CVD Equipment (CVV) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $5.1 million, down 19.4% year-over-year, with year-to-date revenue at $13.4 million, up 19.2% from the prior year period.

• Net loss for Q2 2025 was $1.1 million ($0.15 per share), compared to $0.8 million ($0.11 per share) in Q2 2024.

• Orders for Q2 2025 totaled $4.5 million, with first-half 2025 orders at $7.3 million versus $16.9 million in the first half of 2024; backlog at June 30, 2025, was $13.2 million, down from $13.8 million at March 31, 2025.

• Cash and cash equivalents at June 30, 2025, were $7.0 million, down from $12.6 million at year-end 2024.

• Shipped first CVD4000 silicon carbide coating reactor system in July 2025; two more systems to ship over the next 12 months.

Financial highlights

• Gross profit for Q2 2025 was $1.1 million (21.0% margin), down from $1.5 million (24.3% margin) in Q2 2024.

• Operating loss for Q2 2025 was $1.1 million, compared to $0.9 million in Q2 2024.

• Six months ended June 30, 2025: revenue $13.4 million (up 19.2%), gross profit $3.8 million (up 61.9%), net loss $0.7 million (improved from $2.2 million loss in 2024).

• Working capital at June 30, 2025, was $13.9 million, similar to $13.8 million at year-end 2024.

• Accounts receivable increased by $3.6 million in Q2 2025 due to contract milestone achievements, with collection expected in Q3.

Outlook and guidance

• Management expects cash, projected cash flow, and backlog to be sufficient for at least the next 12 months.

• Focus remains on disciplined expense management, growth in key markets, and achieving sustained profitability and cash flow.

• Ongoing monitoring of customer demand, geopolitical risks, and potential tariff impacts, with plans to adjust accordingly.