CPS Technologies Q2 revenue $5.0M, operating loss $1.3M as Navy armor contract ends

CPS TECHNOLOGIES CORP/DE/

2024-Q2 EPS reported -$0.08 revenue$10,942,947

Revenue $5.0M vs $7.4M YoY; gross margin (4.6)% vs 29.6% on lower volumes and fixed costs.
Operating loss $1.3M vs profit $0.7M; net loss $0.07 diluted EPS vs income $0.04.
HybridTech Armor contract with Kinetic Protection for US Navy completed, driving decline.
New SBIR Phase II award from US Navy valued over $1M for thermal energy storage MMCs.
Cash and equivalents $6.3M, down from $8.8M at year-end 2023.

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