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CVD Equipment Corporation Reports First Quarter Fiscal Year 2024 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, 2024.\n\n\nManny Lakios, President and CEO of CVD Equipment Corporation, commented, “First quarter 2024 revenue was $4.9 million, down significantly versus the prior year period, as our business continues to experience fluctuations in revenue given the nature of the emerging growth end markets we serve. While we are disappointed with our first quarter performance, we’ll stay the course on strategic efforts to achieve profitability, carefully managing our costs and cash flow while simultaneously focusing on growth and return on investment.”\n\n\nMr. Lakios added, “As we mentioned in our year-end press release, we started off the year with several key order wins during the first quarter. These included a strategic order for our PVT200™ system from a new customer, marking an important milestone as we seek to gain traction for SiC crystal boule growth, as well as a multi-system order for our SiC CVD coating reactors. The PVT200™ customer plans to evaluate our equipment for potential additional orders. This improved order performance resulted in an increase in backlog from $18.4 million at year-end to $27.1 million at March 31, 2024. We are encouraged by these orders, as we continue to fund both research and development and sales and marketing activities, including direct engagement with multiple potential customers, highly focused on penetrating key market opportunities.”\n\n\nFirst Quarter 2024 Financial Performance\n\n\n\nRevenue of $4.9 million, down $3.8 million or 43.4% year over year primarily due to lower system revenues.\n\n\n\nGross profit margin percentage was 17.5% due to lower gross profit margins on certain contracts in progress at our CVD Equipment segment partially offset by higher gross profit margins by our SDC segment.\n\n\n\nOperating loss of $1.6 million.\n\n\n\nNet loss of $1.5 million or $0.22 basic and diluted share, compared to a net loss of $40,000 or $0.01 per basic and diluted share for the prior year first quarter.\n\n\n\nCash and cash equivalents of $11.9 million as of March 31, 2024 as compared to $14.0 million as of December 31, 2023.\n\n\n\nFirst Quarter 2024 Operational Performance\n\n\n\nOrders for the first quarter were $13.6 million primarily...