abrooklyn
8 months ago
CVD Equipment Corporation Reports Third Quarter 2023 Financial Results
Source: Business Wire
CVD Equipment Corporation (NASDAQ: CVV), today announced its financial results for the third quarter ended September 30, 2023.
Emmanuel Lakios, President and CEO of CVD Equipment Corporation, commented, “As previously communicated, our order and revenue levels have historically fluctuated, which is often typical in the highly cyclical process equipment industry. As such, while we saw a year over year decline in third quarter revenue of $1.9 million, our year-to-date 2023 revenue of $20.0 million was 7.6% higher than the corresponding period in the prior fiscal year. While we are disappointed with our third quarter revenue, we continue to see opportunities in key strategic markets of high-power electronics, battery materials/energy storage and aerospace and defense. We remain committed to stay the course on our strategy to achieve consistent long-term profitability, with a focus on growth and return on investment. Our return to profitability is subject to our ability to receive additional system orders and continue our efforts to reduce our overall operating costs.”
Third Quarter 2023 Financial Performance
Revenue of $6.2 million, down 23.2% as compared to the third quarter of 2022, primarily due to lower system revenues.
Orders for the third quarter were $4.1 million driven by continued demand in the aerospace sector.
Backlog as of September 30, 2023 of $16.6 million, a decrease from $18.8 million at June 30, 2023.
Our gross profit margin percentage was consistent with recent quarters at 25.6% and less than the prior year quarter of 29.8% principally due to lower revenues and changes in contract mix.
Operating loss of $1.0 million.
As a result of a modification to certain customer contracts, revenue recognition for certain contracts changed from “point in time” to “over time”. As a result of this contract modification, we recorded an increase in revenue of $0.8 million during the third quarter of 2023 that was deferred as of June 30, 2023 and recognized on the date of the contract modification.
Net loss of $0.8 million or $0.11 basic and diluted share, compared to a net income of $63,000 or $0.01 per basic and diluted share during the prior year third quarter.
Cash and cash equivalents as of September 30, 2023 of $14.3 million.
Third Quarter 2023 Operational Performance
Additions of Ms. Deb Wasser and Dr. Ashraf Lotfi to our Board of Directors. Ms. Wasser brings extensive experience in the areas of corporate governance and financial communications. Dr. Lotfi brings an in-depth knowledge of the power electronics market.
Received approximately $2.0 million of orders in the aerospace sector expected to be delivered over the next 12 months. Also contributing to the third quarter order bookings were orders from research institutions of approximately $0.9 million.
We continue to make investments in both research and development and sales and marketing focused on our three key strategic markets.
In the high-power electronics market, there were no PVT150 system orders received in the first nine months of September 30, 2023. We have expanded our marketing efforts, including direct outreach to multiple potential customers as well as attendance at key silicon carbide related trade shows and conferences including the ICSCFRM conference in September 2023. The engaged customers include both silicon carbide wafer manufacturers as well as fully integrated wafer and device manufacturers. The success of our PVT150 and PVT200 systems marketing efforts is dependent on the performance of our equipment in the field, overall market conditions, our customers’ ability to qualify their end product with their customers and our customers’ ability to obtain the funding necessary to purchase our equipment.
On August 8, 2023, the Company entered into a purchase and license agreement with a third party to sell certain assets and license certain proprietary information of MesoScribe in exchange for $0.9 million. The purchase price is payable in several installments and contingent upon certain performance metrics and other milestones. The Company expects to transaction to be completed during the next three months with the shipment of the equipment to the purchaser.
Management Conference Call and Webcast
The Company will hold a conference call to discuss its results today at 5:00 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-3043 or international (201) 389-0926. A telephone replay will be available for 7 days. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13742244.
A live and archived webcast of the call will also be available on the company’s website at www.cvdequipment.com/events. The archived webcast will be available at the same location approximately two hours following the end of the live event.
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 high power electronics (silicon carbide), EV battery materials / energy storage (carbon nanotubes, graphene and silicon nanowires) and aerospace & defense (ceramic matrix composites). 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 PVT150 system; 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, 2022 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
abrooklyn
2 years ago
CVD Equipment Corporation Reports Fourth Quarter and Fiscal Year 2022 Financial Results
Source: Business Wire
CVD Equipment Corporation (NASDAQ: CVV), today announced its financial results for the fourth quarter and fiscal year ended December 31, 2022.
