CVD Equipment Q1 revenue falls 43% to $4.9M; net loss $1.5M

CVD EQUIPMENT CORP

2024-Q1 EPS reported -$0.22 revenue$4,922,000

Revenue $4.9M, down 43.4% YoY; operating loss $1.6M; net loss $1.5M ($0.22/sh) vs net loss $0.04M prior year.
Gross profit margin 17.5%, impacted by lower margins on some contracts at CVD Equipment segment.
Orders in Q1 totaled $13.5M, driven by aerospace and SDC gas delivery; backlog rose to $27.1M from $18.4M.
Key orders: PVT200 system for SiC crystal growth from new customer; ~$10M multi-system order for SiC coating reactors.
Implemented workforce reduction in Jan 2024 to cut costs; cash and equivalents $11.9M as of Mar 31, down from $14.0M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CVD EQUIPMENT CORP reported first quarter ended March 31, 2024 results: revenue $4.9 million, net income Net loss of $1.5 million, EPS $0.22 basic and diluted share.

Period: first quarter ended March 31, 2024
Revenue: $4.9 million
Net income: Net loss of $1.5 million
EPS: $0.22 basic and diluted share
Result: reported results

Exact text from the filing

its financial results for the first quarter ended March 31, 2024. Manny Lakios, President and CEO of CVD Equipment Corporation, commented, “First quarter 2024 revenue was $4.9 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.

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Source: SEC EDGAR

accession 0001493152-24-018875

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