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Here are a couple of analogies for CPS Technologies:

• Like Corning (GLW), but instead of specialized glass and ceramics, they make high-performance metal-ceramic composites and packaging for advanced microelectronics.
• A specialized 3M (MMM) for the high-tech industry, providing critical advanced materials and components that enable cutting-edge electronic systems in everything from EVs to aerospace.

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• Metal Matrix Composite (MMC) Baseplates: These are metal-ceramic components used in motor controllers for electric/hybrid vehicles, trains, and wind turbines, and in wide band gap semiconductor modules.
• Metal Matrix Composite (MMC) Hermetic Packages: These are specialized metal-ceramic enclosures for sensitive electronics in radar, satellite, and avionics systems.
• Metal Matrix Composite (MMC) Lids and Heatspreaders: These metal-ceramic components are used with integrated circuits in internet switches and routers for thermal management.
• Assembled Housings and Packages for Hybrid Circuits: These are assembled enclosures and packages specifically for hybrid electronic circuits.

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CPS Technologies Corporation (symbol: CPSH) sells its products primarily to other businesses, specifically microelectronics systems companies located in the United States, Europe, and Asia.

Based on the company's public financial filings, including its annual reports (10-K), CPS Technologies does not disclose the names of its specific major customers. This is because, while the company has customer concentration (its top five customers collectively accounted for approximately 64% to 70% of total sales in recent fiscal years), no single customer has accounted for 10% or more of its total sales during those periods. Companies are generally required to disclose the names of customers only if they represent a significant portion (typically 10% or more) of their total revenue.

Therefore, while the primary customer base consists of other companies, their specific names are not publicly available.

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Brian Mackey, President & Chief Executive Officer

Brian Mackey was appointed President and CEO of CPS Technologies Corporation in August 2023, bringing over 20 years of executive leadership experience. Before joining CPS, he served as the CEO of Engi-Mat Co., where he led the development and production of metal oxide and ceramic nanomaterials, secured a significant contract for a U.S. Navy Program of Record, and obtained substantial research funding from the Department of Defense and Department of Energy. Prior to Engi-Mat, he was the General Manager of the Synchrony Business Unit of Dresser-Rand/Siemens and the Chief Operating Officer of Synchrony, Inc. before its acquisition by Dresser-Rand in 2012. Mr. Mackey also served as an officer in the U.S. Army Corps of Engineers. He holds a B.S. in Engineering from the U.S. Military Academy and an MBA from the Wharton School of the University of Pennsylvania.

Charles K. Griffith, Jr., CFO & Secretary

Charles K. Griffith, Jr. joined CPS Technologies in April 2019 and assumed the role of Chief Financial Officer in May 2019. He also served as Acting President from April to August 2023 during the CEO transition period. Mr. Griffith previously held the position of Chief Financial Officer at SPRI Clinical Trials Global, LLC from May 2007 to December 2018. Prior to that, he was the Vice President-Finance at Vertex Distribution (formerly known as Pawtucket Fasteners and Bell Fasteners), a Rhode Island-based, private-equity owned manufacturer and distributor of corrosion-resistant fasteners, where he worked for 27 years. He earned an accounting degree from The College of William & Mary and an MBA from Bryant University. Mr. Griffith is scheduled to retire from his positions with the company in mid-2026.

Daniel Barton, Vice President of Operations

Daniel Barton possesses over 30 years of leadership experience in Operations and General Management.

Stephen Kachur, Ph.D., Vice President of Technology

Dr. Stephen Kachur is responsible for managing new product development of next-generation composite materials at CPS Technologies Corporation. Before joining the company, he managed several programs focused on the development of ceramic matrix composites and additive manufacturing for aerospace and defense applications, with a particular emphasis on hypersonic structures. Dr. Kachur holds a B.S. in Materials Science & Engineering from Lehigh University, and both a Ph.D. and M.S. in Materials Science & Engineering from Carnegie Mellon University.

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Key Risks to the Business:

1. Technological Obsolescence and Disruption: CPS Technologies' core business revolves around producing and selling advanced material solutions, specifically metal matrix composites. The risk exists that new materials, manufacturing processes, or design paradigms could emerge in the industries they serve (e.g., transportation, aerospace, computing, energy). Such innovations might offer superior performance, lower costs, or different functionality, potentially rendering CPSH's specialized metal matrix composites less competitive or obsolete for critical applications like baseplates, hermetic packages, or heatspreaders. This could significantly impact demand for their proprietary material solutions.
2. Reliance on Capital Expenditure Cycles of Key Industries: CPS Technologies primarily sells its advanced material components to microelectronics systems companies whose end products include electric trains, subway cars, wind turbines, hybrid and electric vehicles, radar systems, satellites, and internet switches and routers. These industries often involve significant capital expenditures and are susceptible to economic downturns, government spending fluctuations (e.g., defense budgets), changes in energy policy, or shifts in consumer/industrial investment. A significant slowdown or reduction in capital investment across several of these key sectors could lead to decreased demand for CPSH's components, impacting their sales and profitability.

