CVD Equipment Corp (CVV) 2025 Q1 法說會逐字稿

Greetings. Thank you for standing by. Welcome to the CVD Equipment Corporation's first-quarter 2025 earnings call. As a reminder, this conference is being recorded.

問候。感謝您的支持。歡迎參加 CVD 設備公司 2025 年第一季財報電話會議。提醒一下，本次會議正在錄製中。

We will begin with some prepared remarks, followed by a question-and-answer session.

我們將以一些準備好的發言開始，然後是問答環節。

Presenting on the call, today, will be Emmanuel Lakios, President and CEO and member of the CVD Board of Directors; and Richard Catalano, Executive Vice President and Chief Financial Officer.

今天參加電話會議的嘉賓包括 CVD 董事會成員、總裁兼執行長 Emmanuel Lakios 和執行副總裁兼財務長 Richard Catalano。

We have posted our earnings press release and call replay information to the Investor Relations section of our website, at wwcvdequipment.com.

我們已將收益新聞稿和電話重播資訊發佈到我們網站的投資者關係部分，網址為 wwcvdequipment.com。

Before we begin, I would 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, 2024.

在我們開始之前，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、市場成長、總可用市場、我們產品的需求以及一般商業狀況和前景相關的陳述。這些前瞻性陳述是基於某些假設、預期和預測，這些假設、預期和預測受我們新聞稿和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因素的影響；包括但不限於本公司截至 2024 年 12 月 31 日的 10-K 文件中的風險因素部分。

Actual results may differ, materially, from those described during this call. In addition, all forward-looking statements are made, as of today. We undertake no obligation to update any forward-looking statements, based on new circumstances or revised expectations.

實際結果可能與本次電話會議中所述的結果有重大差異。此外，所有前瞻性陳述均截至今日作出。我們不承擔根據新情況或修訂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。

Operator, thank you. Good afternoon, everyone. Thank you, all, for joining us today to discuss our first-quarter 2025 financial results and other important company developments and pertinent information related to our business.

接線員，謝謝。大家下午好。感謝大家今天加入我們，討論我們的 2025 年第一季財務業績以及其他重要的公司發展以及與我們業務相關的相關資訊。

Your thoughts are important to us. And we look forward to your questions in our Q&A session.

您的想法對我們很重要。我們期待您在問答環節提問。

First quarter of 2025 revenue was $8.3 million, up 69% versus the prior year quarter and 12.2% higher than the fourth quarter of 2024.

2025 年第一季營收為 830 萬美元，比去年同期成長 69%，比 2024 年第四季成長 12.2%。

Revenue from our CVD Equipment segment was driven by revenue recognized principally by two contracts, one in the industrial markets and one in the aerospace.

我們的 CVD 設備部門的收入主要來自兩份合約確認的收入，一份來自工業市場，另一份來自航空航太市場。

Our SDC segment continued to see strong demand for its gas delivery equipment. Increased revenue and lower-than-expected orders, in the quarter, of $2.8 million.

我們的 SDC 部門繼續看到對其天然氣輸送設備的強勁需求。本季營收增加，但訂單低於預期，為 280 萬美元。

Our backlog declined during the quarter, from $19.4 million at the end of December 2024 to $13.8 million, March 31, 2025. Subsequent to the quarter end, we did receive a $1.2 million dollar semiconductor system order in our CVD Equipment segment.

本季度，我們的積壓訂單量從 2024 年 12 月底的 1,940 萬美元下降至 2025 年 3 月 31 日的 1,380 萬美元。在本季末之後，我們確實在 CVD 設備部門收到了價值 120 萬美元的半導體系統訂單。

During the quarter, we implemented a plan to reduce our operating costs to be consistent with current customer demand and improve our operating performance. We continue to evaluate the demand for our products and opportunities to reduce our operating costs.

本季度，我們實施了一項計劃，以降低營運成本，以滿足當前客戶需求並提高我們的營運表現。我們將繼續評估我們產品的需求和降低營運成本的機會。

Our net income, for the quarter, was $360,000. While the first quarter of 2025 represented the third consecutive quarter of net income, due to the nature of our business, we expect that our order and revenue levels will continue to fluctuate, given the markets that we serve.

