Intevac(US:IVAC)2024-04-25 11:07Financial Performance - Q1 2024 revenues were $9.6 million, a decrease from $11.5 million in Q1 2023, with a gross margin of 43.7%, up from 40.9% year-over-year[8] - The company reported a net loss of $1.6 million, or $0.06 per diluted share, compared to a net loss of $3.9 million, or $0.15 per diluted share, in Q1 2023[9] - Net revenues for the three months ended March 30, 2024, were $9,631,000, compared to $11,542,000 for the same period in 2023, representing a decrease of approximately 16.5%[19] - Gross profit margin decreased to 43.7% in Q1 2024 from 40.9% in Q1 2023, indicating a decline in profitability[19] - The net loss from continuing operations for Q1 2024 was $1,606,000, an improvement from a net loss of $3,891,000 in Q1 2023[21] - Non-GAAP net loss for Q1 2024 was $2,701,000, compared to $4,168,000 in Q1 2023, showing a significant reduction of approximately 35.3%[21] - Basic and diluted net loss per share for Q1 2024 was $0.06, improved from $0.15 in Q1 2023[21] Orders and Backlog - New orders exceeded $20 million in Q1 2024, including initial HAMR upgrade orders from a leading data storage company[6] - The HDD backlog was $53 million at the end of Q1 2024, up from $42.4 million at the end of Q4 2023[10] Cash and Assets - Total cash, restricted cash, and investments were $65 million at quarter-end, with current balance exceeding $75 million due to accounts receivable collections[6] - Total current assets increased to $137,175,000 as of March 30, 2024, from $133,377,000 at the end of 2023, marking an increase of about 2.7%[20] - Cash and cash equivalents decreased to $63,844,000 from $68,846,000, a decline of approximately 7.3%[20] - Total liabilities increased slightly to $42,319,000 as of March 30, 2024, compared to $40,989,000 at the end of 2023[20] - Stockholders' equity decreased to $114,923,000 from $115,517,000, reflecting a decrease of about 0.5%[20] Operating Expenses - Operating expenses decreased to $8.7 million in Q1 2024 from $9.2 million in Q1 2023[8] - Total operating expenses for Q1 2024 were $8,650,000, compared to $9,173,000 in Q1 2023, reflecting a reduction of about 5.7%[19] - The operating loss for Q1 2024 was $4.4 million, slightly improved from a loss of $4.5 million in Q1 2023[7] Strategic Initiatives - The company resolved its JDA agreement to work directly with key OEMs, enhancing operational efficiency[6] - Intevac aims to transform into a consistently profitable company with a strong growth trajectory, focusing on long-term potential of flagship systems[5] Product Development - The company successfully shipped its first TRIO system in April 2024, expected to convert to revenue upon customer qualification[5]