Intevac (IVAC) 10-Q30 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 30, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Interactive Data Current	Yes
Document Period End Date	Mar. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Transition Report	false
Document Quarterly Report	true
Entity Registrant Name	INTEVAC, INC.
Entity Central Index Key	0001001902
Current Fiscal Year End Date	--12-30
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Trading Symbol	IVAC
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	0-26946
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3125814
Entity Address, Address Line One	3560 Bassett Street
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	408
Local Phone Number	986-9888
Entity Small Business	true
Title of 12(b) Security	Common Stock
Entity Common Stock, Shares Outstanding		26,584,057
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 45,750	$ 51,441
Short-term investments	18,094	17,405
Trade and other accounts receivable, net of allowances of $0 at both March 30, 2024 and December 30, 2023	25,136	18,613
Inventories	45,808	43,795
Prepaid expenses and other current assets	2,387	2,123
Total current assets	137,175	133,377
Operating lease right-of-use assets	7,182	7,658
Long-term investments	922	2,687
Restricted cash	700	700
Property, plant and equipment, net	7,149	7,664
Intangible assets, net of amortization of $212 at March 30, 2024 and $178 at December 30, 2023	920	954
Deferred income taxes and other long-term assets	3,194	3,466
Total assets	157,242	156,506
Current liabilities:
Current operating lease liabilities	902	1,008
Accounts payable	5,494	5,800
Accrued payroll and related liabilities	2,837	3,475
Other accrued liabilities	1,955	1,820
Customer advances	23,044	20,407
Total current liabilities	34,232	32,510
Noncurrent liabilities:
Noncurrent operating lease liabilities	6,591	6,976
Customer advances	1,482	1,482
Other long-term liabilities	14	21
Total noncurrent liabilities	8,087	8,479
Stockholders' equity:
Common stock, $0.001 par value	27	26
Additional paid-in capital	211,398	210,320
Treasury stock, 5,087 shares at both March 30, 2024 and December 30, 2023	(29,551)	(29,551)
Accumulated other comprehensive income	30	97
Accumulated deficit	(66,981)	(65,375)
Total stockholders' equity	114,923	115,517
Total liabilities and stockholders' equity	$ 157,242	$ 156,506

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Net of allowances of trade, note and other accounts receivable	$ 0	$ 0
Net of amortization of intangible assets	$ 212	$ 178
Common stock, par value	$ 0.001	$ 0.001
Treasury stock, shares	5,087	5,087

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Net revenues:
Total net revenues	$ 9,631	$ 11,542
Cost of net revenues:
Total cost of net revenues	5,427	6,823
Gross profit	4,204	4,719
Operating expenses:
Research and development	4,369	3,973
Selling, general and administrative	4,281	5,200
Total operating expenses	8,650	9,173
Loss from operations	(4,446)	(4,454)
Interest income and other income (expense), net	2,221	672
Loss from continuing operations before provision for income taxes	(2,225)	(3,782)
Provision for income taxes	476	386
Net loss from continuing operations	(2,701)	(4,168)
Income (loss) from discontinued operations, net of tax	1,095	277
Net loss	$ (1,606)	$ (3,891)
Net income (loss) per share:
Basic—continuing operations	$ (0.1)	$ (0.16)
Diluted—continuing operations	(0.1)	(0.16)
Basic—discontinued operations	0.04	0.01
Diluted—discontinued operations	0.04	0.01
Basic—net income (loss)	(0.06)	(0.15)
Diluted—net income (loss)	$ (0.06)	$ (0.15)
Weighted average shares outstanding:
Basic	26,522	25,781
Diluted	26,522	25,781

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (1,606)	$ (3,891)
Other comprehensive income (loss), before tax
Change in unrealized net loss on available-for-sale investments	29	169
Foreign currency translation losses	(96)	10
Other comprehensive income (loss), before tax	(67)	179
Income tax expense related to items in other comprehensive income (loss)	0	0
Other comprehensive income (loss), net of tax	(67)	179
Comprehensive loss	$ (1,673)	$ (3,712)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Operating activities
Net loss	$ (1,606)	$ (3,891)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Depreciation and amortization	558	344
Net amortization (accretion) of investment premiums and discounts	(83)	(61)
Amortization of intangible assets	34	34
Equity-based compensation	761	1,581
Straight-line rent adjustment and amortization of lease incentives	(15)	(249)
(Gain) loss on disposal of fixed assets	523	(65)
Deferred income taxes	299	197
Changes in operating assets and liabilities	(7,006)	(21,491)
Total adjustments	(4,929)	(19,710)
Net cash used in operating activities	(6,535)	(23,601)
Investing activities
Purchase of investments	(7,099)	(1,989)
Proceeds from sales and maturities of investments	8,287	14,095
Proceeds from sales of property and equipment	0	65
Purchase of leasehold improvements and equipment	(566)	(4,005)
Net cash provided by investing activities	622	8,166
Financing activities
Proceeds from issuance of common stock	462	835
Payment of acquisition-related contingent consideration	0	(250)
Taxes paid related to net share settlement	(144)	(1,274)
Net cash provided by (used in) financing activities	318	(689)
Effect of exchange rate changes on cash and cash equivalents	(96)	10
Net decrease in cash, cash equivalents and restricted cash	(5,691)	(16,114)
Cash, cash equivalents and restricted cash at beginning of period	52,141	69,690
Cash, cash equivalents and restricted cash at end of period	$ 46,450	$ 53,576

Description of Business, Basis

Description of Business, Basis of Presentation and Significant Accounting Policy	3 Months Ended
	Mar. 30, 2024
Accounting Policies [Abstract]
Description of Business, Basis of Presentation and Significant Accounting Policy	1. Description of Business, Basis of Presentation and Significant Accounting Policy Description of Business Intevac, Inc. (together with its subsidiaries, “Intevac”, the “Company” or “we”) is a leader in the design and development of high-productivity, thin-film processing systems. Intevac’s production-proven platforms are designed for high-volume manufacturing of substrates with precise thin-film properties, such as for the hard disk drive (“HDD”) and advanced coatings (“ADVC”) (formerly known as display cover panel (“DCP”)) markets. Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Intevac, Inc. and its subsidiaries after elimination of inter-company balances and transactions. In the opinion of management, the unaudited interim condensed consolidated financial statements of Intevac included herein have been prepared on a basis consistent with the December 30, 2023 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly present the information set forth therein. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Reportable Segment During fiscal 2021, we sold the business of one of our reporting segments, Photonics. Therefore, we have one reportable segment remaining. See Note 2 for additional disclosure related to discontinued operations. The remaining segment, Thin Film Equipment (“TFE”), designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the HDD and ADVC markets, as well as other adjacent thin-film markets. The TFE segment also previously designed, developed and marketed manufacturing equipment for the photovoltaic (“PV”) solar cell and advanced semiconductor packaging (“ASP”) industries. In March 2022, the Company’s management realigned its operational focus and eliminated several research and development (“R&D”) programs and product offerings. As part of this realignment effort, the Company ceased its efforts to develop and market several of its manufacturing platforms for the ADVC, PV and ASP industries. Government Grants and Credits Government assistance is recognized when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. Reimbursements of eligible expenditures pursuant to government assistance programs are recorded when the related costs have been incurred and there is reasonable assurance regarding collection of the claim. Grant claims not settled by the balance sheet date are recorded as receivables, provided their receipt is reasonably assured. The determination of the amount of the claim, and accordingly the receivable amount, requires management to make calculations based on its interpretation of eligible expenditures in accordance with the terms of the programs. The reimbursement claims submitted by the Company are subject to review by the relevant government agencies. During the three months ended March 30, 2024, we amended certain fiscal year 2021 payroll tax filings and applied for a refund equal to $2.4 million of Employee Retention Credit (“ERC”) benefits from the U.S. government. The refund is recorded within trade and other accounts receivable in our condensed consolidated balance sheet as of March 30, 2024, and as $1.5 million in other income (expense), net and $933,000 in discontinued operations in our condensed consolidated statements of operations for the three months ended March 30, 2024. (See Note 12. Income Taxes.)

