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CVD Equipment Corporation announced its financial results for the fourth quarter and fiscal year ended December 31, 2024.
Manny Lakios, President and CEO of CVD Equipment Corporation, commented, “CVD’s fourth quarter 2024 revenue was $7.4 million, representing an 80.3% increase from the prior year quarter. Our backlog at December 31, 2024 was $19.4 million, meaningfully higher than our 2023 year-end backlog of $18.4 million.“
“During 2024 we continue to see an ongoing recovery of our aerospace and defense market. As previously announced, in early November we received a $3.5 million follow on order for our CVI 3500™ system from an existing aerospace customer.”
“The silicon carbide market has remained challenging due to overcapacity and the global decline in wafer prices,” continued Mr. Lakios. “The customer for our first PVT200™ system, which shipped in the second half of 2024, is continuing to evaluate the performance of our system for possible additional orders. We continue to support our installed base of PVT150™ systems and pursue additional PVT150™ and PVT200™ orders.”
Mr. Lakios added, “While the fourth quarter represents the second consecutive quarter of positive net income, we expect our order and revenue levels to continue to fluctuate given the nature of the emerging growth markets we serve. In addition, the current geopolitical environment, including the possible imposition of tariffs that may affect our supply chain and costs of components and materials, presents us with new challenges in fiscal 2025 and beyond. We are staying the course on our strategic efforts to build critical customer relationships, while carefully managing our expenses in order to achieve our goal of long-term profitability and positive cash flow, while simultaneously focusing on growth and return on investment.”
Fourth Quarter 2024 Financial Performance
- Revenue of $7.4 million, up $4.1 million or 80.3% year over year due to higher system revenue by our CVD Equipment segment and an increase in gas delivery system revenue by our SDC segment.
- During the quarter, we recognized an additional $0.3 million non-cash charge to reduce our PVT150™ inventory to net realizable value based on changes in the market for equipment for 150 mm SiC wafers.
- Our gross profit margin percentage improved due to changes in contract mix but was offset by the inventory charge. The prior year quarter was impacted by significant cost overruns on one contract.
- Operating income of $35,000 as compared to an operating loss of $2.5 million in the prior year fourth quarter.
- Net income of $132,000 or $0.02 basic and diluted share, compared to a net loss of $2.3 million or $0.33 per basic and diluted share during the prior year fourth quarter.
- Cash and cash equivalents of $12.6 million as of December 31, 2024, as compared to $14.0 million as of December 31, 2023.
Full Year 2024 Financial Performance
- Revenue of $26.9 million, up $2.8 million or 11.5% year over year primarily due to increases in revenues from aerospace contracts in progress and our SDC segment. Revenue for 2024 includes $0.8 million of final sales by our MesoScribe segment which closed its operations in 2024 as previously disclosed.
- Our gross profit margin percentage was 23.6% in 2024 as compared to 21.0% in the prior year due to higher revenues as well as improved margins on CVD contracts in process.
- During the fiscal year, we recognized a $1.3 million non-cash charge to reduce our PVT150™ inventory to net realizable value.
- Our gross profit margin percentage improved due to changes in contract mix but was offset by the inventory charge.
- The Company recognized total gains on the sales of equipment of $0.7 million, principally by our MesoScribe subsidiary.
- Operating loss of $2.4 million.
- Net loss of $1.9 million or $0.28 basic and diluted share, compared to a net loss of $4.2 million or $0.62 per basic and diluted share in the prior year.
Fourth Quarter 2024 Operational Performance
- Orders for the fourth quarter were $7.1 million driven by continued demand from the aerospace sector in our CVD Equipment segment and for gas delivery equipment in our SDC segment.
- One of the orders received in the fourth quarter was for a $3.5 million system order in the aerospace sector that will be delivered over the next 12 months.
Full Year 2024 Operational Performance
- Booking of new orders from customers was $28.1 million for the fiscal year, representing an increase of approximately 8.9% compared to 2023 bookings of $25.8 million. The increase in bookings of $2.3 million was related to an increase in aerospace and industrial orders.
- Backlog as of December 31, 2024, of $19.4 million, an increase from $1.0 million from the prior year end.
- Continued investments in both research and development and sales and marketing, focused on our three key strategic markets – aerospace & defense, microelectronics / power electronics and EV battery materials / energy storage.
Original – CVD Equipment
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Innoscience (Suzhou) Technology Holding Co., Ltd. announced that it achieved a decisive victory in the patent dispute initiated by Efficient Power Conversion Corporation (“EPC”), by securing a final decision from the U.S. Patent and Trademark Office (“USPTO”) invalidating the claims of the only patent remaining in the dispute launched by EPC in the US International Trade Commission (“ITC”).
On March 18, 2025, the USPTO issued the final decision finding all challenged claims of EPC’s U.S. Patent No.8,350,294 (“the ’294 patent”) are invalid and should be cancelled. This decision removes the entire foundation of EPC’s false patent infringement claim against Innoscience and marks that Innoscience has achieved a complete victory in the two-year long meritless patent war launched by EPC.
In May 2023, EPC launched a lawsuit against Innoscience at the ITC alleging infringement of EPC’s ’294 patent and three other EPC patents. During the litigation, EPC withdrew two of the four patents, and a third patent was found by the ITC to not be infringed. The ITC, however, determined that partial asserted claims of the ’294 patent are valid and infringed.
