Intevac ( (IVAC) ) has released its Q3 earnings. Here is a breakdown of the information Intevac presented to its investors.
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Intevac, Inc. is a leading provider of thin-film process technology and manufacturing platforms, primarily serving the hard disk drive (HDD) industry with over 30 years of expertise in high-productivity systems.
Intevac recently announced its third-quarter financial results for 2024, which showed revenues exceeding expectations due to technology upgrades and inventory agreements. Despite a net loss for the period, the results were favorable compared to prior periods, driven by strong cash flow and strategic revenue growth.
For the third quarter of 2024, Intevac reported net revenues of $28.5 million, a significant increase from $17.9 million in the same quarter last year. The company’s gross margin, however, decreased to 24.8% from 39.1% due to inventory adjustments. The net loss for the quarter was $2.2 million, or $0.08 per share, slightly higher than the previous year’s loss. For the first nine months of 2024, revenues grew to $52.7 million from $39.8 million in 2023, while net loss improved to $7.0 million from $10.3 million.
Intevac’s order backlog stood at $44.4 million, reflecting the company’s strategic positioning and operational strength. The company ended the quarter with $72.1 million in cash and investments, a robust financial position that supports future growth initiatives.
Looking ahead, Intevac remains focused on maintaining a strong balance sheet and strategic investments to support future growth, as it continues to partner with HDD customers to upgrade existing technology and meet market demands.
