CVD(US:CVV)2024-03-28 20:01Financial Performance - Gross margin declined by $1.6 million or 23.5% due to cost overruns experienced on one large contract [537] - Gross profit for 2023 was $5.1 million with a gross profit margin of 21%, down from $6.6 million and 26% in 2022 [550] - Other income decreased to $0.7 million in 2023 from $1.6 million in 2022 [554] Revenue Breakdown - Revenue from the CVD Equipment segment represented 67% of overall revenue for 2023, a slight increase from 65% in 2022 [547] - Revenue from the CVD Materials segment decreased by $2.0 million, representing only 5% of overall revenue in 2023 compared to 12% in 2022 [548] Orders and Backlog - Backlog increased from $17.8 million to $18.4 million [538] - The company received $10.6 million in aerospace orders during 2023, indicating strong interest in CMC applications [541] Research and Development - Research and development expenses increased to $2.6 million, or 10.8% of revenue, compared to $1.9 million, or 7.4% in 2022 [551] New Products - A new PVT200 system was launched in 2023 for growing silicon carbide crystals for 200 mm wafers [540] Cash Position - The company believes its cash and cash equivalents will be sufficient to meet working capital and capital expenditure requirements for the next twelve months [558]