Welcome to our dedicated page for Intevac news (Ticker: IVAC), a resource for investors and traders seeking the latest updates and insights on Intevac stock.
The IVAC news page on Stock Titan provides an archive of news and press releases related to Intevac, Inc., a former Nasdaq‑listed supplier of thin‑film processing systems for the hard disk drive (HDD) industry. These articles document how Intevac positioned itself as a provider of thin‑film process technology and manufacturing platforms for high‑volume manufacturing environments and how its business evolved over time.
Intevac’s news flow covers several recurring themes. Many releases describe its role as a long‑time supplier to the HDD industry, highlighting the 200 Lean® platform, which the company stated supports the majority of the world’s capacity for HDD disk media production and the vast majority of the industry’s most advanced HAMR media. Other updates discuss technology upgrades for next‑generation HAMR media, HDD upgrades, spares and field service activity, and restructuring decisions such as the closure of the TRIO™ business to refocus on HDD.
Corporate governance and strategic developments also feature prominently. News items include board appointments, changes in board leadership, the formation and work of a Strategic Committee, and the engagement of Houlihan Lokey to explore strategic alternatives. Later releases detail the agreement for Seagate Technology Holdings plc to acquire Intevac, followed by confirmation that Seagate completed the acquisition through a tender offer and merger, after which Intevac became a wholly owned subsidiary of Seagate and its shares ceased trading and will be delisted from Nasdaq.
Investors and researchers can use this news archive to trace Intevac’s strategic focus on HDD thin‑film technology, its restructuring steps, and the sequence of events leading to its acquisition. Bookmark this page to reference historical announcements, transaction details, and company communications associated with the IVAC ticker.
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.
Intevac, Inc. (Nasdaq: IVAC) will announce its fiscal third quarter 2021 financial results on November 1, 2021, at 1 p.m. PT. A teleconference will follow at 1:30 p.m. PT for discussion with management. Participants can join by calling (877) 407-0989 or listen online at the provided links. Founded in 1991, Intevac specializes in Thin-film Equipment and Photonics, serving markets such as semiconductor packaging and defense.
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.
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