Innoscience disagrees with the ITC’s ruling on the validity and infringement of the ’294 patent and has appealed it to the U.S. Court of Appeals for the Federal Circuit on January 31, 2025. Innoscience believes that the ITC made errors in its ruling of the ’294 patent and thus should be overturned.
The latest final decision by the USPTO shows that the ITC’s determination of the ’294 patent is flawed. It is a vindication that EPC’s allegations against Innoscience are completely baseless. In its final decision, the USPTO agreed that all the asserted claims of the ’294 patent are invalid because they merely pertain to old gallium nitride (“GaN”) technology that had existed in the prior art for a long time before the patents were filed.
With this final win at the USPTO, Innoscience has knocked out the only remaining patent in the ITC case and proved that EPC’s allegations are completely unfounded. Innoscience is ready to dust off the discord fabricated by EPC and focus its effort on developing and providing top-notch GaN-based power solutions for its customers worldwide.
Original – Innoscience Technology
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GaN / LATEST NEWS / PRODUCT & TECHNOLOGY / WBGNexperia Expands GaN FET Portfolio to Cover Wider Power Ranges in Low- and High-Voltage Applications
March 19, 2025
2 Min ReadNexperia announced the addition of 12 new devices to its continuously expanding e-mode GaN FET portfolio. This latest release is intended to address the growing demand for higher efficiency and more compact systems. The new low and high-voltage e-mode GaN FETs address multiple markets including consumer, industrial, server/computing and telecommunications, with a particular focus on supporting high-voltage, low to mid-power and low-voltage, low to high-power use cases.
Since introducing e-mode GaN FETs in 2023, Nexperia remains the only supplier in the industry to offer both cascode or d-mode and e-mode devices, providing designers with convenience when faced with variable challenges during the design process.
The latest additions to Nexperia’s e-mode GaN FET portfolio include new low voltage 40 V bi-directional devices (RDSon<12 mΩ) to support overvoltage protection (OVP), load switching, and low-voltage applications including battery management systems (BMS) in mobile devices, and laptop computers.
Also featuring in this release are 100 V and 150 V devices (RDSon<7 mΩ) suitable for synchronous rectification (SR) power supplies in consumer devices, DC-DC converters in datacomms and telecoms equipment, photovoltaic micro-inverters, Class-D audio amplifiers and motor control systems in e-bikes, forklifts and light electric vehicles (LEVs). The new higher voltage range features 700 V devices (RDSon>140 mΩ) to support LED drivers and power factor correction (PFC) applications, and 650 V devices (RDSon>350 mΩ) suitable for use in AC/DC converters.
The superior switching performance of Nexperia’s e-mode GaN FET technology is due to their exceptionally low QG and QOSS values. These new devices offer industry-leading figures of merit (FOM), making them a top choice for high-efficiency power solutions.
Original – Nexperia
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Nexperia introduces a range of highly efficient and robust industrial grade 1200 V silicon carbide (SiC) MOSFETs with industry leading temperature stability in innovative surface-mount (SMD) top-side cooled packaging technology called X.PAK. This package, with its compact form factor of 14 mm x 18.5 mm, combines the assembly benefits of SMD with the cooling efficiency of through-hole technology, ensuring optimal heat dissipation.
This release addresses the growing demand from a broad range of high power (industrial) applications for discrete SiC MOSFETs that harness the advantages of top-side cooling to deliver exceptional thermal performance. These switches are ideal for industrial applications such as battery energy storage systems (BESS), photovoltaic inverters, motor drives, and uninterruptible Power Supplies (UPS). Additionally, they are well-suited for electric vehicle charging infrastructure, including charge piles.
The X.PAK package further enhances the thermal performance of Nexperia’s SiC MOSFETs by reducing the negative impacts of heat dissipation via the PCB. Furthermore, Nexperia’s X.PAK package enables low inductance for surface mount components and supports automated board assembly.
The new X.PAK packaged devices deliver class-leading figures-of-merit (FoM) known from Nexperia SiC MOSFETs, with RDS(on) being a particularly critical parameter due to its impact on conduction power losses. However, many manufacturers concentrate on the nominal value of this parameter and neglect the fact that it can increase by more than 100% as device operating temperatures rise, resulting in significant conduction losses. Nexperia SiC MOSFETs, on the other hand, offer industry-leading temperature stability, with the nominal value of RDS(on) increasing by only 38% over an operating temperature range from 25 °C to 175 °C.
“The introduction of our SiC MOSFETs in X.PAK packaging marks a significant advancement in thermal management and power density for high-power applications,” said Katrin Feurle, Senior Director and Head of SiC Discretes & Modules at Nexperia. “This new top-side cooled product option builds on our successful launches of discrete SiC MOSFETs in TO-247 and SMD D2PAK-7 packages. It underscores Nexperia’s commitment to providing our customers with the most advanced and flexible portfolio to meet their evolving design needs.”
The initial portfolio includes products with RDS(on) values of 30, 40, 60 mΩ (NSF030120T2A0, NSF040120T2A1, NSF060120T2A0), a part with 17 mΩ will be released in April 2025. An automotive qualified SiC MOSFETs portfolio in X.PAK packaging will follow later in 2025, as well as further RDson classes like 80 mΩ.
Original – Nexperia
