Intevac’s solar ion implant tool delivery dates slide again

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
 Intevac is still having issues securing delivery dates for an order for 12 ‘ENERGi’ solar ion implant tools to a customer in China, which is planning to ramp N-type mono IBC (Interdigitated Back Contact) solar cells and modules. Image: Intevac

Specialist semiconductor and PV equipment supplier Intevac is still having issues securing delivery dates for an order for 12 ‘ENERGi’ solar ion implant tools to a customer in China, which is planning to ramp N-type mono IBC (Interdigitated Back Contact) solar cells and modules.

In reporting fourth quarter 2017 financial results, Intevac’s management noted in the earnings call that it still had a total of 12 ENERGi solar ion implant tools in its order backlog, despite the purchase contract initially stipulating complete delivery of the order before the end of 2017. 

As previously reported by PV Tech, Intevac had shipped the first three ion implant tools to the customer in the third quarter of 2017, with revenue recognition expected sometime in the first half of 2018. The company had cited delays with the customer in completing the construction of the manufacturing plants required for the initial 1GW nameplate capacity.

In an update to financial analysts in the earnings call, Wendell Blonigan, president and chief executive officer of Intevac said: “As a result of our recent negotiations a little over a week ago, we now expect the first three tools we shipped will begin installation at the end of Q1 with three more shipping in the year and the remaining six shipping in the first half of 2019. 

Given the expected installation timing and depended upon the acceptance duration it looks like the first six tools should revenue this year with the first two requiring sign off and the rest will revenue and shipment. Once we have finalized our negotiations we could be more specific on the timing,” noted Blonigan. 

The CEO has previously noted that the 12 unit, US$23 million order booked in March, 2017 should have shipped before the end of 2018. Management expect around half of the order value would receive revenue recognition sometime in 2019. 

Management expects first revenue recognition on shipped tools to be late in the second quarter of 2018 or early in the third quarter, although still dependent on the customer completing construction and initiating tool install. 

Financial results

Intevac reported fourth quarter 2017 revenue of US$29.0 million, including US$19.3 million of Thin-film Equipment (TFE) revenues which consisted of two 200 Lean HDD systems, one MATRIX PVD solar system as well as upgrades, spares and service. 

Order backlog stood at US$64.0 million, compared to US$72.8 million at the end of the previous quarter, which includes 12 ENERGi solar ion implant systems. 

Intevac reported full-year 2017 revenue of US$112.8 million and a net income of US$4.1 million, compared to a net loss of US$7.4 million in the previous year.

Read Next

January 20, 2022
Distributed PV installations in China topped 29GW last year, contributing more than half of total solar installations in the country for the first time.
January 17, 2022
Solar module manufacturer Seraphim has launched its new S5 series of high-efficiency PV modules with a maximum power output of up to 670W and an efficiency of 21.57%.
January 13, 2022
Finlay Colville, head of market research at Solar Media, reveals the top ten PV module suppliers last year in the first of a two-part blog, exploring not just shipment volumes but also the overall supplier bankability.
January 10, 2022
Upstream solar major Tongwei has forecasted for profits to more-than-double in its 2021 financial year on the back of increased material and cell prices experienced last year.
January 7, 2022
The solar PV industry produced more than 190GW of modules during 2021, as the industry went through its first major production-led supply cycle, Finlay Colville reveals in exclusive analysis for PV Tech.
January 6, 2022
JinkoSolar has won a tender issued by the China Petroleum Engineering and Construction Corporation (CPECC), an affiliate company of the China National Petroleum Corporation (CNPC), for up to 1.85GW of high efficiency TOPCon modules

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal