CVD Equipment (CVV) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 revenue reached $7.4 million, up 80.3% year-over-year, driven by higher system and gas delivery revenues.

• Full-year 2024 revenue was $26.9 million, an 11.5% increase over 2023, primarily from aerospace contracts and SDC segment growth.

• Orders for 2024 totaled $28.1 million, up 8.9% from 2023, with a year-end backlog of $19.4 million, 4.9% higher than the prior year.

• Net income for Q4 was $132,000 ($0.02 per share), marking the second consecutive quarter of positive net income.

• The company completed the end-of-life for the MesoScribe product line to focus on core CVD and SDC lines.

Financial highlights

• Q4 gross profit was $2 million (27.3% margin), compared to a negative $348,000 in Q4 2023.

• Q4 operating income was $35,000, versus a $2.5 million loss in Q4 2023.

• Full-year net loss was $1.9 million ($0.28 per share), improved from a $4.2 million loss ($0.62 per share) in 2023.

• Non-cash inventory charges for PVT150 systems totaled $1.3 million in 2024.

• Working capital at year-end was $13.9 million; cash and equivalents were $12.6 million, down from $14.0 million a year earlier.

Outlook and guidance

• Orders and revenue are expected to fluctuate due to the nature of emerging markets served.

• Geopolitical risks and potential tariffs may impact supply chain and costs in 2025 and beyond.

• Cash and projected cash flow are expected to cover working capital and capex needs for the next 12 months.

• Management remains focused on long-term profitability, positive cash flow, and growth.