CVD Equipment (CVV) Q2 2025 Earnings Call August 12, 2025 05:00 PM ET Speaker0Greetings, and thank you for standing by. Welcome to the CVD Equipment Corporation's Second Quarter twenty twenty five Earnings Call. As a reminder, this conference is being recorded. We will begin with prepared remarks followed by a question and answer session. Presenting on the call today will be Emmanuel Lafios, President and CEO and member of the c d d WCBD Board of Directors and Richard Catalano, executive vice president and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from ____ to _____ Commission file number: 1-16525 CVD EQUIPMENT CORPORATION (Name of Registrant in Its Charter) New York 11-2621692 State or Other Jurisdiction of I ...

enabling tomorrow's technologies™ 355 South Technology Drive, Central Islip, New York 11722 | T 631.981.7081 | info@cvdequipment.com CVD Equipment Corporation Reports Second Quarter 2025 Financial Results CENTRAL ISLIP, N.Y., (Business Wire) – August 12, 2025 - CVD Equipment Corporation (NASDAQ: CVV), today announced its financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Performance Exhibit 99.1 Second Quarter 2025 Operational Performance Manny Lakios, President and ...

Core Insights - CanAlaska Uranium Ltd. reported high-grade uranium assay results from its Pike Zone at the West McArthur project, with grades reaching up to 85.4% U3O8 [1][2][19] - The winter 2025 drill program significantly expanded the high-grade footprint of the Pike Zone, confirming multiple high-grade intervals [1][4][19] Drill Results - Drillhole WMA079-01 intersected 8.6 metres at 34.59% U3O8, including 5.5 metres at 53.90% U3O8 [1][4] - Drillhole WMA076-01 intersected 14.8 metres at 14.71% U3O8, including 5.4 metres at 39.67% U3O8 [1][4] - The winter program included 29 unconformity tests, with 22 containing uranium mineralization, indicating a strike length of approximately 250 metres [4][19] Expansion and Future Plans - The company is currently conducting a summer drill program aimed at achieving an estimated 15 to 20 additional unconformity target intersections [16][19] - The unconformity target area remains untested for approximately 1,000 metres to the west and 600 metres to the east of the Pike Zone [16][19] Market Context - The uranium market fundamentals are described as strong, with ongoing reserve depletion at current tier-1 producing assets, highlighting the importance of new high-grade discoveries like Pike Zone [5][19] - CanAlaska is focused on Tier 1 uranium deposit discovery and delineation in a secure jurisdiction, with a significant portfolio in the Athabasca Basin [23]

Core Viewpoint - CVD Equipment Corporation experienced a significant revenue increase in Q1 2025, but its stock has declined sharply since the earnings report, indicating market concerns despite improved financial performance [1][2]. Financial Performance - Revenues rose 68.9% year over year to $8.3 million from $4.9 million, also marking a 12.2% increase from Q4 2024 [2] - Gross profit increased to $2.7 million from $0.8 million, with gross margin expanding to 32.4% from 16.2% [3] - Operating income improved to $0.3 million from a loss of $1.6 million, and net income was $0.4 million, or $0.05 per diluted share, compared to a loss of $1.5 million, or $0.22 per share, in Q1 2024 [4] Order Activity and Backlog - First-quarter 2025 orders totaled $2.8 million, down from previous levels, leading to a backlog reduction from $19.4 million at the end of 2024 to $13.8 million at the end of March 2025 [4] - A $1.2 million semiconductor system order was secured in early April 2025, expected to support near-term revenue [5] Management Insights - CEO Emmanuel Lakios acknowledged improved revenue but cautioned about volatile market conditions and the impact of recently imposed tariffs on costs and future order rates [6] - The company implemented cost control measures, including workforce reductions, to manage demand variability while focusing on long-term profitability [7] Cash Flow and Working Capital - Cash balance decreased from $12.6 million at the end of 2024 to $10.2 million at the end of March 2025, but working capital improved to $14.5 million from $13.8 million [8] - Management expressed confidence that current cash reserves and projected operating cash flow will meet working capital needs over the next 12 months [10] Operational Adjustments - A restructuring initiative was implemented to align operating costs with customer demand, involving workforce reductions and a review of cost efficiencies [11]

CVD Equipment (CVV) Q1 2025 Earnings Call May 13, 2025 05:00 PM ET Company Participants Emmanuel Lakios - President, CEO & DirectorRichard Catalano - Vice President and Chief Financial Officer Operator Greetings and thank you for standing by and welcome to the CVD Equipment Corporation's First Quarter twenty twenty five Earnings Call. As a reminder, this conference is being recorded. We will begin with some prepared remarks followed by a question and answer session. Presenting on the call today will be Emma ...

