CPS Technologies Corporation Announces Fourth Quarter and Year End 2022 Results
CPS Technologies Corporation (NASDAQ:CPSH) reported revenues of $6.1 million and an operating profit of $309 thousand for Q4 2022, slightly down from $6.2 million in Q4 2021. For the full year 2022, revenues reached a record $26.6 million, a 19% increase from 2021, with an operating profit of $2.2 million compared to $513 thousand in 2021. Gross margins improved to over 27%, up by 6%. President Michael McCormack emphasized the strategic initiatives driving growth and expected continued strong performance in 2023, supported by diversification in products and customer base.
- Record revenue for 2022 at $26.6 million, a 19% increase from 2021.
- Record operating profit of $2.2 million, showing over 300% growth from 2021.
- Achieved gross margins above 27%, marking a 6% increase over the previous year.
- Implementation of strategic initiatives and integrated MRP/ERP systems contributing to operational efficiency.
- None.
NORTON, Mass., March 07, 2023 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) today announced revenues of
Michael McCormack, President and CEO, said: “2022 marks another record year for CPS. Our team has exceeded all goals for 2022 and accomplished the highest revenue year in the company’s 39-year history, with a
Over the past two years, CPS has continued to invest in people, processes, and tools in line with the company’s strategic plans and growth objectives. The record performance this year is a direct result of the team’s ability to effectively operationalize the strategic plan with an emphasis on tactical actions for progress. CPS has implemented a new integrated MRP/ERP system, reorganized the business development team with new leadership, and reenergized the contract R&D services business driving new product, and most importantly, new IP development.
McCormack continued, “We are pleased with our recent FY22 performance and the continued financial support of our ever-growing shareholder base. We expect that we will continually and incrementally improve as we move forward, quarter to quarter and year to year. We are aware of the unpredictability of the global marketplace, but have positioned the business so that we have more diversification in our product offerings and customer base. We believe that this diversification will lead to consistent and growing results in the future. The company has many additional opportunities today, both small and large, that has our entire staff focused on finding the ideal innovative material solution for a customer’s needs – which is what we do best.”
The Company will be hosting its 2022 earnings call at 4:30pm on Tuesday, March 7. Those interested in participating in the conference call should dial:
Call in Number: 1-844-943-2942
Conference ID: 693433
We encourage those who wish to participate, to call in 10 minutes before the scheduled start time to ensure the operator can connect you prior to the start of the call.
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' armor products provide exceptional ballistic protection and environmental durability at a very lightweight. 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 2022 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
111 South Worcester Street
Norton, MA 02766
www.cpstechnologysolutions.com
David Costello
(617) 875-2492
david@risingtidemhd.com
| CPS TECHNOLOGIES CORPORATION Statements of Operations (Unaudited) | |||||||||||||
| Three Months Ended | Year Ended | ||||||||||||
| December 31, | December 25, | December 31, | December 25, | ||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||
| ------------ | ------------ | ------------ | ------------ | ||||||||||
| Revenues: | |||||||||||||
| Product sales | $ | 6,115,352 | $ | 6,206,303 | $ | 26,586,926 | $ | 22,449,065 | |||||
| ------------ | ------------ | ------------ | ------------ | ||||||||||
| Total revenues | $ | 6,115,352 | $ | 6,206,303 | $ | 26,586,926 | $ | 22,449,065 | |||||
| Cost of product sales | 4,489,640 | 4,851,502 | 19,285,846 | 17,659,347 | |||||||||
| ------------ | ------------ | ------------ | ------------ | ||||||||||
| Gross Margin | 1,625,712 | 1,354,801 | 7,301,080 | 4,789,718 | |||||||||
| Selling, general, and administrative expense | 1,316,530 | 1,042,407 | 5,066,660 | 4,276,751 | |||||||||
| ------------ | ------------ | ------------ | ------------ | ||||||||||
| Income from operations | 309,182 | 312,394 | 2,234,420 | 512,967 | |||||||||
| Interest/Other income (expense) | 9,866 | (2,021 | ) | 635,248 | (4,068 | ) | |||||||
| ------------ | ------------ | ------------ | ------------ | ||||||||||
| Net income before income tax | 319,048 | 310,373 | 2,887,668 | 508,899 | |||||||||
| Income tax provision (benefit) | 50,057 | 92,563 | 756,268 | (2,706,978 | ) | ||||||||
| ------------ | ------------ | ------------ | ------------ | ||||||||||
| Net income | $ | 268,991 | $ | 217,810 | $ | 2,131,400 | $ | 3,215,877 | |||||
| ========= | ========= | ========= | ========= | ||||||||||
| Wtd. Avg. basic common shares outstanding - diluted | 14,649,719 | 14,727,442 | 14,675,646 | 14,590,725 | |||||||||
| Net income per basic common share | $ | 0.02 | $ | 0.01 | $ | 0.15 | $ | 0.22 | |||||
| ------------ | ------------ | ------------ | ------------ | ||||||||||
| CPS TECHNOLOGIES CORPORATION BALANCE SHEET (UNAUDITED) | |||||||
| December 31, 2022 | December 25, 2021 | ||||||
| ASSETS | ------------- | ------------- | |||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 8,266,753 | $ | 5,050,312 | |||
| Accounts receivable-trade, net | 3,777,975 | 4,870,021 | |||||
| Accounts Receivable - other | 685,668 | -- | |||||
| Inventories, net | 4,875,901 | 3,911,602 | |||||
| Prepaid expenses and other current assets | 211,242 | 225,873 | |||||
| ------------- | ------------- | ||||||
| Total current assets | 17,817,539 | 14,057,808 | |||||
| ------------- | ------------- | ||||||
| Net property and equipment | 1,326,968 | 1,332,933 | |||||
| Right-of-use lease asset | 466,000 | 586,000 | |||||
| Deferred taxes, net | 2,069,436 | 2,823,978 | |||||
| ------------- | ------------- | ||||||
| $ | 21,679,943 | $ | 18,800,719 | ||||
| ========= | ========= | ||||||
| LIABILITIES AND STOCKHOLDERS’ | |||||||
| EQUITY | |||||||
| Current liabilities: | |||||||
| Note payable, current portion | 43,711 | 55,906 | |||||
| Accounts payable | 1,836,865 | 2,100,251 | |||||
| Accrued expenses | 820,856 | 1,086,429 | |||||
| Deferred revenue | 2,521,128 | 1,707,138 | |||||
| Lease liability, current portion | 157,000 | 155,000 | |||||
| ------------- | ------------- | ||||||
| Total current liabilities | 5,379,560 | 5,104,724 | |||||
| ------------- | ------------- | ||||||
| Note payable less current portion | 54,847 | 98,684 | |||||
| Deferred revenue – long term | 231,020 | -- | |||||
| Long term lease liability | 309,000 | 431,000 | |||||
| ------------- | ------------- | ||||||
| Total liabilities | 5,974,427 | 5,634,408 | |||||
| Total stockholders’ equity | 15,705,516 | 13,166,311 | |||||
| ------------- | ------------- | ||||||
| Total liabilities and stockholders’ equity | $ | 21,679,943 | $ | 18,800,719 | |||
| ========== | ========== | ||||||
FAQ
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