CVD Equipment Corp (CVV) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the CVD Equipment Corporation first-quarter 2026 earnings conference call. As a reminder, today's call is being recorded. We will begin with prepared remarks followed by a question-and-answer session.

下午好，歡迎參加 CVD Equipment Corporation 2026 年第一季財報電話會議。提醒各位，今天的電話會議將被錄音。我們將先進行管理層準備好的發言，隨後進入問答環節。

Presenting on today's call are Emmanuel Lakios, President and Chief Executive Officer; and Richard Catalano, Executive Vice President and Chief Financial Officer. Our earnings press release and information about today's call replay are available in the Investor Relations section of our website at cvdequipment.com.

今天出席並發言的有總裁兼執行長 Emmanuel Lakios，以及執行副總裁兼財務長 Richard Catalano。我們的財報新聞稿以及本次電話會議重播資訊，可於 cvdequipment.com 網站的投資人關係專區取得。

Before we begin, please note that the comments made during this call may include forward-looking statements, including statements regarding our future financial performance, market growth, product demand, business outlook and strategic initiatives. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially.

在開始之前，請注意本次電話會議中的評論可能包含前瞻性陳述，包括關於我們未來財務表現、市場成長、產品需求、業務展望及策略性舉措的陳述。這些陳述係基於目前的預期，並受各項風險與不確定性影響，可能導致實際結果與所述內容出現重大差異。

For a discussion of these risks, please refer to our filings with the Securities and Exchange Commission, including the Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2025. We undertake no obligation to update any forward-looking statements, except as required by law.

關於上述風險的討論，請參閱我們向美國證券交易委員會（SEC）提交的文件，包括截至 2025 年 12 月 31 日止年度 Form 10-K 年報中的「風險因素」章節。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

With that, I will now turn the call over to Emmanuel Lakios, President and Chief Executive Officer.

接下來，我將把電話會議交給總裁兼執行長 Emmanuel Lakios。

Thank you, operator, and good afternoon, everyone. We appreciate you joining us today to review our first quarter 2026 financial results and to provide an update on our business and strategic initiatives. Following our prepared remarks, we'll be happy to take your questions.

謝謝接線員，大家下午好。感謝各位今天加入我們，一同回顧 2026 年第一季財務結果，並聽取我們業務與策略性舉措的最新進展。在我們的準備發言結束後，我們很樂意回答各位的問題。

As previously disclosed, in response to continued volatility in our order rates and a recent decline in bookings within our CVD Equipment division, we initiated a transformation strategy late last year designed to specifically reduce fixed operating costs, create a more agile organization and better position the company to maximize shareholder value.

如先前揭露，為因應訂單率持續波動，以及我們 CVD Equipment 事業部近期接單（bookings）下滑，我們於去年底啟動一項轉型策略，旨在特別降低固定營運成本、打造更敏捷的組織，並使公司更能極大化股東價值。

Key elements of this plan included transitioning the CVD Equipment business from a vertically integrated fabrication model to an outsourced fabrication for certain components, which we will expect to reduce fixed costs and improve scalability. (technical difficulty) workforce reduction in CVD Equipment division during the fourth quarter, which is expected to reduce annual operating costs by approximately $1.8 million in 2026. Revising our sales approach by leveraging distributors and external representatives to complement our internal sales organization and broaden market reach; and finally, exploring strategic alternatives for certain business product lines, including potential sale of assets or divestitures.

此計畫的關鍵要素包括：將 CVD Equipment 業務由垂直整合的自製（fabrication）模式，轉為針對部分零組件採外包製造，預期可降低固定成本並提升可擴展性。(technical difficulty) 於第四季在 CVD Equipment 事業部進行人力縮減，預期在 2026 年可使年度營運成本降低約 180 萬美元。調整我們的銷售方式，運用經銷商與外部業務代表來補強內部銷售組織並擴大市場觸及；最後，針對部分業務產品線探索策略性替代方案，包括潛在的資產出售或剝離。

As part of our strategic review, on March 23, 2026, we announced that we had entered into a definitive agreement under which our SDC business was to be sold to Atlas Copco. The purchase price was approximately $16.9 million in cash and is subject to certain purchase price adjustments. The transaction closed on April 1, 2026.

