The following is a summary of the CPS Technologies Corporation (CPSH) Q4 2023 Earnings Call Transcript:
Financial Performance:
CPS Technologies reported Q4 revenue of $6.7 million, marking a significant year-over-year growth from $6.1 million last year.
Gross profit for the quarter was $1.1 million, approximately 17% of sales, down from $1.6 million or 27% of sales due to a quality issue with a major customer.
Operating income of $144,000 was achieved in this quarter, compared to $309,000 in the previous year.
The company ended the year with a cash balance of $8.8 million, an increase from last year's $8.3 million.
Business Progress:
The company is completing its armor contract for the U.S. carrier fleet, with prospects of securing work for more Navy vessels.
After a quality issue led to significant losses, CPS Technologies has seen signs of improvement and expects minimal impact on 2024's financials.
Future investment opportunities have been identified including in Fiber Reinforced Aluminum and a $200,000 grant from the MMAP State.
CPS Technologies plans to increase factory throughput to improve margins and utilise its cash balance for company growth.
The manufacturing license agreement with Triton Systems and a 5-axis CNC machine funded by the Massachusetts Manufacturing Accelerate Program are set to expand the company's capabilities and end markets.
More details: CPS Technologies IR
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