Intevac - IVAC STOCK NEWS

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.

Intevac, Inc. (NASDAQ: IVAC) will announce its fiscal first quarter 2022 financial results on May 9, 2022, at 1 p.m. PT (4 p.m. ET). A teleconference to discuss the results will follow at 1:30 p.m. PT (4:30 p.m. ET). Interested parties can join by dialing (877) 407-0989, or log in online. Intevac specializes in high-productivity thin-film processing systems for sectors including hard drive media, display cover panels, and advanced semiconductor packaging.

Intevac, Inc. announced a significant $54 million order for multiple 200 Lean® systems, marking its largest order in over 12 years. This order includes eight advanced expanded-module systems designed for hard disk drive (HDD) media production, scheduled for shipment starting in mid-2023. The deal will enhance the company’s backlog and includes a down payment due in the third fiscal quarter of 2022. The CEO emphasized growth in backlog supporting new HDD media capacity additions.

Intevac, Inc. (Nasdaq: IVAC) has received a $54 million order for eight 200 Lean® systems, marking its largest order in over 12 years. Each system is equipped with 28 process chambers for advanced hard disk drive (HDD) media production. Shipments are planned for mid-2023 and will impact the company’s backlog for the fiscal first quarter ending April 2. This order includes a down payment provision, supporting inventory purchases. CEO Nigel Hunton noted significant backlog growth in the HDD industry, anticipating increased media capacity aligned with their 200 Lean platform.

Intevac (NASDAQ: IVAC) has secured a multi-year agreement valued at over $20 million with a leading data storage company to upgrade and refurbish multiple 200 Lean® systems. This program aims to enhance older-generation systems delivered between 2004 and 2010 to produce advanced hard disk drive (HDD) media. Deployment is scheduled from 2022 to 2024, adding significant manufacturing capacity and enabling the data storage company to advance its technology roadmap.

Intevac, Inc. (Nasdaq: IVAC) reported its fiscal Q4 and full-year 2021 results, highlighting a significant net income of $43.5 million for Q4, compared to $1.1 million in Q4 2020, largely due to the sale of its Photonics business valued at up to $100 million. However, total revenues for 2021 dropped to $38.5 million from $52.1 million in 2020. The gross margin fell to 18.3%, down from 43.0% in the previous year, primarily due to increased inventory reserves. Despite these challenges, the company improved its backlog to $25 million by year-end and ended the year with $121 million in cash and investments.