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NORTON, Mass., Dec. 05, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corp. (NASDAQ:CPSH) (“CPS” or the “Company”) today announced the appointment of I. James Cavoli to its Board of Directors. Jim currently serves as president of Swagelok Company, a worldwide manufacturer of fluid system components and engineered assemblies. Jim was appointed chief operating officer of Swagelok Company in 2020 and named president in 2021. During his tenure as president, Jim grew the company’s market cap by 75%. Prior to that he ...

Financial Data and Key Metrics - Q3 revenue was $4.2 million, a decline from $6.3 million YoY, primarily due to the end of the U.S. Navy Armor contract with Kinetic Protection [4][5] - Gross loss of $0.5 million (negative 12% of sales) compared to a gross profit of $1.2 million (20% of sales) last year, driven by lower revenue and third shift startup costs [7] - Operating loss of $1.5 million versus operating income of $0.1 million last year [10] - Net loss of $1.0 million or $0.07 per share compared to net income of $0.2 million or $0.01 per diluted share in Q3 2023 [10] - Cash position at the end of Q3 was $4.7 million, down from $8.8 million at the start of 2024 [11] Business Line Data and Key Metrics - The end of the Kinetic Protection contract reduced revenue by approximately $2 million per quarter [5][6] - A major customer purchased significantly less YoY due to excess inventory, but orders have now resumed [4][14] - Recent wins include a $12 million contract with a semiconductor customer and a $200,000 development contract with the U.S. Navy [15][19] Market Data and Key Metrics - The company is optimistic about Kinetic Protection potentially securing new Armor orders for additional naval vessel classes in fiscal 2025 [21] - The semiconductor contract is expected to boost revenue in fiscal 2025, with components used in high-speed rail, wind turbines, and EV/HEV applications [17][18] Company Strategy and Industry Competition - The company is focused on expanding manufacturing capabilities, including the successful training of a third shift [8][14] - Recent contract wins and improved product throughput position the company for growth in fiscal 2025 [8][15] - The company is actively pursuing SBIR opportunities and bidding on new applications with various U.S. agencies, including DoD and NASA [22] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about Q4 and fiscal 2025, citing improved manufacturing capabilities and recent contract wins [8][15] - The company expects gross margins to improve as volumes increase in Q4 and fiscal 2025 [7] - The company is moving into a new era of expansion and is optimistic about future quarters [25] Other Important Information - The company received a $1.1 million Phase II SBIR award from the Department of Energy for Modular Radiation Shielding [16] - The company is developing Fiber Reinforced Aluminum (FRA) composites, with commercialization expected in fiscal 2025 [23] - A new 5-axis CNC machine is operational, enabling higher production of hermetic packaging and other products [25] Q&A Session Summary - No specific questions or answers were provided during the Q&A session [26][28]

Revenue and Contracts - Revenue for Q3 2024 was $4.2 million, down from $6.3 million in Q3 2023 due to the end of the HybridTech Armor® contract[1][5] - Secured a $1.1 million Phase II contract from the U.S. Department of Energy for modular radiation shielding development[2] - Awarded a $12 million contract from a global semiconductor customer for power module components[3] - Secured a $200K development contract from NAVAIR for metal matrix composite solutions[2] - Book to bill ratio stands at 1.22, indicating strong future revenue potential[4] Financial Performance - Gross margin was (12)% in Q3 2024 compared to 20% in Q3 2023, impacted by lower manufacturing efficiencies and third shift start-up costs[1][6] - Operating loss of $1.5 million in Q3 2024 versus an operating profit of $0.1 million in Q3 2023[2][7] - Net loss of $1.0 million, or $(0.07) per diluted share, in Q3 2024 compared to net income of $0.2 million, or $0.01 per diluted share, in Q3 2023[7] Production and Operations - Third shift production began in Q3 2024, with revenue impact expected in Q4 2024[4] Assets and Liabilities - Cash and cash equivalents decreased to $4,689,004 from $8,813,626, a 46.8% drop[12] - Marketable securities, at fair value, were $1,020,952, previously not recorded[12] - Accounts receivable-trade, net decreased to $3,654,549 from $4,389,155, a 16.7% decline[12] - Total current assets decreased to $14,666,355 from $18,144,251, a 19.2% reduction[12] - Net property and equipment increased to $2,082,309 from $1,556,139, a 33.8% rise[12] - Total liabilities decreased to $3,773,604 from $4,280,142, an 11.8% decline[12] - Total stockholders' equity decreased to $15,449,045 from $17,321,974, a 10.8% drop[13] - Accumulated deficit increased to $(24,895,093) from $(22,754,796), a 9.4% rise[12] - Common shares repurchased at September 28, 2024 cost $340,138, up from $250,138 at December 30, 2023[13] - Total assets decreased to $19,222,649 from $21,602,116, an 11.0% decline[12]