本季我們的淨收入為 360,000 美元。雖然 2025 年第一季是連續第三個季度實現淨收入，但由於我們業務的性質，考慮到我們所服務的市場，我們預計我們的訂單和收入水平將繼續波動。

In addition, the recent imposition of tariffs has presented us with a new challenge. And uncertainty, as such tariffs, may affect our cost of components and materials, as well as contribute to economic uncertainty which may potentially affect our order rate.

此外，最近徵收的關稅也為我們帶來了新的挑戰。而關稅等不確定性可能會影響我們的零件和材料成本，並導致經濟不確定性，這可能會影響我們的訂單率。

We're evaluating the talent environment and planning, accordingly.

我們正在評估人才環境並進行相應的規劃。

We believe we are well positioned for the future. And we are remaining focused on our identifying opportunities in our key targeted markets of aerospace and defense, high-power electronics, and EV battery energy storage.

我們相信我們已經為未來做好了準備。我們將繼續專注於在航空航太和國防、高功率電子和電動車電池儲能等主要目標市場中尋找機會。

We are staying the course of our strategic efforts to maintain and grow our order rate, while carefully managing our expenses to achieve our goal of long-term profitability and positive cash flow, while simultaneously focusing on growth and return on investment.

我們將繼續堅持策略性努力，維持和提高訂單率，同時謹慎管理開支，以實現長期盈利和正現金流的目標，同時專注於成長和投資回報。

With that, I would like to turn the call over to our CFO, Richard Catalano, who will provide an overview of our first-quarter results.

接下來，我想將電話轉給我們的財務長理查德·卡塔拉諾 (Richard Catalano)，他將概述我們第一季的業績。

Thank you, Manny. Good afternoon.

謝謝你，曼尼。午安.

As Manny mentioned, our revenue for the first quarter of 2025 was $8.3 million, $3.4 million or 69% higher than the first quarter of 2024. This increase in revenue was primarily attributable to our CBD equipment segment.

正如曼尼所提到的，我們 2025 年第一季的營收為 830 萬美元，比 2024 年第一季高出 340 萬美元，即 69%。營收的成長主要歸功於我們的 CBD 設備部門。

Gross profit, for the first quarter, was $2.7 million, with a gross profit percentage of 32.4%. This compares to a gross profit of $0.8 million or a gross profit percent of 16.2% for the first quarter of 2024. The increase in gross profit of $1.9 million and, also, the increase in our gross profit margin percent was primarily the result of higher overall revenues, improved absorption of overhead, as well as improved margins on contracts in progress, as compared to the contracts in progress in the prior year quarter.

第一季毛利為 270 萬美元，毛利率為 32.4%。相較之下，2024 年第一季的毛利為 80 萬美元，毛利率為 16.2%。毛利增加 190 萬美元，同時毛利率也增加，這主要是由於與去年同期的在建合約相比，總收入增加、間接費用吸收改善以及在建合約利潤率提高。

Our operating income, for the first quarter, was $269,000, as compared to an operating loss of $1.6 million in the first quarter of 2024. This improvement in operating income was primarily due to increasing gross profit margin, as operating expenses were consistent with the prior year quarter.

我們第一季的營業收入為 269,000 美元，而 2024 年第一季的營業虧損為 160 萬美元。營業收入的成長主要歸因於毛利率的提高，因為營業費用與去年同期持平。

After other income, consisting principally of interest income, our net income, for the first quarter, was $360,000 or $0.05 per share for both basic and diluted. This compares to a net loss for the first quarter of 2024 of $1.5 million or $0.22 per share for basic and diluted.

扣除主要包括利息收入在內的其他收入後，我們第一季的淨收入為 360,000 美元，即基本淨收入和稀釋淨收入均為每股 0.05 美元。相比之下，2024 年第一季的淨虧損為 150 萬美元，即基本虧損和稀釋虧損均為每股 0.22 美元。

Now, turning to our balance sheet.

