Q3 2024 CPS Technologies Corp Earnings Call Transcript
Key Points
- CPS Technologies Corp (CPSH) has improved product throughput and is optimistic about the fourth quarter and beyond.
- The company has secured several new contracts, including a $12 million contract with an existing semiconductor customer and a new development contract with the US Navy.
- CPS Technologies Corp (CPSH) has successfully trained a third shift of operators, increasing its capacity to turn orders into shipments.
- The company has received a Phase Two SBIR Award with the Department of Energy, providing $1.1 million in funding over 24 months.
- CPS Technologies Corp (CPSH) is expanding its product line to include fiber-reinforced aluminum composites, with commercialization expected in fiscal 2025.
- Third quarter revenue declined to $4.2 million from $6.3 million year over year, primarily due to the end of a US Navy Armor contract.
- The company reported an operating loss of $1.5 million in the third quarter compared to an operating income of $0.1 million last year.
- Gross loss in the third quarter was approximately negative 12% of sales, compared to a gross profit of 20% of sales last year.
- The completion of the armor contract with Kinetic Protection will continue to be a headwind for CPS Technologies Corp (CPSH).
- Supply chain issues and third shift startup costs negatively impacted the third quarter results.
Good day, everyone and welcome to the CPS Technologies third quarter earnings call.
At this time, all participants have been placed on a listen-only mode. If you have any questions or comments during the presentation, you may press star one on your phone to answer the question queue at any time and we will open the floor for your questions and comments after the presentation.
It is now my pleasure to turn the floor over to your host, Chuck Griffith, Chief Financial Officer of CPS Technologies, sir. The floor is yours.
Thank you, Matthew and good morning, everyone. Today, I'm joined by Brian Mackey, our President and CEO. We look forward to discussing our third quarter results with you, but first Chris Witty, our investor relations adviser will provide a brief safe harbor statement. Chris.
Thanks Chuck and good morning, everyone. Before we begin the business portion of today's
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