CVD Equipment reports Q3 revenue drop; implements cost-reduction strategy amidst declining orders and evolving market dynamics.

Driven by continued demand in our SDC segment for gas delivery Systems. For the nine months of 2025, total orders were 9.5 million compared to 21 million in the same period last year. At September 30, 2025, backlog stood at 8 million compared to 13.2 million at June 30, 2025. As we converted backlog to revenue in the quarter, our third quarter and year to date bookings were influenced by several external factors, including uncertainties related to proposed tariffs, reduced US Government funding for university and US Government shutdown, and timing in the production in the product adoption within our growth markets. In response to the ongoing fluctuations in our order rate and the recent decline in bookings within the CBD Equipment Division, our Board of Directors has approved a comprehensive transformation strategy aimed at significantly reducing fixed operating costs and creating a more agile organization. Key elements of this plan include transitioning CVD Equipment Equipment's business from vertically integrated fabrication to outsourced fabrication of certain components, enabling us to reduce our fixed costs and improve scalability. A workforce reduction in the CVD Equipment Equipment Division to be completed by year end 2025, expected to reduce the annual operating cost by approximately 2 million beginning in 2026. To note, the SDC Division will not be impacted by these actions. Revising our sales approach by leveraging distributors and external representatives to complement our internal sales force and broadening our market reach. Exploring strategic alternatives for certain businesses and product lines which could include asset sales and divestments. Together, these initiatives will allow us to focus on our core strengths which are engineering, design, assembly, test, installation and customer service, all while driving greater efficiency and long term profitability. We remain encouraged by the opportunities ahead in our target markets aerospace and defense industrial applications which include silicon carbide on graphite, silicon carbide, high power electronics and electric vehicle battery materials. As an update on opportunities in the Silicon Carbide boule market, in October 2025 we announced a new order from Stony brook University for 2 PBT150 physical vapor transport systems to support their center established by Onsemi Silicon Carbide Crystal Growth Center. We're proud to play a role in advancing semiconductor materials research and support critical technologies in artificial intelligence and electrification. We are continuing the development of our 200 millimeter silicon carbide crystal growth process using our PVT200 system targeted at the high power electronics market. This same platform is being evaluated for other wide bandgap materials such as aluminum nitride. Our reactive design and control architecture deliver the precision and repeatability needed for next generation material production CVD Equipment remains well positioned across multiple growth markets. We we believe that our transformation initiatives will strengthen our foundation and will better support our goal of achieving profitability and positive cash flow. With that, I'll now turn over the call to our cfo Rich Catalano, to review our financial results in more detail.