CVD Equipment Corp (CVV) 2022 Q4 法說會逐字稿

Greetings, and welcome to the CVD Equipment Corporation 2023 Fourth Quarter and Full Fiscal 2022 Results Conference Call. As a reminder, this conference is being recorded. We will begin with some prepared remarks followed by a question-and-answer session. Presenting on the call today will be Emmanuel Lakios, President and CEO and member of the CVD Board of Directors; and Richard Catalano, Vice President and Chief Financial Officer. We have posted our earnings release and call replay information to the Investor Relations section of our website at www.cvdequipment.com.

您好，歡迎來到 CVD 設備公司 2023 年第四季度和 2022 財年全財年業績電話會議。提醒一下，這次會議正在錄製中。我們將從一些準備好的評論開始，然後是問答環節。今天出席電話會議的是總裁兼首席執行官兼 CVD 董事會成員 Emmanuel Lakios；副總裁兼首席財務官 Richard Catalano。我們已將我們的收益發布和電話重播信息發佈到我們網站 www.cvdequipment.com 的投資者關係部分。

Before I begin, I'd like to remind you that many of the comments made on today's call contain forward-looking statements, including those related to future financial performance, market growth, total available market, demand for our products and general business conditions and outlook. These forward-looking statements are based on certain assumptions, expectations and projections that are subject to a number of risks and uncertainties described in our press release and in our filings with the SEC, including, but not limited to, the Risk Factors section of the company's 10-K for the year ended December 31, 2022. Actual results may differ materially from those described during the call. In addition, all forward-looking statements are made as of today, and we undertake no obligation to update any forward-looking statements based on the new circumstances or revised expectations.

在開始之前，我想提醒您，今天電話會議上的許多評論都包含前瞻性陳述，包括與未來財務業績、市場增長、可用市場總量、對我們產品的需求和一般業務狀況以及外表。這些前瞻性陳述基於某些假設、預期和預測，這些假設、預期和預測受我們的新聞稿和我們提交給美國證券交易委員會的文件中描述的許多風險和不確定性的影響，包括但不限於風險因素部分公司截至 2022 年 12 月 31 日止年度的 10-K。實際結果可能與電話會議中描述的結果存在重大差異。此外，所有前瞻性陳述都是截至今天作出的，我們不承擔根據新情況或修改後的預期更新任何前瞻性陳述的義務。

Now I would like to turn the call over to Emmanuel Lakios.

現在我想把電話轉給 Emmanuel Lakios。

Thank you, Paul. Welcome to CVD Equipment Corporation's quarterly conference call. My name is Emmanuel Lakios, CEO and President, and I am pleased to be presenting to you today regarding our fourth quarter 2022 and our full fiscal year 2022 performance and important company developments and pertinent information related to our business. Your thoughts are important to us, and we look forward to your questions in our Q&A session.

謝謝你，保羅。歡迎來到 CVD 設備公司的季度電話會議。我的名字是 Emmanuel Lakios，首席執行官兼總裁，今天我很高興向您介紹我們 2022 年第四季度和 2022 財年的全部業績以及重要的公司發展和與我們業務相關的信息。您的想法對我們很重要，我們期待您在問答環節中提出問題。

Now for our fourth quarter and 2022 results. We are pleased to be reporting a strong revenue growth for fiscal 2022, an increase of 57% over prior fiscal year. The fourth quarter revenue, while lower than our third quarter 2022, was 53% higher than our fourth quarter 2021. During the fourth quarter 2022, we recognized net income of $1.5 million. For the full fiscal year 2022, we recognized a net loss of $224,000. Both periods include the recognition of other income of $1.5 million for a federal employee retention credit. The 2022 and fourth quarter operating performance is aligned with our strategy of business focus, revenue growth and return to profitability. The timing of the demand of our products is dependent on many factors, such as our customers' market conditions, the acceptance of our products by our customers and the general economic conditions. While our revenue and profitability will continue to fluctuate due to this timing of orders and shipments, we believe that we are on the right track to achieve consistent long-term profitability in the years ahead.

