RE:Q4 2022 Loss...Could Get Ugly Tomorrow...I think the share price will probably close higher tomorrow (perhaps significantly higher) as the market may simply consider the select data CTS presented in their "preliminary" results.
The data CTS presented after market close today represents only a portion of the Income Statement (likely the portion CTS thinks the market will react postitively to) along with one Balance Sheet item (Cash On Hand as at December 31, 2022), and they are probably right that the market will react favourably to what is contained in the press release. However, they are scheduled to present their full set of financial statements on March 16 at 8am (before market open), so hopefully there are no negative surprises contained in the remainder of the data or adverse adjustments to the data that has been presented in these preliminary results. Otherwise, the gains they may achieve tomorrow may be wiped out (and then some) if investors see the financial picture as a whole to be sub-par. That is why I think the best option for CTS is to sell to the highest bidder unless the bid(s) are all low-ball offers or no firm offers were received at all.
Also, not sure why CTS feels the need to issue preliminary results. There may be a select few other companies that do this, but none comes to mind. Most companies simply release the full set of financial statements in their entirety along with a MD&A document at the regularly scheduled quarterly earnings release date. Revised guidance may be issued between earnings reports, but sneak previews of selected data one month before the release of all data is unusual.