CVD Equipment Corp (NASDAQ: CVV) is a specialty equipment company that designs and manufactures chemical vapor deposition systems, physical vapor transport crystal growth systems, and related process equipment for semiconductor, research, and industrial applications. Revenue comes from transactional equipment sales and long-term system contracts, with revenue on complex system projects recognized over time using a cost-to-cost input method. As of FY2025, total revenue was approximately $25.8 million implied by gross profit of $7.3 million at a 28.3% margin, with two customers representing 27.6% and 13.7% of total revenues, respectively. The company operates three segments: CVD Equipment (including the FirstNano brand), SDC (ultra-high purity gas and chemical delivery systems, agreed to be sold to an Atlas Copco Group subsidiary in March 2026 for approximately $16.9 million), and MesoScribe. Operations run from a 128,000 square foot facility in Central Islip, New York. In November 2025, the board approved a shift from vertically integrated fabrication to outsourced component fabrication to reduce fixed costs.

Revenue model

Transactional equipment sales and long-term system contracts. Complex system project revenue is recognized over time using a cost-to-cost input method. Approximately $20.8 million of FY2025 revenue was recognized over time under this method. Non-system orders make up the balance.

Products and services

CVD Equipment segment: chemical vapor deposition systems, physical vapor transport systems including the PVT150 (launched 2022, targets 150mm SiC crystal growth) and PVT200 (first order February 2024, delivered 2024), rapid thermal processing systems, annealing and diffusion systems, low-pressure chemical vapor deposition systems, and carbon nanotube and carbon nanofiber process equipment. FirstNano is a sub-brand within the CVD Equipment segment. SDC segment: ultra-high purity gas and chemical delivery control systems for semiconductor fabrication, aerospace, solar cells, LEDs, and industrial applications. MesoScribe segment also operates as a distinct business line.

Customers and end markets

Highly concentrated customer base. Two customers represented 27.6% and 13.7% of total FY2025 revenues, respectively. End markets include semiconductor device fabrication (SiC wafer production for power electronics), semiconductor research, aerospace, solar cells, LEDs, carbon nanotubes and nanowires, and industrial process applications. Customers include both production-scale manufacturers and research institutions.

Value-chain role

Equipment designer and manufacturer sitting upstream in the semiconductor and materials processing supply chain. The CVD Equipment Applications Laboratory works directly with customer scientists and engineers to develop process solutions. SDC gas delivery systems are sold standalone and integrated into CVD equipment. As of November 2025, the company transitioned from vertically integrated fabrication to outsourced fabrication of certain components.

Geographic exposure

Corporate headquarters, R&D, and manufacturing in Central Islip, New York. SDC operated from a Saugerties, New York facility, which will be leased to the Atlas Copco acquirer for an initial two-year term post-closing. The company competes with and sells to customers in Asia, Europe, and the US per the FY2025 10-K.

Competitors

Larger domestic and international equipment companies (unnamed in filing) in production applications, Small companies competing on price in research applications, Asia-based equipment manufacturers, Europe-based equipment manufacturers, Customers who manufacture systems for internal use

Source: SEC 10-K, filed 2026-03-30

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