Record 2025 revenue lifts CPS Technologies (NASDAQ: CPSH) to profit
Rhea-AI Filing Summary
CPS Technologies reported record 2025 sales of $32.6 million, a 54% increase over 2024, and turned from a net loss to net income of $420,354 for the year. Fourth-quarter revenue rose to $8.2 million from $5.9 million, driven by higher production, increased shipments, and higher gold prices.
Fourth-quarter gross margin improved to 14.6% from a negative 5.1% a year earlier, while the operating loss narrowed significantly and net income was $12,594 versus a prior net loss of $995,153. SG&A rose to $1.3 million, largely due to higher variable compensation and sales commissions tied to stronger results.
The balance sheet strengthened notably, with total assets increasing to $29.5 million from $18.9 million, including cash and cash equivalents of $4.5 million and marketable securities of $8.8 million. Stockholders’ equity grew to $24.6 million, and the company highlighted a recent capital raise and ongoing plans for a larger advanced manufacturing facility as it targets continued revenue growth and margin expansion in 2026.
Positive
- Record 2025 revenue and return to profitability: Sales reached $32.6 million, up 54% from 2024, with net income of $420,354 versus a prior-year loss of $3.1 million.
- Stronger margins and quarterly improvement: Fourth-quarter gross margin improved to 14.6% from negative 5.1%, and net results moved from a $1.0 million loss to slight profitability.
- Meaningfully fortified balance sheet: Total assets rose to $29.5 million and stockholders’ equity to $24.6 million, with higher cash and marketable securities supporting future investment and growth plans.
Negative
- None.
Insights
Strong 2025 rebound with record revenue, a return to profitability, and a much stronger balance sheet.
CPS Technologies delivered a sharp turnaround in 2025. Revenue rose to
Profitability improved as operating results moved from sizable losses to near breakeven in the quarter and positive for the year. SG&A increased to
The balance sheet strengthening is notable: total assets expanded to
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4( c)) under the Exchange Act (17 CFR 240.13e-4(c)).
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| EXHIBIT | |
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NUMBER
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DESCRIPTION
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99.1
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Press release dated March 2, 2026 of CPS Technologies Corp. announcing its financial results for the three months ended December 27, 2025
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99.2
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Financial results for the three and twelve months ended December 27, 2025
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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Exhibit 99.1
FOR RELEASE: IMMEDIATE
CPS Technologies Announces Fourth Quarter 2025 Financial Results
Company Closes Out Year with Record Sales of $32.6 Million and Improved Balance Sheet to Support Future Growth
Norton, Massachusetts – March 2, 2025 – CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced financial results for the fiscal fourth quarter ended December 27, 2025.
Fourth Quarter Summary
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● |
Revenue of $8.2 million, versus $5.9 million in the prior-year period, reflecting strong demand for the Company’s core product lines and expanded production. |
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Gross margin of 14.6 percent versus a gross loss in the fourth quarter of 2024. |
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Operating loss of $(0.1) million for the quarter compared to $(1.3) million in the prior-year period. |
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As previously announced, CPS won a $15.5 million follow-on order with a major multinational semiconductor manufacturer during the quarter. |
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On October 8, 2025 the Company closed on a public offering that brought in net proceeds of $9.5 million to be used for general corporate purposes, including the expansion of CPS’ production capabilities through the move to a larger facility. |
“As expected, we closed 2025 with the strongest revenue in our Company’s history, $32.6 million, an increase in revenue of 54% over 2024, marking a great comeback for CPS as we position the organization for the future,” said Brian Mackey, President and CEO. “With the capital raise under our belt, we’re now able to focus on the array of growth opportunities we have developed. This includes increasing production, advancing our product portfolio, entering additional markets, winning new customers, and positioning ourselves to accelerate our revenue and profitability growth in the quarters to come. We are nearing the completion of our evaluation of potential sites for a larger, advanced CPS manufacturing facility and look forward to making this transition over the course of the remainder of 2026. Overall, we’re in great shape for another year of strong revenue, continued margin expansion, and an even stronger outlook going forward.”
Results of Operations
CPS reported revenue of $8.2 million for the fourth quarter of fiscal 2025 versus $5.9 million in the prior-year period, reflecting greater production rates and increased shipments, along with the impact from higher gold prices. Gross profit was $1.2 million, or 14.6 percent of revenue, versus a gross loss of $(0.3) million, or (5.1) percent of revenue, in the fiscal 2024 fourth quarter, with the year-over-year increase due to higher sales and greater production efficiencies.
