Intevac Inc (IVAC, Financial), a leading provider of thin-film process technology and manufacturing platforms, announced its financial results for the third quarter of 2023 on November 1, 2023. The company reported a significant increase in net revenues, reaching $17.9 million, compared to $10.8 million in the third quarter of 2022. This increase in revenue reflects the media technology upgrade initiatives currently underway in the hard disk drive (HDD) industry.
Financial Highlights
The company's net loss for the quarter was $1.6 million, or $0.06 per diluted share, compared to a net loss of $3.2 million, or $0.13 per diluted share, in the third quarter of 2022. On a non-GAAP basis, the net income for the third quarter of 2023 was $0.1 million, or $0.00 per diluted share, compared to a non-GAAP net loss of $3.2 million, or $0.13 per diluted share, in the third quarter of 2022.
Intevac ended the quarter with $66.2 million of total cash, cash equivalents, restricted cash and investments and $115.2 million in tangible book value. The company expects the collection of HDD receivables in Q4 to drive an increase in its total cash balance by year-end, which is expected to be within the range of $75 to $80 million.
Operational Highlights
Intevac's President and CEO, Nigel Hunton, commented on the company's performance, stating,
We are pleased to deliver third-quarter 2023 results well above our prior expectations, reflecting media technology upgrade initiatives currently underway in the hard disk drive (HDD) industry. The revenue upside we achieved in Q3 also demonstrates our operational agility and ability to execute to meet customer timelines for technology upgrades."
Hunton also highlighted the company's partnership with Corning Incorporated, stating,
We are also very pleased to announce that during Q3 we entered the formal qualification cycle for our groundbreaking TRIO™ platform with our JDA partner Corning Incorporated, which is one of the world’s leading innovators in glass and glass-ceramic materials for mobile consumer electronics applications."
Looking Forward
Looking ahead, Intevac expects the results of the recently-completed restructuring process to enable the company to deliver improved operating performance and preserve the strength of its balance sheet. The company also sees significant potential for future revenue growth through its partnership with Corning.
Explore the complete 8-K earnings release (here) from Intevac Inc for further details.
