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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Intevac
Intevac (IVAC) investor relations material
Intevac has been acquired by Seagate Technology Holdings plc
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–$15.4M inventory-related transaction or cancellation fees, with minimal gross profit contribution.
Gross margin declined to 24.8%, impacted by low-margin inventory transactions and write-downs.
Net loss for Q3 was $2.2M ($0.08 per share), compared to $1.6M ($0.06 per share) in Q3 2023.
The TRIO platform was discontinued after failing to meet market requirements, leading to a 19% workforce reduction and a company-wide restructuring.
Cash and investments at quarter end totaled $72.1M, with no debt, supporting a strong balance sheet and future strategic investments.
Financial highlights
Q3 2024 net revenues: $28.5M, including ~$15M from a major inventory-related transaction; nine-month revenues: $52.7M.
Gross margin for Q3: 24.8%; underlying business gross margin was about 45%.
Q3 operating expenses: $8.8M; net loss per share: $(0.08); operating loss: $1.8M.
Cash and investments at quarter end: $72.1M; positive free cash flow in Q3.
Order backlog at quarter-end: $44.4M, with most revenue expected in 2025.
Outlook and guidance
Q4 2024 revenue guidance: $9M–$10.5M; gross margin expected at 30%–32%.
Q4 operating expenses projected at $8.4M–$8.6M, including ~$900K in restructuring costs; Q4 net loss expected at $0.19–$0.21 per share.
Fiscal 2025 HDD revenue baseline set at $50M, with cash flow neutral to positive results anticipated.
Long-term HDD upgrade cycle expected to continue through at least 2028.
Macroeconomic risks, including inflation, high interest rates, and global instability, may impact demand and costs.
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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.