Operating loss was $(0.1) million in the fiscal 2025 fourth quarter compared with an operating loss of $(1.3) million in the prior-year period; SG&A expenses totaled $1.3 million during the quarter, compared to $1.0 million in the same quarter of fiscal 2024. The increase was primarily due to higher variable compensation expense, reflecting the increase in annual revenue and profit. In addition, the higher revenue generated a significant increase in sales commission expense. Reported net income for the quarter was $0.0 million, or $0.00 per diluted share, versus a net loss of $(1.0) million, or $(0.07) per diluted share, in the quarter ended December 28, 2024.
Conference Call
The Company will be hosting its fourth quarter 2025 earnings call tomorrow, March 3, 2026, at 9:00 a.m. Eastern. Those interested in participating in the conference call should dial the following:
Call in Number: 1-844-943-2942
Participant Passcode: 641664
The Company encourages those who wish to participate to call in 10 minutes before the scheduled start time to ensure the operator can connect all participants.
About CPS
CPS is an advanced materials company that designs, manufactures, and sells high-performance material solutions to global customers in transportation, energy, automotive, electronics, telecommunications, aerospace, and defense. The company specializes in proprietary metal matrix composites (MMCs), combining metals and ceramics to deliver superior strength, thermal management, and reliability for demanding applications such as high-speed rail, HVDC systems, mass transit, electric vehicles, internet equipment, and electrical infrastructure. CPS also produces hermetic packaging for high-reliability power and communications modules, supporting avionics, GPS, microprocessors, and specialized integrated circuits. Additionally, its lightweight HybridTech Armor® provides high strength-to-weight protection. CPS focuses on innovation, quality, and diversified high-growth markets to drive sustained, profitable growth. The Company’s Vision is “to pioneer the next generation of high-performance materials and solve the world’s toughest engineering challenges.”
Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2026 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
CPS Technologies Corporation
111 South Worcester Street
Norton, MA 02766
www.cpstechnologysolutions.com
Investor Relations:
Chris Witty
646-438-9385
cwitty@darrowir.com
CPS TECHNOLOGIES CORP.
Statements of Operations and Other Comprehensive Income (Loss) (Unaudited)
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
|
December 27, 2025 |
December 28, 2024 |
December 27, 2025 |
December 28, 2024 |
|||||||||||||
|
Product sales |
$ | 8,208,041 | $ | 5,933,283 | $ | 32,596,314 | $ | 21,123,346 | ||||||||
|
Cost of product sales |
6,988565 | 6,204,808 | 27,306,955 | 21,241,984 | ||||||||||||
|
Gross profit |
1,219,476 | (271,525 | ) | 5,289,359 | (118,638 | ) | ||||||||||
|
Selling, general, and administrative expenses |
1,318,163 | 1,047,459 | 4,845,385 | 4,262,290 | ||||||||||||
|
Income (loss) from operations |
(98,687 | ) | (1,318,984 | ) | 443,974 | (4,380,928 | ) | |||||||||
|
Other income |
123,680 | 45,134 | 238,664 | 286,979 | ||||||||||||
|
Net income (loss) before income taxes |
24,993 | (1,273,850 | ) | 682,638 | (4,093,949 | ) | ||||||||||
|
Income tax provision (benefit) |
12,399 | (278,697 | ) | 262,284 | (958,500 | ) | ||||||||||
|
Net income (loss) |
$ | 12,594 | $ | (995,153 | ) | $ | 420,354 | $ | (3,135,449 | ) | ||||||
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Other comprehensive income |
||||||||||||||||
|
Net unrealized gains (losses) on available for sale securities |
(7,037 | ) | (1,946 | ) | (15,361 | ) | 15,500 | |||||||||
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Total other comprehensive income (loss) |
(7,037 | ) | (1,946 | ) | (15,361 | ) | 15,500 | |||||||||
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Comprehensive income (loss) |
5,557 | (997,099 | ) | 404,993 | (3,119,949 | ) | ||||||||||
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Net income (loss) per basic common share |
$ | 0.00 | $ | (0.07 | ) | $ | 0.03 | $ | (0.22 | ) | ||||||
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Weighted average number of basic common shares outstanding |
17,996,884 | 14,525,960 | 15,286,097 | 14,522,513 | ||||||||||||
|
Net income (loss) per diluted common share |
$ | 0.00 | $ | (0.07 | ) | $ | 0.03 | (0.22 | ) | |||||||
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Weighted average number of diluted common shares outstanding |
18,190,719 | 14,525,960 | 15,388,726 | 14,522,513 | ||||||||||||
CPS TECHNOLOGIES CORP.