現在是我們第四季度和 2022 年的業績。我們很高興地報告 2022 財年收入強勁增長，比上一財年增長 57%。第四季度收入雖然低於 2022 年第三季度，但比 2021 年第四季度高出 53%。在 2022 年第四季度，我們確認了 150 萬美元的淨收入。在整個 2022 財年，我們確認了 224,000 美元的淨虧損。這兩個時期都包括為聯邦僱員保留信貸確認的其他收入 150 萬美元。 2022 年和第四季度的經營業績與我們的業務重點、收入增長和恢復盈利的戰略保持一致。我們產品的需求時間取決於許多因素，例如客戶的市場狀況、客戶對我們產品的接受程度以及總體經濟狀況。雖然我們的收入和盈利能力將因訂單和發貨的時間安排而繼續波動，但我們相信我們正走在正確的軌道上，可以在未來幾年實現穩定的長期盈利能力。

2022 was an exciting period for all the stakeholders of CVD Equipment. The order rate for 2022 lends further support to our belief that we are on the right path. Our core strategy, which includes focusing on markets that support the electrification of everything, specifically silicon carbide is fueling our present growth. The market segment focuses on high-power electronics, which are used in the growing electric vehicle market. The end-use applications are electric motor power converters, power charging and transmission. For 2022, we have received orders exceeding $33 million for our CVD Systems and Services segment as compared to approximately $31 million for the same period in 2021.

對於 CVD 設備的所有利益相關者來說，2022 年是一個激動人心的時期。 2022 年的訂單率進一步支持了我們的信念，即我們走在正確的道路上。我們的核心戰略包括專注於支持一切電氣化的市場，特別是碳化矽正在推動我們目前的增長。該細分市場專注於用於不斷增長的電動汽車市場的大功率電子產品。最終用途應用是電動機電源轉換器、電源充電和傳輸。到 2022 年，我們的 CVD 系統和服務部門收到的訂單超過 3300 萬美元，而 2021 年同期約為 3100 萬美元。

This is a 52% year-on-year increase in orders for the CVD segment. Our Q4 2022 orders were $9.2 million. The 2022 orders included 24 additional units of our recently launched PVT-150 system for silicon carbide crystal growth. All unit orders were from our initial alpha-beta customer and amounted to approximately $8.8 million. End of the '24 PVT-150 systems were ordered in the fourth quarter. The PVT-150 system is utilized to grow silicon carbide crystals, which are sequentially fabricated into silicon carbide wafers.

CVD 領域的訂單同比增長 52%。我們 2022 年第四季度的訂單為 920 萬美元。 2022 年的訂單包括我們最近推出的用於碳化矽晶體生長的 PVT-150 系統的 24 個附加裝置。所有單位訂單均來自我們最初的 alpha-beta 客戶，金額約為 880 萬美元。在第四季度訂購了 24 年底的 PVT-150 系統。 PVT-150 系統用於生長碳化矽晶體，這些晶體隨後被製造成碳化矽晶片。

In the fourth quarter, we had the initial launch of the PVT-150 to the broader base of silicon carbide crystal growth customers. In the fourth quarter, we were selected and received a system from a major aircraft engine manufacturer. Specifically, the order was for a production chemical paper and infiltration system valued at approximately $3.7 million. As I stated earlier, this system will be used to manufacture ceramic matrix composite materials for aerospace gas turbine engine components. We believe that this order is a tangible sign of the beginning of the aerospace market recovery, which traditionally has been a significant part of the CVD Equipment Corporation's business.

