secwatch.observer — SEC 8-K summary
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Issuer:     CPS TECHNOLOGIES CORP/DE/ (CPSH)
CIK:        0000814676
Form:       8-K
Filed at:   2024-03-08T23:59:59+00:00
Accession:  0001437749-24-007059
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/814676/000143774924007059/0001437749-24-007059-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/814676/000143774924007059/cpsh20240308_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-007059

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer