CVD Equipment Q3 revenue falls on lower system orders
CVV•CVD Equipment's Q3 revenue was $1.58 million, and its net loss was $1.49 million. The company will no longer pursue new system orders and is evaluating strategic alternatives.
1. Quarterly results
CVD Equipment said Q3 revenue fell year over year, primarily because of reduced system bookings. Lower system revenue increased the proportion of fixed manufacturing costs and reduced gross margin. The company reported a $1.49 million net loss, including $0.8 million in restructuring charges related to severance, asset impairments and legal costs.
2. Strategic review
The company will no longer pursue new system orders and is evaluating strategic alternatives. It has engaged CBRE to market its New York real estate properties for sale, while focusing on completing its equipment backlog and supporting its spare parts, quartz and services businesses.
