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    Intevac Announces Third Quarter 2024 Financial Results

    11/11/24 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 nine months ended September 28, 2024.

    "We are pleased to report third-quarter results favorable to our expectations going into the quarter," commented Nigel Hunton, president and chief executive officer. "Technology upgrades in support of next-generation HAMR (heat-assisted magnetic recording) media continue to drive the majority of our business, and total revenues from HDD upgrades, spares, and field service totaled over $13 million, exceeding our expectations. With an additional $15 million of largely pass-through revenue associated with the transfer of inventory to a customer, the gross margin and earnings per share performance of the core business likewise exceeded expectations. Positive free cash flow performance in the quarter drove an increase in total cash, restricted cash, and investments to over $72 million at quarter-end, and we remain on track to maintain the strength of the balance sheet in 2024 to enable strategic investments in support of future growth."

    ($ Millions, except per share amounts)

     

     

    Three Months Ended

    Three Months Ended

     

    September 28, 2024

    September 30, 2023

     

    GAAP Results

    Non-GAAP Results

    GAAP Results

    Non-GAAP Results

    Net Revenues

    $

    28.5

     

    $

    28.5

     

    $

    17.9

     

    $

    17.9

    Operating Income (Loss)

    $

    (1.8

    )

    $

    (1.8

    )

    $

    (1.4

    )

    $

    0.5

    Net Income (Loss)

    $

    (2.2

    )

    $

    (2.2

    )

    $

    (1.6

    )

    $

    0.1

    Net Income (Loss) per Share – Basic and Diluted

    $

    (0.08

    )

    $

    (0.08

    )

    $

    (0.06

    )

    $

    0.00

     

    Nine Months Ended

    Nine Months Ended

     

    September 28, 2024

    September 30, 2023

     

    GAAP Results

    Non-GAAP Results

    GAAP Results

    Non-GAAP Results

    Net Revenues

    $

    52.7

     

    $

    52.7

     

    $

    39.8

     

    $

    39.8

     

    Operating Loss

    $

    (9.5

    )

    $

    (9.5

    )

    $

    (11.3

    )

    $

    (9.4

    )

    Net Loss

    $

    (7.0

    )

    $

    (8.1

    )

    $

    (10.3

    )

    $

    (9.0

    )

    Net Loss per Share – Basic and Diluted

    $

    (0.26

    )

    $

    (0.30

    )

    $

    (0.40

    )

    $

    (0.35

    )

     

    Intevac's non-GAAP adjusted results exclude the impact of the following, where applicable: (i) restructuring charges and (ii) 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.

    Third Quarter 2024 Summary

    Revenues were $28.5 million, consisting of HDD upgrades, spares and service, as well as approximately $15 million of revenue related to the inventory agreement with a customer. Gross margin was 24.8%, compared to 39.1%, in the third quarter of 2023. The inventory revenues included a small amount of gross profit to cover the operating expenses associated with procuring and storing the inventory, and the impact of this profit along with certain other inventory adjustments collectively impacted gross margin by approximately 20 percentage points. Operating expenses were $8.8 million, compared to $8.4 million in the third quarter of 2023. The operating loss was $1.8 million compared to $1.4 million in the third quarter of 2023.

    The net loss for the quarter was $2.2 million, or $0.08 per diluted share, compared to a net loss of $1.6 million, or $0.06 per diluted share, in the third quarter of 2023. The non-GAAP net loss for the third quarter of 2024 was $2.2 million, or $0.08 per diluted share, compared to a non-GAAP net income of $0.1 million, or $0.00 per diluted share, in the third quarter of 2023.

    Order backlog was $44.4 million on September 28, 2024 compared to $42.5 million on June 29, 2024 and $46.5 million on September 30, 2023. Backlog at September 28, 2024 and June 29, 2024 did not include any 200 Lean HDD systems. Backlog at September 30, 2023 included two 200 Lean HDD systems.

    The Company ended the quarter with $72.1 million of total cash, cash equivalents, restricted cash and investments and $111.5 million in tangible book value.

