CPS Technologies Shares Rise After Record 2021 Sales

Dec 14, 2021 By MarketDepth

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Stock Jumps

CPS Technologies Corporation (NASDAQ: CPSH) shares jumped about 25% after the producer and seller of advanced material solutions announced that several recent contract awards have resulted in Fiscal Year 2021 orders to date of more than $37 million.

“We are pleased to share that the entire business continues to expand at a growth rate in excess of our plans”, said. The $37M in orders exceeds the combined bookings of the two previous fiscal years, and our Book to Bill ratio remains healthy at 1.7. We are quite thrilled with the realization by multiple customers of the value of CPS’ solutions. These enable customer products to achieve and exceed their expectations, especially in the Aerospace and Defense markets.”

President and CEO Michael McCormack

“We are continuing to grow the business organically and look forward to the near-term future, when we will realize the continued conversion of these record orders to growth in revenues and earnings for our investors,” added McCormack.

Strategic Plan

“These record levels of orders are consistent with our strategic plan for growth across all product lines at CPS”, said VP of Sales Cheryl Oliveira. “Besides these recent contract awards, CPS also has a number of opportunities in both the consumer electronics, and Aerospace and Defense markets. We are cautiously optimistic that we will continue on a pace of growth consistent with our long-term strategy,” added Oliveira.

Accelerated Growth Plans

“We are just beginning to see the positive returns from our earlier investments this year in both facilities and personnel. The New Product Development Lab coupled with the increased technical expertise, specifically Dr. Steve Kachur and William Holmes, has accelerated our growth plans enabling us to enter into new markets and applications,” said Chuck Griffith CFO.