UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

	For the quarterly period ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from ____ to _____

Commission file number: 1-16525

CVD EQUIPMENT CORPORATION

(Name of Registrant in Its Charter)

New York

11-2621692

State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer

Identification No.)

355 South Technology Drive Central Islip, New York 11722

(Address of principal executive offices)

(631) 981-7081
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		CVV		NASDAQ Capital Market

Indicate by check whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act).

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer ☒

Smaller reporting company ☒

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 6,937,338 shares of Common Stock, $0.01 par value at November 10, 2025.

CVD EQUIPMENT CORPORATION AND SUBSIDIARIES

Index

Part I - Financial Information

	Item 1 – Condensed Consolidated Financial Statements (Unaudited)

		Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024	3

		Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	4

		Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024	5

		Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	6

		Notes to Condensed Consolidated Financial Statements	7

	Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations		21

	Item 3 – Quantitative and Qualitative Disclosures About Market Risk		33

	Item 4 – Controls and Procedures		33

Part II - Other Information

	Item 1 – Legal Proceedings		34

	Item 1A–Risk Factors		34

	Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds		34

	Item 3 – Defaults Upon Senior Securities		34

	Item 4 – Mine Safety Disclosures		34

	Item 5 – Other Information		34

	Item 6 – Exhibits		34

Signatures			35

PART 1 – FINANCIAL INFORMATION

Item 1 – Financial Statements

CVD EQUIPMENT CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands, except share amounts)

(Unaudited)

	September 30, 2025			December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	8,358		$	12,598
Accounts receivable, net of allowance for credit losses		2,674			2,149
Contract assets		4,952			2,226
Inventories		2,012			2,115
Other current assets		496			898
Total current assets		18,492			19,986

Property, plant and equipment, net		11,231			11,699
Other assets		52			1
Total assets	$	29,775		$	31,686

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	1,110		$	679
Accrued expenses		1,963			2,236
Current maturities of long-term debt		90			87
Contract liabilities		724			3,135
Total current liabilities		3,887			6,137

Long-term debt, net of current portion		113			181

Total liabilities		4,000			6,318
Stockholders’ equity:
Common stock - $0.01 par value – authorized 20,000,000 shares; issued and outstanding 6,937,338 at September 30, 2025 and 6,881,838 at December 31, 2024		69			69
Additional paid-in capital		30,481			29,757
Accumulated deficit		(4,775	)		(4,458	)
Total stockholders’ equity		25,775			25,368

Total liabilities and stockholders’ equity	$	29,775		$	31,686

The accompanying notes are an integral part of these condensed consolidated financial statements

CVD EQUIPMENT CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except per share and share amounts)

(Unaudited)

	2025			2024			2025			2024
	Three months ended						Nine months ended
	September 30,						September 30,
	2025			2024			2025			2024

Revenue	$	7,408		$	8,194		$	20,836		$	19,462
Cost of revenue		4,987			6,430			14,646			15,371

Gross profit		2,421			1,764			6,190			4,091

Operating expenses
Research and development		594			644			2,061			2,055
Selling and shipping		328			423			1,097			1,268
General and administrative		1,191			1,245			3,595			3,844
Gain on sale of equipment		-			(625	)		-			(625	)

Total operating expenses		2,113			1,687			6,753			6,542

Operating income (loss)		308			77			(563	)		(2,451	)

Other income (expense):
Interest income		79			136			272			438
Interest expense		(3	)		(5	)		(10	)		(14	)
Other income		-			-			-			2
Total other income, net		76			131			262			426

Income (loss) before income tax		384			208			(301	)		(2,025	)

Income tax expense		-			5			16			5

SEC Form 10-Q filed by CVD Equipment Corporation