CVD Equipment Corporation (NASDAQ: CVV), today announced its
financial results for the first quarter ended March 31, 2023.
First Quarter 2022 Financial Results
- Revenue of $8.7 million
- Operating loss of $0.19 million
- Net loss of $40,000 or $0.01 basic and diluted share
- Bookings of $2.9 million
- Backlog as of March 31, 2023 of $12.0 million
- Cash and cash equivalents as of March 31, 2023 of $11.0
million
Manny Lakios, President and CEO of CVD Equipment Corporation,
commented:
“We are pleased to report strong revenue growth for the first
quarter of 2023, an increase of 87% over our first quarter of 2022
and 20% higher than our fourth quarter in 2022.”
“During the first quarter 2023, we recognized net loss of
$40,000 or $0.01 per basic and diluted share as compared to a net
loss of $1.0 million or $0.15 per basic and dilute share for the
first quarter of 2022.”
“Our orders for the first quarter showed the fluctuations or
cyclicality of the process equipment industry. Orders for the first
quarter of 2023 were $2.9 million. This was lower than our
anticipated orders for the quarter. This resulted in a decrease in
our backlog from $17.8 million at December 31, 2022 to $12.0
million at March 31, 2023. The decrease in orders may negatively
impact our revenues over the next couple of quarters.”
“In the high-power electronics market, we previously received
orders for 30 of our PVT150 system in 2021 and 2022 from a
customer, which uses our systems to grow silicon carbide crystals
that are made into 150mm silicon carbide wafers. We recognized $2.5
million of revenue during the first quarter of 2023 related to
these orders and expect to ship the remaining 10 of 30 units during
the second quarter. We expanded our marketing efforts during the
first quarter with the hiring of a dedicated sales manager and
broadened our marketing efforts including the attendance at key
silicon carbide related trade shows and conferences. The success of
our effort is dependent on the performance of our equipment in the
field, overall market conditions, our customers’ ability to qualify
their end product as well as the capital market.”
“In early May 2023, we received a repeat order for our
PowderCoat1100 system and components for $1.8 million. The system
will be used by our customer to add nanoscale silicon to carbon
powder used in the anode section of the battery to enhance the
performance of the battery. The application is in line with our
focus on the electrification of everything.”
“In aerospace & defense, we are a leading manufacturer of
chemical vapor infiltration (CVI) and tow-coating systems to
manufacture ceramic matrix composite (CMC) materials for aerospace
gas turbine jet engine applications. CMCs can withstand extreme
temperatures and are one-third the weight of nickel alloys that
allows jet engines to run hotter thereby consuming fuel more
efficiently and emitting fewer pollutants. During the fourth
quarter of 2022, we received an order for a production CVI system
to manufacture CMCs for aerospace gas turbine jet engines for
approximately $3.7 million. Our customers now include two of the
leading manufacturers of aerospace gas turbine engines. This order
contributed approximately $0.3 million of revenue during the first
quarter of 2023. We continue to engage with our aerospace customers
on their technology and production capacity demands.”
“CVD Equipment Corporation’s primary objective remains to become
a consistently profitable company through a focus on products that
serve high growth markets, specifically high-power electronics, EV
battery materials / energy storage and aerospace &
defense.”
“As previously communicated, our order and revenue levels have
historically fluctuated. Accordingly, we believe our orders
received from customers and our revenue recognized will continue to
fluctuate from quarter to quarter. We remain committed to stay the
course of our strategy to achieve consistent long-term
profitability, with a focus on growth and return on
investment.”
Management Conference Call and Webcast
The Company will hold a conference call to discuss its results
today at 5:00 pm (Eastern Time). To participate in the live
conference call, please dial toll free (877) 407-2991 or
international (201) 389-0925. A telephone replay will be available
for 7 days. To access the replay, dial (877) 660-6853 or
international (201) 612-7415. The replay passcode is 13738321.
