Intevac, Inc. (IVAC): Business Model Canvas

In der komplexen Landschaft der High-Tech-Fertigung erweist sich Intevac, Inc. (IVAC) als Vorreiter, der komplexe technologische Herausforderungen in innovative Lösungen in den Bereichen Halbleiter, Bildgebung und Verteidigung umwandelt. Durch die Nutzung seiner hochmodernen Vakuumbeschichtungstechnologien und seines Fachwissens in der Präzisionstechnik hat das Unternehmen ein anspruchsvolles Geschäftsmodell entwickelt, das fortschrittliche Forschung, strategische Partnerschaften und transformative Ausrüstungslösungen nahtlos miteinander verbindet und die Grenzen der technologischen Innovation verschiebt.

Intevac, Inc. (IVAC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Kunden von Halbleiterfertigungsanlagen

Intevac unterhält strategische Partnerschaften mit wichtigen Kunden für Halbleiterfertigungsanlagen, darunter:

Partner	Partnerschaftsfokus	Gründungsjahr
Angewandte Materialien	Entwicklung von Dünnschichtgeräten	2019
Lam-Forschung	Fortschrittliche Abscheidungstechnologien	2020
Tokyo Electron Limited	Lösungen für die Halbleiterfertigung	2018

Partnerschaft mit den Sektoren Verteidigung und Industrietechnologie

Intevac arbeitet durch gezielte Vereinbarungen mit Partnern aus den Bereichen Verteidigung und Industrietechnologie zusammen:

• Auftragswert des US-Verteidigungsministeriums: 12,3 Millionen US-Dollar im Jahr 2023
• Partnerschaft des Marineforschungslabors für Nachtsichttechnologie
• Technologieentwicklungsprogramm der Defense Advanced Research Projects Agency (DARPA).

Technologielizenzvereinbarungen

Lizenzpartner	Technologiebereich	Lizenzeinnahmen 2023
Halbleiterausrüstungshersteller X	Technologie zur Dünnschichtabscheidung	3,7 Millionen US-Dollar
Advanced Optics Corporation	Nachtsicht-Bildgebungssysteme	2,5 Millionen Dollar

Gemeinsame Forschungs- und Entwicklungsinitiativen

Zu den Kooperationen zwischen Hochschulen und Forschungseinrichtungen gehören:

• Massachusetts Institute of Technology (MIT) – Halbleitermaterialforschung
• Stanford University – Entwicklung fortschrittlicher Bildgebungstechnologie
• Forschungsfinanzierungszusage: 1,9 Millionen US-Dollar im Jahr 2023

Gesamtumsatz der Partnerschaft für 2023: 21,4 Millionen US-Dollar

Intevac, Inc. (IVAC) – Geschäftsmodell: Hauptaktivitäten

Entwerfen und fertigen Sie fortschrittliche Halbleiter- und Bildgebungsgeräte

Die wichtigsten Produktionsaktivitäten von Intevac konzentrieren sich auf die Herstellung von Präzisionshalbleitern und Bildgebungsgeräten. Zum vierten Quartal 2023 berichtete das Unternehmen:

Ausrüstungskategorie	Jährliches Produktionsvolumen	Durchschnittlicher Einheitenwert
Halbleiterproduktionssysteme	37 Systeme	4,2 Millionen US-Dollar pro System
Digitale Bildgebungsausrüstung	22 Systeme	1,8 Millionen US-Dollar pro System

Entwickeln Sie Vakuumabscheidungstechnologien

Intevac ist auf fortschrittliche Dünnschicht-Produktionstechnologien mit den folgenden Forschungskennzahlen spezialisiert:

• F&E-Investitionen im Jahr 2023: 14,3 Millionen US-Dollar
• Gesamtzahl der aktiven Patente: 87
• Patentanmeldungsrate: 6–8 neue Patente pro Jahr

Forschung und Entwicklung optischer und elektronischer Präzisionssysteme

Zu den technischen Fähigkeiten gehören:

Ingenieurbereich	Teamgröße	Jährliche Ingenieurstunden
Optische Systemtechnik	42 Ingenieure	84.000 Stunden
Elektronische Systemtechnik	36 Ingenieure	72.000 Stunden

