Q1 2024 CVD Equipment Corp Earnings Call Transcript
Key Points
- CVD Equipment Corp (CVV) secured several key orders in Q1 2024, including a $10 million multi-system order for a silicon carbide CVD coating system.
- The company's backlog increased significantly from $18.4 million at the end of the previous year to $27.1 million by March 31, 2024.
- Despite a decrease in revenue, the SDC segment saw a 44% increase compared to the fourth quarter of 2023 due to higher demand for its products.
- CVD Equipment Corp (CVV) continues to invest in research and development, maintaining a strong focus on innovation and future growth.
- The company has a healthy cash position with $11.9 million in cash and cash equivalents as of March 31, 2024, which is believed to be sufficient to meet working capital and capital expenditure requirements for the next 12 months.
- CVD Equipment Corp (CVV) experienced a significant revenue decline in Q1 2024, with revenue dropping to $4.9 million from $8.7 million in the same period last year.
- The company reported a net loss of $1.5 million in Q1 2024, a substantial increase from a net loss of $40,000 in Q1 2023.
- Gross profit margin decreased to 17.5% in Q1 2024 from 28% in the same period last year, primarily due to lower gross profit margins on contracts currently in progress.
- The operating loss widened to $1.6 million in Q1 2024 from an operating loss of $0.2 million in the first quarter of the previous year.
- CVD Equipment Corp (CVV) faces ongoing challenges including supply chain disruptions, inflationary pressures, and the need to manage planned capital expenditures and operating expenses effectively.
Greetings, and thank you for standing by. And welcome to CVD's Equipment Corporation's first quarter fiscal year 2024 earnings conference call. As a reminder, this conference is being recorded. (Operator Instructions) Presenting on the call today will be Emmanuel Lakios, President and CEO, and Member of the CVD Board of Directors; and Richard Catalano, Executive Vice President and Chief Financial Officer. We have posted our earnings press release and call replay information to the investor relations section of our website, www.cvdequipment.com.
Before I begin, I'd like to remind you that many of the comments made on today's call contain forward-looking statements, including those related to future financial performance, market growth, total available market, demand for our products, and general business conditions and outlook.
These forward-looking statements are based on certain assumptions, expectations, and projections and are subject to a number of risks and uncertainties described in our press release and in our
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