在第四季度，我們首次向更廣泛的碳化矽晶體生長客戶群推出了 PVT-150。在第四季度，我們被選中並收到了一家主要飛機發動機製造商的系統。具體而言，該訂單用於生產化學紙和滲透系統，價值約為 370 萬美元。正如我之前所說，該系統將用於製造用於航空航天燃氣渦輪發動機部件的陶瓷基複合材料。我們認為，該訂單是航空航天市場開始復甦的明顯跡象，該市場歷來是 CVD 設備公司業務的重要組成部分。

The remainder of the 2022 orders were for our legacy advanced R&D and FirstNano systems SDC division products as well as our non-core segments. Our SDC segment had increased sales over prior year of approximately 35%. That reflects a higher demand for our gas and liquid control system products. SDC is both an enabling captive supplier to the CVD Equipment Group as well as a merchant supplier to the microelectronics and industrial markets. Our Tantaline MesoScribe which we deem as non-core product lines, were profitable in 2022.

2022 年的其餘訂單用於我們傳統的高級研發和 FirstNano 系統 SDC 部門產品以及我們的非核心部門。我們的 SDC 部門的銷售額比上一年增加了約 35%。這反映了對我們的氣體和液體控制系統產品的更高需求。 SDC 既是 CVD 設備集團的授權專屬供應商，也是微電子和工業市場的商業供應商。我們認為非核心產品線的 Tantaline MesoScribe 在 2022 年實現了盈利。

Supply chain issues relative to both inflation and lead times continue to negatively impact our revenue timing and profitability for all our segments of the company. In 2022, we installed additional machine centers and added capacity to our Central Islip facility to increase our system output and to continue to drive towards increased operational self reliance. The management of our product lead times, along with the precise control of our equipment has been a competitive advantage for us.

與通貨膨脹和交貨時間相關的供應鏈問題繼續對我們公司所有部門的收入時間和盈利能力產生負面影響。 2022 年，我們安裝了額外的機器中心並增加了 Central Islip 設施的容量，以增加我們的系統輸出並繼續推動提高運營自力更生。產品交貨期的管理以及設備的精確控制一直是我們的競爭優勢。

I would like to turn the call over to our CFO, Rich Catalano, who will provide you our fourth quarter and 2022 financial summary.

我想將電話轉給我們的首席財務官 Rich Catalano，他將為您提供我們的第四季度和 2022 年財務摘要。

Thank you, Manny, and good afternoon. Our revenue for the fourth quarter of 2022 was $7.2 million. This compares to $4.7 million in the prior year of fourth quarter. That represents an increase of $2.5 million or 53%. This increase in our revenue was primarily attributable to our PVT-150 product line, which represented approximately $2.2 million or 30% of our revenues in the fourth quarter as compared to no such revenues in the prior year fourth quarter. Our operating loss for the fourth quarter was $221,000. This was an improvement over the prior year, an improvement of approximately $800,000. This improvement in our operating results was driven by the increased revenue of $2.5 million that resulted in increased gross profit of $1.2 million.

謝謝你，曼尼，下午好。我們 2022 年第四季度的收入為 720 萬美元。相比之下，去年第四季度為 470 萬美元。這意味著增加了 250 萬美元或 53%。我們收入的增長主要歸因於我們的 PVT-150 產品線，該產品線占我們第四季度收入的約 220 萬美元或 30%，而去年第四季度沒有此類收入。我們第四季度的經營虧損為 221,000 美元。這比上一年有所改善，增加了大約 800,000 美元。我們經營業績的改善是由於收入增加了 250 萬美元，毛利潤增加了 120 萬美元。

That was offset somewhat by an increase in operating expenses of approximately $0.4 million. Our gross profit percentage was 28% in this fourth quarter as compared to 16% in the prior year fourth quarter. This improvement in our gross profit was primarily the result of leveraging our fixed cost over higher sales levels as well as an improved product mix. These benefits were offset somewhat by increased material cost and material components as well as compensation cost. The increase in our operating expenses, principally due to certain higher employee-related costs to support the growth of our business, that's including in marketing as well as some general increase in our personnel cost overall.

