CVD EQUIPMENT CORP
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
CVV$3.97+10.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001641172-25-023180
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001493152-25-021504
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 79 previous paragraphs and 88 current paragraphs.
43 unchanged; 30 reworded; 14 added; 6 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
During the three months ended September 30, 2025 and 2024:
Current report
On November 6, 2025, our Board of Directors approved a comprehensive strategy to transform our Company in response to the continued fluctuations in our order rates and the recent decline in the bookings of our CVD Equipment division. As part of this strategy, we intend to transition the operating model for our CVD Equipment business from vertically integrated fabrication to outsourced fabrication of certain components. These actions are expected to reduce our fixed operating costs.
Current report
Key initiatives of the plan include a reduction in the CVD Equipment division’s workforce, expected to reduce annual operating costs by approximately $2.0 million; outsourcing of the fabrication operations for certain components; and implementation of a revised sales strategy utilizing distributors and outside sales representatives to supplement internal sales efforts. Our SDC division will not be impacted by these actions.
Current report
The transformation strategy also includes the exploration of strategic alternatives for businesses and product lines, including the potential sale or divestiture of assets or business lines.
Current report
We expect to complete the workforce reduction plan during the fourth quarter of 2025 and anticipate incurring approximately $0.1 million in severance and other charges. In connection with the transformation plan, we may incur non-cash impairment charges in future periods with respect to certain of our long-lived assets to the extent that any such assets are disposed of for amounts less than their book values.
Current report
In October 2025, wereceived an order for two PVT150™ Physical Vapor Transport Systems (PVT) from Stony Brook University (SBU) for their new semiconductor research center - onsemi Silicon Carbide Crystal Growth Center. The recently launched research center will enable SBU faculty, scientists, and students to conduct research on silicon carbide crystal growth and other wide band gap (WBG) materials and device-enabling technologies critical to improving energy efficiency in power semiconductors and foster the next generation of skilled professionals in this field.
Current report
Our PVT reactor design and control system architecture allows for precise process and temperature control enabling run-to-run repeatability and system-to-system matching. The PVT system platform is also being considered to process other WBG materials such as aluminum nitride (AlN) to support the development of emerging, high performance semiconductor materials.
Current report
On September 30, 2025, the continuing resolution (CR) allowing U.S. government departments and agencies to operate through the end of the government fiscal year expired and the U.S. government shut down most of its operations. As a result of the U.S. government shutdown, our business and results of operations may be impacted by the disruptions to federal government offices, workers, and operations, including disruptions relating to the funding of research activities to both universities and companies that may result in delays in new orders or the loss of orders. We may also experience similar impacts in the event of a series of short-term continuing resolutions rather than full-year fiscal year 2026 appropriations. Generally, the significance of these impacts will primarily be based on the length of the shutdown and timing of passage of a new CR or a full budget.
Current report
On July 4, 2025, “An Act to Provide for Reconciliation Pursuant to Title II of the H. Con. Res. 14” (the Act) was enacted. The Act provides for several corporate tax changes including, but not limited to, restoring full expensing of domestic research and development costs, restoring immediate deductibility of certain capital expenditures, and changes in the computations of U.S. taxation on international earnings.
Current report
The revenue contributed by our CVD Equipment segment for the quarter ended September 30, 2025 of $5.7 million (net of intersegment revenue of $2,000) represented 76.6% of overall revenue as compared to $5.7 million (net of intersegment revenue of $5,000) or 69.3% of overall revenue for the quarter ended September 30, 2024. Lower revenues from system contracts in progress were offset by revenue recognized on one contract that was modified during the third quarter of 2025 to allow revenue to be recognized over time. Revenue recognized from this contract was approximately $1.0 million during the third quarter ended September 30, 2025.
Current report
Gain on Sale of Equipment
Current report
During the three months ended September 30, 2024, we recognized a gain of $0.6 million on the sale of equipment related to our MesoScribe subsidiary representing the sale price of $0.8 million less the costs of the equipment sold of $0.2 million.
Current report
Gain on Sale of Equipment
Current report
During the nine months ended September 30, 2024, we recognized a gain of $0.6 million on the sale of equipment related to our MesoScribe subsidiary representing the sale price of $0.8 million less the costs of the equipment sold of $0.2 million.
