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    Intevac Announces Second Quarter 2024 Financial Results

    8/5/24 4:05:00 PM ET
    $IVAC
    Industrial Machinery/Components
    Technology
    Get the next $IVAC alert in real time by email

    Intevac, Inc. (NASDAQ:IVAC) today reported financial results for the quarter and six months ended June 29, 2024.

    "We witnessed strengthening demand for hard disk drive (HDD) media technology upgrades during the second quarter, and our team in Singapore provided solid execution, which led to revenues well ahead of expectations," commented Nigel Hunton, president and chief executive officer. "Today's media upgrade initiatives, including those in support of the HAMR (heat-assisted magnetic recording) technology transitions now underway, demonstrate Intevac's critical role within the HDD ecosystem. Our flagship 200 Lean® is the world's leading platform for media production, both today and for the years to come, providing strong visibility for a solid base of business as we drive incremental growth with our groundbreaking TRIO™ platform, which will serve multiple markets, including the display cover glass coating market. We are now in the process of qualifying our first TRIO system, which has been successfully installed at a new customer facility in Asia and is currently demonstrating the benefits of its modular and flexible design. Our focus is now on completing the field qualification and securing initial orders. Strong collections in the quarter drove an increase in total cash, restricted cash, and investments to over $70 million at quarter-end, and we remain steadfast in our commitment to maintain the strength of the balance sheet while still aggressively pursuing the strong growth opportunities ahead. Overall, an excellent quarter for Intevac across all fronts."

    ($ Millions, except per share amounts)

     

    Three Months Ended

    Three Months Ended

     

    June 29, 2024

    July 1, 2023

     

    GAAP Results

    Non-GAAP Results

    GAAP Results

    Non-GAAP Results

    Net Revenues

    $

    14.5

     

    $

    14.5

     

    $

    10.3

     

    $

    10.3

     

    Operating Loss

    $

    (3.3

    )

    $

    (3.3

    )

    $

    (5.5

    )

    $

    (5.5

    )

    Net Loss

    $

    (3.3

    )

    $

    (3.3

    )

    $

    (4.9

    )

    $

    (4.9

    )

    Net Loss per Share

    $

    (0.12

    )

    $

    (0.12

    )

    $

    (0.19

    )

    $

    (0.19

    )

     

    Six Months Ended

    Six Months Ended

     

    June 29, 2024

    July 1, 2023

     

    GAAP Results

    Non-GAAP Results

    GAAP Results

    Non-GAAP Results

    Net Revenues

    $

    24.2

     

    $

    24.2

     

    $

    21.8

     

    $

    21.8

     

    Operating Loss

    $

    (7.7

    )

    $

    (7.7

    )

    $

    (9.9

    )

    $

    (9.9

    )

    Net Loss

    $

    (4.9

    )

    $

    (6.0

    )

    $

    (8.8

    )

    $

    (9.1

    )

    Net Loss per Share

    $

    (0.18

    )

    $

    (0.22

    )

    $

    (0.34

    )

    $

    (0.35

    )

     

    Intevac's non-GAAP adjusted results exclude the impact of the following, where applicable: discontinued operations. A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial table included in this release. See also "Use of Non-GAAP Financial Measures" section.

    Second Quarter 2024 Summary

    Revenues were $14.5 million, compared to $10.3 million in the second quarter of 2023, and consisted of HDD upgrades, spares and service. Gross margin was 38.2%, compared to 24.9% in the second quarter of 2023. Operating expenses were $8.8 million, compared to $8.0 million in the second quarter of 2023. The operating loss was $3.3 million compared to $5.5 million in the second quarter of 2023.

    The net loss for the quarter was $3.3 million, or $0.12 per diluted share, compared to a net loss of $4.9 million, or $0.19 per diluted share, in the second quarter of 2023. The non-GAAP net loss for the second quarter of 2024 was $3.3 million, or $0.12 per diluted share, compared to a non-GAAP net loss of $4.9 million, or $0.19 per diluted share, in the second quarter of 2023.

    Order backlog was $42.5 million on June 29, 2024, compared to $53.1 million on March 30, 2024, and $58.2 million on July 1, 2023. Backlog at June 29, 2024 and at March 30, 2024 did not include any 200 Lean HDD systems. Backlog at July 1, 2023 included two 200 Lean HDD systems.

    The Company ended the quarter with $70.4 million of total cash, cash equivalents, restricted cash and investments and $111.7 million in tangible book value.

    First Six Months 2024 Summary

    Revenues were $24.2 million, compared to first-half 2023 revenues of $21.8 million, and consisted of HDD upgrades, spares and service. Gross margin was 40.4%, compared to 33.4% in the first six months of 2023. Operating expenses were $17.5 million, compared to $17.2 million in the first six months of 2023. The net loss was $4.9 million, or $0.18 per diluted share, compared to a net loss of $8.8 million, or $0.34 per diluted share, for the first six months of 2023.

