Also provides update to 12-month supply agreement
NORTON, Mass., Jan. 15, 2025 (GLOBE NEWSWIRE) — CPS Technologies Corp. (NASDAQ:CPSH) has been awarded a new Phase I Small Business Innovative Research (SBIR) contract from the U.S. Army, which will begin in late January. Under the agreement, CPS will develop ultra-low temperature sintered ceramic materials that are lightweight yet strong. The intent is to provide the U.S. Army with electromagnetic protection materials that are conformable to artillery shell geometries. The research effort will be six months in duration and is valued at $250,000. This award also represents the first funded proposal for Mechanical Engineer Marinos Blanas, who is now the fourth CPS researcher to garner SBIR funding in the last several years.
The Company also finalized a revised supply agreement with a longstanding customer. In late October, CPS had announced that the Company had received a 12-month supply contract, valued at approximately $12 million. At the time, the Company indicated that the contract enabled CPS to meet the near-term needs of the customer while discussions continued. Now, the Company reports that a new contract has been signed by both parties which replaces the October agreement. Based on mutually agreed changes to volumes and pricing, the contract award is now valued at approximately $13.3 million. The volumes and pricing cover the 12-month period from October 2024 through September 2025.
CEO Brian Mackey commented, “This revised agreement builds on the long-term relationship we have developed over many years with a key customer. We are very pleased to support their growing requirements for our unique products. Coupled with the latest SBIR win from our product development team, which will continue to build our product portfolio in response to well-defined customer requirements, we are lining up for 2025 to be a very productive year.”
About CPS
CPS is a technology and manufacturing leader in producing high-performance materials solutions for its customers. The company’s products and intellectual property address critical needs in a variety of applications, including electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, Navy ships, the smart electric grid, 5G infrastructure and others. CPS hermetic packages can be found in many Aerospace and Satellite applications. CPS’ armor products provide exceptional ballistic protection and environmental durability at very light weight. CPS is committed to innovation and to supporting our customers in building solutions for the transition to clean energy.
Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2025 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as “will,” “intends,” “believes,” “expects,” “plans,” “anticipates” and similar expressions. Investors should not rely on forward-looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company’s expectation. Additional information concerning risk factors is contained from time to time in the company’s SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
CPS Technologies Corporation
111 South Worcester Street
Norton, MA 02766
www.cpstechnologysolutions.com
Investor Relations:
Chris Witty
646-438-9385
[email protected]
