Intevac, Inc. Announces $54 Million Order for Multiple 200 Lean Systems
May 31, 2023 at 04:04 pm EDT
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In April 2022, Intevac, Inc. announced a $54 million order for multiple 200 Lean systems, which were originally scheduled to ship over multiple quarters beginning in mid-2023. The Order has been reflected in the Company's backlog since that date. The Company has received notice of the cancellation of the Order due to the customer postponing previously planned media capacity additions.
Accordingly, the Company has removed the Order from its backlog. All inventory exposure related to these order cancellations will be the responsibility of the customer.
Intevac, Inc. is a provider of thin-film process technology and manufacturing platforms for high-volume manufacturing environments. The Company operates through a single segment, which is Thin Film Equipment (TFE). The TFE segment designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the hard disk drive (HDD) and advanced coatings (ADVC) markets, as well as other adjacent thin-film markets. In HDD Equipment Market, it designs, manufactures, markets and services complex capital equipment used to deposit thin films and lubricants onto substrates to produce magnetic disks. In ADVC Market, the Company develops equipment to deposit optically transparent thin films onto display cover panels typically found on consumer and automotive electronics products. Its products include 200 Lean Disk Sputtering System, TRIO, and upgrades, spares, consumables and services (non-systems business).
INTEVAC, INC. 
