| --- | --- | |---------------------------------------------------------------------------|------------------------------------------| | | | | Delaware | 04-2832509 | | (State or Other Jurisdiction of Incorporation or Organization | (I.R.S. Employer Identification No.) | | 111 South Worcester Street | 02766-2102 | | Norton MA (Address of principal executive offices) | (Zip Code) | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted ...

Financial Data and Key Metrics Changes - Gross profit for Q2 2023 totaled $2.2 million, representing 30% of sales, compared to $1.8 million or 26% of sales in the previous year, indicating improved factory efficiencies and higher sales [4] - Revenue for Q2 2023 was $7.4 million, a 4% increase from $7.1 million in Q2 2022, marking the best quarter in company history [31] - Operating income increased to $731,000 in Q2 2023 from $669,000 in the prior year, reflecting a 9% growth driven by higher gross profit [10] Business Line Data and Key Metrics Changes - The company reported a balanced mix of business across its product lines, approximately one-third each for armor hermetic packages and AISiC, with a small percentage for R&D projects [21] - A major contract win valued at $1.4 million for hybrid tech armor panels was announced, aimed at enhancing ballistic protection for U.S. Navy ships [33] Market Data and Key Metrics Changes - The company continues to see an active bid environment across all end markets, including opportunities within the Department of Defense [12] - Demand for AISiC remains strong and is trending upward, indicating a positive outlook for the company's market position [13] Company Strategy and Development Direction - The company is focused on leveraging innovative technology and unique applications to accelerate topline growth [8] - There is an ongoing effort to expand reach across military platforms and negotiate long-term agreements with Tier 1 aerospace OEMs [35] - The company is exploring opportunities in the electric vehicle market, particularly in relation to AISiC baseplates, although this segment is still developing [46][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the best performance in 2023, despite potential revenue fluctuations in Q3 due to contract and shipping timing [12] - The outlook for 2023 remains strong, with expectations for a robust end to the fiscal year driven by active business development efforts [14] Other Important Information - The company has increased its 401(k) matching formula in 2023, contributing to higher payroll costs [10] - The company ended Q2 2023 with $8.7 million in cash, up from $8.3 million at the end of 2022, primarily due to higher net profit [32] Q&A Session Summary Question: Will SG&A expenses decrease in the next quarter? - Yes, SG&A expenses are expected to decrease as some unique costs from Q2, such as severance payments, are not anticipated to recur [20] Question: Can you provide details on the current mix of business? - The business mix is approximately one-third for each of the main product lines, with a small percentage allocated to R&D projects [21] Question: Any updates on the delayed armor contract with a Southeast Asia customer? - The contract remains active, with expectations for a production qualification shoot tentatively scheduled for mid-September [55] Question: Can you comment on the defense business and electric vehicle involvement? - The defense business is currently more active than the electric vehicle side, with multiple development projects ongoing in aerospace and defense [57]

Chris? Chris Witty Thanks, Chuck, and good afternoon, everyone. Before we begin the business portion of the call, I would like to point out that statements in this conference call that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be considered as subject to the many uncertainties that exist in CPS' operations and environment. These uncertainties include, but are not limited to, the war in Ukraine, economic co ...

(8) Notes Payable In March 2020, the Company acquired a Sonoscan ultrasound microscope for a price of $208 thousand. The full amount was financed through a 5 year note payable with a third party equipment finance company. The note is collateralized by the microscope and is being paid in monthly installments of $4 thousand, consisting of principal plus interest at a rate of 6.47%. The aggregate maturities of the notes payable based on the payment terms of the agreement are as follows: | --- | --- | --- | |-- ...

CPS Technologies Corporation (NASDAQ:CPSH) Q4 2022 Earnings Conference Call March 7, 2023 4:30 PM ET Company Participants Chuck Griffith - Chief Financial Officer Michael McCormack - President & Chief Executive Officer Anthony Koski - Chief Development Officer Conference Call Participants Michael White - Private Investor Ron Richards - Private Investor Operator Good day everyone and welcome to the CPS Technologies 2022 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to yo ...

CPS Technologies Corporation (NASDAQ:CPSH) Q3 2022 Earnings Call Transcript November 2, 2022 4:30 PM ET Company Participants Chuck Griffith - Chief Financial Officer Michael McCormack - President, Chief Executive Officer Anthony Koski - Chief Development Officer Operator Good afternoon, ladies and gentlemen, and welcome to the CPS Technologies Third Quarter Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Chuck Griffith. Sir, the floor is yours. Chuck Griffit ...

CPS Technologies Corporation (NASDAQ:CPSH) Q2 2022 Earnings Conference Call August 5, 2022 9:00 AM ET Company Participants Chuck Griffith - Chief Financial Officer Michael McCormack - President, Chief Executive Officer Operator Good day, everyone, and welcome to the CPS Technologies Corp's Second Quarter Investors Call. Today's call is being recorded. At this time, I would like to turn the conference over to Chuck Griffith. Please go ahead. Chuck Griffith Thank you, operator, and good morning, everyone. Tha ...

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 25, 2021 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 Corporation (NASDAQ:CPSH) Q3 2021 Earnings Conference Call October 27, 2021 4:45 PM ET Company Participants Chuck Griffith – Chief Financial Officer Dan Barton – Senior Director-Operations Conference Call Participants Lenny Dunn – Mutual Trust Company Operator Good day and thank you for standing by. Welcome to the CPS Technologies Corporation Third Quarter Investor Call. At this time all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-a ...

CPS Technologies Corp (NASDAQ:CPSH) Q2 2021 Earnings Conference Call July 28, 2021 4:45 PM ET Company Participants Charles Griffith - CFO Michael McCormack - President, CEO & COO Conference Call Participants Operator Good day, and thank you for standing by. Welcome to the CPS Technologies Corporation Second Quarter Investor Call. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Mr. Chuck Griffith, Chief Financial Officer. Sir, please go ahead. Charles Griffith Tha ...