CVD Equipment (CVV) 2026财年第二季度业绩电话会议：出售SDC巩固现金状况

核心要点

• 持续经营业务的营收同比下降约43%至200万美元，主要是由于2025年及2026年上半年新签订单疲软后系统业务营收下滑。
• 毛利率由14.1%提升至16.8%，这得益于非系统业务营收占比的提高，包括专有耗材和零配件。
• CVD Equipment于2026年4月1日完成了SDC业务剥离。截至本季度末，公司拥有2350万美元的现金及现金等价物、90万美元的托管资金，且无长期债务。
• 已终止经营业务的净利润约为1390万美元，主要反映了扣除交易费用和所得税费用后的SDC剥离收益。第二季度总净利润约为1260万美元，即每股稀释收益1.81美元。
• 新签订单总额约为120万美元，截至2026年6月30日的未交付订单为390万美元。随后，一家涉及80万美元系统订单的客户提交了预先包装的破产重组（第11章）申请。
• 管理层表示，航空航天客户正在安装和调试此前订购的系统，同时对耗材和零配件的需求有所增加。碳化硅PVT设备的商业化进展依然有限。

核心财务数据

业务与经营业绩

在完成SDC出售后，CVD Equipment目前作为单一可报告部门运营，专注于先进材料加工设备及相关技术。

管理层表示，2025年启动的业务重组已基本完成。该举措旨在使成本与当前业务水平相匹配，提高效率，并在市场状况恢复时增加运营灵活性。

在航空航天领域，客户正在安装和调试此前订购用于陶瓷基复合材料应用的设备。公司还报告称对专有耗材和零配件的需求增加，管理层表示这些业务通常具有合理的毛利率。后续潜在的系统订单将取决于新产品的成功安装、调试以及客户的采纳情况。

对于用于碳化硅晶棒生长的PVT设备，管理层将晶圆市场描述为处于饱和状态，并表示没有重大商业进展更新。石溪大学（Stony Brook University）继续在CVD Equipment的系统上运行晶棒生长，但任何新的表征信息均受双方的发布协议约束。

FirstNano产品线继续面临来自大学科研资金受限以及政府停摆相关延误的压力。管理层还提到了国防领域的早期机遇，但表示缺乏足够的信息来量化潜在的时间节点或规模。

管理层展望

管理层预计，已完成的重组将大幅降低固定运营成本。公司计划在保持严谨的费用控制和资本配置的同时，在其目标市场中争取订单。

鉴于自身的业务性质和规模，CVD Equipment未提供具体的营收、毛利率或盈亏平衡量化指导。管理层表示，大学订单的复苏将部分取决于联邦科研经费，而航空航天领域的机遇则需要进一步的安装、调试和产品采纳。

风险与关注事项

• 涉及第二季度80万美元系统订单的客户在季度结束后提交了预先包装的破产重组（第11章）申请。CVD Equipment正在评估其对订单、未交付订单、财务业绩、财务状况及现金流的潜在影响。
• 更广泛的经济和地缘政治不确定性继续拖累客户的下单活动。
• 2025年及2026年上半年的新签订单疲软导致当前系统业务营收下降，并使公司的未交付订单规模处于低位。
• 大学资金限制和政府相关的延误放缓了FirstNano的业务机遇，部分项目需要重新报价或重新提交资助申请。
• 碳化硅晶圆市场依然处于饱和状态，限制了公司PVT设备的近期商业化势头。
• 航空航天领域的后续订单仍取决于已交付系统的安装、调试和采纳情况。

分析师问答亮点

分析师关注的焦点在于航空航天产能扩张、PVT商业化、大学资金支持以及战略选择。

关于航空航天领域，管理层表示客户正利用此前向CVD Equipment订购的系统来扩大产能。耗材和零配件需求有所增加，但管理层未提供潜在后续设备订单的具体时间或规模。

关于PVT领域，公司表示其设备能生产出高质量的晶棒，但商业需求仍受到碳化硅晶圆供过于求的限制。石溪大学继续运行该系统，不过管理层目前没有更多质量数据可供发布。

关于战略举措，管理层表示尚无实质性进展可披露。公司也拒绝预测实现盈亏平衡所需的营收水平。

业绩电话会议完整纪要

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.