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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CVD Equipment Corp | NASDAQ:CVV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.15 | 3.21% | 4.83 | 4.86 | 5.00 | 4.976 | 4.65 | 4.74 | 7,133 | 23:23:56 |
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
Third Quarter 2023 Operational Performance
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.
CVD EQUIPMENT CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share data- Unaudited)
Three Months Ended
September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Revenue
$
6,234
$
8,119
$
19,998
$
18,579
Cost of revenue
4,636
5,699
14,579
13,952
Gross profit
1,598
2,420
5,419
4,627
Operating expenses
Research and development
704
518
1,865
1,397
Selling
434
290
1,281
895
General and administrative and other *
1,450
1,490
4,683
3,937
Total operating expenses
2,588
2,298
7,829
6,229
Operating income (loss)
(990
)
122
(2,410
)
(1,602
)
Net income (loss)
$
(753
)
$
63
$
(1,906
)
$
(1,773
)
Basic and diluted income (loss) per share
$
(0.11
)
$
0.01
$
(0.28
)
$
(0.26
)
* Nine months ended September 30, 2023 includes loss on sale of Tantaline subsidiary of $0.2 million and an impairment charge related to MesoScribe fixed assets of $0.1 million.
CVD EQUIPMENT CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands -Unaudited)
September 30,
2023
December 31,
2022
Assets
Current assets
Cash and cash equivalents
$
14,285
$
14,365
Accounts receivable, net
2,585
3,788
Contract assets
2,895
2,170
Inventories, net
4,290
2,538
Other current assets
848
797
Total current assets
24,903
23,658
Employee retention credit receivable
-
1,529
Property, plant and equipment, net
12,207
12,596
Intangible assets, net
107
119
Other assets
10
10
Total assets
$
37,227
$
37,912
Liabilities and Stockholders’ Equity
Current liabilities
$
8,723
$
8,164
Long-term debt, net of current portion
288
349
Total stockholders’ equity
28,216
29,399
Total liabilities and stockholders’ equity
$
37,227
$
37,912
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/20231114163625/en/
For further information about this topic please contact: Richard Catalano, Executive Vice President & CFO Phone: (631) 981-7081 Email: investorrelations@cvdequipment.com
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