Intevac(US:IVAC)2024-11-13 21:06Financial Performance - Total revenues for Q3 2024 were $28.5 million, including over $13 million from HDD upgrades and an additional $15 million from inventory transfer revenue[5]. - Gross margin for Q3 2024 was 24.8%, down from 39.1% in Q3 2023, impacted by inventory adjustments[5]. - The net loss for Q3 2024 was $2.2 million, or $0.08 per diluted share, compared to a net loss of $1.6 million, or $0.06 per diluted share, in Q3 2023[6]. - Revenues for the first nine months of 2024 were $52.7 million, compared to $39.8 million for the same period in 2023[8]. - The net loss for the first nine months of 2024 was $7.0 million, or $0.26 per diluted share, compared to a net loss of $10.3 million, or $0.40 per diluted share, in the first nine months of 2023[8]. Cash and Assets - Total cash, cash equivalents, restricted cash, and investments at the end of Q3 2024 were $72.1 million[7]. - The company reported positive free cash flow performance, contributing to an increase in total cash and investments to over $72 million[3]. - Total current assets decreased from $133,377,000 as of December 30, 2023 to $111,221,000 as of September 28, 2024, a decline of approximately 16.6%[17]. - Cash, cash equivalents, and short-term investments decreased from $68,846,000 to $63,148,000, representing a decrease of about 8.9%[17]. - Accounts receivable, net decreased from $18,613,000 to $14,461,000, a decline of approximately 22.4%[17]. - Total stockholders' equity decreased from $115,517,000 as of December 30, 2023 to $112,345,000 as of September 28, 2024, a decline of approximately 2.0%[17]. Liabilities and Backlog - Total liabilities decreased from $156,506,000 to $136,980,000, a reduction of about 12.5%[17]. - Order backlog as of September 28, 2024, was $44.4 million, an increase from $42.5 million on June 29, 2024[7]. Operating Expenses - Operating expenses for Q3 2024 were $8.8 million, compared to $8.4 million in Q3 2023[5]. - Reported operating loss (GAAP basis) for the three months ended September 28, 2024 was $1,752,000 compared to a loss of $1,428,000 for the same period in 2023[18]. - Non-GAAP operating loss for the three months ended September 28, 2024 was $1,752,000, while it was a gain of $522,000 for the same period in 2023[18]. Shareholder Information - The weighted average number of diluted shares increased from 26,799,000 for the three months ended September 30, 2023 to 26,895,000 for the three months ended September 28, 2024[18]. Management Insights - Management emphasized the importance of technology upgrades in supporting next-generation HAMR media as a key driver of business[3].