CVD Equipment Corporation’s full-year revenue in its latest fiscal 2016 financials has dropped by almost 50%.
A sharp 46.2% loss in revenues means total revenue for the US-based business dropped to just $21m, a far cry from its 2015 fiscal year results – its highest levels in history – when CVD demonstrated a record-breaking run of financial figures with full year revenue rising by 39.2% to $39m.
According to CVD, its 2016 fiscal year was heavily impacted by negotiation delays surrounding a significant order with a major aviation component supplier.
However, its backlog skyrocketed by 356%, rising from $6.1m as of 31st December 2015 to $27.8m in this year’s results.
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