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• Corning for high-performance metal composites.
• 3M, but concentrated on advanced metal matrix composites.

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• AlSiC (Aluminum Silicon Carbide) Components: Advanced metal matrix composite materials offering high thermal conductivity and low thermal expansion, primarily used for thermal management in electronics.
• Hermetic Packages: Sealed, leak-proof enclosures often made from AlSiC, designed to protect sensitive electronic devices from environmental damage.
• Power Modules: Integrated electronic assemblies that combine various components for power conversion and management, frequently utilizing AlSiC for enhanced thermal performance.

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CPS Technologies (symbol: CPSH) sells primarily to other companies (B2B).

The company does not publicly disclose the specific names of its major customers in its SEC filings (such as 10-K reports) or other investor materials. While their annual reports indicate significant customer concentration (e.g., sales to their top three customers represented approximately 37% of net sales in 2023), individual customer names are not provided due to confidentiality and competitive reasons.

However, based on CPS Technologies' product offerings and the high-technology industries they serve, their customers are typically Original Equipment Manufacturers (OEMs) and Tier 1 suppliers that require advanced material solutions for demanding, high-performance applications. These customer companies operate in the following key sectors:

• Semiconductor Manufacturing Equipment: Companies that design and produce advanced tools and systems used in the fabrication, packaging, and testing of semiconductor devices. CPSH's materials provide critical thermal management and structural support in these high-power and high-heat environments.
• Aerospace and Defense: Prime contractors and sub-contractors engaged in developing sophisticated aerospace and defense systems. This includes manufacturers of radar systems, avionics, satellite components, and power modules for military and commercial aircraft, where lightweight, high-strength, and thermally efficient materials are crucial.
• Electric Vehicles (EVs): Companies involved in the design and production of power electronics (such as inverters and converters) for electric vehicle powertrains. CPSH's materials are vital for managing the significant heat generated by these high-power components, improving efficiency and reliability.
• Industrial Applications: Manufacturers of various high-power industrial equipment, lasers, and other specialized machinery that require robust and high-performance material solutions to withstand extreme conditions and improve operational efficiency.

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• Saint-Gobain (EPA: SGO)
• Höganäs AB (STO: HOG B)
• Coorstek, Inc.

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Brian Mackey, President & CEO

Mr. Mackey was appointed President and CEO of CPS Technologies in August 2023. His experience includes leadership roles in growth-oriented and technology-centric manufacturing businesses. He previously served as CEO of Engi-Mat Co., a developer and producer of nanomaterials. Prior to that, he was General Manager of the Synchrony Business Unit of Dresser-Rand/Siemens and Chief Operating Officer of Synchrony, Inc. before its acquisition by Dresser-Rand. Earlier in his career, he spent five years as an officer in the U.S. Army Corps of Engineers.

Charles K. Griffith, Jr., CFO

Mr. Griffith joined CPS Technologies in April 2019 and became Chief Financial Officer in May 2019. Before joining CPS, he served as CFO of SPRI Clinical Trials Global, LLC. Prior to SPRI, Mr. Griffith was the Vice President-Finance at Vertex Distribution, a private-equity owned manufacturer and distributor of fasteners, where he worked for 27 years.

Daniel Barton, VP of Operations

Mr. Barton has over 30 years of leadership experience in Operations and General Management.

Stephen Kachur, Ph.D., VP of Technology

Dr. Kachur manages new product development of next-generation composite materials. Before joining CPS, he managed multiple programs focused on developing ceramic matrix composites and additive manufacturing for aerospace/defense applications.

Cheryl Oliveira, VP, Sales

Cheryl Oliveira serves as the Vice President of Sales for CPS Technologies.

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1. Dependence on a limited number of customers and large contracts: CPS Technologies experienced a decline in revenue and a shift to losses in the fourth quarter of 2024, primarily due to the completion of a significant defense contract. Furthermore, three customers collectively accounted for 60% of the company's revenue in 2023 and 53% in 2022, indicating a substantial customer concentration. The loss of any major customer would be challenging to replace and could have a material adverse effect on the business and its financial condition.
2. Cash burn and need for additional financing: As of June 2025, CPS Technologies had a cash runway of approximately seven months, having burned through US$5.7 million in the preceding year. This short runway suggests that the company must either substantially reduce its cash expenditure or secure additional funding imminently to sustain its operations and growth plans.
3. Cybersecurity risks: Cybersecurity is an increasing concern for both management and investors at CPS Technologies. The company is actively working towards full compliance with NIST 800-171 to mitigate these risks, but the threat of a cybersecurity incident persists.