這在一定程度上被約 40 萬美元的運營費用增加所抵消。我們第四季度的毛利率為 28%，而去年第四季度為 16%。我們毛利的這種改善主要是由於我們在更高的銷售水平上利用了我們的固定成本以及改進的產品組合。這些好處在一定程度上被增加的材料成本和材料成分以及補償成本所抵消。我們的運營費用增加，主要是由於支持我們業務增長的某些與員工相關的成本增加，包括營銷以及我們整體人員成本的普遍增加。

As Manny mentioned, in the fourth quarter of '22, we completed our analysis, whether the company was entitled to an employee retention credit, and we determined that for 2 quarters in 2021, we were entitled to a credit of $1.5 million and that was recorded as a nonoperating income item in the fourth quarter. Based on the recognition of that ERC credit, our net income was $1.5 million or about $0.23 per share for both basic and diluted. Our fourth quarter this year also benefited from interest income of $88,000 and a foreign exchange gain on our intercompany loan with our Denmark subsidiary of $155,000.

正如 Manny 提到的，在 22 年第四季度，我們完成了對公司是否有權獲得員工保留信貸的分析，我們確定在 2021 年的兩個季度中，我們有權獲得 150 萬美元的信貸，這是計入第四季度的營業外收入項目。根據對 ERC 信用的確認，我們的基本和稀釋淨收入為 150 萬美元或每股約 0.23 美元。我們今年第四季度還受益於 88,000 美元的利息收入和我們與丹麥子公司的公司間貸款的外匯收益 155,000 美元。

Overall, our net loss for the quarter was $1.2 million. Net income for the -- our net loss for the fourth quarter '21, I should say, was $1.2 million or $0.18 per share.

總體而言，我們本季度的淨虧損為 120 萬美元。我應該說，21 年第四季度的淨收入為 120 萬美元或每股 0.18 美元。

Just turning to the full year 2022 briefly. The revenue was $25.8 million. This compares to $16.7 million in the same period of 2021. That's an increase of $9.4 million or 57%. Similar to the fourth quarter, this increase in revenue was attributable to our PVT-150 product line, which represented approximately $7.5 million or 29% of our revenue in 2022. Again, we had no such revenues in '21.

簡單地轉向 2022 年全年。收入為 2580 萬美元。相比之下，2021 年同期為 1670 萬美元。增加了 940 萬美元或 57%。與第四季度類似，這一收入增長歸因於我們的 PVT-150 產品線，該產品線約佔 2022 年收入的 750 萬美元或 29%。同樣，我們在 21 年沒有此類收入。

The operating loss for fiscal '22 overall for the full year was $1.8 million. This represents an improvement of $2.8 million when we compare it to the loss we experienced in 2021 of $4.7 million. These improvements again in operating results was principally related, of course, to the increased revenue of 57% or $9.4 million, and that resulted in increased gross profit of $3.6 million. We also had an offsetting operating expense increase of approximately $700,000. Our gross profit for the full fiscal year was 26%. This compares to 19%. Again, the improvement is related to the fact that we had much higher sales levels and allowed us to spread our overhead cost. We also had some increased revenue -- operating expenses. We did have -- like I mentioned, for the quarter, we had some increases as we grew the business, including marketing and general increases in our personnel cost.

22 財年全年的營業虧損為 180 萬美元。與 2021 年 470 萬美元的損失相比，這意味著減少了 280 萬美元。當然，經營業績的這些改善主要與收入增加 57% 或 940 萬美元有關，這導致毛利潤增加 360 萬美元。我們還有大約 700,000 美元的抵消性運營費用增加。我們整個財政年度的毛利潤為 26%。相比之下，這一比例為 19%。同樣，這種改進與我們的銷售水平高得多並允許我們分攤間接費用這一事實有關。我們的收入也有所增加——運營費用。我們確實有——就像我提到的那樣，在本季度，隨著業務的增長，我們有一些增長，包括營銷和人員成本的普遍增長。

