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Earnings Call Summary | CVD Equipment(CVV.US) Q4 2023 Earnings Conference

Futu News ·  Mar 29 08:30  · Conference Call

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

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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