Intevac Inc Reports Second Quarter 2024 Financial Results
Intevac, Inc. Reports Second Quarter 2024 Financial Results
Intevac, Inc. (NASDAQ: IVAC) today announced its financial results for the quarter and six months ended June 29, 2024. The company experienced robust demand for hard disk drive (HDD) media technology upgrades, significantly surpassing revenue expectations.
Key Financial Metrics:
Financial Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates (Q2 2024) | Q1 2024 | QoQ Change |
---|---|---|---|---|---|---|
Revenue | $14.5 million | $10.3 million | +41.0% | $8.3 million | $9.7 million | +49.5% |
Gross Margin | 38.2% | 24.9% | +13.3 pp | N/A | 42.3% | -4.1 pp |
Operating Expenses | $8.8 million | $8.0 million | +10.0% | N/A | $8.7 million | +1.1% |
Operating Loss | $3.3 million | $5.5 million | -40.0% | N/A | $3.6 million | -8.3% |
Net Loss | $3.3 million | $4.9 million | -32.7% | N/A | $1.6 million | +106.3% |
Earnings Per Share (EPS) | -$0.12 | -$0.19 | N/A | -$0.20 | -$0.06 | N/A |
Intevac's revenue for the second quarter of 2024 significantly outperformed estimates, driven by strong demand in HDD media technology upgrades. Despite a decrease in gross margin from the previous quarter, year-over-year gross margin improvement indicates better operational efficiency.
Segment Revenue Performance:
Segment | Q2 2024 Revenue | Previous Guidance | Variance |
---|---|---|---|
HDD Upgrades, Spares, and Service | $14.5 million | Not provided | N/A |
Intevac's revenue from HDD upgrades, spares, and services was robust, reflecting strong market demand. The company did not provide previous guidance for direct comparison.
Operational Data:
Operational Metric | Q2 2024 | Q2 2023 | Change |
---|---|---|---|
Order Backlog | $42.5 million | $58.2 million | -26.9% |
Total Cash and Equivalents | $70.4 million | N/A | N/A |
Tangible Book Value | $111.7 million | N/A | N/A |
The company maintained solid cash reserves and a strong balance sheet despite a decline in order backlog, suggesting solid operational control amid fluctuating demand.
CEO Commentary:
Nigel Hunton, President and CEO of Intevac, commented, "We witnessed strengthening demand for HDD media technology upgrades during the second quarter, and our team in Singapore provided solid execution, which led to revenues well ahead of expectations...an excellent quarter for Intevac across all fronts."
Dividends & Share Repurchase Program:
The earnings release did not mention any dividends or share repurchase programs.
Forward Guidance:
No forward guidance was provided in the earnings release.
Stock Price Movement:
Following the earnings release, Intevac’s stock price experienced a minor decline of 0.25%.
In conclusion, Intevac's second quarter of 2024 showed promising revenue growth amid market challenges, reinforcing the company's leading position in HDD media technology.
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