CPS Technologies 8K Announces Third Quarter 2024 Financial Results | CPSH 1 Nov 24

Exhibit 99.2

CPS TECHNOLOGIES CORPORATION

Statements of Operations (Unaudited)

	Three Months Ended						Nine Months Ended
	September 28,			September 30,			September 28,			September 30,
	2024			2023			2024			2023
Revenues:
Product sales	$	4,247,116		$	6,285,041		$	15,190,063		$	20,803,447

Total revenues		4,247,116			6,285,041			15,190,063			20,803,447

Cost of product sales		4,770,548			5,049,177			15,037,177			15,126,621

Gross profit (loss)		(523,432	)		1,235,864			152,886			5,676,826

Selling, general, and administrative expense		963,064			1,105,227			3,214,831			4,121,099

Income (loss) from operations		(1,486,496	)		130,637			(3,061,945	)		1,555,727

Interest income (expense), net		71,650			78,181			241,686			176,325
Other income (expense), net		(676	)		(1,228	)		159			(4,130	)

Net income (loss) before income tax		(1,415,522	)		207,590			(2,820,100	)		1,727,922
Income tax provision (benefit)		(372,683	)		36,509			(679,803	)		497,137

Net income (loss)	$	(1,042,839	)	$	171,081		$	(2,140,297	)	$	1,230,785
Other comprehensive income
Net unrealized gains on available for sale securities		8,745			--			17,446			--
Total other comprehensive income		8,745			--			17,446			--
Total comprehensive income (loss)	$	(1,034,094	)	$	171,081		$	(2,122,851	)	$	1,230,785

Net income (loss) per basic common share	$	(0.07	)	$	0.01		$	(0.15	)	$	0.08

Weighted average number of basic common shares outstanding		14,525,664			14,517,364			14,520,827			14,487,873

Net income (loss) per diluted common share	$	(0.07	)	$	0.01		$	(0.15	)	$	0.08

Weighted average number of diluted common shares outstanding		14,525,664			14,636,241			14,520,827			14,632,591

CPS TECHNOLOGIES CORP.

Balance Sheets (Unaudited)

	September 28,			December 30,
	2024			2023
ASSETS

Current assets:
Cash and cash equivalents	$	4,689,004		$	8,813,626
Marketable securities, at fair value		1,020,952			–
Accounts receivable-trade, net		3,654,549			4,389,155
Accounts receivable-other		362,312			83,191
Inventories, net		4,433,412			4,581,930
Prepaid expenses and other current assets		506,126			276,349

Total current assets		14,666,355			18,144,251

Property and equipment:
Production equipment		9,953,702			11,271,982
Furniture and office equipment		891,921			952,883
Leasehold improvements		988,804			985,649

Total cost		11,834,427			13,210,514

Accumulated depreciation and amortization		(10,200,302	)		(11,936,004	)
Construction in progress		448,184			281,629

Net property and equipment		2,082,309			1,556,139

Right-of-use lease asset		224,000			332,000
Deferred taxes, net		2,249,985			1,569,726

Total assets	$	19,222,649		$	21,602,116

	September 28,			December 30,
	2024			2023
LIABILITIES AND STOCKHOLDERS` EQUITY

Current liabilities:
Note payable, current portion	$	20,103		$	46,797
Accounts payable		2,497,055			2,535,086
Accrued expenses		840,757			1,075,137
Deferred revenue		160,412			251,755
Lease liability, current portion		160,000			160,000

Total current liabilities		3,678,327			4,068,775

Note payable less current portion		–			8,090
Deferred revenue – long term		31,277			31,277
Long term lease liability		64,000			172,000

Total liabilities		3,773,604			4,280,142

Commitments and contingencies (note 7)

Stockholders` equity:
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,661,487 shares; outstanding 14,525,960 shares at September 28, 2024 and issued 14,601,487 shares; outstanding 14,519,215 shares at December 30, 2023		146,615			146,015
Preferred stock, no shares issued or outstanding		–			–
Additional paid-in capital		40,520,215			40,180,893
Accumulated other comprehensive income		17,446			–
Accumulated deficit		(24,895,093	)		(22,754,796	)
Less cost of 135,527 common shares repurchased at September 28, 2024 and 82,272 common shares repurchased at December 30, 2023		(340,138	)		(250,138	)

Total stockholders` equity		15,449,045			17,321,974

Total liabilities and stockholders` equity	$	19,222,649		$	21,602,116

CPS Technologies (CPSH) 8-KCPS Technologies Corporation Announces Third Quarter 2024 Financial Results