CVD 이큅먼트(CVV) 2026년 2분기 실적 발표회: SDC 매각으로 현금 보유고 강화

핵심 요약

• 계속영업 매출은 2025년 및 2026년 상반기의 수주 부진에 따른 시스템 매출 감소 영향으로 전년 동기 대비 약 43% 감소한 200만 달러를 기록했습니다.
• 총이익률은 자체 소모품 및 예비 부품을 포함한 비시스템 매출 비중이 확대되면서 기존 14.1%에서 16.8%로 개선되었습니다.
• CVD 이큅먼트는 2026년 4월 1일 SDC 매각을 완료했습니다. 당분기 말 기준 현금 및 현금성 자산은 2,350만 달러, 에스크로 자금은 90만 달러였으며 장기 부채는 없었습니다.
• 중단영업 당기순이익은 거래 비용 및 법인세 비용을 차감한 SDC 매각 이익이 반영되어 약 1,390만 달러를 기록했습니다. 2분기 총순이익은 약 1,260만 달러로 희석주당순이익은 1.81달러였습니다.
• 신규 수주는 약 120만 달러였으며, 2026년 6월 30일 기준 수주 잔고는 390만 달러였습니다. 단, 80만 달러 규모의 시스템 수주와 관련된 고객사가 이후 사전에 협의된 챕터 11 파산 보호 절차를 신청했습니다.
• 경영진은 항공우주 분야 고객사들이 기존에 주문한 시스템을 설치하고 시운전 중이며, 소모품 및 예비 부품 수요가 증가했다고 밝혔습니다. 탄화규소(SiC) PVT 장비의 상업적 진전은 여전히 제한적입니다.

주요 재무 데이터

사업 및 영업 실적

CVD 이큅먼트는 SDC 매각 이후 첨단 소재 가공 장비 및 관련 기술에 집중하는 단일 보고 부문으로 운영되고 있습니다.

경영진은 2025년에 시작된 구조조정이 실질적으로 완료되었다고 밝혔습니다. 이번 구조조정은 비용을 현재의 사업 활동 수준에 맞추고 효율성을 제고하며 시장 상황이 회복될 때 영업 유연성을 확보하기 위해 추진되었습니다.

항공우주 분야에서는 고객사들이 세라믹 매트릭스 복합재료(CMC) 적용 분야에 사용되는 기존 주문 장비를 설치하고 시운전하고 있습니다. 또한 자체 소모품 및 예비 부품 수요가 증가했으며, 경영진은 해당 제품들의 총이익률이 일반적으로 양호한 수준이라고 설명했습니다. 향후 후속 시스템 수주는 성공적인 설치 및 시운전, 그리고 신제품에 대한 고객의 도입 여부에 달려 있습니다.

탄화규소(SiC) 불(boule) 성장에 사용되는 PVT 장비의 경우, 경영진은 웨이퍼 시장이 포화 상태라고 평가하며 중요한 상업적 진전 사항은 없다고 밝혔습니다. 스토니브룩 대학교가 CVD 이큅먼트의 시스템에서 계속 불을 생산하고 있으나, 신규 특성 분석 정보의 공개는 양사 간 공표 협의 대상입니다.

퍼스트나노(FirstNano) 제품군은 대학 연구 자금 지원 제한과 정부 셧다운 관련 지연으로 인해 지속적인 압박을 받고 있습니다. 경영진은 방산 분야의 초기 기회도 언급했으나, 예상 시기나 규모를 산정하기에는 정보가 부족하다고 덧붙였습니다.

경영진 전망

경영진은 완료된 구조조정을 통해 고정 영업비용이 대폭 절감될 것으로 예상하고 있습니다. 회사는 목표 시장에서 수주 활동을 추진하는 한편 엄격한 비용 통제와 자본 배분을 유지할 계획입니다.

CVD 이큅먼트는 사업의 특성 및 규모를 이유로 정량적인 매출, 이익률, 손익분기점 가이던스를 제공하지 않았습니다. 경영진은 대학의 수주 회복이 부분적으로 연방 연구 자금 지원에 달려 있는 반면, 항공우주 기회는 추가적인 설치, 시운전 및 제품 도입이 필요하다고 밝혔습니다.

