HomeFinancial MarketsHere is why Intevac Inc. (IVAC) stock rallied on Monday?

Here is why Intevac Inc. (IVAC) stock rallied on Monday?

Intevac Inc. (IVAC) shares soared 3.15% in after-hours on Monday, January 03, 2021, and closed the daily trading at $5.90. Even in the regular trading session of Monday, IVAC’s stock gained 21.44%. The stock volume remained 2.77 million shares. IVAC shares have fallen 23.01% over the last 12 months, and they have moved up by 24.35% in the past week. Over the past three months, the stock has gained 22.75%, while over the past six months, it has declined 11.18%.

Let’s have a brief discussion about its recent news.


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IVAC selling Photonics Business

On January 03, 2022, Intevac, Inc. (IVAC) announced the sale of its Photonics business to EOTECH LLC. The transaction is valued at up to $100 million, consisting of an up-front cash payment of $70 million and future earn-out payments of up to $30 million.

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Intevac will continue its broader strategic review process, and shift its entire focus onto the Thin-Film Equipment business, serving multiple growing thin-film technology markets. This $70 million sale will also strengthen Intevac’s already strong balance sheet, and well position the Company to drive stockholder value.

IVAC new HDD order

On November 16, 2021, Intevac, Inc. (IVAC), announced the receipt of $10 million in new HDD orders. These orders consist of one 200 Lean® system as well as technology upgrades, which will add to the company’s backlog at year-end 2021. The technology upgrades are expected to be installed through mid-2022.

IVAC latest financial results

On November 01, 2021, Intevac, Inc. (IVAC) announced its financial results for the quarter, and nine months ended October 2, 2021.

Q3 2021 financial highlights

  • IVAC reported total revenue of $14.8 million in Q3 2021 compared to $21.56 million in Q3 2020.
  • Total operating expenses were $9.5 million in Q3 2021 compared to $9.4 million in Q3 2020.
  • It suffered a net loss of $4.2 million, or $0.17 per diluted share in the third quarter of 2021, compared to a net loss of $357,000, or $0.02 per diluted share, in the third quarter of 2020.
  • As of October 2, 2021, the company had $51.4 million of total cash, restricted cash and investments, and $89.6 million in tangible book value.

IVAC contract for Apache Helicopter program

On October 04, 2021, Intevac, Inc. (IVAC) was awarded a five-year, firm-fixed-price, Indefinite-Delivery/Indefinite-Quantity (IDIQ) contract with a maximum value of $16.3 million for the continued production of night vision cameras for the Apache Helicopter’s Modernized Pilot Night Vision Sensor program for the U.S. Army.

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Conclusion

Intevac stock performed well on Monday after it announced to sell its Photonics Business. We can expect it to further surge in the coming trading sessions on Tuesday.

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