Removed paragraphs (6)
Previous report
During the quarter ended June 30, 2025:
Previous report
In February 2024, we received a multisystem order from an industrial customer for approximately $10.0 million that will be used for depositing a silicon carbide protective coating on OEM components and the units are expected to be delivered over 18 to 24 months period. In early July 2025, we shipped the first of the CVD4000™ SiC coating reactor systems to our industrial customer.
Previous report
In November 2024, we received a follow-on order from an aerospace company for an additional CVI 3500 system that will be used by our customer to produce ceramic matrix composite materials.
Previous report
Not meaningful
Previous report
The revenue contributed by our CVD Equipment segment for the quarter ended June 30, 2025 of $3.4 million (net of intersegment revenue of $8,000) represented 66.4% of overall revenue as compared to $4.1 million (net of intersegment revenue of $0) or 64.7% of overall revenue for the quarter ended June 30, 2024. The decrease in revenues of $0.7 million or 17.4% resulted principally from lower revenues from system contracts in progress of $1.1 million offset by an increase in non-system revenue of $0.4 million.
Previous report
Not meaningful
Reworded paragraphs (30)
Previous wording
We conduct our business through three reportable segments: (i) CVD Equipment that designs and manufactures chemical vapor deposition, physical vapor transport and thermal process equipment; (ii) SDC that designs and manufactures ultra-high purity gas and chemical delivery control systems; and (iii) MesoScribe that provided products related to advanced materials and coatings. The operations of MesoScribe were closed down during 2024.
Current wording
We conduct our business through three reportable segments: (i) CVD Equipment that designs and manufactures chemical vapor deposition, physical vapor transport and thermal process equipment; (ii) SDC that designs and manufactures ultra-high purity gas and chemical delivery control systems; and (iii) MesoScribe that provided products related to advanced materials and coatings. The operations of MesoScribe were ceased during 2024.
Previous wording
In February 2024, we received an order from a customer for our PVT200 system used to grow silicon carbide crystals for the manufacture of 200 mm wafers. We shipped this unit to the customer in the third quarter of 2024. PVT150 / PVT200 systems may provide us with standard product offerings to continue to support the EV focused market as well as energy storage, power conversion and power transmission. In addition, SiC semiconductors specifically help address the need for high energy efficiency and power density in the AC-DC stage in power supply units for AI data centers. We plan to evaluate the market conditions and opportunities to expand our product offerings in the power electronics market.
Current wording
Our PVT systems may provide us with standard product offerings to continue to support the EV focused market as well as energy storage, power conversion and power transmission. In addition, SiC semiconductors specifically help address the need for high energy efficiency and power density in the AC-DC stage in power supply units for AI data centers. We plan to evaluate the market conditions and opportunities to expand our product offerings in the power electronics market.
Previous wording
Historically, our orders have fluctuated based on end user market conditions, adoption of our new products and acceptance of our products. The current economic uncertainty regarding tariffs may potentially affect our future order rate. The order rate as well as other factors in our manufacturing process ultimately impacts the timing of revenue recognition, whether accounted for over time or at a point in time. Accordingly, orders received from customers and the corresponding revenue recognized may fluctuate from quarter to quarter. The sales cycle for our equipment is typically six months, but can range up to twelve to eighteen months, depending on the application and product stage of the equipment. The order cycle to manufacture and test a system also will vary from six to eighteen months for our CVD Equipment segment and two to twelve months for our SDC segment, depending on system complexity and magnitude of the system.
Current wording
Historically, our orders have fluctuated based on end user market conditions, adoption of our new products and acceptance of our products. The current economic uncertainty regarding tariffs may potentially affect our future order rate. The order rate as well as other factors in our manufacturing process ultimately impacts on the timing of revenue recognition, whether accounted for over time or at a point in time. Accordingly, orders received from customers and the corresponding revenue recognized may fluctuate from quarter to quarter. The sales cycle for our equipment is typically six months, but can range up to twelve to eighteen months, depending on the application and product stage of the equipment. The order cycle to manufacture and test a system also will vary from six to eighteen months for our CVD Equipment segment and two to twelve months for our SDC segment, depending on system complexity and magnitude of the system.
