Financial Performance - Total revenue for the three months ended June 30, 2021, was $4,034,408, an increase of 8.5% compared to $3,718,884 for the same period in 2020[14] - Gross profit for the six months ended June 30, 2021, was $1,164,242, compared to $2,537,039 for the same period in 2020, reflecting a decrease of 54%[14] - Operating loss for the three months ended June 30, 2021, was $(1,082,924), compared to $(1,132,254) for the same period in 2020, showing a slight improvement[14] - Net income for the three months ended June 30, 2021, was $1,470,425, compared to a net loss of $(1,134,429) for the same period in 2020[14] - For the six months ended June 30, 2021, the company reported a net loss of $35,125 compared to a net income of $524,049 for the same period in 2020[20] - Total revenue for 2021 was $7,400,000, a decrease from $9,755,000 in 2020, representing a decline of approximately 24.4%[88] - Operating loss for 2021 was $(2,702,000), compared to an operating loss of $(1,024,000) in 2020, indicating a worsening performance[88] - The company reported a pretax loss of $(34,000) for 2021, a significant decline from a pretax loss of $(1,006,000) in 2020[88] Assets and Liabilities - Total current assets increased significantly to $26,256,158 as of June 30, 2021, from $11,789,957 as of December 31, 2020[11] - Total liabilities decreased to $14,716,706 as of June 30, 2021, from $16,810,353 as of December 31, 2020[11] - Current assets as of June 30, 2021, were adjusted to $23,941,022 after the sale of the 555 Building, down from $26,256,158[94] - Total liabilities decreased to $5,451,300 post-sale, reflecting the payoff of the mortgage related to the 555 Building[94] - Stockholders' equity increased to $31,153,168 following the sale, with retained earnings improving to $4,012,247[94] Cash Flow and Investments - The company experienced a significant cash outflow from operating activities, totaling $1,850,873 for the six months ended June 30, 2021, compared to $510,043 in the prior year[20] - The total cash and cash equivalents decreased from $7,699,335 at the beginning of the period to $5,387,896 at the end of the period[20] - Cash flows from investing activities included capital expenditures of $(118,471) for the six months ended June 30, 2021[20] - The company recorded a gain on debt extinguishment of $2,443,418 due to the forgiveness of a Paycheck Protection Program loan[61] - The company sold its facility at 555 North Research Place for $24,360,000, resulting in net proceeds of approximately $14,000,000 after settling existing mortgage debt[26] Research and Development - Research and development expenses for the three months ended June 30, 2021, were $128,512, up from $96,108 in the same period of 2020, indicating a 33.6% increase[14] - The company has decided to eliminate further investment in the Tantaline product line due to forecasted continued losses and negative cash flows[26] - The company recorded an impairment charge of $3.6 million related to Tantaline long-lived assets during the fourth quarter of 2020[26] Stock and Equity - The company reported a basic income per share of $0.22 for the three months ended June 30, 2021, compared to a loss of $(0.17) for the same period in 2020[14] - The company granted 150,000 stock options during the six months ended June 30, 2021, with a vesting schedule of 25% per year over four years[68] - As of June 30, 2021, the company has a total of 560,000 outstanding stock options, of which 390,000 were exercisable[70] - The total unrecognized compensation costs related to stock options as of June 30, 2021, amounted to $385,960, expected to be recognized over a weighted average period of 3.9 years[72] - The company granted 42,800 restricted stock awards during the six months ended June 30, 2021, with 38,054 shares unvested at the end of the period[73] - The total fair value of vested restricted stock units was $29,700 for the six months ended June 30, 2021[75] Customer Concentration and Revenue Recognition - Revenue concentration was notable, with one customer representing 18.0% of total revenues for the six months ended June 30, 2021[39] - As of June 30, 2021, two customers accounted for 20.2% of the accounts receivable balance, down from 35.0% at December 31, 2020[40] - The company has unrecognized contract revenue of approximately $3.2 million expected to be recognized within the next twelve months[48] - Contract assets increased by approximately $0.6 million during the six months ended June 30, 2021, compared to an increase of $0.4 million in the same period of 2020[51] COVID-19 Impact - The company continues to monitor the impact of COVID-19 on its operations and financial condition, with ongoing evaluations of government assistance programs[89] - The company plans to evaluate government-sponsored plans related to COVID-19 to leverage available benefits[89] - New orders in Q2 2021 were approximately $6,000,000, showing a recovery compared to the substantial reductions experienced in early 2020 due to COVID-19[89]

CVD Equipment Corporation (NASDAQ:CVV) Q1 2021 Earnings Conference Call May 13, 2021 4:30 PM ET Company Participants Emmanuel Lakios - President and CEO Thomas McNeill - CFO Conference Call Participants Brett Reiss - Janney Montgomery Scott Operator Greetings, and welcome to CVD Equipment 2021 First Quarter Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. We will begin with some prepared remarks follo ...