BALANCE SHEETS
(Unaudited)
|
December 27, |
December 28, |
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2025 |
2024 |
|||||||
|
ASSETS |
||||||||
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Current assets: |
||||||||
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Cash and cash equivalents |
$ | 4,466,198 | $ | 3,280,687 | ||||
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Marketable securities, at fair value |
8,769,363 | 1,031,001 | ||||||
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Accounts receivable-trade, net |
5,235,307 | 4,858,208 | ||||||
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Accounts receivable-other |
380,948 | 177,068 | ||||||
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Inventories, net |
5,598,407 | 4,331,066 | ||||||
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Prepaid expenses and other current assets |
299,829 | 480,986 | ||||||
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Total current assets |
24,750,052 | 14,159,016 | ||||||
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Property and equipment: |
||||||||
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Production equipment |
10,647,170 | 10,382,379 | ||||||
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Furniture and office equipment |
910,310 | 891,921 | ||||||
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Leasehold improvements |
997,830 | 997,830 | ||||||
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Total cost |
12,555,310 | 12,272,130 | ||||||
|
Accumulated depreciation and amortization |
(10,877,927 | ) | (10,377,756 | ) | ||||
|
Construction in progress |
459,671 | 108,874 | ||||||
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Net property and equipment |
2,137,054 | 2,003,248 | ||||||
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Net intangible assets |
21,778 | - | ||||||
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Right-of-use lease asset |
336,000 | 186,000 | ||||||
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Deferred taxes, net |
2,266,854 | 2,528,682 | ||||||
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Total assets |
$ | 29,511,738 | $ | 18,876,946 | ||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
||||||||
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Notes payable, current portion |
$ | - | $ | 8,130 | ||||
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Accounts payable |
3,363,233 | 3,053,712 | ||||||
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Accrued expenses |
907,910 | 913,279 | ||||||
|
Deferred revenue |
238,044 | 172,429 | ||||||
|
Lease liability, current portion |
162,000 | 160,000 | ||||||
|
Total current liabilities |
4,671,187 | 4,307,550 | ||||||
|
Deferred revenue – long term |
31,277 | 31,277 | ||||||
|
Long term lease liability |
174,000 | 26,000 | ||||||
|
Total liabilities |
4,876,464 | 4,364,827 | ||||||
|
Commitments & Contingencies |
||||||||
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Stockholders’ Equity: |
||||||||
|
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 18,132,767 and 14,661,487 shares; outstanding 17,988,634 and 14,525,960; at December 27, 2025 and December 28, 2024, respectively |
181,320 | 146,615 | ||||||
|
Preferred stock, no shares issued or outstanding |
– | – | ||||||
|
Additional paid-in capital |
50,295,019 | 40,580,387 | ||||||
|
Accumulated other comprehensive income |
139 | 15,500 | ||||||
|
Accumulated deficit |
(25,469,891 | ) | (25,890,245 | ) | ||||
|
Less cost of 144,133 and 135,527 common shares repurchased at December 27, 2025 and December 28, 2024, respectively |
(371,313 | ) | (340,138 | ) | ||||
|
Total stockholders’ equity |
24,635,274 | 14,512,119 | ||||||
|
Total liabilities and stockholders’ equity |
$ | 29,511,738 | $ | 18,876,946 | ||||
Exhibit 99.2
CPS TECHNOLOGIES CORP.
Statements of Operations and Other Comprehensive Income (Loss) (Unaudited)
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
|
December 27, 2025 |
December 28, 2024 |
December 27, 2025 |
December 28, 2024 |
|||||||||||||
|
Product sales |
$ | 8,208,041 | $ | 5,933,283 | $ | 32,596,314 | $ | 21,123,346 | ||||||||
|
Cost of product sales |
6,988565 | 6,204,808 | 27,306,955 | 21,241,984 | ||||||||||||
|
Gross profit |
1,219,476 | (271,525 | ) | 5,289,359 | (118,638 | ) | ||||||||||
|
Selling, general, and administrative expenses |
1,318,163 | 1,047,459 | 4,845,385 | 4,262,290 | ||||||||||||
|
Income (loss) from operations |
(98,687 | ) | (1,318,984 | ) | 443,974 | (4,380,928 | ) | |||||||||
|
Other income |
123,680 | 45,134 | 238,664 | 286,979 | ||||||||||||
|
Net income (loss) before income taxes |
24,993 | (1,273,850 | ) | 682,638 | (4,093,949 | ) | ||||||||||
|
Income tax provision (benefit) |
12,399 | (278,697 | ) | 262,284 | (958,500 | ) | ||||||||||
|
Net income (loss) |
$ | 12,594 | $ | (995,153 | ) | $ | 420,354 | $ | (3,135,449 | ) | ||||||
|
Other comprehensive income |
||||||||||||||||
|
Net unrealized gains (losses) on available for sale securities |
(7,037 | ) | (1,946 | ) | (15,361 | ) | 15,500 | |||||||||
|
Total other comprehensive income (loss) |
(7,037 | ) | (1,946 | ) | (15,361 | ) | 15,500 | |||||||||
|
Comprehensive income (loss) |
5,557 | (997,099 | ) | 404,993 | (3,119,949 | ) | ||||||||||
|
Net income (loss) per basic common share |
$ | 0.00 | $ | (0.07 | ) | $ | 0.03 | $ | (0.22 | ) | ||||||
|
Weighted average number of basic common shares outstanding |
17,996,884 | 14,525,960 | 15,286,097 | 14,522,513 | ||||||||||||
|
Net income (loss) per diluted common share |
$ | 0.00 | $ | (0.07 | ) | $ | 0.03 | (0.22 | ) | |||||||
|
Weighted average number of diluted common shares outstanding |
18,190,719 | 14,525,960 | 15,388,726 | 14,522,513 | ||||||||||||
CPS TECHNOLOGIES CORP.