作為策略檢視的一部分，我們於 2026 年 3 月 23 日宣布已簽訂最終協議，將把我們的 SDC 業務出售給 Atlas Copco。購買價格約為 1,690 萬美元現金，並須依約進行若干購買價格調整。該交易已於 2026 年 4 月 1 日完成交割。

The sale of SDC enables us to concentrate our attention on our core CVD Equipment business. The divestiture has strengthened our balance sheet and provided additional financial flexibility as we continue to evaluate strategic opportunities for the CVD Equipment business, its product lines and our facilities. We continue to drive operational efficiencies, allowing for reduced operating costs and increased flexibility. Our objective remains to maximize shareholder value.

出售 SDC 使我們得以將注意力集中於核心的 CVD Equipment 業務。此次剝離強化了我們的資產負債表，並在我們持續評估 CVD Equipment 業務、其產品線及我們設施的策略機會之際，提供額外的財務彈性。我們持續推動營運效率提升，以降低營運成本並提高彈性。我們的目標仍是極大化股東價值。

Net cash proceeds from the sale of the SDC division received by the company in April 2026 after payment of transaction costs and employee-related liabilities were $14.8 million. Immediately following the sale of SDC, CVD Equipment had approximately $23 million in cash and no long-term debt, as we repaid the remaining balance of an equipment loan during the quarter.

公司於 2026 年 4 月在支付交易成本及員工相關負債後，自出售 SDC 事業部取得的淨現金收入為 1,480 萬美元。在出售 SDC 後，CVD Equipment 約有 2,300 萬美元現金且無長期負債，因為我們在本季償還了設備貸款的剩餘餘額。

Under the agreement, an additional $900,000 was placed in escrow for post-closing adjustments and indemnification obligations under the agreement. We have retained ownership of our Saugerties, New York facility that is being leased to the buyer for an initial term of two years.

依協議規定，另有 90 萬美元存入託管帳戶（escrow），用於交割後調整及協議下的賠償（indemnification）義務。我們仍保有位於紐約州 Saugerties 的設施所有權，並將該設施出租給買方，初始租期為兩年。

Turning to our financial results for our continuing CVD Equipment operations. First quarter 2026 revenue was $1.8 million, down 70.9% from the prior year quarter, revenue of $6.3 million and down 30.9% sequentially from the fourth quarter of 2026 revenue of $2.7 million. Orders in the first quarter totaled $1.8 million, driven primarily from the demand of spare parts. At March 31, 2026, backlog was $4.7 million, similar to the CVD Equipment backlog at December 31, 2025.

接著說明我們持續經營之 CVD Equipment 業務的財務結果。2026 年第一季營收為 180 萬美元，較去年同期 630 萬美元下滑 70.9%，亦較 2026 年第四季 270 萬美元按季下滑 30.9%。第一季訂單總額為 180 萬美元，主要由備品需求所帶動。截至 2026 年 3 月 31 日，未交貨訂單（backlog）為 470 萬美元，與 2025 年 12 月 31 日 CVD Equipment 的未交貨訂單水準相近。

Our bookings for our business continue to be affected by several factors, including geopolitical uncertainty, reduced US government funding for universities and a slower pace of adoption of our solutions in certain end markets. We are actively monitoring customer demand, the broader geopolitical uncertainties and potential future tariff impacts and are adjusting our plans accordingly.

我們業務的接單（bookings）持續受到多項因素影響，包括地緣政治不確定性、美國政府對大學的資金挹注減少，以及我們解決方案在部分終端市場的採用速度較慢。我們正積極監測客戶需求、更廣泛的地緣政治不確定性及未來可能的關稅影響，並據此調整我們的計畫。

Even against this backdrop, we remain focused on delivering solutions across our key markets, including aerospace and defense, industrial applications such as silicon carbide on graphite, silicon carbide for high-power electronics as well as emerging applications, including nuclear energy.

即便在此背景下，我們仍專注於在關鍵市場提供解決方案，包括航太與國防、工業應用（例如石墨基材上的碳化矽、用於高功率電子的碳化矽），以及包含核能在內的新興應用。

With that, I will turn the call over to our CFO, Richard Catalano, to review the financial results in more detail.