[Part I - Financial Information](index=4&type=section&id=Part%20I%20-%20Financial%20Information) [Item 1 – Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201%20%E2%80%93%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for Q1 2021 reflect a net loss of $1.5 million and decreased assets due to reclassification of the 555 Building to assets held for sale [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $39.2 million by March 31, 2021, primarily due to reclassification of the 555 Building to assets held for sale Condensed Consolidated Balance Sheet Highlights (at March 31, 2021 vs. December 31, 2020) | Balance Sheet Item | March 31, 2021 ($) | December 31, 2020 ($) | | :--- | :--- | :--- | | **Total Assets** | **39,205,534** | **40,935,925** | | Cash and cash equivalents | 5,929,363 | 7,699,335 | | Assets held for sale | 16,181,368 | 0 | | Property, plant and equipment, net | 12,460,305 | 28,843,563 | | **Total Liabilities** | **16,535,139** | **16,810,353** | | Liabilities held for sale | 9,218,683 | 0 | | Long-term debt, net of current portion | 2,415,970 | 13,106,057 | | **Total Stockholders' Equity** | **22,670,395** | **24,125,572** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of $1.5 million for Q1 2021, a significant decline from prior-year net income, driven by a 44.3% revenue decrease Statement of Operations Summary (Three Months Ended March 31) | Metric | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | Revenue | 3,365,860 | 6,036,360 | | Gross Profit | 318,580 | 1,935,524 | | Operating (Loss) Income | (1,618,787) | 108,161 | | Net (Loss) Income | (1,505,550) | 1,658,478 | | Basic (Loss) Income per Share | (0.23) | 0.25 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to $1.6 million in Q1 2021, resulting in a $1.8 million net decrease in cash and cash equivalents Cash Flow Summary (Three Months Ended March 31) | Cash Flow Activity | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | (1,571,666) | (675,238) | | Net cash used in investing activities | (26,744) | (422,435) | | Net cash (used) in financing activities | (171,562) | (166,878) | | **Net decrease in cash and cash equivalents** | **(1,769,972)** | **(1,264,551)** | | Cash and cash equivalents at end of period | 5,929,363 | 7,399,702 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail strategic shifts, including a new CEO, the planned sale of the 555 Building for $24.36 million, customer concentration, and COVID-19 impacts - In January 2021, a new CEO was appointed to change direction, focusing on the core equipment business and minimizing or ceasing parts of the Materials Business due to continued losses[29](index=29&type=chunk) - The company entered an agreement on March 29, 2021, to sell its 555 Building for **$24,360,000**; proceeds will be used to pay off the building's **$9.2 million** mortgage and for working capital[32](index=32&type=chunk)[67](index=67&type=chunk) - Revenue is recognized over time using a cost-based input method, where revenue is calculated based on the ratio of costs incurred to date to total estimated costs[33](index=33&type=chunk) - For Q1 2021, one customer represented **30.7%** of revenues; in Q1 2020, three customers represented **27.1%**, **21.5%**, and **19.3%** of revenues, indicating significant customer concentration[44](index=44&type=chunk) - The COVID-19 pandemic has caused substantial reductions in new order levels through Q1 2021, materially and adversely affecting revenues, particularly from the hard-hit aerospace sector[89](index=89&type=chunk) [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%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the 44.3% revenue decline in Q1 2021 due to COVID-19, strategic shifts, and the planned sale of the 555 Building to improve liquidity - Overall revenues have declined from **$41.1 million** in 2017 to **$16.9 million** in 2020, with cumulative operating losses of **$14.5 million** from 2018-2020[99](index=99&type=chunk) - A new CEO was appointed in January 2021 to revise the business strategy, focusing on the core equipment business and ceasing further investment in the loss-making Tantaline product line[101](index=101&type=chunk) - The company entered into an agreement to sell its 555 Building for **$24,360,000** to increase liquidity and provide working capital, with