We did have a one-time severance charge of approximately $134,000. These increases were offset. We did have some reductions that were favorable. In July 2021, we did sell our building -- another building we had here in Central Islip. The reduction in the operating cost for that building benefited operating expenses by approximately $600,000. And we also had lower professional fees of about $300,000 for the full year. As previously mentioned, the year also benefited from the recognition of the employee retention credit. I would mention that in the prior year, we did have 2 one-time benefits. We had a benefit of $6.9 million from the sale of a building and we had $2.4 million from forgiveness of our PPP loan that obviously helped the bottom line.

我們確實有大約 134,000 美元的一次性遣散費。這些增加被抵消了。我們確實有一些有利的減少。 2021 年 7 月，我們確實賣掉了我們的大樓——我們在 Central Islip 的另一棟大樓。該建築運營成本的降低使運營費用減少了大約 600,000 美元。而且我們全年的專業費用也較低，約為 300,000 美元。如前所述，這一年還受益於員工保留信用的確認。我要提到的是，在前一年，我們確實有 2 個一次性福利。我們從一棟建築物的出售中獲得了 690 萬美元的收益，我們從 PPP 貸款的免除中獲得了 240 萬美元，這顯然有助於提高利潤。

So overall, for the net income for 2022 was 200 -- net loss, I should say, for 2022 was $224,000 or $0.03 per share. The loss, again, that includes the $1.5 million. Net income for the prior year was $4.8 million or $0.71 earnings per share. But keep in mind, there were those 2 nonoperating gains that totaled $9.3 million.

因此，總體而言，2022 年的淨收入為 200 美元——我應該說，2022 年的淨虧損為 224,000 美元或每股 0.03 美元。同樣，損失包括 150 萬美元。上一年的淨收入為 480 萬美元或每股收益 0.71 美元。但請記住，這兩項非營業收益總計 930 萬美元。

Now turning to our backlog. Our backlog at December 31, 2022, was $17.8 million. This compares to $10.4 million at the beginning of the year. And this represents an increase of $7.4 million. Our backlog consists principally of remaining performance obligations that we have on our contracts in progress, about $16.2 million, and the balance of $1.6 million represents unfulfilled purchase orders that we received.

現在轉向我們的積壓工作。截至 2022 年 12 月 31 日，我們的積壓訂單為 1780 萬美元。相比之下，年初時為 1040 萬美元。這意味著增加了 740 萬美元。我們的積壓訂單主要包括我們對正在進行的合同的剩餘履約義務，約 1620 萬美元，餘額 160 萬美元代表我們收到的未完成的採購訂單。

Turning to our balance sheet. Our cash and cash equivalents at December 31, was $14.4 million as compared to $16.7 million in the prior year. This was a decrease of $2.3 million, very little movement from operations, but that $2.3 million was principally the payoff of our mortgage on our Central Islip facility, and also we had capital expenditures of about $700,000.

轉向我們的資產負債表。截至 12 月 31 日，我們的現金和現金等價物為 1,440 萬美元，而去年同期為 1,670 萬美元。這減少了 230 萬美元，運營的變動很小，但這 230 萬美元主要是我們對 Central Islip 設施的抵押貸款的還清，而且我們還有大約 700,000 美元的資本支出。

Our working capital at the end of this year is $15.5 million, and this compares to $16.7 million at December 31, 2021.

我們今年年底的營運資金為 1550 萬美元，而 2021 年 12 月 31 日為 1670 萬美元。

Just some closing notes. We are unable to predict the impact of the current economic and geopolitical uncertainties that we'll have on our financial position or our future results of operations and cash flows. Our return to consistent profitability will be dependent upon other things, the receipt of new equipment orders, our ability to mitigate the impact of supply chain disruptions and the inflationary pressures as we manage -- as well as managing our planned capital expenditures and our operating expenses. In addition, our revenues and orders have historically fluctuated based on changes in order rate as well as factors in our manufacturing process that impacts the timing of our revenue recognition. Accordingly, orders received from customers and revenue recognized may fluctuate from quarter-to-quarter.

