CVD Equipment Corporation (NASDAQ: CVV) has released its financial results for the second quarter ending June 30, 2024.
Manny Lakios, President and CEO of CVD Equipment Corporation, stated, “We achieved $6.3 million in revenue for the second quarter of 2024, marking a 25.2% increase compared to the same period last year. We are particularly pleased with the recent shipment of a PVT 200 system, part of a strategic first-quarter order for SiC 200mm crystal boule growth. The system’s performance will be evaluated for production by our second customer account. Additionally, our backlog as of June 30, 2024, is significantly higher than at year-end.”
He added, “Despite the revenue growth, we are disappointed with our operating performance in the first half of the year, as fluctuations in order and revenue levels persist due to the evolving markets we serve. We remain committed to building essential customer relationships, achieving profitability, carefully managing costs and cash flow, and focusing on growth and return on investment.”
Second Quarter 2024 Financial Highlights:
- Revenue: $6.3 million, up 25.2% year-over-year, driven primarily by higher system and SDC revenues.
- Backlog: $24.0 million as of June 30, 2024, down from $27.1 million as of March 31, 2024.
- Gross Profit Margin: Declined to 25.4% from the previous year’s quarter due to a less profitable mix of contracts.
- Operating Loss: $0.9 million.
- Net Loss: $0.8 million, or $0.11 per share, compared to a net loss of $1.1 million, or $0.16 per share, in the prior year’s second quarter.
- Prior year’s second quarter losses included non-recurring charges totaling $0.3 million, related to the sale of the Tantaline subsidiary and an impairment charge from winding down the MesoScribe business.
- Cash and Cash Equivalents: $10.0 million as of June 30, 2024.
Second Quarter 2024 Operational Highlights:
- First-quarter orders totaled $3.2 million, primarily driven by demand in the SDC segment for gas delivery equipment.
- Orders for the first six months of 2024 were $16.9 million, compared to $15.8 million for the same period in 2023.
- Continued investments in research and development, as well as sales and marketing, are focused on the company’s three key strategic markets.
Management Conference Call and Webcast:
The company will host a conference call to discuss these results today at 5:00 pm Eastern Time. To join the live call, dial toll-free (877) 407-2991 or international (201) 389-0925. A replay of the call will be available for seven days.
