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CVD Equipment Corporation Reports First Quarter 2023 Financial Results
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)-- CVD Equipment Corporation (NASDAQ: CVV), today announced its financial results for the first quarter ended March 31,
About this update from Cvd Equipment Corporation
[{"type":"text","content":" CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--\nCVD Equipment Corporation (NASDAQ: CVV), today announced its financial results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2022 Financial Results\n\n\n\nRevenue of $8.7 million\n\n\n\nOperating loss of $0.19 million\n\n\n\nNet loss of $40,000 or $0.01 basic and diluted share\n\n\n\nBookings of $2.9 million\n\n\n\nBacklog as of March 31, 2023 of $12.0 million\n\n\n\nCash and cash equivalents as of March 31, 2023 of $11.0 million\n\n\n\nManny Lakios, President and CEO of CVD Equipment Corporation, commented:\n\n\n“We are pleased to report strong revenue growth for the first quarter of 2023, an increase of 87% over our first quarter of 2022 and 20% higher than our fourth quarter in 2022.”\n\n\n“During the first quarter 2023, we recognized net loss of $40,000 or $0.01 per basic and diluted share as compared to a net loss of $1.0 million or $0.15 per basic and dilute share for the first quarter of 2022.”\n\n\n“Our orders for the first quarter showed the fluctuations or cyclicality of the process equipment industry. Orders for the first quarter of 2023 were $2.9 million. This was lower than our anticipated orders for the quarter. This resulted in a decrease in our backlog from $17.8 million at December 31, 2022 to $12.0 million at March 31, 2023. The decrease in orders may negatively impact our revenues over the next couple of quarters.”\n\n\n“In the high-power electronics market, we previously received orders for 30 of our PVT150 system in 2021 and 2022 from a customer, which uses our systems to grow silicon carbide crystals that are made into 150mm silicon carbide wafers. We recognized $2.5 million of revenue during the first quarter of 2023 related to these orders and expect to ship the remaining 10 of 30 units during the second quarter. We expanded our marketing efforts during the first quarter with the hiring of a dedicated sales manager and broadened our marketing efforts including the attendance at key silicon carbide related trade shows and conferences. The success of our effort is dependent on the performance of our equipment in the field, overall market conditions, our customers’ ability to qualify their end product as well as the capital market.”\n\n\n“In early May 2023, we received a repeat order for our PowderCoat1100 system and components for $1.8 million. The s...