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Business Wire
5 days ago
- Business
- Business Wire
CVD Equipment Corporation Reports Second Quarter 2025 Financial Results
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), today announced its financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Performance Revenue of $5.1 million, a decrease of 19.4% from the prior year quarter. Year to date revenue of $13.4 million was 19.2% higher than the prior year period. Gross margin declined to 21.0% as compared to 24.3% in the prior year quarter. Net loss of $1.1 million or $0.15 per basic and diluted share, compared to a net loss of $0.8 million or $0.11 per basic and diluted share during the prior year second quarter. Cash and cash equivalents of $7.0 million as of June 30, 2025, as compared to $12.6 million as of December 31, 2024. Accounts receivable increased by $3.6 million during the second quarter as we achieved certain contract milestones; we expect to collect these receivables in the third quarter. Second Quarter 2025 Operational Performance Orders for the second quarter were $4.5 million primarily driven by demand in our SDC segment for gas delivery equipment. Orders for the first six months of 2025 were $7.3 million as compared to $16.9 million for the first six months of 2024. SDC segment continued to experience strong demand for its gas delivery systems and its backlog increased significantly during the quarter. Revenue was lower as compared to the prior year second quarter and the first quarter of 2025 due to the timing of orders received. Backlog as of June 30, 2025 of $13.2 million, a decrease from $13.8 million as of March 31, 2025. During 2025, we improved our operating efficiency and continue to evaluate opportunities to further reduce our operating costs. Manny Lakios, President and CEO of CVD Equipment Corporation, commented, 'Our bookings and revenue during the second quarter reflected several factors, including the uncertainties related to proposed tariffs, reduced US government funding for universities as well as a lag in the adoption of our products and the dynamic nature of the emerging growth markets we serve. We are actively monitoring the evolving customer demand, geopolitical landscape and potential tariff impacts and planning accordingly. We are tightly managing our operating expenses and headcount. 'We believe CVD Equipment Corporation is well positioned to provide solutions across our key target markets — aerospace and defense, industrial applications including silicon carbide (SiC) on graphite, SiC high-power electronics, and electric vehicle (EV) battery materials. 'In aerospace and defense, our key product offerings include chemical vapor infiltration (CVI) systems used in the production of ceramic matrix composites (CMCs) for commercial jet engines, and silicon bond coat systems for coating CMC components. For industrial customers, our systems include SiC coating reactor systems and potential uses for the nuclear energy market. Related to the SiC high-power power electronics, our core products include PVT150™ and PVT200™ SiC crystal growth systems. In the EV battery materials market, we are pursuing new opportunities for our PowderCoat™ systems, which can be used in the production of advanced anode materials. 'In early July 2025, we shipped the first CVD4000™ SiC coating reactor system to an industrial customer. These systems will be used to apply a protective silicon carbide coating on graphite OEM components. The resources allocated to our new product launch of the CVD4000 TM partially attributed to the reduced revenue from other contracts in progress. 'We remain committed to our long-term strategy—growing our presence across key markets while maintaining disciplined expense management to support our goal of achieving sustained profitability and positive cash flow.' Conference Call A conference call reviewing these results has been scheduled for today, August 12, 2025 starting at 5:00 PM ET. To join the call, dial 1-877-407-2991 or 1-201-389-0925. A live and archived webcast of the call will also be available on the company's website at The archived webcast will be available approximately two hours following the end of the conference call. A telephone replay will be available for 7 days. To access the replay, dial 1-877-660-6853 or 1-201-612-7415. The replay passcode is 13754557. About CVD Equipment Corporation CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, thermal processing, physical vapor transport, gas and chemical delivery control systems, and other equipment and process solutions used to develop and manufacture materials and coatings for industrial applications and research. Our products are used in production environments as well as research and development centers, both academic and corporate. Major target markets include aerospace & defense (ceramic matrix composites), silicon carbide (SiC) high-power electronics, electric vehicle (EV) battery materials (carbon nanotubes, graphene and silicon nanowires), and industrial applications. Through its application laboratory, the Company allows customers the option to bring their process tools to our laboratory and to work collaboratively with our scientists and engineers to optimize process performance. The Private Securities Litigation Reform Act of 1995 provides a 'safe harbor' for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as 'forward-looking statements, 'as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the success of CVD Equipment Corporation's growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements, competition in our existing and potential future product lines of business, including our PVT systems; our ability to obtain financing on acceptable terms if and when needed; uncertainty as to our ability to develop new products for the high power electronics market; uncertainty as to our future profitability; uncertainty as to any future expansion of the Company; uncertainty as to our ability to adequately obtain raw materials and components from foreign markets in light of geopolitical developments; and other risks and uncertainties that are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligations to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Past performance is not a guarantee of future results. CVD EQUIPMENT CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands - unaudited) June 30, 2024 December 31, 2024 Assets Current assets Cash and cash equivalents $ 7,023 $ 12,598 Accounts receivable, net 4,993 2,149 Contract assets 3,768 2,226 Inventories 2,328 2,115 Other current assets 387 898 Total current assets 18,499 19,986 Property, plant and equipment, net 11,394 11,699 Other assets 52 1 Total assets $ 29,945 $ 31,686 Liabilities and Stockholders' Equity Current liabilities $ 4,628 $ 6,137 Long-term debt, net of current portion 136 181 Total stockholders' equity 25,181 25,368 Total liabilities and stockholders' equity $ 29,945 $ 31,686 Expand This earnings release should be read in conjunction with the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for fiscal year ended December 31, 2024.