Previous wording
Our revenue for the three months ended June 30, 2025 was $5.1 million compared to $6.3 million for the three months ended June 30, 2024, a decrease of $1.2 million or 19.4%.
Current wording
Our revenue for the three months ended September 30, 2025 was $7.4 million compared to $8.2 million for the three months ended September 30, 2024, a decrease of $0.8 million or 9.6%.
Previous wording
The decrease in revenue versus the prior year period was primarily attributable to lower revenue of $0.7 million from our CVD Equipment segment and lower revenue of $0.6 million from our SDC segment. Revenue from one industrial customer for the quarter ended June 30, 2025 represented 23.4% of our total revenues and 35.2% of CVD Equipment segment revenues. Revenue from one aerospace customer for the quarter ended June 30, 2025 represented 17.7% of our total revenues and 26.6% of CVD Equipment segment revenues.
Current wording
The decrease in revenue versus the prior year period was primarily attributable to lower revenue of $0.7 million from our MesoScribe segment which ceased operations in 2024. Revenue from three customers for the quarter ended September 30, 2025 represented 22.7%, 19.1% and 13.6%, respectively, of our total revenues and 29.7%, 24.9%, and 17.5%, respectively, of CVD Equipment segment revenues.
Previous wording
The revenue contributed by our SDC segment for the quarter ended June 30, 2025 of $1.7 million (net of intersegment sales of $27,000) represented 33.4% of overall revenue as compared to $2.2 million (net of intersegment sales of $132,000) or 34.4% of overall revenue for the year quarter ended June 30, 2025. SDC segment revenue decreased by $0.6 million or 25.1% due to less contracts in progress during the quarter.
Current wording
The revenue contributed by our SDC segment for the quarter ended September 30, 2025 of $1.7 million (net of intersegment sales of $130,000) represented 23.3% of overall revenue as compared to $1.9 million (net of intersegment sales of $151,000) or 22.6% of overall revenue for the quarter ended September 30, 2024. SDC segment revenue decreased by $0.1 million or 7.3% due to less contracts in progress during the quarter.
Previous wording
Our order backlog at June 30, 2025 was approximately $13.2 million as compared to $13.8 million at March 31, 2025. Our order backlog at June 30, 2025 consists of approximately $12.0 million related to remaining performance obligations of contracts in progress and not yet started and the balance of approximately $1.2 million represents non-system orders received from customers. As of June 30, 2025, one industrial customer represented 25.6% of our backlog and one aerospace customer represented 25.7% of our backlog. Historically, our revenues and orders have fluctuated based on changes in order rate as well as other factors in our manufacturing process that impacts the timing of revenue recognition. Accordingly, orders received from customers and revenue recognized may fluctuate from quarter to quarter.
Current wording
Our order backlog at September 30, 2025 was approximately $8.0 million as compared to $13.2 million at June 30, 2025. Our order backlog at September 30, 2025 consists of approximately $6.8 million related to remaining performance obligations of contracts in progress and not yet started and the balance of approximately $1.2 million represents non-system orders received from customers. As of September 30, 2025, one industrial customer represented 23.8% of our backlog and one aerospace customer represented 24.7% of our backlog. Historically, our revenues and orders have fluctuated based on changes in order rate as well as other factors in our manufacturing process that impact on the timing of revenue recognition. Accordingly, orders received from customers and revenue recognized may fluctuate from quarter to quarter.
Previous wording
Gross profit for the six months ended June 30, 2025 was $3.7 million, with a gross margin of 28.1%, compared to a gross profit of $2.3 million and a gross margin of 20.7% for the six months ended June 30, 2024. The increase in gross profit of $1.4 million was principally due to higher system and non-system revenues in our CVD Equipment segment offset by lower revenues in our SDC segment.
Current wording
Gross profit for the three months ended September 30, 2025 was $2.4 million, with a gross margin of 32.7%, compared to a gross profit of $1.8 million and a gross margin of 21.5% for the three months ended September 30, 2024. The increase in gross profit of $0.7 million was principally due to more profitable contract mix at CVD Equipment segment partially offset by lower MesoScribe revenues. The gross profit of our CVD Equipment segment includes $0.6 million related to the revenue recognized as the result of a contract modification. The gross profit of our SDC segment was negatively impacted by $0.1 million of non-recurring equipment certification costs.
