We experienced increased costs on certain materials and components as well as delays in supply chain delivery, which may also impact our ability to recognize revenue and reduce our gross profit margins, as well as extend our manufacturing lead times and reduce our manufacturing efficiencies. We have commenced placing orders with more lead time to help mitigate the manufacturing delays, as well as assessing other suppliers or components to attempt to mitigate the potential cost impacts. In addition, we are u ...

CVD Equipment Corporation (NASDAQ:CVV) Q3 2023 Earnings Conference Call November 14, 2023 5:00 PM ET Company Participants Emmanuel Lakios – President and Chief Executive Officer Rich Catalano – Executive Vice President and Chief Financial Officer Conference Call Participants Brett Reiss – Janney Montgomery Scott Operator Greetings and thank you for standing by. Welcome to CVD Equipment Corporation’s Third Quarter Fiscal Year 2023 Earnings Call. As a reminder, this conference is being recorded. We will begin ...

Financial Performance - Revenue for the three months ended September 30, 2023, was $6,234 thousand, a decrease of 23.2% compared to $8,119 thousand for the same period in 2022[31] - Gross profit for the three months ended September 30, 2023, was $1,598 thousand, down 33.9% from $2,420 thousand in the prior year[31] - Operating loss for the three months ended September 30, 2023, was $(990) thousand, compared to an operating income of $122 thousand for the same period in 2022[31] - Net loss for the three months ended September 30, 2023, was $(753) thousand, compared to a net income of $63 thousand in the same period last year[31] - Total revenue for the nine months ended September 30, 2023, was $19,998 million, a decrease of 2.9% compared to $20,579 million for the same period in 2022[52] - Energy segment revenue for the nine months ended September 30, 2023, was $4,435 million, down 34.7% from $6,763 million in the same period of 2022[52] - Aerospace segment revenue increased to $4,000 million for the nine months ended September 30, 2023, compared to $1,375 million in the same period of 2022, reflecting a significant growth[52] - Industrial segment revenue for the nine months ended September 30, 2023, was $7,316 million, a slight decrease from $7,296 million in the same period of 2022[52] - Research segment revenue increased to $4,247 million for the nine months ended September 30, 2023, compared to $3,145 million in the same period of 2022, indicating a growth of 35.2%[52] - Total stockholders' equity decreased to $28,216 million as of September 30, 2023, from $29,399 million at the end of 2022[58] Expenses and Losses - Research and development expenses increased to $704 thousand for the three months ended September 30, 2023, up 35.9% from $518 thousand in the prior year[31] - Total operating expenses increased to $2,588 million in Q3 2023, up 12.6% from $2,298 million in Q3 2022[31] - The company recorded stock-based compensation expense of approximately $44,783 thousand for the three-month period ended September 30, 2023[86] - The CVD Equipment segment had an operating loss of $323,000 for the three months ended September 30, 2023[117] - The CVD Equipment segment reported an operating loss of $1.39 million for the nine months ended September 30, 2023, while the SDC segment generated an operating income of $1.12 million[95] Cash and Assets - The company had $14.3 million in cash and cash equivalents as of September 30, 2023, which is expected to meet working capital and capital equipment requirements over the next 12 months[37] - Total assets as of September 30, 2023, were $37,227 thousand, a decrease from $37,912 thousand as of December 31, 2022[28] - The company had cash and cash equivalents of $14.3 million as of September 30, 2023, compared to $14.4 million at December 31, 2022[76] - Total liabilities and stockholders' equity amounted to $37,227 million as of September 30, 2023, down from $37,912 million at the end of 2022[58] - Total inventories increased to $4,290 million as of September 30, 2023, from $2,538 million at December 31, 2022[83] Customer Concentration and Revenue Recognition - Two customers represented 40.3% and 10.3% of revenues during the three months ended September 30, 2023, indicating significant customer concentration risk[50] - The accounts receivable balance as of September 30, 2023, included amounts from three customers totaling 53.6% of total accounts receivable[101] - The Company recognized $0.8 million of deferred revenue during the three months ended September 30, 2023, due to a contract modification[43] - The Company has unrecognized contract revenue of approximately $15.5 million as of September 30, 2023, which is expected to be recognized within the next twelve months[105] - The Company’s revenue recognition follows ASC 606, with performance obligations recognized over time or at a point in time based on contract criteria[70] Operational Changes and Future Plans - The company plans to cease operations of MesoScribe by the end of 2024 after fulfilling remaining orders[122] - The company expects to complete the sale of certain proprietary assets related to its plasma spray technology for an aggregate purchase price of $0.9 million, with $0.6 million received as deposits[145][146] - The company faces challenges due to supply chain disruptions, inflationary pressures, and geopolitical conflicts impacting its ability to procure raw materials[125] - The company is focusing on developing new products for the high power electronics market, including plans to launch a PVT200 system for growing silicon carbide crystals[127] Segment Performance - The CVD Equipment segment generated revenue of $4.795 million, while the SDC segment contributed $1.572 million, and CVD Materials segment accounted for $90,000 in revenue for the three months ended September 30, 2023[117] - MesoScribe reported revenues of $90,000 and a net loss of ($30,000) for the three months ended September 30, 2023[99] - For the nine months ended September 30, 2023, MesoScribe's revenue was $0.6 million, with a net income of $49,000, including an impairment charge of $0.1 million[99] - Total revenue for the Energy segment was $970,000 for the three months ended September 30, 2023[103] - The Aerospace segment generated $2.511 million in revenue for the same period[103] - Industrial segment revenue was $695,000, while the Research segment brought in $504,000 for the three months ended September 30, 2023[103]

