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 Corp. (NASDAQ:CPSH) has begun trading on a positive note, with shares opening at $1.45 and surging by an impressive 38.52% to current levels around $1.967. This substantial uptick reflects heightened investor interest and confidence in the company’s growth trajectory, evidenced by an active trading volume of 861.05K shares. Market analysts suggest that technical indicators may signal the potential for continued upward movement, making this a significant moment for stakeholders to monitor developments at CPSH.

In a notable announcement, CPS Technologies has secured a contract valued at approximately $12 million from a long-standing customer. This agreement enhances CPS’s position in supplying high-performance components for power modules, confirming their status as a reliable partner in this niche market. The contract not only represents a continuation of the existing relationship but also opens the door for further discussions regarding future volume and pricing, addressing immediate production requirements.

Deliveries under the contract are set to commence this month, with a timeline extending over the next twelve months, reflecting a substantial increase in volume relative to the previous four quarters. These components will be integral to various sectors experiencing significant demand, including high-speed rail systems, wind turbine technology, electric vehicles (EV), and hybrid electric vehicles (HEV).

Brian Mackey, President & CEO of CPS, expressed optimism regarding the company’s growth in aluminum silicon carbide products. He emphasized their commitment to catering to the expanding needs of their clients, particularly in green energy, automotive, and transportation sectors. This project reinforces the demand for CPS’s innovative offerings, setting the stage for accelerated revenue growth in the coming months, while the company remains dedicated to contributing to sustainable technological advancements across industries.

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