CVD Equipment Corporation’s full-year revenue in its latest fiscal 2016 financials has dropped by almost 50%.

A sharp 46.2% loss in revenues means total revenue for the US-based business dropped to just $21m, a far cry from its 2015 fiscal year results – its highest levels in history – when CVD demonstrated a record-breaking run of financial figures with full year revenue rising by 39.2% to $39m.

According to CVD, its 2016 fiscal year was heavily impacted by negotiation delays surrounding a significant order with a major aviation component supplier.

However, its backlog skyrocketed by 356%, rising from $6.1m as of 31st December 2015 to $27.8m in this year’s results.

Revenue in the fourth quarter did also increase, up to $7.3m from $4.8m in the prior quarter.

“We are poised for growth with a strong backlog and a growing customer base”

Leonard Rosenbaum, President and CEO, CVD

Despite the results, President and CEO Leonard Rosenbaum insisted, “2016 set the stage for future growth and expansion of CVD. Although revenues declined in 2016, solid execution of our growth strategy resulted in a strong finish to the year.”

“During the second half of the year, we began to deliver on our backlog and rebuild the pipeline for our core business. We plan to expand the applications of this technology while we pursue additional material coating opportunities that build on our equipment and process solution capabilities.”

“Entering 2017, we are poised for growth with a strong backlog and a growing customer base,” he concluded.

CVD designs, develops and manufactures a range of gas control and process solutions for the medical implants, semiconductor, smart glass and aerospace engine component manufacturers.