CPS Technologies (CPSH) 2026财年第三季度业绩电话会议：营收创历史新高，利润率扩大

核心要点

• CPS Technologies公布2026财年第三季度营收达到创纪录的890万美元，高于去年同期的880万美元，且实现环比增长。
• 毛利率达到20.9%，而2025财年第三季度为17.1%，2026财年第二季度为14.8%。管理层将此改善归因于定价和运营效率提升。
• 净利润从去年同期的约20万美元（即每股0.01美元）增至约35万美元（即每股0.02美元）。
• 截至季末，现金及有价证券总额为1840万美元。CPS无债务，同时因公司为工厂搬迁做准备，存货增加至1030万美元。
• 在手订单、最大客户的稳定需求以及对气密封装的强劲需求支撑下，管理层预计出货量将保持类似节奏。
• CPS预计，其新建的80,000平方英尺阿特尔伯勒工厂的扩建和搬迁费用，将在今年5月融资获得的900万美元净收益的±10%以内。

关键财务数据

业务与运营表现

对金属基复合材料产品的需求仍是CPS Technologies产能扩张的主要驱动力。该公司从其最大客户（一家跨国半导体制造商）获得了另一批大额订单。合同需求与过去12个月向该客户的出货量保持一致。CPS的部件被用于支持高铁、能源和电网基础设施的系统中。

航空航天、国防市场以及AI相关基础设施对气密封装的需求也十分强劲。管理层表示，这一需求对第三财季的营收做出了贡献，预计还将持续下去。

CPS接到了首个来自军工承包商的钨合金部件订单，该部件采用其专有的快速固化注射成型（QuickSet Injection Molding，简称QIM）工艺生产。该公司预计将在年底前完成这一国防相关合同的交付。管理层认为，制造更大尺寸的净成型部件且减少后续机械加工的能力，将成为未来营收增长的潜在来源。

该公司金额为115万美元的美国陆军 DEVCOM STTR 项目（专注于可控可碎裂40毫米钨弹头的可扩展生产）按计划推进，将持续至2027年9月。

CPS与Kinetic Protection也在等待与国会资助的HybridTech装甲相关的潜在合同，该项目计划在少量海军驱逐舰级舰艇上安装该装甲。此外，利用HybridTech装甲和AlMax材料减轻两栖战斗车（Amphibious Combat Vehicle）重量的海军资助研究也在持续进行。

管理层展望

管理层预计出货量将保持类似节奏，理由是在手订单强劲，且2027财年及以后的增长前景有所提升。管理层未提供具体的营收或利润率预测。

该公司位于马萨诸塞州阿特尔伯勒的新工厂占地80,000平方英尺，是目前面积的两倍。扩建工程可能会持续到2027财年第四季度，不过CPS正在探索部分入驻的可能性，以便在2027年更早时候开始搬迁。目前诺顿（Norton）工厂的租赁期将于2028年2月底届满。

CPS估计，其分摊的扩建、设备吊装及搬迁费用将在2026年5月注册直接发行所得的900万美元净收益的±10%以内。房东资助的建筑物改造费用不包含在该估计之内。

公司将于2027年6月1日开始支付部分公用事业费和税款，而租金支付将于2027年12月1日开始。CPS预计在搬迁期间将为搬迁积累的大部分存货重新转化为现金，从而部分抵消现金支出。

风险与关注事项

• 许可证办理和详细工程设计仍是阿特尔伯勒工厂扩建的近期障碍。管理层表示，相关工作量巨大，将耗时数月。
• CPS在现有工厂仍面临空间和产能限制，尤其是在金属基复合材料生产方面。
• 自2026年初以来，存货增加了470万美元，管理层表示今年已使用超过450万美元现金来构建与搬迁相关的存货。
• 在第842号会计准则下，新租赁合同在第三财季产生了8.8万美元的非现金费用，并在开始支付现金租金之前继续影响报告费用。
• 管理层指出，地缘政治冲突、经济状况、市场需求和竞争因素是可能影响业绩的不确定性因素。

分析师问答亮点

管理层表示，材料成本上升已被定价手段部分抵消。黄金成本的增加直接转嫁给客户，而更广泛的定价举措和运营效率提升则支撑了毛利率的扩大。

CPS已确定了旨在扩大生产能力的资本投资计划。采购时间正与工厂进度相匹配，以便设备能够交付至新址。布局还为未来需求所需的额外产能预留了空间。

在QIM商业化方面，管理层表示客户资质认证通常可以专注于材料质量和部件尺寸，而非漫长的第三方测试周期。CPS正在与潜在客户洽谈更大尺寸的钨合金部件，并预计QIM将成为营收增长的重要贡献力量。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.