CPSテクノロジーズ（CPSH）2026年第3四半期決算説明会：過去最高売上高と利益率拡大

要点

• CPSテクノロジーズの2026年度第3四半期の売上高は、前年同期の880万ドルおよび前四半期比で増加し、過去最高の890万ドルとなりました。
• 粗利益率は20.9%に達し、2025年度第3四半期の17.1%および2026年度第2四半期の14.8%から改善しました。経営陣はこの改善の要因として、価格設定とオペレーション効率の向上を挙げています。
• 純利益は前年同期の約20万ドル（1株当たり0.01ドル）から、約35万ドル（1株当たり0.02ドル）に増加しました。
• 四半期末時点の現金および有価証券残高は計1,840万ドルとなりました。CPSの有利子負債はゼロであり、一方で同社が拠点の移転準備を進める中で、棚卸資産は1,030万ドルに増加しました。
• 経営陣は、受注残高、最大顧客からの安定した需要、および気密パッケージに対する堅調な需要に支えられ、出荷が同様のペースで維持されると見込んでいます。
• CPSは、アトルボロの8万平方フィートの新工場の改修および移転費用について、5月の資金調達による手取金純額900万ドルの上下10%の範囲内に収まると予想しています。

主要財務データ

事業および営業動向

金属基複合材料（MMC）製品への需要は、引き続きCPSテクノロジーズの生産能力拡張の主な駆動要因となっています。同社は、最大の顧客である多国籍半導体メーカーから再び大口注文を獲得しました。契約における需要は、過去12か月間の同顧客への出荷実績と同水準です。CPSの部品は、高速鉄道、エネルギー、電力網インフラを支えるシステムで使用されています。

気密パッケージも航空宇宙・防衛市場およびAI関連インフラからの堅調な需要を記録しました。経営陣はこの需要が2026年度第3四半期の売上高に貢献しており、今後も継続すると述べています。

CPSは、独自のクイックセット射出成形（QIM）プロセスで製造されたタングステン合金部品について、防衛関連企業から初の注文を獲得しました。同社は年内にこの防衛関連契約を履行する予定です。経営陣は、後加工を抑えてより大型のネットシェイプ部品を製造できる能力が、将来の売上成長の源泉になると捉えています。

制御破砕型40ミリタングステン弾頭の拡張可能な生産に重点を置く、米陸軍DEVCOMのSTTRプログラム（115万ドル規模）は、2027年9月までスケジュール通りに進行しています。

CPSとキネティック・プロテクション（Kinetic Protection）は、議会予算によるハイブリッドテック・アーマー（HybridTech Armor）の海軍駆逐艦数隻への導入に関連する契約の成立も待っています。これとは別に、ハイブリッドテック・アーマーおよびAlMax材料を用いて水陸両用戦闘車（ACV）を軽量化する海軍資金による研究も継続しています。

経営陣の見通し

経営陣は、堅調な受注残高と2027年度以降の成長見通しの改善を理由に、出荷が同様のペースで継続すると予想しています。なお、具体的な売上高や利益率の予測は示されませんでした。

マサチューセッツ州アトルボロにある同社の新拠点は8万平方フィートの広さを持ち、現在の専有面積の2倍にあたります。改修工事は2027年第4四半期まで続く可能性がありますが、CPSは2027年のより早い時期に移転を開始できるよう、一部の先行使用を検討しています。現在のノートン拠点の賃貸契約は2028年2月末に満了します。

CPSは、改修、設備設置、移転費用における同社負担分が、2026年5月の登録直接募集による手取金純額900万ドルの上下10%以内に収まると試算しています。貸主が負担する建物の改修費用はこの試算とは別になっています。

同社は2027年6月1日に一部の光熱費および税金の支払いを開始し、賃料の支払いは2027年12月1日に開始します。CPSは、移転のために積み増した棚卸資産の大部分を移転期間中に再び現金化することで、手元資金の支出を一部相殺する見込みです。