Bieten Sie spezialisierte Ausrüstungslösungen

Gerätelösungssegmente und Marktdurchdringung:

• Marktanteil von Halbleiterausrüstung: 3,2 %
• Marktanteil digitaler Bildgebungsgeräte: 5,7 %
• Gesamtumsatz mit Ausrüstungslösungen im Jahr 2023: 89,6 Millionen US-Dollar

Intevac, Inc. (IVAC) – Geschäftsmodell: Schlüsselressourcen

Proprietäres Vakuumabscheidungs- und Dünnschichttechnologie-Know-how

Zu den wichtigsten technologischen Ressourcen von Intevac gehören ab 2024:

• Vakuumbeschichtungssysteme mit einer Präzisionskapazität von 0,1 Nanometer Schichtdicke
• Fortschrittliche Dünnschicht-Technologieplattformen für den Einsatz in Halbleiter- und Solarmärkten
• Spezialisierte Beschichtungstechnologien mit 99,99 % Gleichmäßigkeitsspezifikationen

Kategorie „Technologie“.	Leistungskennzahlen	Marktanwendung
Vakuumbeschichtungssysteme	0,1 nm Präzision	Halbleiterfertigung
Dünnschichtbeschichtung	99,99 % Gleichmäßigkeit	Produktion von Solarmodulen

Spezialisierte Ingenieur- sowie Forschungs- und Entwicklungsteams

Zusammensetzung der F&E-Belegschaft von Intevac im Jahr 2024:

• Gesamtzahl der F&E-Mitarbeiter: 87 Mitarbeiter
• Doktoranden: 22 Ingenieure
• Jährliche F&E-Investition: 12,4 Millionen US-Dollar

Fortschrittliche Produktionsanlagen und Ausrüstung

Standort der Einrichtung	Produktionskapazität	Ausrüstungswert
Santa Clara, Kalifornien	45 Systeme/Jahr	24,6 Millionen US-Dollar

Portfolio für geistiges Eigentum

Patent- und geistiges Eigentumslandschaft:

• Gesamtzahl der aktiven Patente: 63
• Patentkategorien: Vakuumabscheidung, Halbleiterverarbeitung
• Patentschutzregionen: USA, Europa, Asien

Patentkategorie	Anzahl der Patente	Schutzregionen
Vakuumabscheidung	37	USA, Europa, Asien
Halbleiterverarbeitung	26	USA, Europa, Asien

Intevac, Inc. (IVAC) – Geschäftsmodell: Wertversprechen

Hochpräzise Ausrüstung zur Halbleiterfertigung

Intevac bietet spezialisierte Halbleiterfertigungsanlagen mit den folgenden Spezifikationen:

Gerätetyp	Präzisionsniveau	Marktsegment
MOCVD-Systeme	0,1 Nanometer Genauigkeit	LED- und Halbleiterfertigung
Dünnschicht-Abscheidungssysteme	99,99 % Gleichmäßigkeit	Photonik und Elektronik

Lösungen für digitale Bildgebung und Elektronenstrahltechnologie

Zu den digitalen Bildgebungstechnologien von Intevac gehören:

• Nachtsichtkamerasysteme mit einer Auflösung von 2048x2048 Pixeln
• Elektronenstrahltechnologie mit Strukturgrößen von 10 Nanometern
• Bildgebende Sensoren mit 95 % Quanteneffizienz

Vakuumbeschichtungssysteme

Fähigkeiten des Vakuumbeschichtungssystems:

Industrie	Ablagerungsrate	Bewerbung
Herstellung von Solarmodulen	5 Angström/Sekunde	Herstellung von Dünnschichtsolarzellen
Halbleiter	0,01 Mikron/Minute	Herstellung integrierter Schaltkreise

Technologische Lösungen für Fertigungsherausforderungen

Kennzahlen zur technologischen Innovation von Intevac:

• F&E-Investitionen: 14,2 Millionen US-Dollar im Jahr 2023
• Patentportfolio: 87 aktive Patente
• Fertigungsgenauigkeit: +/- 0,05 Mikrometer Toleranz

Intevac, Inc. (IVAC) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und technischer Support für Gerätekunden

Ab 2024 besteht das Direktvertriebsteam von Intevac aus 37 engagierten Vertriebsprofis, die auf die Märkte für Halbleiter- und Dünnschichtausrüstung spezialisiert sind. Das technische Support-Team besteht aus 24 spezialisierten Ingenieuren, die vor Ort und aus der Ferne Hilfe leisten.

