Financial Performance - Revenue for the three months ended September 30, 2023, was $6,234 thousand, a decrease of 23.2% compared to $8,119 thousand for the same period in 2022[31] - Gross profit for the three months ended September 30, 2023, was $1,598 thousand, down 33.9% from $2,420 thousand in the prior year[31] - Operating loss for the three months ended September 30, 2023, was $(990) thousand, compared to an operating income of $122 thousand for the same period in 2022[31] - Net loss for the three months ended September 30, 2023, was $(753) thousand, compared to a net income of $63 thousand in the same period last year[31] - Total revenue for the nine months ended September 30, 2023, was $19,998 million, a decrease of 2.9% compared to $20,579 million for the same period in 2022[52] - Energy segment revenue for the nine months ended September 30, 2023, was $4,435 million, down 34.7% from $6,763 million in the same period of 2022[52] - Aerospace segment revenue increased to $4,000 million for the nine months ended September 30, 2023, compared to $1,375 million in the same period of 2022, reflecting a significant growth[52] - Industrial segment revenue for the nine months ended September 30, 2023, was $7,316 million, a slight decrease from $7,296 million in the same period of 2022[52] - Research segment revenue increased to $4,247 million for the nine months ended September 30, 2023, compared to $3,145 million in the same period of 2022, indicating a growth of 35.2%[52] - Total stockholders' equity decreased to $28,216 million as of September 30, 2023, from $29,399 million at the end of 2022[58] Expenses and Losses - Research and development expenses increased to $704 thousand for the three months ended September 30, 2023, up 35.9% from $518 thousand in the prior year[31] - Total operating expenses increased to $2,588 million in Q3 2023, up 12.6% from $2,298 million in Q3 2022[31] - The company recorded stock-based compensation expense of approximately $44,783 thousand for the three-month period ended September 30, 2023[86] - The CVD Equipment segment had an operating loss of $323,000 for the three months ended September 30, 2023[117] - The CVD Equipment segment reported an operating loss of $1.39 million for the nine months ended September 30, 2023, while the SDC segment generated an operating income of $1.12 million[95] Cash and Assets - The company had $14.3 million in cash and cash equivalents as of September 30, 2023, which is expected to meet working capital and capital equipment requirements over the next 12 months[37] - Total assets as of September 30, 2023, were $37,227 thousand, a decrease from $37,912 thousand as of December 31, 2022[28] - The company had cash and cash equivalents of $14.3 million as of September 30, 2023, compared to $14.4 million at December 31, 2022[76] - Total liabilities and stockholders' equity amounted to $37,227 million as of September 30, 2023, down from $37,912 million at the end of 2022[58] - Total inventories increased to $4,290 million as of September 30, 2023, from $2,538 million at December 31, 2022[83] Customer Concentration and Revenue Recognition - Two customers represented 40.3% and 10.3% of revenues during the three months ended September 30, 2023, indicating significant customer concentration risk[50] - The accounts receivable balance as of September 30, 2023, included amounts from three customers totaling 53.6% of total accounts receivable[101] - The Company recognized $0.8 million of deferred revenue during the three months ended September 30, 2023, due to a contract modification[43] - The Company has unrecognized contract revenue of approximately $15.5 million as of September 30, 2023, which is expected to be recognized within the next twelve months[105] - The Company’s revenue recognition follows ASC 606, with performance obligations recognized over time or at a point in time based on contract criteria[70] Operational Changes and Future Plans - The company plans to cease operations of MesoScribe by the end of 2024 after fulfilling remaining orders[122] - The company expects to complete the sale of certain proprietary assets related to its plasma spray technology for an aggregate purchase price of $0.9 million, with $0.6 million received as deposits[145][146] - The company faces challenges due to supply chain disruptions, inflationary pressures, and geopolitical conflicts impacting its ability to procure raw materials[125] - The company is focusing on developing new products for the high power electronics market, including plans to launch a PVT200 system for growing silicon carbide crystals[127] Segment Performance - The CVD Equipment segment generated revenue of $4.795 million, while the SDC segment contributed $1.572 million, and CVD Materials segment accounted for $90,000 in revenue for the three months ended September 30, 2023[117] - MesoScribe reported revenues of $90,000 and a net loss of ($30,000) for the three months ended September 30, 2023[99] - For the nine months ended September 30, 2023, MesoScribe's revenue was $0.6 million, with a net income of $49,000, including an impairment charge of $0.1 million[99] - Total revenue for the Energy segment was $970,000 for the three months ended September 30, 2023[103] - The Aerospace segment generated $2.511 million in revenue for the same period[103] - Industrial segment revenue was $695,000, while the Research segment brought in $504,000 for the three months ended September 30, 2023[103]