proceeds first satisfying the **$9.2 million** mortgage on the property[104](index=104&type=chunk) - Management believes that cash, cash flow from operations, and proceeds from the building sale will be sufficient to meet working capital and capital expenditure needs for the next twelve months[135](index=135&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q1 2021 revenue decreased by 44.3% to $3.4 million, driven by declines in CVD Equipment and SDC segments, leading to a compressed gross profit margin and operating loss Revenue by Segment (Three Months Ended March 31) | Segment | 2021 Revenue ($) | 2020 Revenue ($) | Change ($) | | :--- | :--- | :--- | :--- | | CVD Equipment | 2.0M | 4.1M | (2.1M) | | SDC | 0.8M | 1.6M | (0.8M) | | CVD Materials | 0.6M | 0.3M | +0.3M | | **Total** | **3.4M** | **6.0M** | **(2.6M)** | - Gross profit margin decreased to **9.5%** in Q1 2021 from **32.1%** in Q1 2020, primarily due to the impact of a **$2.7 million** sales decrease and fixed costs[111](index=111&type=chunk) - General and administrative expenses increased by **$0.2 million** to **$1.7 million**, mainly due to a **$235,000** increase in legal costs related to corporate governance and the sale of the 555 Building[115](index=115&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) Working capital stood at $12.3 million with cash at $5.9 million as of March 31, 2021, with liquidity plans including a PPP loan and the 555 Building sale - Working capital was **$12.3 million** at March 31, 2021, compared to **$8.1 million** at December 31, 2020; cash and cash equivalents decreased to **$5.9 million** from **$7.7 million**[121](index=121&type=chunk) - The company obtained a **$2,415,970** PPP loan in April 2020, with an application for forgiveness filed in April 2021, anticipating substantial forgiveness[131](index=131&type=chunk)[132](index=132&type=chunk) - The sale of the 555 Building for **$24,360,000** is key to improving liquidity, with proceeds intended for general working capital after satisfying the building's **$9.2 million** mortgage[134](index=134&type=chunk) [Item 3 – Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable to the company for the current reporting period - Not applicable[138](index=138&type=chunk) [Item 4 – Controls and Procedures](index=30&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 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 period covered by the report[139](index=139&type=chunk) - No changes in internal controls over financial reporting occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[140](index=140&type=chunk) [Part II - Other Information](index=31&type=section&id=Part%20II%20-%20Other%20Information) [Item 1 – Legal Proceedings](index=31&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company reported no legal proceedings during the current reporting period - None[144](index=144&type=chunk) [Item 1A-Risk Factors](index=31&type=section&id=Item%201A-Risk%20Factors) The company did not report any new or updated risk factors in this filing - None[146](index=146&type=chunk) [Item 6 – Exhibits](index=31&type=section&id=Item%206%20%E2%80%93%20Exhibits) Key exhibits include the 555 N Research Place property sale agreement and CEO/CFO certifications - Exhibit 10.1: Agreement to Purchase and Sale for the building and real estate property located at 555 N Research Place, Central Islip, NY, dated March 29, 2021[153](index=153&type=chunk) - Exhibits 31.1, 31.2, 32.1, and 32.2: Certifications by the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act[153](index=153&type=chunk)[156](index=156&type=chunk)

CVD Equipment Corporation (NASDAQ:CVV) Q4 2020 Earnings Conference Call March 31, 2021 4:30 PM ET Company Participants Emmanuel Lakios - President and Chief Executive Officer Thomas McNeill - Chief Financial Officer Conference Call Participants Brett Reiss - Janney Montgomery Scott Operator Greetings, and welcome to CVD Equipment 2020 Fourth Quarter and Year End Results Conference Call. At this time, all participants are in a listen only mode. [Operator Instructions] As a reminder, this conference is being ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2020 ☐ 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 (Exact name of registrant as specified in its charter) New York 11-2621692 ( ...

