CVD Equipment Corporation Reports Third Quarter 2024 Financial Results

CVD Equipment Corporation (NASDAQ: CVV) recently disclosed its financial performance for the third quarter ending September 30, 2024. The company highlighted revenue growth, operational achievements, and strategic developments.

In the third quarter of 2024, CVD Equipment Corporation recorded revenue of $8.2 million, indicating a substantial increase of 31.4% compared to the prior year period. The company’s President and CEO, Manny Lakios, expressed contentment with the revenue growth and operational improvements, emphasizing a 31.4% revenue increase and enhanced operating performance and system gross margins.

Moreover, CVD Equipment disclosed a backlog of $19.8 million as of September 30, 2024, marking a significant rise compared to the backlog at the end of 2023. The company underscored its strategic endeavors to bolster customer relationships and control costs efficiently to achieve long-term profitability, cash flow positivity, and sustainable growth.

CVD Equipment Corporation disclosed a $3.5 million follow-on order for its CVI/CVD3500 system from an existing aerospace customer, indicating a continued recovery in its Aerospace and Defense market segment. Additionally, the company addressed the dynamic nature of the silicon carbide market, highlighting its progress with the shipment of the first PVT200 system in the third quarter and ongoing support for PVT150 and PVT200 products.

Financially, the company reported operational income of $77,000 for the quarter, contrasting with an operating loss of $1.0 million in the prior year’s third quarter. Net income for the third quarter of 2024 was $0.2 million, or $0.03 per basic and diluted share, compared to a net loss of $0.8 million, or $0.30 per basic and diluted share, in the prior year’s corresponding period.

Despite certain challenges in emerging growth end markets, CVD Equipment Corporation continues to adapt and strategize to address market dynamics and evolving customer demands. The company’s performance reflects its commitment to innovation, operational excellence, and sustainable growth.

A conference call is scheduled today at 5:00 pm (Eastern Time) to discuss the financial results in detail. Participants can access the call by dialing (877) 407-2991 (toll-free) or (201) 389-0925 (international).

For more information, interested parties can visit CVD Equipment Corporation’s official website. The company encourages investors and stakeholders to review their recent filings with the Securities and Exchange Commission for a comprehensive understanding of their financial standing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CVD Equipment’s 8K filing here.

About CVD Equipment

CVD Equipment Corporation, together with its subsidiaries, designs, develops, manufactures, and sells equipment to develop and manufacture materials and coatings in the United States and internationally. It operates through three segments: CVD Equipment, Stainless Design Concepts, and CVD Materials. The CVD Equipment segment offers chemical vapor deposition, physical vapor transport, and thermal process equipment under the FirstNano brand for various markets, such as high power electronics, aerospace advanced materials for gas turbine jet engines, and nanomaterials used in batteries, as well as semiconductors, LEDs, carbon nanotubes, nanowires, solar cells, and other industrial and research applications.