CVD Equipment Corp Announces Restructuring, CEO Departs

What Happened
CVD Equipment Corporation (CVV) announced on September 3, 2026 that its Board approved a Restructuring Plan for its CVD equipment business. The company will stop pursuing new system orders, cut its workforce by about half to support remaining backlog, warranty obligations, and its spare parts/quartz/services business, and expects a one-time restructuring charge of approximately $0.8–$1.0 million in the quarter ending September 30, 2026. Also on September 3, 2026, President and CEO Emmanuel Lakios mutually agreed to leave the company effective immediately; Warren Cheesman was appointed Acting Chief Executive Officer.

Key Details

• Restructuring Plan: company will no longer pursue new system orders for its CVD equipment business and will reduce headcount by ~50% to a level needed for backlog, warranties, and service/parts.
• Expected charge: approximately $0.8 million to $1.0 million to be recorded in the quarter ending September 30, 2026 (primarily severance and related costs).
• Leadership change: Emmanuel Lakios departed as President/CEO effective Sept 3, 2026 (not due to any disagreement); Warren Cheesman (VP of Manufacturing Operations since Oct 2022) named Acting CEO.
• Compensation/benefits: the company will continue to pay Lakios’ base salary and benefits through Oct 2, 2026 and will pay his base salary plus employer portion of medical benefits for nine months thereafter. Terms for Cheesman’s executive compensation are not yet finalized.

Why It Matters
This restructuring is a material operational shift: halting new system sales signals a move away from growth-by-new-equipment and a pivot toward completing existing orders, warranty work, and service/parts revenue. The one-time $0.8–$1.0M charge will affect reported results for the September-quarter and could reduce near-term profitability. The CEO departure and appointment of an internal acting CEO mean leadership change during implementation; investors should watch subsequent disclosures (including the finalized compensation for the acting CEO and any updates on the company’s strategic direction and revenue mix). A press release describing these items was issued on September 10, 2026.