CVD EQUIPMENT CORP — Call Transcript 2026

Good afternoon, and welcome to CVD Equipment corporation fourth quarter and full year 2025 earnings conference call. As a reminder, today's call is being recorded. We will begin with prepared remarks, followed by a question-and-answer session. Presenting on today's call are Emmanuel Lakios, President and Chief Executive Officer, and Richard Catalano, Executive Vice President and Chief Financial Officer. Our earnings press release and information about today's call replay are available in the investor relations section of our website at cvdequipment.com. Before we begin, please note that comments made during this call may include forward-looking statements, including statements regarding our future financial performance, market growth, product demand, business outlook, and strategic initiatives. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks, please refer to our filings with the Securities and Exchange Commission, including the Risk Factors section of our annual report on Form 10-K for the year ended December 31st, 2025. We undertake no obligation to update any forward-looking statements except as required by law. With that, I will now turn the call over to Emmanuel Lakios, President and Chief Executive Officer. Thank you, Diego, and good afternoon, everyone. We appreciate you joining us today to review our fourth quarter and full year 2025 financial results and to provide you an update on our business and strategic initiatives. Following our prepared remarks, we will be happy to take your questions. As previously disclosed, in response to continued volatility in order rates and recent decline in bookings within our CVD Equipment division, we have initiated a transformation strategy during the fourth quarter designed to significantly reduce fixed operating costs, create a more agile organization, and better position the company to maximize shareholder value. Key elements of this plan included transitioning the CVD Equipment business from a vertically integrated fabrication model to outsource fabrication for certain components, which we expect will reduce fixed costs and improve scalability. Completing a workforce reduction in the CVD Equipment division during the fourth quarter, which was to rightsize the organization and is expected to reduce annual operating costs by approximately $1.8 million in 2026. Revising our sales approach by leveraging distributors and external representatives to complement our internal sales organization and exploring strategic alternatives for certain businesses and product lines, including potential asset sales or divestitures. As part of our strategic review, on March 23rd, 2026, we announced that we had entered into a definitive agreement under which our SDC business will be sold to Atlas Copco Group. The purchase price is approximately $16.9 million in cash, subject to certain purchase price adjustments. The transaction is expected to close during the second quarter of 2026, subject to customary closing conditions. This transaction will allow us to sharpen our focus on our core CVD Equipment business in Central Islip, New York. It is also expected to strengthen our balance sheet and provide additional financial flexibility as we continue to evaluate opportunities across the CVD Equipment business, its product lines, and our facilities. We expect net cash proceeds after transaction expenses and taxes to be approximately $15 million, of which $900,000 will be held in escrow for post-closing adjustments and indemnification obligations under the agreement. We retain ownership of our Saugerties, New York facility, which will be leased to Atlas Copco Group for the initial term of two years following the closing. I also want to express our appreciation to our SDC employees for their contribution to the company over the years. Turning to our financial results. Fourth quarter 2025 revenue was $5 million, down 33% from prior year period and down 33% sequentially from the third quarter. For our full year 2025, revenue was $25.8 million, a decrease of 4.1% from fiscal year 2024. Orders in the fourth quarter totaled $3.5 million, driven primarily by the demand in our SDC segment for gas delivery equipment and the receipt of two orders from Stony Brook University for two PVT150 units. For the full year, orders totaled $13 million compared to $28 million in 2024, primarily driven by demand in our SDC business for gas delivery equipment and order for spare parts and service for our CVD Equipment division. December 31st, 2025, backlog was $6.6 million, compared with $8 million at the end September 30th, 2025, and $19.4 million at the end December 31st, 2024. our bookings continued to be pressured by several factors, including softer demand for our products in our CVD Equipment division, tariff-related uncertainties, reduced U.S. government spending for universities, and a slower pace of adoption of our solutions in certain end markets. We continue to monitor our customer demand, the general uncertainty of the geopolitical environment and potential tariff impacts as we are planning accordingly. Even against this backdrop, we remain focused on delivering solutions across our key targeted markets of aerospace, defense, industrial applications, including silicon carbide on graphite and silicon carbide use in high power electronics and other emerging applications. With that, I will turn the call over to our CFO, Richard Catalano, to review the financial results in more detail. Thank you, Manny, and good afternoon, everyone. Fourth quarter of 2025 revenues was $5 million. This compares to $7.4 million in the fourth quarter of 2024. This year-over-year decline was primarily driven by lower CVD Systems revenue. Revenue in our CVD Equipment segment was concentrated among two key customers, which together represented approximately 53% of total fourth quarter revenue. Our SDC segment reported revenue of $2.2 million in the quarter, compared to $1.9 million in the fourth quarter of fiscal 2024 and $1.7 million in the third quarter of 2025. Consolidated gross profit for the quarter was $1.1 million, resulting in a gross margin of 22.2%. This compares with a gross profit of $2 million and a gross margin of 26.4% in the prior year quarter. The decrease was primarily due to lower CVD revenue, which resulted in higher unabsorbed overhead as well as a less favorable contract mix. Our operating loss for the fourth quarter of 2025 was $1.3 million, compared to operating income of $34,000 in the fourth quarter of 2024. Included in the fourth quarter of 2025 results was a non-cash impairment charge of $163,000. This was related to certain equipment and capitalized software associated with our transition to outsource fabrication of certain components in our CVD business. After interest income, the net loss for the quarter was $1.3 million or $0.18 per diluted share, compared with net income of $132,000 or $0.02 per diluted share in the prior year quarter. For the full fiscal year, revenue was $25.8 million. This compares to $26.9 million in fiscal 2024. The year-over-year decline was primarily due to lower SDC revenue and lower MesoScribe revenue as we ceased that business. MesoScribe ceased operations in 2024. Revenue in our CVD Equipment segment was again concentrated among two key customers, which together represent 41% of total revenue for the year. Our SDC segment reported full year revenue of $7.6 million as compared to $7.8 million in fiscal 2024. Consolidated gross profit for fiscal 2025 was $7.3 million or 28.3% of revenue, compared to $6.1 million or 22.5% of revenue in fiscal 2024. The increase in gross profit was primarily due to improved gross margins in our CVD Equipment segment. This was primarily due to a prior year charge of $1.6 million that we took last year to write down certain inventory to net realizable value. We did not incur a similar charge in fiscal 2025. This improvement, not having the charge, was partially offset by lower gross profit in the current year in our SDC and MesoScribe segments due principally to lower revenues. Operating loss for fiscal 2025 was $1.9 million. This compares to an operating loss of $2.4 million in fiscal 2024. After interest income, net loss for the year was $1.6 million or $0.23 per diluted share, compared to a net loss of $1.9 million or $0.28 per diluted share in fiscal 2024. At December 31st, 2025, we had cash and cash equivalents of $8.7 million. This compares to $12.6 million at December 31st, 2024. Net cash used in operating activities during fiscal 2025 was $3.7 million. This was largely driven by changes in