3 April 2023
CVD Equipment’s revenues grow more than 50% year-on-year
For fourth-quarter 2022, CVD Equipment Corp of Central Islip, NY, USA (a designer and maker of chemical vapor deposition, physical vapor transport, gas and chemical delivery control systems, and other equipment and process solutions for developing and manufacturing materials and coatings) has reported revenue of $7.2m, up 53% on $4.7m a year ago. This took full-year revenue to $25.8m for 2022, up 57% on 2021’s $16.4m.
Quarterly operating expenses have risen from $1.8m in Q4/2021 to $2.2m in Q4/2022, increasing full-year operating expenses from $7.7m in 2021 to $8.5m for 2022.
Quarterly operating loss has been cut from $1m in Q4/2021 to $0.22m in Q4/2022, helping to reduce full-year operating loss from $4.7m in 2021 to $1.8m for 2022.
Net income was $1.5m ($0.23 per share) in Q4/2022. However, this came entirely from the recognition of an Employee Retention Credit. This contrasts with Q4/2021’s net loss of $1.2m ($0.18 per share). Full-year net loss of $0.22m ($0.03 per share) for 2022 contrasts with net income of $4.7m ($0.71 per share) in 2021, but that included gains of $6.9m on the sale of a building and $2.4m on forgiveness of a PPP loan.
During 2022, cash and cash equivalents have fallen from $16.7m to $14.4m.
“CVD Equipment Corporation’s primary objective over the past two years has been to bring the company to profitability through a focus on products that serve high-growth markets, specifically high-power electronics, electric vehicle (EV) battery materials/energy storage and aerospace & defense – all of which have the objective of improving energy efficiency,” says president & CEO Manny Lakios.
Order bookings were $9.2m in Q4/2022, taking full-year bookings to $33.1m. Order backlog was $17.8m at the end of 2022.
“In the high-power electronics market, we saw demand for silicon carbide wafers to support high-power electronics for energy storage and transmission/charging resulting in a multi-system order from a US-based silicon carbide wafer manufacturer,” says Lakios. “Through 31 December 2022, we have received orders for 30 of our PVT150 physical vapor transport systems from this customer, which uses our systems to grow silicon carbide crystals that are made into 150mm silicon carbide wafers. During the second half of 2022, we initiated the marketing launch of the PVT150 on our website and at a leading trade show. We plan to increase our marketing efforts for the PVT product line as well as expand our product offerings to manufacturers of silicon carbide wafers,” he adds.
“In battery materials and energy storage market, we experienced increased interest and demand for nanotechnology materials including carbon nanotubes (CNTs), graphene and silicon nanowires (Si-NWs) to support the development and manufacturing for battery materials used in electric vehicles,” Lakios continues. “We received two system orders in 2021 to deposit coatings onto powders used in silicon-graphite anodes, including a production system and a second for research and material development. Both systems were completed in 2022.”