リスクおよび注視事項

• 許認可の取得と詳細設計が、アトルボロ拠点の改修における足元の課題として残っています。経営陣は作業が大規模であり、数か月を要すると述べています。
• CPSは現在の施設、特に金属基複合材料の生産において、スペースおよび生産能力の制約を抱え続けています。
• 棚卸資産は2026年初めから470万ドル増加し、経営陣によると、移転関連の棚卸資産積み増しのために今年450万ドル以上の現金が使用されました。
• 新しい賃貸契約により、会計基準842（ASC 842）に基づき2026年度第3四半期に8万8,000ドルの非現金費用が発生しており、実際の賃料支払いが始まるまでの間、報告される費用に引き続き影響を与えることになります。
• 経営陣は、業績に影響を与える可能性のある不確実性として、地政学的紛争、経済状況、市場需要、競合要因を挙げています。

アナリストQ&Aの要点

経営陣は、原材料コストの上昇が価格調整によって一部相殺されたと述べました。金のコスト上昇分は顧客に直接転嫁される一方、より広範な価格改定とオペレーション効率化が粗利益率の拡大を支えました。

CPSは、生産能力を拡大するための設備投資計画を特定しました。設備を新拠点に納入できるよう、購入時期は施設のスケジュールに合わせて調整されています。また、レイアウトにおいても将来の需要増加に対応できるよう、追加能力用のスペースを確保しています。

QIMの商用化に関して、経営陣は、顧客側の認定プロセスは長期にわたる第三者機関の試験サイクルではなく、一般的に材料品質や部品寸法に重点を置くことができると説明しました。CPSは潜在顧客とより大型のタングステン合金部品に関する協議を進めており、QIMが売上成長の重要な寄与要因になると期待しています。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good morning, and welcome to the CPS Technologies Earnings Call. [Operator Instructions]

It is now my pleasure to turn the floor over to your host, Chris Fraser, CFO for CPS. The floor is yours.

Christopher Fraser

Thank you, Sylvie, and good morning, everyone. Today, I'm joined by Brian Mackey, our President and CEO. We look forward to discussing our third quarter results with you. But first, Chris Witty, our Investor Relations advisor, will provide a brief Safe Harbor statement. Chris?

Chris Witty

Thanks, Chris, and good morning, everyone. Before we begin the business portion of today's call, I would like to point out that statements in this conference call that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be considered as subject to the many uncertainties that exist in CPS's operations and environment.

These uncertainties include, but are not limited to, the ongoing conflicts in Ukraine and the Middle East, other geopolitical events, economic conditions, market demands, and competitive factors. Such factors could cause actual results to differ materially from those in any forward-looking statement. Additional information can be found in our filings with the SEC.

Now I'll turn the call over to Brian to offer his perspective on the quarter, after which Chris Fraser will review the financial results in greater detail. Brian?

Brian Mackey

Thank you, Chris, and good morning, everyone, and thanks for joining us today.

I'm pleased to report that third quarter revenue rose to $8.9 million this year, up sequentially as well as year-over-year. This sets a new quarterly record for the company for revenue as we continue to benefit from higher demand and increased production volumes.

At the same time, gross margins rose significantly to 20.9% versus the second quarter's 14.8% and last year's 17.1%. We're very encouraged by the positive momentum we are generating in terms of our growth and overall performance and by the fact that we're on track to move into our new facility during fiscal 2027.

I'll come back and talk more about this in a moment. But first, I'd like to turn the call over to Chris to provide further details about our financial results. Chris?

Christopher Fraser

Thank you, Brian. As we just stated, CPS reported revenue of $8.9 million for the period compared with $8.8 million for the third quarter of fiscal 2025. We anticipate shipments to continue at a similar pace going forward, given our strong book of business and improved growth outlook, positioning us well for fiscal 2027 and beyond.

We reported gross profit of $1.9 million or 20.9% of revenue versus $1.5 million or 17.1% of revenue in fiscal 2025 third quarter, with this year-over-year increase driven by enhanced economics and operational improvements. And our gross margin expanded over 600 basis points from Q2 to the best level in over 3 years.

Selling, general, and administrative, or SG&A, expenses totaled $1.5 million in the third quarter of fiscal 2026, including $88,000 of noncash charges relating to our new lease to make our lease cost consistent over its 12-year term versus SG&A costs of $1.2 million last year. The company posted an operating profit of $357,000 in the current quarter compared with slightly less than $276,000 in 2025. Including other income and taxes, we reported net income of roughly $350,000 or $0.02 per share versus net income of around $200,000 or $0.01 per share in the fiscal 2025 third quarter.

