CVD Equipment Corp. - CVV STOCK NEWS

CVD Equipment (NASDAQ: CVV) reported Q3 2024 financial results with revenue of $8.2 million, up 31.4% year-over-year. The company achieved operating income of $77,000 and net income of $0.2 million ($0.03 per share). Backlog stood at $19.8 million as of September 30, 2024. Key developments include a $3.5 million follow-on order for the CVI/CVD3500 system from an aerospace customer and shipment of their first PVT200 system. The company recognized a $1.0 million non-cash charge to reduce PVT150 inventory value and a $0.6 million gain from MesoScribe equipment sale. Cash position was $10.0 million at quarter-end.

CVD Equipment (NASDAQ: CVV) announced it will release its third quarter 2024 financial results on November 13, 2024, after market close. The company will host a conference call at 5:00 p.m. Eastern Time to discuss the results. CVD Equipment specializes in chemical vapor deposition and thermal process equipment, serving major markets including aerospace & defense, high power electronics, and EV battery materials. The company's application laboratory enables customers to collaborate with their scientists for process optimization.

CVD Equipment (NASDAQ: CVV) reported its Q2 2024 financial results, showing a 25.2% year-over-year revenue increase to $6.3 million. The company shipped a PVT 200 system for SiC 200mm crystal boule growth, part of a strategic Q1 order. Despite revenue growth, CVD faced challenges:

- Gross profit margin declined due to less profitable contract mix
- Operating loss of $0.9 million
- Net loss of $0.8 million ($0.11 per share)
- Backlog decreased to $24.0 million from $27.1 million in Q1

CEO Manny Lakios expressed disappointment with H1 2024 performance but emphasized focus on strategic efforts, profitability, cost management, and growth. The company maintains $10.0 million in cash and cash equivalents as of June 30, 2024.

CVD Equipment (NASDAQ: CVV), a provider of chemical vapor deposition and thermal process equipment, has announced its plans to release Q2 2024 financial results on August 13, 2024, after market close. The company will host a conference call at 5:00 p.m. Eastern Time to discuss the results. Investors can participate by dialing (877) 407-2991 (toll-free) or (201) 389-0925 (international). A replay will be available for 7 days, and a webcast will be accessible on the company's website.

CVD Equipment specializes in developing and manufacturing equipment for chemical vapor deposition, thermal processing, and material production. Their products cater to various industries, including high power electronics, EV battery materials, aerospace & defense, and industrial applications. The company also offers an application laboratory for collaborative process optimization with customers.

CVD Equipment (NASDAQ: CVV) has appointed Andrew Africk to its Board of Directors, expanding the board from six to seven members. Africk, founder of Searay Capital and former Senior Partner at Apollo Global Management, brings 30 years of experience in financing, technology, and communications investments. Lawrence J. Waldman, Chairman, highlighted Africk's valuable corporate and financial expertise, while CEO Manny Lakios emphasized his strategic value in targeting key markets such as high power electronics, battery materials, aerospace, and industrial applications.

CVD Equipment (NASDAQ: CVV) reported a significant revenue decline for Q1 FY2024, posting $4.9M, down 43.4% year-over-year. The gross profit margin was 17.5%, with an operating loss of $1.6M and a net loss of $1.5M ($0.22 per share). Orders for the quarter reached $13.6M, driven by the aerospace sector and gas delivery equipment demand. Notable orders include the PVT200™ system for SiC crystal growth and a $10M multisystem order for SiC coating reactors. The company increased its backlog from $18.4M to $27.1M, despite reducing its workforce to align with demand. Cash reserves dropped to $11.9M from $14.0M at year-end 2023.

CVD Equipment (NASDAQ: CVV) is set to report its financial results for the first quarter ended March 31, 2024 on May 13, 2024. The company specializes in chemical vapor deposition and thermal process equipment. A conference call to discuss the results will be held at 5:00 p.m. (Eastern Time) on the same day.

CVD Equipment (CVV) reported fourth-quarter 2023 revenue of $4.1 million, down significantly from the prior year. The company aims to return to consistent profitability by focusing on growth and ROI. They secured new orders in early 2024, including a $10 million order for a SiC CVD coating reactor. However, financial performance saw a decline, with an operating loss of $2.5 million in Q4 and a net loss of $2.3 million. Full-year revenue for 2023 was $24.1 million, down 6.6% YoY, with an operating loss of $4.9 million. The company also faced workforce reductions to align with current demand.

CVD Equipment (NASDAQ: CVV) will release its Q4 and fiscal year 2023 financial results on March 28, 2024. A conference call to discuss the results will be held at 5:00 p.m. (Eastern Time) on the same day. Dial (877) 407-2991 to participate.