduled the release of its first-quarter 2024 financial results to Thursday, April 25th, 2024, due to management travel commitments. The company will host a teleconference at 8:30 a.m. EDT to discuss the results.

Intevac, Inc. (IVAC) will announce its fiscal first quarter 2024 financial results on April 29th, followed by a teleconference to discuss the results. Investors can participate via phone or webcast.

Intevac, Inc. (IVAC) reported strong financial results for the fiscal fourth quarter and year ended December 30, 2023. The Q4 sales of $12.9 million exceeded expectations due to the acceleration of heat-assisted magnetic recording technology upgrades for hard disk drive customers. The total revenues of $52.7 million for fiscal 2023 represented very strong growth of 47% year-over-year. The company ended 2023 with $72.2 million in cash, restricted cash, and investments, slightly below forecast due to delayed collections from their largest customer.

Intevac, Inc. (IVAC) will release its fiscal fourth quarter and full year 2023 financial results on February 5th, 2024. A teleconference will be held to discuss the results, and participants can join via phone or live webcast.

Intevac, Inc. (Nasdaq: IVAC) has successfully completed the qualification of its first TRIO™ system within the initial 12 months of the partnership agreement with Corning. The development program's success and achievement of qualification before year-end 2023 demonstrate the tireless efforts of the entire Intevac team. The TRIO system is expected to bring in the company's first revenues in fiscal 2024, representing significant potential for future revenue growth with an estimated $1 billion served market.