Business Wire
13-05-2025
- Business
- Business Wire
CVD Equipment Corporation Reports First Quarter 2025 Financial Results
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), today announced its financial results for the first quarter ended March 31, 2025. Manny Lakios, President and CEO of CVD Equipment Corporation, stated, 'First quarter 2025 revenue was $8.3 million, up 69.0% versus the prior year quarter and up 12.2% from the fourth quarter of 2024. Revenue from our CVD Equipment segment was driven by revenue recognized principally from two contracts, one in the industrial market and one in aerospace. Our SDC segment continued to see strong demand for its gas delivery equipment.' Mr. Lakios added, 'With the increased revenue and lower than expected orders in the quarter of $2.8 million, our backlog declined during the quarter from $19.4 million at December 31, 2024 to $13.8 million at March 31, 2025. Our net income for the quarter was $360,000. While the first quarter of 2025 represents the third consecutive quarter of net income, due to the nature of our business we expect that our order and revenue levels will continue to fluctuate given the markets we serve. In addition, the recent imposition of tariffs has presented us with new challenges and uncertainty as such tariffs may affect our costs of components and materials as well as contribute to economic uncertainty which may potentially affect our order rate. We are evaluating the tariff environment and planning accordingly. We are staying the course on our strategic efforts to maintain and grow our order rate, while carefully managing our expenses to achieve our goal of long-term profitability and positive cash flow, while simultaneously focusing on growth and return on investment." First Quarter 2025 Financial Performance Revenue of $8.3 million, up $3.4 million or 69.0% year over year primarily due to higher system revenues and higher sales of parts and spares in our CVD Equipment segment. Gross profit margin was 32.4%, an improvement from 16.2% in the prior year quarter that was primarily the result of overall higher revenues, improved absorption of overhead as well as improved margins on contracts in progress as compared to contracts in progress in the prior year quarter. Operating income of $269,000. Net income of $360,000 million or $0.05 basic and diluted share, compared to a net loss of $1.5 million or $(0.22) per basic and diluted share for the prior year first quarter. Cash and cash equivalents of $10.2 million as of March 31, 2025, as compared to $12.6 million as of December 31, 2024. First Quarter 2025 Operational Performance Orders for the first quarter were $2.8 million, principally from our SDC segment. In early April 2025, we received a $1.2 million semiconductor system order in our CVD Equipment segment. During the quarter, we implemented a plan to reduce our operating costs to be consistent with current customer demand. This resulted in a reduction in our workforce during the quarter. We continue to evaluate the demand for our products and opportunities to reduce our operating costs. Conference Call A conference call reviewing these results has been scheduled for today, May 13, 2025 starting at 5:00 PM ET. To join the call, dial 1-877-407-2991 or 1-201-389-0925. A live and archived webcast of the call will also be available on the company's website at The archived webcast will be available approximately two hours following the end of the conference call. A telephone replay will be available for 7 days. To access the replay, dial 1-877-660-6853 or 1-201-612-7415. The replay passcode is 13753736. About CVD Equipment Corporation CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, thermal processing, physical vapor transport, gas and chemical delivery control systems, and other equipment and process solutions used to develop and manufacture materials and coatings for industrial applications and research. Our products are used in production environments as well as research and development centers, both academic and corporate. Major target markets include aerospace & defense (ceramic matrix composites), high power electronics (silicon carbide), and EV battery materials / energy storage (carbon nanotubes, graphene, and silicon nanowires). Through its application laboratory, the Company allows customers the option to bring their process tools to our laboratory and to work collaboratively with our scientists and engineers to optimize process performance. The Private Securities Litigation Reform Act of 1995 provides a 'safe harbor' for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as 'forward-looking statements, 'as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the success of CVD Equipment Corporation's growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements, competition in our existing and potential future product lines of business, including our PVT systems; our ability to obtain financing on acceptable terms if and when needed; uncertainty as to our ability to develop new products for the high power electronics market; uncertainty as to our future profitability; uncertainty as to any future expansion of the Company; uncertainty as to our ability to adequately obtain raw materials and components from foreign markets in light of geopolitical developments; and other risks and uncertainties that are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligations to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Past performance is not a guarantee of future results. CVD EQUIPMENT CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands - Unaudited) March 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 10,219 $ 12,598 Accounts receivable, net 1,406 2,149 Contract assets 5,180 2,226 Inventories 2,037 2,115 Other current assets 627 898 Total current assets 19,469 19,986 Property, plant and equipment, net 11,559 11,699 Other assets 52 1 Total assets $ 31,080 $ 31,686 Liabilities and stockholders' equity Current liabilities $ 4,929 $ 6,137 Long-term debt, net of current portion 159 181 Total stockholders' equity 25,992 25,368 Total liabilities and stockholders' equity $ 31,080 $ 31,686 Expand This earnings release should be read in conjunction with the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for fiscal year ended December 31, 2024.
