CVD Equipment Corporation

CVD Equipment said Thursday it will cut its workforce by about half as part of a restructuring and stop pursuing new system orders for its CVD equipment business. Emmanuel Lakios has stepped down as CEO and director, effective Sept. 3, with Vice President of Manufacturing Operations Warren Cheesman named acting CEO. The company expects to record a restructuring charge of about $800,000 to $1M this quarter, primarily for severance costs. CVD said it will focus on its remaining equipment backlog and its spare parts, quartz, and services businesses.

CVD Equipment Corporation completed the sale of its SDC business on April 1, 2026, leaving it with approximately $23.5 million in cash and cash equivalents and no long-term debt. Second quarter revenue from continuing operations fell to about $2 million from $3.4 million a year earlier, while orders totaled roughly $1.2 million and backlog stood at $3.9 million at June 30, 2026. The company posted an operating loss from continuing operations of about $1.6 million and a net loss from continuing operations of approximately $1.4 million, or $0.20 per share, compared with a net loss of $1.3 million, or $0.19 per share, in the prior-year quarter. Net income from discontinued operations was approximately $13.9 million, reflecting the gain on the SDC divestiture, bringing total income for the quarter to about $12.6 million, or $1.81 per share. Management also disclosed that after quarter end, the customer associated with a $0.8 million system order received in Q2 filed a prepackaged Chapter 11 bankruptcy proceeding, and the company is evaluating the potential impact on that order, backlog, financial results, financial position, and cash flows.