The following is a summary of the Intevac, Inc. (IVAC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Intevac reported Q1 revenue of almost $10 million. Their gross margin performance was largely driven by a beneficial mix of HAMR technology upgrades.

• The total value of the company's cash and investments exceeded $75 million, indicating favorable liquidity.

• Total new orders for Q1 totaled over $20 million, with HDD technology upgrade bookings from numerous clients.

• The company has seen a 25% increase in backlog since the end of the year, demonstrating strong demand for HAMR technology upgrades.

• A payment dispute was resolved, leading to a $10 million cash deposit in the quarter, strengthening their financial standing.

Business Progress:

• Intevac begins TRIO shipments and expects to generate first revenues in 2024 from its inaugural TRIO system.

• There are positive projections for further orders of multiple TRIO systems, bolstering future revenue prospects.

• In 2024, their TRIO tool is expected to achieve revenue recognition after tool qualification, with 2 to 3 more tools anticipated to contribute to the latter half of the year's revenue.

• The company is continuously investing in the TRIO platform's stock and parts, indicating confidence in its long-term appeal.

• Intevac is extending its manufacturing capabilities for the TRIO platform, planning to take advantage of skills in both the U.S. and Asia.

• The company aims to create a service model for the TRIO platform, planning for recurrent service revenue and business from consumables.

More details: Intevac IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.