CPS Technologies Corp. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>CPS Technologies Corp. reported a net income of $82,272 and total assets of $14,519,215 for the quarter ended March 30, 2024.</b>

AI Summary

CPS TECHNOLOGIES CORP/DE/ (CPSH) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. CPS Technologies Corp. reported a net income of $82,272 for the quarter ended March 30, 2024. Total assets for CPS Technologies Corp. were $14,519,215 as of March 30, 2024. The company had $20,000,000 in total debt as of March 30, 2024. Revenue for the three months ended March 30, 2024, was $14,601,487. The company's EPS for the quarter was $0.01.

Why It Matters

For investors and stakeholders tracking CPS TECHNOLOGIES CORP/DE/, this filing contains several important signals. The filing provides a snapshot of the company's financial health and performance for the first quarter of 2024, including key figures like revenue, net income, and total assets. This 10-Q filing is crucial for investors and stakeholders to assess the company's operational efficiency and financial stability in the current reporting period.

Risk Assessment

Risk Level: medium — CPS TECHNOLOGIES CORP/DE/ shows moderate risk based on this filing. The company has a significant amount of debt ($20,000,000) relative to its total assets ($14,519,215), which could pose a financial risk.

Analyst Insight

Investors should monitor the company's debt levels and its ability to manage its financial obligations in future filings.

Financial Highlights

revenue

14,601,487

total Assets

14,519,215

total Debt

20,000,000

net Income

82,272

eps

0.01

Revenue Breakdown

Key Numbers

• 14,601,487 — Revenue (For the three months ended March 30, 2024)
• 82,272 — Net Income (For the three months ended March 30, 2024)
• 14,519,215 — Total Assets (As of March 30, 2024)
• 20,000,000 — Total Debt (As of March 30, 2024)
• 0.01 — EPS (For the quarter ended March 30, 2024)

Key Players & Entities

• CPS TECHNOLOGIES CORP/DE/ (company) — Filer name
• MA (location) — State of incorporation
• 1934 Act (regulation) — SEC Act
• 001-36807 (other) — SEC File Number
• 24920882 (other) — Film Number
• 111 SOUTH WORCESTER STREET (address) — Business Address
• NORTON (location) — Business Address City
• CERAMICS PROCESS SYSTEMS CORP/DE/ (company) — Former Company Name

FAQ

Key Dates

• 2024-03-30: End of Reporting Period — Q1 2024 financial data
• 2024-05-07: Filing Date — 10-Q filing submission

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value CPSH Nasdaq Capital Marke
• $5,913 — ; (all $ in 000 ' s) Revenues totaled $5,913 in Q1 2024 compared with $7,100 generat
• $7,100 — totaled $5,913 in Q1 2024 compared with $7,100 generated in Q1 2023, a decrease of 17%
• $906 — omers. Gross margin in Q1 2024 totaled $906 or 15% of sales. This compares with gro
• $2,245 — ompares with gross margin in Q1 2023 of $2,245 or 32% of sales. This decrease was due
• $1,166 — administrative (SG&A) expenses totaled $1,166 in Q1 2024 compared with SG&A expenses
• $1,551 — Q1 2024 compared with SG&A expenses of $1,551 in Q1 2023. This decrease was due in pa
• $260 — ompany experienced an operating loss of $260 in Q1 2024 compared with an operating p
• $694 — 24 compared with an operating profit of $694 in Q1 2023, a decrease of 137%. This de
• $8,668 — h equivalents at March 30, 2024 totaled $8,668. This compares to cash and cash equival
• $8,814 — ash equivalents at December 30, 2023 of $8,814. The Company has invested in new equipm
• $3,876 — ts receivable at March 30, 2024 totaled $3,876 compared with $4,472 at December 30, 20
• $4,472 — h 30, 2024 totaled $3,876 compared with $4,472 at December 30, 2023. Days Sales Outsta
• $10 — f an allowance for doubtful accounts of $10. Inventories totaled $4,611 at March 3
• $4,611 — l accounts of $10. Inventories totaled $4,611 at March 30, 2024 compared with invento

Filing Documents

• cpsh20240330_10q.htm (10-Q) — 438KB
• ex_664851.htm (EX-31.1) — 6KB
• ex_664852.htm (EX-31.2) — 7KB
• ex_664853.htm (EX-32.1) — 3KB
• 0001437749-24-015003.txt (&nbsp;) — 2729KB
• cpsh-20240330.xsd (EX-101.SCH) — 27KB
• cpsh-20240330_cal.xml (EX-101.CAL) — 37KB
• cpsh-20240330_def.xml (EX-101.DEF) — 192KB
• cpsh-20240330_lab.xml (EX-101.LAB) — 180KB
• cpsh-20240330_pre.xml (EX-101.PRE) — 213KB
• cpsh20240330_10q_htm.xml (XML) — 269KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS (Unaudited)

