| Over a week ago | ||||
Reports Q1 revenue $8.7M… Reports Q1 revenue $8.7M vs. $4.6M last year. CEO Manny Lakios said: "Our orders for the first quarter showed the fluctuations or cyclicality of the process equipment industry. Orders for the first quarter of 2023 were $2.9 million. This was lower than our anticipated orders for the quarter. This resulted in a decrease in our backlog from $17.8 million at December 31, 2022 to $12.0 million at March 31, 2023. The decrease in orders may negatively impact our revenues over the next couple of quarters. In the high-power electronics market, we previously received orders for 30 of our PVT150 system in 2021 and 2022 from a customer, which uses our systems to grow silicon carbide crystals that are made into 150mm silicon carbide wafers. We recognized $2.5 million of revenue during the first quarter of 2023 related to these orders and expect to ship the remaining 10 of 30 units during the second quarter. We expanded our marketing efforts during the first quarter with the hiring of a dedicated sales manager and broadened our marketing efforts including the attendance at key silicon carbide related trade shows and conferences. The success of our effort is dependent on the performance of our equipment in the field, overall market conditions, our customers' ability to qualify their end product as well as the capital market. In early May 2023, we received a repeat order for our PowderCoat1100 system and components for $1.8 million. The system will be used by our customer to add nanoscale silicon to carbon powder used in the anode section of the battery to enhance the performance of the battery. The application is in line with our focus on the electrification of everything. In aerospace & defense, we are a leading manufacturer of chemical vapor infiltration (CVI) and tow-coating systems to manufacture ceramic matrix composite (CMC) materials for aerospace gas turbine jet engine applications. CMCs can withstand extreme temperatures and are one-third the weight of nickel alloys that allows jet engines to run hotter thereby consuming fuel more efficiently and emitting fewer pollutants. During the fourth quarter of 2022, we received an order for a production CVI system to manufacture CMCs for aerospace gas turbine jet engines for approximately $3.7 million. Our customers now include two of the leading manufacturers of aerospace gas turbine engines. This order contributed approximately $0.3 million of revenue during the first quarter of 2023. We continue to engage with our aerospace customers on their technology and production capacity demands." | ||||
| Over a month ago | ||||
| Over a quarter ago | ||||
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CVD Equipment… CVD Equipment "announced that it has received an additional order for ten high performance PVT-150 systems. The systems will be used to grow 150 mm diameter monocrystalline silicon carbide (SiC) boules, which are subsequently processed into SiC wafers used in power electronics. The systems are scheduled for delivery in the first half of 2023." | ||||
The company states:… The company states: "CVD Equipment announced that it has received an order for a Production Chemical Vapor Infiltration (CVI) System valued at approximately $3.7M. The system will be used to manufacture Ceramic Composite Materials (CMCs) for Aerospace Gas Turbine Engines. CVD is a leading manufacturer of Chemical Vapor Infiltration and Tow-Coating Systems for use in the aerospace industry. Although gas turbine engine production was greatly impacted due to the COVID-19 pandemic and the resulting decline in long haul travel, the aerospace industry is showing signs of recovery, although we do not expect a recovery to pre-pandemic levels until later in 2023. The increased demand for fuel-efficient/fuel-economy aircraft is driving development of next generation engine platforms that are energy efficient with reduced weight and reduced operating emissions. Advanced materials such as CMCs, enable increased fuel efficiency, along with higher strength and 1/3rd the weight compared to conventional nickel-based superalloys." | ||||
CVD Equipment announced… CVD Equipment announced that Richard Catalano has been appointed as CFO, effective August 30. Catalano brings more than 35 years of experience as an accomplished financial professional working across multiple industries. | ||||
CVD Equipment announced… CVD Equipment announced increased order demand in the second quarter of 2022. Orders exceeded $12.6M in the second quarter of 2022 compared to approximately $6M in the second quarter of 2021 and orders of $16.7M for the first half of 2022 compared to $9.7 million in the same period of 2021, yielding an increase of 73.2% in the first half of 2022 over 2021. CVD's orders in the first half of 2022 were attributed to the strong demand for the PVT-150 system developed to support the manufacturing of Silicon Carbide wafers used in high power electronics for EV charging & power transmission. Also contributing to the order flow is the need for nanotechnology materials including carbon nanotubes/fibers, nanomaterials on powder and superconducting tape. All these orders support the electrical vehicle market as well as the trend of the electrification of everything. In the first half of 2022, 20 combined CVD systems were ordered. The systems are planned to ship in the 2nd half of 2022 and into 2023. "Our focus in 2022 is on applications that support electric vehicles and more broadly the electrification of everything, while sustaining our presence and support of our aerospace applications," said Emmanuel Lakios, President and CEO of CVD Equipment Corporation. "We are encouraged and pleased with the response of the market place to our products, technologies and services." | ||||
