CVD Equipment Corporation announced its financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Financial Performance

  • Revenue of $5.1 million, a decrease of 19.4% from the prior year quarter. Year to date revenue of $13.4 million was 19.2% higher than the prior year period.
  • Gross margin declined to 21.0% as compared to 24.3% in the prior year quarter.
  • Net loss of $1.1 million or $0.15 per basic and diluted share, compared to a net loss of $0.8 million or $0.11 per basic and diluted share during the prior year second quarter.
  • Cash and cash equivalents of $7.0 million as of June 30, 2025, as compared to $12.6 million as of December 31, 2024. Accounts receivable increased by $3.6 million during the second quarter as we achieved certain contract milestones; we expect to collect these receivables in the third quarter.

Second Quarter 2025 Operational Performance

  • Orders for the second quarter were $4.5 million primarily driven by demand in our SDC segment for gas delivery equipment. Orders for the first six months of 2025 were $7.3 million as compared to $16.9 million for the first six months of 2024.
  • SDC segment continued to experience strong demand for its gas delivery systems and its backlog increased significantly during the quarter. Revenue was lower as compared to the prior year second quarter and the first quarter of 2025 due to the timing of orders received.
  • Backlog as of June 30, 2025 of $13.2 million, a decrease from $13.8 million as of March 31, 2025.
  • During 2025, we improved our operating efficiency and continue to evaluate opportunities to further reduce our operating costs.

Manny Lakios, President and CEO of CVD Equipment Corporation, commented, “Our bookings and revenue during the second quarter reflected several factors, including the uncertainties related to proposed tariffs, reduced US government funding for universities as well as a lag in the adoption of our products and the dynamic nature of the emerging growth markets we serve. We are actively monitoring the evolving customer demand, geopolitical landscape and potential tariff impacts and planning accordingly. We are tightly managing our operating expenses and headcount.

“We believe CVD Equipment Corporation is well positioned to provide solutions across our key target markets — aerospace and defense, industrial applications including silicon carbide (SiC) on graphite, SiC high-power electronics, and electric vehicle (EV) battery materials.

“In aerospace and defense, our key product offerings include chemical vapor infiltration (CVI) systems used in the production of ceramic matrix composites (CMCs) for commercial jet engines, and silicon bond coat systems for coating CMC components. For industrial customers, our systems include SiC coating reactor systems and potential uses for the nuclear energy market. Related to the SiC high-power power electronics, our core products include PVT150™ and PVT200™ SiC crystal growth systems. In the EV battery materials market, we are pursuing new opportunities for our PowderCoat™ systems, which can be used in the production of advanced anode materials.

“In early July 2025, we shipped the first CVD4000™ SiC coating reactor system to an industrial customer. These systems will be used to apply a protective silicon carbide coating on graphite OEM components. The resources allocated to our new product launch of the CVD4000™ partially attributed to the reduced revenue from other contracts in progress.

“We remain committed to our long-term strategy—growing our presence across key markets while maintaining disciplined expense management to support our goal of achieving sustained profitability and positive cash flow.”

Original – CVD Equipment Corporation