{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-24-276415","form_type":"8-K","ticker":null,"cik":"0001001902","company_name":"INTEVAC INC","filed_at":"2024-12-12T23:59:59+00:00","discovered_at":"2026-05-14T18:03:07.302431+00:00","generated_at":"2026-05-29T03:50:31.036150+00:00","sec_items":["2.05","2.06","5.02","7.01","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Intevac restructures TRIO, expects $28-35M charges; guides FY25 rev $52-55M, starts $0.05 dividend","bullets":["Board approved ceasing TRIO development; 7 positions eliminated (~6% workforce); severance $300k.","Restructuring charges: $20M inventory write-down, $11-12M impairment (facility, intangibles, equipment).","FY2025 revenue guidance $52-55M; year-end cash expected $70-72M.","Quarterly dividend of $0.05/share commencing Q1 2025, subject to Board declaration.","Houlihan Lokey retained for strategic alternatives; Strategic Committee formed with independent directors."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-24-276415","json":"https://secwatch.observer/filing/0001193125-24-276415.json","markdown":"https://secwatch.observer/filing/0001193125-24-276415.md","text":"https://secwatch.observer/filing/0001193125-24-276415.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1001902/000119312524276415/0001193125-24-276415-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1001902/000119312524276415/d718355d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-29T03:50:31.036150+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"46522c4207d7ef8525b4b53c1f9aa9d8fbb9ed4d","claim":"INTEVAC INC announced a impairment with charges of $11 million to $12 million affecting facility lease right of use asset, other intangible assets and certain equipment.","evidence_excerpt":"Due to the cessation of the product development activities and resulting reduced space requirements, the Company estimates that it will also recognize non-cash impairment charges of $11 million to $12 million related to its facility lease right of use asset, other intangible assets and certain equipment.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1001902/000119312524276415/0001193125-24-276415-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"impairment"},{"label":"Charge","value":"$11 million to $12 million"},{"label":"Affected area","value":"facility lease right of use asset, other intangible assets and certain equipment"}],"fact_type":"restructuring_charge"},{"claim_id":"8999170e804374ba2a609a6063d63c418726bedc","claim":"INTEVAC INC announced a impairment with charges of approximately $20 million affecting TRIO product inventory.","evidence_excerpt":"As a result of the cessation of the development and manufacturing of its TRIO product, the Company estimates that it will recognize a non-cash charge of approximately $20 million related to inventory write downs and a cash charge of up to $1 million, of which $600,000 is purchase order cancellation fees and the remainder is related to severance and other employee-related costs.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1001902/000119312524276415/0001193125-24-276415-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"impairment"},{"label":"Charge","value":"approximately $20 million"},{"label":"Affected area","value":"TRIO product inventory"}],"fact_type":"restructuring_charge"},{"claim_id":"8cb2913f54f965c821a166ef35427fb9656d0527","claim":"INTEVAC INC announced a restructuring with charges of approximately $300,000 affecting TRIO product (7 positions, representing approximately 6% of its workforce).","evidence_excerpt":"action, the Company will eliminate 7 positions, representing approximately 6% of its workforce, and expects to record severance and other employee-related costs of approximately $300,000. Substantially all cash outlays in connection with this workforce reduction are expected to occur in the fourth quarter of fiscal 2024. Item 2.06 Material Impairments. The","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1001902/000119312524276415/0001193125-24-276415-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"approximately $300,000"},{"label":"Affected area","value":"TRIO product"},{"label":"Headcount","value":"7 positions, representing approximately 6% of its workforce"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}