The following is a summary of the Intevac, Inc. (IVAC) Q4 2023 Earnings Call Transcript:
Financial Performance:
Intevac reported Q4 revenues of $13 million, exceeding their quarterly expectations.
Fiscal 2023 revenues grew by 47% year-over-year driven by the strong demand for hard drive upgrades.
Gross margin for Q4 was 46%, with an annual margin of 38%, surpassing their guidance.
Total cash and investments at the end of the year were over $72 million.
Operating expenses in Q4 amounted to $7.8 million, reflecting business restructuring and a leaner operating structure.
A positive cash flow of $5.9 million was reported from operations during the quarter.
Due to prioritization on its balance sheet and profitability, the company has suspended near-term financial guidance.
Business Progress:
Development and commercial launch of the TRIO platform was completed in fiscal 2023, targeting a potential $1 billion market.
Demand for HDD upgrades is expected to remain strong over the next three to four years.
However, fulfillment of HDD orders has been temporarily halted until customers meet payment obligations.
Negotiations for a commercial agreement for multiple TRIO systems were concluded with completion targeted for Q1 2024.
Their strategic focus has shifted from short-term metrics to long-term growth and profitability.
2023 business progress included record HDD upgrades and incorporation of a new 200 Lean and one refurbished 200 Lean system.
Restructuring efforts have resulted in a leaner operating structure and significantly reduced Q4 and full-year operating expenses.
More details: Intevac IR
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