Exhibit 23.2

CONSENT OF INDEPENDENT VALUATION FIRM

     We consent to the inclusion in the Annual Report of Intevac, Inc. and subsidiaries on Form 10-K for the year ended December 31, 2009 of references to our Valuation Report relating to the estimation of fair value of certain auction rate securities held by the Company as of December 31, 2009 and to references to our firm’s name therein.

/s/ Houlihan Smith & Company, Inc.  

Chicago, Illinois 

February 26, 2010