working capital and contract timing as far as milestone billings. Working capital improved to $14.1 million at year-end 2025. This compares to $13.8 million at the end of 2024. This was due in part to the classification of approximately $0.5 million of fixed assets that we had held for sale and for which we sold in the early part of 2026. Looking ahead, our return to consistent profitability will depend on improved equipment order flow, disciplined cost management, successful execution of our transformation plan, and continued control of capital expenditures. While our quarterly results might continue to fluctuate based on order timing, we believe our current cash position and projected cash flows will be sufficient to support our working capital and capital expenditure requirements for at least the next 12 months. In addition, upon the closing of the transaction to sell SDC, we expect net net cash proceeds, excluding the $900,000 escrow amount, to approximately $14 million, and we currently intend to initially invest those proceeds in U.S. Treasury securities. With that, I'll now turn it back to Manny. Thank you, Rich. Our priorities are clear: serving our customers, supporting our employees, and creating value for our shareholders, and returning the business to sustained profitability. Operator, we are now ready to open the line for questions. Thank you. At this time, we'll conduct our question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, to ask a question, press star one. We'll pause for a moment while we pool for questions. Our first question comes from Brett Reiss with Janney Montgomery Scott. Please state your question. Yeah. Hi, Manny. Hi, Richard. Can you hear me? We can hear you, Brett. Good to hear you again. Great. Hi. You're sitting on, you know, $23 million, $24 million in cash. Could you describe to us, you know, the skill sets of your existing, you know, engineers? And what I'm trying to get at is, you know, what their skill sets would be complementary and enhance what type of acquisition you might be contemplating with the $23 million? Yeah. Well, Brett, the number, you know, I'll let Rich speak to the actual number on the cash, and, you know, cash on hand plus what we'll net from the transaction. But as far as the talent pool, you asked, there are a couple of questions in your one question. The first is talent pool, is consistent with what the talent pool was, essentially, from a capabilities perspective a year ago. We have a full complement of resources in the engineering and technology group for CVD Equipment, or CVI equipment, basically the main product line from Central Islip. We retain that skill set. As far as the subsequent question, which is what are we gonna do with the cash and the proceeds, the board is looking at opportunities and strategic alternatives for increasing shareholder value, and we'll continue to do that. At this point in time, we do not have something that is material or a path yet. This was a fair transaction for all parties, the SDC transaction, so we took advantage of that. Time will tell, but we don't have something to highlight today. Yeah. Fair enough. Can you give, you know, us some sense, though, of what the pipeline of opportunities you're looking at? You know, are you looking at three, four, five different things? You know, how long have you been kicking the tires on some of these opportunities? Well, you know, we as a board, we've been looking at strategic alternatives for quite a, you know, several quarters, as you can imagine. You know, you don't do a transaction in a quarter or two. Right. Again, at this point in time, I'd be speaking out of turn. You know, I think in the next few quarters, you know, we'll be able to identify and share with you certain, some additional information. But right now, again, Brett, I don't have anything to speak of. Okay. Are you guardedly optimistic, though, you'll be able to find something that will have, you know, a less lumpy or a more recurring, you know, revenue stream, perhaps with service revenue, you know, which has always been what the company would like to have had, but just the nature of the type of businesses we're in, it's always been a kinda lumpy revenue cadence. Well, the equipment business, Brett, is lumpy in itself, you know, especially you know, when you're sub-$200 million of revenue as we are, of course. I think you've outlined nicely the objective for any strategic activity, which we'd like to have is a smooth, non-lumpy revenue stream, good customer value in spares and in service. Those are all the attributes of entities we would like to entertain. Again, I can't speak to that at this point. Okay. I'll drop back. I don't know if there are any other, you know, people on the- Thank you again, Brett. Good to hear your voice. You bet. Thank you, and a reminder to the audience, to ask a question, press star one. To remove yourself from the queue, press star two. Your next question comes from Frank Giordano, Private Investor. Please go ahead. Hello, Manny and Richard. I just wanted to ask a question regarding with the money. It's something continuing on with Brett before. Regarding that, have you ever considered paying a special dividend in situations like this, or is it something that the company doesn't pay? I do not believe that in the history of the company a special dividend was paid. I at least in the period of time that I've been with the company, which is nine years, that has not been the case. I could be corrected. I think I'm accurate. You know, clearly, we believe shareholder value is based on growing the business, and utilization of our funds in a respectful manner. We are conservative. At this point in time, that is not actively on the table. Okay. Something else regarding the business itself. Are you concentrating a little bit with the military right now, let's say in the drone companies or anything dealing with the military due to the situation that we are in? Yes, Frank, thank you. Yeah, we do serve aerospace and defense. That's one of our key markets. About 78% of our revenue over the last several years of our orders has come from military and defense, whether it's gas turbine engines, the use of CMCs or other ceramics, which we build the equipment that creates the material, and that goes into both commercial and also military gas turbine engines. As well as last year, we received an order we shipped it this year. Actually, we shipped it in 2025, was for a research system that will be used for especially the ceramic materials for hypersonic. So we are in next generation, I would say, materials. It'll continue. I foresee that it'll continue to be our revenue and previously to that orders will be driven by aerospace defense for the foreseeable future. That's where these advanced materials are primarily utilized. Okay. I just wanted to tell you just from my opinion here. You remind me of a company based out of Milan. It's called SAES Getters. It was founded during Mussolini's time, the dictator Mussolini. It survived World War II, then it became a company. It was taken over, I believe, a couple of years ago at a much higher price than what it was in 2000. It was the only Italian company trading on the Nasdaq back in 2000, and it was around your price, around $3 or $4 a share. They used to pay a dividend every year, three months. You know, I couldn't believe it, but it was with the vapor, the precision. They do a lot of stuff, maybe different from your kind of company. Again, it was similar. If you could research that and it'd give you some ideas, interesting company out of Milan. Yeah. Drop us a line on the, I didn't catch the name entirely, but drop us a line on that. It's SAES. Sias? Oh, I'll repeat it again. SAES Getters. G-E-T-T-E-R-S. There was a takeover, but it's the name is still there. There's a website, of course, you could research it. But again, I don't know if they do have a division here still in the United States, out of Denver or something like that. But I remember that, you know, 20 years ago when I used to deal with them. Will do. Thank you, sir. Appreciate it. Okay. All right. Thanks. Thank you. There appears to be no additional questions at this time. I'll hand the floor back to Emmanuel Lakios for closing remarks. Thank you. Thank you, Diego, and thanks to everyone for joining us today. We appreciate your continued interest and support of CVD Equipment Corporation. If you have any additional questions, as I said earlier, please reach out to myself or Rich directly. This concludes our today's conference call. Thank you. All parties may now disconnect. Have a good day.