Financial Performance - Total revenue for Q3 2020 was $3,993,204, a decrease of 30.0% compared to $5,704,882 in Q3 2019[14] - Gross profit for Q3 2020 was $435,791, down 68.9% from $1,399,823 in Q3 2019[14] - Operating loss for Q3 2020 was $(1,392,653), compared to $(248,571) in Q3 2019, reflecting a significant increase in losses[14] - Net loss for the nine months ended September 30, 2020, was $(767,591), compared to $(3,707,685) for the same period in 2019[14] - For the three months ended September 30, 2020, the net loss was $1,291,641 compared to a net loss of $138,009 for the same period in 2019, indicating a significant increase in losses[16] - Total consolidated revenue for the nine months ended September 30, 2020, was $13,748,000, a decrease from $14,100,000 in the same period of 2019, representing a decline of approximately 2.5%[68] - Operating loss for the nine months ended September 30, 2020, was $(2,417,000), compared to an operating loss of $(4,357,000) for the same period in 2019, indicating an improvement in operational performance[68] Expenses and Liabilities - Research and development expenses decreased to $90,227 in Q3 2020 from $112,724 in Q3 2019, a reduction of 20.0%[14] - Total current liabilities decreased to $3,490,592 in September 2020 from $5,388,081 in December 2019, a reduction of 35.2%[10] - Total stockholders' equity decreased to $29,390,368 in September 2020 from $29,957,845 in December 2019[10] - Total operating expenses for the three months ended September 30, 2020, were $1,828,444, an increase of 10.9% from $1,648,394 in the prior year[14] - The company reported stock-based compensation of $200,114 for the nine months ended September 30, 2020, compared to $476,458 for the same period in 2019, showing a decrease of about 58%[19] Cash Flow and Assets - Cash and cash equivalents decreased to $8,187,497 in September 2020 from $8,664,253 in December 2019[10] - The total cash and cash equivalents at the end of the period were $8,187,497, down from $6,739,065 at the end of September 30, 2019, reflecting a decrease of approximately 21.5% year-over-year[19] - The net cash used in operating activities for the nine months ended September 30, 2020, was $1,188,504, compared to $2,092,962 for the same period in 2019, indicating a decrease of about 43%[19] - The company had total inventories of $1.444 million as of September 30, 2020, down from $1.710 million at December 31, 2019[49] - The company’s retained earnings decreased to $2,404,463 as of September 30, 2020, from $3,172,054 at December 31, 2019, reflecting the impact of operational losses[10] Customer and Revenue Insights - During the three months ended September 30, 2020, two customers accounted for 26.0% of total revenues, while in the same period of 2019, two customers represented 42.8%[38] - The Company reported total revenues of $3.0 million for the three months ended September 30, 2020, compared to $5.7 million for the same period in 2019, reflecting a decrease of approximately 47%[41] - The Company has unrecognized contract revenue of approximately $2.7 million at September 30, 2020, expected to be recognized within the next twelve months[45] - The company’s revenue disaggregation showed aerospace revenue of $1.433 million for the three months ended September 30, 2020, compared to $2.506 million in 2019[41] Debt and Financing - The Company entered into a loan agreement for $2.4 million under the Paycheck Protection Program, maturing on April 21, 2022[57] - The Company has a long-term debt balance of approximately $2.1 million as of September 30, 2020, down from $2.4 million at December 31, 2019[51] - The Company recognized approximately $1.5 million of a tax benefit due to the CARES Act, with $0.8 million as a receivable at September 30, 2020[60] Impact of COVID-19 - The aerospace sector, which significantly impacts the company's business, has faced substantial reductions in new orders due to the COVID-19 pandemic, affecting revenue levels[70] - The Company experienced a significant reduction in new order levels during the first nine months of 2020, impacting revenues starting in the second quarter[70] - The company has been actively monitoring the impact of COVID-19 and plans to evaluate government-sponsored programs to mitigate financial impacts[70] - The company intends to continue monitoring developments related to COVID-19 and adapt its strategies accordingly to navigate the ongoing challenges[70]

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, 2020 ☐ 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 ...

