Intevac Announces First Quarter 2021 Financial Results
Intevac, Inc. (Nasdaq: IVAC) today reported financial results for the first quarter ended April 3, 2021.
“As expected, the first quarter of 2021 was challenging, as we experienced a pause in revenue momentum within both of our businesses,” commented Wendell Blonigan, president and chief executive officer of Intevac. “In Photonics, the pause was chiefly related to the completion of night vision camera deliveries for the funded R&D stage of the IVAS program, and in our Thin-film Equipment (TFE) business, we are in a period of reduced capital investments by our hard disk drive (HDD) customers. At the same time, highlights of the quarter included the successful completion of our INTEVAC MATRIX® evaluation program for advanced semiconductor packaging, which resulted in our first purchase order, and first revenues, in this new market for Intevac. We announced an incremental new
“While these pauses in revenue momentum will be challenging to our financial results in the near term, our longer-term outlook remains strong. We continue to expect Intevac will participate in a meaningful way in the major programs and technology trends that are positively impacting the outlooks for both Photonics and TFE. These include being a supplier of digital night vision technology for our U.S. military ground soldiers, and being the world’s leading provider of HDD media production systems as the industry moves forward with capacity expansion plans in support of strong secular growth in data center and cloud storage. Our continued progress in MATRIX and VERTEX evaluation programs and demos provide additional growth potential, incremental to the strong growth expected in our two core markets. Our demonstrated ability to preserve our balance sheet as we navigate through these lean periods will serve us well, as we expect a return to growth in 2022.”
($ Millions, except per share amounts) |
Q1 2021 |
Q1 2020 |
|||||||||||||
GAAP Results |
Non-GAAP Results |
GAAP Results |
Non-GAAP Results |
||||||||||||
Net Revenues |
$ |
16.2 |
|
$ |
16.2 |
|
$ |
18.8 |
|
$ |
18.8 |
|
|||
Operating Loss |
$ |
(6.5 |
) |
$ |
(6.5 |
) |
$ |
(1.1 |
) |
$ |
(1.1 |
) |
|||
Net Loss |
$ |
(6.5 |
) |
$ |
(6.5 |
) |
$ |
(1.2 |
) |
$ |
(1.2 |
Intevac Inc
NASDAQ:IVACIVAC RankingsIVAC Latest NewsIVAC Stock Data
113.25M
20.54M
3.62%
73.84%
3%
Computer Storage Device Manufacturing
Manufacturing
United States of America
SANTA CLARA
About IVACabout intevac intevac was founded in 1991 and has two businesses: equipment and photonics. in our equipment business, we are a leader in the design and development of high productivity, thin film processing systems. our production-proven platforms are designed for high volume manufacturing of substrates with precise thin film properties. intevac is the market and technology leader in the hard drive industry with approximately 60% of all magnetic disk media produced worldwide. our technology solutions improve performance and throughput, and continue to expand into additional markets - including solar and adjacent thin film deposition applications. in our photonics business, we are a recognized leading developer of advanced high-sensitivity digital sensors, cameras and systems that primarily serve the defense industry. we are the sole source provider of integrated digital imaging systems for most u.s. military night vision programs. • company industries hard disk drive, vacuum coating an
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