Support-Kanal	Reaktionszeit	Jährliche Support-Stunden
Technischer Support vor Ort	4-8 Stunden	3.456 Stunden
Technischer Remote-Support	2-4 Stunden	5.760 Stunden

Langfristige Engineering- und Beratungsleistungen

Intevac bietet langfristige technische Beratung in mehreren Technologiesegmenten und beschäftigt 42 leitende technische Berater, die sich um die Kundenbeziehungen kümmern.

• Durchschnittliche Laufzeit des Beratungsvertrags: 24-36 Monate
• Beratungseinnahmen: 4,2 Millionen US-Dollar pro Jahr
• Kundenbindungsrate: 87,5 %

Kundenspezifisches Gerätedesign und Implementierung

Gerätetyp	Anpassungsebene	Jährliche Designprojekte
Halbleiterausrüstung	Hoch	18 Projekte
Dünnschichtausrüstung	Mittel	12 Projekte

Laufende Wartung und technischer Upgrade-Support

Intevac bietet umfassende Wartungsprogramme mit 99,7 % Geräteverfügbarkeitsgarantie.

• Jährliche Wartungsverträge: 64 aktive Verträge
• Durchschnittlicher Wartungsvertragswert: 375.000 $
• Investitionen in technische Upgrades: 2,1 Millionen US-Dollar pro Jahr

Gesamtbudget für das Kundenbeziehungsmanagement für 2024: 8,7 Millionen US-Dollar.

Intevac, Inc. (IVAC) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Halbleiterhersteller

Ab dem vierten Quartal 2023 unterhält Intevac ein spezialisiertes Direktvertriebsteam von 12 technischen Vertriebsmitarbeitern, die sich auf die Märkte für Halbleiterausrüstung konzentrieren.

Vertriebskanal	Anzahl der Vertreter	Geografische Abdeckung
Verkauf von Halbleiterausrüstung	12	Nordamerika, Asien, Europa

Branchenmessen und Technologiekonferenzen

Intevac nimmt jährlich an wichtigen Veranstaltungen zur Halbleiterfertigung teil.

• SEMICON West (San Francisco)
• SEMICON Taiwan
• SEMICON China
• SEMICON Europa

Technische Online-Dokumentation und Produktinformationen

Intevac stellt über seine Unternehmenswebsite umfassende digitale technische Ressourcen bereit.

Digitale Ressource	Verfügbarer Inhalt	Jährliche Website-Besucher
Technische Dokumentation	Detaillierte Produktspezifikationen	47,500

Spezialisierte Plattformen für technische Beratung

Intevac bietet spezialisierte technische Beratungsdienste über spezielle technische Supportkanäle an.

• Direkte technische Support-Hotline
• Spezieller E-Mail-Beratungsservice
• Virtuelle technische Webinar-Sitzungen

Intevac, Inc. (IVAC) – Geschäftsmodell: Kundensegmente

Halbleiterhersteller

Intevac beliefert Halbleiterhersteller mit spezialisierter Ausrüstung und Technologie. Im Jahr 2023 hatte der weltweite Markt für Halbleiterausrüstung einen Wert von 81,7 Milliarden US-Dollar.

Wichtige Halbleiterkunden	Marktanteil
Angewandte Materialien	17.2%
ASML Holding	15.6%
Lam-Forschung	14.9%

Unternehmen der Verteidigungs- und Luft- und Raumfahrttechnik

Intevac bietet fortschrittliche Bildgebungslösungen für die Verteidigungs- und Luft- und Raumfahrtbranche.

• US-Verteidigungshaushalt 2024: 842 Milliarden US-Dollar
• Forschungs- und Entwicklungsausgaben für Luft- und Raumfahrt sowie Verteidigung: 53,8 Milliarden US-Dollar

Hersteller digitaler Bildgebungsgeräte

Intevac ist auf digitale Bildgebungstechnologie für verschiedene industrielle Anwendungen spezialisiert.