CVD Equipment Corporation (NASDAQ:CVV) Q2 2023 Earnings Conference Call August 14, 2023 5:00 PM ET Company Participants Emmanuel Lakios – President and Chief Executive Officer Richard Catalano – Executive Vice President and Chief Financial Officer Conference Call Participants Brett Reiss – Janney Montgomery Scott Operator Greetings. Thank you for standing by. Welcome to CVD Equipment Corporation’s Second Quarter Fiscal Year 2023 Earnings Call. As a reminder, this call is being recorded. We will begin with s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from ____ to _____ Commission file number: 1-16525 CVD EQUIPMENT CORPORATION (Name of Registrant in Its Charter) New York 11-2621692 State or Other ...

CVD Equipment Corporation (NASDAQ:CVV) Q1 2023 Earnings Conference Call May 15, 2023 5:00 PM ET Company Participants Emmanuel Lakios - President and CEO Richard Catalano - VP and CFO Conference Call Participants Brett Rice - Jamie Montgomery Scott Robert Mertens - Cowen and Company Orin Hirschman - AIGH Investment Partners Operator Greetings and thank you for standing by and welcome to the CVD Equipment Corporation's First Quarter Fiscal 2023 Earnings Call. As a reminder, this conference is being recorded. ...

The Company believes there is no additional new accounting guidance adopted, but not yet effective that is relevant to the readers of its financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting. 10 The Company sells products and services to various companies across several industries in the ordinary course of business. The Company performs ongoing credit evaluations to assess the probability of acc ...

Financial Data and Key Metrics Changes - The company reported a strong revenue growth of 57% for fiscal 2022 compared to the prior fiscal year, with fourth quarter revenue being 53% higher than the same quarter in 2021 [7][19] - The net income for the fourth quarter was $1.5 million, while the full fiscal year 2022 recognized a net loss of $224,000, which included a $1.5 million federal employee retention credit [7][24] - The gross profit percentage improved to 28% in the fourth quarter from 16% in the prior year, driven by higher sales levels and an improved product mix [16][21] Business Line Data and Key Metrics Changes - The CVD Systems and Services segment received orders exceeding $33 million in 2022, a 52% year-on-year increase, with fourth quarter orders amounting to $9.2 million [10][11] - The SDC segment experienced a 35% increase in sales over the prior year, reflecting higher demand for gas and liquid control system products [13] Market Data and Key Metrics Changes - The company noted that the demand for its products is influenced by customer market conditions and general economic conditions, indicating fluctuations in revenue and profitability [8][28] - The company received a significant order from a major aircraft engine manufacturer, valued at approximately $3.7 million, signaling a potential recovery in the aerospace market [12] Company Strategy and Development Direction - The core strategy focuses on markets supporting the electrification of everything, particularly silicon carbide, which is driving current growth [9] - The company aims to achieve consistent long-term profitability and is cautiously optimistic about future growth [8][31] Management Comments on Operating Environment and Future Outlook - Management acknowledged ongoing supply chain issues but indicated that they have been managed effectively throughout 2022 [42] - The company is unable to predict the impact of current economic and geopolitical uncertainties on its financial position but believes its cash flow will be sufficient for the next 12 months [27][29] Other Important Information - The backlog at December 31, 2022, was $17.8 million, an increase from $10.4 million at the beginning of the year [25] - Cash and cash equivalents decreased to $14.4 million from $16.7 million, primarily due to the payoff of a mortgage and capital expenditures [26] Q&A Session Summary Question: Cash flow changes from Q3 to Q4 - Management confirmed that cash flow fluctuations are typical due to contract completions and down payments received [38] Question: Impact of potential credit contraction - Management stated that the company is in a strong cash position and is not reliant on bank lines of credit [40] Question: Supply chain issues - Management indicated that while supply chain issues are still present, they have been effectively managed [42] Question: Outlook for PVT-150 product - Management noted that the PVT-150 has improved gross margins compared to legacy products and anticipates a contribution margin of over 50% as sales increase [48] Question: New customer acquisition for PVT-150 - The company aims to penetrate two additional accounts for the PVT-150 product by year-end [53]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Form 10-K | --- | --- | --- | |---------------------------------------|---------------------|-----------------------------------------------------| | | | | | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | | | | | Common Stock, Par value $0.01 | CVV | NASDAQ Capital Market | | | | | Indicate by check ...

CVD Equipment Corporation (NASDAQ:CVV) Q3 2022 Earnings Conference Call November 14, 2022 5:00 PM ET Company Participants Emmanuel Lakios - President & Chief Executive Officer Richard Catalano - Vice President, Chief Financial Officer Conference Call Participants Brett Reiss - Janney Montgomery Operator Greetings, and welcome to the CVD Equipment Corporation 2022 Third Quarter Results Conference Call. As a reminder, this conference is being recorded. We will begin with some prepared remarks followed by a qu ...