리스크 및 주요 관전 포인트

• 2분기 중 80만 달러 규모의 시스템을 수주한 고객사가 분기 말 이후 챕터 11 파산 회생 절차를 신청했습니다. CVD 이큅먼트는 해당 주문, 수주 잔고, 재무 실적, 재무 상태 및 현금 흐름에 미칠 잠재적 영향을 평가하고 있습니다.
• 광범위한 경제적 및 지정학적 불확실성이 고객의 수주 활동에 계속 부담을 주고 있습니다.
• 2025년 및 2026년 상반기의 수주 부진으로 인해 현재 시스템 매출이 감소했으며 수주 잔고도 제한적인 수준에 머물렀습니다.
• 대학의 자금 조달 제약과 정부 관련 지연으로 인해 퍼스트나노 사업 기회가 지연되었으며, 일부 프로젝트는 신규 견적 제출이나 자금 신청 재요청이 필요한 상황입니다.
• 탄화규소 웨이퍼 시장이 여전히 포화 상태여서 당사의 PVT 장비에 대한 단기 상업적 모멘텀이 제한되고 있습니다.
• 항공우주 분야의 후속 수주는 이미 인도된 시스템의 설치, 시운전 및 도입 여부에 계속 좌우되고 있습니다.

애널리스트 Q&A 주요 내용

애널리스트들은 항공우주 증설, PVT 상업화, 대학 자금 지원, 전략적 대안에 주목했습니다.

항공우주 사업과 관련해 경영진은 고객사들이 CVD 이큅먼트에서 기존에 주문한 시스템을 사용해 생산 능력을 확충하고 있다고 설명했습니다. 소모품 및 예비 부품 수요는 증가했으나, 경영진은 향후 추가 장비 수주의 시기나 규모에 대해서는 언급하지 않았습니다.

PVT 사업과 관련해 회사는 자사 장비가 우수한 품질의 불(boule)을 생산하지만, 탄화규소 웨이퍼의 공급 과잉으로 인해 상업적 수요가 계속 제약받고 있다고 밝혔습니다. 스토니브룩 대학교가 해당 시스템을 계속 운용 중이나, 경영진이 추가로 공개할 품질 데이터는 없습니다.

전략적 이니셔티브와 관련해 경영진은 공개할 만한 실질적인 진전 사항이 없다고 답했습니다. 또한 손익분기점 달성에 필요한 매출 수준 추정에 대해서도 답변을 거부했습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good afternoon, and welcome to the CVD Equipment Corporation Second Quarter 2026 Earnings Conference Call. As a reminder, today's call is being recorded. [Operator Instructions] 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. Before I begin, please note that the comments made during this call may include forward-looking statements, including statements regarding future financial performance, market conditions, customer demand, strategic initiatives, potential asset monetization opportunities and the execution of our transformation strategy. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially.

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.

With that, I'll turn the call over to Emmanuel Lakios, President and Chief Executive Officer. Please go ahead.

Emmanuel Lakios

Thank you, operator, and good afternoon, everyone. We appreciate you joining us today to review our second quarter 2026 financial results and to provide an update on our business and strategic initiatives. The second quarter marked a transformational period for CVD Equipment. Most notably, we completed the sale of our SDC business on April 1, 2026, this transaction significantly strengthened our balance sheet, increased our financial flexibility and allowed us to focus on our future strategy, including our core Advanced Material Process Equipment Group.

As a result of the divestiture, we ended the quarter with approximately $23.5 million in cash and cash equivalents and no long-term debt, providing us with a strong financial foundation as we navigate a challenging market environment. In addition to completing the divestiture, we substantially completed the operational restructuring initiative that we began last year. These efforts were designed to align our cost structure with our current business activity levels, improve operating efficiency and position the company to respond more effectively when market conditions improve.

We expect these actions to materially reduce our fixed operating costs going forward. While customer orders level continued to be adversely affected by broader economic and geopolitical uncertainty. We remain actively engaged with our customers and are continuing to pursue opportunities developing across our targeted markets.

We are also focused on maintaining a disciplined approach to capital allocation and expense control with the goal of creating long-term shareholder value. Turning to operating performance. Second quarter revenue from continuing operations was approximately $2 million compared with $3.4 million in the prior year quarter. Orders during the quarter totaled approximately $1.2 million, and backlog at the end of June 30, 2026, was $3.9 million.

With that, I'll turn the call over to our CFO, Rich Catalano, to review the financial results in more detail.

Richard Catalano

Thank you, Manny, and good afternoon. As Manny noted, the sale of the SDC business closed on April 1, 2026. Accordingly, the results of SDC continue to be reported as discontinued operations for all periods presented. Following the divestiture, CVD Equipment operates as a single reportable segment focusing on advanced material processing equipment and related technologies.

The second quarter of 2026 revenue from continuing operations was $2 million, as Manny mentioned, compared to $3.4 million in the second quarter of 2025, a decline of approximately 43%. This reduction primarily reflects lower system revenue resulting from weaker bookings experienced during 2025 in the first half of 2026. Gross profit for the quarter was approximately $329,000, resulting in a gross margin of 16.8% compared to a gross profit of approximately $481,000 and a gross margin of 14.1% in the prior year quarter.

