Business Wire·Sep 10, 2026, 4:30 PM ET

CVD Equipment Corporation Announces Restructuring Plan and Leadership Transition

CVD Equipment Corporation announced a restructuring plan & leadership transition after its Board evaluated strategic alternatives for the CVD equipment business.
The Company will cease pursuing new system orders for its CVD equipment business & transition to a spare parts, quartz, & services model.
Workforce reductions of approximately 50% will occur to align staff with remaining equipment backlog, warranty obligations, & ongoing services needs.
CVD expects to record a restructuring charge of $0.8 million to $1.0 million this quarter, primarily for employee severance & related costs.
Emmanuel Lakios concluded his role as President & CEO & Board member effective September 3, 2026.
Warren Cheesman, formerly Vice President of Manufacturing Operations, was appointed Acting Chief Executive Officer effective immediately.
The Board is evaluating cost reduction measures, asset monetization, & potential real estate sales, including the primary facility in Central Islip.
At the end of Q2 2026, the Company reported $23.5 million in cash with no debt.
Cheesman brings over 30 years of experience in engineering & operations across semiconductor, medical device, & defense industries.
The Company emphasized its priority to fulfill existing customer commitments while managing assets & financial resources prudently.