只是一些結束語。我們無法預測當前經濟和地緣政治的不確定性對我們的財務狀況或我們未來的經營業績和現金流量的影響。我們恢復穩定的盈利能力將取決於其他因素，新設備訂單的接收，我們減輕供應鏈中斷影響的能力和我們管理的通脹壓力——以及管理我們計劃的資本支出和運營費用.此外，我們的收入和訂單歷來根據訂單率的變化以及我們製造過程中影響我們收入確認時間的因素而波動。因此，從客戶收到的訂單和確認的收入可能會隨季度波動。

After considering all these factors, and -- we believe our cash and cash equivalents and our projected cash flow from operations will be sufficient to meet our working capital and capital expenditure requirements for the next 12 months. We will continue to assess our operations and take actions anticipated to maintain our operating cash to support our working capital needs.

在考慮了所有這些因素之後，我們相信我們的現金和現金等價物以及我們預計的運營現金流量將足以滿足未來 12 個月的營運資金和資本支出需求。我們將繼續評估我們的運營並採取預期的行動來維持我們的運營現金以支持我們的營運資金需求。

I'll now turn it back over to Manny.

我現在將其轉回給曼尼。

Rich, thank you for your presentation. In summary, the fourth quarter and full fiscal year results for 2022 reflect the actions we took back since 2021 to reorganize, focus on everything we do and those who we serve. Our focus remains on our customer markets, our employees and our shareholders and the pursuit of growth and return to consistent profitability. We continue to look -- we look forward to continue to build on our success in the year ahead and continue to be cautiously optimistic. Your comments and questions are important to us. At the close of our presentation, I would like to open the floor to your questions.

里奇，謝謝你的介紹。總而言之，2022 年第四季度和整個財年的業績反映了我們自 2021 年以來採取的重組行動，專注於我們所做的一切和我們服務的人。我們的重點仍然是我們的客戶市場、我們的員工和我們的股東，以及追求增長和恢復穩定的盈利能力。我們繼續看——我們期待在來年繼續取得成功，並繼續保持謹慎樂觀。您的意見和問題對我們很重要。在我們的演講結束時，我想請大家提問。

(Operator Instructions)

（操作員說明）

Our first question is from Brett Reiss with Janney Montgomery Scott.

我們的第一個問題來自 Brett Reiss 和 Janney Montgomery Scott。

Another good respectable quarter. The cash from the third quarter to fourth quarter was up $2.5 million. Half of it was a reduction in working capital. The other half, was that positive cash flow generation?

另一個值得尊敬的季度。第三季度至第四季度的現金增加了 250 萬美元。其中一半是營運資金的減少。另一半，是產生正現金流嗎？

Brett, this is Rich. Yes, I think our cash flow does fluctuate depending on as we complete contracts, there will be payments towards the end of the contract. Also upon the receipt of contracts, we typically receive a down payment for a certain percentage of the contract price. So you will see some fluctuations in our cash balance from period to period.

布雷特，這是里奇。是的，我認為我們的現金流確實會隨著我們完成合同而波動，在合同結束時會有付款。此外，在收到合同後，我們通常會收到合同價格一定百分比的預付款。所以你會看到我們的現金餘額在不同時期有所波動。

Now the whole potential credit contraction that may unfold with the banks, it's basically a nonevent for us because we really are not drawing on any bank lines of credit. We're in a commanding cash position. Is that a fair statement?

現在，銀行可能出現的整個潛在信貸緊縮，對我們來說基本上不是什麼大事，因為我們真的沒有動用任何銀行信貸額度。我們的現金狀況非常好。這是一個公平的說法嗎？

As of this point, we don't have -- we have very little debt after we paid off our mortgage loan last -- during the year -- during this year, I should say, in 2022. We just took out one small equipment loan for about $400,000. And at this point, we're not relying on credit lines and the like. We're working with the working capital and the cash balances that we have.

