Business
CVD Equipment Corporation Reports First Quarter 2026 Results
Completed the Previously Announced Sale of its SDC Division CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)-- CVD Equipment Corporation (NASDAQ: CVV) (the “Company”)
About this update from Cvd Equipment Corporation
[{"type":"text","content":"\nCompleted the Previously Announced Sale of its SDC Division\n\n\n CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--\nCVD Equipment Corporation (NASDAQ: CVV) (the “Company”) today reported financial results for the first quarter ended March 31, 2026.\n\n\nAs previously announced, the Company entered into an asset purchase agreement with a buyer to sell its SDC business division on March 23, 2026. This transaction was completed on April 1, 2026, whereby substantially all the business assets related to SDC were sold.\n\n\nThe financial results of SDC are reflected in the Company’s condensed consolidated financial statements as discontinued operations for all periods presented and SDC’s assets and liabilities are considered held for sale as of March 31, 2026. The Company now has one reportable segment consisting of its CVD Equipment division which manufactures chemical vapor deposition, physical vapor transport, thermal process and related equipment.\n\n\nAfter payment of transaction costs and employee related liabilities, the net cash proceeds from the sale of SDC were $14.8 million. As a result, as of April 1, CVD Equipment had approximately $23 million in cash and no long-term debt.\n\n\nManny Lakios, President and Chief Executive Officer of CVD Equipment Corporation, stated, “The sale of SDC has significantly strengthened our balance sheet, providing additional financial flexibility as we continue to evaluate strategic opportunities for the CVD Equipment business, its product lines, and our facilities. In addition, we are continuing to drive operational efficiencies and reduce our operational costs, with an ongoing commitment to maximizing shareholder value. This included, as previously announced, a workforce reduction within the CVD Equipment division during the fourth quarter as we transitioned from a vertically integrated fabrication model to outsource fabrication for certain components. This action is expected to reduce our annual operating costs by approximately $1.8 million in fiscal 2026.”\n\n\nLakios added, “In addition, we remain focused on delivering solutions across our key target markets, including aerospace and defense, industrial applications such as silicon carbide (SiC) on graphite, and SiC for high-power electronics, as well as emerging applications, including nuclear energy.”\n\n\nFirst Quarter 2026 Performance from Con...