CVD Equipment (CVV) 2026 年第二季法說會：出售 SDC 強化現金部位

重點總覽

• 持續營運部門營收年減約 43% 至 200 萬美元，主要反映 2025 年及 2026 年上半年接單疲軟，導致系統營收下滑。
• 毛利率由 14.1% 提升至 16.8%，主因專利耗材與零組件等非系統營收比重提升。
• CVD Equipment 於 2026 年 4 月 1 日完成 SDC 的剝離出售。截至本季末，公司擁有現金及現金等價物 2,350 萬美元、託管資金 90 萬美元，且無長期負債。
• 停業部門淨利約為 1,390 萬美元，主要反映扣除交易費用及所得稅費用後的 SDC 剝離收益。第二季總淨利約為 1,260 萬美元，或稀釋後每股盈餘 1.81 美元。
• 新增訂單總額約為 120 萬美元，截至 2026 年 6 月 30 日的在手訂單為 390 萬美元。其中涉及 80 萬美元系統訂單的客戶隨後申請了預先包裝的《破產法》第 11 章破產重整。
• 管理層表示，航太客戶正在安裝並偵錯先前訂購的系統，同時對耗材與零組件的需求有所增加。碳化矽 PVT 設備的商業化進展仍然有限。

核心財務數據

業務與營運表現

完成 SDC 出售後，CVD Equipment 目前作為單一應報導部門營運，專注於先進材料處理設備及相關技術。

管理層表示，2025 年啟動的營運重組已基本完成。該計畫旨在使成本與當前業務活動水準一致、提升效率，並在市場狀況復甦時增加營運彈性。

在航太領域，客戶正在安裝與偵錯先前訂購、用於陶瓷矩陣複合材料應用的設備。公司亦報告對專利耗材與零組件的需求增加，管理層表示這些產品通常具有合理的毛利率。潛在的後續系統訂單將取決於新產品的成功安裝、偵錯以及客戶的採用情況。

對於用於碳化矽晶棒生長的 PVT 設備，管理層指出晶圓市場已趨於飽和，且無重大商業進展更新。石溪大學（Stony Brook University）繼續在 CVD Equipment 的系統上運行晶棒生長，但任何新的特性分析資訊均須遵循雙方的發布協議。

FirstNano 產品線繼續面臨大學研究經費受限以及政府停擺相關延誤所帶來的壓力。管理層亦提及國防領域的早期機會，但表示缺乏足夠的資訊來量化潛在的時間點或規模。

管理層展望

管理層預期重組完成後將顯著降低固定營運成本。公司計劃維持嚴格的費用控制與資本配置，同時在其目標市場中爭取訂單。

鑑於其業務性質與規模，CVD Equipment 未提供具體的營收、毛利率或損益兩平財務預測。管理層表示，大學訂單的復甦部分取決於聯邦研究經費，而航太領域的機會則需要額外的安裝、偵錯與產品採用。

風險與關注事項

• 涉及第二季 80 萬美元系統訂單的客戶在季度結束後申請了預先包裝的《破產法》第 11 章破產重整。CVD Equipment 正評估其對該訂單、在手訂單、財務結果、財務狀況及現金流量的潛在影響。
• 更廣泛的經濟與地緣政治不確定性持續施壓於客戶的下單活動。
• 2025 年及 2026 年上半年的接單疲軟減少了目前的系統營收，並使公司的在手訂單量維持在低位。
• 大學資金限制以及政府相關的延誤放緩了 FirstNano 的業務機會，部分專案需要重新報價或重新提交資金申請。
• 碳化矽晶圓市場持續飽和，限制了公司 PVT 設備的近期商業動能。
• 航太領域的後續訂單仍取決於已交付系統的安裝、偵錯與採用。

分析師問答重點

分析師關注焦點集中於航太產能擴充、PVT 商業化、大學經費以及策略替代方案。

關於航太業務，管理層表示客戶正在利用先前向 CVD Equipment 訂購的系統擴充產能。耗材與零組件需求有所增加，但管理層並未提供潛在後續設備訂單的時間點或規模。

關於 PVT，公司表示其設備能生產高品質晶棒，但商業需求仍受到碳化矽晶圓供過於求的限制。石溪大學繼續運行該系統，不過管理層尚無額外的品質數據可供發布。

關於策略性倡議，管理層表示尚無實質進展可供披露。公司亦拒絕預估達到損益兩平所需的營收水準。

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管理層陳述

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.

分析師問答

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.