CVD Equipment Corporation (NASDAQ:CVV) Q2 2023 Earnings Conference Call August 14, 2023 5:00 PM ET Company Participants Emmanuel Lakios – President and Chief Executive Officer Richard Catalano – Executive Vice President and Chief Financial Officer Conference Call Participants Brett Reiss – Janney Montgomery Scott Operator Greetings. Thank you for standing by. Welcome to CVD Equipment Corporation’s Second Quarter Fiscal Year 2023 Earnings Call. As a reminder, this call is being recorded. We will begin with s ...

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, 2023 ☐ 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 ...

CVD Equipment Corporation (NASDAQ:CVV) Q1 2023 Earnings Conference Call May 15, 2023 5:00 PM ET Company Participants Emmanuel Lakios - President and CEO Richard Catalano - VP and CFO Conference Call Participants Brett Rice - Jamie Montgomery Scott Robert Mertens - Cowen and Company Orin Hirschman - AIGH Investment Partners Operator Greetings and thank you for standing by and welcome to the CVD Equipment Corporation's First Quarter Fiscal 2023 Earnings Call. As a reminder, this conference is being recorded. ...

[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20Financial%20Information) This section presents the unaudited financial statements and management's analysis of financial condition and results of operations [Item 1 – Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201%20%E2%80%93%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements, highlighting a significant revenue increase but continued net loss and a slight decrease in total assets Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $20,554 | $23,658 | | **Total Assets** | $34,784 | $37,912 | | **Total Current Liabilities** | $4,888 | $8,164 | | **Total Liabilities** | $5,217 | $8,513 | | **Total Stockholders' Equity** | $29,567 | $29,399 | Condensed Consolidated Statement of Operations (in thousands, except per share data) | Metric | Three months ended March 31, 2023 | Three months ended March 31, 2022 | | :--- | :--- | :--- | | **Revenue** | $8,695 | $4,656 | | **Gross Profit** | $2,434 | $770 | | **Operating Loss** | $(187) | $(970) | | **Net Loss** | $(40) | $(997) | | **Loss per common share - basic & diluted** | $(0.01) | $(0.15) | Condensed Consolidated Statement of Cash Flows (in thousands) | Cash Flow Activity | Three months ended March 31, 2023 | Three months ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(3,272) | $(1,420) | | **Net cash used in investing activities** | $(146) | $(195) | | **Net cash from (used in) financing activities** | $54 | $(1,766) | | **Net decrease in cash and cash equivalents** | $(3,364) | $(3,381) | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, revenue recognition, significant customer concentration, and segment performance, along with stock-based compensation and deferred tax assets - The company recognizes revenue from system sales over time using an input method based on the ratio of costs incurred to date to the total estimated costs at completion[100](index=100&type=chunk) - In Q1 2023, three customers represented **28.3%**, **15.9%**, and **10.6%** of total revenues, indicating significant customer concentration[4](index=4&type=chunk) - The company has unrecognized contract revenue of approximately **$10.1 million** as of March 31, 2023, expected to be recognized within the next twelve months[6](index=6&type=chunk) Revenue by Market - Q1 2023 (in thousands) | Market | Revenue | | :--- | :--- | | Energy | $2,530 | | Industrial | $3,883 | | Research | $1,767 | | Aerospace | $515 | | **Total** | **$8,695** | Segment Operating Results - Q1 2023 (in thousands) | Segment | Revenue | Operating (Loss) Income | | :--- | :--- | :--- | | CVD Equipment | $5,845 | $138 | | SDC | $2,312 | $631 | | CVD Materials | $667 | $81 | | Corporate | - | $(1,037) | | **Consolidated** | **$8,695** | **$(187)** | [Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the 87% revenue increase in Q1 2023, improved gross margin, and reduced operating loss, alongside a decrease in order backlog and strategic focus on electrification and aerospace markets - The company's core strategy is to focus on growth market applications related to the **"electrification of everything"** (e.g., for EVs) and aerospace (e.g., for next-gen jet engines)[22](index=22&type=chunk) - Order backlog decreased from **$17.8 million** at Dec 31, 2022, to **$12.0 million** at March 31, 2023, as revenues outpaced new orders[28](index=28&type=chunk)[152](index=152&type=chunk) Q1 2023 vs Q1 2022 Performance (in thousands) | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | $8,695 | $4,656 | +87% | | **Gross Profit** | $2,434 | $770 | +216% | | **Gross Margin** | 28.0% | 16.5% | +11.5 pts | | **Operating Loss** | $(187) | $(970) | -81% | | **Net Loss** | $(40) | $(997) | -96% | - The increase in revenue was primarily driven by a **107% increase** in the CVD Equipment segment, largely from revenue recognition on PVT150 systems[185](index=185&type=chunk)[156](index=156&type=chunk) - Management is evaluating the disposal of its Tantaline subsidiary in Denmark to focus on the core equipment business, which may result in a financial charge of up to **$500,000**[174](index=174&type=chunk)[192](index=192&type=chunk) [Item 3 – Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section indicates no new or material quantitative or qualitative disclosures about market risk are applicable for the reporting period - The company states that this item is not applicable[197](index=197&type=chunk) [Item 4 – Controls and Procedures](index=27&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 over financial reporting identified during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[58](index=58&type=chunk)[198](index=198&type=chunk) - There were no changes in internal controls over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the controls[199](index=199&type=chunk) [Part II - Other Information](index=28&type=section&id=Part%20II%20-%20Other%20Information) This section provides disclosures on legal proceedings, risk factors, and other miscellaneous information not covered in Part I [Item 1 – Legal Proceedings](index=28&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company reported no legal proceedings during the reporting period - The company reported no legal proceedings[40](index=40&type=chunk)[201](index=201&type=chunk) [Item 1A – Risk Factors](index=29&type=section&id=Item%201A-Risk%20Factors) The company reported no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in the Annual Report on Form 10-K filed on March 27, 2023[68](index=68&type=chunk) [Other Part II Items](index=29&type=section&id=Other%20Part%20II%20Items) This section covers standard disclosures, reporting no unregistered sales of equity, no defaults, and no other material information, with mine safety disclosures being not applicable - Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults Upon Senior Securities), and Item 5 (Other Information) are all reported as **"None"**[69](index=69&type=chunk)[70](index=70&type=chunk)[202](index=202&type=chunk) - Item 4 (Mine Safety Disclosures) is reported as **"Not applicable"**[42](index=42&type=chunk)[203](index=203&type=chunk) - Item 6 lists the exhibits filed with the Form 10-Q, including officer certifications and interactive data files (XBRL)[43](index=43&type=chunk)[205](index=205&type=chunk) [Signatures](index=30&type=section&id=Signatures) This section contains the required signatures for the filing, certifying the accuracy and completeness of the report