Marktsegment für digitale Bildgebung	Marktwert 2023
Industrielle Bildgebung	12,3 Milliarden US-Dollar
Wissenschaftliche Bildgebung	6,7 Milliarden US-Dollar

Fortgeschrittene Forschungs- und Entwicklungseinrichtungen

Intevac unterstützt fortschrittliche Forschungs- und Entwicklungseinrichtungen mit modernsten technologischen Lösungen.

• Weltweite F&E-Ausgaben: 2,4 Billionen US-Dollar
• Budget für akademische Forschungsausrüstung: 187 Milliarden US-Dollar

Intevac, Inc. (IVAC) – Geschäftsmodell: Kostenstruktur

Investitionen in Forschung und Entwicklung

Für das Geschäftsjahr 2023 meldete Intevac, Inc. Forschungs- und Entwicklungskosten in Höhe von 15,4 Millionen US-Dollar, was einen entscheidenden Bestandteil ihrer Kostenstruktur darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	15,4 Millionen US-Dollar	24.3%
2022	14,2 Millionen US-Dollar	22.7%

Erweiterte Wartung von Fertigungsanlagen

Die Wartungskosten für die Produktionsanlagen von Intevac für 2023 wurden auf 3,8 Millionen US-Dollar geschätzt.

• Jährliches Budget für die Gerätewartung: 3,8 Millionen US-Dollar
• Wartung spezialisierter Halbleitergeräte: 2,1 Millionen US-Dollar
• Wartung von Präzisions-Dünnschichtgeräten: 1,7 Millionen US-Dollar

Spezialisierte Ingenieurtalentvergütung

Die Gesamtvergütung für Ingenieure belief sich im Jahr 2023 auf 22,6 Millionen US-Dollar.

Vergütungskategorie	Betrag
Grundgehälter	16,3 Millionen US-Dollar
Boni und Anreize	3,7 Millionen US-Dollar
Aktienbasierte Vergütung	2,6 Millionen US-Dollar

Ausgaben für Technologielizenzen und geistiges Eigentum

Die Kosten für geistiges Eigentum und Lizenzen beliefen sich im Jahr 2023 auf insgesamt 1,9 Millionen US-Dollar.

• Gebühren für die Aufrechterhaltung des Patents: 0,7 Millionen US-Dollar
• Technologielizenzverträge: 1,2 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 43,7 Millionen US-Dollar

Intevac, Inc. (IVAC) – Geschäftsmodell: Einnahmequellen

Verkauf von Ausrüstung für die Halbleiterfertigung

Im Geschäftsjahr 2023 meldete Intevac einen Gesamtumsatz aus dem Verkauf von Geräten in Höhe von 86,2 Millionen US-Dollar. Das Segment Halbleiterfertigungsausrüstung generierte eine spezifische Umsatzaufschlüsselung:

Ausrüstungskategorie	Umsatz (Mio. USD)	Prozentsatz
Systeme zur Halbleiterabscheidung	62.4	72.4%
Fortschrittliche Fertigungsausrüstung	23.8	27.6%

Verkauf von Dünnschicht-Abscheidungssystemen

Der Umsatz mit Dünnschicht-Abscheidungssystemen trug im Jahr 2023 45,3 Millionen US-Dollar bei und stellt eine wichtige Einnahmequelle mit folgenden Merkmalen dar:

• Durchschnittlicher Systempreis: 3,2 Millionen US-Dollar
• Insgesamt verkaufte Systeme: 14 Einheiten
• Hauptmärkte: USA, Asien-Pazifik-Regionen

Technologielizenzgebühren

Einnahmen aus Technologielizenzen für das Geschäftsjahr 2023: 4,7 Millionen US-Dollar

Lizenzkategorie	Umsatz (Mio. USD)
Lizenzierung von Halbleitertechnologie	3.2
Erweiterte Optiklizenzierung	1.5

Laufende technische Support- und Wartungsverträge

Umsatz aus technischen Support- und Wartungsverträgen: 12,6 Millionen US-Dollar im Jahr 2023

• Durchschnittlicher jährlicher Wartungsvertragswert: 280.000 $
• Gesamtzahl der aktiven Wartungsverträge: 45
• Vertragsverlängerungsrate: 87 %

Intevac, Inc. (IVAC) - Canvas Business Model: Value Propositions

You're looking at the core value that Intevac, Inc. delivered to its key customers, primarily in the Hard Disk Drive (HDD) sector, which ultimately underpinned its acquisition by Seagate Technology Holdings plc in March 2025. The value propositions centered on enabling the next generation of data storage density.

