CPS Technologies Corp. Announces New Hermetic Packaging Business from Key Customers

Rhea-AI Summary

CPS Technologies Corp. (Nasdaq:CPSH) announced over $11 million in orders for Hermetic Packages this year, with record revenue and bookings contributing significantly to its bottom line. CEO Michael McCormack highlighted the strong performance across all product lines, while VP of Sales Cheryl Oliveira emphasized growth in Aerospace, Defense, and Power Electronics sectors. CFO Chuck Griffith noted that the order flow from both new and existing customers has already exceeded last year's total Hermetic Package revenue by over 100%, positioning CPS for ongoing growth in the market.

Positive

• Over $11 million in orders for Hermetic Packages this year.
• Record revenue and bookings for the Hermetic Package product line.
• Order flow has exceeded last year's total Hermetic Package revenue by over 100%.
• Strong growth expected in Aerospace, Defense, and Power Electronics sectors.

Negative

• None.

NORTON, Mass., Sept. 08, 2021 (GLOBE NEWSWIRE) -- CPS Technologies Corp. (Nasdaq:CPSH), announced today that several recent contract awards have resulted in over $11 million in orders this year for a variety of Hermetic Packages offered by CPS.

Michael McCormack, President and Chief Executive Officer of CPS, said, “All three of our product lines continue to perform well. In particular, the performance of the Hermetic Package product line continues to achieve record results in terms of revenue, and bookings adding significantly to CPS’s bottom line. We have several large customers that have selected CPS solutions to meet their rigorous requirements. We are pleased to be selected as their partner of choice in these critical applications.”

“The continued growth of Hermetic Packages for use in Aerospace, Defense and Power Electronics, positions CPS for continued growth this year and in the years to come. Increases associated with our industry unique AlSiC Hermetic Packages further enhances our position in this market. Our growth with new and existing customers worldwide is an affirmation of the superior value proposition our products provide,” said Cheryl Oliveira, CPS Technologies Vice President of Sales.

Added CPS Technologies Chief Financial Officer Chuck Griffith, "CPS is pleased with this strong and growing order flow from both existing and new customers. This supports our continued growth in these markets due to the excellence of our product performance, quality and customer service. These awards through just over eight months of this fiscal year already exceed last year’s total Hermetic Package revenue by over 100%.”

About CPS
CPS is a technology and manufacturing leader in producing high-performance energy management components that facilitate the electrification of the economy. Our products and intellectual property include critical pieces of the technology puzzle for electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, the smart electric grid, 5G infrastructure and others. CPS hermetic packages can be found in many Aerospace and Satellite applications. CPS armor products provide exceptional ballistic protection and environmental durability at very light weight. CPS is committed to innovation and to supporting our customers in building solutions to this planet's problems.

Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2021 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.

CPS Technologies Corporation
Chuck Griffith, Chief Financial Officer
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
Web Site: www.alsic.com

FAQ

What is the recent order achievement for CPSH in 2021?

CPS Technologies Corp. announced over $11 million in orders for Hermetic Packages this year.

How much has CPSH's Hermetic Package revenue increased compared to last year?

CPSH's Hermetic Package revenue has exceeded last year's total by over 100%.

What sectors is CPSH focusing on for growth?

CPSH is focusing on growth in the Aerospace, Defense, and Power Electronics sectors.

Who is the CEO of CPSH and what did he say about their performance?

Michael McCormack, CEO of CPSH, stated that all product lines are performing well, particularly the Hermetic Package line.

What does CPSH specialize in?

CPSH specializes in producing high-performance energy management components, including Hermetic Packages for various applications.