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Infineon Technologies AG Supervisory Board has extended the contract of Dr. Rutger Wijburg (62), Management Board member and Chief Operations Officer, for a period of one year, until 31 March 2026. In addition, the Supervisory Board will extend the contract of Andreas Urschitz (52), Management Board member and Chief Marketing Officer, for a period of five years, until 31 May 2030. The current contract of Andreas Urschitz expires at the end of May 2025; Rutger Wijburg’s contract would otherwise have expired in March 2025.
“Andreas Urschitz and Rutger Wijburg have played a decisive role in charting a course of profitable growth for Infineon. We are pleased that they will both continue as members of the Infineon Management Board in the upcoming years,” says Dr. Herbert Diess, Chairman of the Supervisory Board of Infineon Technologies AG. He adds that the Supervisory Board particularly respects the personal decision by Rutger Wijburg to extend his contract only until March 2026.
Andreas Urschitz has been a member of the Management Board since 2022, prior to which he was President of the Infineon Power & Sensor Systems (PSS) Division. Rutger Wijburg has been a member of the Management Board and Infineon’s Chief Operations Officer since 2022; he was previously Head of Frontend as well as Managing Director at Infineon Dresden.
Original – Infineon Technologies
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CVD Equipment Corporation announced its financial results for the first quarter ended March 31, 2024.
Manny Lakios, President and CEO of CVD Equipment Corporation, commented, “First quarter 2024 revenue was $4.9 million, down significantly versus the prior year period, as our business continues to experience fluctuations in revenue given the nature of the emerging growth end markets we serve. While we are disappointedwith our first quarter performance, we’ll stay the course on strategic efforts to achieve profitability, carefully managing our costs and cash flow while simultaneously focusing on growth and return on investment.”
Mr. Lakios added, “As we mentioned in our year-end press release, we started off the year with several key order wins during the first quarter. These included a strategic order for our PVT200™ system from a new customer, marking an important milestone as we seek to gain traction for SiC crystal boule growth, as well as a multi-system order for our SiC CVD coating reactors. The PVT200™ customer plans to evaluate our equipment for potential additional orders. This improved order performance resulted in an increase in backlog from $18.4 million at year-end to $27.1 million at March 31, 2024. We are encouraged by these orders, as we continue to fund both research and development and sales and marketing activities, including direct engagementwith multiple potential customers, highly focused on penetrating key market opportunities.”
First Quarter 2024 Financial Performance
- Revenue of $4.9 million, down $3.8 million or 43.4% year over year primarily due to lower system revenues.
- Gross profit margin percentage was 17.5% due to lower gross profit margins on certain contracts in progress at our CVD Equipment segment partially offset by higher gross profit margins by our SDC segment.
- Operating loss of $1.6 million.
- Net loss of $1.5 million or $0.22 basic and diluted share, compared to a net loss of $40,000 or $0.01 per basic and diluted share for the prior year first quarter.
- Cash and cash equivalents of $11.9 million as of March 31, 2024 as compared to $14.0 million as of December 31, 2023.
First Quarter 2024 Operational Performance
- Orders for the first quarter were $13.5 million primarily driven by demand in the aerospace sector and in our SDC segment for gas delivery equipment.
- As mentioned above we received these important orders in the quarter:
- An order for our new PVT200™ system used to grow silicon carbide crystals for the manufacture of 200 mm wafers. This represents our second customer for our PVT equipment that the customer will evaluate for potential additional orders.
- A multisystem order from an industrial customer for approximately $10 million that will be used for depositing a silicon carbide protective coating on OEM components, with systems scheduled to ship in 2025.
- During the first quarter, we implemented a plan to reduce our operating costs to be consistent with current customer demand. This resulted in a reductionin our work force in early January 2024. We continue to evaluate the demand for our products and opportunities to reduce our operating costs.
Original – CVD Equipment