Fourth Quarter 2022 Financial Results
Revenue of $7.2 million
Operating loss of $221,000
Net income of $1.5 million, including the recognition of an Employee Retention Credit of $1.5 million
Net income per basic and diluted share of $0.23
Bookings of $9.2 million
December 31, 2022 backlog of $17.8 million
Cash and cash equivalents of $14.4 million
Full Year 2022 Financial Results
Revenue of $25.8 million
Operating loss of $1.8 million,
Net loss of $224,000, including the recognition of an Employee Retention Credit of $1.5 million
Net loss per basic and diluted share of $0.03
Bookings of $33.1 million
Manny Lakios, President and CEO of CVD Equipment Corporation, commented:
“We are pleased to report strong revenue growth for fiscal 2022, an increase of 57% over the prior fiscal year. Our fourth quarter revenue, while lower than our third quarter of 2022, was 53% higher than our fourth quarter in 2021.”
“During the fourth quarter and full fiscal year 2022, we recognized net income of $1.5 million and a net loss of $224,000, respectively. Both periods included the recognition of other income of $1.5 million for an Employee Retention Credit after we completed an analysis that determined the Company was eligible to receive this credit for certain quarters during fiscal 2021. These amounts compared to a net loss of $1.2 million for the fourth quarter of 2021 and net income of $4.7 million for the full year 2021. Net income for the full fiscal year 2021 included a gain on sale of building of $6.9 million and a gain on forgiveness of a PPP loan of $2.4 million.”
“CVD Equipment Corporation’s primary objective over the past two years has been to bring the company to profitability through a focus on products that serve high growth markets, specifically high-power electronics, EV battery materials / energy storage and aerospace & defense – all of which have the objective of improving energy efficiency.”
“In the high-power electronics market, we saw demand for silicon carbide wafers to support high power electronics for energy storage and transmission/charging resulting in a multi-system order from a US-based, silicon carbide wafer manufacturer. Through December 31, 2022, we have received orders for 30 of our PVT150 physical vapor transport systems from this customer, which uses our systems to grow silicon carbide crystals that are made into 150mm silicon carbide wafers. During the second half of 2022, we initiated the marketing launch of the PVT150 on our website and at a leading trade show. We plan to increase our marketing efforts for the PVT product line as well as expand our product offerings to manufacturers of silicon carbide wafers.”
“In battery materials and energy storage market, we experienced increased interest and demand for nanotechnology materials including carbon nanotubes (CNTs), graphene and silicon nanowires (Si-NWs) to support the development and manufacturing for battery materials used in electric vehicles. We received two system orders in 2021 to deposit coatings onto powders used in silicon-graphite anodes, including a production system and a second for research and material development. Both systems were completed in 2022.”
“In aerospace & defense, we are a leading manufacturer of chemical vapor infiltration (CVI) and tow-coating systems to manufacture ceramic matrix composite (CMC) materials for aerospace gas turbine jet engine applications. CMCs can withstand extreme temperatures and are one-third the weight of nickel alloys. CMCs allow jet engines to run hotter thereby consuming fuel more efficiently and emitting fewer pollutants. While the aerospace industry has been impacted by the COVID-19 pandemic, according to industry forecasts, the demand for CMCs for jet engines is expected to grow in the future. During 2022, we received an order for a production CVI system to manufacture CMCs for aerospace gas turbine jet engines for approximately $3.7 million. Our customers now include two of the leading manufacturers of aerospace gas turbine engines.”
“Historically, our revenues and orders have fluctuated based on changes in order rate as well as other factors in our manufacturing process that impacts the timing of revenue recognition. Accordingly, orders received from customers and revenue recognized may fluctuate from quarter to quarter. We are committed to stay the course of our strategy to achieve consistent long-term profitability, with a focus on growth and return on investment. We look forward to communicating with you in our upcoming conference call.”
Management Conference Call and Webcast
The Company will hold a conference call to discuss its results today at 5:00 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-2991 or International (201) 389-0925. A telephone replay will be available for 7 days. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13736698.
