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Financial Performance - Net revenues for the year ended December 30, 2023, were $52.665 million, an increase of 47.3% compared to $35.761 million for the year ended December 31, 2022[212]. - Gross profit for the year ended December 30, 2023, was $20.226 million, representing a gross margin of 38.4%, up from $15.086 million in the previous year[212]. - Operating loss decreased to $13.244 million for the year ended December 30, 2023, compared to an operating loss of $16.512 million for the year ended December 31, 2022, reflecting improved operational efficiency[212]. - The company reported a net loss of $12.190 million for the year ended December 30, 2023, a reduction from a net loss of $17.075 million in the prior year[212]. - Net loss for the year ended December 30, 2023, was $12,190,000, compared to a net loss of $17,075,000 for the year ended December 31, 2022, representing a 28.0% improvement[222]. - Basic net loss per share for continuing operations was $(0.48) in 2023, compared to $(0.67) in 2022, indicating a reduction in losses[304]. Cash and Investments - Cash and cash equivalents decreased to $51.441 million as of December 30, 2023, down from $68.904 million as of December 31, 2022[209]. - Total cash, cash equivalents, and restricted cash at the end of the period was $52,141,000, down from $69,690,000 at the beginning of the period, indicating a decrease of 25.3%[222]. - The company had cash used in investing activities of $(28,418,000) for the year ended December 31, 2022, while it generated $18,281,000 in cash from investing activities for the year ended December 30, 2023, showing a positive turnaround[222]. - Total cash and cash equivalents as of December 30, 2023, amounted to $51,445,000, a decrease from $68,910,000 as of December 31, 2022, representing a decline of approximately 25.5%[321]. - Total short-term investments decreased to $17,460,000 as of December 30, 2023, from $25,772,000 as of December 31, 2022, reflecting a decline of about 32.4%[321]. - Total long-term investments were $2,690,000 as of December 30, 2023, down from $17,832,000 as of December 31, 2022, indicating a significant decrease of approximately 85%[321]. - The total cash, cash equivalents, and investments decreased to $71,595,000 as of December 30, 2023, from $112,514,000 as of December 31, 2022, a decline of about 36.4%[321]. Inventory and Liabilities - Inventories increased significantly to $43.795 million as of December 30, 2023, compared to $30.003 million as of December 31, 2022, indicating potential challenges in inventory management[209]. - Total current liabilities rose to $32.510 million as of December 30, 2023, compared to $25.975 million as of December 31, 2022, reflecting increased operational commitments[209]. - Inventories decreased by $13,792,000 in the year ended December 30, 2023, compared to a decrease of $24,105,000 in the previous year, indicating a reduction in inventory management challenges[222]. Research and Development - Research and development expenses for the year ended December 30, 2023, were $15.125 million, up from $13.722 million in the previous year, highlighting a focus on innovation[212]. Equity and Stock - The company’s additional paid-in capital increased to $210.320 million as of December 30, 2023, from $206.355 million as of December 31, 2022, indicating ongoing investment support[209]. - The weighted average shares outstanding increased to 26,121 thousand for the year ended December 30, 2023, compared to 25,192 thousand in the previous year, reflecting potential dilution effects[212]. - Proceeds from the issuance of common stock amounted to $1,365,000 in the year ended December 30, 2023, compared to $3,083,000 in the previous year, reflecting a decrease of 55.7%[222]. Taxation - The effective tax rate is influenced by projected earnings and geographic composition, with potential material effects on business outcomes if actual results differ from estimates[251]. - The company reported an effective tax rate of (16.9%) for fiscal 2023, compared to (8.6%) for fiscal 2022[334]. - The provision for income taxes on continuing operations for fiscal 2023 was $1,822,000, an increase from $1,327,000 in fiscal 2022, representing a rise of approximately 37.4%[334]. Legal and Compliance - The company incurred legal expenses of approximately $1.0 million related to a settlement in the Quiusky v. Intevac lawsuit, which was resolved in January 2023[369]. - The company’s management concluded that its disclosure controls and procedures were effective as of December 30, 2023[383]. - Intevac's management concluded that its internal control over financial reporting was effective as of December 30, 2023[386]. Acquisitions and Contingent Considerations - The acquisition of Hia, Inc. was completed on August 26, 2022, for a total purchase price of $763,000, including $700,000 in cash and $63,000 in transaction costs[377]. - The first milestone of the Hia acquisition was achieved, resulting in a contingent consideration payment of $250,000, which was accrued in the fourth quarter of 2022[378]. - The technology intangible assets from the Hia acquisition had a gross carrying amount of $1,132,000 as of December 30, 2023, with accumulated amortization of $178,000[382]. Cost Reduction Initiatives - The company implemented a 2023 Cost Reduction Plan, resulting in a 23% reduction in workforce and incurring restructuring costs of $2.0 million, expected to save approximately $4.6 million annually[370]. - The 2022 Cost Reduction Plan reduced the workforce by 6% and resulted in annual savings of approximately $2.1 million[371].

