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Intevac (IVAC) investor relations material
Intevac Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary11 Nov, 2024
Executive summary
Q3 2024 revenue reached $28.5M, driven by HDD upgrades, spares, service, and a $15M inventory-related transaction, exceeding expectations but with minimal gross profit.
Gross margin declined to 24.8%, impacted by low-margin inventory revenue and $1.8M in inventory write-downs.
Net loss for Q3 was $2.2M ($0.08 per share), compared to $1.6M loss in Q3 2023; nine-month net loss improved to $7.0M from $10.3M prior year.
Company restructured with a 19% global headcount reduction, expecting $900K in restructuring costs and $5.1M in annualized savings.
TRIO platform development was halted after failing to secure orders or meet market requirements; focus shifted to monetizing inventory and supporting R&D evaluations.
Financial highlights
Q3 2024 net revenues: $28.5M (Q3 2023: $17.9M); nine-month revenues: $52.7M (2023: $39.8M).
Q3 gross margin: 24.8%; underlying business gross margin ~45% excluding inventory adjustments.
Q3 operating expenses: $8.8M; expected to decrease to $7M–$7.2M by Q1 2025 post-restructuring.
Q3 net loss: $2.2M ($0.08/share); underlying business EPS favorable to expectations.
Cash and investments at Q3 end: $72.1M, stable from year-end 2023, with no debt.
Outlook and guidance
Q4 2024 revenue projected at $9M–$10.5M; gross margin 30%–32%; OpEx $8.4M–$8.6M (includes $0.9M restructuring costs).
Q4 net loss expected at $0.19–$0.21 per share.
2025 HDD revenue baseline forecasted at $50M, supporting cash flow neutral to positive results post-restructuring.
Gross margins expected at least 40% in 2025 with reduced OpEx and investment income.
Fiscal 2024 expected to remain challenging, with no profitability anticipated and macroeconomic risks present.
What specific technical hurdle ended TRIO development?
What are the key drivers for HDD growth post-2025?
How will excess cash be allocated going forward?
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Frequently asked questions
Intevac is a global provider of vacuum deposition equipment for various thin-film applications. The Company offers products and services to enhance the value, performance and yield of its customers' product development efforts. It designs, develops, and markets thin-film processing systems for hard disk drive media, display cover panel, solar photovoltaic cell, and advanced semiconductor packaging industries. Intevac's products include Tau 9S powder processing system; DuraLast tool assembly; CDM-BX insert system; ExtendoSpike monocrystalline silicon substrates; Prismix high-volume batch processing system; ExtendoCap ultraviolet light source illuminator system; Q6R quartz crystal growth chamber; QuickWafer rapid small wafer deposition system; and DuraCap low-k dielectric deposition system. It also provides digital night vision technologies and products to the defense industry in the United States, Asia, and Europe. Intevac distributes its products through direct sales force and distributors.
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