Chemical vapor deposition and materials provider CVD Equipment Corporation has reported its first quarter (Q1) 2022 results, with revenue of $4.7m.
For the quarter, the New York-based company reported net loss for Q1 of $1m, or $0.15 per diluted share, as compared to a net loss of $1.5, or $0.23 per diluted share in Q1 2021.
CVD’s operating loss improved by $0.6m, to $1m for Q1 2022, compared to an operating loss of $1.6m for Q1 2021. The firm has put the improvement down to fixed costs of high sales levels, which resulted in order improvements.
General and administrative costs for the quarter decreased $0.4m, primarily related to reduced legal costs and lower building costs as the result of the sale of the company’s 555 facility in July 2021, and the consolidation of operations into the company’s 355 facility.
Thomas McNeill, Executive Vice-President and Chief Financial Officer, said “On March 1, 2022, we satisfied our remaining mortgage of $1.7m on our 355 South Technology Drive facility and as such have no debt outstanding.”
“The company’s backlog at March 31, 2022 was $9.9m as compared to $10.4m at December 31, 2021, a decrease of $0.5m or 4.8%. This decrease is due to the timing of the receipt of new orders during quarter ended March 31, 2022, of $4.1m as compared to revenue of $4.7m.”
“While the negative effect of Covid-19 crisis continues to impact the aerospace industry generally in the form of reduced travel and reduction of gas turbine engine sales, industry reports indicate improvement will begin to occur in the late 2022-2023 timeframe.”