CPS Technologies (NADAQ:CPSH) is gaining this week following news the company inked a deal with the government to provide ballistic armor for U.S. Navy ships.
CPSH stock is up 80% in intraday trading today after announcing on Tuesday, February 2, that the company had “received a $28.7 million IDIQ contract” from the U.S. Navy specifically to outfit the fleet’s aircraft carriers. CPS Technologies stock was subsequently up 24% in afterhours trading last night.
CPS Technologies’s “HybridTech” armor integrates multiple patents and combines being lightweight with ballistic protection and environmental resistance. The armor panels are then sent to privately-held partner Kinetic Protection for assembly prior to installation on ships.
CPSH’s HybridTech Armor was developed in direct response to 2008 U.S. Navy specifications for “improved armor.” Per Seeking Alpha, the Navy’s fleet includes more than 400 non-submarine ships, suggesting potential further upside in the future.
Here are some other fast facts about little-known CPS Technologies:
- “The world leader in developing and manufacturing advanced materials solutions and products,” CPS Technologies specializes in working with metal and ceramics.
- Metal Matrix Composites (MMCs) are the bread-and-butter product for this company.
- MMCs are used in a variety of applications, including parts for microprocessors and microwaves as well as heatsinks in electronics.
- Beyond defense, the company is also involved in alternative energy, telecoms, aerospace and oil and natural gas.
- CPSH stock had a banner 2020, up more than 850%.
- The company was founded in 1984 and is headquartered in Norton, Massachussetts.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.