The following is a summary of the CPS Technologies Corporation (CPSH) Q1 2024 Earnings Call Transcript:
Financial Performance:
CPS Technologies reported Q1 2024 revenue of $5.9 million, down from $7.1 million last year, due to production constraints and labor shortages.
The company posted a net loss of $143,000 or $0.01 per share, due to non-revenue-producing spending and lower sales volumes.
The gross profit was $0.9 million or approximately 15.3% of sales, down from 31.6% last year despite lower SG&A expenses.
Despite a strong cash position, CPS Technologies anticipates a more narrow profit and may potentially face a non-profitable year under certain adverse circumstances.
Business Progress:
CPS staff has been beefed up with more engineers and material scientists, and new product introductions are imminent.
The manufacturing initiative for Fiber Reinforced Aluminum (FRA) is progressing with plans for market trials.
CPS is on schedule with providing power module components and systems for a multinational semiconductor manufacturer.
The company has also seen growth opportunity in hermetic packaging, with seven of the eight first articles produced coming from this sector.
CPS received a matching funds award for the purchase of a key manufacturing machine, evidencing continued investment in job generation and infrastructure development.
More details: CPS Technologies IR
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