Divestiture and Discontinued Op

Divestiture and Discontinued Operations	3 Months Ended
Divestiture and Discontinued Operations	Mar. 30, 2024
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Divestiture and Discontinued Operations	2. Divestiture and Discontinued Operations Sale of Photonics On December 30, 2021, the Company entered into an asset purchase agreement (the “Purchase Agreement”) with EOTECH, LLC (“EOTECH”) governing the sale of the Company’s Photonics business to EOTECH in exchange for (i) $70.0 million in cash consideration, (ii) up to $30.0 million in earnout payments and (iii) the assumption by EOTECH of certain liabilities of the Photonics business as specified in the Purchase Agreement. The transaction closed on December 30, 2021. Under the Purchase Agreement, EOTECH has also agreed to pay to the Company, if earned, earnout payments of up to an aggregate of $30.0 million based on achievement of fiscal year 2023, 2024 and 2025 Photonics segment revenue targets for the Integrated Visual Augmentation System (“IVAS”) program as specified in the Purchase Agreement. As of March 30, 2024, there have been no earnout payments under the Purchase Agreement. At any time prior to December 31, 2024, EOTECH may elect to pay to the Company $14.0 million, which would terminate EOTECH’s obligations with respect to any remaining earnout payments. The cash proceeds do not include any estimated future payments from the revenue earnout as the Company has elected to record the proceeds when the consideration is deemed realizable. The Company believes the disposition of the Photonics business will allow it to benefit from a streamlined business model, simplified operating structure, and enhanced management focus. In connection with the Photonics sale, the Company and EOTECH also entered into a Transition Service Agreement (the “TSA”) and a Lease Assignment Agreement. The TSA, which expired on June 30, 2022, outlined the information technology, people, and facility support the parties provided to each other for a period after the closing of the sale. The Lease Assignment Agreement assigns the lease obligation for two buildings in the Company’s California campus to EOTECH. As part of the assignment, the Company agreed to subsidize a portion of EOTECH’s lease payments through the remainder of the lease term which expired in March 2024. In August 2022, Intevac and EOTECH entered into a Shared Services Agreement (the “Shared Services Agreement”) to share certain building maintenance costs. Fees earned under the Shared Services Agreement for the three months ended March 30, 2024 and April 1, 2023 were $37,000 and $25,000, respectively. As of March 30, 2024 and December 30, 2023, accounts receivable from EOTECH of $10,000 and $62,000, respectively, were included in trade and other accounts receivable in the Company’s condensed consolidated balance sheets. Based on its magnitude and because the Company exited certain markets, the sale of the Photonics segment represents a significant strategic shift that has a material effect on the Company’s operations and financial results, and the Company has separately reported the results of its Photonics segment as discontinued operations in the condensed consolidated statements of operations for the three months ended March 30, 2024 and April 1, 2023. The key components from discontinued operations related to the Photonics segment are as follows: Three Months Ended March 30, April 1, (In thousands) Operating expenses: Selling, general and administrative $ (162 ) $ (277 ) Total operating expenses (162 ) (277 ) Operating income – discontinued operations 162 277 Other income (expense) – discontinued operations 933 — Income from discontinued operations before provision for income taxes 1,095 277 Provision for income taxes — — Net income from discontinued operations, net of taxes $ 1,095 $ 277 The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. The following table presents cash flow and non-cash Three Months Ended March 30, April 1, 2023 (In thousands) Equity-based compensation $ — $ (260 )

Revenue

Revenue	3 Months Ended
Revenue	Mar. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue The following tables represent a disaggregation of revenue from contracts with customers for the three months ended March 30, 2024 and April 1, 2023. Major Products and Service Lines Three Months Ended Three Months Ended April 1, 2023 (In thousands) HDD HDD PV Total Systems, upgrades and spare parts $ 8,119 $ 10,517 $ 18 $ 10,535 Field service 1,512 1,007 — 1,007 Total net revenues $ 9,631 $ 11,524 $ 18 $ 11,542 Revenue by Geographic Region Three Months Ended March 30, April 1, 2023 (In thousands) United States $ 482 $ 1,614 Asia 9,149 9,928 Total net revenues $ 9,631 $ 11,542 Timing of Revenue Recognition Three Months Ended March 30, April 1, 2023 (In thousands) Products transferred at a point in time $ 9,631 $ 11,542 Products and services transferred over time — — Total net revenues $ 9,631 $ 11,542 The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled, and our contract liabilities, which we classify as deferred revenue and customer advances, for the three months ended March 30 2024. March 30, December 30, Three Months Change (In thousands) Contract assets: Accounts receivable, unbilled $ 884 $ 393 $ 491 Contract liabilities: Deferred revenue $ 476 $ 376 $ 100 Customer advances 24,526 21,889 2,637 $ 25,002 $ 22,265 $ 2,737 Accounts receivable, unbilled represents a contract asset for revenue that has been recognized in advance of billing the customer. For our system and certain upgrade sales, our customers generally pay in three installments, with a portion of the system price billed upon receipt of an order, a portion of the price billed upon shipment, and the balance of the price due upon completion of installation and acceptance of the system at the customer’s factory. Accounts receivable, unbilled generally represents the balance of the system price that is due upon completion of installation and acceptance, less the amount that has been deferred as revenue for the performance of the installation tasks. During the three months ended March 30, 2024, contract assets increased by $491,000 primarily due to the accrual of revenue related to the sale of spare parts sold to a customer as of March 30, 2024. Customer advances generally represent a contract liability for amounts billed to the customer prior to transferring goods. The Company has elected to use the practical expedient to disregard the effect of the time value of money in a significant financing component when its payment terms are less than one year. These customer advances are liquidated when revenue is recognized. Deferred revenue generally represents a contract liability for amounts billed to a customer for completed systems at the customer site that are undergoing installation and acceptance testing where transfer of control has not yet occurred as Intevac does not yet have a demonstrated history of meeting the acceptance criteria upon the customer’s receipt of product. During the three months ended March 30, 2024, we recognized revenue of $66,000 that was included in deferred revenue at the beginning of the period. In May 2023, the Company received notice of the cancellation of a $54.6 million order for eight 200 Lean HDD systems due to the customer postponing previously planned media capacity additions, and, accordingly, the Company removed the order from backlog. The customer contract associated with the cancelled order requires the customer to pay the Company a prorated price based upon the percentage of work completed on the order. The Company has received customer advances in the amount of $19.1 million associated with the cancelled order, all of which will be utilized to settle this customer obligation. In September 2023, the Company applied $444,000 of billings against these advances in connection with inventory scrapped at the customer’s direction. In December 2023, the Company received notice of the cancellation of a $11.4 million order for two 200 Lean HDD systems due to the customer postponing previously planned media capacity additions, and, accordingly, the Company removed the order from backlog. The Company has not received any customer advances associated with the cancelled order. The Company expects to invoice the customer in the second quarter of fiscal 2024 for the cancellation fee associated with this order. On March 30, 2024, we had $53.1 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 55.4% of our remaining performance obligations as revenue in 2024 and 44.6% in 2025.

Inventories

Inventories	3 Months Ended
Inventories	Mar. 30, 2024
Inventory Disclosure [Abstract]
Inventories	4. Inventories Inventories are stated at the lower of average cost or net realizable value and consist of the following: March 30, 2024 December 30, 2023 (In thousands) Raw materials $ 35,755 $ 37,346 Work-in-progress 10,053 6,449 $ 45,808 $ 43,795 In May 2023, the Company received notice of the cancellation of a $54.6 million order for eight 200 Lean HDD systems. In December 2023, the Company received notice of the cancellation of a $11.4 million order for two 200 Lean HDD systems. The customer contract associated with the cancelled orders requires the customer to pay the Company a prorated price based upon the percentage of work completed on the order. The Company has received customer advances in the amount of $19.1 million associated with the cancelled order for eight 200 Lean HDD systems, all of which will be utilized to settle this customer obligation. The Company has not received any customer advances associated with the cancelled order for two 200 Lean HDD systems. The Company expects to invoice the customer in the second quarter of 2024 for the cancellation fee associated with this order. In fiscal 2024, as part of the cancellation of the orders for the ten 200 Lean HDD systems, the customer is expected to take delivery of $11.8 million of inventory on hand at March 30, 2024 and $4.0 million of inventory on order, plus reimburse us for any supplier cancellation charges and the costs associated with managing the inventory. A portion of the inventory will be utilized to satisfy other outstanding purchase orders from this customer in backlog.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 30, 2024
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	5. Equity-Based Compensation At March 30, 2024, Intevac had equity-based awards outstanding under the 2020 Equity Incentive Plan, the 2012 Equity Incentive Plan, the 2022 Inducement Equity Incentive Plan (the “Inducement Plan”) (together, the “Plans”) and the 2003 Employee Stock Purchase Plan (the “ESPP”). Intevac’s stockholders approved the 2020 Equity Incentive Plan, the 2012 Equity Incentive Plan and the ESPP. The Plans permit the grant of incentive or non-statutory On January 19, 2022, Intevac’s Board of Directors adopted the Inducement Plan and, subject to the adjustment provisions of the Inducement Plan, reserved 1,200,000 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Plan. The Inducement Plan provides for the grant of equity-based awards, including nonstatutory stock options, restricted stock units, restricted stock, stock appreciation rights, performance shares and performance units, and its terms are substantially similar to the Company’s 2020 Equity Incentive Plan. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. In accordance with that rule, awards under the Inducement Plan may only be made to individuals not previously employees or non-employee non-employment The ESPP provides that eligible employees may purchase Intevac’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market value at the entry date of the applicable offering period or at the end of each applicable purchase interval. Offering periods are generally two years in length and consist of a series of six-month six-month Compensation Expense The effect of recording equity-based compensation for the three months ended March 30, 2024 and April 1, 2023 was as follows: Three Months Ended March 30, April 1, (In thousands) Equity-based compensation by type of award: Stock options $ — $ (13 ) RSUs 533 599 PRSUs 91 798 ESPP purchase rights 137 197 Total equity-based compensation $ 761 $ 1,581 Included in the table above are: (a) Equity-based compensation reported in discontinued operations of ($ 260,000 Stock Options and ESPP The fair value of stock options and ESPP awards is estimated at the grant date using the Black-Scholes option valuation model. The determination of the fair value of stock options and ESPP awards on the date of grant using an option-pricing model is affected by Intevac’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and actual employee stock option exercise behavior. Intevac accounts for forfeitures as they occur, rather than by estimating expected forfeitures. Option activity as of March 30, 2024 and changes during the three months ended March 30, 2024 were as follows: Shares Weighted-Average Options outstanding at December 30, 2023 142,000 $ 6.57 Options cancelled and forfeited (9,000 ) $ 7.71 Options outstanding at March 30, 2024 133,000 $ 6.50 Options exercisable at March 30, 2024 133,000 $ 6.50 Intevac issued 153,595 shares of common stock under the ESPP during the three months ended March 30, 2024. Intevac estimated the weighted-average fair value of ESPP purchase rights using the following weighted-average assumptions: Three Months Ended March 30, April 1, ESPP Purchase Rights: Weighted-average fair value of grants per share $ 1.41 $ 2.23 Expected volatility 47.81 % 34.20 % Risk-free interest rate 4.52 % 4.47 % Expected term of purchase rights (in years) 1.0 1.0 Dividend yield None None The computation of the expected volatility assumptions used in the Black-Scholes calculations for ESPP purchase rights is based on the historical volatility of Intevac’s stock price, measured over a period equal to the expected term of the purchase right. The risk-free interest rate is based on the yield available on U.S. Treasury Strips with an equivalent remaining term. The expected term of purchase rights represents the period of time remaining in the current offering period. The dividend yield assumption is based on Intevac’s history of not paying dividends and the assumption of not paying dividends in the future. RSUs A summary of the RSU activity is as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 915,087 $ 4.89 Granted 51,925 $ 3.97 Vested (67,263 ) $ 5.39 Cancelled and forfeited (8,654 ) $ 5.62 Non-vested 891,095 $ 4.79 Time-based RSUs are converted into shares of Intevac common stock upon vesting on a one-for-one A summary of the PRSU activity is as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 1,160,293 $ 4.04 Vested — $ — Cancelled and forfeited — $ — Non-vested 1,160,293 $ 4.04 We granted PRSUs in fiscal 2022 and fiscal 2023. These awards may vest based on our performance against one or more specified metrics, including achievement of certain stock prices during a three-year performance period in the case of the PRSUs granted in fiscal 2022 and achievement of strategic goals during a three-year performance period in the case of the PRSUs granted in fiscal 2023.

