Intevac Inc - IVAC STOCK NEWS

Intevac, Inc. (NASDAQ: IVAC) has secured a five-year, IDIQ contract valued at $16.3 million for producing night vision cameras for the Apache Helicopter's M-PNVS program for the U.S. Army. This contract allows the U.S. Army to procure additional units at pre-negotiated pricing through August 2026. The cameras utilize Intevac's patented EBAPS® digital imaging sensor for extreme low light detection. This contract signifies Intevac's continued support of military operations and reflects its established relationship with the U.S. Army.

Intevac reported financial results for Q2 2021, with revenues of $13.8 million, below $28.8 million from Q2 2020. The company faced a net loss of $6.1 million, translating to a loss of $0.25 per share. Key drivers included technology upgrades by HDD customers, revealing a $15 million backlog increase in the Thin-film Equipment (TFE) sector. Photonics revenue decreased to $8.4 million due to integration costs with the IVAS platform. Despite challenges, Intevac maintains a strong financial position with $54.1 million in cash and a backlog of $51.7 million.

Intevac, Inc. (Nasdaq: IVAC) is set to announce its fiscal Q2 2021 financial results on August 2, 2021, at 1 p.m. PT (4 p.m. ET). A teleconference will follow at 1:30 p.m. PT (4:30 p.m. ET) to discuss these results, with participation details available via their investor relations website. Intevac operates two primary business segments: Thin-film Equipment, which focuses on high-productivity processing systems, and Photonics, specializing in advanced digital sensors and systems for the defense sector.

Intevac, Inc. (Nasdaq: IVAC) announced two additional Phase 1 development program awards in Photonics to enhance low-light performance of their CMOS cameras. This follows a prior ManTech development award. The Enhanced Performance CIS and EBAPS awards aim to exceed current operating capabilities for military applications, potentially bringing in $23 million in development revenues over three years if selected for Phase 2. Intevac specializes in advanced digital sensors and is a key supplier for U.S. Department of Defense night vision programs.

Intevac, Inc. (Nasdaq: IVAC) announced $10 million in new orders for technology upgrades from its HDD customers. These upgrades, expected to be completed by year-end, enhance technologies essential for advancing media technology roadmaps. Jay Cho, executive VP, noted the order reflects strong customer partnerships and growing demand for advanced media technology. The expected revenues from these orders were already included in the company’s 2021 TFE forecast provided earlier in May 2021.

Intevac, Inc. (Nasdaq: IVAC) reported challenging financial results for Q1 2021, with net revenues of $16.2 million, down from $18.8 million in Q1 2020. The operating and net loss stood at $6.5 million. Revenue declines were attributed to pauses in their Photonics and Thin-film Equipment (TFE) businesses. Positively, Intevac secured its first order in semiconductor packaging and announced a $7 million Photonics development program. Cash flow from operations increased, ending the quarter with $53.6 million in cash, an increase of $3.2 million since year-end 2020.

Intevac, Inc. (Nasdaq: IVAC) will announce its fiscal Q1 2021 financial results on May 3, 2021, at 1 p.m. PT (4 p.m. ET). A teleconference for discussion will follow at 1:30 p.m. PT (4:30 p.m. ET). Participants can join by calling toll-free (877) 407-0989 or +1 (201) 389-0921 for international calls, referencing meeting number 13718576. Interested parties may also listen to the call live on the company's investor relations website. Founded in 1991, Intevac specializes in Thin-film Equipment and Photonics, serving markets like hard drive media and defense.

Intevac, Inc. (Nasdaq: IVAC) announced an order for the INTEVAC MATRIX^® PVD system aimed at fan-out applications in advanced semiconductor packaging. The order follows a successful evaluation program with an OSAT company completed in March 2021, with expected revenue recognition in Q1 2021. The MATRIX system offers reduced cost of ownership and flexibility for various substrate sizes, enhancing semiconductor device packaging efficiency. The company acknowledges overcoming pandemic-related challenges to achieve this milestone.

Intevac (Nasdaq: IVAC) has secured a $1.8 million development contract from the Joint Directed Energy Transition Office for the first year of a $7 million project to develop a Gated SWIR Sensor for High Energy Laser systems. This marks a return to the Directed Energy weapons market, which is poised for growth. The contract underscores the military's commitment to Intevac's SWIR technology. Timothy Justyn and Wendell Blonigan from Intevac emphasize the strategic importance of this contract in enhancing military capabilities and creating future market opportunities.