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

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