CPS Technologies (CPSH) 8-K CPS Technologies Corporation Announces Second Quarter 2023 Financial Results

Exhibit 99.2

CPS TECHNOLOGIES CORPORATION

Statements of Operations (Unaudited)

	Three Months Ended				Six Months Ended
	July 1,		July 2,		July 1,		July 2,
	2023		2022		2023		2022
Revenues:
Product sales	$	7,418,138	$	7,070,743	$	14,518,405	$	13,723,457
Total revenues	$	7,418,138	$	7,070,743	$	14,518,405	$	13,723,457
Cost of product sales		5,221,880		5,242,106		10,077,444		9,931,330
Gross Margin		2,196,259		1,828,637		4,440,961		3,792,127
Selling, general, and administrative expense		1,465,349		1,159,157		3,015,871		2,575,550
Income from operations		730,910		669,480		1,425,090		1,216,577
Interest/Other income (expense)		79,652		1,594		95,242		(319	)
Net income before income tax		810,562		671,074		1,520,332		1,216,258
Income tax provision (benefit)		210,058		215,966		460,628		341,714
Net income	$	600,503	$	455,108	$	1,059,704	$	874,544
Wtd. Avg. basic common shares outstanding - diluted		14,621,929		14,708,646		14,630,765		14,682,516
Net income per basic common share	$	0.04	$	0.03	$	0.07	$	0.06

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CPS TECHNOLOGIES CORPORATION

BALANCE SHEET (UNAUDITED)

	July 1,		December 31,
	2023		2022
Current assets:
Cash and cash equivalents	$	8,681,225	$	8,266,753
Accounts receivable-trade, net		5,074,559		3,777,975
Accounts Receivable - other		74,639		685,668
Inventories, net		4,813,753		4,875,901
Prepaid expenses and other current assets		288,315		211,242
Total current assets		18,932,491		17,817,539
Net property and equipment		1,507,578		1,326,968
Right-of-use lease asset		400,000		466,000
Deferred taxes, net		1,664,032		2,069,436
Total Assets	$	22,504,101	$	21,679,943
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Note payable, current portion		56,681		43,711
Accounts payable		2,359,532		1,836,865
Accrued expenses		861,514		820,856
Deferred revenue		1,828,068		2,521,128
Lease liability, current portion		158,000		157,000
Total current liabilities		5,263,795		5,379,560
Note payable less current portion		20,437		54,847
Deferred revenue – long term		31,277		231,020
Long term lease liability		242,000		309,000
Total liabilities		5,557,509		5,974,427
Total stockholders’ equity		16,946,592		15,705,516
Total liabilities and stockholders’ equity	$	22,504,101	$	21,679,943