接下來，我將把電話會議交給我們的財務長 Richard Catalano，請他更詳細地說明財務結果。

Thank you, Manny, and good afternoon, everyone. The financial results of SDC are now reflected in our financial statements as discontinued operations for all periods presented and the SDC assets and liabilities are considered held for sale as of March 31, 2026. With the sale of the SDC business in 2026, we now have one reportable segment consisting of our CVD Equipment division that manufactures chemical vapor deposition, physical vapor transport, thermal process and related equipment. I will review first the results from continuing operations.

謝謝你，Manny，大家下午好。SDC 的財務結果目前在我們的財務報表中，於所有呈列期間均列為停業單位（discontinued operations），且截至 2026 年 3 月 31 日，SDC 的資產與負債被視為待售（held for sale）。隨著 2026 年出售 SDC 業務，我們目前僅有一個可報導部門（reportable segment），即 CVD Equipment 事業部，該事業部製造化學氣相沉積（chemical vapor deposition）、物理氣相傳輸（physical vapor transport）、熱製程及相關設備。我將先回顧持續經營業務的結果。

As Manny said, our first quarter 2026 revenue was $1.8 million. This compares to $6.3 million in the first quarter of 2026 and $2.7 million in the fourth quarter of 2025. The year-over-year decline as well as the decline from the fourth quarter was primarily driven by lower CVD systems revenue. Our revenue was concentrated among three key customers, which together represented 66% of total first quarter revenue.

如 Manny 所說，我們 2026 年第一季營收為 180 萬美元。相較之下，2026 年第一季為 630 萬美元，2025 年第四季為 270 萬美元。年對年下滑以及相較第四季的下滑，主要是由於 CVD 系統營收較低所致。我們的營收集中於三家主要客戶，合計占第一季總營收的 66%。

Gross profit for the quarter was $147,000, resulting in a gross margin of 8%. This compares with gross profit of $1.7 million and a gross margin of 27.4% in the prior year quarter. The decrease in gross profit was primarily the result of lower revenues, which led to higher unabsorbed overhead costs. Gross profit during the quarter ended March 31, 2026, did benefit by about $0.3 million or $317,000 from a contract modification with one of our customers.

本季毛利為 14.7 萬美元，毛利率為 8%。相較去年同期毛利 170 萬美元、毛利率 27.4%。毛利下降主要是因營收較低，導致未吸收的製造費用（unabsorbed overhead）較高。截至 2026 年 3 月 31 日止季度的毛利亦受惠於與其中一位客戶的合約修改，帶來約 30 萬美元或 31.7 萬美元的利益。

Our operating loss from continuing operations for the first quarter of 2026 was $1.8 million compared to $0.3 million in the first quarter of 2025. Included in the first quarter of 2026 was a gain of $46,000 from the sale of equipment.

我們在 2026 年第一季之持續營業業務營業損失為 180 萬美元，相較於 2025 年第一季的 30 萬美元。2026 年第一季包含出售設備所產生的 4.6 萬美元收益。

After interest income, net loss from continuing operations for the quarter was $1.7 million or $0.25 per basic and diluted share compared with a net loss of $229,000 or $0.03 per basic and diluted share in the prior year quarter. Income from discontinued operations before transaction costs of our SDC business division declined from $0.6 million in the prior year quarter to $0.5 million in the current year quarter. This was due to lower gross margins on higher revenues.

計入利息收入後，本季持續營業業務淨損為 170 萬美元，或每股基本及稀釋淨損 0.25 美元；相較於去年同期淨損 22.9 萬美元，或每股基本及稀釋淨損 0.03 美元。本公司 SDC 事業部之停業單位在扣除交易成本前的收益，從去年同期的 60 萬美元下降至本期的 50 萬美元。這是由於在營收較高的情況下，毛利率較低所致。

Transaction costs associated with the sale of SDC consisted of legal and investment banking fees of $0.4 million for the quarter ended March 31, 2026. Thus, the total income from discontinued operations was $63,000 for the quarter as compared to $0.6 million for the prior year quarter. And again, this is principally due to the transaction costs incurred in connection with the sale of SDC that was consummated on April 1, 2026.