    Use of Non-GAAP Financial Measures

    Intevac's non-GAAP results exclude the impact, where applicable, of discontinued operations. A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release.

    Management uses non-GAAP results to evaluate the Company's operating and financial performance in light of business objectives and for planning purposes. These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Intevac believes these measures enhance investors' ability to review the Company's business from the same perspective as the Company's management and facilitate comparisons of this period's results with prior periods. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP.

    Conference Call Information

    The Company will discuss its financial results and outlook in a conference call today at 1:30 p.m. PDT (4:30 p.m. EDT). To participate in the teleconference, please call toll-free (877) 407-0989 prior to the start time, and reference meeting number 13747605. For international callers, the dial-in number is +1 (201) 389-0921. You may also listen live via the Internet at https://www.webcast-eqs.com/login/intevac080524 or on the Company's investor relations website at https://ir.intevac.com/.

    About Intevac

    Founded in 1991, we are a leading provider of thin-film process technology and manufacturing platforms for high-volume manufacturing environments. As a long-time supplier to the hard disk drive (HDD) industry, our industry-leading 200 Lean® platform supports the majority of the world's capacity for HDD disk media production, as well as all technology upgrade initiatives currently underway in support of next-generation HAMR (heat-assisted magnetic recording) media. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we also are leveraging our technology and know-how for additional markets with our groundbreaking TRIO™ platform, which enables high-value coatings to be deployed cost-effectively on an array of glass displays and other substrates, including for consumer devices.

    For more information call 408-986-9888, or visit the Company's website at www.intevac.com.

    200 Lean® is a registered trademark of Intevac, Inc. and TRIO™ is a trademark of Intevac, Inc.

    Safe Harbor Statement

    This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: the Company's revenue growth potential and future financial performance. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the Company's expectations. These risks include, but are not limited to, global macroeconomic conditions and supply chain challenges including shipment delays, availability of components, and freight, logistics and other disruptions, and changes in market dynamics that could change the forecasts and delivery schedules for both our systems and upgrades, each of which could have a material impact on our business, our financial results, and the Company's stock price. These risks and other factors are detailed in the Company's periodic filings with the U.S. Securities and Exchange Commission.

    All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Intevac does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. Any future product, service, feature, or related specification that may be referenced in this release is for informational purposes only and is not a commitment to deliver any offering, technology or enhancement.

    INTEVAC, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited, in thousands, except per share amounts)

     

    Three months ended

     

    Six months ended

     

    June 29,

    2024

     

    July 1,

    2023

     

    June 29,

    2024

     

    July 1,

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    Net revenues

    $

    14,526

     

     

    $

    10,301

     

     

    $

    24,156

     

     

    $

    21,843

     

    Gross profit

     

    5,548

     

     

     

    2,570

     

     

     

    9,752

     

     

     

    7,289

     

    Gross margin

     

    38.2

    %

     

     

    24.9

    %

     

     

    40.4

    %

     

     

    33.4

    %

    Operating expenses

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    3,511

     

     

     

    3,647

     

     

     

    7,880

     

     

     

    7,620

     

    Selling, general and administrative

     

    5,308

     

     

     

    4,375

     

     

     

    9,588

     

     

     

    9,575

     

    Total operating expenses

     

    8,819

     

     

     

    8,022

     

     

     

    17,468

     

     

     

    17,195

     

    Total operating loss

     

    (3,271

    )

     

     

    (5,452

    )

     

     

    (7,716

    )

     

     

    (9,906

    )

    Interest and other income (expense), net

     

    759

     

     

     

    650

     

     

     

    2,979

     

     

     

    1,322

     

    Loss from continuing operations before provision for income taxes

     

    (2,512

    )

     

     

    (4,802

    )

     

     

    (4,737

    )

     

     

    (8,584

    )

    Provision for income taxes

     

    751

     

     

     

    116

     

     

     

    1,227

     

     

     

    502

     

    Net loss from continuing operations

     

    (3,263

    )

     

     

    (4,918

    )

     

     

    (5,964

    )

     

     

    (9,086

    )

    Net income from discontinued operations, net of taxes

     

    —

     

     

     

    40

     

     

     

    1,095

     

     

     

    317

     

    Net loss

    $

    (3,263

    )

     

    $

    (4,878

    )

     

    $

    (4,869

    )

     

    $

    (8,769

    )

    Net income (loss) per share

     

     

     

     

     

     

     

     

     

     

     

    Basic and diluted - continuing operations

    $

    (0.12

    )

     

    $

    (0.19

    )

     

    $

    (0.22

    )

     

    $

    (0.35

    )

    Basic and diluted - discontinued operations

    $

    0.00

     

     

    $

    0.00

     

     

    $

    0.04

     

     

    $

    0.01

     

    Basic and diluted - net loss

    $

    (0.12

    )

     

    $

    (0.19

    )

     

