CVD(CVV) - 2024 Q3 - Quarterly Results

Financial Performance - CVD Equipment Corporation reported third quarter 2024 revenue of $8.2 million, a 31.4$77,000, compared to an operating loss of $1.0 million in the prior year third quarter[8]. - Net income for the third quarter was$0.2 million, or $0.03 per basic and diluted share, compared to a net loss of$0.8 million, or $0.30 per basic and diluted share, in the prior year[8]. - Cash and cash equivalents as of September 30, 2024, were$10.0 million, down from $14.0 million as of December 31, 2023[8]. Orders and Backlog - The backlog as of September 30, 2024, was$19.8 million, up from $18.4 million at December 31, 2023, but down from$24.0 million at June 30, 2024[3]. - Orders for the third quarter were $4.1 million, consistent with the prior year third quarter[4]. - CVD Equipment Corporation received a$3.5 million follow-on order for its CVI/CVD3500 system from an existing aerospace customer in early November[2]. Market and Product Development - The company recognized a $1.0 million non-cash charge to reduce PVT150 inventory to net realizable value due to market changes[3]. - The silicon carbide market remains dynamic, with ongoing overcapacity and declining wafer pricing, but CVD is progressing with the shipment of its first PVT200 system[2]. - The company continues to invest in research and development and sales and marketing, focusing on aerospace & defense, high power electronics, and EV battery materials[4].