CPS Technologies Announces $12 Million Contract with Semiconductor OEM
30 Oktober 2024 - 9:25PM
CPS Technologies Corp. (NASDAQ:CPSH) (“CPS” or the “Company”) today
announced that it has received an award, valued at approximately
$12 million, from a major, longstanding customer to provide power
module components and related solutions. This agreement, though
cancelable by either party, enables both parties to continue
discussions about future volume and price requirements while
near-term production needs are met. Deliveries are scheduled to
take place over a twelve-month period starting in the current
month, with volumes that represent a significant increase over the
prior four quarters. The components will be employed primarily in
high-speed rail, wind turbines and EV/HEV applications. The client
company is a multinational semiconductor manufacturer based
overseas.
“We are very pleased by this noteworthy growth
in our core business of aluminum silicon carbide products. We will
continue to provide these components to a longstanding client with
a worldwide clientele in many industrial, electronic, and consumer
markets” said Brian Mackey, President & CEO of CPS. “We are
committed to meeting the growing needs of our client and its
customers, particularly in the green energy, automotive and
transportation fields. This award again demonstrates rising demand
for our unique offerings, as we look to accelerate top line growth
in the months and quarters to come.”
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 HarborStatements made in this document that
are not historical facts or which apply prospectively, including
those relating to 2024 and 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
Witty646-438-9385cwitty@darrowir.com
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