Reports Q4 revenue $11.3M vs. $15.9M y/y. "The fourth quarter marked a great finish to 2022, culminating in the completion of the joint development agreement for our ground-breaking TRIO(TM) platform," said Nigel Hunton, CEO. "The TRIO provides an innovation in technology for the coating of glass and glass ceramic materials on consumer devices that builds upon our decades of materials science expertise in high-productivity manufacturing environments. The agreement includes approximately $100 million in system revenue over five years, in order for our customer to maintain exclusive access to the TRIO platform for consumer electronics applications. The record level of orders and backlog for our HDD business in 2022 established a solid foundation for growth for the next several years, and we look forward to gaining momentum in both businesses in 2023 in order to position Intevac for a major growth year in 2024, which is when we expect to return to a full year of profitable and cash-flow positive results. Finally, the strength of our balance sheet remains critically important to our customers, partners, suppliers, and stockholders, and we are pleased to report a net use of cash of only $8 million over the course of 2022. We will continue to maintain a strong balance sheet as we make the necessary investments for transformational growth ahead."
Published first on TheFly
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