The following is a summary of the CPS Technologies Corporation (CPSH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CPS Technologies reported Q1 2024 revenue of $5.9 million, down from $7.1 million last year, due to production constraints and labor shortages.

• The company posted a net loss of $143,000 or $0.01 per share, due to non-revenue-producing spending and lower sales volumes.

• The gross profit was $0.9 million or approximately 15.3% of sales, down from 31.6% last year despite lower SG&A expenses.

• Despite a strong cash position, CPS Technologies anticipates a more narrow profit and may potentially face a non-profitable year under certain adverse circumstances.

Business Progress:

• CPS staff has been beefed up with more engineers and material scientists, and new product introductions are imminent.

• The manufacturing initiative for Fiber Reinforced Aluminum (FRA) is progressing with plans for market trials.

• CPS is on schedule with providing power module components and systems for a multinational semiconductor manufacturer.

• The company has also seen growth opportunity in hermetic packaging, with seven of the eight first articles produced coming from this sector.

• CPS received a matching funds award for the purchase of a key manufacturing machine, evidencing continued investment in job generation and infrastructure development.

More details: CPS Technologies IR

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