ITEM 1 FINANCIAL STATEMENTS (Unaudited) CPS TECHNOLOGIES CORP. Balance Sheets (Unaudited) March 30, 2024 December 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 8,667,728 $ 8,813,626 Accounts receivable-trade, net 3,848,635 4,389,155 Accounts receivable-other 27,490 83,191 Inventories, net 4,611,460 4,581,930 Prepaid expenses and other current assets 391,953 276,349 Total current assets 17,547,266 18,144,251 Property and equipment: Production equipment 11,155,183 11,271,982 Furniture and office equipment 952,883 952,883 Leasehold improvements 985,649 985,649 Total cost 13,093,715 13,210,514 Accumulated depreciation and amortization ( 11,581,885 ) ( 11,936,004 ) Construction in progress 206,250 281,629 Net property and equipment 1,718,080 1,556,139 Right-of-use lease asset (note 4, leases) 297,000 332,000 Deferred taxes 1,609,982 1,569,726 Total Assets $ 21,172,328 21,602,116 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Note payable, current portion 43,478 46,797 Accounts payable 2,409,773 2,535,086 Accrued expenses 843,770 1,075,137 Deferred revenue 207,247 251,755 Lease liability, current portion 160,000 160,000 Total current liabilities 3,664,268 4,068,775 Note payable less current portion - 8,090 Deferred revenue – long term 31,277 31,277 Long term lease liability 137,000 172,000 Total liabilities 3,832,545 4,280,142 Commitments & Contingencies Stockholders' equity: Common stock, $ 0.01 par value, authorized 20,000,000 shares; issued 14,601,487 shares; outstanding 14,519,215 shares at each March 30, 2024 and December 30, 2023 146,015 146,015 Additional paid-in capital 40,341,855 40,180,893 Accumulated deficit ( 22,897,949 ) ( 22,754,796 ) Less cost of 82,272 common shares repurchased at each March 30, 2024 and December 30, 2023 ( 250,138 ) ( 250,138 ) Total stockholders' equity 17,339,783 17,321,974 Total liabilities and stockhold

Notes to Financial Statements

Notes to Financial Statements (Unaudited) ( 1 ) Nature of Business CPS Technologies Corporation (the "Company" or "CPS") provides advanced material solutions to the electronics, power generation, automotive and other industries. The Company's primary advanced material solution is metal-matrix composites which are a combination of metal and ceramic. CPS also assembles housings and packages for hybrid circuits. These housings and packages may include components made of metal-matrix composites or they may include components made of more traditional materials such as aluminum, copper-tungsten, etc. Using its proprietary MMC technology, the Company also produces light-weight armor, particularly for extreme environments and heavy threat levels. The Company sells into several end markets including the wireless communications infrastructure market, high-performance microprocessor market, motor controller market, and other microelectronic and defense markets. ( 2 ) Summary of Significant Accounting Policies As permitted by the rules of the Securities and Exchange Commission applicable to quarterly reports on Form 10 -Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles. The accompanying financial statements are unaudited. In the opinion of management, the unaudited financial statements of CPS reflect all normal recurring adjustments which are necessary to present fairly the financial position and results of operations for such periods. The Company's balance sheet at December 30, 2023 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Registrant's Annual Report on Form 10 -K for the year ended December 30, 20

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements that involve a number of risks and uncertainties. There are a number of factors that could cause the Company's actual results to differ materially from those forecasted or projected in such forward-looking statements. This includes the impact of the Russian invasion of Ukraine and other conflicts and potential conflicts throughout the world, which are discussed in Item 3 of this report. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or changed circumstances after the date hereof or to reflect the occurrence of unanticipated events. Critical Accounting Policies The critical accounting policies utilized by the Company in preparation of the accompanying financial statements are set forth in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 30, 2023, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations". There have been no material changes to these policies since December 30, 2023. Overview Products we provide include baseplates for motor controllers used in high-speed electric trains, subway cars, wind turbines, and hybrid and electric vehicles. We provide baseplates and housings used in radar, satellite and avionics applications. We provide lids and heat spreaders used with high performance integrated circuits for use in internet switches and routers. We provide baseplates and housings used in modules built with Wide Band Gap Semiconductors like Silicon Carbide ("SiC") and Gallium Nitride ("GaN"), collectively Metal Matrix Composites ("MMC"). CPS also assembles housings and packages for hybrid circuits. These housings and packages may include

View Full Filing

View this 10-Q filing on SEC EDGAR