Speaker 4: Good afternoon, and welcome to CVD Equipment corporation fourth quarter and full year 2025 earnings conference call. As a reminder, today's call is being recorded. We will begin with prepared remarks, followed by a question-and-answer session. Presenting on today's call are Emmanuel Lakios, President and Chief Executive Officer, and Richard Catalano, Executive Vice President and Chief Financial Officer. Our earnings press release and information about today's call replay are available in the investor relations section of our website at cvdequipment.com. Before we begin, please note that comments made during this call may include forward-looking statements, including statements regarding our future financial performance, market growth, product demand, business outlook, and strategic initiatives. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Good afternoon, and welcome to CVD Equipment corporation fourth quarter and full year 2025 earnings conference call. good afternoon and welcome to cvd equipment corporation fourth quarter and full year 2025 earnings conference call As a reminder, today's call is being recorded. as a reminder today's call is being recorded We will begin with prepared remarks, followed by a question-and-answer session. we will begin with prepared remarks followed by a question-and-answer session Presenting on today's call are Emmanuel Lakios, President and Chief Executive Officer, and Richard Catalano, Executive Vice President and Chief Financial Officer. presenting on today's call are emmanuel lakios president and chief executive officer and richard catalano executive vice president and chief financial officer Our earnings press release and information about today's call replay are available in the investor relations section of our website at cvdequipment.com. our earnings press release and information about today's call replay are available in the investor relations section of our website at cvdequipment.com Before we begin, please note that comments made during this call may include forward-looking statements, including statements regarding our future financial performance, market growth, product demand, business outlook, and strategic initiatives. before we begin please note that comments made during this call may include forward-looking statements including statements regarding our future financial performance market growth product demand business outlook and strategic initiatives These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. these statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially For a discussion of these risks, please refer to our filings with the Securities and Exchange Commission, including the Risk Factors section of our annual report on Form 10-K for the year ended December 31st, 2025. We undertake no obligation to update any forward-looking statements except as required by law. With that, I will now turn the call over to Emmanuel Lakios, President and Chief Executive Officer. For a discussion of these risks, please refer to our filings with the Securities and Exchange Commission, including the Risk Factors section of our annual report on Form 10-K for the year ended December 31st, 2025. for a discussion of these risks please refer to our filings with the securities and exchange commission including the risk factors section of our annual report on form 10-k for the year ended december 31st, 2025 We undertake no obligation to update any forward-looking statements except as required by law. we undertake no obligation to update any forward-looking statements except as required by law With that, I will now turn the call over to Emmanuel Lakios, President and Chief Executive Officer. with that i will now turn the call over to emmanuel lakios president and chief executive officer

