CVD Equipment designs and manufactures custom process equipment used to grow, deposit, or coat advanced materials through chemical and physical processes at extreme temperatures. CVD's two core end markets are aerospace and power electronics. In aerospace, CVD makes Chemical Vapor Infiltration systems used to manufacture ceramic matrix composites — lightweight, heat-resistant materials used in jet engine hot sections — and counts three of the four major jet engine manufacturers as customers. In power electronics, CVD makes Physical Vapor Transport systems used to grow silicon carbide crystals, which are sliced into wafers for high-power semiconductors used in EVs and data centers. CVD sells directly to commercial manufacturers, defense contractors, universities, and research labs, primarily in the U.S. CVD also operates an Applications Laboratory where customers co-develop and optimize processes with CVD engineers. CVD operates two segments: CVD Equipment, which designs and builds the core process systems from a facility in Central Islip, New York; and SDC (Stainless Design Concepts), which makes ultra-high purity gas and chemical delivery systems for semiconductor fabs and aerospace customers. CVD announced the sale of SDC to an Atlas Copco subsidiary for approximately $16.9M, which will make CVD a pure-play equipment business. Revenue is recognized on a percentage-of-completion basis, so backlog is the key leading indicator. CVD is transitioning to an outsourced fabrication model and has reduced headcount to cut fixed costs following a sharp decline in bookings in FY25.