Financial Data and Key Metrics Changes - The company reported a strong revenue growth of 57% for fiscal 2022 compared to the prior fiscal year, with fourth quarter revenue being 53% higher than the same quarter in 2021 [7][19] - The net income for the fourth quarter was $1.5 million, while the full fiscal year 2022 recognized a net loss of $224,000, which included a $1.5 million federal employee retention credit [7][24] - The gross profit percentage improved to 28% in the fourth quarter from 16% in the prior year, driven by higher sales levels and an improved product mix [16][21] Business Line Data and Key Metrics Changes - The CVD Systems and Services segment received orders exceeding $33 million in 2022, a 52% year-on-year increase, with fourth quarter orders amounting to $9.2 million [10][11] - The SDC segment experienced a 35% increase in sales over the prior year, reflecting higher demand for gas and liquid control system products [13] Market Data and Key Metrics Changes - The company noted that the demand for its products is influenced by customer market conditions and general economic conditions, indicating fluctuations in revenue and profitability [8][28] - The company received a significant order from a major aircraft engine manufacturer, valued at approximately $3.7 million, signaling a potential recovery in the aerospace market [12] Company Strategy and Development Direction - The core strategy focuses on markets supporting the electrification of everything, particularly silicon carbide, which is driving current growth [9] - The company aims to achieve consistent long-term profitability and is cautiously optimistic about future growth [8][31] Management Comments on Operating Environment and Future Outlook - Management acknowledged ongoing supply chain issues but indicated that they have been managed effectively throughout 2022 [42] - The company is unable to predict the impact of current economic and geopolitical uncertainties on its financial position but believes its cash flow will be sufficient for the next 12 months [27][29] Other Important Information - The backlog at December 31, 2022, was $17.8 million, an increase from $10.4 million at the beginning of the year [25] - Cash and cash equivalents decreased to $14.4 million from $16.7 million, primarily due to the payoff of a mortgage and capital expenditures [26] Q&A Session Summary Question: Cash flow changes from Q3 to Q4 - Management confirmed that cash flow fluctuations are typical due to contract completions and down payments received [38] Question: Impact of potential credit contraction - Management stated that the company is in a strong cash position and is not reliant on bank lines of credit [40] Question: Supply chain issues - Management indicated that while supply chain issues are still present, they have been effectively managed [42] Question: Outlook for PVT-150 product - Management noted that the PVT-150 has improved gross margins compared to legacy products and anticipates a contribution margin of over 50% as sales increase [48] Question: New customer acquisition for PVT-150 - The company aims to penetrate two additional accounts for the PVT-150 product by year-end [53]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Form 10-K | --- | --- | --- | |---------------------------------------|---------------------|-----------------------------------------------------| | | | | | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | | | | | Common Stock, Par value $0.01 | CVV | NASDAQ Capital Market | | | | | Indicate by check ...

