CVD Equipment Corporation reported fourth quarter 2024 revenue of $7.4 million, an 80.3% increase from the prior year quarter. The company achieved a net income of $132,000, or $0.02 per share, for the quarter, marking its second consecutive quarter of positive net income.
For the full fiscal year 2024, total revenue increased by 12% to $26.876 million compared to fiscal year 2023. Despite the Q4 profitability, the company reported a net loss of $1.898 million, or $0.28 per share, for the full year 2024.
The backlog at December 31, 2024, stood at $19.4 million, which was higher than the $18.4 million backlog at the end of 2023. The customer for the first PVT200 system, shipped in the second half of 2024, continued to evaluate its performance for potential additional orders.
In 2024, CVD Equipment Corporation wound down its MesoScribe segment, which previously provided electronic printing services and products. This action was part of a strategic streamlining effort to concentrate resources on its core CVD and SDC segments.
Management noted that the silicon carbide market remained challenging due to overcapacity and declining wafer prices. Geopolitical factors, including potential tariffs, were identified as new challenges that could affect supply chain costs and component materials in fiscal year 2025 and beyond.
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