Intevac Inc - IVAC STOCK NEWS

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.

Intevac, Inc. (NASDAQ: IVAC) will announce its financial results for the fiscal fourth quarter and full year 2021 on February 9, 2022, at 1 p.m. PT. A teleconference will follow at 1:30 p.m. PT, where management will discuss the outcomes. Investors can participate by calling toll-free or accessing the live webcast. Intevac specializes in high-productivity, thin-film processing systems, serving sectors like hard drive media and semiconductor packaging. Detailed insights on performance metrics will be expected during the announcement.

Intevac, Inc. (Nasdaq: IVAC) appointed Nigel Hunton as its new president and CEO, effective January 19, following the retirement of Wendell Blonigan. Hunton brings extensive experience in capital equipment and thin-film processing, having previously led Photon Control, where he doubled revenues and tripled market valuation. The board aims for Hunton to explore revenue growth opportunities and enhance stockholder value while streamlining operations. Blonigan's retirement follows the successful sale of the Photonics business, simplifying the company structure.

Intevac, Inc. (NASDAQ: IVAC) announced the sale of its Photonics business to EOTECH LLC for up to $100 million on December 30, 2021. The deal includes a $70 million upfront cash payment and potential earn-out payments of $30 million. This strategic move allows Intevac to focus on its Thin-Film Equipment (TFE) business, enhancing its financial position. Despite the Photonics division's historical significance in military digital night vision systems, the company aims to maximize shareholder value by streamlining operations and concentrating on core technologies.

Intevac, Inc. (Nasdaq: IVAC) announced new HDD orders totaling $10 million, which include a 200 Lean® system and technology upgrades intended to enhance media capacity. The upgrades will be installed through mid-2022, and the system is scheduled for delivery in the second half of 2022. This marks the first new 200 Lean order since 2018, reflecting anticipated industry demand for mass-capacity drives. The company is recognized for its leadership in thin-film processing systems and serves various markets including hard drives and semiconductor packaging.

Intevac, Inc. (Nasdaq: IVAC) reported Q3 results surpassing forecasts, driven by increased HDD customer upgrades. Q3 net revenues fell to $14.8 million from $21.6 million YoY, with a net loss of $4.2 million ($0.17 per share). Operating loss increased to $4.0 million. Despite restructuring efforts in Thin-film Equipment, gross margins declined: TFE at 41.9%, Photonics at 32.0%. The order backlog decreased to $44.9 million. For the year-to-date, revenues totaled $44.8 million, down from $69.2 million, with a net loss of $16.9 million. Management expects a return to growth in 2022.