Shares of CPS Technologies Corporation (CPSH) have been unchanged since reporting results for the fourth quarter of 2024. This compares to the S&P 500 index’s 0.7% growth over the same time frame. In the past month, the stock has lost 11.6% compared with the S&P 500’s 8.3% decline.Financial PerformanceCPS Technologies reported a fourth-quarter 2024 loss per diluted share of 7 cents, falling 800% from earnings of 1 cent per diluted share in the prior-year quarter.The company reported total quarterly revenues ...

3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 28, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, for the transition period from to Commission file number: 0-16088 CPS TECHNOLOGIES CORP. (Exact Name of Registrant as Specified in its Charter) Delaware (State or Other Jurisdiction of Incorp ...

Financial Performance - Revenue for the fourth quarter of 2024 was $5.9 million, a decrease from $6.7 million in the prior-year period, primarily due to the completion of the HybridTech Armor® contract[5] - Gross loss for the fourth quarter was $0.3 million, representing a gross margin of (4.6)%, compared to a gross profit of $1.1 million and a margin of 17.0% in the same quarter of fiscal 2023[5] - Operating loss for the fourth quarter was $1.3 million, compared to an operating profit of $0.1 million in the prior-year period[7] - The company reported a net loss of $1.0 million, or $(0.07) per diluted share, compared to net income of $0.2 million, or $0.01 per diluted share, in the quarter ended December 30, 2023[7] Revenue Growth - Revenue increased by 40% sequentially from the third quarter of 2024, attributed to the addition of a third shift and increased production capacity[4] Contracts and Sales - The company secured three Phase I SBIR contracts from the U.S. Army, each valued at $250,000, raising the total number of externally funded programs to six[6] - CPS announced its first commercial sale of radiation shielding, marking a significant expansion of its product offerings[6] - The ongoing $13.3 million power module contract supports the company's positive outlook for 2025[4] Assets and Equity - Total current assets decreased to $14.2 million as of December 28, 2024, down from $18.1 million a year earlier[15] - Total stockholders' equity decreased to $14.5 million as of December 28, 2024, compared to $17.3 million at the end of the previous year[15]

Financial Data and Key Metrics Changes - The company's revenue for Q4 2024 was $5.9 million, down from $6.7 million in the same quarter last year, primarily due to the fulfillment of a U.S. Navy armor contract [10][11] - The operating loss for Q4 was approximately $1.3 million, compared to an operating income of about $0.1 million in Q4 2023 [16] - A net loss of $1 million or $0.07 per share was reported, contrasting with a net income of $0.2 million or $0.01 per diluted share in Q4 of fiscal 2023 [17] - The gross loss in Q4 was $0.3 million, representing approximately negative 4.6% of sales, compared to a gross profit of $1.1 million or 17% of sales last year [14] Business Line Data and Key Metrics Changes - Sales declined year-over-year due to the completion of the armor contract, but there was a significant sequential increase of 40% in revenue from Q3 2024 due to increased customer shipments [6][21] - The company is fulfilling a $13.3 million contract with a semiconductor manufacturer for power module components, which is expected to continue through September 2025 [23] - Continued strong demand for power module components and related solutions from both new and existing customers was noted [12] Market Data and Key Metrics Changes - The company is experiencing strong demand for its metal matrix composites and hermetic packaging applications, particularly in high-speed rail, wind turbines, and electric vehicle applications [24][39] - The company is actively seeking new customers in the aerospace industry for its fiber reinforced aluminum (FRA) products [39] Company Strategy and Development Direction - The company aims to expand its product offerings and target new applications in key markets with demanding technical requirements [25] - Plans to add new product lines leveraging proprietary technology, including aluminum infiltrated products, were discussed [27] - The company is optimistic about securing additional armor orders for Navy vessels in fiscal 2025, despite current budget challenges [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a turnaround from Q3 results, with expectations for improved financial performance and operational execution in 2025 [21][38] - The company anticipates improving gross margins and bottom-line results as production volumes increase and one-time expenses are behind them [38] - Management highlighted the importance of ongoing strong customer demand and expanded manufacturing capabilities for future growth [41] Other Important Information - The company has transitioned to a new auditing firm, PKF O'Connor Davies, for its 2024 audit [9][19] - The company reported a significant increase in cash and marketable securities, ending the year with $3.3 million in cash and $1 million in marketable securities, compared to $8.8 million in cash at the start of 2024 [17] Q&A Session Summary Question: What is the market size for radiation shielding in the trucking business? - Management indicated that the market is still in development, with early interest from various applications beyond trucking, including facility management and aerospace [44][48] Question: What kind of revenues might be expected in the next year or two for those applications? - Management stated it is difficult to quantify revenues at this stage due to the diverse markets and the need for certification as a supplier [49][50] Question: Will the company manufacture munitions rounds if accepted by the army? - Management explained that the SBIR funding allows for potential sole source provision if the company can meet the army's needs through the development process [53][56] Question: What is the timeline for the munitions development process? - The SBIR program has a 6-month Phase-1, followed by a potential 24-month Phase-2, depending on the progress made [58][60] Question: What is the status of the Southeast Asian Armor contract? - Management confirmed that development work is ongoing to restore potential for the armor contract, but a timeline for further testing is not currently available [104][106]

