CPS Technologies Corp (NASDAQ: CPSH) is an advanced materials company that designs and manufactures custom metal matrix composite (MMC) components and assemblies for customers across transportation, energy, electronics, aerospace, and defense markets. Revenue is transactional, generated by selling custom-engineered parts made to customer specifications, with no catalog products. Founded in 1984 in Norton, Massachusetts as Ceramics Process Systems Corporation and renamed in 2007, CPS operates from a single leased facility of approximately 38 thousand square feet as of December 27, 2025. The company holds 8 U.S. patents as of that date and protects key manufacturing processes, including its proprietary Quickset Injection Molding Process and QuickCast Pressure Infiltration Process, through trade secrets and patents. Gross profit in FY2025 totaled $5.3 million, or 16% of sales, compared to a gross loss of $0.1 million in FY2024. The company generated operating income of $0.4 million in FY2025 versus an operating loss of $4.4 million in FY2024. CPS also participates in U.S. government SBIR and STTR programs, securing 13 Phase I or Phase II awards since 2022 as of December 27, 2025.

Revenue model

Transactional revenue from selling custom-engineered MMC components and assemblies made to individual customer designs. No catalog or off-the-shelf products. CPS also generates funded development revenue through U.S. government SBIR and STTR contracts administered by the Department of Defense and Department of Energy.

Products and services

Aluminum silicon carbide (AlSiC) MMC baseplates and heat spreaders for power semiconductor modules; hermetic packages for radar, satellite, and avionics applications; lids and heat spreaders for high-performance integrated circuits in internet switches and routers; HybridTech Armor panels installed on U.S. Navy aircraft carriers; housings and packages for hybrid circuits incorporating MMC and traditional materials including aluminum and copper-tungsten. Active Phase II SBIR programs include modular radiation shielding for nuclear applications, MMC thermal management for long-range missiles, and a controlled fragmentation tungsten warhead as of December 27, 2025.

Customers and end markets

Customers are OEMs and system integrators across transportation (high-speed electric trains, subway cars, hybrid and electric vehicles), energy (wind turbines, HVDC transmission), electronics (internet switches and routers), telecommunications, aerospace, and defense (U.S. Navy aircraft carriers). Products are custom components used inside systems built and sold by customers. Customer concentration figures are not disclosed in the filing excerpts.

Value-chain role

Upstream component manufacturer. CPS sits between raw material suppliers (silicon carbide, aluminum, gold) and OEM system assemblers. It does not sell finished systems. Parts are qualified by customers before entering ongoing production, creating a design-in relationship at the component level.

Geographic exposure

All manufacturing, engineering, sales, and administrative operations are located in Norton, Massachusetts as of December 27, 2025. The filing describes customers across global markets but does not disclose a geographic revenue breakdown.

Source: SEC 10-K, filed 2026-03-03

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