We ended the period with $2.8 million of cash and $15.6 million in marketable securities, or $18.4 million combined. In addition, we also funded a security deposit on the new lease of $0.5 million that is shown as restricted cash in noncurrent assets on our balance sheet.

This compares with $13.2 million at the beginning of 2026, which included $4.4 million in cash and $8.8 million in marketable securities. Trade accounts receivable totaled $4.7 million as of September 26, 2026, versus $5.2 million as of December 27, 2025. Inventories increased to $10.3 million at the end of the third quarter compared with $5.6 million at the start of the year, reflecting our preparation for the move to a new facility.

Turning to the liability side, payables and accruals totaled $4.6 million at the end of the third quarter versus $4.3 million as of December 27, 2025.

Now Brian will provide a more in-depth discussion of the period and outlook. Brian?

Brian Mackey

Thanks, Chris. Now I'd like to provide some additional insight around recent developments and upcoming priorities, starting with our move to a new expanded facility. As previously announced in August, we entered into a lease for 80,000 square feet of space in nearby Attleboro, Massachusetts, which is just a 3-mile drive from our current facility here in Norton.

Detailed planning is well underway with the support of Dacon Corporation, our design-build construction management partner, as well as various engineers and contractors. Upcoming activities include finalizing our floor plan design specifications, including all relevant electrical, plumbing, and mechanical requirements, as well as obtaining appropriate permits from the town of Attleboro.

Based on the amount of work required, which is substantial, it's probable that the build-out will continue into the fourth quarter of 2027. We will be working to accelerate this whenever possible as our construction plans evolve. In addition, we will naturally also be exploring partial occupancy to potentially initiate the move earlier next year.

Ultimately, we expect to relocate our corporate offices, manufacturing operations, and product development activities to Attleboro prior to the lease expiration here in Norton, which does not occur until the end of February of 2028. We wish to move quickly to our new space to benefit from the advantages it provides, but not at the expense of improper planning and design, which is crucial to our long-term success.

The new site, which is double the square footage we occupy today, represents a major milestone in our history and reflects a significant investment that will enable us to capitalize on and support the company's continued growth strategy and expanding customer base while investing in innovative new technologies.

Now that we have increased clarity regarding the work necessary to outfit our new facility and design the intended layout, we're able to generate appropriate cost estimates. As you may recall, back in May of this year, we raised $9.6 million in a registered direct offering. Our current estimate is that the cost to CPS of the build-out, as well as riggers and movers, will be within 10% plus or minus of the amount of capital that we netted from that raise, which was $9 million. This is independent of contributions to be made by our landlord for alterations, improvements, fixtures, and equipment that ultimately enhance the building per the terms of our lease.

Additionally, we continue to review our CapEx needs and lead times to ensure that those expenditures align the additional production capacity with the timing of occupancy of our new facility. It's also worth noting that during our relocation effort, we'll be able to draw from the inventory we've been building throughout the past several quarters.

As Chris mentioned, we have used over $4.5 million of cash this year to build inventories in support of the upcoming move. We expect to convert much of that back to cash during the relocation, which in addition to keeping product flowing to our customers, will partially offset the cash spend of the move.

The initial lease term for the new building started in August, 3 months ago, and runs for 12 years and 10 months. Based on the terms, there is currently no cash impact to CPS. We will begin paying certain charges such as utilities and taxes on June 1 of next year. We will not begin paying rent until December 1, 2027.

However, per Accounting Standard 842, we are now including a monthly lease cost in our noncash expenditures, which Chris alluded to. This began in September and therefore had an $88,000 impact on our Q3 results. Looking to the future, the lease also grants CPS two options to extend the term for 5 years each, generally at fair market prices.

In addition, CPS secured a right of first offer to lease available adjacent space in the building, subject to the terms of the lease, as our current 80,000 square feet represent roughly half of the overall facility size. Overall, we're very pleased with how well the space suits our needs, its close proximity to our current location, the lease terms, and the potential this facility provides to substantially grow the company going forward.

