CPS Technologies Reports Q3 2024 Earnings with Strategic Focus on Growth

from the previous quarter, primarily due to reduced demand in the electronics and automotive sectors. Despite the current challenges, we are focusing on strategic initiatives to strengthen our market position and enhance long-term growth prospects.

During the quarter, we continued to advance our capabilities in developing innovative materials solutions that cater to the evolving needs of our customers. Our commitment to research and development remains strong, and we are actively exploring opportunities to expand our product offerings.

We are also optimizing our operational efficiencies to better manage costs and improve profitability. This includes streamlining processes and leveraging technology to enhance productivity.

Looking ahead, we anticipate a gradual recovery in demand as market conditions stabilize. We are confident in our strategic direction and believe that our investments in technology and innovation will position us well for future growth.

Chuck Griffith

Thank you, Brian. Now, I will provide a detailed overview of our financial performance for the third quarter of 2024. As mentioned, our revenue was $4.2 million, a decrease from the prior quarter. The operating loss was approximately $1.5 million, impacted by the aforementioned decline in demand.

We are taking proactive measures to address these challenges, including cost reduction initiatives and exploring new revenue streams. Our balance sheet remains strong, providing us with the flexibility to navigate the current economic environment.

In summary, while we faced headwinds this quarter, we remain focused on executing our strategic plan to drive long-term value for our shareholders. We appreciate your continued support and look forward to updating you on our progress in the coming months.

Operator

Thank you, Chuck. This concludes our earnings call for the third quarter of 2024. Thank you all for joining us today. We look forward to speaking with you again next quarter. Have a great day.