CPS Technologies (CPSH) 2026 財年第三季財報電話會議：營收創新高，利潤率擴張

重點摘要

• CPS Technologies 公佈 2026 財年第三季營收創下 890 萬美元的新高紀錄，高於去年同期的 880 萬美元，且呈現季增。
• 毛利率達到 20.9%，相比 2025 財年第三季為 17.1%、2026 財年第二季為 14.8%。管理層將改善歸因於產品定價與營運效率提升。
• 淨利從去年同期的約 20 萬美元（或每股 0.01 美元）增至約 35 萬美元（或每股 0.02 美元）。
• 截至季末，現金與可交易證券總計 1,840 萬美元。CPS 保持零負債，而存貨增加至 1,030 萬美元，主因為公司積極準備廠房搬遷。
• 管理層預計出貨量將維持類似步調，獲得在手訂單、最大客戶的穩定需求以及氣密封裝強勁需求的支撐。
• CPS 預期其位於阿特爾伯勒（Attleboro）的新 8 萬平方英尺廠房的擴建與搬遷費用，將落在 5 月募資所得 900 萬美元淨額的正負 10% 範圍內。

關鍵財務數據

業務與營運表現

金屬基複合材料產品的需求仍是 CPS Technologies 擴充產能的主要驅動力。該公司已從其最大客戶（一家跨國半導體製造商）獲得另一批大額訂單。合約需求與過去 12 個月對該客戶的出貨量一致。CPS 的零組件被應用於支援高鐵、能源及電網基礎設施的系統中。

航空航太、國防市場以及 AI 相關基礎設施對氣密封裝的需求同樣強勁。管理層表示，這項需求對第三財季營收做出貢獻，且預計將持續成長。

CPS 首次收到國防承包商購買其採用專利快速定型射出成型（QuickSet Injection Molding，簡稱 QIM）製程生產之鎢合金零組件的訂單。該公司預計在年底前完成這筆國防相關合約的交付。管理層認為，以更少後段加工製造出更大尺寸的淨成形零組件之能力，是未來潛在的營收成長來源。

公司獲得美國陸軍 DEVCOM STTR 價值 115 萬美元的計畫項目，專注於可擴展生產的可控破片 40 釐米鎢彈頭，該計畫按進度持續推進至 2027 年 9 月。

CPS 與 Kinetic Protection 也正在等待與國會資助項目相關的潛在合約，該項目擬在少數海軍驅逐艦級艦艇上安裝 HybridTech 裝甲。此外，海軍資助的運用 HybridTech 裝甲與 AlMax 材料減重水陸兩棲戰鬥車（ACV）的研究仍在持續進行。

管理層展望

管理層預計出貨將維持類似步調，理由是強勁的在手訂單以及對 2027 財年及未來的成長展望更加樂觀。公司未提供具體的營收或毛利率預測。

該公司位於麻薩諸塞州阿特爾伯勒的新廠房面積達 8 萬平方英尺，為目前廠房面積的兩倍。擴建工作可能會持續至 2027 財年第四季，但 CPS 正在評估先部分進駐，以便在 2027 年提早開始搬遷。目前諾頓（Norton）廠房的租約將於 2028 年 2 月底到期。

CPS 預估其分攤的擴建、設備搬運及搬遷費用，將落在 2026 年 5 月註冊直接發行（registered direct offering）所得 900 萬美元淨額的正負 10% 範圍內。房東資助的建築改善費用不包含在該估算中。

公司將於 2027 年 6 月 1 日開始支付部分公用事業費用及稅款，租金支付則於 2027 年 12 月 1 日開始。CPS 預期在搬遷期間將大部分為搬遷儲備的存貨變現為現金，從而部分抵銷現金支出。

風險與關注事項

• 許可申請與詳細工程設計仍是阿特爾伯勒擴建案的近期障礙。管理層表示該工作相當繁重，需耗時數月。
• CPS 在現有廠房仍面臨空間與產能受限的問題，尤其是在金屬基複合材料的生產方面。
• 自 2026 年初以來，存貨增加了 470 萬美元，管理層指出今年已使用超過 450 萬美元的現金來建置與搬遷相關的存貨。
• 根據美國會計準則第 842 號 (ASC 842)，新租約在第三財季產生了 8.8 萬美元的非現金費用，並會在開始支付現金租金前持續影響所呈報的費用。
• 管理層列出地緣政治衝突、經濟狀況、市場需求及競爭因素等不確定性，這些因素可能會影響業績表現。

分析師問答亮點

管理層表示，原料成本上升已被產品調價部分抵銷。黃金成本增加已直接轉嫁給客戶，而更廣泛的定價舉措與營運效率提升則支撐了毛利率擴大。

CPS 已確定用於提升產能的資本支出計畫。採購時間與新廠房建置進度保持一致，以便將設備直接運抵新址。規劃格局亦預留了空間，以便未來需求增加時擴充產能。

關於 QIM 商業化，管理層表示客戶認證通常可以專注於材料品質和零組件尺寸，而不必經過冗長的三方測試週期。CPS 正與潛在客戶討論更大尺寸的鎢合金零組件，並預期 QIM 將成為營收成長的重要貢獻者。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.