Warranty

Warranty	3 Months Ended
Warranty	Mar. 30, 2024
Guarantees [Abstract]
Warranty	6. Warranty Intevac provides for the estimated cost of warranty when revenue is recognized. Intevac’s warranty is subject to contract terms and, for its systems, the warranty typically ranges between 12 and 24 months from customer acceptance. During this warranty period any defective non-consumable On the condensed consolidated balance sheets, the short-term portion of the warranty provision is included in other accrued liabilities, while the long-term portion, if any, is included in other long-term liabilities. The expense associated with product warranties issued or adjusted is included in cost of net revenues on the condensed consolidated statements of operations. The following table displays the activity in the warranty provision account for the three months ended March 30, 2024 and April 1, 2023. Three Months Ended March 30, 2024 April 1, 2023 (In thousands) Opening balance $ 205 $ 163 Expenditures incurred under warranties (36 ) (97 ) Accruals for product warranties issued during the reporting period 38 100 Adjustments to previously existing warranty accruals (48 ) 11 Closing balance $ 159 $ 177 The following table displays the balance sheet classification of the warranty provision account at March 30, 2024 and at December 30, 2023. March 30, December 30, (In thousands) Other accrued liabilities $ 145 $ 184 Other long-term liabilities 14 21 Total warranty provision $ 159 $ 205

Guarantees

Guarantees	3 Months Ended
Guarantees	Mar. 30, 2024
Guarantees [Abstract]
Guarantees	7. Guarantees Officer and Director Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, Intevac has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was, serving at Intevac’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments Intevac could be required to make under these indemnification obligations is unlimited; however, Intevac has a director and officer insurance policy that mitigates Intevac’s exposure and enables Intevac to recover a portion of any future amounts paid. As a result of Intevac’s insurance policy coverage, Intevac believes the estimated fair value of these indemnification obligations is not material. Other Indemnifications As is customary in Intevac’s industry, many of Intevac’s contracts provide remedies to certain third parties such as defense, settlement, or payment of judgments for intellectual property claims related to the use of its products. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial. Letters of Credit As of March 30, 2024, we had letters of credit and bank guarantees outstanding totaling $700,000, including the standby letter of credit outstanding under the Santa Clara, California facility lease and various other guarantees with our bank. These letters of credit and bank guarantees are collateralized by $700,000 of restricted cash.

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	3 Months Ended
Cash, Cash Equivalents and Investments	Mar. 30, 2024
Investments All Other Investments [Abstract]
Cash, Cash Equivalents and Investments	8. Cash, Cash Equivalents and Investments Cash and cash equivalents, short-term investments and long-term investments consist of: March 30, 2024 Amortized Cost Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 15,100 $ — $ — $ 15,100 Money market funds 15,183 — — 15,183 Commercial paper 14,474 — 6 14,468 U.S. treasury securities 999 — — 999 Total cash and cash equivalents $ 45,756 $ — $ 6 $ 45,750 Short-term investments: Certificates of deposit $ 300 $ — $ — $ 300 Commercial paper 6,610 — 3 6,607 Corporate bonds and medium-term notes 5,491 — 18 5,473 Municipal bonds 221 — 2 219 U.S. treasury and agency securities 5,500 — 5 5,495 Total short-term investments $ 18,122 $ — $ 28 $ 18,094 Long-term investments: Asset backed securities $ 206 $ — $ 2 $ 204 Corporate bonds and medium-term notes 715 3 — 718 Total long-term investments $ 921 $ 3 $ 2 $ 922 Total cash, cash equivalents, and investments $ 64,799 $ 3 $ 36 $ 64,766 December 30, 2023 Amortized Cost Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 19,050 $ — $ — $ 19,050 Money market funds 15,090 — — 15,090 Commercial paper 14,659 — 4 14,655 U.S. treasury securities 2,646 — — 2,646 Total cash and cash equivalents $ 51,445 $ — $ 4 $ 51,441 Short-term investments: Asset backed securities $ 12 $ — $ — $ 12 Certificates of deposit 1,850 — — 1,850 Commercial paper 3,506 — 1 3,505 Corporate bonds and medium-term notes 5,373 — 36 5,337 Municipal bonds 221 — 2 219 U.S. treasury and agency securities 6,498 1 17 6,482 Total short-term investments $ 17,460 $ 1 $ 56 $ 17,405 Long-term investments: Asset backed securities $ 460 $ — $ 4 $ 456 Corporate bonds and medium-term notes 2,230 1 — 2,231 Total long-term investments $ 2,690 $ 1 $ 4 $ 2,687 Total cash, cash equivalents, and investments $ 71,595 $ 2 $ 64 $ 71,533 The contractual maturities of investment securities at March 30, 2024 are presented in the following table. Amortized Cost Fair Value (In thousands) Due in one year or less $ 48,778 $ 48,744 Due after one through five years 921 922 $ 49,699 $ 49,666 We periodically review investments for impairment. For investments in unrealized loss positions, we assess whether any portion of the decline in fair value below the amortized cost basis is due to credit-related factors if the Company neither intends to sell nor anticipates that it is more likely than not that we will be required to sell prior to recovery of the amortized cost basis. We consider factors such as the extent to which the market value has been less than the amortized cost basis, any noted failure of the issuer to make scheduled interest or principal payments, changes to the rating of the security by a rating agency and other relevant credit-related factors in determining whether or not a credit loss exists. We reassess our estimated credit losses on investments each reporting period. U.S. government securities and cash equivalents are under a “zero-loss available-for-sale Our investment portfolio includes both corporate and U.S. government securities that have a maximum maturity of two years. The longer the duration of these securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those securities with a lower yield-at-cost mark-to-market changes in market interest rates and bond yields. We believe that we have the ability to realize the full value of all these investments upon maturity. As of March 30, 2024, we had 77 investments in a gross unrealized loss position. The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of March 30, 2024. March 30, 2024 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Asset backed securities $ — $ — $ 204 $ 2 Commercial paper 21,075 9 — — Corporate bonds and medium-term notes 2,007 5 3,466 13 Municipal bonds — — 219 2 U.S. treasury securities — — 1,995 5 $ 23,082 $ 14 $ 5,884 $ 22 All prices for the fixed maturity securities including U.S. treasury and agency securities, certificates of deposit, commercial paper, corporate bonds, asset backed securities and municipal bonds are received from independent pricing services utilized by Intevac’s outside investment manager. This investment manager performs a review of the pricing methodologies and inputs utilized by the independent pricing services for each asset type priced by the vendor. In addition, on at least an annual basis, the investment manager conducts due diligence visits and interviews with each pricing vendor to verify the inputs utilized for each asset class. The due diligence visits include a review of the procedures performed by each vendor to ensure that pricing evaluations are representative of the price that would be received if a security were sold in an orderly transaction. Any pricing where the input is based solely on a broker price is deemed to be a Level 3 price. Intevac uses the pricing data obtained from its outside investment manager as the primary input to make its assessments and determinations as to the ultimate valuation of the above-mentioned securities and has not made, during the periods presented, any material adjustments to such inputs. The following table represents the fair value hierarchy of Intevac’s investment securities measured at fair value on a recurring basis as of March 30, 2024. Fair Value Measurements at March 30, 2024 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Investment securities Money market funds $ 15,183 $ 15,183 $ — U.S. treasury and agency securities 6,494 2,994 3,500 Asset backed securities 204 — 204 Certificates of deposit 300 — 300 Commercial paper 21,075 — 21,075 Corporate bonds and medium-term notes 6,191 — 6,191 Municipal bonds 219 — 219 Total recurring fair value measurements $ 49,666 $ 18,177 $ 31,489

Derivative Instruments

Derivative Instruments	3 Months Ended
Derivative Instruments	Mar. 30, 2024
Derivative Instrument Detail [Abstract]
Derivative Instruments	9. Derivative Instruments The Company uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement re-measurement There were no outstanding derivatives at March 30, 2024 and December 30, 2023.