Core Viewpoint - CPS Technologies Corporation is experiencing significant growth and is optimistic about its future, particularly for 2025, driven by new product developments and increased production capacity [3][4]. Financial Performance - Revenue for the fourth quarter of fiscal 2024 was $5.9 million, a decrease from $6.7 million in the prior-year period, primarily due to the conclusion of the HybridTech Armor contract with Kinetic Protection for the U.S. Navy [5][8]. - The company reported a gross loss of $0.3 million, or (4.6) percent of revenue, compared to a gross profit of $1.1 million, or 17.0 percent of revenue, in the same quarter of fiscal 2023 [5]. - Operating loss for the fourth quarter was $1.3 million, contrasting with an operating profit of $0.1 million in the prior-year period [6]. - The net loss was $1.0 million, or $(0.07) per diluted share, compared to net income of $0.2 million, or $0.01 per diluted share, in the quarter ended December 30, 2023 [6][13]. Operational Developments - The company has initiated a third shift of operations, which contributed to a 40% sequential revenue increase from the third quarter of fiscal 2024 [4]. - CPS has secured its first commercial order for radiation shielding and received Army SBIR funding to support Fiber Reinforced Aluminum (FRA), expanding its product portfolio into new markets [3][8]. - The company announced three Phase I SBIR contracts, each valued at $250,000, funded by the U.S. Army, focusing on advanced artillery challenges and enhancing military vehicle fuel efficiency [8]. Outlook - The company is positioning itself for stronger results in 2025, supported by increased demand for core products, including a $13.3 million power module contract [4]. - CPS is optimistic about returning to profitability as revenue continues to rise and operations improve [4].

NORTON, Mass., March 05, 2025 (GLOBE NEWSWIRE) -- CPS Technologies Corp. (NASDAQ:CPSH) has been awarded a Phase I Small Business Innovation Research (SBIR) contract by the U.S. Army, its third in 2025. This contract further advances the Army's Hybrid Electric Powertrain, Power, and Propulsion Systems (HEPPS) initiative, which aims to enhance fuel efficiency and extend the operational range of military vehicles. The HEPPS program seeks to deliver superior performance without increasing size, weight, or power ...

Group 1 - CPS Technologies Corp. will hold its fourth quarter 2024 investor conference call on March 13, 2025, at 9:00 A.M. Eastern Time, which is a change from the previously announced date [1] - The call will feature discussions on the company's financial results for the quarter and the year ended December 28, 2024, led by President and CEO Brian Mackey and CFO Chuck Griffith [1] Group 2 - CPS is a leader in technology and manufacturing, focusing on high-performance energy management components that support the electrification of the economy [2] - The company's products are integral to various applications, including electric trains, wind turbines, hybrid and electric vehicles, smart electric grids, and 5G infrastructure [2] - CPS also produces hermetic packages for aerospace and satellite applications, as well as armor products that offer ballistic protection and environmental durability at a lightweight [2]

Group 1: New Contracts and Developments - CPS Technologies Corp. has been awarded a Phase I Small Business Innovation Research (SBIR) contract from the U.S. Army, focusing on optimizing binder jet additive manufacturing for producing dense refractory tungsten alloys [1] - The new SBIR contract is valued at $250,000 and marks CPS's second such contract in 2025 [1] - CPS has received its first commercial purchase order for radiation shielding materials, which is under $100,000, with potential for follow-on orders based on successful test results [2] Group 2: CEO Insights and Market Demand - CEO Brian Mackey expressed enthusiasm about expanding the product portfolio and highlighted the significance of the radiation shielding purchase order as a validation of market demand [3] - The company has initiated its Phase II development effort with ongoing SBIR funding from the Department of Energy, indicating a strong commitment to innovation in radiation shielding [3] - The recent SBIR contract supports the U.S. Army's material needs, particularly for advanced munitions, showcasing CPS's alignment with defense sector requirements [3] Group 3: Company Overview - CPS is recognized as a technology and manufacturing leader in high-performance materials solutions, addressing critical needs across various applications including electric vehicles, wind turbines, and military applications [4] - The company's products are designed for exceptional ballistic protection and environmental durability while maintaining a lightweight profile [4] - CPS is committed to innovation and supporting the transition to clean energy through its advanced material solutions [4]

Core Insights - Consumer Portfolio Services, Inc. reported earnings of $5.1 million, or $0.21 per diluted share, for Q4 2024, reflecting a decrease from the previous year [1][3] - Total revenues for Q4 2024 were $105.3 million, up 14.5% from $92.0 million in Q4 2023 [2][3] - The company experienced a total revenue increase of 11.8% for the full year 2024, reaching $393.5 million compared to $352.0 million in 2023 [3] Financial Performance - Operating expenses for Q4 2024 were $98.0 million, an increase from $82.1 million in Q4 2023 [2] - For the full year 2024, total operating expenses rose to $366.1 million from $290.9 million in 2023 [3] - Pretax income for Q4 2024 was $7.4 million, down from $9.8 million in Q4 2023, while full-year pretax income decreased to $27.4 million from $61.1 million [2][3] Portfolio and Contracts - CPS purchased $457.8 million in new contracts during Q4 2024, compared to $301.8 million in Q4 2023, with total contracts purchased for 2024 amounting to $1.682 billion [4] - The company's receivables reached $3.491 billion as of December 31, 2024, up from $2.970 billion a year earlier [4][12] - Annualized net charge-offs for Q4 2024 were 8.02% of the average portfolio, an increase from 7.74% in Q4 2023 [5][13] Management Commentary - The CEO noted a 24% growth in new loan originations for 2024, contributing to strong revenue growth and expressed optimism for 2025 [6]

Company Overview - Cooper-Standard Holdings Inc. (NYSE: CPS) is an automotive parts manufacturer that has faced challenges since the pandemic, transitioning from profitability on a GAAP Net Income basis between 2010 and 2019 to incurring losses thereafter [1]. Investment Strategy - The investment strategy focuses on identifying companies with a high probability of substantial revenue and earnings growth that are not fully appreciated in current market prices, with a preference for less cyclical and higher growth sectors [1]. Market Position - The company has been unprofitable in recent years, which typically discourages larger positions from long-only investors, indicating a cautious approach towards investing in CPS [1].