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CVD Equipment Corporation Reports Fourth Quarter and Fiscal Year 2022 Financial Results
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)-- CVD Equipment Corporation (NASDAQ: CVV), today announced its financial results for the fourth quarter and fiscal year
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 fourth quarter and fiscal year ended December 31, 2022.\n\nFourth Quarter 2022 Financial Results\n\n\nRevenue of $7.2 million\n\n\nOperating loss of $221,000\n\n\nNet income of $1.5 million, including the recognition of an Employee Retention Credit of $1.5 million\n\n\nNet income per basic and diluted share of $0.23\n\n\nBookings of $9.2 million\n\n\nDecember 31, 2022 backlog of $17.8 million\n\n\nCash and cash equivalents of $14.4 million\n\n\nFull Year 2022 Financial Results\n\n\nRevenue of $25.8 million\n\n\nOperating loss of $1.8 million,\n\n\nNet loss of $224,000, including the recognition of an Employee Retention Credit of $1.5 million\n\n\nNet loss per basic and diluted share of $0.03\n\n\nBookings of $33.1 million\n\n\nManny Lakios, President and CEO of CVD Equipment Corporation, commented:\n\n“We are pleased to report strong revenue growth for fiscal 2022, an increase of 57% over the prior fiscal year. Our fourth quarter revenue, while lower than our third quarter of 2022, was 53% higher than our fourth quarter in 2021.”\n\n“During the fourth quarter and full fiscal year 2022, we recognized net income of $1.5 million and a net loss of $224,000, respectively. Both periods included the recognition of other income of $1.5 million for an Employee Retention Credit after we completed an analysis that determined the Company was eligible to receive this credit for certain quarters during fiscal 2021. These amounts compared to a net loss of $1.2 million for the fourth quarter of 2021 and net income of $4.7 million for the full year 2021. Net income for the full fiscal year 2021 included a gain on sale of building of $6.9 million and a gain on forgiveness of a PPP loan of $2.4 million.”\n\n“CVD Equipment Corporation’s primary objective over the past two years has been to bring the company to profitability through a focus on products that serve high growth markets, specifically high-power electronics, EV battery materials / energy storage and aerospace & defense – all of which have the objective of improving energy efficiency.”\n\n“In the high-power electronics market, we saw demand for silicon carbide wafers to support high power electronics for energy storage and transmission/charging resulting in a mul...