Financial Data and Key Metrics Changes - Intevac reported Q4 revenues of nearly $13 million, exceeding expectations, and full-year revenues of $52.7 million, a 47% increase from $35.8 million in 2022 [20][31][22] - Gross margin for Q4 was 46%, surpassing guidance, while the full-year gross margin was 38.4% [21][31] - The company ended the year with over $72 million in cash and investments, slightly below previous guidance due to delayed receivables [22][32] Business Line Data and Key Metrics Changes - The HDD business saw a significant revenue ramp in 2023, driven by strong demand for HAMR upgrades, resulting in a record level of upgrades [17][20] - Total backlog at year-end was $42 million, reflecting strong order activity for HAMR upgrades [22] Market Data and Key Metrics Changes - The HDD market is transitioning to HAMR technology, with Intevac positioned as a key technology partner, benefiting from the industry's upgrade initiatives [17][20] - The company noted a significant interest from Western Digital, indicating a broader industry shift towards HAMR [36][46] Company Strategy and Development Direction - Intevac is focusing on long-term growth and profitability, temporarily withdrawing near-term financial guidance to prioritize strategic initiatives [24][29] - The TRIO platform is seen as a key growth opportunity, with an estimated $1 billion market potential, and the company aims to diversify its product portfolio [23][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in cash collection and the impact of large customers on short-term financial results, emphasizing a focus on improving long-term financial performance [24][46] - The company expects to maintain a similar cash balance at the end of 2024 as at year-end 2023, despite halting certain resource deployments [29] Other Important Information - The company has decided to temporarily suspend HDD order fulfillment to align with standard payment terms and improve cash flow [25] - The display market has become more challenging, but there is significant customer interest in deploying TRIO systems across various applications [27][88] Q&A Session Summary Question: Can you provide clarity on the receivables collection process? - Management indicated that the issue is more about timing rather than a dispute over the receivable amount [102] Question: What is the outlook for the 2024 HDD market and HAMR upgrades? - Management expects a significant HAMR opportunity over the next few years, with ongoing interest from major customers [46][78] Question: How will the TRIO system negotiations impact future sales? - Management is confident that negotiations will conclude positively, with expectations to ship multiple systems in 2024 [99][103] Question: What are the best uses of cash moving forward? - The focus will be on protecting the balance sheet while considering minor investments to enhance in-house capabilities [91]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-26946 3560 Bassett Street Santa Clara, California 95054 (Address of principal executive office, including Zip ...

INTEVAC, Strictly Confidential. Not for Distribution. Forward Looking Statements During the course of this presentation, we will comment upon future events and may make projections about our future financial performance, including statements related to strategies, our expected sales, product shipments and acceptance, gross margin, operating expense, profit, cash flow, income tax expense, and capital allocation. We will discuss our business strategy, our products, the markets our products address, our positi ...

Intevac, Inc. (NASDAQ:IVAC) Q2 2023 Earnings Conference Call August 2, 2023 4:30 PM ET Nigel Hunton - President and CEO Jim Moniz - CFO Peter Wright - PartnerCap Securities Mark Miller - Benchmark Good afternoon, everyone. Thank you for joining us today to discuss Intevac's financial results for the second quarter of 2023, which ended on July 1. In addition to discussing the company's recent results, we will discuss our outlook looking forward. These forward-looking statements are based upon our current exp ...

INTEVAC FORWARD LOOKING STATEMENTS 2 Critical role in advancing HDD media technology = A transformed company, with a strong foundation for growth • Experts in materials science who create world-leading, highly precise and durable coatings • Led by a highly experienced management team with a vision and strategy to deliver growth 4 • ~65% market share of worldwide media capacity – currently expanding share through technology upgrades (immediate term) and capacity additions (longer term) 5 Japan (Distributor) ...

This includes expanding our served markets, diversifying our customer base, expanding market research, establishing a leaner and more diverse team of operational leaders and continuing to deliver differentiated technology and manufacturing solutions to our partners and customers. In summary, we have launched into 2023 with continued progress following the transformative 2022 for Intevac. We are very excited about the future and our new partnership and development agreement for the TRIO platform. I will take ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-26946 INTEVAC, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...

Intevac, Inc. (NASDAQ:IVAC) Q4 2022 Earnings Conference Call February 1, 2023 4:30 PM ET Company Participants Claire McAdams - Investor Relations Nigel Hunton - President and Chief Executive Officer Jim Moniz - Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Hendi Susanto - Gabelli Funds Mark Miller - The Benchmark Company Dan Weston - WestCap Management Operator Hello and welcome to Intevac’s Fourth Quarter and Fiscal Year 2022 Financial Results Conference Call. ...