CPS TECHNOLOGIES CORP/DE/ CPSH
CPS Technologies Corp. (the "Company" or "CPS") is a Massachusetts-based advanced materials company founded in 1984 (originally as Ceramics Process Systems Corporation) and publicly listed on Nasdaq since 1987. Renamed CPS Technologies Corp. in 2007, the Company designs, manufactures, and sells high-performance material solutions for global customers across diverse markets, including transportation, energy, automotive, electronics, telecommunications, aerospace, and defense.
CPS possesses significant proprietary expertise in metal matrix composites (MMCs), which are custom-engineered materials that combine metals and ceramics to deliver superior performance properties. Due to these properties, which include improved thermal conductivity, stiffness, durability, lighter weight, and thermal expansion matching compared to conventional materials, the Company's products are well suited for applications with high performance demands. CPS's components are used in high-speed trains, mass transit, HVDC power systems, electrical infrastructure, internet equipment, electric and hybrid vehicles, wind turbines, satellites, and even NASA Mars rovers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $32.6M | $21.1M | $27.6M | $26.6M | $22.4M | $20.9M | $21.5M | $21.6M | $14.6M | $15.4M |
| Cost of revenue | $27.3M | $21.2M | $20.7M | $19.3M | $17.7M | $16.7M | $18.9M | $18.7M | $12.9M | $13.2M |
| Gross profit | $5.3M | -$118.6K | $6.8M | $7.3M | $4.8M | $4.2M | $2.5M | $2.9M | $1.7M | $2.2M |
| R&D | $867.7K | — | — | — | — | — | — | — | — | — |
| SG&A | $4.8M | $4.3M | $5.1M | $5.1M | $4.3M | $3.3M | $3.1M | $3.8M | $3.6M | $3.3M |
| Operating income | $444.0K | -$4.4M | $1.7M | $2.2M | $513.0K | $914.2K | -$597.2K | -$900.6K | -$2.0M | -$1.2M |
| Interest expense | — | — | $225.8K | $12.0K | — | — | — | — | — | — |
| Pre-tax income | $682.6K | -$4.1M | $2.0M | $2.9M | $508.9K | $899.5K | -$632.7K | -$921.5K | -$1.5M | $222.5K |
| Income tax | $262.3K | $958.5K | $582.1K | $756.3K | $2.7M | $8.5K | $5.5K | $2.8M | $222.0K | $676.1K |
| Net income | $420.4K | -$3.1M | $1.4M | $2.1M | $3.2M | $908.1K | -$638.2K | -$3.7M | -$1.7M | -$453.6K |
| EPS, basic | 0.03 | -0.22 | 0.09 | 0.15 | 0.23 | 0.07 | -0.05 | -0.28 | -0.13 | -0.03 |
| EPS, diluted | 0.03 | -0.22 | 0.09 | 0.15 | 0.22 | 0.07 | -0.05 | -0.28 | -0.13 | -0.03 |
| Shares, diluted (wtd. avg.) | $15.4M | $14.5M | $14.6M | $14.7M | $14.6M | $13.3M | $13.2M | $13.2M | $13.2M | $13.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.5M | $3.3M | $8.8M | $8.3M | $5.1M | $195.2K | $134.0K | $628.8K | $1.3M | $3.4M |
| Short-term investments | $8.8M | $1.0M | — | — | — | — | — | — | — | — |
| Receivables | — | — | $4.4M | $3.8M | $4.9M | $2.9M | — | — | — | — |
| Inventory | $5.6M | $4.3M | $4.6M | $4.9M | $3.9M | $3.7M | $3.1M | $3.2M | $2.1M | $2.0M |
| Total current assets | $24.8M | $14.2M | $18.1M | $17.8M | $14.1M | $6.9M | $7.5M | $7.0M | $6.5M | $7.4M |
| Property, plant and equipment | $2.1M | $2.0M | $1.6M | $1.3M | $1.3M | $1.3M | $1.2M | $1.3M | $1.5M | $1.8M |
| Other intangibles | $21.8K | $0 | — | — | — | — | — | — | — | — |
| Total assets | $29.5M | $18.9M | $21.6M | $21.7M | $18.8M | $8.3M | — | — | — | — |
| Accounts payable | — | $3.1M | $2.5M | $1.8M | $2.1M | $909.3K | $1.4M | $1.7M | $946.4K | $662.5K |
| Total current liabilities | $4.7M | $4.3M | $4.1M | $5.4M | $5.1M | $1.8M | $3.7M | $2.7M | $1.7M | $1.3M |
| Long-term debt | — | $8.1K | $54.9K | $98.7K | $154.6K | — | — | — | — | — |
| Total liabilities | $4.9M | $4.4M | $4.3M | $6.0M | $5.6M | $2.0M | $3.7M | $2.7M | — | — |
| Retained earnings | -$25.5M | -$25.9M | -$22.8M | -$24.1M | -$26.3M | -$29.5M | -$30.4M | -$29.7M | -$26.0M | -$24.3M |
| Total equity | $24.6M | $14.5M | $17.3M | $15.7M | $13.2M | $6.4M | $5.3M | $5.8M | $9.3M | $10.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $243.6K | -$3.5M | $1.3M | $3.6M | $2.0M | $1.7M | -$1.3M | -$373.6K | -$1.8M | $596.3K |
| Depreciation and amortisation | $601.2K | $547.2K | $489.1K | $445.7K | $469.3K | $530.4K | $525.8K | $568.2K | $566.8K | — |
| Stock-based compensation | $273.0K | $310.1K | $204.8K | $250.4K | $174.1K | $117.8K | $133.7K | $220.7K | $287.2K | $193.1K |
| Capital expenditure | $730.7K | $994.3K | $718.3K | $439.8K | $514.3K | $323.0K | — | — | — | — |
| Investing cash flow | -$8.5M | -$2.0M | -$718.3K | -$436.4K | -$512.3K | -$312.0K | -$482.5K | -$337.2K | -$273.7K | -$605.8K |
| Financing cash flow | $9.4M | -$46.8K | -$2.3K | $101.4K | $3.4M | -$1.3M | $1.2M | — | — | $4.7K |
| Buybacks | — | — | — | — | — | — | — | — | — | $10.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-006687.