Previous wording
For the three months ended June 30, 2025, research and development expenses were $0.7 million, or 13.1% of revenue as compared to $0.7 million, or 10.5% of revenue for the three months ended June 30, 2024, an increase of $21,000 or 3.1%. The increase in 2025 was the result of less hours being charged to cost of revenue for contracts in progress offset by a reduction in personnel.
Current wording
For the three months ended September 30, 2025, research and development expenses were $0.6 million, or 8.0% of revenue as compared to $0.6 million, or 7.9% of revenue for the three months ended September 30, 2024, a decrease of $50,000 or 7.8%. The decrease in 2025 was the result of a reduction in personnel partially offset by less hours being charged to cost of revenue for contracts in progress.
Previous wording
Selling expenses were $0.3 million or 6.8% of the revenue for the three months ended June 30, 2025 as compared to $0.4 million or 6.7% of revenue for the three months ended June 30, 2024, a decrease of $0.1 million or 18.1%. The decrease was the result of a reduction in personnel.
Current wording
Selling expenses were $0.3 million or 4.4% of the revenue for the three months ended September 30, 2025 as compared to $0.4 million or 5.2% of revenue for the three months ended September 30, 2024, a decrease of $0.1 million or 22.5%. The decrease was the result of a reduction in personnel.
Previous wording
General and administrative expenses for the three months ended June 30, 2025 were $1.2 million or 24% of revenue compared to $1.4 million or 23.0% of revenue for the three months ended June 30, 2024, a decrease of $0.2 million or 12.7%. The decrease in 2025 was due principally to a lower professional costs.
Current wording
General and administrative expenses for the three months ended September 30, 2025 were $1.2 million or 16.1% of revenue compared to $1.2 million or 15.2% of revenue for the three months ended September 30, 2024, a decrease of $0.1 million or 4.3%. There were no significant changes in general and administrative expenses.
Previous wording
Other income (expense) consist principally of interest income on U.S. treasury securities and was lower than the prior year quarter due to less funds available for investment.
Current wording
Other income (expense) consists principally of interest income on U.S. treasury securities and was lower than the prior year quarter due to less funds available for investment and lower interest rates.
Previous wording
We continue to evaluate the potential utilization of our deferred tax asset, which has been fully reserved for, on a quarterly basis, by reviewing our economic models, including projections of future operating results.
Current wording
We continue to evaluate the potential utilization of our net deferred tax asset, which has been fully reserved for, on a quarterly basis, by reviewing our economic models, including projections of future operating results.
Previous wording
Six Months Ended June 30, 2025 versus June 30, 2024
Current wording
Nine Months Ended September 30, 2025 versus September 30, 2024
Previous wording
The following table presents revenue and expense line items reported in our condensed consolidated statements of operations for the six months ended June 30, 2025 and 2024 and the period-over-period dollar and percentage changes for those line items (in thousands, except percentages).
Current wording
The following table presents revenue and expense line items reported in our condensed consolidated statements of operations for the nine months ended September 30, 2025 and 2024 and the period-over-period dollar and percentage changes for those line items (in thousands, except percentages).
Previous wording
Our revenue for the six months ended June 30, 2025 was $13.4 million compared to $11.3 million for the six months ended June 30, 2024, an increase of $2.2 million or 19.2%.
Current wording
Our revenue for the nine months ended September 30, 2025 was $20.8 million compared to $19.5 million for the nine months ended September 30, 2024, an increase of $1.4 million or 7.1%.
Previous wording
The increase in revenue versus the prior year period was primarily attributable to higher revenues of $2.7 million from our CVD Equipment segment offset by lower revenues of $0.4 million from our SDC segment. Revenue from one industrial customer for the six months ended June 30, 2025 represented 34.3% of our total revenues and 47.6% of CVD Equipment segment revenues. Revenue from one aerospace customer for the six months ended June 30, 2025 represented 15.4% of our total revenues and 21.4% of CVD Equipment segment revenues.
