Intevac, Inc. (IVAC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de la fabricación de alta tecnología, Intevac, Inc. (IVAC) emerge como una fuerza pionera, transformando desafíos tecnológicos complejos en soluciones innovadoras en sectores semiconductores, imágenes y de defensa. Al aprovechar sus tecnologías de deposición de vacío de vanguardia y su experiencia en ingeniería de precisión, la compañía ha creado un modelo comercial sofisticado que une a la perfección la investigación avanzada, las asociaciones estratégicas y las soluciones de equipos transformadores que empujan los límites de la innovación tecnológica.

Intevac, Inc. (IVAC) - Modelo de negocio: asociaciones clave

Colaboración estratégica con clientes de equipos de fabricación de semiconductores

Intevac mantiene asociaciones estratégicas con clientes clave de equipos de fabricación de semiconductores, que incluyen:

Pareja	Enfoque de asociación	Año establecido
Materiales aplicados	Desarrollo de equipos de película delgada	2019
Investigación de Lam	Tecnologías de deposición avanzada	2020
Tokyo Electron Limited	Soluciones de fabricación de semiconductores	2018

Asociación con sectores de defensa y tecnología industrial

Intevac colabora con socios de defensa y tecnología industrial a través de acuerdos específicos:

• Valor del Contrato del Departamento de Defensa de los Estados Unidos: $ 12.3 millones en 2023
• Asociación de Laboratorio de Investigación Naval para Tecnología de Visión Nocturna
• Defense Avanzado Proyectos de Investigación de la Agencia de Desarrollo de Proyectos de Investigación (DARPA) Programa de desarrollo de tecnología

Acuerdos de licencia de tecnología

Socio de licencia	Área tecnológica	Ingresos de licencia 2023
Fabricante de equipos de semiconductores x	Tecnología de deposición de película delgada	$ 3.7 millones
Corporación de óptica avanzada	Sistemas de imágenes de visión nocturna	$ 2.5 millones

Iniciativas conjuntas de investigación y desarrollo

Las colaboraciones de la institución académica y de investigación incluyen:

• Instituto de Tecnología de Massachusetts (MIT) - Investigación de materiales semiconductores
• Universidad de Stanford - Desarrollo de tecnología de imágenes avanzadas
• Compromiso de financiación de la investigación: $ 1.9 millones en 2023

Ingresos de asociación total para 2023: $ 21.4 millones

Intevac, Inc. (IVAC) - Modelo de negocio: actividades clave

Diseñar y fabricar equipos avanzados de semiconductores e imágenes

Las actividades de fabricación clave de Intevac se centran en la producción de semiconductores de precisión y equipos de imágenes. A partir del cuarto trimestre de 2023, la compañía informó:

Categoría de equipo	Volumen de producción anual	Valor unitario promedio
Sistemas de producción de semiconductores	37 sistemas	$ 4.2 millones por sistema
Equipo de imagen digital	22 sistemas	$ 1.8 millones por sistema

Desarrollar tecnologías de deposición del vacío

Intevac se especializa en tecnologías avanzadas de producción de película delgada con las siguientes métricas de investigación:

• Inversión en I + D en 2023: $ 14.3 millones
• Patentes activas totales: 87
• Tasa de presentación de patentes: 6-8 nuevas patentes anualmente

Investigación e ingeniería de sistemas ópticos y electrónicos de precisión de precisión

Las capacidades de ingeniería incluyen:

Dominio de ingeniería	Tamaño del equipo	Horario de ingeniería anual
Ingeniería de sistemas ópticos	42 ingenieros	84,000 horas
Ingeniería de sistemas electrónicos	36 ingenieros	72,000 horas

Proporcionar soluciones de equipos especializados

Segmentos de solución de equipos y penetración del mercado:

• Cuota de mercado de equipos de semiconductores: 3.2%
• Cuota de mercado de equipos de imágenes digitales: 5.7%
• Ingresos de solución de equipo total en 2023: $ 89.6 millones

Intevac, Inc. (IVAC) - Modelo de negocio: recursos clave

Deposición de vacío patentado y experiencia en tecnología de película delgada

A partir de 2024, los recursos tecnológicos clave de Intevac incluyen:

• Sistemas de deposición de vacío con capacidad de precisión del espesor de recubrimiento nanométrico 0.1
• Plataformas de tecnología de película delgada avanzadas utilizadas en los mercados de semiconductores y solares
• Tecnologías de recubrimiento especializadas con especificaciones de uniformidad del 99.99%

Categoría de tecnología	Métricas de rendimiento	Aplicación de mercado
Sistemas de deposición de vacío	Precisión de 0.1 nm	Fabricación de semiconductores
Recubrimiento de película delgada	99.99% uniformidad	Producción de paneles solares