Speaker 2: Thank you, Diego, and good afternoon, everyone. We appreciate you joining us today to review our fourth quarter and full year 2025 financial results and to provide you an update on our business and strategic initiatives. Following our prepared remarks, we will be happy to take your questions. As previously disclosed, in response to continued volatility in order rates and recent decline in bookings within our CVD Equipment division, we have initiated a transformation strategy during the fourth quarter designed to significantly reduce fixed operating costs, create a more agile organization, and better position the company to maximize shareholder value. Key elements of this plan included transitioning the CVD Equipment business from a vertically integrated fabrication model to outsource fabrication for certain components, which we expect will reduce fixed costs and improve scalability. Thank you, Diego, and good afternoon, everyone. thank you diego and good afternoon everyone We appreciate you joining us today to review our fourth quarter and full year 2025 financial results and to provide you an update on our business and strategic initiatives. we appreciate you joining us today to review our fourth quarter and full year 2025 financial results and to provide you an update on our business and strategic initiatives Following our prepared remarks, we will be happy to take your questions. following our prepared remarks we will be happy to take your questions As previously disclosed, in response to continued volatility in order rates and recent decline in bookings within our CVD Equipment division, we have initiated a transformation strategy during the fourth quarter designed to significantly reduce fixed operating costs, create a more agile organization, and better position the company to maximize shareholder value. as previously disclosed in response to continued volatility in order rates and recent decline in bookings within our cvd equipment division we have initiated a transformation strategy during the fourth quarter designed to significantly reduce fixed operating costs create a more agile organization and better position the company to maximize shareholder value Key elements of this plan included transitioning the CVD Equipment business from a vertically integrated fabrication model to outsource fabrication for certain components, which we expect will reduce fixed costs and improve scalability. key elements of this plan included transitioning the cvd equipment business from a vertically integrated fabrication model to outsource fabrication for certain components which we expect will reduce fixed costs and improve scalability Completing a workforce reduction in the CVD Equipment division during the fourth quarter, which was to rightsize the organization and is expected to reduce annual operating costs by approximately $1.8 million in 2026. Revising our sales approach by leveraging distributors and external representatives to complement our internal sales organization and exploring strategic alternatives for certain businesses and product lines, including potential asset sales or divestitures. As part of our strategic review, on March 23rd, 2026, we announced that we had entered into a definitive agreement under which our SDC business will be sold to Atlas Copco Group. The purchase price is approximately $16.9 million in cash, subject to certain purchase price adjustments. The transaction is expected to close during the second quarter of 2026, subject to customary closing conditions. Completing a workforce reduction in the CVD Equipment division during the fourth quarter, which was to rightsize the organization and is expected to reduce annual operating costs by approximately $1.8 million in 2026. completing a workforce reduction in the cvd equipment division during the fourth quarter which was to rightsize the organization and is expected to reduce annual operating costs by approximately $1.8 million in 2026 Revising our sales approach by leveraging distributors and external representatives to complement our internal sales organization and exploring strategic alternatives for certain businesses and product lines, including potential asset sales or divestitures. revising our sales approach by leveraging distributors and external representatives to complement our internal sales organization and exploring strategic alternatives for certain businesses and product lines including potential asset sales or divestitures As part of our strategic review, on March 23rd, 2026, we announced that we had entered into a definitive agreement under which our SDC business will be sold to Atlas Copco Group. as part of our strategic review on march 23rd 2026 we announced that we had entered into a definitive agreement under which our sdc business will be sold to atlas copco group The purchase price is approximately $16.9 million in cash, subject to certain purchase price adjustments. the purchase price is approximately $16.9 million in cash subject to certain purchase price adjustments The transaction is expected to close during the second quarter of 2026, subject to customary closing conditions. the transaction is expected to close during the second quarter of 2026 subject to customary closing conditions This transaction will allow us to sharpen our focus on our core CVD Equipment business in Central Islip, New York. It is also expected to strengthen our balance sheet and provide additional financial flexibility as we continue to evaluate opportunities across the CVD Equipment business, its product lines, and our facilities. We expect net cash proceeds after transaction expenses and taxes to be approximately $15 million, of which $900,000 will be held in escrow for post-closing adjustments and indemnification obligations under the agreement. We retain ownership of our Saugerties, New York facility, which will be leased to Atlas Copco Group for the initial term of two years following the closing. I also want to express our appreciation to our SDC employees for their contribution to the company over the years. Turning to our financial results. This transaction will allow us to sharpen our focus on our core CVD Equipment business in Central Islip, New York. this transaction will allow us to sharpen our focus on our core cvd equipment business in central islip new york It is also expected to strengthen our balance sheet and provide additional financial flexibility as we continue to evaluate opportunities across the CVD Equipment business, its product lines, and our facilities. it is also expected to strengthen our balance sheet and provide additional financial flexibility as we continue to evaluate opportunities across the cvd equipment business its product lines and our facilities We expect net cash proceeds after transaction expenses and taxes to be approximately $15 million, of which $900,000 will be held in escrow for post-closing adjustments and indemnification obligations under the agreement. we expect net cash proceeds after transaction expenses and taxes to be approximately $15 million of which $900,000 will be held in escrow for post-closing adjustments and indemnification obligations under the agreement We retain ownership of our Saugerties, New York facility, which will be leased to Atlas Copco Group for the initial term of two years following the closing. we retain ownership of our saugerties new york facility which will be leased to atlas copco group for the initial term of two years following the closing I also want to express our appreciation to our SDC employees for their contribution to the company over the years. i also want to express our appreciation to our sdc employees for their contribution to the company over the years Turning to our financial results. turning to our financial results Fourth quarter 2025 revenue was $5 million, down 33% from prior year period and down 33% sequentially from the third quarter. For our full year 2025, revenue was $25.8 million, a decrease of 4.1% from fiscal year 2024. Orders in the fourth quarter totaled $3.5 million, driven primarily by the demand in our SDC segment for gas delivery equipment and the receipt of two orders from Stony Brook University for two PVT150 units. For the full year, orders totaled $13 million compared to $28 million in 2024, primarily driven by demand in our SDC business for gas delivery equipment and order for spare parts and service for our CVD Equipment division. Fourth quarter 2025 revenue was $5 million, down 33% from prior year period and down 33% sequentially from the third quarter. fourth quarter 2025 revenue was $5 million down 33% from prior year period and down 33% sequentially from the third quarter For our full year 2025, revenue was $25.8 million, a decrease of 4.1% from fiscal year 2024. for our full year 2025 revenue was $25.8 million a decrease of 4.1% from fiscal year 2024 Orders in the fourth quarter totaled $3.5 million, driven primarily by the demand in our SDC segment for gas delivery equipment and the receipt of two orders from Stony Brook University for two PVT150 units. orders in the fourth quarter totaled $3.5 million driven primarily by the demand in our sdc segment for gas delivery equipment and the receipt of two orders from stony brook university for two pvt150 units For the full year, orders totaled $13 million compared to $28 million in 2024, primarily driven by demand in our SDC business for gas delivery equipment and order for spare parts and service for our CVD Equipment division. for the full year orders totaled $13 million compared to $28 million in 2024 primarily driven by demand in our sdc business for gas delivery equipment and order for spare parts and service for our cvd equipment division December 31st, 2025, backlog was $6.6 million, compared with $8 million at the end September 30th, 2025, and $19.4 million at the end December 31st, 2024. our bookings continued to be pressured by several factors, including softer demand for our products in our CVD Equipment division, tariff-related uncertainties, reduced U.S. government spending for universities, and a slower pace of adoption of our solutions in certain end markets. We continue to monitor our customer demand, the general uncertainty of the geopolitical environment and potential tariff impacts as we are planning accordingly. Even against this backdrop, we remain focused on delivering solutions across our key targeted markets of aerospace, defense, industrial applications, including silicon carbide on graphite and silicon carbide use in high power electronics and other emerging applications. December 31st, 2025, backlog was $6.6 million, compared with $8 million at the end September 30th, 2025, and $19.4 million at the end December 31st, 2024. our bookings continued to be pressured by several factors, including softer demand for our products in our CVD Equipment division, tariff-related uncertainties, reduced U.S. government spending for universities, and a slower pace of adoption of our solutions in certain end markets. december 31st, 2025, backlog was $6.6 million compared with $8 million at the end september 30th, 2025, and $19.4 million at the end december 31st, 2024. our bookings continued to be pressured by several factors including softer demand for our products in our cvd equipment division tariff-related uncertainties reduced u.s government spending for universities and a slower pace of adoption of our solutions in certain end markets We continue to monitor our customer demand, the general uncertainty of the geopolitical environment and potential tariff impacts as we are planning accordingly. we continue to monitor our customer demand the general uncertainty of the geopolitical environment and potential tariff impacts as we are planning accordingly Even against this backdrop, we remain focused on delivering solutions across our key targeted markets of aerospace, defense, industrial applications, including silicon carbide on graphite and silicon carbide use in high power electronics and other emerging applications. even against this backdrop we remain focused on delivering solutions across our key targeted markets of aerospace defense industrial applications including silicon carbide on graphite and silicon carbide use in high power electronics and other emerging applications With that, I will turn the call over to our CFO, Richard Catalano, to review the financial results in more detail. With that, I will turn the call over to our CFO, Richard Catalano, to review the financial results in more detail. with that i will turn the call over to our cfo richard catalano to review the financial results in more detail

