Intevac Inc - IVAC STOCK NEWS

Intevac, Inc. (NASDAQ:IVAC) announced the appointment of Mark Popovich as vice president of business development effective October 10, 2022. Previously a director since February 2018, he resigned from the Board effective November 11, 2022. With over 25 years of industry experience, Popovich aims to bolster Intevac's growth in thin-film processing systems, emphasizing long-term revenue growth and shareholder value. He previously served in leadership roles at 3D Glass Solutions and Amkor Technology. Intevac, founded in 1991, leads in HDD media processing systems with over 180 200 Lean® systems delivered.

Intevac, Inc. (Nasdaq: IVAC) announced the grant of inducement awards to John Dickinson, appointed as Vice President of Operations in August 2022. The awards consist of 50,000 time-based restricted stock units and 41,300 performance-based restricted stock units, with the potential to reach 82,600 shares based on stock price performance. The RSUs vest over three years starting August 15, 2022, while the PRSUs are tied to stock price achievements from September 15, 2022, to May 31, 2025.

Intevac is a leading provider of thin-film processing systems for HDD media.

Intevac, Inc. announced that John Dickinson will join the company as vice president of operations effective September 1, 2022. With over 30 years of experience, Dickinson aims to leverage growth opportunities, particularly through the TRIO™ platform, enhancing Intevac's capacity in HDD media technology. The company, a leader in thin-film processing systems, has significant market share, holding at least 65% of global HDD disk media production capacity. This leadership position, alongside Dickinson's expertise, positions Intevac for future growth and innovation.

Intevac reported Q2 2022 results with revenues hitting $9.3 million, surpassing forecasts. The gross margin was 48%, driven by a favorable mix, while net loss decreased to $0.10 per share. Backlog rose to over $100 million, reflecting strong order momentum in the HDD sector. The company ended the quarter with $110 million in cash and equivalents, indicating a solid balance sheet. Management maintains an optimistic outlook with expectations of at least $200 million in HDD revenues through 2025.

Intevac, Inc. (Nasdaq: IVAC) will announce its fiscal Q2 2022 financial results on August 3, 2022, at 1 p.m. PT (4 p.m. ET). A teleconference for discussing these results will take place at 1:30 p.m. PT (4:30 p.m. ET) on the same day. Participants can join by calling (877) 407-0989 (toll-free) or +1 (201) 389-0921 (international), referencing meeting number 13730730, or via live webcast at the company's investor relations website. Intevac specializes in thin-film processing systems for the HDD industry, with its 200 Lean® system dominating the market.

Intevac, Inc. (IVAC) announced its participation in the 12th Annual East Coast IDEAS Conference on June 22, 2022, and the 14th Annual CEO Summit on July 13, 2022. The IDEAS Conference will be held virtually, with pre-recorded investor presentations available at 6:00 am EDT on June 22. Intevac will also present at the CEO Summit, which includes small group meetings with management teams. The RSVP for the CEO Summit is required and open until July 1, 2022. Intevac aims to showcase its thin-film processing systems and engage with investment professionals during these events.

Intevac, Inc. (NASDAQ: IVAC) announced the grant of inducement awards to new CEO Nigel Hunton following his January 2022 appointment. This includes 166,500 shares in a time-based RSU Award, 100,000 shares in another time-based RSU Award, and a performance-based RSU Award of 333,500 shares (up to 667,000 shares at max performance). The vesting schedules vary, with the performance award linked to stock price achievements over a three-year period ending in May 2025. These awards were granted under the 2022 Inducement Equity Incentive Plan approved on January 19, 2022.

Intevac, Inc. (Nasdaq: IVAC) reported Q1 2022 results with revenues of $4.4 million, a decline from $9.2 million in Q1 2021. New orders reached $67 million, pushing backlog to $87 million, the highest in 12 years. Despite restructuring efforts, the company recorded an operating loss of $7.7 million and a net loss of $7.9 million, equating to $0.32 per diluted share. Significant restructuring included management layer elimination and focus on core HDD and optics businesses. The firm ended Q1 with $117 million in cash and a commitment to return to profitability in 2023.

Intevac, Inc. (Nasdaq: IVAC) announced an $11 million order for 200 Lean® systems, scheduled for delivery in the second half of 2023. This marks the fourth significant HDD order within six months, following a $10 million order and a $54 million system order. CEO Nigel Hunton emphasized that their visibility and backlog are the strongest in over 12 years, establishing the 200 Lean as the preferred platform for media capacity expansion in the industry.