Equipos especializados de Ingeniería e Investigación y Desarrollo

Composición de la fuerza laboral de I + D de Intevac a partir de 2024:

• Empleados totales de I + D: 87 personal
• Titulares de doctorado: 22 ingenieros
• Inversión anual de I + D: $ 12.4 millones

Instalaciones y equipos de fabricación avanzada

Ubicación de la instalación	Capacidad de fabricación	Valor del equipo
Santa Clara, California	45 sistemas/año	$ 24.6 millones

Cartera de propiedades intelectuales

Paisaje de patentes e propiedad intelectual:

• Patentes activas totales: 63
• Categorías de patentes: deposición de vacío, procesamiento de semiconductores
• Regiones de protección de patentes: Estados Unidos, Europa, Asia

Categoría de patente	Número de patentes	Regiones de protección
Deposición de vacío	37	Estados Unidos, Europa, Asia
Procesamiento de semiconductores	26	Estados Unidos, Europa, Asia

Intevac, Inc. (IVAC) - Modelo de negocio: propuestas de valor

Equipo de fabricación de semiconductores de alta precisión

Intevac proporciona equipos especializados de fabricación de semiconductores con las siguientes especificaciones:

Tipo de equipo	Nivel de precisión	Segmento de mercado
Sistemas de mocvd	0.1 precisión nanométrica	LED y fabricación de semiconductores
Sistemas de deposición de películas delgadas	99.99% uniformidad	Fotónica y electrónica

Soluciones de tecnología de imágenes digitales y haz de electrones

Las tecnologías de imágenes digitales de Intevac incluyen:

• Sistemas de cámara de visión nocturna con una resolución de píxeles 2048x2048
• Tecnología de haz de electrones con capacidades de tamaño de características de 10 nanómetros
• Sensores de imágenes con 95% de eficiencia cuántica

Sistemas de deposición de vacío

Capacidades del sistema de deposición de vacío:

Industria	Tasa de deposición	Solicitud
Fabricación de paneles solares	5 Angstroms/Segundo	Producción de células solares de película delgada
Semiconductor	0.01 micras/minuto	Fabricación de circuitos integrados

Soluciones tecnológicas para desafíos de fabricación

Métricas de innovación tecnológica de Intevac:

• Inversión de I + D: $ 14.2 millones en 2023
• Portafolio de patentes: 87 patentes activas
• Precisión de fabricación: +/- 0.05 Tolerancia de micras

Intevac, Inc. (IVAC) - Modelo de negocio: relaciones con los clientes

Ventas directas y soporte técnico para clientes de equipos

A partir de 2024, el equipo de ventas directas de Intevac consta de 37 profesionales de ventas dedicados que se especializan en semiconductores y mercados de equipos de película delgada. El equipo de soporte técnico comprende 24 ingenieros especializados que brindan asistencia remota y en el sitio.

Canal de soporte	Tiempo de respuesta	Horas de apoyo anuales
Soporte técnico en el sitio	4-8 horas	3,456 horas
Soporte técnico remoto	2-4 horas	5.760 horas

Servicios de ingeniería y consulta a largo plazo

Intevac proporciona consultas de ingeniería a largo plazo en múltiples segmentos de tecnología, con 42 consultores de ingeniería senior dedicados a las relaciones con los clientes.

• Duración de contrato de consulta promedio: 24-36 meses
• Ingresos de consulta: $ 4.2 millones anuales
• Tasa de retención del cliente: 87.5%

Diseño e implementación de equipos personalizados

Tipo de equipo	Nivel de personalización	Proyectos de diseño anuales
Equipo semiconductor	Alto	18 proyectos
Equipo de película delgada	Medio	12 proyectos

Soporte continuo de mantenimiento y actualización técnica

Intevac ofrece programas de mantenimiento integrales con 99.7% Garantía de tiempo de actividad del equipo.

• Contratos de mantenimiento anual: 64 contratos activos
• Valor de contrato de mantenimiento promedio: $ 375,000
• Inversiones de actualización técnica: $ 2.1 millones anuales

Presupuesto total de gestión de la relación con el cliente para 2024: $ 8.7 millones.

Intevac, Inc. (IVAC) - Modelo de negocio: canales

Equipo de ventas directas dirigidas a fabricantes de semiconductores

A partir del cuarto trimestre de 2023, Intevac mantiene un equipo especializado de ventas directas de 12 representantes de ventas técnicas centradas en los mercados de equipos de semiconductores.

Canal de ventas	Número de representantes	Cobertura geográfica
Ventas de equipos de semiconductores	12	América del Norte, Asia, Europa

Ferias comerciales de la industria y conferencias de tecnología

Intevac participa en eventos clave de fabricación de semiconductores anualmente.

• Semicon West (San Francisco)
• Semicon Taiwán
• Semicon China
• Semicon Europa

Documentación técnica en línea e información del producto

Intevac proporciona recursos técnicos digitales completos a través de su sitio web corporativo.