Equity

Equity	3 Months Ended
Equity	Mar. 30, 2024
Equity [Abstract]
Equity	10. Equity Condensed Consolidated Statements of Changes in Equity The changes in stockholders’ equity by component for the three months ended March 30, 2024 and April 1, 2023, are as follows (in thousands): Three Months Ended March 30, 2024 Common Paid-in Treasury Accumulated Accumulated Total Balance at December 30, 2023 $ 210,346 $ (29,551 ) $ 97 $ (65,375 ) $ 115,517 Common stock issued under employee plans 462 — — — 462 Shares withheld for net share settlement of RSUs (144 ) — — — (144 ) Equity-based compensation expense 761 — — — 761 Net loss — — — (1,606 ) (1,606 ) Other comprehensive loss — — (67 ) — (67 ) Balance at March 30, 2024 $ 211,425 $ (29,551 ) $ 30 $ (66,981 ) $ 114,923 Three Months Ended April 1, 2023 Common Paid-in Treasury Accumulated Accumulated Total Balance at December 31, 2022 $ 206,381 $ (29,551 ) $ (193 ) $ (53,185 ) $ 123,452 Common stock issued under employee plans 801 — — — 801 Shares withheld for net share settlement of RSUs (1,274 ) — — — (1,274 ) Equity-based compensation expense 1,581 — — — 1,581 Net loss — — — (3,891 ) (3,891 ) Other comprehensive income — — 179 — 179 Balance at April 1, 2023 $ 207,489 $ (29,551 ) $ (14 ) $ (57,076 ) $ 120,848 Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component for the three months ended March 30, 2024 and April 1, 2023, are as follows: Three Months Ended March 30, 2024 April 1, 2023 Foreign Unrealized holding losses on available-for-sale Total Foreign Unrealized available-for-sale Total (In thousands) Beginning balance $ 159 $ (62 ) $ 97 $ 291 $ (484 ) $ (193 ) Other comprehensive income (loss) before reclassification (96 ) 29 (67 ) 10 169 179 Amounts reclassified from other comprehensive income (loss) — — — — — — Net current-period other comprehensive income (loss) (96 ) 29 (67 ) 10 169 179 Ending balance $ 63 $ (33 ) $ 30 $ 301 $ (315 ) $ (14 ) Stock Repurchase Program On November 21, 2013, Intevac announced that its Board of Directors approved a stock repurchase program authorizing up to $30.0 million in repurchases. On August 20, 2018, Intevac announced that its Board of Directors approved a $10.0 million increase to the original stock repurchase program for an aggregate authorized amount of up to $40.0 million. At March 30, 2024, $10.4 million remains available for future stock repurchases under the repurchase program. Intevac did not make any common stock repurchases during the three months ended March 30, 2024 and April 1, 2023. Intevac records treasury stock purchases under the cost method using the first-in, first-out paid-in paid-in

Net Loss Per Share

Net Loss Per Share	3 Months Ended
Net Loss Per Share	Mar. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	11. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share. Three Months Ended March 30, 2024 April 1, 2023 (In thousands, except per share amounts) Net loss from continuing operations $ (2,701 ) $ (4,168 ) Net income from discontinued operations, net of tax 1,095 277 Net loss $ (1,606 ) $ (3,891 ) Weighted-average shares – basic 26,522 25,781 Effect of dilutive potential common shares — — Weighted-average shares – diluted 26,522 25,781 Basic and diluted net income (loss) per share: Continuing operations $ (0.10 ) $ (0.16 ) Discontinued operations $ 0.04 $ 0.01 Net loss per share $ (0.06 ) $ (0.15 ) As the Company is in a net loss position, all of the Company’s equity instruments are considered antidilutive.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes Intevac recorded income tax provisions of $476,000 for the three months ended March 30, 2024 and $386,000 for the three months ended April 1, 2023. The income tax provisions for the three-month periods are based upon estimates of annual income (loss), annual permanent differences and statutory tax rates in the various jurisdictions in which Intevac operates. For the three months ended March 30, 2024, Intevac recorded an income tax provision of $344,000 on the income of its international subsidiaries and recorded $135,000 for withholding taxes on royalties paid to the United States from Intevac’s Singapore subsidiary as a discrete item. For the three months ended April 1, 2023, Intevac recorded an income tax provision of $224,000 on the income of its international subsidiaries and recorded $162,000 for withholding taxes on royalties paid to the United States from Intevac’s Singapore subsidiary as a discrete item. Intevac’s tax rate differs from the applicable statutory rates due primarily to the establishment of a valuation allowance, the utilization of deferred and current credits and the effect of permanent differences and adjustments of prior permanent differences. Intevac’s future effective income tax rate depends on various factors, including the level of Intevac’s projected earnings, the geographic composition of worldwide earnings, tax regulations governing each region, net operating loss carry-forwards, availability of tax credits and the effectiveness of Intevac’s tax planning strategies. Management carefully monitors these factors and timely adjusts the effective income tax rate. Under the Coronavirus Aid, Relief, and Economic Security Act of 2021 (the “CARES Act”), as modified and clarified by the Consolidated Appropriations Act of 2021 and the American Rescue Plan Act of 2021, the Company was eligible for an Employee Retention Credit (“ERC”) subject to certain criteria. The ERC is a payroll tax refund per employee, which was designed by the U.S. Treasury Department to assist businesses that retained employees during the COVID pandemic. During the three months ended March 30, 2024, we amended certain fiscal year 2021 payroll tax filings and applied for a refund equal to $2.4 million of ERC benefits. The refund is recorded within trade and other accounts receivable in our condensed consolidated balance sheet as of March 30, 2024, and as $1.5 million in other income (expense), net and $933,000 in discontinued operations in our condensed consolidated statements of operations for the three months ended March 30, 2024.

Restructuring And Other Costs,

Restructuring And Other Costs, Net	3 Months Ended
Restructuring And Other Costs, Net	Mar. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Costs, Net	13. Restructuring and Other Costs, Net During the fourth quarter of fiscal 2021, the Company recorded asset impairment and restructuring charges associated with the sale of the Photonics division including $665,000 in accruals for common area charges associated with an unused space commitment to EOTECH. In consideration of EOTECH’s assumption of certain lease obligations related to the Company’s Santa Clara, California campus, which assumed lease obligations pertain in part to excess space beyond that required by EOTECH’s anticipated operation of the Photonics division, the Company agreed to pay EOTECH the amount of $2.1 million, which was payable in (i) one initial installment of $308,000 on January 10, 2022 and (ii) seven equal quarterly installments of $259,000. The final installment was paid on October 9, 2023. The changes in restructuring reserves, which resulted from other exit costs associated with the Photonics divestiture for the three months ended April 1, 2023 were as follows. Three Months April 1, 2023 (In thousands) Balance at December 31, 2022 $ 318 Provision for restructuring charges associated with Photonics divestiture (a) 3 Cash payments made (81 ) Balance at April 1, 2023 $ 240 (a) Included in loss from discontinued operations (See Note 2).

Acquisition of Hia, Inc.

Acquisition of Hia, Inc.	3 Months Ended
Acquisition of Hia, Inc.	Mar. 30, 2024
Business Combinations [Abstract]
Contingent Consideration	14. Acquisition of Hia, Inc. On August 26, 2022 (the “Closing Date”), the Company completed the acquisition of Hia, Inc., a supplier of magnetic bars, to bring the manufacturing of these magnetic bars in-house The Company determined this transaction represented an asset acquisition as substantially all of the value was in the technology intangible assets of Hia. Contingent consideration is not recorded in an asset acquisition until the contingency is resolved (when the contingent consideration is paid or becomes payable) or when probable and reasonably estimable. The first milestone was achieved and contingent consideration in the amount of $250,000 was paid on January 17, 2023. The technology intangible assets are being amortized on a straight-line basis over a period of 8.3 years. Total amortization expense during the three months ended March 30, 2024 and April 1, 2023 was $34,000 and $34,000, respectively. Annual amortization expense related to the acquired technology intangible assets in each of the succeeding years is estimated to be approximately $102,000 for the remainder of fiscal 2024 and approximately $136,000 per year from fiscal 2025 through fiscal 2030. The following table represents the carrying amount of the Hia technology intangible assets at March 30, 2024 and December 30, 2023 (in thousands): March 30, 2024 December 30, 2023 (In thousands) Gross carrying amount $ 1,132 $ 1,132 Accumulated amortization (212 ) (178 ) Net carrying amount $ 920 $ 954

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies From time to time, Intevac may have certain contingent liabilities that arise in the ordinary course of its business activities. Intevac accounts for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Legal Matters From time to time, Intevac receives notification from third parties, including customers and suppliers, seeking indemnification, litigation support, payment of money or other actions in connection with claims made against them. In addition, from time to time, Intevac receives notification from third parties claiming that Intevac may be or is infringing their intellectual property or other rights. Intevac also is subject to various other legal proceedings and claims, both asserted and unasserted, that arise in the ordinary course of business. Although the outcome of these claims and proceedings cannot be predicted with certainty, Intevac does not believe that any existing proceedings or claims will have a material adverse effect on its consolidated financial condition or results of operations.

