CVD Equipment to halve staff, end new system sales
CVD Equipment Corporation will stop seeking new CVD system orders, cut its workforce about in half, and install an acting CEO while emphasizing liquidity and asset monetization.
Rhea-AI Filing Summary
CVD Equipment Corporation (CVV) announced a major restructuring of its CVD equipment business and a leadership change. The Board decided the company will no longer pursue new system orders for this business and will instead focus on its spare parts, quartz and services activities, while completing its remaining equipment backlog and warranty obligations.
The plan includes a workforce reduction of approximately half, with an expected restructuring charge of $0.8–$1.0 million in the quarter ending September 30, 2026, mainly for severance and related costs. The Board is also evaluating additional cost reductions and ways to monetize assets, including potential alternatives involving its primary facility in Central Islip, and other business opportunities consistent with its resources.
Effective September 3, 2026, President and CEO Emmanuel Lakios mutually agreed with the Board to conclude his employment and Board service. He will receive salary and benefits through October 2, 2026, plus nine months of salary and medical benefits thereafter. Warren Cheesman, previously Vice President of Manufacturing Operations, was appointed Acting CEO. Chairman Lawrence J. Waldman highlighted that at the end of the second quarter of 2026 the company held $23.5 million in cash and no debt, emphasizing liquidity as it executes this transition.
Positive
- $23.5 million in cash and no debt at the end of Q2 2026 provides liquidity to support the restructuring and fulfillment of existing customer commitments.
- The Board is actively evaluating cost reductions and asset monetization, including potential alternatives for its primary facility in Central Islip, with the stated goal of enhancing shareholder value.
Negative
- The company will discontinue pursuing new system orders for its CVD equipment business, effectively winding down new equipment system sales.
- CVD plans to reduce its workforce by approximately half, reflecting weak order activity, declining backlog, and ongoing operating losses in the CVD equipment division.
- The restructuring is expected to result in a charge of $0.8–$1.0 million in the quarter ending September 30, 2026, primarily for severance and related costs.
- There is a leadership transition as President and CEO Emmanuel Lakios departs and an Acting CEO assumes the role during a period of significant operational change.
Filing Explained
Warren Cheesman’s compensation as Acting Chief Executive Officer remained undetermined when he was appointed; the company says the finalized terms will be disclosed in an amendment.
8-K Event Classification
Key Figures
Key Terms
restructuring plan financial
restructuring charge financial
strategic alternatives financial
monetize assets financial
forward-looking statements regulatory
Private Securities Litigation Reform Act of 1995 regulatory
FAQ
What restructuring plan did CVD Equipment Corporation (CVV) announce?
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What leadership changes did CVD Equipment Corporation (CVV) disclose?
Why is CVD Equipment Corporation (CVV) exiting new CVD system orders?
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Is CVD Equipment Corporation (CVV) considering asset sales?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.05. | Costs Associated with Exit or Disposal Activities. |
On September 3, 2026, the Board of Directors (the “Board”) of CVD Equipment Corporation (the “Company”) committed to a restructuring plan (the “Restructuring Plan”) following a thorough evaluation of strategic alternatives for its CVD equipment business. Under the Restructuring Plan, the Company will no longer pursue new system orders for its CVD equipment business.
In connection with the Restructuring Plan, the Company is 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 of the Restructuring Plan, the Company expects to record a restructuring charge of approximately $0.8 million to $1.0 million in the quarter ending September 30, 2026, consisting primarily of employee severance and related costs.
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Departure of Emmanuel Lakios as Chief Executive Officer
On September 3, 2026, the Board of Directors and Mr. Lakios mutually agreed that Mr. Lakios would conclude his employment as President and Chief Executive Officer of the Company and would no longer serve as a member of the Company’s Board of Directors, effective immediately. Mr. Lakios’s departure was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. In connection with his departure, the Company will continue to pay Mr. Lakios as required by his employment agreement (a) his base salary and employee benefits through October 2, 2026, and (b) during the subsequent nine-month period, his base salary and the employer portion of Mr. Lakios’s existing medical benefits.
Appointment of Warren Cheesman as Acting Chief Executive Officer
Effective September 3, 2026, the Board appointed Warren Cheesman as Acting Chief Executive Officer of the Company.