    $

    (0.18

    )

     

    $

    (0.34

    )

    Weighted average common shares outstanding

     

     

     

     

     

     

     

     

     

     

     

    Basic and diluted

     

    26,668

     

     

     

    26,032

     

     

     

    26,595

     

     

     

    25,907

     

     

    INTEVAC, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except par value)

    June 29, 2024

    December 30, 2023

     

    (Unaudited)

    (see Note)

    ASSETS

     

     

     

     

     

    Current assets

     

     

    Cash, cash equivalents and short-term investments

    $

    64,783

     

    $

    68,846

     

    Accounts receivable, net

     

    17,592

     

     

    18,613

     

    Inventories

     

    45,561

     

     

    43,795

     

    Prepaid expenses and other current assets

     

    2,421

     

     

    2,123

     

    Total current assets

     

    130,357

     

     

    133,377

     

     

     

     

    Long-term investments

     

    4,919

     

     

    2,687

     

    Restricted cash

     

    700

     

     

    700

     

    Property, plant and equipment, net

     

    7,626

     

     

    7,664

     

    Operating lease right-of-use assets

     

    6,839

     

     

    7,658

     

    Intangible assets, net

     

    885

     

     

    954

     

    Other long-term assets

     

    2,643

     

     

    3,466

     

    Total assets

    $

    153,969

     

    $

    156,506

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

    Current liabilities

     

     

    Current operating lease liabilities

    $

    1,202

     

    $

    1,008

     

    Accounts payable

     

    4,417

     

     

    5,800

     

    Accrued payroll and related liabilities

     

    3,959

     

     

    3,475

     

    Other accrued liabilities

     

    2,487

     

     

    1,820

     

    Customer advances

     

    21,629

     

     

    20,407

     

    Total current liabilities

     

    33,694

     

     

    32,510

     

     

     

     

    Non-current liabilities

     

     

    Non-current operating lease liabilities

     

    6,197

     

     

    6,976

     

    Customer advances

     

    1,482

     

     

    1,482

     

    Other non-current liabilities

     

    7

     

     

    21

     

    Total non-current liabilities

     

    7,686

     

     

    8,479

     

     

     

     

    Stockholders' equity

     

     

    Common stock ($0.001 par value)

     

    27

     

     

    26

     

    Additional paid-in capital

     

    212,315

     

     

    210,320

     

    Treasury stock, at cost

     

    (29,551

    )

     

    (29,551

    )

    Accumulated other comprehensive income

     

    42

     

     

    97

     

    Accumulated deficit

     

    (70,244

    )

     

    (65,375

    )

    Total stockholders' equity

     

    112,589

     

     

    115,517

     

    Total liabilities and stockholders' equity

    $

    153,969

     

    $

    156,506

     

     

    Note: Amounts as of December 30, 2023 are derived from the December 30, 2023 audited consolidated financial statements

     

    INTEVAC, INC.

    RECONCILIATION OF GAAP TO NON-GAAP RESULTS

    (Unaudited, in thousands, except per share amounts)

     

     

    Three months ended

    Six months ended

     

    June 29,

    2024

    July 1,

    2023

    June 29,

    2024

    July 1,

    2023

    Non-GAAP Loss from Operations

     

     

     

     

     

     

     

     

    Reported operating loss (GAAP basis)

    $

    (3,271

    )

    $

    (5,452

    )

    $

    (7,716

    )

    $

    (9,906

    )

    Non-GAAP Operating Loss

    $

    (3,271

    )

    $

    (5,452

    )

    $

    (7,716

    )

    $

    (9,906

    )

    Non-GAAP Net Loss

     

     

     

     

     

     

     

     

    Reported net loss (GAAP basis)

    $

    (3,263

    )

    $

    (4,878

    )

    $

    (4,869

    )

    $

    (8,769

    )

    Discontinued operations1

     

    —

     

     

    (40

    )

     

    (1,095

    )

     

    (317

    )

    Non-GAAP Net Loss

    $

    (3,263

    )

    $

    (4,918

    )

    $

    (5,964

    )

    $

    (9,086

    )

    Non-GAAP Net Loss Per Diluted Share

     

     

     

     

     

     

     

     

    Reported net loss per diluted share (GAAP basis)

    $

    (0.12

    )

    $

    (0.19

    )

    $

    (0.18

    )

    $

    (0.34

    )

    Discontinued operations1

     

    0.00

     

     

    (0.00

    )

     

    (0.04

    )

     

    (0.01

    )

    Non-GAAP Net Loss Per Diluted Share

    $

    (0.12

    )

    $

    (0.19

    )

    $

    (0.22

    )

    $

    (0.35

    )

    Weighted average number of diluted shares

     

    26,668

     

     

    26,032

     

     

    26,595

     

     

    25,907

     

     

    1 The amount represents discontinued operations of the Photonics business that was sold on December 30, 2021.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240805009679/en/

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