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]
CPS Technologies(CPSH) - 2024 Q3 - Quarterly Results