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 March 31, 2020 ☐ 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 Othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2019 ☐ 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 (Exact name of registrant as specified in its charter) New York 11-2621692 ( ...

Financial Data and Key Metrics Changes - In Q3 2019, the company's revenue was $5.7 million, an increase of $1.7 million or 41.6% compared to $4 million in Q3 2018 [7] - The net loss for Q3 2019 was $138,000 or $0.02 per diluted share, significantly improved from a net loss of $2.5 million or $0.39 per diluted share in Q3 2018 [7] - For the first nine months of 2019, revenues were $14.1 million, down from $19.6 million in 2018, a decrease of $5.5 million or 28.1% [8] - The gross profit margin improved to 25% in Q3 2019, compared to 10% in Q2 2019 and negative 11% in Q1 2019 [11] Business Line Data and Key Metrics Changes - The increase in Q3 revenue was primarily due to higher sales of spare parts and equipment [8] - The company received new orders of approximately $7.9 million in Q3 2019, compared to $3.3 million in Q2 and $6.5 million in Q1 2019, leading to an order backlog of $6.7 million as of September 30, 2019, up from $4.5 million at June 30 [10] Market Data and Key Metrics Changes - The company is focusing on high-margin growth markets in materials for corrosion resistance, medical, aerospace, and defense coatings to stabilize equipment sales [6] Company Strategy and Development Direction - The company is enhancing its marketing efforts for equipment and materials sales, showcasing its material facility operations and offering coating services to new and existing customers [4] - The company anticipates that the operational start of Tantaline U.S. manufacturing in Q4 will contribute to improved sales [5] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to profitability, citing improved order flow, cost containment measures, and enhanced gross profit margins [13][16] - The company is committed to monitoring orders and expenditures while focusing on returning to profitable quarterly results [6] Other Important Information - Cash and cash equivalents were $6.7 million at September 30, 2019, down from $11.4 million at December 31, 2018, with working capital decreasing to $9.7 million [14] - The company invested $2.1 million in capital expenditures related to building improvements and machinery for CVD Materials operations [15] Q&A Session Summary Question: Are the bookings of $7.9 million all legacy business or do they include new material handling business? - Management indicated that the $7.9 million includes both legacy business and some components from new material handling [17] Question: When will Tantaline operations be fully operational? - Management stated that Tantaline operations will start in Q4 but will take most of the first half of the next year to be fully operational [20] Question: Is there room for further cost reductions? - Management confirmed that cost containment is an ongoing process and they are always looking for efficiencies [23] Question: Will the company be hiring additional personnel as orders increase? - Management expressed hope to announce additional hirings as orders increase, indicating they do not intend to reduce beneficial personnel [24] Question: Is the company actively seeking a replacement tenant for the space given back? - Management confirmed that they are actively pursuing a replacement tenant through a broker [25] Question: What is the potential revenue for the Meso division in the coming years? - Management affirmed that the Meso division has the potential to become a significant revenue contributor, possibly reaching $5 million to $20 million in a few years [28]