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CPS Technologies (symbol: CPSH) operates in several key markets with its advanced material solutions, primarily focusing on metal matrix composites (MMCs), hermetic microelectronic packages, and advanced materials for aerospace and defense, including armor products.

Addressable Markets for CPS Technologies' Main Products and Services:

• Metal Matrix Composites (MMCs): The global metal matrix composite market size was estimated to be between approximately USD 460.9 million and USD 1.73 billion in 2024. Projections indicate growth to a range of approximately USD 811.5 million to USD 2.96 billion by 2032-2033, with Compound Annual Growth Rates (CAGRs) typically between 5.7% and 7.0% during the forecast periods. These materials are crucial for thermal management in high-density electronics, wireless communications, high-performance microprocessors, and motor controllers.
• Hermetic Microelectronic Packages: The global hermetic packaging market was valued between approximately USD 2.16 billion and USD 4.21 billion in 2024. This market is projected to grow to approximately USD 5.90 billion to USD 7.36 billion by 2030-2032, at CAGRs ranging from 6.9% to 7.49%. Hermetic packages are used in military, electronics, satellite, and aerospace applications to protect sensitive components from environmental factors.
• Advanced Materials in Aerospace & Defense: CPS Technologies provides advanced material solutions for the aviation and defense industries, including armor products. The global market for advanced materials in aerospace and defense was valued between approximately USD 20.0 billion and USD 44.1 billion in 2024. This market is expected to grow to a range of approximately USD 27.99 billion to USD 83.5 billion by 2030-2034, with CAGRs between 5.5% and 6.2%. More specifically, the global advanced material in defense market size reached approximately USD 13.6 billion in 2024 and is expected to reach USD 23.2 billion by 2033.

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CPS Technologies (symbol: CPSH) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Increased Production Capacity and Manufacturing Efficiency: CPS Technologies has been focused on enhancing its operational capabilities to meet growing demand. The company implemented a third production shift in late 2024 and has consistently improved manufacturing throughput. A significant future driver is the planned move to a larger manufacturing facility in 2026, which is expected to nearly double its usable space, funded by a recent secondary offering of over $9.5 million. This expansion is crucial for supporting higher production rates and increased shipments across its product lines.
2. Strong Demand and New Contracts in the Power Module and Semiconductor Markets: The company has reported record revenues, largely fueled by robust customer demand, particularly in the power module and metal matrix composite markets. A notable driver is a new $15.5 million contract secured with a multinational semiconductor manufacturer for power module components, expected to contribute steadily to revenue over the next year. This indicates continued strength in key industrial sectors.
3. Expansion in Government and Defense Contracts: CPS Technologies is actively growing its involvement in federally funded research and development initiatives. The company is advancing several projects, including a $1.15 million Army contract for developing a controlled fragmentation warhead. Additionally, CPS has secured multiple Small Business Innovation Research (SBIR) development contracts, including four in 2025, which strengthen its position in government-funded projects and are expected to drive future revenue.
4. New Product Introductions and Market Outreach: CPS Technologies is broadening its product catalog and market reach through the commercialization of new materials. A significant example is the first commercial order received for its AlMax™ fiber-reinforced aluminum composites. This focus on innovation and expanding its core offerings to new and existing customers is anticipated to contribute to sustained revenue growth.

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Share Repurchases

• In fiscal year 2024, CPS Technologies repurchased 135,527 common shares at a cost of $340,138.
• In fiscal year 2023, the company repurchased 82,272 common shares at a cost of $250,138.

Share Issuance

• On October 8, 2025, CPS Technologies completed an underwritten public offering of 3,450,000 shares of its common stock at a price of $3.00 per share.
• This offering generated approximately $10.35 million in gross proceeds and $9,540,025 in net proceeds for the company.
• The net proceeds are intended for general corporate purposes, including working capital, capital expenditures, and expanding production capacity, potentially through a local move to a larger facility.

Capital Expenditures

• CPS Technologies reported capital expenditures of $1 million in 2024, $1 million in 2023, $0 million in 2022, $1 million in 2021, and $0 million in 2020.
• Projected capital expenditures are $1 million annually from 2025 through 2029, representing approximately 3% of projected revenue.
• Recent and planned capital expenditures are primarily focused on expanding production capacity and a potential relocation to a larger, more efficient manufacturing facility, which is expected to nearly double the company's usable floor space by the end of 2026 to support long-term growth.