CPS Technologies Corporation (NASDAQ:CPSH) Q4 2023 Earnings Conference Call March 7, 2024 9:00 AM ET Company Participants Charles Griffith - CFO Chris Witty - IR Brian Mackey - CEO & President Conference Call Participants James McIlree - Dawson James Michael Weitz - Private Investor Greg Weaver - Invicta Capital Operator Good day, and welcome to the CPS Technologies Fourth Quarter and Year-End 2023 Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, C ...

Exhibit 99.1 CPS Technologies Corporation Announces Fourth Quarter 2023 Financial Results Norton, Massachusetts – March 6, 2024 – CPS Technologies Corporation (NASDAQ:CPSH) ("CPS" or the "Company") today announced financial results for the fiscal fourth quarter ended December 30, 2023. ● Revenue of $6.7 million for the fourth quarter of 2023 versus $6.1 million in the prior-year period, primarily due to growth in shipments ● Operating profit of $0.1 million for the quarter ended December 30, 2023 compared t ...

NORTON, Mass., March 06, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) ("CPS" or the "Company") today announced financial results for the fiscal fourth quarter ended December 30, 2023. Fourth Quarter Highlights Revenue of $6.7 million for the fourth quarter of 2023 versus $6.1 million in the prior-year period, primarily due to growth in shipmentsGross margin of 17.0 percent versus 26.6 percent in the fourth quarter of 2022, reflecting certain quality issues with a major customerOperati ...

NORTON, Mass., March 04, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) ("CPS" or the "Company") today announced it has received an award from the Massachusetts Manufacturing Accelerate Program ("MMAP") in response to a proposal submitted by the Company in the fourth quarter of 2023. The award, valued at $200,000, will support the purchase of a 5-axis CNC machine and expand the Company's manufacturing capabilities to better serve its clients. This new capability will build on the Compan ...

NORTON, Mass., March 01, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corp. (NASDAQ:CPSH) today released instructions for its fourth quarter 2023 investor conference call which will be held on Thursday March 7, 2024 at 9:00 A.M. (Eastern). Brian Mackey, President and CEO and Chuck Griffith, Chief Financial Officer will discuss the Company's financial results for the quarter ended December 30, 2023. Those interested in participating in the conference call should dial: 1-844-943-2942 Participant Passcode: 531915 ...

NORTON, Mass., March 01, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corp. (Nasdaq:CPSH) today released instructions for its fourth quarter 2023 investor conference call which will be held on Thursday March 7, 2024 at 9:00 A.M. (Eastern). Brian Mackey, President and CEO and Chuck Griffith, Chief Financial Officer will discuss the Company’s financial results for the quarter ended December 30, 2023. Those interested in participating in the conference call should dial: 1-844-943-2942 Participant Passcode: 531915 ...

CPS Technologies Corporation (NASDAQ:CPSH) Q3 2023 Results Conference Call November 2, 2023 9:00 AM ET Company Participants Chuck Griffith - CFO Brian Mackey - President and CEO Chris Witty - IR Conference Call Participants Greg Weaver - Invicta Capital Operator Good day, everyone, and welcome to the CPS Technologies Third Quarter 2023 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Chuck Griffith, Chief Financial Officer of CPS Technologies. Chuck Griffith ...

| --- | --- | |---------------------------------------------------------------------------|------------------------------------------| | | | | 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 ...