Current wording
The increase in revenue versus the prior year period was primarily attributable to higher revenues of $2.7 million from our CVD Equipment segment offset by lower revenues of $0.7 million from our MesoScribe segment and $0.5 million from our SDC segment. Revenue from two customers for the nine months ended September 30, 2025 represented 30.2% and 16.7%, respectively, of our total revenues and 41.0% and 22.7%, respectively, of CVD Equipment segment revenues.
Previous wording
The revenue contributed by the CVD Equipment segment for the six months ended June 30, 2025 of $9.7 million (net of intersegment revenue of $12,000) represented 72.3% of overall revenue as compared to $7.1 million (net of intersegment revenue of $0) or 62.6% of overall revenue for the six months ended June 30, 2024. The increase in revenues of $2.6 million or 37.8% resulted principally due higher contract revenues from contracts in progress of $1.7 million and higher non-system revenues of $1.0 million.
Current wording
The revenue contributed by the CVD Equipment segment for the nine months ended September 30, 2025 of $15.4 million (net of intersegment revenue of $13,000) represented 73.6% of overall revenue as compared to $12.7 million (net of intersegment revenue of $5,000) or 65.4% of overall revenue for the nine months ended September 30, 2024. The increase in revenues of $2.7 million or 20.9% was principally due to higher contract revenues from contracts in progress of $1.6 million and higher non-system revenues of $1.0 million.
Previous wording
The revenue contributed by the SDC segment for the six months ended June 30, 2025 of $3.7 million (net of intersegment revenue of $0.2 million) represented 27.5% of overall revenue as compared to $4.2 million (net of intersegment revenue of $0.1 million) or 36.4% of overall revenue for the six months ended June 30, 2024. Revenue for our SDC segment decreased by $0.4 million or 8.7% due to due to less contracts in progress during the period.
Current wording
The revenue contributed by the SDC segment for the nine months ended September 30, 2025 of $5.4 million (net of intersegment revenue of $0.3 million) represented 26.0% of overall revenue as compared to $5.9 million (net of intersegment revenue of $0.3 million) or 30.6% of overall revenue for the nine months ended September 30, 2024. Revenue for our SDC segment decreased by $0.5 million or 8.3% due to less contracts in progress during the period.
Previous wording
Gross profit for the three months ended June 30, 2025 was $1.1 million, with a gross margin of 20.9%, compared to a gross profit of $1.6 million and a gross margin of 24.3% for the three months ended June 30, 2024. The decrease in gross profit of $0.5 million was principally due to lower system revenues in our CVD Equipment and SDC segments offset by higher non-system revenues in our CVD Equipment segment.
Current wording
Gross profit for the nine months ended September 30, 2025 was $6.2 million, with a gross margin of 29.7%, compared to a gross profit of $4.1 million and a gross margin of 21.0% for the nine months ended September 30, 2024. The increase in gross profit of $2.1 million was principally due to higher system and non-system revenues in our CVD Equipment segment offset by lower revenues in our SDC and MesoScribe segments. The gross profit of our CVD Equipment segment includes $0.6 million related to the revenue recognized as the result of a contract modification. The gross profit of our SDC segment was negatively impacted by $0.1 million of non-recurring equipment certification costs.
Previous wording
For the six months ended June 30, 2025, research and development expenses were $1.4 million, or 10.9% of revenue as compared to $1.4 million, or 12.5% of revenue for the six months ended June 30, 2024, an increase of $57,000 or 4%. The increase in 2025 was the result of less hours being charged to cost of revenue for contracts in progress offset by a reduction in personnel.
Current wording
For the nine months ended September 30, 2025, research and development expenses were $2.1 million, or 9.9% of revenue as compared to $2.1 million, or 10.6% of revenue for the nine months ended September 30, 2024, an increase of $6,000 or 0.3%. Reductions in personnel was offset by less hours being charged to cost of revenue for contracts in progress.
Previous wording
Selling expenses were $0.7 million or 5.7% of the revenue for the six months ended June 30, 2025 as compared to $0.8 million or 7.4% of revenue for the six months ended June 30, 2024, a decrease of $0.1 million or 8.9%. The decrease was the result of a reduction in personnel.
