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CVD Equipment Corporation announced its financial results for the first quarter ended March 31, 2025.
Manny Lakios, President and CEO of CVD Equipment Corporation, stated, “First quarter 2025 revenue was $8.3 million, up 69.0% versus the prior year quarter and up 12.2% from the fourth quarter of 2024. Revenue from our CVD Equipment segment was driven by revenue recognized principally from two contracts, one in the industrial market and one in aerospace. Our SDC segment continued to see strong demand for its gas delivery equipment.”
Mr. Lakios added, “With the increased revenue and lower than expected orders in the quarter of $2.8 million, our backlog declined during the quarter from $19.4 million at December 31, 2024 to $13.8 million at March 31, 2025. Our net income for the quarter was $360,000. While the first quarter of 2025 represents the third consecutive quarter of net income, due to the nature of our business we expect that our order and revenue levels will continue to fluctuate given the markets we serve. In addition, the recent imposition of tariffs has presented us with new challenges and uncertainty as such tariffs may affect our costs of components and materials as well as contribute to economic uncertainty which may potentially affect our order rate. We are evaluating the tariff environment and planning accordingly. We are staying the course on our strategic efforts to maintain and grow our order rate, while carefully managing our expenses to achieve our goal of long-term profitability and positive cash flow, while simultaneously focusing on growth and return on investment.”
First Quarter 2025 Financial Performance
- Revenue of $8.3 million, up $3.4 million or 69.0% year over year primarily due to higher system revenues and higher sales of parts and spares in our CVD Equipment segment.
- Gross profit margin was 32.4%, an improvement from 16.2% in the prior year quarter that was primarily the result of overall higher revenues, improved absorption of overhead as well as improved margins on contracts in progress as compared to contracts in progress in the prior year quarter.
- Operating income of $269,000.
- Net income of $360,000 million or $0.05 basic and diluted share, compared to a net loss of $1.5 million or $(0.22) per basic and diluted share for the prior year first quarter.
- Cash and cash equivalents of $10.2 million as of March 31, 2025, as compared to $12.6 million as of December 31, 2024.
First Quarter 2025 Operational Performance
- Orders for the first quarter were $2.8 million, principally from our SDC segment.
- In early April 2025, we received a $1.2 million semiconductor system order in our CVD Equipment segment.
- During the quarter, we implemented a plan to reduce our operating costs to be consistent with current customer demand. This resulted in a reductionin our workforce during the quarter. We continue to evaluate the demand for our products and opportunities to reduce our operating costs.
Original – CVD Equipment