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CPS Technologies Corporation (CPSH) operates in several advanced materials markets. The addressable market sizes for its main products and services are as follows:

• Metal Matrix Composites (MMCs): CPS Technologies produces metal matrix composites, including baseplates for motor controllers used in electric trains, subway cars, wind turbines, and hybrid and electric vehicles. The global metal matrix composite market was valued at approximately USD 460.9 million in 2024 and is projected to reach USD 811.5 million by 2033, growing at a Compound Annual Growth Rate (CAGR) of 6.5% from 2025 to 2033. Another estimate places the global market size at USD 525.9 million in 2024, expected to reach USD 1124.9 million by 2034, with a CAGR of 7.9% from 2025 to 2034. The ground transportation segment, which includes automotive and rail industries, held a significant share of the MMC market. The electronics/thermal management segment is also a key end-use for MMCs and is expected to grow at the fastest CAGR of 6.9% over the forecast period.
• Hermetic Packages: The company provides hermetic packages for radar, satellite, and avionics applications. The global hermetic packaging market was valued at approximately USD 4.15 billion in 2025 and is estimated to grow to USD 6.14 billion by 2031, at a CAGR of 6.74% during the forecast period (2026-2031). Other reports indicate the market was valued at USD 5.0 billion in 2024, projected to grow to USD 9.67 billion by 2033, at a CAGR of 7.6% from 2026 to 2033. The aerospace and defense sector is a major end-user for hermetic packaging, holding a substantial market share (e.g., over 32.3% in 2025, 34.7% in 2025, or approximately 41% in 2023), and is expected to see the fastest growth due to demand for fault-tolerant electronics in aerospace updates and satellite deployments. The hermetic packaging market size for satellite electronics alone approached USD 810 million in 2025.
• Baseplates and Housings for Wide Band Gap (WBG) Semiconductors: CPS Technologies manufactures baseplates and housings used in modules built with wide band gap semiconductors. The global wide band gap (WBG) semiconductors market was valued at approximately USD 2.44 billion in 2025 and is predicted to increase to USD 8.42 billion by 2034, expanding at a CAGR of 14.74% from 2025 to 2034. Another source estimated the market at USD 2.38 billion in 2025, projected to grow to USD 7.70 billion by 2034, exhibiting a CAGR of 13.88%. The automotive segment held the largest market share in 2024, at 36%, driven by the increasing adoption of SiC and GaN semiconductors in electric vehicles and 5G infrastructure.
• Lids and Heatspreaders for Integrated Circuits (Internet Switches and Routers): The company provides lids and heatspreaders for integrated circuits used in internet switches and routers. The global IC package heat spreader market is estimated to be in the range of USD 2.5 billion to USD 3.0 billion in the current year, with a projected CAGR of 7-9% over the next five to seven years. Separately, the global Integrated Heat Spreader (IHS) market size was estimated at USD 2.38 billion in 2025 and is expected to reach USD 4.85 billion by 2032, at a CAGR of 10.70%. The global router and switch market, where these components are utilized, was valued at USD 56.74 billion in 2024 and is projected to reach USD 102.58 billion by 2033, exhibiting a CAGR of 6.40% from 2025 to 2033.
• Assembly of Housings and Packages for Hybrid Circuits: CPS Technologies also assembles housings and packages for hybrid circuits. The global Flexible Hybrid Electronics (FHE) market, which includes hybrid integration, was valued at USD 1.80 billion in 2025 and is expected to reach USD 7.60 billion by 2035, growing at a CAGR of 15.48% over 2026-2035. Hybrid integration (printed + silicon ICs) accounted for approximately 49% of the FHE devices in 2025. Additionally, the broader electronic packaging market is estimated to reach over USD 6,995.73 million by 2032 from USD 2,021.59 million in 2024, growing at a CAGR of 18.8% from 2025 to 2032.

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For CPS Technologies (CPSH), the following are expected drivers of future revenue growth over the next 2-3 years:

1. Expanded Manufacturing Capacity and Operational Efficiencies: The company's planned relocation to a larger and more efficient manufacturing facility is a key driver. This move is anticipated to address existing space constraints, increase overall production capacity, improve throughput, and lead to greater operational efficiencies, which are expected to support higher demand and enhance gross margins over time.
2. Sustained Strong Demand for Power Module Components: CPS Technologies anticipates continued robust demand for its core aluminum silicon carbide power module components. These are critical in high-growth sectors such as electrified transportation (including high-speed rail and electric vehicles) and grid infrastructure (like wind turbines and data centers), driving consistent revenue growth.
3. Introduction and Commercialization of New Advanced Materials and Products: Future revenue growth is also expected from the launch and commercialization of new product lines. This includes Fiber-Reinforced Aluminum (FRA) Composites, which have applications in military vehicles, aerospace, motor sports, heavy trucks, and oilfield drilling, as well as the commercialization of radiation shielding solutions.
4. Resumption and Growth in Defense Sector Contracts: The company foresees growth from renewed engagements in the defense sector. This includes the potential resumption of orders for HybridTech Armor supporting the U.S. Navy in the latter half of the current calendar year, along with ongoing federal research and development contracts (SBIR/STTR) for various defense applications, such as thermal energy storage and controlled fragmentation warheads.

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Share Issuance

• CPS Technologies Corporation completed an underwritten public offering of 3,450,000 shares of common stock on October 8, 2025, including the full exercise of a 450,000-share overallotment option.
• This offering was priced at $3.00 per share, resulting in net proceeds of approximately $9.5 million for the company after accounting for underwriting discounts, commissions, and estimated expenses.
• The net proceeds from this offering are designated for general corporate purposes, including working capital, capital expenditures, and expanding production capacity, potentially through a local relocation to a larger facility.

Inbound Investments

• In October 2025, CPS Technologies raised approximately $9.5 million through an equity offering. This influx of capital from public investors and underwriters served as a significant inbound investment, strengthening the company's liquidity.

Capital Expenditures

• The proceeds from the October 2025 equity offering are intended, in part, to fund future capital expenditures aimed at expanding production capacity and potentially facilitating a move to a larger facility.
• As of the 2025 earnings reports, the company is planning a strategic facility relocation to address space constraints and support anticipated growth.