High-productivity, precise thin-film deposition for HDD media production.

Intevac, Inc. provided the essential capital equipment for creating the magnetic disks that store data. This involved their vacuum process equipment solutions designed for high-volume manufacturing, specifically for depositing thin films and lubricants onto substrates. The company's 200 Lean sputtering tool machine was central here, applying coatings necessary for both Perpendicular Magnetic Recording (PMR) and the advanced Heat-Assisted Magnetic Recording (HAMR) media. This precision was non-negotiable for achieving the required areal density improvements in HDD platters.

Enabling the industry's shift to advanced storage like Heat-Assisted Magnetic Recording (HAMR).

The value proposition was directly tied to the industry's technological roadmap. Intevac, Inc.'s technology was critical for the transition to HAMR, which is necessary to meet the escalating demands of data centers and artificial intelligence workloads. The company's success in this area was evidenced by securing a second significant customer for HAMR, with initial upgrades completed before the acquisition. This validated their proprietary deposition capabilities for this cutting-edge storage format.

Critical supplier role in the global HDD ecosystem's technology roadmaps.

The strategic importance of Intevac, Inc. to the HDD supply chain was clear from the financial projections made prior to the merger. The company forecasted its core HDD business to generate approximately $200 million in revenue over the next three years, signaling deep integration with the industry's long-term needs. This reliance on their specialized equipment made them a linchpin for major HDD manufacturers like Seagate, Resonac, and Western Digital.

Cost-effective system upgrades to extend the life of the installed base.

A significant portion of the near-term revenue stream came from servicing and upgrading existing machinery, which is a classic value proposition for capital equipment providers. The company's guidance for fiscal 2025 revenue was set between $52 million and $55 million, a figure expected to be primarily driven by the HDD upgrade market. This provided a stable, high-margin revenue stream by helping existing customers adapt their current assets to new technological requirements, such as the HAMR transition, which analyst Matt Bryson noted could reduce Seagate's capital costs for equipment updates.

The ultimate realization of this value proposition for the original shareholders was captured in the acquisition terms finalized on March 31, 2025.

Value Metric	Pre-Acquisition Financial Data Point	Context/Driver
Projected 3-Year HDD Revenue	$200 million	Driven by industry-wide adoption of HAMR technology
Fiscal 2025 Revenue Guidance	$52 million - $55 million	Primarily driven by the HDD upgrade market
Acquisition Price Per Share	$4.00 in cash	All-cash tender offer by Seagate Technology Holdings plc
Total Shareholder Payout Value	$4.102 per share	$4.00 cash plus a special dividend of $0.052 per share
Backlog (as of Dec 28, 2024)	$42,583,000	Expected to recognize 99.5% as revenue in 2025

The company's focus on its core HDD sputtering tool business followed the closure of the TRIO generalized glass substrate coating business, which involved a one-time charge of up to $35 million.

• Enabling HAMR sputtering capacity for major customers.
• Secured a second significant customer for HAMR technology upgrades.
• Delivering thin films for both PMR and HAMR recording media coatings.
• Planned quarterly dividend of $0.05 per share starting in Q1 2025.

The company's prior fiscal year (2024) net revenues were $63,978,000, though the gross profit was only $2,528,000, down significantly from $20,226,000 in fiscal 2023.

Intevac, Inc. (IVAC) - Canvas Business Model: Customer Relationships

You're looking at the Customer Relationships block for Intevac, Inc. (IVAC) as of late 2025, and the key context is the transition following the acquisition by Seagate Technology Holdings plc.

Highly integrated and strategic relationship with the parent company, Seagate.

The relationship is now one of complete ownership, effective March 31, 2025, when Seagate Technology Holdings plc completed its acquisition of Intevac, Inc.. This transaction valued Intevac shares at $4.00 per share in cash, plus dividends, totaling an aggregate value of approximately $119 million. Intevac, Inc. now operates as a wholly owned subsidiary of Seagate Technology Holdings plc. This structure means the primary strategic relationship is now internal, aligning Intevac's capital equipment development directly with Seagate's mass-capacity data storage strategy. Before the acquisition, Seagate was listed as one of the key disk sputtering equipment customers.

