CVD Equipment Corp. Files Q2 2024 10-Q

TL;DR

CVD Equipment Corp. dropped its Q2 2024 10-Q, check financials.

AI Summary

CVD Equipment Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its fiscal year end of December 31st. Specific financial figures and operational details for the second quarter of 2024 are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial data for CVD Equipment Corp., crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• 20240630 — Period End Date (The report covers financial data up to this date.)
• 20240813 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Indicates the end of the company's annual accounting period.)

Key Players & Entities

• CVD EQUIPMENT CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240813 (date) — Filing Date
• NY (location) — State of Incorporation
• 11722 (location) — Business Address Zip Code

FAQ

Filing Documents

• form10-q.htm (10-Q) — 902KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-031585.txt ( ) — 4338KB
• cvv-20240630.xsd (EX-101.SCH) — 28KB
• cvv-20240630_cal.xml (EX-101.CAL) — 45KB
• cvv-20240630_def.xml (EX-101.DEF) — 97KB
• cvv-20240630_lab.xml (EX-101.LAB) — 241KB
• cvv-20240630_pre.xml (EX-101.PRE) — 194KB
• form10-q_htm.xml (XML) — 728KB

- Financial Information

Part I - Financial Information Item 1 – Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2 –

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3 –

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4 –

Controls and Procedures

Controls and Procedures 31

- Other Information

Part II - Other Information Item 1 –

Legal Proceedings

Legal Proceedings 32 Item 1A –

Risk Factors

Risk Factors 32 Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3 – Defaults Upon Senior Securities 32 Item 4 – Mine Safety Disclosures 32 Item 5 – Other Information 32 Item 6 – Exhibits 32

Signatures

Signatures 33 2 PART 1 – FINANCIAL INFORMATION Item 1 – Financial Statements CVD EQUIPMENT CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share amounts) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 10,031 $ 14,025 Accounts receivable, net of allowance for credit losses 4,951 1,906 Contract assets 1,554 1,604 Inventories 4,658 4,454 Other current assets 592 852 Total current assets 21,786 22,841 Property, plant and equipment, net 12,041 12,166 Other assets 18 18 Total assets $ 33,845 $ 35,025 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 1,601 $ 1,203 Accrued expenses 1,736 1,765 Current maturities of long-term debt 84 81 Contract liabilities 5,098 4,908 Deposit from purchaser of MesoScribe assets-Note 11 597 597 Total current liabilities 9,116 8,554 Long-term debt, net of current portion 225 268 Total liabilities 9,341 8,822 Stockholders' equity: Common stock - $ 0.01 par value – 20,000,000 shares authorized; issued and outstanding 6,825,338 at June 30, 2024 and 6,824,511 at December 31, 2023 68 68 Additional paid-in capital 29,229 28,695 Accumulated deficit ( 4,793 ) ( 2,560 ) Total stockholders' equity 24,504 26,203 Total liabilities and stockholders' equity $ 33,845 $ 35,025 The accompanying notes are an integral part of these condensed consolidated financial statements 3 CVD EQUIPMENT CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share and share amounts) (Unaudited) 2024 2023 2024 2023 Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Revenue $ 6,345 $ 5,069 $ 11,267 $ 13,764 Cost of revenue 4,736 3,681 8,799 9,943 Gross profit 1,609 1,388 2,468 3,821 Operating expenses Research and development 665

financial statements should be read in conjunction with that report

financial statements should be read in conjunction with that report. All material intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain reclassifications have been made to the prior period condensed consolidated financial statements to conform to the current period presentation. These reclassifications had no effect on net loss. Liquidity At June 30, 2024, the Company had $ 10.0 million in cash and cash equivalents. The Company anticipates that the existing cash and cash equivalents balance together with potential future income from operations, collections of existing accounts receivable, revenue from its existing backlog of products as of this filing date, the sale of inventory on hand, deposits and down payments against significant orders will be adequate to meet its working capital and capital equipment requirements, and its anticipated cash needs over the next 12 months from the date of issuance of these condensed consolidated financial statements 7 Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition In accordance with FASB ASC 606 - Revenue from Contracts with Customers ("ASC 606"), the Company records revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services promised to its customers. Under ASC 606, the Company follows a five-step model to: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price for the contract; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue using one of the following two methods: Over time The Company designs, manufactures and sells custom chemical vapor deposition equipment through contractual agreements. These system sales require the Company to deliver functioning equipment that is g

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View this 10-Q filing on SEC EDGAR