A live and archived webcast of the call will also be available on the company's website at www.cvdequipment.com/events. The archived webcast will be available at the same location approximately two hours following the end of the live event.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, 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 high power electronics (silicon carbide), EV battery materials / energy storage (carbon nanotubes, graphene and silicon nanowires) and aerospace & defense (ceramic matrix composites). 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 PVT150 system; 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 the continued effect of the COVID-19 pandemic on our business and operations (including with respect to supply chain disruptions), and those of our customers, suppliers and other third parties and other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 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 Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2022
2021
2022
2021
Revenue
$
7,234
$
4,717
$
25,813
$
16,447
Gross profit
2,000
772
6,627
3,077
Operating expenses
2,221
1,812
8,450
7,741
Operating (loss)
(221)
(1,040
)
(1,823
)
(4,664
)
Net income (loss)
$
1,549
(1)
$
(1,191
)
$
(224)
(1)
$
4,747
(2)
Basic and diluted income (loss) per share
$
0.23
$
(0.18)
$
(0.03)
$
0.71
(1)
Net income for the three months and year ended December 31, 2022 includes $1.5 million of other income related to the recognition of Employee Retention Credits for two quarterly periods in 2021.
(2)
Net income for the year ended December 31, 2021 includes a $6.9 million gain on sale of a building and a $2.4 million gain on forgiveness of a PPP loan.
CVD EQUIPMENT CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31,
2022
December 31,
2021
Assets
Current assets
Cash and cash equivalents
$
14,365
$
16,651
Accounts receivable, net
3,788
1,446
Contract assets
2,170
2,538
Inventories, net
2,538
1,225
Income taxes receivable
-
716
Other current assets
797
494
Total current assets
23,658
23,070
Employee retention credit receivable
1,529
-
Property, plant and equipment, net
12,596
12,261
Other assets
129
193
Total assets
$
37,912
$
35,524
Liabilities and Stockholders' Equity
Current liabilities
$
8,164
$
6,336
Long-term debt, net of current portion
349
-
Total stockholders’ equity
29,399
29,188
Total liabilities and stockholders’ equity
$
37,912
$
35,524
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, 2022.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230327005519/en/
Richard Catalano, Vice President & CFO
Phone: (631) 981-7081
Fax: (631) 981-7095
Email: investorrelations@cvdequipment.com
clearsudden
9 years ago
CVD Equipment to Announce Q1 2016 Results
Date : 05/05/2016 @ 5:00PM
Source : Business Wire
Stock : Cvd Equipment Corp. (MM) (CVV)
Quote : 7.59 1.32 (21.05%) @ 4:00PM
CVD Equipment to Announce Q1 2016 Results
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CVD Equipment Corporation (NASDAQ:CVV), a leading provider of standard and custom chemical vapor deposition systems, announced today that it will release its first quarter 2016 financial results after markets close on Monday, May 16, 2016. CVD Management will hold a conference call to discuss its results at 4:30 pm (Eastern Time) that day.
To participate in the live conference call, please dial toll free (877) 407-0784 or International (201) 689-8560. A telephone replay will be available for 7 days. To access the replay, dial (877) 870-5176 or (858) 384-5517. The replay passcode is 13636584.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ:CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by our customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through our application laboratory, we provide process development support and process startup assistance with the focus on enabling tomorrow’s technologies™.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160505006711/en/
Gina Franco, 631-981-7081
investorrelations@cvdequipment.com
clearsudden
9 years ago
CVD Revenue Rose 20.1% to Record-Breaking Levels
Business Wire CVD Equipment Corporation
November 16, 2015 4:45 PM
????
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--
CVD Equipment Corporation (NASDAQ: CVV) announced that it has achieved record-breaking revenue for both the three and nine month periods ended September 30, 2015.
CVD’s revenue rose 20.1% to a record-breaking level of $10.6 million for the current quarter ending September 30, 2015 compared to $8.9 million in revenue for the quarter ended September 30, 2014. For the current nine month period, CVD’s revenue rose 59.0% to a record-breaking $30.8 million compared to $19.4 million in revenue for the nine month period ended September 30, 2014. CVD also reported net earnings of $0.8 million or $0.13 per basic and diluted share and $2.8 million or $0.46 per share basic and $0.45 per share diluted for those respective periods compared to earnings of $0.9 million or $0.14 per share basic and diluted and $0.8 million or $0.13 per share basic and diluted for the three and nine months ended September 30, 2014.
