CPS Technologies Reports Q1 Revenue Dip to $7M, 8.6% Margin, Appoints New CFO
Revenue fell to $7.0 million in Q1 from $7.5 million a year earlier, driving an operating loss of $0.5 million and shrinking gross margin to 8.6% from 16.4%. CPS booked a $4 million hermetic packaging order, won a $100,000 Navy SBIR extension and appointed Chris Fraser as CFO.
1. First Quarter Financial Results
Revenue for the first quarter ended March 28 declined to $7.0 million from $7.5 million a year earlier, resulting in an operating loss of $0.5 million and a net loss of $0.3 million. Gross margin contracted to 8.6% from 16.4% due to lower volumes spreading fixed costs. After quarter-end, CPS booked a $4 million hermetic packaging order and secured a $100,000 Navy SBIR extension, and detailed planning is underway for a larger facility move later in 2026.
2. CFO Appointment and Transition
Chris Fraser joined CPS Technologies on May 4 and will officially assume the CFO role on May 18, while Chuck Griffith remains through the end of May to ensure a seamless handover. Fraser previously managed financial operations at three Precision Castparts plants and served as CFO for federal grant–backed ventures, offering deep aerospace and manufacturing finance expertise.