Intevac Announces Successful Qualification of TRIO™ System

Tue, January 2 2024

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, today announced that the Company has successfully completed the qualification of its first TRIO™ system within the initial 12 months of the partnership agreement.

“We are very pleased to announce the completion of the TRIO development program, and the successful qualification of the first TRIO system achieved last week with our partner Corning,” commented Nigel Hunton, president and chief executive officer. “The success of the development and achievement of qualification, as expected before year-end 2023, is a testament to the tireless efforts of the entire Intevac team. The qualification process that commenced in the third quarter of 2023 included multiple stages, including extensive endurance runs and the testing of multiple coating technologies, and was delivered through the exceptional collaboration between the Intevac and Corning technical teams.” Mr. Hunton concluded, “Having now achieved this significant milestone for our groundbreaking new system, we continue to expect our first TRIO revenues in fiscal 2024. With an estimated $1 billion served market, the TRIO represents significant potential for Intevac’s future revenue growth, and we look forward to continued enhancements of the platform as we launch the TRIO into the field.”

About Intevac, Inc.

Founded in 1991, we are a leading provider of thin-film process technology and manufacturing platforms for high-volume manufacturing environments. As a long-time supplier to the hard disk drive (HDD) industry, our industry-leading 200 Lean® platform supports the majority of the world’s capacity for HDD disk media production, as well as all technology upgrade initiatives currently underway in support of next-generation HDD media. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we also are leveraging our technology and know-how for additional applications, such as coatings for consumer devices. For more information call 408-986-9888, or visit the Company's website at www.intevac.com.

Safe Harbor Statement

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to, statements about the Company’s expectations with respect to revenue and potential revenue growth related to the TRIO platform, and the Company’s future financial performance. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. These risks include, but are not limited to, global macroeconomic conditions and supply chain challenges including shipment delays, availability of components, and freight, logistics and other disruptions, and changes in market dynamics that could change the forecasts and delivery schedules for both our systems and upgrades, each of which could have a material impact on our business, our financial results, and the Company’s stock price. These risks and other factors are detailed in the Company’s periodic filings with the U.S. Securities and Exchange Commission.

All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Intevac does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. Any future product, service, feature, or related specification that may be referenced in this release is for informational purposes only and is not a commitment to deliver any offering, technology or enhancement.

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Kevin Soulsby
Chief Financial Officer
(408) 986-9888

Claire McAdams
Investor Relations
(530) 265-9899

Source: Intevac, Inc.