From Investing.com: 2024-05-18 19:21:54

as well as a shift in certain customer deliveries into the second quarter of 2024. Gross profit for the quarter was $0.9 million, compared to $2.5 million in the first quarter of 2023. This resulted in a gross profit margin of 17.5% for the quarter, down from 28% in the same period last year. Our operating loss was $1.6 million for the quarter, compared to an operating loss of $0.2 million in the first quarter of 2023. The net loss for the quarter was $1.5 million or $0.22 per share, compared to a net loss of $0.2 million or $0.04 per share for the prior year period. In response to these results, we continued to focus on cost management and implemented certain cost-saving strategies, including a reduction in SG&A expenses compared to the prior-year period. R&D spending remains a key focus area for us, with significant investments continuing despite the soft quarter. We remain dedicated to managing our expenses carefully and prioritize R&D spending as a critical strategic opportunity for the company’s growth and long-term success. Thank you for your attention to our prepared remarks and congratulations to my team for their hard work during the first quarter. I will now turn it back over to Emmanuel for concluding remarks before we begin the Q&A section. Thank you.

Emmanuel Lakios: Thank you, Rich. As we face the challenges presented by the current economic environment, geopolitical uncertainties, and fluctuations in revenue, we are committed to navigating these hurdles with a clear focus on strategic growth and profitability. Our team continues to adjust operations as needed to support our business’s financial health. CVD Equipment Corporation remains optimistic about the future, building on our successes and aiming for consistent profitability moving forward. We appreciate your interest in our business and look forward to your questions as we now open the floor for the Q&A session. Thank you.



Read more at Investing.com: CVD Equipment Corporation reports Q1 fiscal year 2024 results By Investing.com