CPS Technologies Q4 revenue up 10% to $6.7M; net income down to $0.2M from $0.3M; full year revenue record $27.6M

CPS TECHNOLOGIES CORP/DE/

Q4 2023 revenue $6.7M (+10% YoY); gross margin 17.0% vs 26.6% due to quality issues with major customer.
Operating profit $0.1M (vs $0.3M); net income $0.2M ($0.01 EPS) vs $0.3M ($0.02 EPS).
Full year 2023 revenue record $27.6M (vs $26.6M); net income $1.37M ($0.09 EPS) vs $2.13M ($0.15 EPS).
CEO says quality issues largely mitigated; U.S. Navy HybridTech Armor contract expected to complete in Q2 2024.
Company continues to invest for future; pipeline of opportunities for 2024 and beyond.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CPS TECHNOLOGIES CORP/DE/ reported fiscal fourth quarter ended December 30, 2023 results: revenue $6.7 million, net income $0.2 million, EPS $0.01 per diluted share.

Period: fiscal fourth quarter ended December 30, 2023
Revenue: $6.7 million
Net income: $0.2 million
EPS: $0.01 per diluted share
Result: reported results

Exact text from the filing

(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 shipments ● Gross margin of 17.0 percent versus 26.6 percent in the fourth

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CPS TECHNOLOGIES CORP/DE/ reported year ended December 30, 2023 results: revenue $27.6 million, net income $1,370,296, EPS $0.09 per basic common share.

Period: year ended December 30, 2023
Revenue: $27.6 million
Net income: $1,370,296
EPS: $0.09 per basic common share
Result: reported results

Exact text from the filing

We finished the year with the highest annual revenue in the Company's history – $27.6 million

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Source: SEC EDGAR

accession 0001437749-24-007059

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