CPS Technologies (CPSH) 8-K CPS Technologies Corporation Announces First Quarter 2024 Financial Results

Exhibit 99.2

CPS TECHNOLOGIES CORPORATION

Statements of Operations (Unaudited)

	Fiscal Quarters Ended
	March 30, 2024			April 1, 2023
Revenues:
Product sales	$	5,912,634		$	7,100,267
Total revenues		5,912,634			7,100,267
Cost of product sales		5,006,324			4,855,564
Gross Margin		906,310			2,244,703
Selling, general, and administrative expense		1,165,922			1,550,522
Operating income (loss)		(259,612	)		694,181
Other income, net		79,171			15,590
Income (loss) before taxes		(180,441	)		709,771
Income tax provision		(37,288	)		250,570
Net income (loss)	$	(143,153	)	$	459,201
Net income (loss) per basic common share	$	(0.01	)	$	0.03
Weighted average number of basic common shares outstanding		14,519,215			14,452,284
Net income (loss) per diluted common share	$	(0.01	)	$	0.03
Weighted average number of diluted common shares outstanding		14,519,215			14,639,600

CPS TECHNOLOGIES CORP.

Balance Sheets (Unaudited)

	March 30, 2024			December 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	8,667,728		$	8,813,626
Accounts receivable-trade, net		3,848,635			4,389,155
Accounts receivable-other		27,490			83,191
Inventories, net		4,611,460			4,581,930
Prepaid expenses and other current assets		391,953			276,349
Total current assets		17,547,266			18,144,251
Property and equipment:
Production equipment		11,155,183			11,271,982
Furniture and office equipment		952,883			952,883
Leasehold improvements		985,649			985,649
Total cost		13,093,715			13,210,514
Accumulated depreciation and amortization		(11,581,885	)		(11,936,004	)
Construction in progress		206,250			281,629
Net property and equipment		1,718,080			1,556,139
Right-of-use lease asset (note 4, leases)		297,000			332,000
Deferred taxes		1,609,982			1,569,726
Total Assets	$	21,172,328			21,602,116
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Note payable, current portion		43,478			46,797
Accounts payable		2,409,773			2,535,086
Accrued expenses		843,770			1,075,137
Deferred revenue		207,247			251,755
Lease liability, current portion		160,000			160,000
Total current liabilities		3,664,268			4,068,775
Note payable less current portion		-			8,090
Deferred revenue – long term		31,277			31,277
Long term lease liability		137,000			172,000
Total liabilities		3,832,545			4,280,142
Commitments & Contingencies
Stockholders’ equity:
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,601,487 and 14, 601,487 shares; outstanding 14,519,215 and 14,519,215 shares; at March 30, 2024 and December 30, 2023, respectively		146,015			146,015
Additional paid-in capital		40,341,855			40,180,893
Accumulated deficit		(22,897,949	)		(22,754,796	)
Less cost of 82,272 and 82,272 common shares repurchased at March 30, 2024 and December 30, 2023, respectively		(250,138	)		(250,138	)
Total Stockholders’ Equity		17,339,783			17,321,974
Total Liabilities and Stockholders’ Equity	$	21,172,328		$	21,602,116