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CVD Equipment Corporation Reports Third Quarter 2024 Financial Results
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)-- CVD Equipment Corporation (NASDAQ: CVV) today announced its financial results for the third quarter ended September
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 third quarter ended September 30, 2024.\n\n\nManny Lakios, President and CEO of CVD Equipment Corporation, commented, “We are pleased that CVD’s third quarter 2024 revenue was $8.2 million, representing a 31.4% increase from the prior year period, which supported an improvement in operating performance and system gross margins. It is also encouraging that our September 30th backlog was $19.8 million, meaningfully higher than our 2023 year-end backlog. We are staying the course on our strategic efforts to build critical customer relationships, while carefully managing our costs to achieve our goal of long-term profitability and positive cash flow, while simultaneously focusing on growth and return on investment.\"\n\n\n“We continue to see an ongoing recovery of our Aerospace and Defense market segment. In early November, we received a $3.5 million follow on order for our CVI/CVD3500 system from an existing aerospace customer.”\n\n\n“The silicon carbide market has remained quite dynamic, with ongoing overcapacity and declining wafer pricing,” continued Mr. Lakios. “That said, SiC wafer producers are quickly transitioning to 200mm production to stay competitive, and CVD is making progress with the shipment of our first PVT200 system during the third quarter. As we stated previously, this was a strategic order for SiC 200mm crystal boule growth that we received in the first quarter of 2024. The performance of the system is currently being evaluated for production by our now second PVT account. In addition, we are continuing to support both our PVT150 and PVT200 products in the field.”\n\n\nMr. Lakios added, \"Our order and revenue levels continue to fluctuate given the nature of the emerging growth end markets we serve.”\n\n\nThird Quarter 2024 Financial Performance\n\n\n\nRevenue of $8.2 million, an increase of 31.4% year over year primarily due to higher CVD Equipment system revenues and an increase in gas delivery system revenues by our SDC segment.\n\n\n\nIn the third quarter of 2023, we recognized an increase in revenue of $0.8 million that was the result of a modification of a customer contract.\n\n\n\nBacklog as of September 30, 2024 of $19.8 million, a decrease from $24.0 million at June 30, 2024 and...