Recurso digital	Contenido disponible	Visitantes del sitio web anual
Documentación técnica	Especificaciones detalladas del producto	47,500

Plataformas de consulta de ingeniería especializada

Intevac ofrece servicios especializados de consulta de ingeniería a través de canales de soporte técnico dedicados.

• Línea directa de soporte de ingeniería directa
• Servicio de consulta de correo electrónico dedicado
• Sesiones de seminarios web técnicos virtuales

Intevac, Inc. (IVAC) - Modelo de negocio: segmentos de clientes

Empresas de fabricación de semiconductores

Intevac sirve a empresas de fabricación de semiconductores con equipos y tecnologías especializadas. A partir de 2023, el mercado global de equipos de semiconductores se valoró en $ 81.7 mil millones.

Clientes de semiconductores clave	Cuota de mercado
Materiales aplicados	17.2%
ASML Holding	15.6%
Investigación de Lam	14.9%

Firmas de defensa y tecnología aeroespacial

Intevac proporciona soluciones de imágenes avanzadas para los sectores de defensa y aeroespacial.

• Presupuesto de defensa de EE. UU. 2024: $ 842 mil millones
• Gasto de I + D aeroespacial y de defensa: $ 53.8 mil millones

Fabricantes de equipos de imágenes digitales

Intevac se especializa en tecnología de imágenes digitales para diversas aplicaciones industriales.

Segmento del mercado de imágenes digitales	Valor de mercado 2023
Imagen industrial	$ 12.3 mil millones
Imagen científica	$ 6.7 mil millones

Instituciones avanzadas de investigación y desarrollo

Intevac admite instituciones avanzadas de I + D con soluciones tecnológicas de vanguardia.

• Gasto global de I + D: $ 2.4 billones
• Presupuesto de equipos de investigación académica: $ 187 mil millones

Intevac, Inc. (IVAC) - Modelo de negocio: Estructura de costos

Investigación de investigación y desarrollo

Para el año fiscal 2023, Intevac, Inc. reportó gastos de I + D de $ 15.4 millones, que representa un componente crítico de su estructura de costos.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 15.4 millones	24.3%
2022	$ 14.2 millones	22.7%

Mantenimiento avanzado de equipos de fabricación

Los costos de mantenimiento de equipos de fabricación de Intevac para 2023 se estimaron en $ 3.8 millones.

• Presupuesto anual de mantenimiento del equipo: $ 3.8 millones
• Mantenimiento de equipos de semiconductores especializados: $ 2.1 millones
• Precisión Servicio de equipos de película delgada: $ 1.7 millones

Compensación de talento de ingeniería especializada

La compensación total de la fuerza laboral de ingeniería en 2023 alcanzó los $ 22.6 millones.

Categoría de compensación	Cantidad
Salarios base	$ 16.3 millones
Bonificaciones e incentivos	$ 3.7 millones
Compensación basada en acciones	$ 2.6 millones

Licencias de tecnología y gastos de propiedad intelectual

La propiedad intelectual y los costos de licencia para 2023 totalizaron $ 1.9 millones.

• Tasas de mantenimiento de patentes: $ 0.7 millones
• Acuerdos de licencia de tecnología: $ 1.2 millones

Estructura de costos totales para 2023: $ 43.7 millones

Intevac, Inc. (IVAC) - Modelo de negocio: flujos de ingresos

Ventas de equipos para la fabricación de semiconductores

A partir del año fiscal 2023, Intevac informó ingresos por ventas de equipos totales de $ 86.2 millones. Segmento de equipos de fabricación de semiconductores generó un desglose de ingresos específico:

Categoría de equipo	Ingresos ($ M)	Porcentaje
Sistemas de deposición de semiconductores	62.4	72.4%
Equipo de fabricación avanzado	23.8	27.6%

Ventas del sistema de deposición de película delgada

Las ventas del sistema de deposición de película delgada contribuyeron con $ 45.3 millones en 2023, que representan el flujo de ingresos clave con las siguientes características:

• Precio promedio del sistema: $ 3.2 millones
• Sistemas totales vendidos: 14 unidades
• Mercados primarios: Estados Unidos, Regiones de Asia-Pacífico

Tarifas de licencia de tecnología

Ingresos de licencia tecnológica para 2023 año fiscal: $ 4.7 millones

Categoría de licencias	Ingresos ($ M)
Licencias de tecnología de semiconductores	3.2
Licencias de óptica avanzada	1.5

Contratos continuos de soporte técnico y mantenimiento

Ingresos del contrato de soporte técnico y mantenimiento: $ 12.6 millones en 2023

• Valor promedio de contrato de mantenimiento anual: $ 280,000
• Contratos de mantenimiento activos totales: 45
• Tasa de renovación del contrato: 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.