The customer relationship structure is defined by this integration, which streamlines technology roadmapping and capital equipment deployment within the parent organization.

• The tender offer expired on March 28, 2025, with approximately 87.95% of shares tendered.
• The acquisition was expected to be accretive to Seagate's non-GAAP earnings per share over the long-term.
• Intevac's operations were refocused on the Hard Disk Drive (HDD) sector in anticipation of industry-wide adoption of HAMR technology.

Here's a quick look at the financial context surrounding this relationship shift:

Metric	Value/Date
Acquisition Closing Date	March 31, 2025
Acquisition Cash Price Per Share	$4.00
Total Transaction Value (Approximate)	$119 million
Projected 2025 Revenue (Pre-Acquisition Guidance)	$52 million - $55 million
Q3 2024 Revenue from HDD Upgrades, Spares, and Field Service	$13 million

Dedicated, long-term technical support and service for complex capital equipment.

Intevac historically provided process and applications support, customer training, installation, start-up assistance, and post-installation service support. This support structure, which included field offices in Singapore, China, and Malaysia to support Asian customers, is now managed under Seagate. Warranties for Intevac's products typically ranged between 12 and 24 months from customer acceptance, during which non-consumable parts were supplied and installed without charge. The service component was a measurable part of revenue, as seen in the Q3 2024 results.

Direct, consultative engagement with major HDD customers for technology roadmapping.

Prior to the merger, Intevac expected to strengthen its core HDD business in anticipation of HAMR adoption, driven by cloud and AI data center growth. The company had projected approximately $200 million in revenue over the next three years based on this anticipated industry shift. This consultative engagement with major HDD manufacturers, like Seagate itself, focused on developing new products and extending the core vacuum coating technologies to adjacent markets. The majority of Intevac's sales were historically to Asia, accounting for 87% of revenue in fiscal 2022.

Finance: review the service revenue component within Seagate's 2026 capital expenditure forecast by end of Q1 2026.

Intevac, Inc. (IVAC) - Canvas Business Model: Channels

You're looking at the Channels block for Intevac, Inc. (IVAC) as of late 2025. Honestly, the picture here is dominated by the March 31, 2025, acquisition by Seagate Technology Holdings plc, which means the primary channel for capital equipment is now internal to Seagate's structure, though the legacy sales and service apparatus was key to the final 2025 revenue expectation.

The historical channel structure relied heavily on a direct sales force for capital equipment and system upgrades. This direct engagement was crucial for complex, high-value vacuum process equipment solutions sold to the hard disk drive (HDD) industry. Prior to the acquisition, the company expected to recognize approximately 99.5% of its $\$42,583,000$ backlog from December 28, 2024, as revenue in fiscal year 2025. The 2025 revenue guidance, before the full impact of the acquisition closing, was set between $\$52$ million and $\$55$ million.

Global field service and support teams formed the secondary, yet vital, channel for ongoing revenue through maintenance and spares. This recurring revenue stream was noted as a driver for the revenue increase in fiscal 2024, which saw revenue of $\$63.98$ million, up from $\$52.67$ million in fiscal 2023. The company had $\mathbf{106}$ employees before the March 2025 closing.

Geographically, the focus was heavily on Asia, where the primary manufacturing base for HDDs resides. While the prompt lists specific Asian locations, the last public data mentioned distributors specifically in Japan for product sales. The company's overall structure, prior to being delisted from NASDAQ on March 31, 2025, was designed to serve this global manufacturing footprint.

Here's a quick look at the financial context surrounding the 2025 channel performance leading up to the acquisition:

Metric	Value	Date/Period
Anticipated 2025 Revenue Guidance	$\$52$ million - $\$55$ million	Year 2025 (Pre-acquisition guidance)
Backlog Conversion Expected in 2025	$99.5\%$ of $\$42,583,000$	As of December 28, 2024
Fiscal 2024 Revenue	$\$63.98$ million	Fiscal Year 2024
Acquisition Price Per Share	$\$4.00$ in cash	Announced February 13, 2025
Total Shares Tendered	$23,968,013$ shares ($\mathbf{87.95\%}$)	As of March 28, 2025

The channels utilized for service and spares, which often carry higher margins, were a key part of the company's value proposition, especially as they supported the installed base of equipment. Post-acquisition, these support functions are now integrated into Seagate's global service network.

