CVD Equipment Corporation (NASDAQ:CVV) (the "Company") today announced a restructuring plan and leadership transition, following a thorough evaluation of strategic alternatives for its CVD equipment business by its Board of Directors (the "Board"). The restructuring plan includes:

  • The Company will no longer pursue new system orders for its CVD equipment business.
  • The Company is further reducing its workforce by approximately half, to a level necessary to manufacture its remaining equipment backlog, satisfy warranty obligations, and support its ongoing spare parts, quartz, and services business.
  • As a result, CVD expects to record a restructuring charge of approximately $0.8 million to $1.0 million this quarter, consisting primarily of employee severance and related costs.
  • Effective September 3, 2026, and in conjunction with these actions, the Board and Emmanuel Lakios have mutually agreed that he would conclude his employment as President and Chief Executive Officer and will no longer serve as a member of the Board. The Board has appointed Warren Cheesman, the Company's Vice President of Manufacturing Operations, as Acting Chief Executive Officer, effective immediately.
  • The Board continues to evaluate additional opportunities to reduce costs, monetize assets, and enhance shareholder value, including potential alternatives involving its real estate assets, including its primary facility in Central Islip. It will also evaluate business opportunities that are consistent with its available resources and strategic objectives to enhance shareholder value.