Speaker 5: Thank you, Manny, and good afternoon, everyone. Fourth quarter of 2025 revenues was $5 million. This compares to $7.4 million in the fourth quarter of 2024. This year-over-year decline was primarily driven by lower CVD Systems revenue. Revenue in our CVD Equipment segment was concentrated among two key customers, which together represented approximately 53% of total fourth quarter revenue. Our SDC segment reported revenue of $2.2 million in the quarter, compared to $1.9 million in the fourth quarter of fiscal 2024 and $1.7 million in the third quarter of 2025. Consolidated gross profit for the quarter was $1.1 million, resulting in a gross margin of 22.2%. This compares with a gross profit of $2 million and a gross margin of 26.4% in the prior year quarter. Thank you, Manny, and good afternoon, everyone. thank you manny and good afternoon everyone Fourth quarter of 2025 revenues was $5 million. fourth quarter of 2025 revenues was $5 million This compares to $7.4 million in the fourth quarter of 2024. this compares to $7.4 million in the fourth quarter of 2024 This year-over-year decline was primarily driven by lower CVD Systems revenue. this year-over-year decline was primarily driven by lower cvd systems revenue Revenue in our CVD Equipment segment was concentrated among two key customers, which together represented approximately 53% of total fourth quarter revenue. revenue in our cvd equipment segment was concentrated among two key customers which together represented approximately 53% of total fourth quarter revenue Our SDC segment reported revenue of $2.2 million in the quarter, compared to $1.9 million in the fourth quarter of fiscal 2024 and $1.7 million in the third quarter of 2025. our sdc segment reported revenue of $2.2 million in the quarter compared to $1.9 million in the fourth quarter of fiscal 2024 and $1.7 million in the third quarter of 2025 Consolidated gross profit for the quarter was $1.1 million, resulting in a gross margin of 22.2%. consolidated gross profit for the quarter was $1.1 million resulting in a gross margin of 22.2% This compares with a gross profit of $2 million and a gross margin of 26.4% in the prior year quarter. this compares with a gross profit of $2 million and a gross margin of 26.4% in the prior year quarter The decrease was primarily due to lower CVD revenue, which resulted in higher unabsorbed overhead as well as a less favorable contract mix. Our operating loss for the fourth quarter of 2025 was $1.3 million, compared to operating income of $34,000 in the fourth quarter of 2024. Included in the fourth quarter of 2025 results was a non-cash impairment charge of $163,000. This was related to certain equipment and capitalized software associated with our transition to outsource fabrication of certain components in our CVD business. After interest income, the net loss for the quarter was $1.3 million or $0.18 per diluted share, compared with net income of $132,000 or $0.02 per diluted share in the prior year quarter. For the full fiscal year, revenue was $25.8 million. The decrease was primarily due to lower CVD revenue, which resulted in higher unabsorbed overhead as well as a less favorable contract mix. the decrease was primarily due to lower cvd revenue which resulted in higher unabsorbed overhead as well as a less favorable contract mix Our operating loss for the fourth quarter of 2025 was $1.3 million, compared to operating income of $34,000 in the fourth quarter of 2024. our operating loss for the fourth quarter of 2025 was $1.3 million compared to operating income of $34,000 in the fourth quarter of 2024 Included in the fourth quarter of 2025 results was a non-cash impairment charge of $163,000. included in the fourth quarter of 2025 results was a non-cash impairment charge of $163,000 This was related to certain equipment and capitalized software associated with our transition to outsource fabrication of certain components in our CVD business. this was related to certain equipment and capitalized software associated with our transition to outsource fabrication of certain components in our cvd business After interest income, the net loss for the quarter was $1.3 million or $0.18 per diluted share, compared with net income of $132,000 or $0.02 per diluted share in the prior year quarter. after interest income the net loss for the quarter was $1.3 million or $0.18 per diluted share compared with net income of $132,000 or $0.02 per diluted share in the prior year quarter For the full fiscal year, revenue was $25.8 million. for the full fiscal year revenue was $25.8 million This compares to $26.9 million in fiscal 2024. The year-over-year decline was primarily due to lower SDC revenue and lower MesoScribe revenue as we ceased that business. MesoScribe ceased operations in 2024. Revenue in our CVD Equipment segment was again concentrated among two key customers, which together represent 41% of total revenue for the year. Our SDC segment reported full year revenue of $7.6 million as compared to $7.8 million in fiscal 2024. Consolidated gross profit for fiscal 2025 was $7.3 million or 28.3% of revenue, compared to $6.1 million or 22.5% of revenue in fiscal 2024. The increase in gross profit was primarily due to improved gross margins in our CVD Equipment segment. This compares to $26.9 million in fiscal 2024. this compares to $26.9 million in fiscal 2024 The year-over-year decline was primarily due to lower SDC revenue and lower MesoScribe revenue as we ceased that business. the year-over-year decline was primarily due to lower sdc revenue and lower mesoscribe revenue as we ceased that business MesoScribe ceased operations in 2024. mesoscribe ceased operations in 2024 Revenue in our CVD Equipment segment was again concentrated among two key customers, which together represent 41% of total revenue for the year. revenue in our cvd equipment segment was again concentrated among two key customers which together represent 41% of total revenue for the year Our SDC segment reported full year revenue of $7.6 million as compared to $7.8 million in fiscal 2024. our sdc segment reported full year revenue of $7.6 million as compared to $7.8 million in fiscal 2024 Consolidated gross profit for fiscal 2025 was $7.3 million or 28.3% of revenue, compared to $6.1 million or 22.5% of revenue in fiscal 2024. consolidated gross profit for fiscal 2025 was $7.3 million or 28.3% of revenue compared to $6.1 million or 22.5% of revenue in fiscal 2024 The increase in gross profit was primarily due to improved gross margins in our CVD Equipment segment. the increase in gross profit was primarily due to improved gross margins in our cvd equipment segment This was primarily due to a prior year charge of $1.6 million that we took last year to write down certain inventory to net realizable value. We did not incur a similar charge in fiscal 2025. This improvement, not having the charge, was partially offset by lower gross profit in the current year in our SDC and MesoScribe segments due principally to lower revenues. Operating loss for fiscal 2025 was $1.9 million. This compares to an operating loss of $2.4 million in fiscal 2024. After interest income, net loss for the year was $1.6 million or $0.23 per diluted share, compared to a net loss of $1.9 million or $0.28 per diluted share in fiscal 2024. At December 31st, 2025, we had cash and cash equivalents of $8.7 million. This was primarily due to a prior year charge of $1.6 million that we took last year to write down certain inventory to net realizable value. this was primarily due to a prior year charge of $1.6 million that we took last year to write down certain inventory to net realizable value We did not incur a similar charge in fiscal 2025. we did not incur a similar charge in fiscal 2025 This improvement, not having the charge, was partially offset by lower gross profit in the current year in our SDC and MesoScribe segments due principally to lower revenues. this improvement not having the charge was partially offset by lower gross profit in the current year in our sdc and mesoscribe segments due principally to lower revenues Operating loss for fiscal 2025 was $1.9 million. operating loss for fiscal 2025 was $1.9 million This compares to an operating loss of $2.4 million in fiscal 2024. this compares to an operating loss of $2.4 million in fiscal 2024 After interest income, net loss for the year was $1.6 million or $0.23 per diluted share, compared to a net loss of $1.9 million or $0.28 per diluted share in fiscal 2024. after interest income net loss for the year was $1.6 million or $0.23 per diluted share compared to a net loss of $1.9 million or $0.28 per diluted share in fiscal 2024 At December 31st, 2025, we had cash and cash equivalents of $8.7 million. at december 31st, 2025 we had cash and cash equivalents of $8.7 million This compares to $12.6 million at December 31st, 2024. Net cash used in operating activities during fiscal 2025 was $3.7 million. This was largely driven by changes in working capital and contract timing as far as milestone billings. Working capital improved to $14.1 million at year-end 2025. This compares to $13.8 million at the end of 2024. This was due in part to the classification of approximately $0.5 million of fixed assets that we had held for sale and for which we sold in the early part of 2026. Looking ahead, our return to consistent profitability will depend on improved equipment order flow, disciplined cost management, successful execution of our transformation plan, and continued control of capital expenditures. This compares to $12.6 million at December 31st, 2024. this compares to $12.6 million at december 31st, 2024 Net cash used in operating activities during fiscal 2025 was $3.7 million. net cash used in operating activities during fiscal 2025 was $3.7 million This was largely driven by changes in working capital and contract timing as far as milestone billings. this was largely driven by changes in working capital and contract timing as far as milestone billings Working capital improved to $14.1 million at year-end 2025. working capital improved to $14.1 million at year-end 2025 This compares to $13.8 million at the end of 2024. this compares to $13.8 million at the end of 2024 This was due in part to the classification of approximately $0.5 million of fixed assets that we had held for sale and for which we sold in the early part of 2026. this was due in part to the classification of approximately $0.5 million of fixed assets that we had held for sale and for which we sold in the early part of 2026 Looking ahead, our return to consistent profitability will depend on improved equipment order flow, disciplined cost management, successful execution of our transformation plan, and continued control of capital expenditures. looking ahead our return to consistent profitability will depend on improved equipment order flow disciplined cost management successful execution of our transformation plan and continued control of capital expenditures While our quarterly results might continue to fluctuate based on order timing, we believe our current cash position and projected cash flows will be sufficient to support our working capital and capital expenditure requirements for at least the next 12 months. In addition, upon the closing of the transaction to sell SDC, we expect net net cash proceeds, excluding the $900,000 escrow amount, to approximately $14 million, and we currently intend to initially invest those proceeds in U.S. Treasury securities. With that, I'll now turn it back to Manny. While our quarterly results might continue to fluctuate based on order timing, we believe our current cash position and projected cash flows will be sufficient to support our working capital and capital expenditure requirements for at least the next 12 months. while our quarterly results might continue to fluctuate based on order timing we believe our current cash position and projected cash flows will be sufficient to support our working capital and capital expenditure requirements for at least the next 12 months In addition, upon the closing of the transaction to sell SDC, we expect net net cash proceeds, excluding the $900,000 escrow amount, to approximately $14 million, and we currently intend to initially invest those proceeds in U.S. in addition upon the closing of the transaction to sell sdc we expect net net cash proceeds excluding the $900,000 escrow amount to approximately $14 million and we currently intend to initially invest those proceeds in u.s Treasury securities. treasury securities With that, I'll now turn it back to Manny. with that i'll now turn it back to manny