Description of Business, Basi_2

Description of Business, Basis of Presentation and Significant Accounting Policy (Policies)	3 Months Ended
	Mar. 30, 2024
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Intevac, Inc. and its subsidiaries after elimination of inter-company balances and transactions. In the opinion of management, the unaudited interim condensed consolidated financial statements of Intevac included herein have been prepared on a basis consistent with the December 30, 2023 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly present the information set forth therein. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
Reportable Segment	Reportable Segment During fiscal 2021, we sold the business of one of our reporting segments, Photonics. Therefore, we have one reportable segment remaining. See Note 2 for additional disclosure related to discontinued operations. The remaining segment, Thin Film Equipment (“TFE”), designs, develops and markets vacuum process equipment solutions for high-volume manufacturing of small substrates with precise thin-film properties, such as for the HDD and ADVC markets, as well as other adjacent thin-film markets. The TFE segment also previously designed, developed and marketed manufacturing equipment for the photovoltaic (“PV”) solar cell and advanced semiconductor packaging (“ASP”) industries. In March 2022, the Company’s management realigned its operational focus and eliminated several research and development (“R&D”) programs and product offerings. As part of this realignment effort, the Company ceased its efforts to develop and market several of its manufacturing platforms for the ADVC, PV and ASP industries.
Government Grants and Credits	Government Grants and Credits Government assistance is recognized when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. Reimbursements of eligible expenditures pursuant to government assistance programs are recorded when the related costs have been incurred and there is reasonable assurance regarding collection of the claim. Grant claims not settled by the balance sheet date are recorded as receivables, provided their receipt is reasonably assured. The determination of the amount of the claim, and accordingly the receivable amount, requires management to make calculations based on its interpretation of eligible expenditures in accordance with the terms of the programs. The reimbursement claims submitted by the Company are subject to review by the relevant government agencies. During the three months ended March 30, 2024, we amended certain fiscal year 2021 payroll tax filings and applied for a refund equal to $2.4 million of Employee Retention Credit (“ERC”) benefits from the U.S. government. The refund is recorded within trade and other accounts receivable in our condensed consolidated balance sheet as of March 30, 2024, and as $1.5 million in other income (expense), net and $933,000 in discontinued operations in our condensed consolidated statements of operations for the three months ended March 30, 2024. (See Note 12. Income Taxes.)

Divestiture and Discontinued _2

Divestiture and Discontinued Operations (Tables)	3 Months Ended
Divestiture and Discontinued Operations (Tables)	Mar. 30, 2024
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Summary of components discontinued operations related photonics segment	The key components from discontinued operations related to the Photonics segment are as follows: Three Months Ended March 30, April 1, (In thousands) Operating expenses: Selling, general and administrative $ (162 ) $ (277 ) Total operating expenses (162 ) (277 ) Operating income – discontinued operations 162 277 Other income (expense) – discontinued operations 933 — Income from discontinued operations before provision for income taxes 1,095 277 Provision for income taxes — — Net income from discontinued operations, net of taxes $ 1,095 $ 277
Summary of cash flow and noncash information related to discontinued operations	The following table presents cash flow and non-cash Three Months Ended March 30, April 1, 2023 (In thousands) Equity-based compensation $ — $ (260 )

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue from Contracts with Customers	The following tables represent a disaggregation of revenue from contracts with customers for the three months ended March 30, 2024 and April 1, 2023. Major Products and Service Lines Three Months Ended Three Months Ended April 1, 2023 (In thousands) HDD HDD PV Total Systems, upgrades and spare parts $ 8,119 $ 10,517 $ 18 $ 10,535 Field service 1,512 1,007 — 1,007 Total net revenues $ 9,631 $ 11,524 $ 18 $ 11,542 Revenue by Geographic Region Three Months Ended March 30, April 1, 2023 (In thousands) United States $ 482 $ 1,614 Asia 9,149 9,928 Total net revenues $ 9,631 $ 11,542 Timing of Revenue Recognition Three Months Ended March 30, April 1, 2023 (In thousands) Products transferred at a point in time $ 9,631 $ 11,542 Products and services transferred over time — — Total net revenues $ 9,631 $ 11,542
Changes in Contract Assets and Contract Liabilities	The following table reflects the changes in our contract assets, which we classify as accounts receivable, unbilled, and our contract liabilities, which we classify as deferred revenue and customer advances, for the three months ended March 30 2024. March 30, December 30, Three Months Change (In thousands) Contract assets: Accounts receivable, unbilled $ 884 $ 393 $ 491 Contract liabilities: Deferred revenue $ 476 $ 376 $ 100 Customer advances 24,526 21,889 2,637 $ 25,002 $ 22,265 $ 2,737

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 30, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories are stated at the lower of average cost or net realizable value and consist of the following: March 30, 2024 December 30, 2023 (In thousands) Raw materials $ 35,755 $ 37,346 Work-in-progress 10,053 6,449 $ 45,808 $ 43,795

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
Equity-Based Compensation (Tables)	Mar. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Effect of Recording Equity-Based Compensation	Compensation Expense The effect of recording equity-based compensation for the three months ended March 30, 2024 and April 1, 2023 was as follows: Three Months Ended March 30, April 1, (In thousands) Equity-based compensation by type of award: Stock options $ — $ (13 ) RSUs 533 599 PRSUs 91 798 ESPP purchase rights 137 197 Total equity-based compensation $ 761 $ 1,581
Summary of Stock Option Activity	Option activity as of March 30, 2024 and changes during the three months ended March 30, 2024 were as follows: Shares Weighted-Average Options outstanding at December 30, 2023 142,000 $ 6.57 Options cancelled and forfeited (9,000 ) $ 7.71 Options outstanding at March 30, 2024 133,000 $ 6.50 Options exercisable at March 30, 2024 133,000 $ 6.50
Summary of Restricted Stock Units Activity	A summary of the RSU activity is as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 915,087 $ 4.89 Granted 51,925 $ 3.97 Vested (67,263 ) $ 5.39 Cancelled and forfeited (8,654 ) $ 5.62 Non-vested 891,095 $ 4.79
Employee Stock Purchase Rights Weighted-Average Assumptions	Intevac estimated the weighted-average fair value of ESPP purchase rights using the following weighted-average assumptions: Three Months Ended March 30, April 1, ESPP Purchase Rights: Weighted-average fair value of grants per share $ 1.41 $ 2.23 Expected volatility 47.81 % 34.20 % Risk-free interest rate 4.52 % 4.47 % Expected term of purchase rights (in years) 1.0 1.0 Dividend yield None None
Performance Based Restricted Stock Units PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Restricted Stock Units Activity	A summary of the PRSU activity is as follows: Shares Weighted-Average Grant Date Fair Value Non-vested 1,160,293 $ 4.04 Vested — $ — Cancelled and forfeited — $ — Non-vested 1,160,293 $ 4.04

Warranty (Tables)

Warranty (Tables)	3 Months Ended
Warranty (Tables)	Mar. 30, 2024
Guarantees [Abstract]
Schedule of Product Warranty Liability	The following table displays the activity in the warranty provision account for the three months ended March 30, 2024 and April 1, 2023. Three Months Ended March 30, 2024 April 1, 2023 (In thousands) Opening balance $ 205 $ 163 Expenditures incurred under warranties (36 ) (97 ) Accruals for product warranties issued during the reporting period 38 100 Adjustments to previously existing warranty accruals (48 ) 11 Closing balance $ 159 $ 177 The following table displays the balance sheet classification of the warranty provision account at March 30, 2024 and at December 30, 2023. March 30, December 30, (In thousands) Other accrued liabilities $ 145 $ 184 Other long-term liabilities 14 21 Total warranty provision $ 159 $ 205

Cash, Cash Equivalents and In_2

Cash, Cash Equivalents and Investments (Tables)	3 Months Ended
Cash, Cash Equivalents and Investments (Tables)	Mar. 30, 2024
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]
Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments	Cash and cash equivalents, short-term investments and long-term investments consist of: March 30, 2024 Amortized Cost Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 15,100 $ — $ — $ 15,100 Money market funds 15,183 — — 15,183 Commercial paper 14,474 — 6 14,468 U.S. treasury securities 999 — — 999 Total cash and cash equivalents $ 45,756 $ — $ 6 $ 45,750 Short-term investments: Certificates of deposit $ 300 $ — $ — $ 300 Commercial paper 6,610 — 3 6,607 Corporate bonds and medium-term notes 5,491 — 18 5,473 Municipal bonds 221 — 2 219 U.S. treasury and agency securities 5,500 — 5 5,495 Total short-term investments $ 18,122 $ — $ 28 $ 18,094 Long-term investments: Asset backed securities $ 206 $ — $ 2 $ 204 Corporate bonds and medium-term notes 715 3 — 718 Total long-term investments $ 921 $ 3 $ 2 $ 922 Total cash, cash equivalents, and investments $ 64,799 $ 3 $ 36 $ 64,766 December 30, 2023 Amortized Cost Unrealized Unrealized Fair Value (In thousands) Cash and cash equivalents: Cash $ 19,050 $ — $ — $ 19,050 Money market funds 15,090 — — 15,090 Commercial paper 14,659 — 4 14,655 U.S. treasury securities 2,646 — — 2,646 Total cash and cash equivalents $ 51,445 $ — $ 4 $ 51,441 Short-term investments: Asset backed securities $ 12 $ — $ — $ 12 Certificates of deposit 1,850 — — 1,850 Commercial paper 3,506 — 1 3,505 Corporate bonds and medium-term notes 5,373 — 36 5,337 Municipal bonds 221 — 2 219 U.S. treasury and agency securities 6,498 1 17 6,482 Total short-term investments $ 17,460 $ 1 $ 56 $ 17,405 Long-term investments: Asset backed securities $ 460 $ — $ 4 $ 456 Corporate bonds and medium-term notes 2,230 1 — 2,231 Total long-term investments $ 2,690 $ 1 $ 4 $ 2,687 Total cash, cash equivalents, and investments $ 71,595 $ 2 $ 64 $ 71,533
Contractual Maturities of Available-for-Sale Securities	The contractual maturities of investment securities at March 30, 2024 are presented in the following table. Amortized Cost Fair Value (In thousands) Due in one year or less $ 48,778 $ 48,744 Due after one through five years 921 922 $ 49,699 $ 49,666
Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired	The following table provides the fair market value of Intevac’s investments with unrealized losses that are not deemed to be other-than temporarily impaired as of March 30, 2024. March 30, 2024 In Loss Position for Less than 12 Months In Loss Position for Greater than 12 Months Fair Value Gross Unrealized Fair Value Gross Unrealized (In thousands) Asset backed securities $ — $ — $ 204 $ 2 Commercial paper 21,075 9 — — Corporate bonds and medium-term notes 2,007 5 3,466 13 Municipal bonds — — 219 2 U.S. treasury securities — — 1,995 5 $ 23,082 $ 14 $ 5,884 $ 22
Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis	The following table represents the fair value hierarchy of Intevac’s investment securities measured at fair value on a recurring basis as of March 30, 2024. Fair Value Measurements at March 30, 2024 Total Level 1 Level 2 (In thousands) Recurring fair value measurements: Investment securities Money market funds $ 15,183 $ 15,183 $ — U.S. treasury and agency securities 6,494 2,994 3,500 Asset backed securities 204 — 204 Certificates of deposit 300 — 300 Commercial paper 21,075 — 21,075 Corporate bonds and medium-term notes 6,191 — 6,191 Municipal bonds 219 — 219 Total recurring fair value measurements $ 49,666 $ 18,177 $ 31,489

