CPSH News & Events

CPS Technologies announced that Chris Fraser joined the company in preparation for the upcoming retirement of Chuck Griffith, the company's CFO. While Fraser will officially assume the role of CFO on May 18, Griffith's employment will continue through the end of May to enable the transition of responsibilities. "Since Chuck notified us of his retirement plans last year, we have undertaken a robust process, which ultimately identified Chris Fraser as a highly relevant and capable successor," said Brian Mackey, president and CEO. "We expect the depth and relevance of Chris' professional experience to align closely with our needs as we continue to serve our customers, expand into new areas, and increase profitability".

Reports Q1 revenue $7.0M vs. $7.5M last year. Performance primarily reflected order timing, while margins were negatively impacted by lower revenue on fixed costs and cost accounting related to an inventory build. "Although the first quarter played out with lower revenue and gross margins, we continue to book new business and remain committed to implementing the changes necessary to improve gross margins," said CEO Brian Mackey.

CPS Technologies announced it has concluded negotiations on a contract valued at approximately $15.5M from a longstanding, multinational semiconductor manufacturer. Under the terms of the agreement, CPS will deliver advanced power module components over the 12-month period which began October 1. The order represents a 16.5% year-over-year increase in business from the customer, with components to be integrated into systems supporting high-speed rail and energy infrastructure. Additional terms were not disclosed.