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.
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