The Company incurred legal fees and settlement costs of $1.2 million during the quarter ended September 30, 2015 and $1.6 million during the nine months ended September 30, 2015 related to the settlement of an outstanding claim. Without this non-recurring charge, CVD would have achieved net income of $2.0 million or $0.32 per diluted share for the three months ended September 30, 2015 and $4.4 million or $0.69 per diluted share for the nine months ended September 30, 2015
New orders for the quarter were $2.9 million, as a result, the Company’s backlog decreased to $11.5 million at September 30, 2015, a decrease of 5.0% compared to the $12.1 million backlog at September 30, 2014. The Company received $21.2 million in new orders during the nine months ended September 30, 2015 compared to $27.5 million in new orders received during the nine months ended September 30, 2014, a decrease of 22.9%. The timing of the receipt of an order is subject to various factors, most of which are not under our control. As a result, our order levels from period to period, tend to be uneven. Order levels attained in one period are not necessarily indicative of order levels that will be attained in future periods. Although timing for completion of backlog varies depending on the product mix and can be longer.
The Company continues to maintain a strong cash position and a healthy working capital ratio.
Leonard Rosenbaum, President and Chief Executive Officer stated: “A significant portion of our orders this year came from existing customers who rely on CVD to further expand their production capacity with both repeat and new innovative equipment. We continue to manufacture, deliver and start-up these large orders, especially orders for the initial systems with new technology that our customers need to execute on their significant production plans. We expect to continue to be a key supplier in that expansion strategy over the coming years.
“As new technologies develop we use our talents to design and manufacture the state of the art process equipment that is needed to prove these concepts. We work with our customers from the research state, to launching the process in production and in the capacity ramp to full production. In doing this, we have made significant advances in custom chemical deposition equipment for medical, aerospace, nanomaterials and other applications. As we work with our customers in research and equipment development we continue building the technology base that fuels our growth.”
clearsudden
9 years ago
CVD - PSU Industrial Partnership takes 2D Crystal Development to Next Level
March 21, 2016 04:00 PM Eastern Daylight Time
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (Nasdaq: CVV), a leading provider of chemical vapor deposition systems, today announced the next phase in its industrial partnership with Penn State University to advance 2D crystal device development.
“We are pleased to continue to benefit from the industrial perspective and specialized equipment manufacturing expertise that CVD Equipment Corporation brings as part of our ongoing collaboration”
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“We are pleased to continue to benefit from the industrial perspective and specialized equipment manufacturing expertise that CVD Equipment Corporation brings as part of our ongoing collaboration,” stated Joan Redwing, Professor of Materials Science and Engineering, Chemical Engineering and Electrical Engineering. Professor Redwing will lead the consortium with a goal to advance the state-of-the-art in crystal growth of 2D materials over wafer-scale areas.
The National Science Foundation’s Materials Innovation Platform (MIP) recently announced that it has awarded Penn State University (PSU) $17.8M payable over five years. This award will fund a national user facility, based at PSU’s Materials Research Institute, for developing new materials for next generation electronics. CVD will contribute through supply and development of equipment required for synthesizing the 2D materials at wafer scale. The promise of emerging 2D materials, including graphene, boron nitride, and transition metal dichalcogenides, for revolutionizing the semiconductor and electronic device industries is reinforced by this platform award from the National Science Foundation. The user facility at PSU will aim to synthesize 2D crystals for use in faster, more energy efficient, and flexible electronics.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by our customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through our application laboratory, we provide process development support and process startup assistance with the focus on enabling tomorrow’s technologies™.
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, conditions, success of CVD Equipment Corporation's growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements.
Contacts
CVD Equipment Corporation
Gina Franco, 631-981-7081
Fax: 631-981-7095
investorrelations@cvdequipment.com
or
sales@cvdequipment.com
CVD EQUIPMENT CORPORATION
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