現在，轉向我們的資產負債表。

Our working capital, at March 31, 2025, was $14.5 million. This compares to $13.8 million at the prior year end. Our cash and cash equivalents balance was $10.2 million, as of March 31, as compared to $12.6 million at December 31, 2024. This decrease in cash and cash equivalents was principally due to cost incurred on contracts in progress that resulted in an increase of $3 million in contract assets and a decrease of $1.3 million in contract liabilities. This was offset by our net income and our non-cash expense charges.

截至 2025 年 3 月 31 日，我們的營運資金為 1,450 萬美元。相比之下，去年年底這一數字為 1,380 萬美元。截至 3 月 31 日，我們的現金及現金等價物餘額為 1,020 萬美元，而 2024 年 12 月 31 日為 1,260 萬美元。現金和現金等價物的減少主要是由於在建合約產生的成本導致合約資產增加 300 萬美元，合約負債減少 130 萬美元。這被我們的淨收入和非現金支出費用所抵消。

We are unable to predict the impact of the current economic and geopolitical uncertainties, including tariffs, that we will have on our financial position and future results of operations and cash flows. Our return to consistent profitability is dependent, among other things, to the receipt of new equipment orders, our ability to mitigate the impact of inflationary pressures, as well as managing our operating expenses and capital expenditures.

我們無法預測當前經濟和地緣政治不確定性（包括關稅）對我們的財務狀況和未來經營績效和現金流的影響。我們恢復持續獲利能力取決於多種因素，其中包括新設備訂單的接收、我們減輕通膨壓力影響的能力以及管理我們的營運費用和資本支出。

In addition, our revenue orders have historically fluctuated based on changes in order rate, as well as other factors in our manufacturing process, which may impact the timing of our revenue recognition.

此外，我們的收入訂單歷來根據訂單率的變化以及製造過程中的其他因素而波動，這可能會影響我們的收入確認時間。

Accordingly, orders received from customers and revenue recognized may fluctuate from quarter to quarter.

因此，從客戶收到的訂單和確認的收入可能會每季都有波動。

After considering all these factors, 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.

考慮了所有這些因素後，我們相信我們的現金和現金等價物以及預計的營運現金流將足以滿足未來 12 個月的營運資金和資本支出需求。

We will continue to evaluate the demand for our products, assess our operations, and take actions anticipated to maintain our operating cash to support our working capital needs.

我們將繼續評估我們產品的需求，評估我們的運營，並採取預期的行動來維持我們的營運現金以支持我們的營運資金需求。

I'll now turn it over to back to Manny.

現在我將把話題轉回給曼尼。

Rich, thank you for the presentation.

Rich，謝謝你的演講。

Our focus continues to remain on our customers' markets, our employees, and our shareholders, of course; and the pursuit of growth, and return to consistent profitability.

當然，我們的重點仍然放在客戶的市場、員工和股東身上；追求成長並恢復持續獲利。

We look forward to continuing to build on our success in the year ahead of us.

我們期待在未來的一年裡繼續取得更大的成功。

Your comments are important to us -- and questions.

您的評論和問題對我們很重要。

With the close of the presentation, I would like to open the floor up to your questions.

演講結束後，我想開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Great. I'm not seeing any questions.

偉大的。我沒有看到任何問題。

I'd like to turn the floor back over to Emmanuel Lakios for any closing remarks.

我想將發言權交還給 Emmanuel Lakios，請他做最後發言。

Thank you, operator. Thank you, everyone, for dialing in, today.

謝謝您，接線生。謝謝大家今天的來電。

We appreciate the attendance on the call and your support and loyalty of our shareholders and our employees.

我們感謝您參加電話會議以及您對我們的股東和員工的支持和忠誠。

If you have any further questions, please feel free to reach out to Rich or myself, directly.

如果您還有其他問題，請隨時直接聯繫 Rich 或我本人。

This concludes our call.

我們的通話到此結束。

You may disconnect your lines, at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。