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 30, 2024
Equity [Abstract]
Schedule of Changes in Stockholders' Equity	The changes in stockholders’ equity by component for the three months ended March 30, 2024 and April 1, 2023, are as follows (in thousands): Three Months Ended March 30, 2024 Common Paid-in Treasury Accumulated Accumulated Total Balance at December 30, 2023 $ 210,346 $ (29,551 ) $ 97 $ (65,375 ) $ 115,517 Common stock issued under employee plans 462 — — — 462 Shares withheld for net share settlement of RSUs (144 ) — — — (144 ) Equity-based compensation expense 761 — — — 761 Net loss — — — (1,606 ) (1,606 ) Other comprehensive loss — — (67 ) — (67 ) Balance at March 30, 2024 $ 211,425 $ (29,551 ) $ 30 $ (66,981 ) $ 114,923 Three Months Ended April 1, 2023 Common Paid-in Treasury Accumulated Accumulated Total Balance at December 31, 2022 $ 206,381 $ (29,551 ) $ (193 ) $ (53,185 ) $ 123,452 Common stock issued under employee plans 801 — — — 801 Shares withheld for net share settlement of RSUs (1,274 ) — — — (1,274 ) Equity-based compensation expense 1,581 — — — 1,581 Net loss — — — (3,891 ) (3,891 ) Other comprehensive income — — 179 — 179 Balance at April 1, 2023 $ 207,489 $ (29,551 ) $ (14 ) $ (57,076 ) $ 120,848
Changes in Accumulated Other Comprehensive Income by Component	The changes in accumulated other comprehensive income (loss) by component for the three months ended March 30, 2024 and April 1, 2023, are as follows: Three Months Ended March 30, 2024 April 1, 2023 Foreign Unrealized holding losses on available-for-sale Total Foreign Unrealized available-for-sale Total (In thousands) Beginning balance $ 159 $ (62 ) $ 97 $ 291 $ (484 ) $ (193 ) Other comprehensive income (loss) before reclassification (96 ) 29 (67 ) 10 169 179 Amounts reclassified from other comprehensive income (loss) — — — — — — Net current-period other comprehensive income (loss) (96 ) 29 (67 ) 10 169 179 Ending balance $ 63 $ (33 ) $ 30 $ 301 $ (315 ) $ (14 )

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
Net Loss Per Share (Tables)	Mar. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income Per Share	The following table sets forth the computation of basic and diluted net loss per share. Three Months Ended March 30, 2024 April 1, 2023 (In thousands, except per share amounts) Net loss from continuing operations $ (2,701 ) $ (4,168 ) Net income from discontinued operations, net of tax 1,095 277 Net loss $ (1,606 ) $ (3,891 ) Weighted-average shares – basic 26,522 25,781 Effect of dilutive potential common shares — — Weighted-average shares – diluted 26,522 25,781 Basic and diluted net income (loss) per share: Continuing operations $ (0.10 ) $ (0.16 ) Discontinued operations $ 0.04 $ 0.01 Net loss per share $ (0.06 ) $ (0.15 )

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
Restructuring Charges (Tables)	Mar. 30, 2024
Restructuring and Related Activities [Abstract]
Changes in Restructuring Reserves	The changes in restructuring reserves, which resulted from other exit costs associated with the Photonics divestiture for the three months ended April 1, 2023 were as follows. Three Months April 1, 2023 (In thousands) Balance at December 31, 2022 $ 318 Provision for restructuring charges associated with Photonics divestiture (a) 3 Cash payments made (81 ) Balance at April 1, 2023 $ 240 (a) Included in loss from discontinued operations (See Note 2).

Acquisition of Hia, Inc (Tables

Acquisition of Hia, Inc (Tables)	3 Months Ended
Acquisition of Hia, Inc (Tables)	Mar. 30, 2024
Business Combinations [Abstract]
Schedule of Tabular Form of Finite Lived Technology Intangible Assets	The following table represents the carrying amount of the Hia technology intangible assets at March 30, 2024 and December 30, 2023 (in thousands): March 30, 2024 December 30, 2023 (In thousands) Gross carrying amount $ 1,132 $ 1,132 Accumulated amortization (212 ) (178 ) Net carrying amount $ 920 $ 954

Description of Business, Basi_3

Description of Business, Basis of Presentation and Significant Accounting Policy - Additional Information (Detail) - Employee Retention Credit	3 Months Ended
	Mar. 30, 2024 USD ($)
Other Nonoperating Income (Expense)
Summary Of Significant Accounting Policies [Line Items]
Government assistance recognized	$ 1,500,000
Discontinued Operations
Summary Of Significant Accounting Policies [Line Items]
Government assistance recognized	933,000
Trade and Other Accounts Receivable Current
Summary Of Significant Accounting Policies [Line Items]
Government assistance receivable current	$ 2,400,000

Divestiture and Discontinued _3

Divestiture and Discontinued Operations - Summary of Components Discontinued Operations Related to Photonics Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Operating expenses:
Income from discontinued operations before provision for income taxes	$ (2,225)	$ (3,782)
Provision for income taxes	476	386
Net income from discontinued operations, net of taxes	1,095	277
Photonics
Operating expenses:
Operating Expenses	(162)	(277)
Operating income – discontinued operations	162	277
Other income (expense)—discontinued operations	933	0
Income from discontinued operations before provision for income taxes	1,095	277
Provision for income taxes	0	0
Net income from discontinued operations, net of taxes	1,095	277
Photonics \| Selling, general and administrative
Operating expenses:
Operating Expenses	$ (162)	$ (277)

Divestiture and Discontinued _4

Divestiture and Discontinued Operations - Summary of Cash Flow and Non-cash Information Related to Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity-based compensation	$ 0	$ (260)

Divestiture and Discontinued _5

Divestiture and Discontinued Operations - Additional Information (Detail) - EOTECH LLC - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 31, 2024	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2021
Accounts Receivable, after Allowance for Credit Loss, Current	$ 10,000			$ 62,000
Shared Services Agreement
Proceeds from Fees Received	$ 37,000	$ 25,000
Photonics
Cash						$ 70,000,000
Earnout payment					$ 30,000,000	$ 30,000,000
Photonics \| Subsequent Event
Earnout payment			$ 14,000,000

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Disaggregation of Revenue [Line Items]
Total net revenues	$ 9,631	$ 11,542
TFE
Disaggregation of Revenue [Line Items]
Total net revenues		11,542
TFE \| Systems, Upgrades and Spare Parts
Disaggregation of Revenue [Line Items]
Total net revenues		10,535
TFE \| Field Service
Disaggregation of Revenue [Line Items]
Total net revenues		1,007
HDD \| TFE
Disaggregation of Revenue [Line Items]
Total net revenues	9,631	11,524
HDD \| TFE \| Systems, Upgrades and Spare Parts
Disaggregation of Revenue [Line Items]
Total net revenues	8,119	10,517
HDD \| TFE \| Field Service
Disaggregation of Revenue [Line Items]
Total net revenues	$ 1,512	1,007
PV \| TFE
Disaggregation of Revenue [Line Items]
Total net revenues		18
PV \| TFE \| Systems, Upgrades and Spare Parts
Disaggregation of Revenue [Line Items]
Total net revenues		18
PV \| TFE \| Field Service
Disaggregation of Revenue [Line Items]
Total net revenues		$ 0

Revenue - Primary Geography Mar

Revenue - Primary Geography Markets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Disaggregation of Revenue [Line Items]
Total net revenues	$ 9,631	$ 11,542
Products Transferred at a Point in Time
Disaggregation of Revenue [Line Items]
Total net revenues	9,631	11,542
Products and Services Transferred Over Time
Disaggregation of Revenue [Line Items]
Total net revenues	0	0
United States
Disaggregation of Revenue [Line Items]
Total net revenues	482	1,614
Asia
Disaggregation of Revenue [Line Items]
Total net revenues	$ 9,149	$ 9,928

Revenue - Changes in Contract A

Revenue - Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Contract liabilities:
Contract liabilities	$ 25,002	$ 22,265
Contract liabilities:
Change in contract liabilities	2,737
Accounts Receivable, Unbilled
Contract assets:
Contract assets	884	393
Contract assets:
Change in contract assets	491
Deferred Revenue
Contract liabilities:
Contract liabilities	476	376
Contract liabilities:
Change in contract liabilities	100
Customer Advances
Contract liabilities:
Contract liabilities	24,526	$ 21,889
Contract liabilities:
Change in contract liabilities	$ 2,637