The increase in gross margin percentage was primarily attributable to a higher proportion of nonsystem revenues during the current quarter. Our operating loss from continuing operations was approximately $1.6 million for the quarter. After interest income and other items, the net loss from continuing operations was approximately $1.4 million or $0.20 per share basic and diluted compared to a net loss from continuing operations of $1.3 million or $0.19 per basic and diluted share in the prior year quarter.

Net income from discontinued operations was approximately $13.9 million. This is the regain on the divestiture of SDC, net of transaction expenses and income tax expense. Including transaction costs we recorded in the first quarter, the total gain on the divestiture was approximately $13.5 million. As a result, the total income for the second quarter was approximately $12.6 million or $1.81 per basic and diluted share compared to a net loss of $1.1 million in the prior year quarter.

Turning to our balance sheet. We ended the quarter with approximately $23.5 million in cash and cash equivalents, compared with $8.7 million at December 31, 2025. We also have $900,000 as being held in escrow related to the SDC transaction and no long-term debt. Our stockholders' equity increased to approximately $36 million as of June 30, 2026, as compared to $24.7 million at year-end.

Following our quarter end, the customer associated with the $0.8 million system order that we received in Q2 filed a prepackaged Chapter 11 bankruptcy proceeding. Although the unsecured trade creditors are expected to be unimpaired according to the proposed plan, we will be evaluating the potential impact on the order we just received as well as the impact on our backlog, our financial results, financial position and cash flows.

With that, I'll turn it back to Manny.

Emmanuel Lakios

Thank you, Rich. The successful completion of the SDC divestiture represents a significant milestone for CVD Equipment. We have transformed the company into a well-capitalized, debt-free organization with a focus on business strategy and a substantially improved financial position. Although market conditions remain challenging, we continue to pursue orders across our targeted markets and remain committed to disciplined execution, operational efficiency and long-term shareholder value creation.

We believe the actions we have taken over the last year provide a solid platform from where we can move forward. Operator, we will -- we are now ready to open the line for questions.

Operator

[Operator Instructions] Our first question today is coming from Neil Cataldi from Blueprint Capital Management.

질의응답

Neil Cataldi

A couple of questions. My first one is on the aerospace side. We've seen continued pretty heavy CapEx from the major engine OEMs targeting CMC component capacity. GE Aerospace is -- disclosed multiple billion dollar plus investment programs for the LEAP and the GE9X engines. So the question is, given your order history with customers like them, how are you guys thinking about the timing and the sizing of potential follow-on orders in that business as like the production ramp sort of continue going forward here?

Emmanuel Lakios

Do you want to ask all your questions, Neil? Or you want me take it one by one.

Neil Cataldi

Yes, let's go 1 by one, if you don't mind.

Emmanuel Lakios

So on aerospace in general. Aerospace, yes, has had a pickup in the production of gas turbine engines that utilize ceramic matrix composite materials, which we have both an installed base and we have a number of tools which we have spoken before about that are in the installation and commissioning phase.

So we are in the middle of adding to our customers capacity that they ordered previously and we shipped and now, as I said earlier, are in the process of installing and commissioning. We have seen an uptick in our consumables and spare parts from the aerospace segment. And as Rich indicated earlier, those are typically proprietary parts that are very reasonable gross margins. And we'll continue, we believe, to see that as the -- our customers continue to utilize our equipment.

Neil Cataldi

Okay. Great. And then my second question is following up on the PVT discussion from our last call where the onsemi Stony Brook collaboration is generated, published research results. You guys had a press release on that. I'm just wondering if that visibility has translated into any sort of broader commercial engagement pipeline conversations or really just anything with PVT?

Emmanuel Lakios

Sure. On the PVT side of the business, we have a quality system produces quality pools to a marketplace that is saturated by silicon carbide wafers. So we have a solution with a serving an ill market. And so we have -- as you've seen, we have played down any advancements. We continue to do characterization of our equipment and that there could be a potential future. But at this point in time, we have nothing really to report on the commercial side.

Operator

[Operator Instructions] Our next question is coming from Paul Chayka from MS&E Resources.

Paul Chayka

Again, on the Stony Brook system. I was just wondering if you have any progress on boule quality or wafer quality to share beyond your last press release on that.

Emmanuel Lakios

We will typically -- thank you, Paul. I don't think we've actually spoken before. So we have an arrangement and agreement with Stony Brook University that we will co-release or allow them to release characterization information first. To the extent that they have not released anything since our last release, I would say there's nothing more I can say on that other than they continue to run boules on our equipment.

