2024-04-26 09:46:02 ET
Intevac, Inc. (IVAC)
Q1 2024 Earnings Conference Call
April 25, 2024 08:30 AM ET
Company Participants
Claire McAdams - Investor Relations
Nigel Hunton - President & Chief Executive Officer
Kevin Soulsby - Chief Financial Officer
Conference Call Participants
Peter Wright - Intro-Act
Mark Miller - The Benchmark Company
Hendi Susanto - Gabelli Funds
Presentation
Claire McAdams
Thank you, operator and good morning to everyone on today's call. Thank you for joining us today to discuss Intevac's financial results for the first quarter of 2024, which ended on March 30th. In addition to discussing the company's recent results, we will discuss our outlook looking forward.
Joining me on today's call are Nigel Hunton, President and Chief Executive Officer, and Kevin Soulsby, Chief Financial Officer. Nigel will begin with an overview of our business and outlook, then Kevin will review our financial results before turning the call over to Q&A
I'd like to remind everyone that today's conference call contains certain forward-looking statements including but not limited to statements regarding financial results for the Company's most recently completed fiscal quarter, which remains subject to adjustment in connection with the preparation of our Form 10-Q, as well as comments about future events and projections about the future financial performance of Intevac. These forward-looking statements are based upon our current expectations and actual results could differ materially as a result of various risks and uncertainties relating to these comments and other risk factors discussed in documents filed by us with the Securities and Exchange Commission including our annual report on Form 10-K and quarterly reports on Form 10-Q. The contents of this April 25 call include time-sensitive forward-looking statements that represent our projections as of today. We undertake no obligation to update the forward-looking statements made during this conference call. I'll now turn the call over to Nigel.
Nigel Hunton
Thanks, Claire and good morning to all of you on today's call. We appreciate you accommodating the early time this quarter, as I'm currently calling from the UK, before returning to Asia for additional customer meetings after several international trips during Q1. I am pleased to report solid results for the first quarter with revenues of nearly $10 million and strong gross margin performance driven by the favorable mix of HAMR technology upgrades in the quarter.
Our results for the first quarter confirm that following our Q4 call in February, we arrived at an agreement with our largest customer regarding payment terms. This led to continued strength in the delivery and installation of HAMR. upgrades throughout Q1. So while our total balance of cash and investments at quarter end was just over $65 million. As of today, our cash balance exceeds $75 million. We're also pleased to announce today a 25% increase in our total backlog since year-end reflecting continued strong bookings for HAMR technology upgrades....
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Intevac, Inc. (IVAC) Q1 2024 Earnings Call Transcript