CPS Technologies Corp. ( (CPSH) ) has released its Q3 earnings. Here is a breakdown of the information CPS Technologies Corp. presented to its investors.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
CPS Technologies Corporation is a leading technology and manufacturing company specializing in high-performance material solutions for various industries, including electric vehicles, aerospace, and clean energy applications.
In its latest financial report, CPS Technologies Corporation announced a challenging third quarter of 2024, marked by a decline in revenue and profitability. The company experienced a decrease in revenue to $4.2 million compared to $6.3 million in the same period last year, largely due to the conclusion of its HybridTech Armor® contract with the U.S. Navy.
Key financial metrics reflected the impact of this contract end, with a gross margin shift to a negative 12% and an operating loss of $1.5 million, a stark contrast to the previous year’s operating profit. However, CPS secured a significant $12 million contract with a global semiconductor customer and continued its collaboration with the U.S. government through a $1.1 million Department of Energy award for modular radiation shielding.
Looking ahead, CPS Technologies anticipates improved financial performance in the fourth quarter and beyond, driven by new contracts and increased production capacity. The company remains confident in its long-term strategy of expanding its product portfolio and expects higher deliveries as the benefits of recent operational changes take effect.
