CVD Equipment Corporation announced its financial results for the second quarter ended June 30, 2024.

Manny Lakios, President and CEO of CVD Equipment Corporation, commented, “Second quarter 2024 revenue was $6.3 million, a 25.2% increase from the prior year period. We are pleased to have recently shipped a PVT 200 system which was part of the first quarter strategic order for SiC 200mm crystal boule growth. The performance of the system will be evaluated for production by our now second account.  We are encouraged that our backlog at June 30, 2024 is meaningfully higher than our year-end backlog.”

“Overall, we are disappointed with CVD’s operating performance in the first half of the year, as order and revenue levels continue to fluctuate given the nature of the emerging growth end markets we serve.  We’ll stay the course on strategic efforts to build critical customer relationships, achieve profitability, carefully manage our costs and cash flow while simultaneously focusing on growth and return on investment.”

Second Quarter 2024 Financial Performance

  • Revenue of $6.3 million, an increase of 25.2% year over year primarily due to higher system revenues and an increase in SDC revenues
  • Backlog as of June 30, 2024 of $24.0 million, a decrease from $27.1 million at March 31, 2024
  • Our gross profit margin percentage declined to 25.4% as compared to the prior year quarter due to a less profitable mix of contracts
  • Operating loss of $0.9 million
  • Net loss of $0.8 million or $0.11 per basic and diluted share, compared to a net loss of $1.1 million or $0.16 per basic and diluted share during the prior year second quarter
  • Operating loss and net loss for the prior year second quarter both included non-recurring charges of $0.3 million consisting of a loss on the sale of our Tantaline subsidiary of $0.2 million and an impairment charge of $0.1 million resulting from our decision to wind down our MesoScribe business
  • Cash and cash equivalents as of June 30, 2024 of $10.0 million

Second Quarter 2024 Operational Performance

  • Orders for the first quarter were $3.2 million primarily driven by demand in our SDC segment for gas delivery equipment.  Orders for the first six months of 2024 were $16.9 million as compared to $15.8 million for the first six months of 2023.
  • We continue to make investments in both research and development and sales and marketing focused on our three key strategic markets.

Original – CVD Equipment