Intevac Inc. (IVAC) stock prices were up by 0.61% as of the market closing on August 27th, 2021. This brought the price per share up to USD$4.98 at the end of the trading day. Subsequent premarket fluctuations saw the stock rise by 5.22%, bringing it up to USD$5.24.
IVAC Stock’s Net Loss Report
IVAC stock reported a net loss for the second quarter of fiscal 2021 in the amount of USD$6.1 million, representing a net loss of USD$0.25 per diluted share. This is comparable to a net income of USD$1.5 million in the second quarter of fiscal 2020, which came out to a net income of USD$0.06 per diluted share.
IVAC Stock’s Revenue Breakdown
Revenues for the second quarter of fiscal 2021 came out to USD$13.8 million. This was comprised of USD$5.4 million in TFE revenues, which consisted of upgrades, spares, and service. The other USD$8.4 million was comprised of Photonics revenues. Photonics revenues was comprised of USD$5.3 million in product sales and USD$3.2 million in R&D development contracts. This is comparable to the USD$28.8 million in revenues, which consisted of USD$16.6 million in TFE revenues and USD$12.2 million in Photonics revenue. TFE revenues consisted of two 200 Lean HDD systems, upgrades, spares, and service. Photonics revenue consisted of USD$6.1 million in R&D development contract and USD$6.1 million in product sales.
TFE Gross Margins
The company reported TFE gross margin for Q2 2021 in the amount of 18.7%, as compared to the 36.4% in Q2 2020 and 23.1% in Q1 2021. The year over year and quarter over quarter difference was largely driven by IVAC stock’s lower revenues, which affected factory utilization.
Photonics Gross Margin Reports
IVAC stock reported a photonics gross margin in the amount of 24.9%, down from the 43.9% reported for Q2 2020 and up from the 13.1% reported in Q1 2021. The year-over-year decrease was largely driven to lower revenue, as well as higher costs associated with the completion of the integration of IVAC’s camera into the IVAS platform. The quarter over quarter was primarily attributable to a sequential increase in revenues, as well as higher margins on development programs.
Future Outlook for IVAC Stock
The release of financial reports for Q2 2021 were followed by IVAC stock’s price suffering, despite topping revenue estimates. With promising forecasts, the stock is making a rebound as it continues to trend higher. Current and potential investors are hopeful that management will be able to facilitate significant and sustained increases in shareholder value.