Revenue - Additional Informatio

Revenue - Additional Information (Detail)	3 Months Ended
Revenue - Additional Information (Detail)	Mar. 30, 2024 USD ($) Installment	Dec. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	May 01, 2023 USD ($)
Revenue From Contract With Customers [Line Items]
Number of installments \| Installment	3
Revenue remaining performance obligation	$ 53,100,000
Revenue performance obligation, description of timing	we also refer to as total backlog. We expect to recognize approximately 55.4% of our remaining performance obligations as revenue in 2024 and 44.6% in 2025.
Inventory, Net of Allowances, Customer Advances and Progress Billings			$ 444,000
Received customer advances associated with the cancelled order				$ 19,100,000
Cancellation Order Received And Obligation Thereof		$ 11,400,000		$ 54,600,000
Accounts Receivable, Unbilled
Revenue From Contract With Customers [Line Items]
Change in contract assets	$ 491,000
TFE \| Accounts Receivable, Unbilled
Revenue From Contract With Customers [Line Items]
Change in contract assets	491,000
TFE \| Deferred Revenue
Revenue From Contract With Customers [Line Items]
Contract with customer liability revenue recognized	$ 66,000,000,000

Revenue - Additional Informat_2

Revenue - Additional Information (Detail 1)	Dec. 31, 2025	Dec. 31, 2024
Scenario Forecast
Revenue From Contract With Customers [Line Items]
Revenue, remaining performance obligation, percentage	44.60%	55.40%

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 35,755	$ 37,346
Work-in-progress	10,053	6,449
Inventories	$ 45,808	$ 43,795

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023	May 01, 2023
Inventory Disclosure [Abstract]
Cancellation order received and obligation thereof		$ 11.4	$ 54.6
Received customer advances associated with the cancelled order			$ 19.1
Inventory to take delivery	$ 11.8
Inventory reimburse	$ 4

Equity-Based Compensation - Add

Equity-Based Compensation - Additional information (Detail) - USD ($)		3 Months Ended		12 Months Ended
	Jan. 19, 2022	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock through payroll deductions		85%
Offering periods		2 years
Maximum employee salary withholdings for purchase of common stock under the terms of the ESPP		50%
Purchase intervals of a series		6 months
Stock issued under Employee Stock Purchase Plans		153,595
Employee stock obligation amount		$ 25,000
Equity-based compensation		761,000	$ 1,581,000
Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation			260,000
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock pursuant to awards granted	1,200,000
Performance Based Restricted Stock Units PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 91,000	$ 798,000
Performance Based Restricted Stock Units PRSUs \| Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based award vesting period				3 years	3 years

Equity-Based Compensation - Eff

Equity-Based Compensation - Effect of Recording Equity-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 761	$ 1,581
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	0	(13)
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	533	599
Performance Based Restricted Stock Units PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	91	798
ESPP purchase rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 137	$ 197

Equity-Based Compensation - Opt

Equity-Based Compensation - Option Activity and Changes (Detail)	3 Months Ended
	Mar. 30, 2024 $ / shares shares
Shares
Options outstanding at December 30, 2023 \| shares	142,000
Options cancelled and forfeited \| shares	(9,000)
Options outstanding at March 30, 2024 \| shares	133,000
Options exercisable at March 30, 2024 \| shares	133,000
Weighted-Average Exercise Price
Options outstanding at December 30, 2023 \| $ / shares	$ 6.57
Options cancelled and forfeited \| $ / shares	7.71
Options outstanding at March 30, 2024 \| $ / shares	6.5
Options exercisable at March 30, 2024 \| $ / shares	$ 6.5

Equity-Based Compensation - Wei

Equity-Based Compensation - Weighted-Average Fair Value of Stock Options and Employee Stock Purchase Rights using Weighted-Average Assumptions (Detail) - Stock Purchase Rights - $ / shares	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of grants per share	$ 1.41	$ 2.23
Expected volatility	47.81%	34.20%
Risk-free interest rate	4.52%	4.47%
Expected term of purchase rights (in years)	1 year	1 year
Dividend yield	0%	0%

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Restricted Stock Units Activity (Detail)	3 Months Ended
	Mar. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Shares
Non-vested RSUs at December 30, 2023 \| shares	915,087
Granted \| shares	51,925
Vested \| shares	(67,263)
Cancelled and forfeited \| shares	(8,654)
Non-vested RSUs at March 30, 2024 \| shares	891,095
Weighted Average Grant Date Fair Value
Non-vested RSUs at December 30, 2023 \| $ / shares	$ 4.89
Granted \| $ / shares	3.97
Vested \| $ / shares	5.39
Cancelled and forfeited \| $ / shares	5.62
Non-vested RSUs at March 30, 2024 \| $ / shares	$ 4.79
Performance Based Restricted Stock Units PRSUs
Shares
Non-vested RSUs at December 30, 2023 \| shares	1,160,293
Vested \| shares	0
Cancelled and forfeited \| shares	0
Non-vested RSUs at March 30, 2024 \| shares	1,160,293
Weighted Average Grant Date Fair Value
Non-vested RSUs at December 30, 2023 \| $ / shares	$ 4.04
Vested \| $ / shares	0
Cancelled and forfeited \| $ / shares	0
Non-vested RSUs at March 30, 2024 \| $ / shares	$ 4.04

Warranty - Additional Informati

Warranty - Additional Information (Detail)	3 Months Ended
Warranty - Additional Information (Detail)	Mar. 30, 2024
Guarantees [Abstract]
Minimum product warranty range	12 months
Maximum product warranty range	24 months

Warranty - Schedule of Warranty

Warranty - Schedule of Warranty Provision Account (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Guarantees [Abstract]
Opening balance	$ 205	$ 163
Expenditures incurred under warranties	(36)	(97)
Accruals for product warranties issued during the reporting period	38	100
Adjustments to previously existing warranty accruals	(48)	11
Closing balance	$ 159	$ 177

Warranty - Balance Sheet Classi

Warranty - Balance Sheet Classification of Warranty Provision Account (Detail) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Guarantees [Abstract]
Other accrued liabilities	$ 145	$ 184
Other long-term liabilities	14	21
Total warranty provision	$ 159	$ 205	$ 177	$ 163

Guarantees - Additional Informa

Guarantees - Additional Information (Detail)	Mar. 30, 2024 USD ($)
Guarantees [Abstract]
Letters of credit and bank guarantees outstanding, amount	$ 700,000
Letters of credit and bank guarantees collateralized by restricted cash	$ 700,000

Cash, Cash Equivalents and In_3

Cash, Cash Equivalents and Investments - Cash, Cash Equivalents and Short-Term Investments and Long-Term Investments (Detail) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 64,799	$ 71,595
Unrealized Holding Gains	3	2
Unrealized Holding Losses	36	64
Fair Value	64,766	71,533
Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	45,756	51,445
Unrealized Holding Gains	0	0
Unrealized Holding Losses	6	4
Fair Value	45,750	51,441
Cash and Cash Equivalents \| Cash
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,100	19,050
Unrealized Holding Gains	0	0
Unrealized Holding Losses	0	0
Fair Value	15,100	19,050
Cash and Cash Equivalents \| Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,183	15,090
Unrealized Holding Gains	0	0
Unrealized Holding Losses	0	0
Fair Value	15,183	15,090
Cash and Cash Equivalents \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,474	14,659
Unrealized Holding Gains	0	0
Unrealized Holding Losses	6	4
Fair Value	14,468	14,655
Cash and Cash Equivalents \| U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	999	2,646
Unrealized Holding Gains	0	0
Unrealized Holding Losses	0	0
Fair Value	999	2,646
Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,122	17,460
Unrealized Holding Gains	0	1
Unrealized Holding Losses	28	56
Fair Value	18,094	17,405
Short-term Investments \| Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		12
Unrealized Holding Gains		0
Unrealized Holding Losses		0
Fair Value		12
Short-term Investments \| Corporate bonds and medium-term notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,491	5,373
Unrealized Holding Gains	0	0
Unrealized Holding Losses	18	36
Fair Value	5,473	5,337
Short-term Investments \| Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	221	221
Unrealized Holding Gains	0	0
Unrealized Holding Losses	2	2
Fair Value	219	219
Short-term Investments \| U.S. treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,500	6,498
Unrealized Holding Gains	0	1
Unrealized Holding Losses	5	17
Fair Value	5,495	6,482
Short-term Investments \| Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	300	1,850
Unrealized Holding Gains	0	0
Unrealized Holding Losses	0	0
Fair Value	300	1,850
Short-term Investments \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,610	3,506
Unrealized Holding Gains	0	0
Unrealized Holding Losses	3	1
Fair Value	6,607	3,505
Long-term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	921	2,690
Unrealized Holding Gains	3	1
Unrealized Holding Losses	2	4
Fair Value	922	2,687
Long-term Investments \| Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	206	460
Unrealized Holding Gains	0	0
Unrealized Holding Losses	2	4
Fair Value	204	456
Long-term Investments \| Corporate bonds and medium-term notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	715	2,230
Unrealized Holding Gains	3	1
Unrealized Holding Losses	0	0
Fair Value	$ 718	$ 2,231

Cash, Cash Equivalents and In_4

Cash, Cash Equivalents and Investments - Contractual Maturities of Available-For-Sale Securities (Detail) $ in Thousands	Mar. 30, 2024 USD ($)
Investments Debt And Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 48,778
Amortized Cost, Due after one through five years	921
Amortized Cost	49,699
Fair Value, Due in one year or less	48,744
Fair Value, Due after one through five years	922
Fair Value	$ 49,666

