Benzinga | Jun 14, 2021 09:06AM EDT

Intevac Announces $10M In New Orders For HDD Technology Upgrades

Intevac, Inc. (NASDAQ:IVAC), a leading supplier of thin-film processing systems, today announced the receipt of $10 million in new orders for technology upgrades for its hard disk drive (HDD) customers. Scheduled to be completed by year-end, these upgrades provide new and enhanced technologies to enable Intevac's customers to continue to progress along their media technology roadmaps.

"This order reflects our ongoing partnerships with our customers and the increasing demand for the industry's most advanced media technology," said Jay Cho, executive vice president and general manager of Intevac's Thin-film Equipment (TFE) business.

As the new orders announced today were previously anticipated, the expected revenues for these upgrades are already reflected in the Company's 2021 TFE forecast provided as of the May 3rd, 2021 conference call.