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

Exhibit 99.2

CPS TECHNOLOGIES CORP.

Statements of Operations (Unaudited)

	Fiscal Quarters Ended						Nine Months Ended
	September 30,			October 1,			September 30,			October 1,
	2023			2022			2023			2022
Revenues:
Product sales	$	6,285,041		$	6,748,117		$	20,803,447		$	20,471,574
Total Revenues		6,285,041			6,748,117			20,803,447			20,471,574
Cost of product sales		5,049,177			4,864,876			15,126,621			14,796,206
Gross Profit		1,235,864			1,883,241			5,676,826			5,675,368
Selling, general and administrative expense		1,105,227			1,174,581			4,121,099			3,750,131
Operating income (loss)		130,637			708,660			1,555,727			1,925,237
Interest income (expense), net		78,181			(1,892	)		176,325			(6,245	)
Other income (expense), net		(1,228	)		645,594			(4,130	)		649,628
Net income (loss) before income tax expense		207,590			1,352,362			1,727,922			2,568,620
Income tax provision (benefit)		36,509			364,497			497,137			706,211	)
Net income	$	171,081		$	987,865		$	1,230,785		$	1,862,409
Net income per basic common share	$	0.01		$	0.07		$	0.08		$	0.13
Weighted average number of basic common shares outstanding		14,517,364			14,434,468			14,487,873			14,417,995
Net income per diluted common share	$	0.01		$	0.07		$	0.08		$	0.13
Weighted average number of diluted common shares outstanding		14,636,241			14,686,476			14,632,591			14,683,632

CPS TECHNOLOGIES CORP.
Balance Sheets (Unaudited)

	September 30,			December 31,
	2023			2022
ASSETS
Current assets:
Cash and cash equivalents	$	8,778,856		$	8,266,753
Accounts receivable-trade, net		5,006,451			3,777,975
Accounts receivable-other		17.043			685,668
Inventories, net		4,827,957			4,875,901
Prepaid expenses and other current assets		337,476			211,242
Total current assets		18,967,783			17,817,539
Property and equipment:
Production equipment		11,195,993			10,770,427
Furniture and office equipment		952,883			952,883
Leasehold improvements		985,649			985,649
Total cost		13,134,525			12,708,959
Accumulated depreciation and amortization		(11,810,209	)		(11,446,901	)
Construction in progress		206,693			64,910
Net property and equipment		1,531,009			1,326,968
Right-of-use lease asset		367,000			466,000
Deferred taxes, net		1,645,467			2,069,436
Total assets	$	22,511,259		$	21,679,943

	October 1,			December 31,
	2022			2022
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Note payable, current portion		57,457			43,711
Accounts payable		2,151,127			1,836,865
Accrued expenses		1,067,293			820,856
Deferred revenue		1,675,086			2,521,128
Lease liability, current portion		159,000			157,000
Total current liabilities		5,109,963			5,379,560
Note payable less current portion		8,655			54,847
Deferred revenue-long term		31,277			231,020
Long term lease liability		208,000			309,000
Total liabilities		5,357,895			5,974,427
Commitments (note 4)
Stockholders` equity:
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,601487 and 14,460,486, respectively; outstanding 14,519,215 and 14,450,470, respectively; at September 30, 2023 and December 31, 2022;		146,015			144,605
Additional paid-in capital		40,151,794			39,726,851
Accumulated deficit		(22,894,307	)		(24,125,092	)
Less cost of 82,272 and 10,016 common shares repurchased, respectively; at September 30, 2023 and December 31, 2022		(250,138	)		(40,848	)
Total stockholders` equity		17,153,364			15,705,516
Total liabilities and stockholders` equity	$	22,511,259		$	21,679,943