CVD(US:CVV)2025-11-10 21:05Financial Performance - Third quarter 2025 revenue was $7.4 million, a decrease of 9.6% from the prior-year quarter, while year-to-date revenue increased by 7.1% to $20.8 million[5] - The company reported a net income of $384,000, or $0.06 per share, compared to $203,000, or $0.03 per share in the third quarter of 2024[5] - Gross margin improved to 32.7%, up from 21.5% in the prior-year quarter, due to a better contract mix in the CVD Equipment segment[5] - Cash and cash equivalents decreased to $8.4 million as of September 30, 2025, down from $12.6 million as of December 31, 2024[5] Backlog and Workforce - As of September 30, 2025, the backlog was $8.0 million, down from $13.2 million as of June 30, 2025[5] - The company plans to reduce its CVD Equipment division's workforce by December 31, 2025, which is expected to save approximately $2.0 million in annual operating costs for fiscal 2026[4] - The company anticipates incurring approximately $0.1 million in severance and other charges related to the workforce reduction plan[7] Strategic Initiatives - The company is implementing a revised sales strategy utilizing distributors and outside sales representatives to enhance market opportunities[10] - Strategic initiatives include transitioning to outsourced fabrication for certain components to improve operational efficiency[4] - CVD Equipment Corporation remains focused on key markets such as aerospace and defense, silicon carbide high-power electronics, and electric vehicle battery materials[6]