CVD Equipment (CVV) Q1 2025 Earnings Call May 13, 2025 05:00 PM ET Speaker0 Greetings and thank you for standing by and welcome to the CVD Equipment Corporation's First Quarter twenty twenty five Earnings Call. As a reminder, this conference is being recorded. We will begin with some prepared remarks followed by a question and answer session. Presenting on the call today will be Emmanuel Lakios, President and CEO and member of the CVD Board of Directors and Richard Catalano, Executive Vice President and Chi ...

Part I - Financial Information [Item 1 – Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201%20%E2%80%93%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The company achieved a net income of $360,000 in Q1 2025, a significant turnaround from a $1.5 million loss in Q1 2024, driven by a 69% revenue increase [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to $31.1 million while liabilities decreased more substantially, increasing stockholders' equity to $26.0 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $10,219 | $12,598 | | Contract assets | $5,180 | $2,226 | | Total current assets | $19,469 | $19,986 | | Total assets | $31,080 | $31,686 | | **Liabilities & Equity** | | | | Contract liabilities | $1,832 | $3,135 | | Total current liabilities | $4,929 | $6,137 | | Total liabilities | $5,088 | $6,318 | | Total stockholders' equity | $25,992 | $25,368 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company posted a net income of $360,000 in Q1 2025, reversing a $1.5 million loss from Q1 2024, driven by a 69% revenue increase Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $8,316 | $4,922 | | Gross Profit | $2,695 | $797 | | Operating Income (Loss) | $269 | $(1,623) | | Net Income (Loss) | $360 | $(1,472) | | Diluted EPS | $0.05 | $(0.22) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased to $26.0 million at March 31, 2025, primarily due to net income and stock-based compensation Changes in Stockholders' Equity (in thousands) | Description | Q1 2025 | | :--- | :--- | | Balance at January 1, 2025 | $25,368 | | Net income | $360 | | Stock-based compensation | $264 | | **Balance at March 31, 2025** | **$25,992** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $2.3 million for Q1 2025, resulting in a quarter-end cash balance of $10.2 million Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(2,262) | $(2,043) | | Net cash used in investing activities | $(96) | $(70) | | Net cash used in financing activities | $(21) | $(19) | | **Net decrease in cash** | **$(2,379)** | **$(2,132)** | | **Cash at end of period** | **$10,219** | **$11,893** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail revenue recognition policies, significant customer concentration, segment performance, and risks from tariffs and geopolitical conflicts - The company recognizes most of its revenue from custom system sales over time, using a **cost-based input method** that requires significant estimation of total project costs[23](index=23&type=chunk)[24](index=24&type=chunk) - In Q1 2025, two customers accounted for **41.1% and 14.0% of total revenues**, indicating significant customer concentration[41](index=41&type=chunk) - The company has three reportable segments: CVD Equipment, SDC, and MesoScribe, with the **CVD Equipment segment generating the majority of revenue ($6.3M)** and segment net income ($0.5M) in Q1 2025[55](index=55&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - The company identifies risks from **U.S. tariffs and geopolitical conflicts** which could impact costs, gross margins, and the ability to procure raw materials[62](index=62&type=chunk)[64](index=64&type=chunk) Revenue by Segment (in thousands) | Segment | Q1 2025 Revenue | Q1 2024 Revenue | | :--- | :--- | :--- | | CVD Equipment | $6,314 | $2,946 | | SDC | $2,142 | $1,932 | | MesoScribe | $22 | $59 | [Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202%20%E2%80%93%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong revenue growth and margin improvement in Q1 2025, alongside lower bookings and a decreased order backlog - The company's core strategy is to focus on growth in **aerospace, microelectronics, and industrial applications**[71](index=71&type=chunk) - The order backlog decreased from **$19.4 million at Dec 31, 2024, to $13.8 million at March 31, 2025**, due to lower orders in the CVD Equipment segment[72](index=72&type=chunk)[86](index=86&type=chunk) Q1 2025 Key Business Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $8.3M | $4.9M | | Gross Margin | 32.4% | 16.2% | | Bookings | $2.8M | $13.6M | | Backlog (at