CVD Equipment Corporation Reports First Quarter Fiscal Year 2024 Financial Results
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 ofMarch 31, 2024 as compared to$14.0 million as ofDecember 31, 2023 .
First Quarter 2024 Operational Performance
-
Orders for the first quarter were
$13.6 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.
The success of our PVT150™ and PVT200™ marketing efforts is dependent on the performance of our equipment in the field, overall market conditions, our customers’ ability to qualify their end product with their customers and our customers’ ability to obtain the funding necessary to purchase our equipment.
Management Conference Call and Webcast
The Company will hold a conference call to discuss its results today at
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
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 AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except per share data- Unaudited) |
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|
|
Three Months Ended
|
||||||
|
|
2024 |
|
|
2023 |
|
||
Revenue |
|
$ |
4,922 |
|
|
$ |
8,695 |
|
Cost of revenue |
|
|
4,063 |
|
|
|
6,261 |
|
Gross profit |
|
|
859 |
|
|
|
2.434 |
|
Operating expenses |
|
|
|
|
|
|
||
Research and development |
|
|
746 |
|
|
|
602 |
|
Selling |
|
|
419 |
|
|
|
419 |
|
General and administrative |
|
|
1,317 |
|
|
|
1,600 |
|
Total operating expenses |
|
|
2,482 |
|
|
|
2,621 |
|
Operating loss |
|
|
(1,623 |
) |
|
|
(187 |
) |
Net loss |
|
$ |
(1,472 |
) |
|
$ |
(40 |
) |
Basic and diluted loss per share |
|
$ |
(0.22 |
) |
|
$ |
(0.01 |
) |
CVD EQUIPMENT CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands -Unaudited) |
|||||||
|
|
2024 |
|
|
2023 |
||
Assets |
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
11,893 |
|
|
$ |
14,025 |
Accounts receivable, net |
|
|
2,971 |
|
|
1,906 |
|
Contract assets |
|
|
2,689 |
|
|
1,604 |
|
Inventories |
|
|
4,925 |
|
|
4,454 |
|
Other current assets |
|
|
858 |
|
|
852 |
|
Total current assets |
|
|
23,336 |
|
|
22,841 |
|
Property, plant and equipment, net |
|
|
12,089 |
|
|
12,166 |
|
Other assets |
|
|
18 |
|
|
18 |
|
Total assets |
|
$ |
35,443 |
|
|
$ |
35,025 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current liabilities |
|
$ |
10,198 |
|
|
$ |
8,554 |
Long-term debt, net of current portion |
|
|
247 |
|
|
268 |
|
Total stockholders’ equity |
|
|
24,998 |
|
|
26,203 |
|
Total liabilities and stockholders’ equity |
|
$ |
35,443 |
|
|
$ |
35,025 |
This earnings release should be read in conjunction with the Company’s filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240513863371/en/
For further information about this topic please contact:
Phone: (631) 981-7081
Email: investorrelations@cvdequipment.com
Source: