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CVD Equipment Corporation Reports Fourth Quarter and Fiscal Year 2023 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, 2023.\n\n\nManny Lakios, President and CEO of CVD Equipment Corporation, commented, “Fourth quarter 2023 revenue was $4.1 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 both our fourth quarter and full year performance, we’ll stay the course on our strategy to return to consistent profitability, with a focus on growth and return on investment.”\n\n\nMr. Lakios added, “Our primary goal is to expand penetration of our equipment solutions into high power electronics, battery material, aerospace and industrial applications. To this end, I am very pleased to announce that we started off 2024 with several key new order wins. First, we successfully penetrated a second PVT equipment customer, with an evaluation order for our newly launched PVT200 system used to grow 200 mm silicon carbide crystals. This represents an important milestone for CVD, with potential follow-on production orders should our equipment effectively meet the customers’ needs. Second, we received a $10 million multisystem order for a SiC CVD coating reactor from an industrial customer, which will be used to deposit a silicon carbide protective coating on OEM components. We are encouraged by these orders, as we continue to make investments in both research and development and sales and marketing, including direct engagement with multiple potential customers, focused on our key markets.”\n\n\nFourth Quarter 2023 Financial Performance\n\n\n\nRevenue of $4.1 million, down $3.1 million or 43.2% year over year primarily due to lower system revenues.\n\n\n\nGross profit margin percentage was a negative 8.5% due to a large contract that experienced significant cost overruns during the quarter.\n\n\n\nOperating loss of $2.5 million.\n\n\n\nNet loss of $2.3 million or $0.33 basic and diluted share, compared to a net income of $1.5 million or $0.23 per basic and diluted share during the prior year fourth quarter. Net income in 2022 included $1.5 million of other income related to the recognition of Employee Retention Credits related to fi...