Now I'd like to move on to our current book of business. Typically, around this time of year, we share news of an annual contract with a long-standing multinational semiconductor manufacturer. So I'm pleased to announce that once again, we have secured large orders for our high-performance products from this company, which remains our largest customer.

Demand levels represented by these contracts are consistent with what we've shipped to this client over the preceding 12-month period. Such components from CPS are integrated into systems supporting high-speed rail as well as energy and grid infrastructure. These latest awards underscore our continued confidence in the company's growth outlook, fueled by an ability to deliver next-generation technologies that serve a variety of markets experiencing strong demand.

Our hermetic packaging products are also seeing robust demand, driven by the various markets they support, including aerospace and defense, as well as the build-out of AI-driven infrastructure. This demand was impactful on our Q3 revenue, and we expect this to continue as well. The numerous opportunities we see across the various industries we serve, including defense, energy infrastructure, artificial intelligence, and others, affirm our decision to double our available square footage once we have relocated.

The larger facility will enable us to capitalize on increasing demand with our core metal matrix composite products and hermetic packages, as well as support and advance various growth initiatives, including AlMax materials, HybridTech Armor, QuickSet Injection Molding, and others in ways that we cannot in our current location.

Regarding QuickSet Injection Molding, or QIM, we recently announced our first order from a military contractor for tungsten alloy components manufactured using the company's proprietary process. We're on track to fulfill this defense-related contract before the end of the year.

Our novel manufacturing process enables the production of net shape components with final dimensions and features incorporated directly into the molded product, eliminating the need for extensive post-production machining. QuickSet Injection Molding also enables the efficient production of dramatically larger components, thereby demonstrating greater scalability than traditional metal injection molding.

Although we are unable to share the details of this latest order, it represents a prime example of where our novel manufacturing process is creating new revenue opportunities. Existing injection molding techniques are unable to make these components. As a result, they've typically been manufactured using traditional machining techniques, which are simply inefficient.

We remain optimistic about the future commercialization opportunities that QIM will provide. As a reminder, while we have used QIM for many years in the volume manufacture of certain products of ours, the continued advancement of this technology has been supported through funding from an ongoing Small Business Technology Transfer Award, or STTR, from the U.S. Army DEVCOM, or Army Combat Capabilities Development Command, which is valued at $1.15 million. The work on this program, which is targeting the scalable manufacture of a controlled fragmentation 40-millimeter tungsten warhead, continues to proceed on schedule, and it will run through September of next year.

Lastly, as previously mentioned, congressional funding was approved some time ago to add ballistic shielding using our HybridTech Armor on a small number of Navy destroyer class vessels. We and our partner, Kinetic Protection, remain hopeful that such contracts can be resolved in the coming months. Obviously, we'll keep our investors apprised of new developments going forward.

Along those lines, we also continue our research funded by the Navy, targeting a reduction in the weight of the Amphibious Combat Vehicle, or ACV. Relevant technologies of ours include our HybridTech Armor, which can replace the steel plate mounted to the ACV for ballistic protection, as well as our AlMax material, which offers weight reduction as well as improved corrosion resistance relative to steel components currently used on the ACV.

With increasing demand, new volume orders from our largest customer, an expanded facility in hand, various new product and business development initiatives underway, and ongoing federal review of various proposals for research funding across several agencies, we're very well positioned for continued strong results in the quarters to come.

We believe the company, with a solid balance sheet, including zero debt, an expanding portfolio of innovative applications, and a clear strategy to accelerate growth and improve operating results, is poised for a future that benefits our customers, our employees, and our shareholders better than at any time in our history.

We can now open up the call for questions. Sylvie?

Operator

[Operator Instructions] And your first question will be from Chip Moore at ROTH Capital.

質疑応答

Alfred Moore

I wanted to maybe start with the profitability. Gross margin is very, very strong. Nice to see. I guess I thought we might have even seen some higher input costs serving as headwinds or inflationary impacts. Did you see any of that? And could they have been even higher? And what were the main drivers of that profitability?

Christopher Fraser

So some of the impact costs such as gold, and we pass on the exact increment to the customers. We have seen other material costs, but we've done a good job of improving pricing and also operational efficiencies, which have enabled that improvement in gross margin.