Core Insights - CPS Technologies Corporation faced significant challenges in Q3 2024, including contract completions and high operational expenses, which negatively impacted revenues and profitability [1][8] - Despite these challenges, the company is optimistic about future growth, particularly in government projects and the semiconductor industry, supported by new contracts [1][6] Q3 Results - The company reported a loss per diluted share of 7 cents, a decline of 800% from earnings of 1 cent per diluted share in the same quarter last year [2] - Total revenues for the quarter were $4.2 million, down 33.3% from $6.3 million in the prior-year period, primarily due to the end of the HybridTech Armor contract and reduced orders from a major client [2] Profitability Metrics - CPS Technologies experienced a gross loss of $0.5 million, compared to a gross profit of $1.2 million in Q3 2023, driven by lower manufacturing efficiencies and increased staffing costs for a new production shift [3] - The company recorded an operating loss of $1.5 million, contrasting with an operating profit of $0.1 million in the prior-year period, reflecting reduced revenues and increased production expenses [4] Costs - Increased costs in Q3 2024 were primarily due to additional staffing and training for the third production shift, which did not generate corresponding revenues, leading to a significant decline in gross margin [5] Management View - Management expressed optimism for a recovery in Q4 and beyond, anticipating higher deliveries to positively impact revenues, supported by a favorable book-to-bill ratio of 1.22, indicating demand growth [6] Other Developments - CPS Technologies secured several significant contracts, including a $1.1 million contract from the U.S. Department of Energy and a $12 million contract from a global semiconductor customer, indicating growth potential in key sectors [7]

Revenues of $100.6 million compared to $92.1 million in the prior year periodNet income of $4.8 million, or $0.20 per diluted shareTotal portfolio balance of $3.330 billion, highest in company historyNew contract purchases of $445.9 million, compared to $322.4 million in the prior year period LAS VEGAS, NV, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $4.8 million, or $0.20 per diluted share, for its third quarter end ...

LAS VEGAS, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) ("CPS" or the "Company") today announced that it will hold a conference call on Friday, November 1, 2024 at 1:00 p.m. ET to discuss its third quarter 2024 operating results. Those wishing to participate can pre-register for the conference call at the following link https://register.vevent.com/register/BIaadcdbbe0a7849aa918eac85c86475ff. Registered participants will receive an email containing conference call detail ...

NORTON, Mass., Oct. 30, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corp. (NASDAQ:CPSH) ("CPS" or the "Company") today announced that it has received an award, valued at approximately $12 million, from a major, longstanding customer to provide power module components and related solutions. This agreement, though cancelable by either party, enables both parties to continue discussions about future volume and price requirements while near-term production needs are met. Deliveries are scheduled to take place ove ...

LAS VEGAS, NV, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) ("CPS" or the "Company"), a leader in providing indirect automobile financing to consumers, today announced the successful integration of Informed.IQ's Dealer Verify tool into its loan origination process. This advanced AI-driven solution enhances the dealer experience by automatically verifying stipulations, improving capture rates, and reducing contracts-in-transit. CPS has consistently focused on leveraging ...

Core Viewpoint - Canadian Premium Sand Inc. announces the departure of CFO Cameron Deller and the appointment of Isha Kular as the new CFO, effective October 3, 2024, which is seen as a strategic move to support the company's upcoming construction and operational phases of its solar glass manufacturing facility [1][4]. Group 1: Management Changes - Cameron Deller has served as CFO since August 2021 and has significantly contributed to the company's strategies and financing efforts [2]. - Isha Kular, with over 17 years of experience in finance, returns to CPS after previously serving as Corporate Controller from 2019 to 2020 [3]. Group 2: Strategic Importance - The return of Isha Kular is crucial as the company prepares for the construction and operations phase of its solar glass manufacturing facility, especially following the announcement of up to $272 million in government financial support [4]. - Glenn Leroux, President & CEO, emphasized the value of Kular's expertise in navigating the stages of financing, construction, and operations [5]. Group 3: Company Overview - Canadian Premium Sand Inc. is developing manufacturing capacity for ultra high-clarity, low carbon patterned solar glass at a facility in Selkirk, Manitoba, utilizing high-purity silica sand and renewable energy sources [5].