CVD Equipment Corporation reported third quarter 2024 revenue of $8.2 million, marking a 31.4% increase compared to the same period in the prior year. This revenue growth contributed to an improved operating performance for the company.
The company achieved a net income of $203,000, or $0.03 per share, for Q3 2024, a notable improvement from a net loss of $753,000, or $0.11 loss per share, in Q3 2023. This represents a return to profitability for the quarter.
CVD Equipment's backlog stood at $19.8 million as of September 30, 2024, which is meaningfully higher than the backlog at the end of 2023. Additionally, the company shipped its first PVT200 system during the third quarter, which is currently under customer evaluation for production.
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