BALANCE SHEETS
(Unaudited)
|
December 27, |
December 28, |
|||||||
|
2025 |
2024 |
|||||||
|
ASSETS |
||||||||
|
Current assets: |
||||||||
|
Cash and cash equivalents |
$ | 4,466,198 | $ | 3,280,687 | ||||
|
Marketable securities, at fair value |
8,769,363 | 1,031,001 | ||||||
|
Accounts receivable-trade, net |
5,235,307 | 4,858,208 | ||||||
|
Accounts receivable-other |
380,948 | 177,068 | ||||||
|
Inventories, net |
5,598,407 | 4,331,066 | ||||||
|
Prepaid expenses and other current assets |
299,829 | 480,986 | ||||||
|
Total current assets |
24,750,052 | 14,159,016 | ||||||
|
Property and equipment: |
||||||||
|
Production equipment |
10,647,170 | 10,382,379 | ||||||
|
Furniture and office equipment |
910,310 | 891,921 | ||||||
|
Leasehold improvements |
997,830 | 997,830 | ||||||
|
Total cost |
12,555,310 | 12,272,130 | ||||||
|
Accumulated depreciation and amortization |
(10,877,927 | ) | (10,377,756 | ) | ||||
|
Construction in progress |
459,671 | 108,874 | ||||||
|
Net property and equipment |
2,137,054 | 2,003,248 | ||||||
|
Net intangible assets |
21,778 | - | ||||||
|
Right-of-use lease asset |
336,000 | 186,000 | ||||||
|
Deferred taxes, net |
2,266,854 | 2,528,682 | ||||||
|
Total assets |
$ | 29,511,738 | $ | 18,876,946 | ||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
|
Current liabilities: |
||||||||
|
Notes payable, current portion |
$ | - | $ | 8,130 | ||||
|
Accounts payable |
3,363,233 | 3,053,712 | ||||||
|
Accrued expenses |
907,910 | 913,279 | ||||||
|
Deferred revenue |
238,044 | 172,429 | ||||||
|
Lease liability, current portion |
162,000 | 160,000 | ||||||
|
Total current liabilities |
4,671,187 | 4,307,550 | ||||||
|
Deferred revenue – long term |
31,277 | 31,277 | ||||||
|
Long term lease liability |
174,000 | 26,000 | ||||||
|
Total liabilities |
4,876,464 | 4,364,827 | ||||||
|
Commitments & Contingencies |
||||||||
|
Stockholders’ Equity: |
||||||||
|
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 18,132,767 and 14,661,487 shares; outstanding 17,988,634 and 14,525,960; at December 27, 2025 and December 28, 2024, respectively |
181,320 | 146,615 | ||||||
|
Preferred stock, no shares issued or outstanding |
– | – | ||||||
|
Additional paid-in capital |
50,295,019 | 40,580,387 | ||||||
|
Accumulated other comprehensive income |
139 | 15,500 | ||||||
|
Accumulated deficit |
(25,469,891 | ) | (25,890,245 | ) | ||||
|
Less cost of 144,133 and 135,527 common shares repurchased at December 27, 2025 and December 28, 2024, respectively |
(371,313 | ) | (340,138 | ) | ||||
|
Total stockholders’ equity |
24,635,274 | 14,512,119 | ||||||
|
Total liabilities and stockholders’ equity |
$ | 29,511,738 | $ | 18,876,946 | ||||
FAQ
How did CPSH’s revenue perform in the fourth quarter of 2025?
What were CPSH’s full-year 2025 financial results?
How did CPSH’s profitability change year over year in 2025?
What does the CPSH 8-K say about its balance sheet at year-end 2025?
How did operating expenses and margins trend for CPSH in 2025?
What growth and expansion plans did CPSH highlight with its 2025 results?
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