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CVD Equipment Corporation Reports Second Quarter 2023 Financial Results
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)-- CVD Equipment Corporation (NASDAQ: CVV), today announced its financial results for the second quarter ended June 30,
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 second quarter ended June 30, 2023.\n\n\nManny Lakios, President and CEO of CVD Equipment Corporation, commented, “As previously communicated, our order and revenue levels have historically fluctuated, which is often typical in the highly cyclical process equipment industry. As such, while we saw a year over year decline in second quarter revenue, we are pleased that our first half 2023 revenues of $13.8 million were 31.6% higher than the corresponding period in the prior fiscal year. We’ve made significant progress disposing of non-core entities, allowing our team to focus on our equipment product lines and compelling pipeline of customer opportunities in key strategic markets of high-power electronics, battery materials/energy storage and aerospace and defense. We remain committed to stay the course on our strategy to achieve consistent long-term profitability, with a focus on growth and return on investment.”\n\n\nSecond Quarter 2023 Financial Performance\n\n\n\nRevenue of $5.1 million, down 12.7% year over year primarily due to lower system revenues\n\n\n\n\nOrders for the second quarter increased to $12.9 million driven by demand in two of our three strategic markets\n\n\n\n\nBacklog as of June 30, 2023 of $18.8 million, an increase from $12.0 million at March 31, 2023\n\n\n\n\nOur gross profit margin percentage improved to 27.4% as compared to the prior year quarter due to a more profitable mix of contracts\n\n\n\n\nOperating loss of $1.2 million\n\n\n\n\nNet loss of $1.1 million or $0.16 basic and diluted share, compared to a net loss of $0.8 million or $0.12 per basic and diluted share during the prior year second quarter\n\n\n\n\nOperating loss and net loss both include non-recurring charges of $0.3 million consisting of a loss on the sale of our Tantaline subsidiary of $0.2 million and an impairment charge of $0.1 million resulting from our decision to wind down our MesoScribe business later in 2023\n\n\n\n\nCash and cash equivalents as of June 30, 2023 of $13.0 million\n\n\n\nSecond Quarter 2023 Operational Performance\n\n\n\nReceived approximately $8.7 million of multiple systems orders in the aerospace sector that will ship over the next 12 months. Also contributing to the second quarter or...