CVD(CVV) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter 2024 revenue was $7.4 million, an increase of 80.3% year over year, driven by higher system revenue from the CVD Equipment segment and increased gas delivery system revenue from the SDC segment [2]. - Full year 2024 revenue reached$ 26.9 million, a rise of 11.5% compared to $24.1 million in 2023, primarily due to increased revenues from aerospace contracts and the SDC segment [8]. Profitability - The gross profit margin for 2024 improved to 23.6%, up from 21.0% in the prior year, attributed to higher revenues and improved margins on CVD contracts [8]. - Fourth quarter operating income was$ 35,000, compared to an operating loss of $2.5 million in the same quarter of the previous year [4]. - Net income for the fourth quarter was$ 132,000, or $0.02 per share, compared to a net loss of$ 2.3 million, or $0.33 per share, in the prior year [4]. Orders and Backlog - The backlog as of December 31, 2024, was$ 19.4 million, up from $18.4 million at the end of 2023 [2]. - Total new orders for the fiscal year were$ 28.1 million, an increase of approximately 8.9% from $25.8 million in 2023, driven by aerospace and industrial orders [8]. Strategic Focus - The company continues to invest in research and development and sales and marketing, focusing on aerospace & defense, microelectronics/power electronics, and EV battery materials/energy storage [8]. - The company anticipates fluctuations in order and revenue levels due to the nature of the emerging growth markets and geopolitical challenges affecting the supply chain [2]. Inventory Management - The company recognized a$ 1.3 million non-cash charge in 2024 to reduce PVT150™ inventory to net realizable value [8].