Intevac reports Q3 revenue $28.5M, beats expectations; appoints activist Palogic's Vardeman to board

INTEVAC INC

2024-Q3 EPS reported -$0.26 revenue$52,662,000

Q3 revenue $28.5M, net loss $2.2M ($0.08 loss per share), vs year-ago revenue $17.9M, net loss $1.6M ($0.06 loss).
Operating loss $1.8M (GAAP & non-GAAP); prior-year GAAP loss $1.4M, non-GAAP income $0.5M.
HDD tech upgrade revenue exceeded $13M; $15M pass-through from inventory transfer to customer.
Board expanded to 7 seats; Palogic's Vardeman appointed, receives 10,300 options & 12,000 RSUs vesting May 2025.
Palogic agrees to standstill, ownership cap at 9.5%, voting support for Board nominees.

item 1.01 item 2.02 item 5.02 item 9.01

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Appointed

Vardeman

Director

INTEVAC INC

Effective: 2024-11-11
Filed: November 13, 2024, 6:59 PM ET

On November 8, 2024, in connection with entering into the Agreement, the Board increased the size of the Board to seven members and appointed Mr. Vardeman to the Board, effective November 11, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Vardeman was appointed as Director at INTEVAC INC.

Action: appointed
Role: Director

Exact text from the filing

On November 8, 2024, in connection with entering into the Agreement, the Board increased the size of the Board to seven members and appointed Mr. Vardeman to the Board, effective November 11, 2024.

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Source: SEC EDGAR

accession 0001193125-24-257200

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