quarter end) | $13.8M | N/A | [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Revenue grew 69.0% to $8.3 million with gross margin expanding to 32.4%, leading to a significant turnaround in operating income - The **CVD Equipment segment's revenue increased by $3.4 million (114.1%)**, driven by aerospace and industrial contracts, with one industrial customer representing 41.1% of total revenue[83](index=83&type=chunk)[84](index=84&type=chunk) - The SDC segment's external revenue increased by a modest **3.5%**, as customer demand remained consistent with the prior year[85](index=85&type=chunk) - The significant increase in gross profit was attributed to **higher overall revenues, improved absorption of overhead**, and better margins on contracts in progress[87](index=87&type=chunk) Comparison of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | $8,316 | $4,922 | 69.0% | | Gross Profit | $2,695 | $797 | 238.1% | | Operating Income (Loss) | $269 | $(1,623) | N/A | | Net Income (Loss) | $360 | $(1,472) | N/A | [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Working capital increased to $14.5 million, and management believes its $10.2 million cash balance is sufficient for the next twelve months - Net cash used in operating activities for Q1 2025 was **$2.3 million**, primarily due to a **$3.0 million increase in contract assets** and a **$1.3 million decrease in contract liabilities**[95](index=95&type=chunk) - Management expresses confidence that **existing cash and projected cash flow** from operations will be sufficient to meet requirements for the next twelve months[98](index=98&type=chunk) Liquidity Position (in millions) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $10.2 | $12.6 | | Working Capital | $14.5 | $13.8 | [Critical Accounting Estimates](index=27&type=section&id=Critical%20Accounting%20Estimates) The company identifies revenue recognition and long-lived asset reviews as its critical accounting estimates due to significant judgment required - **Revenue recognition is a critical estimate**, as it relies on a cost-based input method that requires significant judgment in forecasting total project costs for long-term contracts[102](index=102&type=chunk)[104](index=104&type=chunk) - The company acknowledges that **inaccurate estimates** of revenues, expenses, and progress toward completion on long-term contracts could materially affect results of operations and financial condition[105](index=105&type=chunk) [Item 3 – Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that this item is not applicable - No quantitative and qualitative disclosures about market risk were provided, as the item was marked **'Not applicable'**[107](index=107&type=chunk) [Item 4 – Controls and Procedures](index=29&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[110](index=110&type=chunk) - There were **no changes in internal controls** over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[111](index=111&type=chunk) Part II - Other Information [Item 1 – Legal Proceedings](index=30&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company reported no legal proceedings during the period - The company reports that there are **no legal proceedings**[114](index=114&type=chunk) [Item 1A - Risk Factors](index=30&type=section&id=Item%201A-Risk%20Factors) No material changes were reported to the risk factors disclosed in the company's latest Annual Report on Form 10-K - **No material changes** to risk factors were reported since the last Annual Report on Form 10-K[115](index=115&type=chunk) [Other Items (2, 3, 4, 5)](index=30&type=section&id=Other%20Items%20(2%2C%203%2C%204%2C%205)) The company reported no unregistered equity sales, defaults on senior securities, or other material information for the period - Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults Upon Senior Securities), and Item 5 (Other Information) were all reported as **'None'**[116](index=116&type=chunk)[117](index=117&type=chunk) - Item 4 (Mine Safety Disclosures) was reported as **'Not applicable'**[116](index=116&type=chunk) [Item 6 – Exhibits](index=30&type=section&id=Item%206%20%E2%80%93%20Exhibits) The filing includes required CEO and CFO certifications and Inline XBRL data files - Key exhibits filed include **CEO and CFO certifications** (31.1, 31.2, 32.1, 32.2) and **Inline XBRL files** (101 series)[119](index=119&type=chunk)