Speaker 2: Thank you, Rich. Our priorities are clear: serving our customers, supporting our employees, and creating value for our shareholders, and returning the business to sustained profitability. Operator, we are now ready to open the line for questions. Thank you, Rich. Our priorities are clear: serving our customers, supporting our employees, and creating value for our shareholders, and returning the business to sustained profitability. thank you rich. our priorities are clear serving our customers supporting our employees and creating value for our shareholders and returning the business to sustained profitability Operator, we are now ready to open the line for questions. operator we are now ready to open the line for questions

Speaker 4: Thank you. At this time, we'll conduct our question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, to ask a question, press star one. We'll pause for a moment while we pool for questions. Our first question comes from Brett Reiss with Janney Montgomery Scott. Please state your question. Thank you. thank you At this time, we'll conduct our question and answer session. at this time we'll conduct our question and answer session If you would like to ask a question, please press star one on your telephone keypad. if you would like to ask a question please press star one on your telephone keypad A confirmation tone will indicate that your line is in the question queue. a confirmation tone will indicate that your line is in the question queue You may press star two if you would like to remove your question from the queue. you may press star two if you would like to remove your question from the queue For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. for participants using speaker equipment it may be necessary to pick up your handset before pressing the star keys Once again, to ask a question, press star one. once again to ask a question press star one We'll pause for a moment while we pool for questions. we'll pause for a moment while we pool for questions Our first question comes from Brett Reiss with Janney Montgomery Scott. our first question comes from brett reiss with janney montgomery scott Please state your question. please state your question

Speaker 1: Yeah. Hi, Manny. Hi, Richard. Can you hear me? Yeah. yeah Hi, Manny. hi manny Hi, Richard. hi richard Can you hear me? can you hear me

Speaker 2: We can hear you, Brett. Good to hear you again. We can hear you, Brett. we can hear you, brett Good to hear you again. good to hear you again

Speaker 1: Great. Hi. You're sitting on, you know, $23 million, $24 million in cash. Could you describe to us, you know, the skill sets of your existing, you know, engineers? And what I'm trying to get at is, you know, what their skill sets would be complementary and enhance what type of acquisition you might be contemplating with the $23 million? Great. great Hi. hi You're sitting on, you know, $23 million, $24 million in cash. you're sitting on you know $23 million, $24 million in cash Could you describe to us, you know, the skill sets of your existing, you know, engineers? could you describe to us you know the skill sets of your existing you know engineers And what I'm trying to get at is, you know, what their skill sets would be complementary and enhance what type of acquisition you might be contemplating with the $23 million? and what i'm trying to get at is you know what their skill sets would be complementary and enhance what type of acquisition you might be contemplating with the $23 million

Speaker 2: Yeah. Well, Brett, the number, you know, I'll let Rich speak to the actual number on the cash, and, you know, cash on hand plus what we'll net from the transaction. But as far as the talent pool, you asked, there are a couple of questions in your one question. The first is talent pool, is consistent with what the talent pool was, essentially, from a capabilities perspective a year ago. We have a full complement of resources in the engineering and technology group for CVD Equipment, or CVI equipment, basically the main product line from Central Islip. We retain that skill set. Yeah. yeah Well, Brett, the number, you know, I'll let Rich speak to the actual number on the cash, and, you know, cash on hand plus what we'll net from the transaction. well brett the number you know i'll let rich speak to the actual number on the cash and you know cash on hand plus what we'll net from the transaction But as far as the talent pool, you asked, there are a couple of questions in your one question. but as far as the talent pool you asked there are a couple of questions in your one question The first is talent pool, is consistent with what the talent pool was, essentially, from a capabilities perspective a year ago. the first is talent pool is consistent with what the talent pool was essentially from a capabilities perspective a year ago We have a full complement of resources in the engineering and technology group for CVD Equipment, or CVI equipment, basically the main product line from Central Islip. we have a full complement of resources in the engineering and technology group for cvd equipment or cvi equipment basically the main product line from central islip We retain that skill set. we retain that skill set As far as the subsequent question, which is what are we gonna do with the cash and the proceeds, the board is looking at opportunities and strategic alternatives for increasing shareholder value, and we'll continue to do that. At this point in time, we do not have something that is material or a path yet. This was a fair transaction for all parties, the SDC transaction, so we took advantage of that. Time will tell, but we don't have something to highlight today. As far as the subsequent question, which is what are we gonna do with the cash and the proceeds, the board is looking at opportunities and strategic alternatives for increasing shareholder value, and we'll continue to do that. as far as the subsequent question which is what are we gonna do with the cash and the proceeds the board is looking at opportunities and strategic alternatives for increasing shareholder value and we'll continue to do that At this point in time, we do not have something that is material or a path yet. at this point in time we do not have something that is material or a path yet This was a fair transaction for all parties, the SDC transaction, so we took advantage of that. this was a fair transaction for all parties the sdc transaction so we took advantage of that Time will tell, but we don't have something to highlight today. time will tell but we don't have something to highlight today

