CPS Technologies Q1 revenue down 17% to $5.9M; net loss of $0.1M vs net income of $0.5M

CPS TECHNOLOGIES CORP/DE/

2024-Q1 EPS reported -$0.01 revenue$5,912,634

Revenue $5.9M vs $7.1M YoY; gross margin fell to 15.3% from 31.6% due to quality control costs and lower volumes.
Operating loss of $0.3M vs profit of $0.7M; diluted EPS of -$0.01 vs +$0.03.
Signed manufacturing license with Triton Systems for Fiber-Reinforced Aluminum Composites to expand product portfolio.
Revenue expected to be impacted by lower HybridTech Armor sales in coming quarters.
Company submitted four Phase I and two Phase II SBIR proposals; presented radiation shielding composite with 55% mass reduction.

item 2.02 item 9.01

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 the quarter ended March 30, 2024 results: revenue $5.9 million, net income $0.1 million, EPS $(0.01) per diluted share.

Period: the quarter ended March 30, 2024
Revenue: $5.9 million
Net income: $0.1 million
EPS: $(0.01) per diluted share
Result: reported results

Exact text from the filing

Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced financial results for the fiscal first quarter ended March 30, 2024. First Quarter Summary ● Revenue of $5.9 million for the first quarter of 2024 versus $7.1 million in the prior-year period, primarily due to further quality control testing and production staffing challenges ● Gross margin of

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Source: SEC EDGAR

accession 0001437749-24-014588

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