CVD Equipment Corporation (NASDAQ: CVV) announced on September 3, 2026, a restructuring plan and a leadership transition following a review of strategic alternatives for its CVD equipment business.
The restructuring plan includes discontinuing the pursuit of new system orders for the CVD equipment division. The company is reducing its workforce by approximately half to a level sufficient to manufacture its remaining equipment backlog, satisfy warranty obligations, and support its spare parts, quartz, and services business.
As a result of these actions, CVD Equipment expects to record a restructuring charge of approximately $0.8 million to $1.0 million in the quarter ending September 30, 2026. The charge will consist primarily of employee severance and related costs.
In a separate leadership change, Emmanuel Lakios has concluded his employment as President and Chief Executive Officer and will no longer serve on the Board of Directors. The Board mutually agreed to this departure, which is not the result of a disagreement regarding operations or policies. The company will continue to pay Mr. Lakios his base salary and benefits through October 2, 2026, and for a subsequent nine-month period.
Warren Cheesman, the company's Vice President of Manufacturing Operations, has been appointed Acting Chief Executive Officer effective September 3, 2026. Mr. Cheesman has served in his current role since October 2022 and brings more than 30 years of experience in engineering and operations across the semiconductor, medical device, and defense equipment industries.
Chairman of the Board Lawrence J. Waldman noted that at the end of the second quarter of 2026, the company held $23.5 million in cash and no debt. The Board stated that its top priority is to complete existing customer commitments while evaluating additional opportunities to reduce costs, monetize assets, and enhance shareholder value, including potential alternatives involving the company's real estate assets.
