CVD Equipment Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CVD Equipment Corp. has filed its 2023 10-K, providing a comprehensive overview of its financial and operational performance for the fiscal year ended December 31, 2023.</b>

AI Summary

CVD EQUIPMENT CORP (CVV) filed a Annual Report (10-K) with the SEC on March 28, 2024. CVD Equipment Corp. filed its 2023 Form 10-K on March 28, 2024, reporting on the fiscal year ending December 31, 2023. The filing details the company's financial performance and operational status for the fiscal year 2023. Key financial data and disclosures for the fiscal years 2023, 2022, and 2021 are presented. The report includes information on the company's assets, including buildings and equipment, as of December 31, 2023. Customer concentration risk is highlighted, with specific mentions of customer revenue and accounts receivable for 2023 and 2022.

Why It Matters

For investors and stakeholders tracking CVD EQUIPMENT CORP, this filing contains several important signals. This 10-K filing is crucial for investors and stakeholders to understand the company's financial health, strategic direction, and potential risks as of the end of the 2023 fiscal year. The detailed financial statements and risk factor disclosures offer insights into the company's market position, operational challenges, and future outlook.

Risk Assessment

Risk Level: medium — CVD EQUIPMENT CORP shows moderate risk based on this filing. The company faces medium risk due to customer concentration, where a significant portion of revenue and accounts receivable may depend on a few key customers, as indicated by the specific customer data for 2023 and 2022.

Analyst Insight

Investors should closely examine the customer concentration risk details and the company's strategies to mitigate reliance on specific clients.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-28 — Filing Date (Filed as of date)
• 355 S. Technology Drive — Business Address (Street 1)
• Central Islip, NY 11722 — Business Address (City, State, Zip)
• 631-981-7081 — Business Phone (Contact number)

Key Players & Entities

• CVD EQUIPMENT CORP (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-03-28 (date) — Filed as of date
• Central Islip, NY (location) — Business address
• CVV (company) — Ticker symbol context
• CustomerOne (company) — Specific customer mentioned in risk factors
• CustomerTwo (company) — Specific customer mentioned in risk factors
• CustomerThree (company) — Specific customer mentioned in risk factors

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company's revenue and accounts receivable are subject to concentration risk, with significant portions attributable to a limited number of customers, as detailed for fiscal years 2023 and 2022.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-03-28: Filing Date — Date the 10-K was officially submitted to the SEC

Key Financial Figures

• $0.01 — ch registered Common Stock, Par value $0.01 CVV NASDAQ Capital Market Securi
• $10 million — n industrial customer for approximately $10 million that will be used for depositing a sili
• $3.7 million — tion CVI system valued at approximately $3.7 million. We received an additional order for th
• $25.8 m — orders from customers was approximately $25.8 million, representing a decrease of appro
• $33.1 million — tely 22.1% compared to 2022 bookings of $33.1 million. The decline in bookings was related to
• $8.8 million — The decline in bookings was related to $8.8 million of orders of PVT150 systems that were r

Filing Documents

• form10-k.htm (10-K) — 1663KB
• ex21-1.htm (EX-21.1) — 6KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 10KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 6KB
• ex-97.htm (EX-97.1) — 29KB
• ex97_001.jpg (GRAPHIC) — 11KB
• 0001493152-24-011730.txt (&nbsp;) — 7184KB
• cvv-20231231.xsd (EX-101.SCH) — 43KB
• cvv-20231231_cal.xml (EX-101.CAL) — 78KB
• cvv-20231231_def.xml (EX-101.DEF) — 152KB
• cvv-20231231_lab.xml (EX-101.LAB) — 372KB
• cvv-20231231_pre.xml (EX-101.PRE) — 303KB
• form10-k_htm.xml (XML) — 1195KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31 , 2023 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from ___ to _____ Commission file number: 1-16525 CVD EQUIPMENT CORPORATION (Exact name of registrant as specified in its charter) New York 11-2621692 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 355 South Technology Drive Central Islip , New York 11722 (Address including zip code of registrant's Principal Executive Offices) (631) 981-7081 (Registrant's Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, Par value $0.01 CVV NASDAQ Capital Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging Growth Company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter: $ 48,002,094 at June 30, 2023. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: 6,824,511 shares of Common Stock, $0.01 par value at March 25, 2024. DOCUMENTS INCORPORATED BY REFERENCE: None . INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS Except for historical information contained herein, this Annual Report on Form 10-K contains forward–looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. These statements involve known and unknown risks and uncertainties that may cause our actual results or outcomes to be materially different from any future results, performance or achievements expressed or implied by such forward-looking other important factors that could cause actual results to differ ma

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View this 10-K filing on SEC EDGAR