CPS Technologies Corp. reports company developments tied to its advanced materials manufacturing business, including metal matrix composites, hermetic packaging, power module components and lightweight HybridTech Armor®. News commonly covers quarterly operating results, production rates, customer orders and demand across transportation, energy, electronics, telecommunications, aerospace and defense applications.
Recurring updates also include contracts for aluminum silicon carbide components used in high-speed rail and grid infrastructure, funded defense research involving lighter vehicle materials, production-capacity planning, capital actions and executive leadership changes. The company’s disclosures connect its materials technology to electrification, high-reliability electronics, satellite and avionics markets.
CPS Technologies Corporation (CPSH) announced an amendment to its credit facility with The Massachusetts Business Development Corporation, increasing the borrowing limit from $2.5 million to $3.0 million. CFO Chuck Griffith stated this increase provides flexibility for expected growth and additional security amid the uncertainties of the COVID-19 pandemic. Although CPSH does not plan to use the extra funds immediately, the amendment reflects a strong partnership with the financial institution, anticipating ongoing support for capital needs.
CPS Technologies Corporation (NASDAQ:CPSH) reported revenues of $6.5 million and an operating profit of $622 thousand for the quarter ending March 28, 2020, a notable increase from $5.3 million in revenues and an operating loss of $744 thousand during the same period in 2019. President Grant Bennett highlighted ongoing new contracts with major customers that are expected to drive performance through 2020. Despite challenges posed by coronavirus, demand remains robust, although some delays are anticipated. The company has implemented measures to ensure safe operations.
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