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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 10: SEGMENT REPORTING The Company operates through three segments: CVD Equipment, Stainless Design Concepts (“SDC”) and CVD Materials. The CVD Equipment segment manufactures and sells chemical vapor deposition, physical vapor transport and similar equipment. The SDC segment designs and manufactures ultra-high purity gas and chemical delivery control systems. The CVD Materials segment provides material coatings for aerospace, medical, electronic and other applications and is not considered a core business of the Company. The Company evaluates performance based on several factors, of which the primary financial measure is income (loss) before taxes. The Company’s corporate administration activities are reported in the “Corporate” column. These activities primarily include expenses related to certain corporate officers and support staff, expenses related to the Company’s Board of Directors, stock option expense for options and shares of restricted stock granted to corporate administration employees and board members, certain consulting expenses, investor and shareholder relations activities, and all the Company’s legal, auditing and professional fees. CVD EQUIPMENT CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 10: SEGMENT REPORTING (continued) Elimination entries included in the “Eliminations” column represent intersegment revenues and cost of revenues that are eliminated in consolidation. Intersegment sales by the SDC segment to the CVD Equipment segment for the three months ended September 2024 and 2023 were $151,000 and $184,000, respectively and $298,000 and $450,000 for the nine months ended September 30, 2024 and 2023, respectively. Intersegment sales by the CVD Equipment segment to the SDC segment for the three months ended September 30, 2024 and 2023 were $5,000 and $39,000, respectively and $5,000 and $104,000 for the nine months ended September 30, 2024 and 2023, respectively. The following table presents certain information regarding the Company’s segments as of and for the three months ended September 30, 2024 and 2023 (in thousands): SCHEDULE OF SEGMENTS 2024
|  | CVD Equipment |  |  | SDC |  |  | CVD Materials |  |  | Eliminations |  |  | Corporate |  |  | Consolidated |
Assets |  | $ | 27,270 |  |  | $ | 3,805 |  |  | $ | 836 |  |  | $ | (65 | ) |  | $ | - |  |  | $ | 31,846 |
Revenue |  | $ | 5,681 |  |  | $ | 2,005 |  |  | $ | 661 |  |  | $ | (153 | ) |  | $ | - |  |  | $ | 8,194 |
Operating (loss) income |  |  | *(736 | ) |  |  | 538 |  |  |  | **1,104 |  |  |  | 18 |  |  |  | (847 | ) |  |  | 77 |
Pretax (loss) income |  |  | *(741 | ) |  |  | 538 |  |  |  | **1,104 |  |  |  | 18 |  |  |  | (711 | ) |  |  | 208 |
Depreciation and amortization |  | $ | 157 |  |  | $ | 12 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 169 |
Purchase of property, plant & equipment |  | $ | 30 |  |  | $ | 7 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 37 |
2023
|  | CVD Equipment |  |  | SDC |  |  | CVD Materials |  |  | Eliminations |  |  | Corporate |  |  | Consolidated |
Assets |  | $ | 32,915 |  |  | $ | 4,237 |  |  | $ | 177 |  |  | $ | (102 | ) |  | $ | - |  |  | $ | 37,227 |
Revenue |  | $ | 4,795 |  |  | $ | 1,572 |  |  | $ | 90 |  |  | $ | (223 | ) |  | $ | - |  |  | $ | 6,234 |
Operating (loss) income |  |  | (323 | ) |  |  | 436 |  |  |  | (35 | ) |  |  | (76 | ) |  |  | (992 | ) |  |  | (990 | )
Pretax (loss) income |  |  | (262 | ) |  |  | 434 |  |  |  | (31 | ) |  |  | (76 | ) |  |  | (818 | ) |  |  | (753 | )
Depreciation and amortization |  | $ | 137 |  |  | $ | 12 |  |  | $ | 4 |  |  | $ | - |  |  | $ | - |  |  | $ | 153 |
Purchase of property, plant & equipment |  | $ | 83 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 83 |
* | Includes a $1.0 million non-cash charge to reduce certain inventory to net realizable value – see Note 5.
** | Includes gain on sale of equipment of $0.6 million related to MesoScribe – see Note 11.
CVD EQUIPMENT CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 10: SEGMENT REPORTING (continued) The following table presents certain information regarding the Company’s segments as of and for the nine months ended September 30, 2024 and 2023 (in thousands): 2024
|  | CVD Equipment |  |  | SDC |  |  | CVD Materials |  |  | Eliminations |  |  | Corporate |  |  | Consolidated |
Revenue |  | $ | 12,737 |  |  | $ | 6,252 |  |  | $ | 775 |  |  | $ | (302 | ) |  | $ | - |  |  | $ | 19,462 |
Operating (loss) income |  |  | *(2,884 | ) |  |  | 1,884 |  |  |  | **1,034 |  |  |  | 28 |  |  |  | (2,513 | ) |  |  | (2,451 | )
Pretax (loss) Income |  |  | *(2,894 | ) |  |  | 1,884 |  |  |  | **1,034 |  |  |  | 28 |  |  |  | (2,075 | ) |  |  | (2,025 | )
Depreciation and amortization |  | $ | 441 |  |  | $ | 35 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 476 |
Purchase of property, plant & equipment |  | $ | 209 |  |  | $ | 10 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 219 |
2023
|  | CVD Equipment |  |  | SDC |  |  | CVD Materials |  |  | Eliminations |  |  | Corporate |  |  | Consolidated |
Revenue |  | $ | 13,774 |  |  | $ | 5,679 |  |  | $ | 1,009 |  |  | $ | (554 | ) |  | $ | - |  |  | $ | 19,998 |
Operating (loss) income |  |  | (581 | ) |  |  | 1,430 |  |  |  | ***(178 | ) |  |  | (104 | ) |  |  | (2,977 | ) |  |  | (2,410 | )
Pretax (loss) Income |  |  | (518 | ) |  |  | 1,430 |  |  |  | ***(126 | ) |  |  | (104 | ) |  |  | (2,577 | ) |  |  | (1,895 | )
Depreciation and amortization |  | $ | 404 |  |  | $ | 36 |  |  | $ | 105 |  |  | $ | - |  |  | $ | - |  |  | $ | 545 |
Purchase of property, plant & equipment |  | $ | 298 |  |  | $ | 10 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 308 |
* | Includes a $1.0 million non-cash charge to reduce certain inventory to net realizable value – see Note 5.
** | Includes gain on sale of equipment of $0.6 million related to MesoScribe – see Note 11.
*** | Includes loss on sale of Tantaline of $0.2 million and impairment charge related to MesoScribe fixed assets of $0.1 million – see Note 11.
CVD EQUIPMENT CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited)

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