[CEO's Statement and Outlook](index=1&type=section&id=CEO%27s%20Statement%20and%20Outlook) The CEO reported a 69% YoY revenue increase to $8.3 million and a third consecutive quarter of net income, while addressing a reduced backlog and new tariff challenges Q1 2025 Key Performance Indicators | Metric | Q1 2025 | Change (YoY) | Change (QoQ) | | :--- | :--- | :--- | :--- | | Revenue | $8.3 million | +69.0% | +12.2% | | Net Income | $360,000 | - | 3rd consecutive quarter of net income | | Backlog | $13.8 million | - | from $19.4 million at Dec 31, 2024 | - Revenue growth was primarily driven by two contracts in the industrial and aerospace markets, along with strong demand for gas delivery equipment from the SDC segment[2](index=2&type=chunk) - The company is facing uncertainty due to recently imposed tariffs, which could affect component costs and economic conditions, potentially impacting the order rate[2](index=2&type=chunk) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Q1 2025 saw strong financial improvement with 69% YoY revenue growth and profitability, alongside modest new orders, a reduced backlog, and workforce reductions [First Quarter 2025 Financial Performance](index=1&type=section&id=First%20Quarter%202025%20Financial%20Performance) Q1 2025 financial performance improved significantly with 69% revenue growth to $8.3 million, a gross profit margin of 32.4%, and a net income of $360,000, despite a decrease in cash to $10.2 million Q1 2025 vs Q1 2024 Financial Comparison (in thousands, except percentages and EPS) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $8,174 | $4,922 | | Gross Profit Margin | 32.4% | 16.2% | | Operating Income (Loss) | $269 | $(1,623) | | Net Income (Loss) | $360 | $(1,472) | | Basic & Diluted EPS | $0.05 | $(0.22) | - The improvement in gross margin was attributed to higher revenues, better absorption of overhead, and improved margins on contracts in progress[4](index=4&type=chunk) - Cash and cash equivalents stood at **$10.2 million** as of March 31, 2025, a decrease from **$12.6 million** at the end of 2024[4](index=4&type=chunk) [First Quarter 2025 Operational Performance](index=2&type=section&id=First%20Quarter%202025%20Operational%20Performance) Q1 2025 operational performance included $2.8 million in new orders, a $1.2 million post-quarter semiconductor system order, and a workforce reduction to align with demand - First-quarter orders amounted to **$2.8 million**, mainly from the SDC segment[8](index=8&type=chunk) - A significant **$1.2 million** order for a semiconductor system was received in early April 2025, which is not included in the Q1 backlog[8](index=8&type=chunk) - The company implemented a plan to reduce operating costs, resulting in a workforce reduction during the quarter[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) Unaudited Q1 2025 financial statements show significant YoY revenue growth and profitability, with a slight decrease in total assets and reduced current liabilities [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 statements show revenue of $8.17 million, gross profit of $2.70 million, operating income of $269,000, and net income of $360,000, a significant turnaround from prior year losses Condensed Consolidated Statements of Operations (In thousands, except per share data) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | **Revenue** | **$8,174** | **$4,922** | | Cost of revenue | 5,621 | 4,125 | | **Gross profit** | **2,695** | **797** | | Total operating expenses | 2,426 | 2,420 | | **Operating income (loss)** | **269** | **(1,623)** | | **Net income (loss)** | **$360** | **$(1,472)** | | **Basic and diluted income (loss) per share** | **$0.05** | **$(0.22)** | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets were $31.08 million (down from $31.69 million), driven by reduced cash, while total liabilities decreased and equity increased Condensed Consolidated Balance Sheets (In thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $10,219 | $12,598 | | Total current assets | 19,469 | 19,986 | | **Total assets** | **$31,080** | **$31,686** | | **Liabilities and stockholders' equity** | | | | Current liabilities | $4,929 | $6,137 | | Total liabilities | 5,088 | 6,318 | | **Total stockholders' equity** | **25,992** | **25,368** | | **Total liabilities and stockholders' equity** | **$31,080** | **$31,686** | [Additional Information](index=2&type=section&id=Additional%20Information) This section covers business operations, target markets, investor relations, Q1 2025 conference call details, and forward-looking statement disclosures [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) A conference call for Q1 2025 results is scheduled for May 13, 2025, at 5:00 PM ET, with webcast and replay options available - A conference call is scheduled for