Intevac makes disk sputtering systems and upgrade kits for magnetic hard disk media manufacturers. Its flagship product, the 200 Lean, deposits magnetic and protective films onto disk substrates using PVD and CVD processes. These disks are used in HDDs for data storage, primarily in cloud and enterprise data centers. Intevac sells almost exclusively to a small group of HDD manufacturers — Seagate alone accounts for roughly 91% of revenue — through a direct sales force, with distributors used in Japan. Manufacturing occurs in Santa Clara and Singapore. Revenue comes from two streams: new 200 Lean system sales (large, infrequent capital equipment purchases priced in the millions per unit) and non-systems revenue (upgrade kits, spares, and field service). Currently, upgrades are the primary revenue driver, as the shift to HAMR (Heat Assisted Magnetic Recording) technology requires meaningful modifications to existing 200 Lean tools. Of an estimated 140-145 active systems in the field, only roughly 20 had been converted to HAMR as of mid-2024, implying several more years of upgrade demand. Intevac argues it is effectively the sole-source provider for HAMR upgrades on its own installed base. The business is highly cyclical, with revenue driven by HDD manufacturers' capital spending plans. In December 2024, Intevac shut down its TRIO product line targeting display cover glass, taking a $33M charge, and refocused entirely on HDD equipment. In February 2025, Seagate agreed to acquire Intevac for $4.00 per share, valuing the company at roughly $109M.