Speaker 1: Yeah. Fair enough. Can you give, you know, us some sense, though, of what the pipeline of opportunities you're looking at? You know, are you looking at three, four, five different things? You know, how long have you been kicking the tires on some of these opportunities? Yeah. yeah Fair enough. fair enough Can you give, you know, us some sense, though, of what the pipeline of opportunities you're looking at? can you give you know us some sense though of what the pipeline of opportunities you're looking at You know, are you looking at three, four, five different things? you know are you looking at three four five different things You know, how long have you been kicking the tires on some of these opportunities? you know how long have you been kicking the tires on some of these opportunities

Speaker 2: Well, you know, we as a board, we've been looking at strategic alternatives for quite a, you know, several quarters, as you can imagine. You know, you don't do a transaction in a quarter or two. Well, you know, we as a board, we've been looking at strategic alternatives for quite a, you know, several quarters, as you can imagine. well you know we as a board we've been looking at strategic alternatives for quite a you know several quarters as you can imagine You know, you don't do a transaction in a quarter or two. you know you don't do a transaction in a quarter or two

Speaker 1: Right. Right. right

Speaker 2: Again, at this point in time, I'd be speaking out of turn. You know, I think in the next few quarters, you know, we'll be able to identify and share with you certain, some additional information. But right now, again, Brett, I don't have anything to speak of. Again, at this point in time, I'd be speaking out of turn. again at this point in time i'd be speaking out of turn You know, I think in the next few quarters, you know, we'll be able to identify and share with you certain, some additional information. you know i think in the next few quarters you know we'll be able to identify and share with you certain some additional information But right now, again, Brett, I don't have anything to speak of. but right now again, brett i don't have anything to speak of

Speaker 1: Okay. Are you guardedly optimistic, though, you'll be able to find something that will have, you know, a less lumpy or a more recurring, you know, revenue stream, perhaps with service revenue, you know, which has always been what the company would like to have had, but just the nature of the type of businesses we're in, it's always been a kinda lumpy revenue cadence. Okay. okay Are you guardedly optimistic, though, you'll be able to find something that will have, you know, a less lumpy or a more recurring, you know, revenue stream, perhaps with service revenue, you know, which has always been what the company would like to have had, but just the nature of the type of businesses we're in, it's always been a kinda lumpy revenue cadence. are you guardedly optimistic though you'll be able to find something that will have you know a less lumpy or a more recurring you know revenue stream perhaps with service revenue you know which has always been what the company would like to have had but just the nature of the type of businesses we're in it's always been a kinda lumpy revenue cadence

Speaker 2: Well, the equipment business, Brett, is lumpy in itself, you know, especially you know, when you're sub-$200 million of revenue as we are, of course. I think you've outlined nicely the objective for any strategic activity, which we'd like to have is a smooth, non-lumpy revenue stream, good customer value in spares and in service. Those are all the attributes of entities we would like to entertain. Again, I can't speak to that at this point. Well, the equipment business, Brett, is lumpy in itself, you know, especially you know, when you're sub-$200 million of revenue as we are, of course. well the equipment business brett is lumpy in itself you know especially you know when you're sub-$200 million of revenue as we are of course I think you've outlined nicely the objective for any strategic activity, which we'd like to have is a smooth, non-lumpy revenue stream, good customer value in spares and in service. i think you've outlined nicely the objective for any strategic activity which we'd like to have is a smooth non-lumpy revenue stream good customer value in spares and in service Those are all the attributes of entities we would like to entertain. those are all the attributes of entities we would like to entertain Again, I can't speak to that at this point. again i can't speak to that at this point

Speaker 1: Okay. I'll drop back. I don't know if there are any other, you know, people on the- Okay. okay I'll drop back. i'll drop back I don't know if there are any other, you know, people on the- i don't know if there are any other you know people on the-

Speaker 2: Thank you again, Brett. Good to hear your voice. Thank you again, Brett. thank you again, brett Good to hear your voice. good to hear your voice

Speaker 1: You bet. You bet. you bet

Speaker 4: Thank you, and a reminder to the audience, to ask a question, press star one. To remove yourself from the queue, press star two. Your next question comes from Frank Giordano, Private Investor. Please go ahead. Thank you, and a reminder to the audience, to ask a question, press star one. thank you and a reminder to the audience to ask a question press star one To remove yourself from the queue, press star two. to remove yourself from the queue press star two Your next question comes from Frank Giordano, Private Investor. your next question comes from frank giordano private investor Please go ahead. please go ahead

Speaker 3: Hello, Manny and Richard. I just wanted to ask a question regarding with the money. It's something continuing on with Brett before. Regarding that, have you ever considered paying a special dividend in situations like this, or is it something that the company doesn't pay? Hello, Manny and Richard. hello manny and richard I just wanted to ask a question regarding with the money. It's something continuing on with Brett before. i just wanted to ask a question regarding with the money. it's something continuing on with brett before Regarding that, have you ever considered paying a special dividend in situations like this, or is it something that the company doesn't pay? regarding that have you ever considered paying a special dividend in situations like this or is it something that the company doesn't pay

Speaker 2: I do not believe that in the history of the company a special dividend was paid. I at least in the period of time that I've been with the company, which is nine years, that has not been the case. I could be corrected. I think I'm accurate. You know, clearly, we believe shareholder value is based on growing the business, and utilization of our funds in a respectful manner. We are conservative. At this point in time, that is not actively on the table. I do not believe that in the history of the company a special dividend was paid. i do not believe that in the history of the company a special dividend was paid I at least in the period of time that I've been with the company, which is nine years, that has not been the case. i at least in the period of time that i've been with the company which is nine years that has not been the case I could be corrected. i could be corrected I think I'm accurate. i think i'm accurate You know, clearly, we believe shareholder value is based on growing the business, and utilization of our funds in a respectful manner. you know clearly we believe shareholder value is based on growing the business and utilization of our funds in a respectful manner We are conservative. we are conservative At this point in time, that is not actively on the table. at this point in time that is not actively on the table

