Thanks, good Claire, and afternoon.
pleased the and am the of progress on activities, our first to on industry. primary drive update hard opportunity environment have year-to-date to I today TRIO in business discuss you market, the our our qualification this served
and Lean delivery the revenues though, of I system First, will refurbished our new review results. In high end above XXX including our we achieved XXX financial QX, QX expectations, Lean. one one
well business XXXX. strong year HDD growth puts revenue in Our a performance for QX on track delivering us to in our
in million of was margin which As $X incremental nearly were our Jim forecast, will gross shortly, by detail costs nature. above one-off impacted
prior to aligned the expenses, loss interest is outlook loss due income $X.XX forecast lower was favorable of our control of higher operating with close share with per and and taxes. However, to net operating our
cash for hard quarter, and drive our balance material TRIO customers to total As both in of and end $XX quarter receipts we was planned, the during continue million. the investments bring at and our
attributed will to the comprised our second reverse the decline Of of our part This $XX large from to from we with expectation million of in majority roughly losses half capital will that cash-based about half affect XXXX, our continued investment. due working in the receivables the was of half customer. P&L, from the largest QX, other
our Our collection we of exit of at receivables in is with the balance million end. cash foundation confidence to an XXXX the half and investments the QX's in second total compared increase $XX that
and August, qualification and the glass to who materials. today process the Turning TRIO leading world's we system our ceramic with glass in the of for news exciting the is in will begin initial innovators partners, that reported the one JDA
the partners move tremendous TRIO JDA to our be mark of electronics qualification consumer a ceramic for is significant and This for capabilities This to an potential milestone into technology platform. a game-changing manufacturing excitement glass glass continued applications. will and displays validation platform this for our demonstrating company, the of important new of
development the process driven what few pull-in enthusiasm date, increasingly superior productivity JDA the partners' other the In joint flexibility. to apart from by options. calls, platforms and last the primarily Over manufacturing is our discussed sets for it's our that TRIO earnings clear we've demand TRIO and
coating on examples of specific advancements a of compared I'll and leaps fronts TRIO both provide options. couple of capable available our is providing how to
lower time one at in which can and multiple different concurrently can depositing take in be provide to a material parallel deposition we're and significant that is chambers, of productivity. patent-protected deposit system, transport advances recipe productivity to Drum unique our place chemistries very reason The combinations processing enabling of able to and a coat each power. First, why materials, to high-power only due linear
and unloading, simultaneous our same loading the loading that systems, bad at as TRIOs tools linear Furthermore, system whereas time are the uptime, Drum of coaters which modules displays down unloading novel process enables materials. be decreases and for depositing must the shut transport completely are
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In we extremely progress to orders summary, excited made we're today from year continue the about receive the XXXX. to expect in and initial
next tools ahead look year, be our systems, requirement for increased toward believe two several to exclusivity we building additional maintain we JDA an of by As revenue XXXX. and we'll partners to we year-end order will three
of markets continue will to in consumer with customer partnerships also We pursue devices. outside electronic TRIO additional end
markets to mass rate the softening been a years several the of market. slowing secular on has all across hard the and market in reporting drive turning demand growth. capacity the strong continued HDD which end included after disk Now Since growth we've decline of of markets, mid-XXXX, legacy
was quarter we tool revenue term, our was May, medium Intevac, for our stronger fact, cancellation for forecast of HDD order forecast for business the our primarily witnessed very This an than order. end which affected in as ago. unprecedented it the a event a is of cancellation near-term the large today Near
been we've end cancellation, of our are responsibility quarter than less the total inventory balance receipts at customers. announcing the represented which material systems, one-third very for the these of that our communicating clear in Since
growth forecast. changing there no we for to market at difficult As HDD media the HDD the is trajectory look environment today, question and that is
growth drives However, of it dominance a majority capacity given demand. market is still the mass the of fueling customer
expectations the the business strong to and then is upgrades. bolstered of end XXXX the in year tail has additions capacity original for timeline expected multiple of this the from shifted timeframe to for times, the by now near-term, XXXX HDD technology to period, our first the late demand that potentially While
We technology significantly stronger are achieving of higher industry's the mass for resulting media upgrades. in for the role demand in critical market, overall density advancement towards playing its a capacity goal
Last $XX expect quarter, a a for concern I as XXXX. as that HDD revenue softer result the in original could forecast to much our forecast risk million
planning, very forecast continued stages are customers our our expect over fiscal capital several we our and the XXXX quarterly quarters. movement investment shifts While HDD within early next in the of
HDD we're in revenues time, this $XX be to expecting XXXX approximately our However, million.
is HDD a reviewed XXXX. as level the Leans of XXXX, field of of we this service by similarly being delivery strong the upgrades expect customers. and As we look in to ahead At time, our XXX timing currently remaining backlog expected
Altogether, Given three next as revenues TRIO. systems well our fiscal for in as to two consist expect this, for the will of year XXXX. at expectation, sales range low mid-$XX to HDD revenues $XX least in we million million
$X resizing cost range because will annualized cash at our manufacturing significant P&L of and expect underway, with is savings. decrease we currently year ongoing structure, today in structure the XXXX. actions the of Importantly, cost a This our least of this million of full and our be neutral announced to revenues our at result equivalent operating for in to
loss. neutral low million for will structure We the This the cash QX. $X level entirely streamlined enable our GAAP cost structure offset beginning operating expect cost to in expected our of expected year, is non-cash given quarterly drop to be revenue OpEx us that portion next to at run rate to level our
year, is Intevac effort restructuring operations CapEx next further this Therefore, or cash enabling our eliminate include to use does working investments in which of not balance capital. of any
We with growth for will to XXXX in XXXX. both they closely are manage very of aligned prospects these our ensure
We Jim, Jim the sincere call announced [technical retiring be appreciation for Kevin the we to our to everything a I turning of Soulsby, organization at for long-term CFO. like has eight my finance done last over month that past conduct our Controller at over while - permanent search would will difficulty] Before he our express years.
graciously of return years out came but agreed initially to to a few once, not his postpone retirement, just to twice. for Jim CFO just and be yet retirement
XXXX, the during again support strategic CEO and First, in early the - review transition.
for dedication initially very Congratulations through best we off supporting company this as acknowledge after us retirement, the him well-deserved steadfast enjoys he summer. Board wish on longer The call, all the Jim. his and than entire I earnings time today's to your much some
Now to you. over