截至目前，我們還沒有——在去年——今年——今年，我應該說，在 2022 年還清了抵押貸款後，我們的債務很少。我們只拿出了一個小設備貸款約40萬美元。在這一點上，我們不依賴信貸額度等。我們正在使用我們擁有的營運資金和現金餘額。

Right. And the supply chain issues, they seem to be abating?

正確的。供應鏈問題似乎正在緩和？

Well, they're being managed, Brett. We still have day-to-day hand-to-hand combat with some of our suppliers, but we've been able to manage through that process in 2022. So I can't say that it's abated, but we've taken actions to reduce the impact both on inflationary and supply chain delays, doesn't mean that we'll continue -- I think we all know there's quite a bit of inflationary pressure out there.

好吧，他們正在接受管理，布雷特。我們仍然與我們的一些供應商進行日常的肉搏戰，但我們已經能夠在 2022 年完成這個過程。所以我不能說它已經減弱，但我們已經採取了行動減少對通貨膨脹和供應鏈延誤的影響，並不意味著我們會繼續——我想我們都知道那裡存在相當大的通貨膨脹壓力。

Our next question is from John Gruber, private investor.

我們的下一個問題來自私人投資者約翰格魯伯。

Yes, on the PVT-150, what's the outlook? And what's the gross margin profile of that product versus the other corporate average? We'll start with that question.

是的，關於 PVT-150，前景如何？該產品的毛利率與其他公司平均水平相比如何？我們將從這個問題開始。

Of course. This is Manny. First, the 150, the difference -- one of the major differences on the 150, the PVT-150 versus some of the more -- what we would term to be legacy products is that the 150 is a make-to-order versus a design make-to-order. So by DNA, the gross margins are improved greatly on the PVT-150 products in that you are not engineering each and every one of the tools and charging the cost of goods sold line with that engineering cost. So you will inherently see better gross margins on the make-to-orders versus the design make-to-order. With that said, we typically don't give out specifically for our customer's sake, our gross margins are -- but we would anticipate that the contribution margin on increased sales on that should be 50% plus as we increase the order rate for the PVT-150.

當然。這是曼尼。首先，150，差異——150 的主要差異之一，PVT-150 與其他產品——我們稱之為遺留產品的是 150 是按訂單生產的，而不是設計定制。因此，通過 DNA，PVT-150 產品的毛利率大大提高，因為您無需對每一種工具進行工程設計，並根據該工程成本收取銷售商品的成本。因此，與按訂單設計相比，您會自然而然地看到按訂單生產的毛利率更高。話雖如此，我們通常不會專門為客戶著想，我們的毛利率是——但我們預計，隨著我們提高 PVT 的訂單率，增加銷售額的邊際收益應該超過 50% -150。

So 50% plus, that would be good. And where do we stand on getting new orders, new nameplates for the PVT-150? And what's your -- what progress have you made with the big boys in the silicon carbide business?

所以 50% 以上，那會很好。我們在獲得 PVT-150 的新訂單、新銘牌方面的立場如何？您與碳化矽業務的大公司取得了哪些進展？

Sure. So you've been doing this for a while. And so I answer your question is we follow a pretty regimented PLC process, product life cycle. So we developed a product. We shipped the first one back in 2011. We productized it starting in December of 2021. And we started shipping in July of 2022. Typically, you ship one or 2 of them, alphas and betas. Well, we ended up shipping 20 of them last year, alphas and betas that I think are performing well in the installed base. And as we said, we have one customer for the alphas and betas. We subsequently received an order for 10 more production tools. And the only differences on those are documentation control, reduction in workflows in the manufacturing shop, and we just turned on alphas, betas and production systems, you really can't tell the difference by looking at them.

