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CVD Equipment Corporation Reports Second Quarter 2024 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, 2024.\n\n\nManny Lakios, President and CEO of CVD Equipment Corporation, commented, “Second quarter 2024 revenue was $6.3 million, a 25.2% increase from the prior year period. We are pleased to have recently shipped a PVT 200 system which was part of the first quarter strategic order for SiC 200mm crystal boule growth. The performance of the system will be evaluated for production by our now second account. We are encouraged that our backlog at June 30, 2024 is meaningfully higher than our year-end backlog.\"\n\n\n\"Overall, we are disappointed with CVD's operating performance in the first half of the year, as order and revenue levels continue to fluctuate given the nature of the emerging growth end markets we serve. We'll stay the course on strategic efforts to build critical customer relationships, achieve profitability, carefully manage our costs and cash flow while simultaneously focusing on growth and return on investment.\"\n\n\nSecond Quarter 2024 Financial Performance\n\n\n\nRevenue of $6.3 million, an increase of 25.2% year over year primarily due to higher system revenues and an increase in SDC revenues\n\n\n\nBacklog as of June 30, 2024 of $24.0 million, a decrease from $27.1 million at March 31, 2024\n\n\n\nOur gross profit margin percentage declined to 25.4% as compared to the prior year quarter due to a less profitable mix of contracts\n\n\n\nOperating loss of $0.9 million\n\n\n\nNet loss of $0.8 million or $0.11 per basic and diluted share, compared to a net loss of $1.1 million or $0.16 per basic and diluted share during the prior year second quarter\n\n\n\nOperating loss and net loss for the prior year second quarter both included 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\n\n\n\nCash and cash equivalents as of June 30, 2024 of $10.0 million\n\n\n\nSecond Quarter 2024 Operational Performance\n\n\n\nOrders for the first quarter were $3.2 million primarily driven by demand in our SDC segment for gas delivery equipment. Orders for the first six months of 2024 were $16.9 million as comp...