與出售 SDC 相關的交易成本，於截至 2026 年 3 月 31 日止季度包括法律費用及投資銀行費用共 40 萬美元。因此，本季停業單位總收益為 6.3 萬美元，相較於去年同期的 60 萬美元。再次強調，這主要是因為與 SDC 出售相關、並於 2026 年 4 月 1 日完成交割所產生的交易成本。

At December -- sorry, at March 31, 2026, we have cash and cash equivalents of $8.2 million and immediately following the sale of SDC, our cash balance was approximately $23 million. The net proceeds from the sale of SDC totaling $14.8 million has been invested in short-term treasury securities.

截至 2026 年 3 月 31 日（抱歉，不是 12 月），我們的現金及約當現金為 820 萬美元；而在 SDC 出售完成後，我們的現金餘額約為 2,300 萬美元。出售 SDC 所得淨款項合計 1,480 萬美元已投資於短期美國國庫券。

Cash flows for the quarter. Net cash used in operating activities during the first quarter of 2026 was $0.9 million, principally as a result of a loss from continuing operations. This amount is net of approximately $0.4 million of cash that was contributed by SDC during the first quarter. During the quarter, we did receive $556,000 from the sale of equipment, and we used a portion of those proceeds to pay off an equipment loan in the amount of $181,000.

本季現金流量。2026 年第一季營業活動使用之淨現金為 90 萬美元，主要係因持續營業業務發生虧損所致。該金額已扣除 SDC 於第一季貢獻的約 40 萬美元現金。本季我們亦自出售設備取得 55.6 萬美元，並使用其中一部分款項償還金額為 18.1 萬美元的設備貸款。

Our working capital improved to $12.8 million at March 31, 2026. And of course, it increased after we closed the sale of SDC in April. Looking ahead, our return to consistent profitability will depend on improved equipment order flow, disciplined cost management, successful execution of our transformation plan as well as continued control of capital expenditures.

截至 2026 年 3 月 31 日，我們的營運資金改善至 1,280 萬美元。當然，在 4 月完成 SDC 出售後，營運資金進一步增加。展望未來，我們回到穩定獲利將取決於設備訂單流量改善、嚴謹的成本管理、成功執行轉型計畫，以及持續控管資本支出。

With that, I will now turn it back to Manny.

接下來，我把時間交還給 Manny。

Thank you, Rich. Our priorities are clear: serving our customers, supporting our employees, creating value for our shareholders and returning our core CVD equipment business to sustained profitability.

謝謝你，Rich。我們的優先事項很明確：服務客戶、支持員工、為股東創造價值，並使我們的核心 CVD 設備業務回到可持續的獲利狀態。

Operator, we are now ready to open the line for questions.

接線員，我們現在準備開放提問。

(Operator Instructions) Neil Cataldi, Blueprint Capital Management.

(接線員指示) Neil Cataldi，Blueprint Capital Management。

The first question, with the SDC sale complete, and as you said, $23 million in cash on the balance sheet, can you help us think a little bit about the book value of the Central Islip property? The PP&E on that is like $10.4 million. Is that reflective of what you believe the property is worth in today's market?

第一個問題，隨著 SDC 出售完成，且如你所說，資產負債表上有 2,300 萬美元現金，你能否協助我們稍微思考一下 Central Islip 物業的帳面價值？該項不動產、廠房及設備（PP&E）大約是 1,040 萬美元。這是否反映了你們認為該物業在當前市場的價值？

I think we can speak to the fact that we, a while back, had looked at a sale leaseback that the valuation was north of that. And we can't talk about a write-up or anything of that sort. But what we can speak about is that we think that that is a conservative number for the valuation. We can't speak to having multiple valuations on the property at this point.

我想我們可以談的是，先前一段時間我們曾研究過售後回租（sale leaseback），當時的估值高於那個數字。我們不能談論重估增值或任何類似事項。但我們可以說的是，我們認為那是一個相對保守的估值數字。目前我們無法談論該物業有多個估值。

Okay. But that number that was previously in a transaction would be a fair number for investors to sort of think about?

了解。但先前交易中的那個數字，投資人可以把它當作一個合理的參考來思考嗎？

It was this number of years ago, correct?

