Intevac(IVAC)2024-08-05 20:06Financial Performance - Revenues for Q2 2024 were 10.3 million in Q2 2023[4] - Gross margin improved to 38.2% in Q2 2024, up from 24.9% in Q2 2023[4] - Operating loss decreased to 5.5 million in Q2 2023[4] - Net loss for Q2 2024 was 0.12 per diluted share, compared to a net loss of 0.19 per diluted share in Q2 2023[4] - Revenues for the first six months of 2024 were 21.8 million in the first half of 2023[7] - Gross margin for the first six months of 2024 was 40.4%, up from 33.4% in the same period of 2023[7] - Non-GAAP net loss for the six months ended June 29, 2024, was 9,086 thousand for the same period last year, reflecting a 34.5% reduction[16] - Non-GAAP net loss per diluted share for the three months ended June 29, 2024, was 70.4 million at the end of Q2 2024[6] - Cash and cash equivalents decreased to 68,846 thousand as of December 30, 2023, a decrease of 4.5%[15] - Total current assets decreased to 133,377 thousand as of December 30, 2023, a decline of 2.3%[15] Liabilities and Equity - Total liabilities increased to 40,989 thousand as of December 30, 2023, an increase of 1.0%[15] - Current liabilities increased to 32,510 thousand as of December 30, 2023, an increase of 3.6%[15] - Total stockholders' equity decreased to 115,517 thousand as of December 30, 2023, a decline of 2.5%[15] Inventory and Backlog - Order backlog was 53.1 million on March 30, 2024[5] - Inventories increased to 43,795 thousand as of December 30, 2023, an increase of 4.0%[15] Strategic Initiatives - The company is in the process of qualifying its first TRIO system, which has been successfully installed at a new customer facility in Asia[2] - The company remains committed to maintaining a strong balance sheet while pursuing growth opportunities[2] Share Information - Weighted average number of diluted shares increased to 26,668 for the three months ended June 29, 2024, compared to 26,032 for the same period last year[16]