$CPSH reports strong 2022 financial results, exceeds goals with 19% revenue increase
Mar 8th 2023, 6:20 pm
Analyst Summary: CPS Technologies Corporation (NASDAQ:CPSH) released their financial results for the fiscal year ended December 31, 2022, reporting revenues of $26.6 million and an operating profit of $2.2 million. The company has exceeded all of its goals for the year, achieving an increase of 19% over its 2021 revenues. The team were able to implement strategic initiatives to drive efficient growth with an emphasis on top and bottom-line growth. The CEO attributes the positive growth to focusing on tactical actions for progress such as investing in people, processes, and tools in line with the company’s strategic plans and growth objectives. CPS Technologies is confident they will continue to move forward and improve, despite the unpredictability of the global marketplace, due to their position of having more diversification in their product offerings and customer base. CPS Technologies is committed to innovation and has continued to support their customer in building solutions to the planet's problems, including high performance energy management components that facilitate the electrification of the economy.