那是幾年前的數字，對吧？

Yeah.

對。

Real estate prices have been fairly wide around.

不動產價格的波動幅度一直相當大。

Obviously, there are dynamics associated during that period of time that was post-COVID, a lot of demand for high volumetric real estate. The building is still a valued asset of the corporation.

顯然，在那段時間有一些相關的動態因素，當時是 COVID 之後，高容積（high volumetric）不動產需求很旺。這棟建物仍然是公司的一項重要資產。

Okay. Just trying to establish the substantial amount of value that's here with the company between the $23 million in cash and what that property was previously transacted for establishes sort of a floor here of like $7 per share in cash. So very helpful.

了解。我只是想確認公司這裡存在相當可觀的價值：2,300 萬美元現金加上該物業先前的交易價格，某種程度上為這裡建立了一個底部，例如每股約 7 美元的現金價值。非常有幫助。

Second question pertains to the language that you're using in the press release. So you're citing geopolitical uncertainty, reduced government funding, but yet you're sort of simultaneously adding themes like data center and nuclear to your investor deck and filings of target markets, seeing your R&D not really change.

第二個問題與你們在新聞稿中使用的措辭有關。你們提到地緣政治不確定性、政府資金減少，但同時又在投資人簡報與申報文件中加入像是資料中心與核能等目標市場主題，而且你們的研發看起來並沒有真正改變。

And most of your presumably end market customers across the semiconductor wafer space, whether it's 200-millimeter silicon carbide in active production or the 300-millimeter coming as well as all the activity in the nuclear space. These are themes that have very elevated activity right now. And so I'm just sort of wondering like is any of that translating into active pipeline conversations for either your PVT or your CVI systems?

而你們多數推測的終端市場客戶遍及半導體晶圓領域，不論是已在量產的 200 毫米碳化矽，或是即將到來的 300 毫米，以及核能領域的各種活動。這些主題目前的活動度都非常高。所以我想問的是，這些是否正在轉化為你們 PVT 或 CVI 系統的積極管線洽談？

So a couple of things. One is silicon carbide. We've spoken about silicon carbide and the impact on our value proposition in silicon carbide, which is the actual process equipment that makes the boule. Clearly, there was a deflation of that market from 2022, '23 highs. And the reasoning for that is really the Chinese vendors really flooding the market with wafers, making it economically unviable for US wafer providers to buy -- to ramp up and buy additional equipment. So that's what deflated the PVT market.

有幾點。第一是碳化矽。我們談過碳化矽，以及我們在碳化矽領域價值主張的影響，也就是製造晶棒（boule）的實際製程設備。很明顯地，該市場相較於 2022、2023 年的高點已經降溫。原因在於中國供應商大量向市場投放晶圓，使得美國晶圓供應商在經濟上不可行去擴產並購買額外設備。這就是 PVT 市場降溫的原因。

We are not primarily a two-dimensional wafer-level process equipment company. We are a three-dimensional for the most part. Most of our orders come from preform CVI, where we are infiltrating a three-dimensional product or by growing a boule, which is a three-dimensional product. So we typically are not two-dimensional. A small portion of our business is wafer level, semiconductor wafer level. We are in more the industrial and aerospace element of the food chain.

我們主要不是二維、晶圓層級的製程設備公司。我們多數情況下是三維的。我們的大部分訂單來自預成型（preform）CVI，也就是我們對三維產品進行滲透處理，或是透過長晶生成晶棒（boule），這也是三維產品。因此我們通常不是二維。我們業務中只有一小部分是晶圓層級、半導體晶圓層級。我們更處於產業與航太供應鏈的環節。

We are seeing RFQs coming in at a higher rate than what we had previously seen last year in 2025. We are seeing that. And in general, I think we've seen that money now has freed up after the opening up after the shutdown. But it takes several months to a few quarters for those and sometimes several quarters for those RFQs to turn into orders. So we are in the waiting period at this point, and we continue to prosecute RFQs as they come in to process those.