    First Nine Months 2024 Summary

    Revenues were $52.7 million, compared to first nine months of 2023 revenues of $39.8 million, and consisted of HDD upgrades, spares and service, as well as approximately $15 million of revenue related to the inventory agreement with a customer. Gross margin was 31.9%, compared to 35.9% in the first nine months of 2023. The inventory revenues included a small amount of gross profit to cover the operating expenses associated with procuring and storing the inventory related to the cancelled order, and the impact of this profit along with certain other inventory adjustments collectively impacted year-to-date gross margin by approximately 13 percentage points. Operating expenses were $26.3 million, compared to $25.6 million in the first nine months of 2023. The net loss was $7.0 million, or $0.26 per diluted share, compared to a net loss of $10.3 million, or $0.40 per diluted share, for the first nine months of 2023. On a non-GAAP basis, the net loss was $8.1 million, or $0.30 per diluted share, compared to a net loss of $9.0 million, or $0.35 per diluted share, for the first nine months of 2023.

    Use of Non-GAAP Financial Measures

    Intevac's non-GAAP results exclude the impact, where applicable, of restructuring charges and 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. PST (4:30 p.m. EST). To participate in the teleconference, please call toll-free (877) 407-0989 prior to the start time, and reference meeting number 13748961. 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/intevac111124 or on the Company's investor relations website at https://ir.intevac.com. For those unable to attend live, an archived webcast of the call will be available at the same link.

    About Intevac

    Founded in 1991, we are a leading provider of thin-film process technology and manufacturing platforms for high-volume manufacturing environments. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we deploy our materials science expertise primarily to the hard disk drive (HDD) industry. Our industry-leading 200 Lean® platform is our flagship system, supporting the majority of the world's capacity for HDD disk media production, including the vast majority of the industry's most advanced, leading-edge, heat-assisted magnetic recording (HAMR) media. The majority of Intevac's HDD business for the last several years has been focused on enabling the upgrades of the installed base of worldwide media capacity in close partnership with our HDD customers, thus enabling their technology roadmaps. 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.

    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: quotations from management, the Company's revenue growth potential, expected collection of receivables, and future financial performance, including improved operating results and preserving the strength of the balance sheet. 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 most recent stock price. These risks and other factors are detailed in the Company's periodic Form 10-K and 10-Q 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

     

    Nine months ended

     

    September 28,

    2024

     

    September 30,

    2023

     

    September 28,

    2024

     

    September 30,

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    Net revenues

    $

    28,505

     

     

    $

    17,915

     

     

    $

    52,662

     

     

    $

    39,758

     

    Gross profit

     

    7,058

     

     

     

    6,999

     

     

     

    16,810

     

     

     

    14,287

     

    Gross margin

     

    24.8

    %

     

     

    39.1

    %

     

     

    31.9

    %

     

     

    35.9

    %

    Operating expenses

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    3,967

     

     

     

    3,720

     

     

     

    11,846

     

     

     

    11,340

     

    Selling, general and administrative

     

    4,843

     

     

     

    4,707

     

     

     

    14,433

     

     

     

    14,281

     

    Total operating expenses

     

    8,810

     

     

     

    8,427

     

     

     

    26,279

     

     

     

    25,621

     

    Total operating loss

     

    (1,752

    )

     

     

    (1,428

    )

     

     

    (9,469

    )

     

     

    (11,334

    )

    Interest and other income (expense), net

     

    541

     

     

     

    600

     

     

     

    3,521

     

     

     

    1,922

     

    Loss from continuing operations before provision for income taxes

     

    (1,211

    )

     

     

    (828

    )

     

     

    (5,948

    )

     

     

    (9,412

    )

    Provision for income taxes

     

    962

     

     

     

    796

     

     

     

    2,189

     

     

     

    1,298

     

    Net loss from continuing operations

     

    (2,173

    )

     

     

    (1,624

    )

     

     

    (8,137

    )

     

     

    (10,710

    )

    Net income from discontinued operations, net of taxes

     

    —

     

     

     

    48

     

     

     

    1,095

     

     

     

    365

     

    Net loss

    $

    (2,173

    )

     

    $

    (1,576

    )

     

    $

    (7,042

    )

     

    $

    (10,345

    )

    Net income (loss) per share

     

     

     

     

     

     

     

     

     

     

     

    Basic and diluted - continuing operations

    $

    (0.08

    )

     

    $

    (0.06

    )

     

    $

    (0.30

    )

     

    $

    (0.41

    )

    Basic and diluted - discontinued operations

    $

    0.00

     

