The following is a summary of the CVD Equipment Corporation (CVV) Q4 2023 Earnings Call Transcript:
Financial Performance:
CVD Equipment Corporation reported a decrease in Q4 2023 revenue, down to $4.1 million, marking a significant decline year-over-year.
The full fiscal year witnessed revenue hitting $24.1 million, a drop of 7% relative to the previous fiscal year.
Gross profit margin fell to 21% in 2023, down from 26% in 2022, majorly due to substantive cost overruns on one significant contract.
The operating loss for the fiscal year 2023 was $4.9 million compared to an operating loss of $1.8 million in 2022.
Business Progress:
Despite the financial setback, CVD Equipment Corporation began the new financial year with some key order wins, signaling a potential turnaround.
The company successfully breached a new customer base for the PVT 200 system, used for growth of 200-millimeter silicon carbide crystals.
They secured an additional CVD Silicon Carbide Coating Reactor order worth $10 million from an industrial client.
The company's growth strategy is focused on expanding its foothold in high-power electronics, battery materials aerospace, and industrial applications.
More details: CVD Equipment IR
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