Announces restructuring plan, workforce reduction, CEO departure, and acting CEO appointment

CVD Equipment Corporation announced a restructuring plan on September 3, 2026, following a strategic evaluation of its CVD equipment business by its Board of Directors. Under this plan, the company will no longer accept new system orders for this business segment.

As part of the restructuring, the company intends to reduce its workforce by approximately half. The remaining employees will focus on manufacturing the existing equipment backlog, fulfilling warranty obligations, and supporting the ongoing spare parts, quartz, and services business.

The company anticipates recording a restructuring charge of $0.8 million to $1.0 million in the quarter ending September 30, 2026. This charge will primarily consist of employee severance and related costs.

In conjunction with these changes, Emmanuel Lakios departed as President and Chief Executive Officer and as a board member, effective September 3, 2026. His departure was by mutual agreement and not due to any disagreements with the company's operations, policies, or practices. The company will continue to pay Mr. Lakios his base salary and benefits through October 2, 2026, and his base salary and the employer portion of medical benefits for nine months thereafter, as required by his employment agreement.

Warren Cheesman, who previously served as Vice President of Manufacturing Operations since October 2022, has been appointed Acting Chief Executive Officer, effective September 3, 2026. Mr. Cheesman brings over 30 years of experience in engineering, operations, quality, and strategic sourcing. The specific terms of Mr. Cheesman’s compensatory arrangement as Acting CEO have not yet been finalized and will be disclosed at a later date.