Alfred Moore

Got it. That's helpful. And sort of a segue there into 3 miles down the road, I assume that we can see even more efficiencies when we get there. But talk about that move. It sounds like you're planning appropriately. We can see the inventories building and you've got the cash unlock there down the road. But just any longer lead time items that you need to be thinking about? And then on the permitting side, is that sort of the biggest hurdle here near term?

Brian Mackey

Yes. The -- I'll start with the second part of your question, Chip. The permitting side is definitely a hurdle we need to get past. The large amount of effort is the amount of planning required. We have a finalized design for the layout, which we've resolved with Dacon, and now that is being gone over very carefully by the various contracting experts, plumbers, et cetera.

So they're making their detailed plans to satisfy our needs, and that entire package will then be approved for permitting. So a number of steps here. And then, of course, all that work will need to be done, which will take a number of months. So it stretches it out more than we'd like. We're eager to get over there and make use of the better space, but it is going to take a number of months for all those things to play forward.

We do expect some efficiencies over there. You've been through our building here, some others have as well. It's cramped and inefficient. So we're eager to get over there and experience the benefits that, that will offer. It's just going to take us longer than we'd like.

Alfred Moore

Yes. Understood. Yes, do it right. And good to see you thinking ahead to the potential for expanding.

Brian Mackey

So yes, sorry, your first question, we've got a number of CapEx items identified that will improve our capacity. So there's a spend there that we're earmarking, and we're timing those lead times to match our move plan. So as the move has moved a little bit to the right on the calendar, it's given us a little bit of a window to review those things before we place the actual purchase orders, but we have a number of things that we plan to do so that, that equipment is delivered to the new site.

And we also have some things that we've earmarked space for potential future capacity adds that we'll keep in mind as once we occupy that facility, we're laying it out so we have both the near-term add that we know we're going to spend on as well as potential second round of things should the need require it.

Alfred Moore

Perfect. Makes perfect sense. And Brian, your large semiconductor customer gets new annual visibility. I think that $15 million last year. Is that right? And what are you seeing in that market more broadly beyond high-speed rail, but you talked about energy grid and not just with that customer, but potentially with others.

Brian Mackey

Yes. The demand there remains consistent from last year, and we do see that entire market for metal matrix composite products. I mean that's the #1 driver of our need for additional capacity. We're space constrained and capacity constrained here in this facility. And that list of CapEx is -- that I mentioned is definitely a part of our plan for metal matrix composites.

We see that being strong across the board. We have strength in our metal matrix composite expectations as well as hermetic packaging as well as these new things. So it really is true across the board, but the primary one is metal matrix composites.

Alfred Moore

Got it. And maybe if I could sneak one last one in. The commercialization efforts around tungsten alloy, great to see that win. I know you can't speak about that contract specifically, but maybe just the broader opportunity for tungsten alloy components, does that help open things up now that you've got that and what's the potential of your QuickSet process there in that market?

Brian Mackey

Yes. We're very enthusiastic about the opportunities for our QuickSet Injection Molding, starting with tungsten alloy, but there's other materials that we're looking at as well. And part of the nice thing about it is there's not a huge iteration cycle of testing. There's not some multiyear requirement for third-party laboratories or things like that.

Obviously, the customers want to see that the material is properly manufactured, the tungsten alloy is what we say it is, and then that the components are to the right dimensions. But other than those 2 things, it enables really generally a rapid turnaround from interest by the customer to a potential PO to a potential shipment of product by us.

And that's what we're seeing on the order that we're executing now. We expect that to continue. The ability to scale these components up to larger size. We're in discussions now with customers who see that. They see the benefit of it, and we're very interested to see how this plays out, but we think it's going to be a key part of our revenue growth going forward.

Operator

[Operator Instructions] Next question will be from Ron Richards, investor.

Ron Richards

I was going to ask about the possibilities for the tungsten -- the QIM tungsten, you already answered that. So I appreciate the information.

Operator

At this time, it appears we have no other questions registered. I would like to turn the conference over to Brian Mackey.

Brian Mackey

Okay. Great. Thank you, Sylvie, and thanks, everyone, for joining us today and your ongoing interest in CPS. We look forward to speaking with you again at the end of our fourth quarter. If you have any questions in the interim, we hope you reach out to our Investor Relations advisor. Thanks, and good morning.

Operator

Thank you. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.