Intevac Stock Price, News & Analysis

Intevac, Inc. (Nasdaq: IVAC) has entered into a joint development agreement with a major glass and glass ceramic materials provider, marking a significant milestone in its growth trajectory. The agreement provides a five-year exclusivity period for the TRIO™ platform, with a minimum revenue requirement of $100 million in system sales. Intevac's TRIO™ technology is designed for mass production of thin-film coatings for consumer electronics and other applications. This partnership underscores Intevac's expertise and capacity in high-volume manufacturing, positioning it for future growth.

Intevac, Inc. (IVAC) will participate in the 11th Annual NYC Summit on December 13, 2022, held at Mastro's in New York. This event will allow accredited investors and analysts to meet with management teams from 12 participating companies, including Intevac. The presentation materials will be available on the company's website following the event. Attendance is by invitation only, and interested parties must RSVP by December 1, 2022. Intevac specializes in thin-film processing systems, primarily for the HDD industry, and is expanding into advanced coating applications in growth markets.

Intevac, Inc. (Nasdaq: IVAC) reported Q3 2022 financial results, with revenues of $10.8 million, surpassing forecasts. The gross margin improved to 45.5%, and the net loss was $3.2 million or $0.13 per share, an improvement from the previous year. Total backlog increased to over $110 million, indicating strong demand despite a decline in the HDD market. The company is advancing a partnership with Corning for its TRIO™ platform, aiming for a definitive agreement by year-end. Total cash and equivalents at quarter-end reached $125 million.

Intevac, Inc. (Nasdaq:IVAC) has secured a $12 million order for hard disk drive (HDD) technology upgrades, to be installed in 2023. This order highlights Intevac's strong relationship with its HDD customers and reinforces its status as a key technology provider in the industry. With over 180 200 Lean® systems delivered, Intevac plays a crucial role in HDD media processing, currently representing at least 65% of global HDD disk media capacity. Despite this positive development, the company acknowledges potential risks posed by global economic factors and supply chain disruptions.

Intevac, Inc. (Nasdaq: IVAC) will announce its fiscal third quarter 2022 financial results on November 2, 2022, at 1 p.m. PT. A teleconference to discuss these results will begin at 1:30 p.m. PT, with toll-free and international dial-in numbers provided for participation. Intevac is a leading supplier of thin-film processing systems for HDD media and has delivered over 180 200 Lean® systems, which control 65% of global HDD disk media production capacity. The company is exploring additional applications in protective coatings for display cover glass.

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.