CVD(CVV) - 2023 Q4 - Annual Results

Revenue Performance - Fourth quarter 2023 revenue was $4.1 million, down$3.1 million or 43.2% year over year due to lower system revenues [28]. - Full year 2023 revenue totaled $24.1 million, a decrease of$1.7 million or 6.6% compared to the prior year [20]. - New orders booked in 2023 totaled $25.8 million, a decrease of approximately 22.1$33.1 million [30]. Profitability - Gross profit margin for 2023 was 21.0%, down from 25.7% in the previous year, attributed to significant cost overruns on a large contract [20]. - Operating loss for the fourth quarter was $2.5 million, while the full year operating loss was$4.9 million [28][11]. - Net loss for the fourth quarter was $2.3 million or$0.33 per share, compared to a net income of $1.5 million or$0.23 per share in the prior year [28]. Cash Position - Cash and cash equivalents as of December 31, 2023, were $14.0 million, slightly down from$14.4 million a year earlier [28]. Backlog and Orders - Backlog as of December 31, 2023, was $18.4 million, an increase from$17.8 million at the end of the prior year [30]. - The company received a $10 million multisystem order for a SiC CVD coating reactor from an industrial customer [19]. Cost Management - The company plans to reduce operating costs in response to current customer demand, resulting in a workforce reduction in early January 2024 [21].