Speaker 3: Okay. Something else regarding the business itself. Are you concentrating a little bit with the military right now, let's say in the drone companies or anything dealing with the military due to the situation that we are in? Okay. okay Something else regarding the business itself. something else regarding the business itself Are you concentrating a little bit with the military right now, let's say in the drone companies or anything dealing with the military due to the situation that we are in? are you concentrating a little bit with the military right now let's say in the drone companies or anything dealing with the military due to the situation that we are in

Speaker 2: Yes, Frank, thank you. Yeah, we do serve aerospace and defense. That's one of our key markets. About 78% of our revenue over the last several years of our orders has come from military and defense, whether it's gas turbine engines, the use of CMCs or other ceramics, which we build the equipment that creates the material, and that goes into both commercial and also military gas turbine engines. As well as last year, we received an order we shipped it this year. Actually, we shipped it in 2025, was for a research system that will be used for especially the ceramic materials for hypersonic. So we are in next generation, I would say, materials. It'll continue. Yes, Frank, thank you. yes frank thank you Yeah, we do serve aerospace and defense. yeah we do serve aerospace and defense That's one of our key markets. that's one of our key markets About 78% of our revenue over the last several years of our orders has come from military and defense, whether it's gas turbine engines, the use of CMCs or other ceramics, which we build the equipment that creates the material, and that goes into both commercial and also military gas turbine engines. about 78% of our revenue over the last several years of our orders has come from military and defense whether it's gas turbine engines the use of cmcs or other ceramics which we build the equipment that creates the material and that goes into both commercial and also military gas turbine engines As well as last year, we received an order we shipped it this year. as well as last year we received an order we shipped it this year Actually, we shipped it in 2025, was for a research system that will be used for especially the ceramic materials for hypersonic. actually we shipped it in 2025 was for a research system that will be used for especially the ceramic materials for hypersonic So we are in next generation, I would say, materials. so we are in next generation i would say materials It'll continue. it'll continue I foresee that it'll continue to be our revenue and previously to that orders will be driven by aerospace defense for the foreseeable future. That's where these advanced materials are primarily utilized. I foresee that it'll continue to be our revenue and previously to that orders will be driven by aerospace defense for the foreseeable future. i foresee that it'll continue to be our revenue and previously to that orders will be driven by aerospace defense for the foreseeable future That's where these advanced materials are primarily utilized. that's where these advanced materials are primarily utilized

Speaker 3: Okay. I just wanted to tell you just from my opinion here. You remind me of a company based out of Milan. It's called SAES Getters. It was founded during Mussolini's time, the dictator Mussolini. It survived World War II, then it became a company. It was taken over, I believe, a couple of years ago at a much higher price than what it was in 2000. It was the only Italian company trading on the Nasdaq back in 2000, and it was around your price, around $3 or $4 a share. They used to pay a dividend every year, three months. You know, I couldn't believe it, but it was with the vapor, the precision. They do a lot of stuff, maybe different from your kind of company. Again, it was similar. Okay. okay I just wanted to tell you just from my opinion here. i just wanted to tell you just from my opinion here You remind me of a company based out of Milan. you remind me of a company based out of milan It's called SAES Getters. It was founded during Mussolini's time, the dictator Mussolini. it's called saes getters. it was founded during mussolini's time the dictator mussolini It survived World War II, then it became a company. It was taken over, I believe, a couple of years ago at a much higher price than what it was in 2000. it survived world war ii then it became a company. it was taken over i believe a couple of years ago at a much higher price than what it was in 2000 It was the only Italian company trading on the Nasdaq back in 2000, and it was around your price, around $3 or $4 a share. it was the only italian company trading on the nasdaq back in 2000 and it was around your price around $3 or $4 a share They used to pay a dividend every year, three months. they used to pay a dividend every year three months You know, I couldn't believe it, but it was with the vapor, the precision. you know i couldn't believe it but it was with the vapor the precision They do a lot of stuff, maybe different from your kind of company. they do a lot of stuff maybe different from your kind of company Again, it was similar. again it was similar If you could research that and it'd give you some ideas, interesting company out of Milan. If you could research that and it'd give you some ideas, interesting company out of Milan. if you could research that and it'd give you some ideas interesting company out of milan

Speaker 2: Yeah. Drop us a line on the, I didn't catch the name entirely, but drop us a line on that. Yeah. yeah Drop us a line on the, I didn't catch the name entirely, but drop us a line on that. drop us a line on the i didn't catch the name entirely but drop us a line on that

Speaker 3: It's SAES. It's SAES. it's saes

Speaker 2: Sias? Sias? sias

Speaker 3: Oh, I'll repeat it again. SAES Getters. G-E-T-T-E-R-S. There was a takeover, but it's the name is still there. There's a website, of course, you could research it. But again, I don't know if they do have a division here still in the United States, out of Denver or something like that. But I remember that, you know, 20 years ago when I used to deal with them. Oh, I'll repeat it again. oh i'll repeat it again SAES Getters. saes getters G-E-T-T-E-R-S. g-e-t-t-e-r-s There was a takeover, but it's the name is still there. there was a takeover but it's the name is still there There's a website, of course, you could research it. there's a website of course you could research it But again, I don't know if they do have a division here still in the United States, out of Denver or something like that. but again i don't know if they do have a division here still in the united states out of denver or something like that But I remember that, you know, 20 years ago when I used to deal with them. but i remember that you know 20 years ago when i used to deal with them

Speaker 2: Will do. Thank you, sir. Appreciate it. Will do. will do Thank you, sir. thank you sir Appreciate it. appreciate it

Speaker 3: Okay. All right. Thanks. Okay. okay All right. all right Thanks. thanks

Speaker 4: Thank you. There appears to be no additional questions at this time. I'll hand the floor back to Emmanuel Lakios for closing remarks. Thank you. Thank you. thank you There appears to be no additional questions at this time. there appears to be no additional questions at this time I'll hand the floor back to Emmanuel Lakios for closing remarks. i'll hand the floor back to emmanuel lakios for closing remarks Thank you. thank you

Speaker 2: Thank you, Diego, and thanks to everyone for joining us today. We appreciate your continued interest and support of CVD Equipment Corporation. If you have any additional questions, as I said earlier, please reach out to myself or Rich directly. This concludes our today's conference call. Thank you, Diego, and thanks to everyone for joining us today. thank you diego and thanks to everyone for joining us today We appreciate your continued interest and support of CVD Equipment Corporation. we appreciate your continued interest and support of cvd equipment corporation If you have any additional questions, as I said earlier, please reach out to myself or Rich directly. if you have any additional questions as i said earlier please reach out to myself or rich directly This concludes our today's conference call. this concludes our today's conference call

Speaker 4: Thank you. All parties may now disconnect. Have a good day. Thank you. thank you All parties may now disconnect. all parties may now disconnect Have a good day. have a good day