Intevac reports Q4 EPS (7c) vs. (13c) last year

Reports Q4 revenue $12.9M vs. $11.3M last year. “We are pleased to announce a strong finish for fiscal 2023, within both of our primary served markets,” commented Nigel Hunton, CEO. “In our HDD business, during what was one of the most challenging years in the industry’s history, we achieved exceptionally strong year-over-year revenue growth of 47% and approached nearly $53 million of sales, the vast majority of which was aimed at enabling our customers to achieve the most significant new technology transition of the industry’s last 20 years. The initial ramp underway of drives incorporating heat-assisted magnetic recording, HAMR, technology comes as a direct result of Intevac’s long history of HDD leadership and tireless efforts throughout 2023. Looking forward, the most important new driver of Intevac’s future revenue growth is our groundbreaking TRIO platform, and our first system achieved qualification in the fourth quarter. This is a key milestone in the growth trajectory of Intevac, as the TRIO achieved key performance metrics that will enable Intevac to address an estimated $1 billion served market. The achievements of 2023 place Intevac on a solid trajectory for future growth, with the strength of the balance sheet maintained. We have taken a key step forward in our plan to diversify and grow our product portfolio and customer base, and we look forward to achieving greater success and momentum in each of our end markets in 2024.”