CVD(CVV) - 2024 Q1 - Quarterly Results

CVD Equipment Corporation First Quarter 2024 Financial Results Management Commentary CEO Manny Lakios attributed Q1 2024 revenue decline to market volatility, emphasizing strategic profitability and growth, with backlog increasing to $27.1 million - Q1 2024 revenue was $4.9 million, a significant decrease attributed to volatile end markets[2] - The company maintains strategic focus on achieving profitability, managing costs, and investing in growth and ROI[2] - Key Q1 orders for PVT200 and SiC CVD coating reactors increased backlog from $18.4 million to $27.1 million by March 31, 2024[2] First Quarter 2024 Performance Q1 2024 saw a 43.4% revenue decrease to $4.9 million and a $1.5 million net loss, offset by $13.5 million in new orders and cost reductions Financial Highlights Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Change (YoY) | | :--- | :--- | :--- | | Revenue | $4.9 million | -43.4% | | Gross Profit Margin | 17.5% | Decreased | | Operating Loss | $(1.6) million | Worsened from $(0.2)M | | Net Loss | $(1.5) million | Worsened from $(40)K | | Net Loss per Share | $(0.22) | Worsened from $(0.01) | | Cash & Cash Equivalents | $11.9 million | Decreased by $2.1M from YE 2023 | Operational Highlights - Orders totaled $13.5 million in Q1, primarily from aerospace and SDC segments[4] - Secured a key order for the new PVT200 system for 200 mm silicon carbide wafer manufacturing, marking the second customer[10] - Won a multi-system order of approximately $10 million for SiC protective coatings, with shipments scheduled for 2025[10] - Implemented a cost reduction plan in Q1 2024, including workforce reduction, to align operating costs with current demand[10] Financial Statements Unaudited Q1 2024 financial statements show revenue decreased to $4.9 million and net loss widened to $1.5 million, with total assets at $35.4 million Condensed Consolidated Statements of Operations Statements of Operations (Unaudited, in thousands, except per share data) | | Three Months Ended March 31, | | :--- | :---: | :---: | | | 2024 | 2023 | | Revenue | $4,922 | $8,695 | | Cost of revenue | $4,063 | $6,261 | | Gross profit | $859 | $2,434 | | Total operating expenses | $2,482 | $2,621 | | Operating loss | $(1,623) | $(187) | | Net loss | $(1,472) | $(40) | | Basic and diluted loss per share | $(0.22) | $(0.01) | Condensed Consolidated Balance Sheets Balance Sheets (Unaudited, in thousands) | | March 31, 2024 | December 31, 2023 | | :--- | :---: | :---: | | Assets | | | | Cash and cash equivalents | $11,893 | $14,025 | | Total current assets | $23,336 | $22,841 | | Total assets | $35,443 | $35,025 | | Liabilities and Stockholders' Equity | | | | Current liabilities | $10,198 | $8,554 | | Total stockholders' equity | $24,998 | $26,203 | | Total liabilities and stockholders' equity | $35,443 | $35,025 | Company and Event Information CVD Equipment Corp. designs and manufactures chemical vapor deposition and thermal processing systems, with Q1 2024 earnings call details provided - CVD Equipment Corp. designs, develops, and manufactures chemical vapor deposition and thermal processing systems for industrial and research applications[8] - Major target markets include high power electronics, EV battery materials, aerospace & defense, and industrial applications[8] - The company hosted a conference call and webcast to discuss Q1 2024 results on May 13, 2024[6][7] Forward-Looking Statements The release contains forward-looking statements protected by safe harbor provisions, subject to risks including market conditions, sales strategies, and supply chain issues - The release contains forward-looking statements, protected under the safe harbor of the Private Securities Litigation Reform Act of 1995[9] - Potential risks include market conditions, growth strategy success, customer schedule changes, supply chain delays, and competition in product lines like PVT systems[9]