我們看到進來的詢價（RFQ）速度比去年 2025 年更快。我們確實看到這點。整體而言，我認為在解封、結束停擺之後，資金現在已經更為寬鬆。但這些 RFQ 轉化為訂單通常需要數個月到幾個季度，有時甚至需要好幾個季度。所以我們目前處於等待期，並會持續在 RFQ 進來時積極跟進並推進處理。

As far as you mentioned, whether it's -- I think you mentioned AI, nuclear, et cetera. In the area of nuclear, we do see RFQs for CVI, CVD equipment in that space. But again, we are very early in that process. As far as AI, we -- AI is a buzzword. We provide some wafer-level processing, but we don't advocate to be an AI-enabling company at this point. And again, I just want to go back and underscore, we are a more three-dimensional product or substrate company than planar wafers.

就您提到的部分，不論是——我想您提到了 AI、核能等等。在核能領域，我們確實看到該領域對 CVI、CVD 設備的詢價（RFQ）。但同樣地，我們在這個流程上仍處於非常早期的階段。至於 AI，我們——AI 是個流行詞。我們提供一些晶圓層級的製程處理，但目前我們不主張自己是能夠促成 AI 的公司。另外我想回到並強調一點：相較於平面晶圓，我們更像是一家偏向三維產品或基板的公司。

Okay, thanks, yeah, that's very helpful. I used the word data center, which was the language that I think had been added to your filings. So I was just trying to figure out the sort of reason behind adding that language. And really just because there's so much activity in the space right now, it seems like you guys could be sitting in a good position.

好的，謝謝，是的，這非常有幫助。我用了「資料中心」這個詞，我想這是你們在申報文件中新增的用語。所以我只是想了解一下為什麼要加入這樣的措辭。而且主要是因為這個領域目前活動非常多，看起來你們可能正處於一個很有利的位置。

Look, there are a few of our products that would address that in the ramp-up, whether it's silicon carbide PVT system. But again, that's going to require some competitive position against the Chinese wafer suppliers. And then we also have other products in the past that we've sold to -- that would assist AI centers, but not on the chip level, more so on sometimes the power transport, whether it's superconducting tape or something of that sort.

你看，我們有幾項產品在擴產爬坡時可以對應到那個需求，例如碳化矽 PVT 系統。但同樣地，這將需要在競爭上相對於中國晶圓供應商取得有利地位。另外，我們過去也有其他產品賣給——也能協助 AI 中心，但不是在晶片層級，而是有時在電力傳輸方面，例如超導帶材或類似的東西。

Okay. You previously used to talk about the PVT200 system that was placed to an unknown customer other than, I guess, presumably Stony Brook. Is that still under evaluation?

好的。你們之前曾談到一套 PVT200 系統，交付給一位不明客戶，除了我猜可能是 Stony Brook 之外。那套設備仍在評估中嗎？

Well, Stony Brook, we have a relationship with Stony Brook where we sold them two tools. We continue to collaborate with Stony Brook and that will be in the future. The customer on the 200 that we had sold also was impacted by the downturn in the US demand -- well, the US supply of silicon carbide wafers. So they're still in a waiting pattern. If there was news to share, we would have.

嗯，Stony Brook，我們與 Stony Brook 有合作關係，我們賣給他們兩套設備。我們會持續與 Stony Brook 合作，未來也會如此。至於我們賣出的那套 200 系統的客戶，也受到美國需求下滑——嗯，應該說美國碳化矽晶圓供給的下滑——的影響。所以他們仍在等待狀態。如果有消息可以分享，我們早就會分享了。

Okay. And last question. The strategic alternatives language has been pretty consistent for a few quarters. Is there any additional color on whether you're evaluating the business as a whole, specific product lines or what's left to the facilities? And any sort of timeline on when investors may hear if there's a conclusion to the review?

好的。最後一個問題。「策略性替代方案」的措辭已經連續好幾季都相當一致。能否再多提供一些細節：你們是在評估整體業務、特定產品線，或是與廠房剩餘資產相關的部分？以及投資人可能何時會得知審查是否有結論的任何時間表？

Well, the SDC was a strategic initiative, the SDC sale, great group. We've, I think, benefited the shareholders by [sort of the] cash on the balance sheet and also all the employees have a new home. So we're pleased with that. As far as additional actions, we continue to look at options. We don't have anything to speak to today. When we do, we'll, of course -- our shareholders will be aware of that.

