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CPS Technologies Corp. (CPSH-1.99%) has submitted its Form 10-K filing for the fiscal year ended December 28, 2024.
The filing reports total revenue of $21.1 million for 2024, a decrease of 24% from $27.6 million in 2023. This decline was primarily due to the completion of an armor contract in April 2024.
The company reported a gross margin of $(0.1) million, or (1)% of sales, compared to $6.8 million, or 25% of sales, in 2023. The decrease was attributed to the completion of the armor contract and additional expenses from increased AlSiC baseplate sales.
Selling, general, and administrative expenses were $4.3 million in 2024, down from $5.1 million in 2023. The reduction was due to decreased variable compensation and salaries.
CPS Technologies recorded an operating loss of $4.4 million in 2024, compared to operating income of $1.7 million in 2023. The net loss for 2024 was $3.1 million, compared to a net income of $1.4 million in 2023.
The company reported a net loss of $1.0 million in the fourth quarter of 2024, compared to a net income of $0.1 million in the fourth quarter of 2023.
Cash and cash equivalents decreased to $3.3 million at the end of 2024 from $8.8 million at the end of 2023. This was primarily due to the company's losses and an increase in receivables.
Accounts receivable increased to $4.9 million at the end of 2024 from $4.4 million at the end of 2023. Days Sales Outstanding increased to 75 days from 60 days.
Inventories decreased to $4.3 million at the end of 2024 from $4.6 million at the end of 2023. Inventory turnover increased to 4.8 times in 2024 from 4.3 times in 2023.
CPS Technologies has a revolving line of credit of $3.0 million with Rockland Trust Company, with no borrowings under this line as of December 28, 2024.
The company continues to focus on providing advanced material solutions for high-growth end markets and maintains a diversified customer base.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CPS Technologies Corp. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.