Intevac, Inc. (NASDAQ:IVAC) Q4 2023 Earnings Call Transcript

Dan Weston: Okay. Okay, fair enough. I appreciate your candor and best of luck.

Nigel Hunton: Thank you.

Kevin Soulsby: Thank you.

Operator: Our next question is a follow-up from Hendi Susanto with Gabelli Funds. Please proceed.

Hendi Susanto: Hi again, Nigel. So, Nigel, when, let’s say, the negotiation of TRIO system has been concluded and you have the agreements, how soon can the sales of TRIO system take place? And then I’m also wondering, upon the completion of the negotiation whether or not in fact will fill like an SEC filing?

Nigel Hunton: So I think if you complete — as we said, we are in the middle of those negotiations. We are confident those negotiations will get concluded. We’re pretty clear that as we move forward, we have time to do updates on revenues and performance on a quarterly basis. And therefore, the next earnings call, hopefully, we can share a lot more progress we’ve made. We have a very clear policy when it comes to the orders and system orders, when we get system orders. Normally, we would actually do press releases against orders when received in the company, and that is our basic customer policy that we’ve been following for many years. So I don’t see any change to that happening. So my aim is to conclude the negotiations, secure orders for this company, drive Intevac forward profitably and into the future.

And as we get orders to announce them under the sort of existing practice we have as a company as we did with all the 200 Lean orders. So I don’t see any change to that as a practice.

Hendi Susanto: Thank you, Nigel. And all the best.

Nigel Hunton: Thank you.

Operator: Thank you. With no further questions at this time. I would like to turn the call back over to Nigel Hunton for closing remarks.

Nigel Hunton: Thank you, and thank you for all the questions. I wish to thank all of our employees as well as their counterparts with our industry partners for all the hard work and dedication as we proceeded through a critical milestone in 2023, which was achieving qualification for TRIO while at the same time, achieving a significant growth year as a key technology enabler in the HDD industry’s transition to HAMR, so overall an amazing achievement. I also wish to thank our investors for their ongoing support. And as always, please reach out to Claire directly if you would like to follow up with us and look forward to updating you all on our Q1 call in early May. With that, I will conclude today’s call.

Operator: Thank you. This does conclude today’s conference. You may now disconnect.