Financial Performance - Revenue for Q2 2024 was $5.0 million, down 32.4% from $7.4 million in Q2 2023, primarily due to the completion of the HybridTech Armor® contract[1] - Gross margin was (4.6)%, a significant decline from 29.6% in the prior-year period, attributed to lower manufacturing efficiencies and fixed costs[3] - Operating loss for Q2 2024 was $1.3 million, compared to an operating profit of $0.7 million in Q2 2023[4] - Net loss was $1.0 million, or $(0.07) per diluted share, compared to net income of $0.6 million, or $0.04 per diluted share in the same quarter last year[4] Assets and Liabilities - Total current assets decreased to $15.8 million as of June 29, 2024, from $18.1 million at the end of December 2023[8] - Cash and cash equivalents were $6.3 million, down from $8.8 million at the end of December 2023[8] - The total assets decreased to $20.1 million as of June 29, 2024, from $21.6 million at the end of December 2023[8] - Total current liabilities decreased from $4,068,775 to $3,517,190, a reduction of approximately 13.5%[9] - Accrued expenses decreased from $1,075,137 to $671,853, representing a decline of about 37.5%[9] - Total liabilities decreased from $4,280,142 to $3,649,467, a decrease of approximately 14.7%[9] - Stockholders' equity decreased from $17,321,974 to $16,438,659, a decline of about 5.1%[9] - Total liabilities and stockholders' equity decreased from $21,602,116 to $20,088,126, a reduction of approximately 7.0%[9] - Deferred revenue decreased significantly from $251,755 to $65,578, a decline of approximately 73.9%[9] - Long-term lease liability decreased from $172,000 to $101,000, a reduction of about 41.2%[9] - Note payable, current portion decreased from $46,797 to $31,885, a decrease of approximately 31.8%[9] Strategic Initiatives - The company received a new SBIR Phase II contract from the U.S. Navy valued at over $1 million, aimed at developing novel metal matrix composites for thermal energy storage applications[2] - The company is focusing on expanding its product development pipeline to drive future growth despite current challenges[1] - The company is committed to innovation and addressing critical customer needs in various applications, including defense and clean energy[5]
CPS Technologies(CPSH) - 2024 Q2 - Quarterly Results