CVD Equipment Corporation (NASDAQ:CVV) Q3 2022 Earnings Conference Call November 14, 2022 5:00 PM ET Company Participants Emmanuel Lakios - President & Chief Executive Officer Richard Catalano - Vice President, Chief Financial Officer Conference Call Participants Brett Reiss - Janney Montgomery Operator Greetings, and welcome to the CVD Equipment Corporation 2022 Third Quarter Results Conference Call. As a reminder, this conference is being recorded. We will begin with some prepared remarks followed by a qu ...

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 September 30, 2022 ☐ 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 ...

Financial Data and Key Metrics Changes - CVD Equipment's revenue for Q2 2022 was $5.8 million, an increase of 44% compared to $4 million in Q2 2021 [11] - The net loss for Q2 2022 was $0.8 million or $0.12 per diluted share, compared to a net income of $1.5 million or $0.22 per diluted share in Q2 2021, which included a $2.4 million gain on debt extinguishment [11][12] - For the first half of 2022, revenue was $10.5 million, a 41.4% increase from $7.4 million in the same period in 2021 [13] - The backlog at June 30, 2022, was $16.7 million, up 60.5% from $10.4 million at December 31, 2021 [16] Business Line Data and Key Metrics Changes - Q2 2022 orders were $12.6 million, compared to $5.8 million in Q1 of the prior year, marking a 72% year-on-year increase in orders [7] - The orders primarily consisted of 21 FirstNano CVD systems, with 14 for the PVT-150 system, 2 for superconducting tape applications, and others for battery nanomaterials [7] - The SDC product line also saw an increase in order rates in Q2 2022, although supply chain issues negatively impacted revenue and profitability across all segments [9] Market Data and Key Metrics Changes - The aerospace market is beginning to recover, but full recovery is not expected until at least 2023 [8] - Supply chain issues due to the pandemic and geopolitical instability have caused increases in commodity and product material costs, affecting all companies [9][15] Company Strategy and Development Direction - The company is focusing on markets that support the electrification of everything, including electric vehicle battery technology and high-power electronics [6] - CVD Equipment is driving towards operational self-reliance by installing additional machine centers to mitigate supply chain issues [10] - The company aims to leverage its investments in capital equipment to improve machining capabilities and operational efficiencies [26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the second half of 2022, emphasizing the importance of customer focus and market engagement [21] - The return to profitability is dependent on the completion and delivery of existing orders, ongoing receipt of new orders, and managing supply chain issues [18] - The company believes its cash and cash equivalents will be sufficient to meet working capital and capital expenditure requirements for the next 12 to 18 months [19] Other Important Information - The company has been impacted by increased costs on manufacturing material components and delays in supply chain deliveries since Q3 2021 [15] - CVD Equipment is utilizing flexible in-house manufacturing to mitigate potential delivery delays and material cost increases [15] Q&A Session Summary Question: Employee headcount changes and hiring plans - The company has added approximately 15 to 18 personnel this year to support increased manufacturing capacity [22] Question: Ability to find skilled labor at the right cost - The company has been able to attract talent in engineering and operations, with positive results in hiring [24] Question: Future of in-house manufacturing if supply chain issues improve - The company plans to continue in-house manufacturing as it improves margins and supports competitiveness [26] Question: Explanation of different battery technology devices - The company manufactures the Carbon 300, Powder Coat 1100, and PVT-150, each serving different applications in battery technology and high-power electronics [27][29] Question: Competitors and market share growth - The growth has been attributed to both market share gains and overall industry growth [33] Question: National security concerns and preference for U.S. manufacturing - There is a preference for U.S. manufacturing in battery technology and electrification, which could benefit the company [36] Question: Scarcity of resources holding back potential - The primary issue is supply chain problems affecting all equipment companies [37] Question: Capital allocation thoughts for future profitability - The company is focusing on organic growth and has not prioritized share repurchase discussions at this time [46]