A live and archived webcast of the call will also be available
on the company's website at www.cvdequipment.com/events. The
archived webcast will be available at the same location
approximately two hours following the end of the live event.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and
manufactures a broad range of chemical vapor deposition, thermal
processing, physical vapor transport, gas and chemical delivery
control systems, and other equipment and process solutions used to
develop and manufacture materials and coatings for industrial
applications and research. Our products are used in production
environments as well as research and development centers, both
academic and corporate. Major target markets include high power
electronics (silicon carbide), EV battery materials / energy
storage (carbon nanotubes, graphene and silicon nanowires) and
aerospace & defense (ceramic matrix composites). Through its
application laboratory, the Company allows customers the option to
bring their process tools to our laboratory and to work
collaboratively with our scientists and engineers to optimize
process performance.
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for forward-looking statements. Certain information
included in this press release (as well as information included in
oral statements or other written statements made or to be made by
CVD Equipment Corporation) contains statements that are
forward-looking. All statements other than statements of historical
fact are hereby identified as “forward-looking statements, “as such
term is defined in Section 27A of the Securities Exchange Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Such forward looking information involves a
number of known and unknown risks and uncertainties that could
cause actual results to differ materially from those discussed or
anticipated by management. Potential risks and uncertainties
include, among other factors, market and business conditions, the
success of CVD Equipment Corporation’s growth and sales strategies,
the possibility of customer changes in delivery schedules,
cancellation of, or failure to receive orders, potential delays in
product shipments, delays in obtaining inventory parts from
suppliers and failure to satisfy customer acceptance requirements,
competition in our existing and potential future product lines of
business, including our PVT150 system; our ability to obtain
financing on acceptable terms if and when needed; uncertainty as to
our ability to develop new products for the high power electronics
market; uncertainty as to our future profitability; uncertainty as
to any future expansion of the Company; uncertainty as to our
ability to adequately obtain raw materials and components from
foreign markets in light of geopolitical developments; and other
risks and uncertainties that are described in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022 and the
Company’s other filings with the Securities and Exchange
Commission. For forward-looking statements in this release, the
Company claims the protection of the safe harbor of the Private
Securities Litigation Reform Act of 1995. The Company assumes no
obligations to update or supplement any forward-looking statements
whether as a result of new information, future events or otherwise.
Past performance is not a guarantee of future results.
CVD EQUIPMENT CORPORATION AND
SUBSIDIARIES
Condensed Consolidated
Statements of Operations
(In thousands, except per share
data)
(Unaudited)
Three Months Ended
March 31,
2023
2022
Revenue
$
8,695
$
4,656
Gross profit
2,434
770
Operating expenses
2,621
1,740
Operating loss
(187
)
(970
)
Net loss
$
(40
)
$
(997
)
Basic and diluted loss per share
$
(0.01
)
$
(0.15
)
CVD EQUIPMENT CORPORATION AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
March 31,
2023
December 31,
2022
Assets
Current assets
Cash and cash equivalents
$
11,001
$
14,365
Accounts receivable, net
2,368
3,788
Contract assets
3,706
2,170
Inventories, net
2,801
2,538
Other current assets
678
797
Total current assets
20,554
23,658
Employee retention credit receivable
1,529
1,529
Property, plant and equipment, net
12,576
12,596
Other assets
125
129
Total assets
$
34,784
$
37,912
Liabilities and Stockholders'
Equity
Current liabilities
$
4,888
$
8,164
Long-term debt, net of current portion
329
349
Total stockholders’ equity
29,567
29,399
Total liabilities and stockholders’
equity
$
34,784
$
37,912
This earnings release should be read in conjunction with the
Company’s filings with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for fiscal year ended
December 31, 2022.
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version on businesswire.com: https://www.businesswire.com/news/home/20230515005568/en/
For further information about this topic please contact:
Richard Catalano, Vice President & CFO Phone: (631) 981-7081
Email: investorrelations@cvdequipment.com
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