當然。所以你已經這樣做了一段時間了。所以我回答你的問題是我們遵循一個非常嚴格的 PLC 流程，產品生命週期。所以我們開發了一個產品。我們在 2011 年發貨了第一台。我們從 2021 年 12 月開始將其產品化。我們從 2022 年 7 月開始發貨。通常，您會發貨其中的一個或兩個，alpha 和 beta。好吧，我們去年最終交付了其中的 20 個，我認為在安裝基礎上表現良好的 alpha 和 beta。正如我們所說，我們有一個 alpha 和 beta 客戶。我們隨後收到了另外 10 台生產工具的訂單。唯一的區別是文檔控制、製造車間工作流程的減少，我們剛剛打開了 alpha、beta 和生產系統，你真的無法通過查看它們來區分它們。

We launched the product officially this quarter, and we started to engage on the different segments of the vertical integration chain. And what I mean by that is you have the boule wafer manufacturers. That's all they do to sell wafers. And they're our first entree into that space. And there are a couple of emerging ones, and there's one established. And then you have the folks that make their own equipment and make their own boules and make their own wafers. And then you have the fully integrated would be the onsemi, Wolfspeed (inaudible) for the most part, make their own equipment, grow their boules, make their wafers and also make devices. So our primary attack was with our first customer on the boule wafer. We launched the product literally in the January/February time frame, and we've been going to conferences. And we're starting now to be recognized as a provider of equipment to the crystal boule growth folks. It's going to take a bit of time for us to get some traction and adoption. And so where I would say with that is we're providing quotations and presentations now to several potential customers.

我們在本季度正式推出了該產品，並開始涉足垂直整合鏈的不同環節。我的意思是你有晶圓晶圓製造商。這就是他們銷售晶圓所做的一切。它們是我們進入該領域的第一道菜。有幾個新興的，還有一個已經建立的。然後你就會有人製造自己的設備，製造自己的晶圓，製造自己的晶圓。然後你有完全集成將是 onsemi，Wolfspeed（聽不清）大部分，製造他們自己的設備，生長他們的晶錠，製造他們的晶圓並製造設備。因此，我們的主要攻擊對像是晶圓晶圓上的第一個客戶。我們實際上是在 1 月/2 月的時間框架內推出了該產品，並且我們一直在參加會議。我們現在開始被公認為水晶球生長人員的設備供應商。我們需要一些時間才能獲得一些牽引力和採用。因此，我要說的是，我們現在正在向幾個潛在客戶提供報價和演示。

So year-end at year-end, this calendar you're in, how many new customers do you think you could add into the portfolio of the CVD product?

所以年末年末，你所在的這個日曆，你認為你可以將多少新客戶添加到 CVD 產品組合中？

In addition to serving the existing customer because all customers are key, we -- our objective and sales has an objective to penetrate 2 additional accounts.

除了為現有客戶提供服務，因為所有客戶都是關鍵，我們 - 我們的目標和銷售目標是滲透 2 個額外的客戶。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to management for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給管理層，聽取任何結束評論。

Well, we appreciate the attendance on the call and the support and the loyalty from our shareholders and some of our employees who are also on the call. We, again, are cautiously optimistic. We have come from a position where we have grown the -- as a team since 2021, grown the bookings, revenue, improved the gross margin line, operating profit line and have shored up the balance sheet in that period of time. We continue to be cautiously optimistic and conservative as we move forward. We look forward to a successful 2023. And again, we appreciate your attendance and support. Thank you.

好吧，我們感謝出席電話會議以及我們的股東和一些也在電話會議上的員工的支持和忠誠。我們再次謹慎樂觀。自 2021 年以來，我們已經成長為一個團隊，增加了預訂量、收入、改善了毛利率、營業利潤線，並在那段時間支撐了資產負債表。在我們前進的過程中，我們繼續保持謹慎樂觀和保守。我們期待 2023 年的成功。再次感謝您的出席和支持。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。