     

    $

    0.00

     

     

    $

    0.04

     

     

    $

    0.01

     

    Basic and diluted - net loss

    $

    (0.08

    )

     

    $

    (0.06

    )

     

    $

    (0.26

    )

     

    $

    (0.40

    )

    Weighted average common shares outstanding

     

     

     

     

     

     

     

     

     

     

     

    Basic and diluted

     

    26,895

     

     

     

    26,287

     

     

     

    26,695

     

     

     

    26,033

     

    INTEVAC, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except par value)

     

     

    September 28, 2024

    December 30, 2023

     

    (Unaudited)

    (see Note)

    ASSETS

     

     

     

     

     

    Current assets

     

     

    Cash, cash equivalents and short-term investments

    $

    63,148

     

    $

    68,846

     

    Accounts receivable, net

     

    14,461

     

     

    18,613

     

    Inventories

     

    31,666

     

     

    43,795

     

    Prepaid expenses and other current assets

     

    1,946

     

     

    2,123

     

    Total current assets

     

    111,221

     

     

    133,377

     

     

     

     

    Long-term investments

     

    8,276

     

     

    2,687

     

    Restricted cash

     

    700

     

     

    700

     

    Property, plant and equipment, net

     

    7,584

     

     

    7,664

     

    Operating lease right-of-use assets

     

    6,492

     

     

    7,658

     

    Intangible assets, net

     

    851

     

     

    954

     

    Other long-term assets

     

    1,856

     

     

    3,466

     

    Total assets

    $

    136,980

     

    $

    156,506

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

    Current liabilities

     

     

    Current operating lease liabilities

    $

    1,257

     

    $

    1,008

     

    Accounts payable

     

    3,040

     

     

    5,800

     

    Accrued payroll and related liabilities

     

    4,921

     

     

    3,475

     

    Other accrued liabilities

     

    1,830

     

     

    1,820

     

    Customer advances

     

    6,291

     

     

    20,407

     

    Total current liabilities

     

    17,339

     

     

    32,510

     

     

     

     

    Non-current liabilities

     

     

    Non-current operating lease liabilities

     

    5,814

     

     

    6,976

     

    Customer advances

     

    1,482

     

     

    1,482

     

    Other non-current liabilities

     

    —

     

     

    21

     

    Total non-current liabilities

     

    7,296

     

     

    8,479

     

     

     

     

    Stockholders' equity

     

     

    Common stock ($0.001 par value)

     

    27

     

     

    26

     

    Additional paid-in capital

     

    213,748

     

     

    210,320

     

    Treasury stock, at cost

     

    (29,551

    )

     

    (29,551

    )

    Accumulated other comprehensive income

     

    538

     

     

    97

     

    Accumulated deficit

     

    (72,417

    )

     

    (65,375

    )

    Total stockholders' equity

     

    112,345

     

     

    115,517

     

    Total liabilities and stockholders' equity

    $

    136,980

     

    $

    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

    Nine months ended

     

    September 28,

    2024

    September 30,

    2023

    September 28,

    2024

    September 30,

    2023

    Non-GAAP Income (Loss) from Operations

     

     

     

     

     

     

     

     

    Reported operating loss (GAAP basis)

    $

    (1,752

    )

    $

    (1,428

    )

    $

    (9,469

    )

    $

    (11,334

    )

    Restructuring charges1

     

    —

     

     

    1,950

     

     

    —

     

     

    1,950

     

    Non-GAAP Operating Income (Loss)

    $

    (1,752

    )

    $

    522

     

    $

    (9,469

    )

    $

    (9,384

    )

    Non-GAAP Net Income (Loss)

     

     

     

     

     

     

     

     

    Reported net loss (GAAP basis)

    $

    (2,173

    )

    $

    (1,576

    )

    $

    (7,042

    )

    $

    (10,345

    )

    Continuing operations:

     

     

     

     

     

     

     

     

    Restructuring charges1

     

    —

     

     

    1,950

     

     

    —

     

     

    1,950

     

    Income tax effect of non-GAAP adjustments2

     

    —

     

     

    (275

    )

     

    —

     

     

    (275

    )

    Discontinued operations3

     

    —

     

     

    (48

    )

     

    (1,095

    )

     

    (365

    )

    Non-GAAP Net Income (Loss)

