Intevac’s non-GAAP adjusted results exclude the
impact of the following, where applicable: (i) restructuring charges, (ii) fixed asset disposals associated with a restructuring program, (iii) discontinued operations and (iv) litigation settlements. 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.
Fourth Quarter Fiscal 2023 Summary
Revenues were $12.9 million, compared to $11.3 million in the fourth quarter of 2022, and consisted of HDD upgrades, spares and
service for each period. Gross margin was 46.0%, compared to 44.3% in the fourth quarter of 2022. Operating expenses were $7.8 million, compared to $8.3 million in the fourth quarter of 2022.
The net loss for the quarter was $1.8 million, or $0.07 per diluted share, compared to a net loss of $3.2 million, or $0.12 per
diluted share, in the fourth quarter of 2022. The non-GAAP net loss for the fourth quarter of 2023 was $1.9 million, or $0.07 per diluted share, compared to the
non-GAAP net loss for the fourth quarter of 2022 of $3.2 million, or $0.13 per diluted share.
Order backlog was $42.4 million on December 30, 2023 compared to $46.5 million on September 30, 2023 and
$121.7 million on December 31, 2022. Backlog at December 30, 2023 does not include any 200 Lean HDD systems. Backlog at September 30, 2023 included two 200 Lean HDD systems. Backlog at December 31, 2022 included eleven
200 Lean HDD systems.
The Company ended the year with $72.2 million of total cash, cash equivalents, restricted cash and investments
and $114.6 million in tangible book value.
Fiscal Year 2023 Summary
Revenues were $52.7 million, compared to 2022 revenues of $35.8 million, and consisted of one 200 Lean HDD system, one refurbished
200 Lean HDD system, HDD upgrades, spares and service in 2023, compared to HDD upgrades, spares and service in 2022. Gross margin was 38.4% compared to 42.2% in 2022, and operating expenses were $33.5 million compared to $31.6 million in
2022. The operating loss of $13.2 million included $2.0 million of restructuring-related costs, including severance. The net loss was $12.2 million, or $0.47 per diluted share, compared to a net loss of $17.1 million, or $0.68
per diluted share, for fiscal 2022. The non-GAAP net loss was $10.9 million or $0.42 per diluted share, compared to the non-GAAP net loss of $14.1 million
or $0.56 per diluted share for fiscal 2022.
Use of Non-GAAP Financial Measures
Intevac’s non-GAAP results exclude the impact, where applicable, of restructuring charges, fixed
asset disposals associated with a restructuring program, discontinued operations and litigation settlements. 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. PT (4:30 p.m. ET). To
participate in the teleconference, please call toll-free (877) 407-0989 prior to the start time, and reference meeting number 13743810. 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/intevac020524/en 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. 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.