Mr. Cheesman, age 54, has served as the Company’s Vice President of Manufacturing Operations since October 2022. He has more than 30 years of experience in engineering, operations, quality, and strategic sourcing across the semiconductor, medical device, and defense equipment industries. Before joining CVD, Mr. Cheesman held positions of increasing responsibility at Veeco Instruments, Air Techniques, and Kongsberg Defense & Aerospace. Mr. Cheesman holds master’s degrees in Technology Management and Materials Science and Engineering from Stony Brook University and a bachelor’s degree in Mechanical Engineering from Virginia Tech.
There are no family relationships between Mr. Cheesman and any director or executive officer of the Company, and there are no transactions in which Mr. Cheesman has an interest requiring disclosure under Item 404(a) of Regulation S-K.
In connection with Mr. Cheesman’s appointment as Acting Chief Executive Officer, the material terms of any compensatory arrangement with Mr. Cheesman have not yet been determined and will be disclosed by amendment to this Current Report on Form 8-K when finalized.
| Item 7.01. | Regulation FD Disclosure. |
On September 10, 2026, the Company issued a press release announcing the Restructuring Plan and the leadership transition described herein. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.
The information in this Item 7.01 (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press release dated September 10, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: September 10, 2026
| CVD EQUIPMENT CORPORATION | ||
| By: | /s/ Richard Catalano | |
| Name: | Richard Catalano | |
| Title: | Executive Vice President, Chief Financial Officer, Secretary and Treasurer | |
Exhibit 99.1
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enabling tomorrow’s technologies™ |
355 South Technology Drive, Central Islip, New York 11722 | T 631.981.7081 | | |
CVD Equipment Corporation Announces Restructuring Plan and Leadership Transition
CENTRAL ISLIP, N.Y. (Business Wire) – September 10, 2026 – 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 | |
| ● | 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. |
Lawrence
J. Waldman, CVD’s Chairman of the Board, commented: “In light of continued weakness in prospective equipment order activity,
declining backlog, the CVD equipment division’s ongoing operating losses, and the lack of viable strategic alternatives for the
business, we have decided to discontinue the pursuit of new equipment system orders, transitioning CVD to a spare parts, quartz and services
“On behalf of the Board of Directors, I would like to thank Manny for his leadership and many contributions, and we wish him success in his future endeavors,” added Mr. Waldman. “We are pleased that Warren has agreed to serve as Acting Chief Executive Officer. His knowledge of the Company and operational experience will be valuable through this restructuring and continued evaluation of business alternatives.”
Mr. Cheesman stated: “As we transition to this new phase for CVD, we’ll focus on disciplined execution, prudent management of the Company’s assets and financial resources, and, most importantly, fulfilling our important existing commitments to customers.”
Acting CEO Background
Mr. Cheesman has been Vice President of Manufacturing Operations since October 2022. He has more than 30 years of experience in engineering, operations, quality, and strategic sourcing across the semiconductor, medical device, and defense equipment industries. Before joining CVD, he held positions of increasing responsibility at Veeco Instruments, Air Techniques, and Kongsberg Defense & Aerospace. Mr. Cheesman holds master’s degrees in Technology Management and Materials Science and Engineering from Stony Brook University and a bachelor’s degree in Mechanical Engineering from Virginia Tech.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the Company’s restructuring activities, expected restructuring charges, completion of customer obligations, continued operation of the spare parts, quartz and services business, potential sale of real estate assets, retention of personnel needed to complete customer projects, unexpected costs or delays in completing backlog, customer claims, cancellations, or disputes, the possibility that cost reductions will not produce anticipated savings, the Acting CEO transition, absence of assurance that strategic alternatives will result in a transaction, timing and proceeds from any asset dispositions, strategic alternatives, liquidity, and shareholder value creation. Actual results may differ materially from those projected due to a variety of risks and uncertainties, including market conditions, customer requirements, economic conditions, the Company’s ability to successfully complete ongoing customer projects, its ability to consummate any potential sale of real estate assets, and the other risks described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements, except as required by law.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) has designed, developed, and manufactured chemical vapor deposition, thermal processing, physical vapor transport, and related equipment and process solutions used in industrial and research applications. The Company continues to support existing customer projects and supplies quartz components, replacement parts, process support, and related services for its installed base.
Investor Contact
Richard Catalano
Executive Vice President & Chief Financial Officer
CVD Equipment Corporation
(631) 981-7081
investorrelations@cvdequipment.com