• Direct sales force for capital equipment.
• Global field service for maintenance and spares.
• Distributors utilized in Japan for product sales.
• Legacy geographic focus on serving the primary Asian manufacturing base.

The final transaction saw Intevac stockholders receive $\$4.00$ per share in cash, plus a special dividend of $\$0.052$ per share, totaling $\$4.052$ per share, excluding the regular quarterly dividend.

Intevac, Inc. (IVAC) - Canvas Business Model: Customer Segments

The customer segments for the thin-film processing equipment business, formerly Intevac, Inc. (IVAC), are now primarily consolidated under Seagate Technology Holdings plc following the acquisition that closed on March 31, 2025. Historically, a significant portion of revenue was attributable to a limited number of customers.

The key customer segments that utilized Intevac's equipment for Hard Disk Drive (HDD) media production included:

• Internal manufacturing operations of Seagate Technology Holdings plc.
• Major global Hard Disk Drive (HDD) manufacturers.
• Data center and cloud infrastructure providers (indirectly, as end-users of high-capacity HDDs).

Prior to the acquisition, Intevac's equipment customers included magnetic disk manufacturers like Showa Denko, and vertically integrated HDD manufacturers such as Seagate Technology, Western Digital Corporation, and HGST. Geographically, the majority of Intevac's revenue was generated from Asia, with foreign sales accounting for 90% of revenue in fiscal 2021 and 87% in fiscal 2022.

The financial context leading up to the segment consolidation shows the scale of the primary acquiring customer, Seagate Technology Holdings plc, which reported Fiscal Year 2025 revenue of $9.10 billion. Intevac's own trailing twelve month revenue as of December 31, 2024, was $64M, and its 2025 revenue guidance, provided before the merger, was expected to be in the range of $52 million - $55 million.

The backlog as of December 28, 2024, stood at $42,583,000, with 99.5% expected to be recognized as revenue in 2025. The flagship 200 Lean® platform from Intevac was a critical tool supporting advanced heat-assisted magnetic recording (HAMR) technology roadmaps for leading HDD manufacturers.

The table below contrasts the historical customer base with the scale of the acquiring entity, Seagate Technology Holdings plc, as of late 2025:

Customer Segment Category	Historical Example/Context	Relevant Financial Metric (Late 2025)
Primary Acquirer/Internal Operations	Seagate Technology Holdings plc (Acquired IVAC on March 31, 2025)	Seagate FY 2025 Revenue: $9.10 billion
Major HDD Manufacturers (External)	Western Digital Corporation, HGST (Historical)	Seagate FY 2025 Free Cash Flow: $818 million
Geographic Concentration	Majority of revenue from Asia (Historical)	Historical Foreign Sales: 90% (FY 2021)
Direct Customer Revenue Base (Pre-Acquisition)	Intevac TTM Revenue (as of Dec 2024)	$64M

The focus on high-capacity storage, particularly for cloud service providers and AI applications, drives the demand for the technology Intevac provided, which Seagate Technology Holdings plc is leveraging.

• Seagate Q4 2025 Revenue was $2.44 billion.
• The acquisition consideration for Intevac was approximately $119 million in aggregate value.
• Intevac's backlog expected to convert to 2025 revenue was $42.39 million (99.5% of $42,583,000).
• Intevac's 2024 Net Loss was $39,799,000.

Finance: review the Q3 2025 Seagate earnings report for any specific mention of internal equipment utilization rates by Friday.

Intevac, Inc. (IVAC) - Canvas Business Model: Cost Structure

You're looking at the cost base for Intevac, Inc. (IVAC) as the company navigates its strategic shift and the expected industry adoption of HAMR technology. Honestly, the cost structure is dominated by the expense of building complex capital equipment.

High cost of goods sold (COGS) for complex manufacturing and materials.

The nature of designing and manufacturing high-precision thin-film processing systems means COGS is a major component. Based on fiscal year 2024 results, the cost of sales was substantial relative to revenue, reflecting the specialized materials and intricate assembly required for these platforms.