嗯，SDC 是一項策略性舉措，SDC 的出售也是如此，是個很棒的團隊。我認為我們讓股東受益，因為資產負債表上有了[某種程度的]現金，同時所有員工也都有了新的歸屬。所以我們對此感到滿意。至於其他行動，我們仍在持續評估各種選項。今天沒有任何可以進一步說明的內容。等到有的時候，我們當然——股東也會知道。

Okay, thanks, guys. Look forward to connecting offline as well.

好的，謝謝各位。也期待之後私下再聯繫。

Yeah, we look forward to it, Neil. Thank you.

是的，我們也很期待，Neil。謝謝你。

[Paul Traca, MS&E Resources].

[Paul Traca，MS&E Resources]。

The previous caller, nice to have him call in because you guys answered a lot of my questions based on his questions. I just want to say I'm very bullish on CVV near term and long term. You've got a lot of great potential for success in multiple applications from my perspective as a materials engineer who's worked in aerospace and the electronics area. So I was intrigued by the silicon carbide boule project with Stony Brook. You've covered that already. The chip manufacturers, I think that's looking good.

上一位來電者很好，因為你們根據他的問題回答了我很多問題。我只想說，從短期到長期我都非常看好 CVV。以我這位曾在航太與電子領域工作的材料工程師角度來看，你們在多種應用上都有很大的成功潛力。所以我對與 Stony Brook 的碳化矽晶錠（boule）專案很感興趣。你們已經談過那部分了。晶片製造商方面，我覺得看起來不錯。

I want to just voice my support for not using any of this cash that you have in hand for any kind of investor dividend or anything. You've been very good over the years in being very responsible and very methodical in using the cash you have. I'm really happy to hear that you've got this added cash for your basis for acquisitions or further developing your opportunities.

我想表達我支持你們不要把手上這些現金用於任何形式的投資人股利或類似用途。多年來你們在使用現金方面一直非常負責且非常有條理、循序漸進。我很高興聽到你們有了這筆新增現金，可作為併購或進一步開發機會的基礎。

So I just wanted to throw that in there. Is there any other further work? I guess it's two-dimensional related, but gallium arsenide, gallium nitride, is that still a product line at all?

所以我只是想補充這點。還有沒有其他進一步的工作？我想這算是二維相關的，但砷化鎵、氮化鎵，那還算是一條產品線嗎？

It's still a product line, of course. So let me just jump into that. It's a product line. There's not a lot of -- we don't see a lot of demand in that area. We are seeing some exploratory -- I would say exploratory because it's early stage -- bubbling up of some new applications for some of the products that we had in the past, but it's really too early to really discuss that. But we don't play in -- we play in the advanced materials area, not specifically in, let's say, LEDs or something of that sort on GaN. That's not our strength.

當然仍然是一條產品線。我就直接說明一下。它是一條產品線。但那個領域的需求不多——我們沒有看到太多需求。我們確實看到一些探索性的——我會說是探索性的，因為還在早期階段——一些新應用開始浮現，針對我們過去的一些產品，但現在真的還太早，不適合深入討論。不過我們不會在——我們是在先進材料領域，而不是特別在例如 LED 或類似的 GaN 應用上。那不是我們的強項。

Yeah, sure. I just hadn't seen anything in press releases. And I guess it's for a good reason because it's not happening much. All right. Thank you very much, and your team is doing a great job, I think.

好的，了解。我只是沒有在新聞稿裡看到相關內容。我想這也有其原因，因為確實沒有太多進展。好。非常感謝，我認為你們團隊做得很棒。

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

目前沒有其他問題。我想把時間交回給管理層做結語。

Thank you, operator, and thanks to everyone for joining us today. We appreciate your continued interest and support of CVD Equipment Corporation. If you have any questions, please feel free, some of you do as well, to reach out to Rich or myself. This concludes today's call. Thank you.

謝謝接線員，也謝謝各位今天加入我們。我們感謝大家持續關注並支持 CVD Equipment Corporation。如果您有任何問題，請隨時——有些人也確實會——聯繫 Rich 或我本人。今天的電話會議到此結束。謝謝。

Thank you again for your participation. You may now disconnect your line.

再次感謝各位的參與。您現在可以掛斷電話。