Paul Chayka

Sure. very fair. Yes, I look forward to hearing more about that, I had a long association with the infancy of that process. And the powder coat system, you may have already said this, I'm sorry, was that intended for battery applications? I assume it was.

Emmanuel Lakios

It's in the energy space. We can assume that it's in the -- somebody can assume that it's in the -- in battery applications.

Paul Chayka

Yes. Okay. All right. Well, I'm looking forward to seeing how the leadership strategizes with new investments. The company has invested in some very intriguing, interesting new material technologies like process technologies in the past and since they come and they go and -- I'll be interested to see what kind of focus the company puts on the big market applications that you have, you have great technology and always finding ways to improve it. And I don't honestly think there's not a lot of competition in the small niche that you're in. So I just want to commend you on the technology and the decisions that you've been making. Thanks.

Operator

Our next question is coming from Brett Reiss from Janney Montgomery Scott.

Brett Reiss

Manny, can you hear me?

Emmanuel Lakios

Brett, I can hear you well.

Brett Reiss

Manny, what macroeconomic headwinds have to change and shift so that orders can start to flow to our company.

Emmanuel Lakios

Okay. So if that's the question, it's -- we probably need a cup of coffee on it, but let's start off with university funding, there needs to be a shift in the government -- federal government funding of universities such that research is put at a higher priority.

That has always driven our FirstNano product lines. The FirstNano product lines are lower ASP, but they're receding material for production systems of the future. The second is we are still impacted by the -- and it's just going to take time, by the inefficiencies that were caused by the government shutdown, some of our prospects, their funding was delayed substantially.

I typically tell my team the longer you leave an order or an opportunity on the table, the more it could potentially grow mold, so some of these opportunities have to be rebirthed, requoted, funding resubmitted. That's going to take some period of time. We are seeing some interesting demand for opportunities in the defense area. And I can't comment because I don't have enough information yet to quantify if that will be a pickup and in what period of time we could see that as a pickup.

So those are the major ones. As far as PVT, a lot of questions today about PVT and silicon carbide, yes, there's a big demand in the world and a lot of buzz around data centers. Silicon carbide plays a role in data centers, but we don't serve the buy side, we serve the boule growth side. And I said in the first question with Neil, is that market today is saturated, saturated by the Chinese suppliers. And then, of course, onsemi, Wolfspeed and Coherent. So there, I think that's going to take a longer period of time, and I don't know what the savings rates will be for that, but the PVT could potentially have -- can be incubated into other growth technologies.

Again, that suspect and a lot of their statements. So there's nothing really to speak about there. And in the area of aerospace, we always want to mention that we launched several new products in the aerospace market. Many of those products have not been installed and commissioned to date yet. Those need to be installed, commissioned so that we can -- and be adopted so that we could potentially and again, potentially enjoy orders in the future. So those are the major, I would say, macro and I would say, mid-range being the aerospace headwinds that we have to overcome.

Brett Reiss

Now Manny, the business that we used to get from universities, if the Democrats take the house in November, will that loosen up the spigots, or do we have to wait for a change in the executive branch?

Emmanuel Lakios

Yes. I would offend probably half the people in the room if I started talking about politics 1 way or another. So I probably will stay away from that one. I think whichever party is more favorable to university funding will be a positive to the universities and then therefore, to all the equipment suppliers, including CVD.

Brett Reiss

Okay. Fair enough. Now the strategic initiatives that you're exploring, have you retained an outside investment bank to help you with that? Or are you doing it all internally?

Emmanuel Lakios

So we really -- in the past, when we had something to speak about on the strategic alternatives, we did just that. We spoke about it. At this point in time, we do not have anything that I would be able to have a substantive conversation on or disclose as we do develop that, we will inform all of you of that.

Brett Reiss

Okay. And because it's a kind of difficult product mix there's no way that Rich could tell us what the revenue amount to break even, what that number would be?

Richard Catalano

Brett. Nice to hear from you. At this point, historically, we have not given any type of guidance given the nature of our business and the size of our business. So Unfortunately, we're not able to go out and make those type of forecasts and [indiscernible]

Operator

We reach the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

Emmanuel Lakios

Thank you, operator, and I appreciate everyone's questions and look forward to hearing from you personally. Thank you all for joining us today. We appreciate your continued support and interest in CVD Equipment Corporation. If you have any other questions or follow-up questions, feel free to contact Investor Relations or myself, or Rich, who is also Investor Relations. And we'd love to chat. Thank you very much.

Operator

Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.