May 13, 2025, at 5:00 PM ET, with a live webcast available on the company's website and a telephone replay for 7 days[6](index=6&type=chunk) [About CVD Equipment Corporation](index=2&type=section&id=About%20CVD%20Equipment%20Corporation) CVD Equipment Corporation designs and manufactures chemical vapor deposition and thermal processing systems for industrial and R&D sectors, targeting aerospace, high power electronics, and EV battery materials - The company designs and manufactures chemical vapor deposition, thermal processing, and other related equipment for developing and manufacturing materials and coatings[7](index=7&type=chunk) - Major target markets include aerospace & defense (ceramic matrix composites), high power electronics (silicon carbide), and EV battery materials / energy storage[7](index=7&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section outlines forward-looking statements and potential risks, including market conditions, sales strategies, order changes, supply chain delays, competition, and geopolitical factors - The company claims "safe harbor" protection for forward-looking statements[9](index=9&type=chunk) - Potential risks include market conditions, customer delivery schedule changes, order cancellations, supply chain delays, competition, and ability to obtain raw materials from foreign markets[9](index=9&type=chunk)

Core Viewpoint - CVD Equipment Corporation (CVV) has shown resilience in its stock performance despite broader market downturns, with significant year-over-year revenue growth and a return to net income in the fourth quarter of 2024 [1][3][10]. Quarterly Revenue and Earnings Performance - Fourth-quarter 2024 revenues reached $7.4 million, an 80.3% increase from $4.1 million in the same quarter of the previous year, although slightly below the $8.2 million in the third quarter of 2024 [2]. - Net income for the quarter was $132,000 or $0.02 per share, compared to a net loss of $2.3 million or $0.33 per share in the fourth quarter of 2023 [3]. - Gross profit was $2 million, reflecting a margin of 27.3%, a significant improvement from a gross loss of $348,000 in the prior year [3]. Full-Year Performance - For the full year 2024, revenues increased by 11.5% to $26.9 million from $24.1 million in 2023, while the net loss narrowed to $1.9 million or $0.28 per share from $4.2 million or $0.62 per share in 2023 [4]. Order Activity and Backlog - Fourth-quarter orders totaled $7.1 million, with a notable $3.5 million follow-on order for the CVI/CVD3500 system from an existing aerospace customer [5]. - Full-year orders rose 8.9% to $28.1 million from $25.8 million in 2023, driven by demand in aerospace and industrial markets [5]. - The year-end backlog increased by 4.9% to $19.4 million from $18.4 million, indicating steady customer interest [6]. Segment Performance - The CVD Equipment segment was the primary driver of revenue growth, benefiting from aerospace and industrial contract activity [7]. - The SDC segment experienced a 28.8% year-over-year revenue increase in the fourth quarter of 2024, supported by strong demand for gas delivery systems [7]. Financial Metrics - Gross margin for the year improved to 23.6% from 21%, despite a $1.3 million inventory write-down on PVT150 systems [8]. - Operating loss for 2024 was reduced to $2.4 million from $4.9 million in 2023, aided by gains from the sale of equipment related to discontinued operations [8]. Cash Position - Cash and cash equivalents at year-end were $12.6 million, down from $14 million a year earlier, while working capital slightly decreased to $13.9 million from $14.3 million [9]. Management Commentary - CEO Emmanuel Lakios highlighted the company's progress in navigating complex market conditions and noted the achievement of positive net income for two consecutive quarters [10]. - CFO Richard Catalano acknowledged challenges from inflation and supply chain costs but expressed confidence in the company's cash position and cost control efforts [10]. Market Challenges - The silicon carbide market, particularly for 150 mm wafers, faces challenges due to global overcapacity and declining wafer prices, impacting future orders [11]. - Management indicated that future orders will depend on broader market recovery and capacity needs [11]. Strategic Focus - The company discontinued its MesoScribe product line in 2024 to focus on core CVD and SDC businesses, reflecting a strategic effort to streamline operations [13]. - Ongoing strategic investments in R&D and sales are aimed at positioning the company for long-term growth and profitability [12].