Welcome to our dedicated page for Cps Technologie news (Ticker: CPSH), a resource for investors and traders seeking the latest updates and insights on Cps Technologie stock.
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.
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CPS Technologies Corporation (NASDAQ:CPSH) announced the resignation of Michael McCormack as president and CEO, effective April 21, 2023. Under McCormack's leadership since July 2021, the company achieved record revenues and operating income, significantly strengthening its product development team. The Board appointed Charles Griffith, the current CFO since 2019, as acting president while a search for a new CEO is conducted. Griffith expressed confidence in continuing momentum, anticipating another record year for 2023. CPS specializes in high-performance energy management components for various applications, including electric vehicles and aerospace.
CPS Technologies Corporation (NASDAQ:CPSH) has secured a Phase I Small Business Innovative Research (SBIR) contract from the U.S. Army to develop lightweight, reconfigurable flooring for the UH-60 fleet. The project involves creating a Ballistic Armor Protection System (BAPS) utilizing their HybridTech Armor® Metal Matrix Composite (MMC) technology, focusing on reducing aircraft weight while enhancing mission flexibility. The contract, valued at $250,000, will span six months. CPS has won four Phase I SBIR contracts in the last year, underscoring its commitment to advanced material solutions in defense and energy sectors.
CPS Technologies Corporation (NASDAQ:CPSH) announced securing $5.0M in purchase orders for hermetic packages from a leading aerospace electronics manufacturer. This order supports U.S. space missions and high-volume tactical programs, marking nearly 100% increase over FY22 sales for this customer. CPS specializes in Class-H and Class-K hermetic packaging, delivering significant weight savings (about 50%) using Aluminum Silicon Carbide (AlSiC) technology. This technology enhances reliability in harsh environments, evidenced by its use in NASA's SHERLOC instrument on Mars. CPS aims for growth in the aerospace and defense market, reflecting on a record-setting 2022.
CPS Technologies Corporation (NASDAQ:CPSH) reported revenues of $6.1 million and an operating profit of $309 thousand for Q4 2022, slightly down from $6.2 million in Q4 2021. For the full year 2022, revenues reached a record $26.6 million, a 19% increase from 2021, with an operating profit of $2.2 million compared to $513 thousand in 2021. Gross margins improved to over 27%, up by 6%. President Michael McCormack emphasized the strategic initiatives driving growth and expected continued strong performance in 2023, supported by diversification in products and customer base.
CPS Technologies Corp. (Nasdaq:CPSH) announced its year-end 2022 investor conference call scheduled for March 7, 2023, at 4:30 PM Eastern. During the call, President and CEO Michael McCormack and CFO Chuck Griffith will discuss the company's financial results for the fiscal year ending December 31, 2022. Interested participants can join by dialing 1-844-943-2942 and using the passcode 693433. CPS operates in high-performance energy management components crucial for various sectors, including electric vehicles and aerospace, emphasizing innovation and customer support.
CPS Technologies Corporation (NASDAQ:CPSH) reported $6.7 million in revenues for Q3 2022, a 22% increase from Q3 2021. The company achieved an operating profit of $709,000, a significant turnaround from the $88,000 loss in the previous year. Year-to-date operating profit is $1.9 million, up 858% from $201,000 in 2021. Despite inflation and supply chain challenges, CPSH has maintained operational efficiencies. The company remains optimistic about growth initiatives and strategic initiatives, highlighted by a record HybridTech Armor® order.