Intevac(IVAC)2025-02-14 21:06Financial Performance - Net revenues for the year ended December 28, 2024, were $63.978 million, an increase of 21.3% compared to $52.665 million for the year ended December 30, 2023[225]. - The net loss for the year ended December 28, 2024, was $39.799 million, compared to a net loss of $12.190 million in 2023, indicating a substantial increase in losses[225]. - Basic and diluted net loss per share for continuing operations was $(1.53) in 2024, compared to $(0.48) in 2023[225]. - For the fiscal year ended December 28, 2024, Intevac reported a net loss of $39.8 million, compared to a net loss of $12.2 million for the previous year, representing an increase in loss of 226%[234]. - The effective tax rate for fiscal 2024 was (5.2%), an improvement from (16.9%) in fiscal 2023[381]. Operating Expenses - Total operating expenses rose to $45.773 million in 2024, up from $33.470 million in 2023, primarily due to asset impairments and restructuring costs of $12.782 million[225]. - The company experienced a significant inventory write-off of $19 million during the fourth quarter of fiscal 2024 due to the abandonment of the TRIO product line[356]. - The company reported total other long-term liabilities of $1,328,000 as of December 28, 2024, compared to $21,000 in the previous year[362]. Cash and Assets - Cash and cash equivalents decreased to $45.111 million as of December 28, 2024, down from $51.441 million as of December 30, 2023[223]. - The total assets of the company decreased to $109.722 million in 2024 from $156.506 million in 2023[223]. - Total cash, cash equivalents, and investments as of December 28, 2024, amounted to $78,429,000, a decrease from $71,533,000 as of December 30, 2023[363][372]. Inventory and Receivables - Inventories were valued at $12.335 million as of December 28, 2024, a significant decrease from $43.795 million in the previous year[223]. - The company reported a significant increase in accounts receivable, which rose by $7.5 million, compared to a decrease of $2.8 million in the previous year[234]. - Trade receivables and other accounts receivable decreased from $18,613,000 in 2023 to $11,153,000 in 2024[351]. Revenue Sources - HDD systems, upgrades, and spare parts generated $41.516 million in revenue, down from $47.402 million in 2023, indicating a decline of 12.5%[300]. - The company recognized $17.6 million in revenue from customer advances and $198,000 from deferred revenue during fiscal 2024[305]. - Remaining performance obligations (backlog) as of December 28, 2024, totaled $42.6 million, with 99.5% expected to be recognized as revenue in 2025[310]. Restructuring and Impairments - Intevac's restructuring program includes $1.3 million in severance charges, $19.0 million in inventory write-offs, and $12.8 million in impairment charges related to fixed and intangible assets[243]. - The Company ceased use of 51,000 square feet (67.7%) of its Santa Clara campus as part of its restructuring program in December 2024[401]. Tax and Deferred Assets - The Company recognized accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes[272]. - The Company’s deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion will not be realized[268]. - A valuation allowance increase of $7.2 million was recorded for U.S. federal deferred tax assets for fiscal 2024[386]. Shareholder Actions - The company plans to commence quarterly dividends of $0.05 per share starting in the first quarter of 2025[321]. - The company had $10.4 million remaining for future stock repurchases under its authorized program[376]. - The company did not make any stock repurchases in fiscal 2024 and 2023[376].