Current wording
Selling expenses were $1.1 million or 5.3% of revenue for the nine months ended September 30, 2025 as compared to $1.3 million or 6.5% of revenue for the nine months ended September 30, 2024, a decrease of $0.1 million or 13.5%. The decrease was the result of a reduction in personnel.
Previous wording
General and administrative expenses for the six months ended June 30, 2025 were $2.4 million or 18.2% of revenue compared to $2.6 million or 23% of revenue for the six months ended June 30, 2024, a decrease of $0.2 million or 4.4%. The decrease in expenses was principally due lower professional fees and lower bonus accrual.
Current wording
General and administrative expenses for the nine months ended September 30, 2025 were $3.6 million or 17.3% of revenue compared to $3.8 million or 19.8% of revenue for the nine months ended September 30, 2024, a decrease of $0.2 million or 6.5%. The decrease in expenses was principally due to lower professional fees, lower bonus accrual and the cessation of MesoScribe’s operations.
Previous wording
Other income (expense) consist principally of interest income on U.S. treasury securities and was lower than the prior year quarter due to less funds available for investment.
Current wording
Other income (expense) consists principally of interest income on U.S. treasury securities and was lower than the prior year period due to less funds available for investment and lower interest rates.
Previous wording
We continue to evaluate the potential utilization of our deferred tax asset, which has been fully reserved for, on a quarterly basis, by reviewing our economic models, including projections of future operating results.
Current wording
We continue to evaluate the potential utilization of our net deferred tax asset, which has been fully reserved for, on a quarterly basis, by reviewing our economic models, including projections of future operating results.
Previous wording
As of June 30, 2025, aggregate working capital was $13.9 million as compared to aggregate working capital of $13.8 million at December 31, 2024. Cash and cash equivalents at June 30, 2025 and December 31, 2024 were $7.0 million and $12.6 million, respectively.
Current wording
As of September 30, 2025, aggregate working capital was $14.6 million as compared to aggregate working capital of $13.8 million at December 31, 2024. Cash and cash equivalents at September 30, 2025 and December 31, 2024 were $8.4 million and $12.6 million, respectively.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2025 was $5.4 million. This decrease was principally due to the net loss of $0.7 million, an increase in accounts receivable of $2.8 million, an increase in contract assets of $1.5 million and a decrease in contract liabilities of $1.1 million offset by non-cash items of $0.9 million.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025 was $4.1 million. This decrease was principally due to the net loss of $0.3 million, an increase in accounts receivable of $0.5 million, an increase in contract assets of $2.7 million and a decrease in contract liabilities of $2.4 million which was partially offset by non-cash expenses of $1.2 million.
Previous wording
Net cash used in investing activities for the six months ended June 30, 2025 consisted of capital expenditures of $49,000 related to purchases of property and equipment and investment in a captive insurance company related to our self-insured health benefits program of $51,000.
Current wording
Net cash used in investing activities for the nine months ended September 30, 2025 consisted of capital expenditures of $49,000 related to purchases of property and equipment and investment in a captive insurance company related to our self-insured health benefits program of $51,000.
Previous wording
Net cash used in financing activities for the six months ended June 30, 2025 consisted of repayments of $43,000 for an equipment loan.
Current wording
Net cash used in financing activities for the nine months ended September 30, 2025 consisted of repayments of $65,000 for an equipment loan.
Previous wording
We believe that our cash and cash equivalent positions and our projected cash flow from operations will be sufficient to meet our working capital and capital expenditure requirements for the next twelve months from the filing of these financial condensed consolidated financial statements included in this Form 10-Q. We will continue to assess our operations and take actions anticipated to maintain our operating cash to support the working capital needs.
Current wording
We believe that our cash and cash equivalent positions and our projected cash flow from operations will be sufficient to meet our working capital and capital expenditure requirements for the next twelve months from the filing of these condensed consolidated financial statements included in this Form 10-Q. We will continue to assess our operations and take actions anticipated to maintain our operating cash to support the working capital needs.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
In February 2024, we received an order from a customer for our PVT200 system used to grow silicon carbide crystals for the manufacture of 200 mm wafers. We shipped this unit to the customer in the third quarter of 2024 and it continues to be evaluated.