    $

    (2,173

    )

    $

    51

     

    $

    (8,137

    )

    $

    (9,035

    )

    Non-GAAP Net Income (Loss) Per Diluted Share

     

     

     

     

     

     

     

     

    Reported net loss per diluted share (GAAP basis)

    $

    (0.08

    )

    $

    (0.06

    )

    $

    (0.26

    )

    $

    (0.40

    )

    Continuing operations:

     

     

     

     

     

     

     

     

    Restructuring charges1

    $

    0.00

     

    $

    0.06

     

    $

    0.00

     

    $

    0.06

     

    Discontinued operations3

    $

    0.00

     

    $

    (0.00

    )

    $

    (0.04

    )

    $

    (0.01

    )

    Non-GAAP Net Income (Loss) Per Diluted Share

    $

    (0.08

    )

    $

    0.00

     

    $

    (0.30

    )

    $

    (0.35

    )

    Weighted average number of basic shares

     

    26,895

     

     

    26,287

     

     

    26,695

     

     

    26,033

     

    Weighted average number of diluted shares

     

    26,895

     

     

    26,799

     

     

    26,695

     

     

    26,033

     

     

    1 Results for the three and nine months ended September 30, 2023 include severance and other employee-related costs related to the 2023 Cost Reduction Program.

     

    2 The amount represents the estimated income tax effect of the non-GAAP adjustments. The Company calculated the tax effect of non-GAAP adjustments by applying an applicable estimated jurisdictional tax rate to each specific non-GAAP item.

     

    3 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/20241111497713/en/

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      Intevac Stockholders to Receive $4.00 Per Share in Cash, Plus a Special Dividend of $0.052 Per Share and a Regular Dividend of $0.05 Per Share Acquisition Delivers Compelling and Certain Cash Value Seagate Technology Holdings plc (NASDAQ:STX) ("Seagate"), a leading innovator of mass-capacity data storage, and Intevac, Inc. (NASDAQ:IVAC) ("Intevac"), a supplier of thin-film processing systems, today announced that Seagate has entered into a definitive agreement to acquire Intevac in an all-cash transaction for $4.00 per share (the "Transaction"). In connection with the closing of the Transaction, Intevac will pay a one-time special dividend of $0.052 per share. The payment of the speci

      2/13/25 8:00:00 AM ET
      $IVAC
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    $IVAC
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    • Intevac downgraded by The Benchmark Company

      The Benchmark Company downgraded Intevac from Buy to Hold

      6/14/23 8:57:27 AM ET
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      Industrial Machinery/Components
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    • Intevac upgraded by The Benchmark Company with a new price target

      The Benchmark Company upgraded Intevac from Hold to Buy and set a new price target of $9.00

      1/3/23 8:52:55 AM ET
      $IVAC
      Industrial Machinery/Components
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    • Intevac downgraded by Benchmark

      Benchmark downgraded Intevac from Buy to Hold

      2/10/22 7:52:59 AM ET
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    • Seagate Completes Acquisition of Intevac

      Seagate Technology Holdings plc (NASDAQ:STX) ("Seagate"), a leading innovator of mass-capacity data storage, announced today that it has completed the acquisition of Intevac, Inc. (NASDAQ:IVAC) ("Intevac"), a supplier of thin-film processing systems. Completion of Tender Offer and Merger The previously announced cash tender offer for all of the outstanding shares of common stock of Intevac for $4.00 per share, payable in cash at closing, without interest and subject to reduction for any applicable withholding taxes, by Irvine Acquisition Holdings, Inc. ("Merger Sub"), an indirect wholly owned subsidiary of Seagate, expired one minute after 11:59 p.m., Eastern Time, on March 28, 2025. Comp

      3/31/25 8:45:00 AM ET
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    • Intevac Announces Details of Special Dividend

      Intevac, Inc. (NASDAQ:IVAC) ("Intevac"), a supplier of thin-film processing systems, today announced that a one-time special cash dividend of $0.052 per share of common stock will be paid on March 28, 2025, to all stockholders of record as of the close of business on March 24, 2025. The one-time special cash dividend is being paid in connection with the proposed acquisition of Intevac by Seagate Technology Holdings plc ("Seagate"). Seagate has commenced a tender offer (the "Offer") to acquire all of Intevac's outstanding common stock for $4.00 per share in cash. The tender offer is scheduled to expire at one minute after 11:59 p.m., Eastern Time, on March 28, 2025. Intevac's Board of Direc