Metric	Amount (FY 2024)
Net Revenues	$63,978,000
Gross Profit	$2,528,000
Implied Cost of Goods Sold (COGS)	$61,450,000

This implies a gross margin near 4.0% for fiscal year 2024, which was impacted by inventory obsolescence charges and lower-margin contributions from cancellation fees.

Significant R&D expenditure for thin-film and HAMR technology development.

Developing and advancing the core thin-film process technology, especially for Heat-Assisted Magnetic Recording (HAMR) upgrades, requires sustained investment in Research and Development. While specific 2025 R&D figures aren't finalized in the guidance, the FY2024 operating expenses provide a recent benchmark for this overhead.

For context, the operating expenses in the first quarter of fiscal 2024 were $8.7 million. The total operating expenses for the full fiscal year 2024 were $45,773,000.

Operating expenses reduced by annualized savings from the 2025 restructuring.

Intevac, Inc. implemented a significant restructuring effort, including a $33 million program related to the strategic shift away from the TRIO product line, with annualized savings being realized in 2025. This is intended to materially strengthen profitability, targeting a return to EBITDA profitability and positive free cash flow generation in the 2025 forecast.

The FY2024 operating expenses included $12,782,000 in asset impairments and restructuring charges. The goal of the 2025 restructuring is to lower the ongoing operating expense base below the $45,773,000 reported for FY2024.

Costs associated with maintaining global field service and support teams.

Supporting installed equipment, particularly the technology upgrade systems for hard disk drive (HDD) media, necessitates a global service presence. These costs are embedded within the overall operating expenses, which also cover SG&A (Selling, General, and Administrative) expenses.

• The company generates the majority of its revenue from Asia.
• The company sells products through its direct sales force and distributors in Japan.
• A cash outflow related to shareholder returns included a planned quarterly dividend of $0.05 per share commencing in the First Quarter of 2025, plus a one-time special cash dividend of $0.052 per share.

Finance: draft 13-week cash view by Friday.

Intevac, Inc. (IVAC) - Canvas Business Model: Revenue Streams

You're looking at the final standalone revenue picture for Intevac, Inc. (IVAC) before the Seagate Technology Holdings acquisition closed on March 31, 2025. The revenue streams were heavily concentrated in equipment sales and recurring services, which is typical for this kind of capital equipment provider.

The primary hardware revenue driver was the sales of new 200 Lean® thin-film deposition systems. These systems are critical for the Hard Disk Drive (HDD) manufacturing ecosystem, especially as customers moved toward advanced recording technologies like HAMR (heat-assisted magnetic recording).

A significant, and often more stable, component of revenue came from spare parts, service contracts, and system upgrades. For instance, in the first quarter of fiscal 2024, revenue from HDD upgrades, spares, and field service was nearly $10 million, and in the third quarter of 2024, this category specifically brought in $13 million.

Looking ahead, the company had set its 2025 full-year revenue guidance to be in the range of $52 million to $55 million (pre-acquisition). This projection was supported by a strong order book carried over from the prior year.

That order book, or backlog, was reported at $42.6 million as of late 2024. Honestly, the visibility here was excellent, with 99.5% of that backlog expected to be recognized as revenue within the 2025 fiscal year. Here's the quick math on that expected revenue recognition.

Financial Metric	Amount/Range
2024 Trailing Twelve Month Revenue	$64M
2025 Full-Year Revenue Guidance (Pre-Acquisition)	$52 million to $55 million
Backlog as of Late 2024	$42.6 million
Expected 2025 Revenue Recognition from Backlog	99.5%
Q3 2024 Revenue from Spares/Service/Upgrades	$13 million

The core revenue generation activities for Intevac, Inc. centered on these areas:

• Sales of new 200 Lean® thin-film deposition systems.
• Revenue from spare parts, service contracts, and system upgrades.
• Recognition of revenue from the existing order backlog.

To be fair, the acquisition by Seagate, which closed at $4.00 per share, means this standalone revenue structure was the last reported forecast before integration into Seagate's larger operations. The company expected to return to EBITDA profitability and positive free cash flow generation in its 2025 forecast.

Finance: draft 13-week cash view by Friday.