24/7 Market News Snapshot 30 October, 2024 – CPS Technologies Corp. Common Stock (NASDAQ:CPSH)

October 30, 2024

DENVER, Colo., 30 October, 2024 (247marketnews.com) – (NASDAQ:CPSH) are discussed in this article.
CPS Technologies Corporation (NASDAQ:CPSH) has recently experienced a notable surge in its stock price, reflecting heightened investor interest and optimism in the market. The company’s stock opened at $1.45 and saw a remarkable increase of nearly 40%, currently trading at around $1.98 with a trading volume exceeding one million shares. This significant uptick may indicate a positive sentiment among investors, suggesting a strong demand for CPSH shares as market excitement continues.

In conjunction with this positive market activity, CPS Technologies also reported its financial results for the third quarter ended September 28, 2024, with revenues of $4.2 million. While this figure represents a decline from the $6.3 million recorded during the comparable period last year, the company remains firmly positioned to capitalize on future growth opportunities, underpinned by a series of recent contract acquisitions.

The company faced challenges this quarter due to the conclusion of the HybridTech Armor® program and a reduction in shipments as clients adjusted their inventory levels. These factors contributed to a gross margin loss of 12%, contrasting with a 20% positive margin from the previous year. Despite the operational loss of $1.5 million, CPS Technologies has made significant advancements with a robust project pipeline that includes a recently awarded $1.1 million Phase II contract from the U.S. Department of Energy and a $200,000 engagement with the U.S. Naval Air Systems Command.

CEO Brian Mackey expressed confidence in CPS’s future growth, emphasizing the company’s strong book-to-bill ratio of 1.22 and the strategic importance of the new contracts. CPS Technologies continues to leverage innovative materials solutions, striving towards its long-term goals while enhancing shareholder value amid changing market dynamics.

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