      3/14/25 4:05:00 PM ET
      $IVAC
      Industrial Machinery/Components
      Technology
    • Seagate Announces Agreement to Acquire Intevac

      Intevac Stockholders to Receive $4.00 Per Share in Cash, Plus a Special Dividend of $0.052 Per Share and a Regular Dividend of $0.05 Per Share Acquisition Delivers Compelling and Certain Cash Value Seagate Technology Holdings plc (NASDAQ:STX) ("Seagate"), a leading innovator of mass-capacity data storage, and Intevac, Inc. (NASDAQ:IVAC) ("Intevac"), a supplier of thin-film processing systems, today announced that Seagate has entered into a definitive agreement to acquire Intevac in an all-cash transaction for $4.00 per share (the "Transaction"). In connection with the closing of the Transaction, Intevac will pay a one-time special dividend of $0.052 per share. The payment of the speci

      2/13/25 8:00:00 AM ET
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    • Amendment: SEC Form SC 13G/A filed by Intevac Inc.

      SC 13G/A - INTEVAC INC (0001001902) (Subject)

      10/15/24 1:17:35 PM ET
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      Industrial Machinery/Components
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    • SEC Form SC 13G/A filed by Intevac Inc. (Amendment)

      SC 13G/A - INTEVAC INC (0001001902) (Subject)

      2/14/24 3:34:36 PM ET
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      Industrial Machinery/Components
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    • SEC Form SC 13G/A filed by Intevac Inc. (Amendment)

      SC 13G/A - INTEVAC INC (0001001902) (Subject)

      2/14/24 11:07:01 AM ET
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    • Intevac Provides Cash and Revenue Guidance, Announces Dividend, Further Restructuring to Strengthen Profitability, and Investigation of Strategic Options

      2024 Year-end Cash Expected to be $70-$72 million 2025 Revenue Expected to be $52-$55 million Quarterly Dividend of $0.05 per share to Begin in Q1 2025 HDD Business Projected to Generate ~$200 million of Revenue Over Next Three Years Intevac, Inc. (NASDAQ:IVAC) ("Intevac" or the "Company") today announced its anticipated year end cash position, 2025 revenue guidance, commencement of quarterly dividends, further restructuring to strengthen profitability, and a renewed focus on its pursuit of strategic options. At year end Intevac's cash position, composed of restricted cash, and investments, is expected to be in the range of $70-$72 million. 2025 revenue is expected to be in the ra

      12/12/24 8:30:00 AM ET
      $IVAC
      Industrial Machinery/Components
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    • Intevac Announces Appointment of Ryan L. Vardeman to Board of Directors

      Intevac, Inc. (NASDAQ:IVAC), a leading supplier of thin-film processing systems, today announced the appointment of Ryan L. Vardeman to its board of directors (the "Board"), effective immediately. Mr. Vardeman is a principal and co-founder of Palogic Value Fund, L.P. ("Palogic"), which is a substantial shareholder of Intevac. "We are pleased to welcome Ryan to the Board," said Kevin Barber, chair of the Board. "We look forward to Ryan's contributions as a director and believe that he will further enhance the strength of our Board as we focus on building value for all stockholders." "I believe that Intevac is an outstanding company," said Mr. Vardeman. "I look forward to working with the

      11/11/24 4:02:00 PM ET
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      Industrial Machinery/Components
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    • Intevac Announces Appointment of Kevin Barber as Board Chairman

      Replacing David S. Dury, Board Chairman Since 2017, as Part of the Company's Planned Succession Strategy Intevac, Inc. (NASDAQ:IVAC), a leading supplier of thin-film processing systems, today announced the appointment of Kevin Barber as the Company's Board Chairman, effective today. Mr. Barber succeeds David S. Dury, who has served as Board Chairman since 2017 and will remain on the Board until the annual meeting of stockholders in 2025. "I would like to thank David for his meaningful contributions during his time as Board Chairman," commented Nigel Hunton, Intevac's president and chief executive officer. "David has proven to be a critical asset to the Company and has been instrumental in

      10/1/24 4:05:00 PM ET
      $IVAC
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