Q2 2024 Intevac Inc Earnings Call Transcript
Key Points
- Intevac Inc (IVAC) reported a significant revenue increase to nearly $15 million for Q2 2024, surpassing forecasts due to increased demand for HDD technology upgrades.
- Gross margin exceeded 38%, driven by the favorable mix of upgrades delivered during the quarter.
- The company successfully delivered its first HAMR upgrade to a second major customer, indicating expansion in its customer base.
- Intevac Inc (IVAC) increased its full-year HDD revenue outlook to $45 million, reflecting strong growth in the first half of 2024.
- The company ended the quarter with over $70 million in cash and investments, demonstrating strong financial health and liquidity.
- Despite the revenue increase, Intevac Inc (IVAC) reported a net loss per share of $0.12 for Q2 2024.
- Operating expenses were higher than the current run rate at $8.8 million, due to increased corporate travel and installation costs.
- The company projects a net loss in the range of $0.14 to $0.18 per share for Q3 2024.
- Revenue guidance for Q3 2024 is lower, projected between $10.5 million to $12 million, indicating potential volatility in revenue streams.
- The TRIO platform is still in the qualification phase, and its revenue contribution is uncertain, with no expected revenue in the next quarter.
Good afternoon, and welcome to Intevac's second quarter 2024 financial results conference call. (Operator Instructions) Please note that this conference call is being recorded, today, August 5, 2024.
At this time, I would like to turn the call over to Claire McAdams, Investor Relations for Intevac. Please go ahead.
Thank you, operator, and good afternoon to everyone on today's call. Thank you for joining us today to discuss Intevac's financial results for the second quarter of 2024, which ended on June 29. In addition to discussing the company's recent results, we will discuss our outlook looking forward.
Joining me on today's call are Nigel Hunton, President and Chief Executive officer; Cameron McAulay, Chief Financial Officer; and Kevin Soulsby, Corporate Controller. Nigel will begin with an overview of our business and outlook, followed by Cameron's review of our financial results for the second quarter and additional details regarding our guidance, before turning
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
