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Intevac says retained investment bank pursuing strategic alternatives
The Fly

Intevac says retained investment bank pursuing strategic alternatives

Intevac (IVAC) announced its anticipated year end cash position, 2025 revenue guidance, commencement of quarterly dividends, further restructuring to strengthen profitability, and a “renewed focus on its pursuit of strategic options.” At year end Intevac’s cash position, composed of restricted cash, and investments, is expected to be in the range of $70M-$72M. 2025 revenue is expected to be in the range of $52M-$55M. The company said it is “committed to maintaining disciplined spending and balance sheet strength for long-term competitiveness and sustainability.” Intevac also announced that it intends to commence quarterly dividends of 5c per share. As announced in June 2023, Intevac has retained Houlihan Lokey Capital to advise management and the board on the company’s strategic alternatives. “The active pursuit and focus on TRIO opportunities during 2023 and the first three quarters of 2024, along with unfavorable market conditions for the Company’s HDD products, inhibited Intevac’s ability to pursue strategic alternatives at that time,” Intevac stated. It added, “Following Intevac’s restructuring with an increased focus and improved market conditions for HDD, and the resulting improved pro forma forecasted EBITDA profitability, Houlihan Lokey is actively pursuing strategic alternatives, including discussions with interested parties, for the Company.” Intevac also updated the composition of its Strategic Committee. The committee is now comprised of independent directors Kevin Barber, David Dury and Ryan Vardeman.

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