Cash, Cash Equivalents and In_5

Cash, Cash Equivalents and Investments - Fair Market Value of Investments with Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired (Detail) $ in Thousands	Mar. 30, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Unrealized Loss Position, Less than 12 Months, Fair Value	$ 23,082
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses	14
Unrealized Loss Position, Greater than 12 Months, Fair Value	5,884
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses	22
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Unrealized Loss Position, Less than 12 Months, Fair Value	21,075
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses	9
Unrealized Loss Position, Greater than 12 Months, Fair Value	0
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses	0
Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Unrealized Loss Position, Less than 12 Months, Fair Value	0
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses	0
Unrealized Loss Position, Greater than 12 Months, Fair Value	204
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses	2
Corporate bonds and medium-term notes
Debt Securities, Available-for-sale [Line Items]
Unrealized Loss Position, Less than 12 Months, Fair Value	2,007
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses	5
Unrealized Loss Position, Greater than 12 Months, Fair Value	3,466
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses	13
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Unrealized Loss Position, Less than 12 Months, Fair Value	0
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses	0
Unrealized Loss Position, Greater than 12 Months, Fair Value	219
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses	2
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Unrealized Loss Position, Less than 12 Months, Fair Value	0
Unrealized Loss Position, Less than 12 Months, Gross Unrealized Losses	0
Unrealized Loss Position, Greater than 12 Months, Fair Value	1,995
Unrealized Loss Position, Greater than 12 Months, Gross Unrealized Losses	$ 5

Cash, Cash Equivalents and In_6

Cash, Cash Equivalents and Investments - Fair Value Hierarchy of Available-for-Sale Securities Measured at Fair Value on Recurring Basis (Detail) $ in Thousands	Mar. 30, 2024 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 49,666
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	49,666
Fair Value, Measurements, Recurring \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	15,183
Fair Value, Measurements, Recurring \| Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	300
Fair Value, Measurements, Recurring \| Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	21,075
Fair Value, Measurements, Recurring \| U.S. treasury and agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	6,494
Fair Value, Measurements, Recurring \| Corporate bonds and medium-term notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	6,191
Fair Value, Measurements, Recurring \| Municipal bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	219
Fair Value, Measurements, Recurring \| Asset backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	204
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	18,177
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	15,183
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| U.S. treasury and agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	2,994
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Corporate bonds and medium-term notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Municipal bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1 \| Asset backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	31,489
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	300
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	21,075
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| U.S. treasury and agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	3,500
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Corporate bonds and medium-term notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	6,191
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Municipal bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	219
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2 \| Asset backed securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 204

Cash, Cash Equivalents and In_7

Cash, Cash Equivalents and Investments - Additional Information (Detail)	Mar. 30, 2024 USD ($) investments	Dec. 30, 2023 USD ($)
Derivative Instrument Detail [Abstract]
Allowance for credit losses \| $	$ 0	$ 0
Debt securities available-for-sale term	2 years
Debt securities available-for-sale unrealized loss position number of positions \| investments	77

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Derivative Instrument Detail [Abstract]
Maturity of foreign currency derivative	30 days
Derivatives	$ 0	$ 0

Equity - Schedule of Changes in

Equity - Schedule of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Class of Stock [Line Items]
Beginning balance	$ 115,517	$ 123,452
Common stock issued under employee plans	462	801
Shares withheld for net share settlement of RSUs	(144)	(1,274)
Equity-based compensation expense	761	1,581
Net loss	(1,606)	(3,891)
Other comprehensive loss	(67)	179
Ending balance	114,923	120,848
Common Stock and Additional Paid-in Capital
Class of Stock [Line Items]
Beginning balance	210,346	206,381
Common stock issued under employee plans	462	801
Shares withheld for net share settlement of RSUs	(144)	(1,274)
Equity-based compensation expense	761	1,581
Ending balance	211,425	207,489
Treasury Stock
Class of Stock [Line Items]
Beginning balance	(29,551)	(29,551)
Ending balance	(29,551)	(29,551)
Accumulated Other Comprehensive Income
Class of Stock [Line Items]
Beginning balance	97	(193)
Other comprehensive loss	(67)	179
Ending balance	30	(14)
Accumulated Deficit
Class of Stock [Line Items]
Beginning balance	(65,375)	(53,185)
Net loss	(1,606)	(3,891)
Ending balance	$ (66,981)	$ (57,076)

Equity - Changes in Accumulated

Equity - Changes in Accumulated Other Comprehensive Income by Component (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 115,517	$ 123,452
Other comprehensive income (loss), net of tax	(67)	179
Ending balance	114,923	120,848
Foreign currency
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	159	291
Other comprehensive income (loss) before reclassification	(96)	10
Amounts reclassified from other comprehensive income (loss)	0	0
Other comprehensive income (loss), net of tax	(96)	10
Ending balance	63	301
Unrealized holding losses on available-for-sale investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(62)	(484)
Other comprehensive income (loss) before reclassification	29	169
Amounts reclassified from other comprehensive income (loss)	0	0
Other comprehensive income (loss), net of tax	29	169
Ending balance	(33)	(315)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	97	(193)
Other comprehensive income (loss) before reclassification	(67)	179
Amounts reclassified from other comprehensive income (loss)	0	0
Other comprehensive income (loss), net of tax	(67)	179
Ending balance	$ 30	$ (14)

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ in Millions	Aug. 15, 2018	Mar. 30, 2024	Nov. 21, 2013
Equity [Abstract]
Stock repurchase authorized amount	$ 40		$ 30
Increase in stock repurchase program	$ 10
Stock repurchase remained available for future stock repurchase		$ 10.4

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (2,701)	$ (4,168)
Net income from discontinued operations, net of tax	1,095	277
Net loss	$ (1,606)	$ (3,891)
Weighted-average shares – basic	26,522	25,781
Effect of dilutive potential common shares	0	0
Weighted-average shares – diluted	26,522	25,781
Basic And Diluted Earnings Per Share [Abstract]
Basic – continuing operations	$ (0.1)	$ (0.16)
Diluted – continuing operations	(0.1)	(0.16)
Basic – discontinued operations	0.04	0.01
Diluted – discontinued operations	0.04	0.01
Basic – net loss	(0.06)	(0.15)
Diluted – net loss	$ (0.06)	$ (0.15)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
Income Taxes - Additional Information (Detail) - USD ($)	Mar. 30, 2024	Apr. 01, 2023
Income Taxes [Line Items]
Provision for income taxes	$ 476,000	$ 386,000
Income tax charge (benefit)	135,000	162,000
Income tax provision on earnings of subsidiaries	344,000	$ 224,000
Trade and Other Accounts Receivable Current \| Employee Retention Credit
Income Taxes [Line Items]
Government assistance receivable current	2,400,000
Discontinued Operations \| Employee Retention Credit
Income Taxes [Line Items]
Government assistance recognized	933,000
Other Nonoperating Income (Expense) \| Employee Retention Credit
Income Taxes [Line Items]
Government assistance recognized	$ 1,500,000

Restructuring and Other Costs_2

Restructuring and Other Costs, Net - Additional Information (Detail)		3 Months Ended
	Jan. 10, 2022 USD ($) Installment	Apr. 02, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Other Employee benefits expense		$ 665,000
Operating lease, first instalment payments	$ 308,000
Operating lease, quarterly instalment payments	$ 259,000
Number of operating lease payments \| Installment	7
Operating cash outflows from operating leases	$ 2,100,000

Restructuring and Other Costs_3

Restructuring and Other Costs, Net - Changes in Restructuring Reserves (Detail) - Other Restructuring $ in Thousands	3 Months Ended
	Apr. 01, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning balance	$ 318
Provision for restructuring charges associated with Photonics divestiture	3
Cash payments made	(81)
Ending balance	$ 240

Acquisition of Hia, Inc.- Addit

Acquisition of Hia, Inc.- Additional Information (Detail) - USD ($)			3 Months Ended
	Jan. 17, 2023	Aug. 26, 2022	Mar. 30, 2024	Apr. 01, 2023
Business Combinations [Line Items]
Intangible assets amortized on a straight line basis over a period		8 years 3 months 18 days
Amortization of intangible assets			$ 34,000	$ 34,000
Contingent consideration amount	$ 250,000
Hia Inc
Business Combinations [Line Items]
Estimated contingent consideration amounts		$ 500,000
Royalty amount obligated to pay for each magnetic bar sold		1,500
Royalty payment become due and payable immediately if there is effects a change of control or sale,transfer or disposition to other third party net of previously paid amounts		1,700,000
Transaction costs		63,000
Stock Purchase Agreement \| Hia Inc
Business Combinations [Line Items]
Aggregate purchase price		$ 700,000
Intangible Assets Amortization Period Remainder of Fiscal Year \| Hia Inc \| Technology-Based Intangible Assets
Business Combinations [Line Items]
Amortization of intangible assets			102,000
Intangible Assets Amortization Period Fiscal Year 2025 to Fiscal Year 2030 \| Hia Inc \| Technology-Based Intangible Assets
Business Combinations [Line Items]
Amortization of intangible assets			$ 136,000

Acquisition of Hia, Inc.- Sched

Acquisition of Hia, Inc.- Schedule of Tabular Form of Finite Lived Technology Intangible Assets Tabular Form of Finite Lived Technology Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,132	$ 1,132
Accumulated Amortization	(212)	(178)
Net carrying amount	$ 920	$ 954