Exhibit 99.2
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CPS TECHNOLOGIES CORPORATION |
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Statements of Operations (Unaudited) |
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Three Months Ended |
Nine Months Ended |
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| September 27, 2025 | September 28, 2024 | September 27, 2025 |
September 28, 2024 |
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Product sales |
$ | 8,803,695 | $ | 4,247,116 | $ | 24,388,272 | $ | 15,190,063 | ||||||||
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Cost of product sales |
7,301,129 | 4,770,548 | 20,318,390 | 15,037,177 | ||||||||||||
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Gross profit |
1,502,566 | -523,432 | 4,069,882 | 152,886 | ||||||||||||
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Selling, general, and administrative expenses |
1,226,484 | 963,064 | 3,527,223 | 3,214,831 | ||||||||||||
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Income (loss) from operations |
276,082 | (1,486,496 | ) | 542,659 | (3,061,945 | ) | ||||||||||
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Other income, net |
45,483 | 70,974 | 114,985 | 241,845 | ||||||||||||
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Net income (loss) before income taxes |
321,565 | (1,415,522 | ) | 657,644 | (2,820,100 | ) | ||||||||||
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Income tax provision (benefit) |
113,601 | (372,683 | ) | 249,885 | (679,803 | ) | ||||||||||
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Net income (loss) |
$ | 207,964 | $ | (1,042,839 | ) | $ | 407,759 | $ | (2,140,297 | ) | ||||||
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Other comprehensive income |
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Net unrealized gains (losses)on available for sale securities |
(2,293 | ) | 8,745 | 7,913 | 17,446 | |||||||||||
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Reclassification adjustment for gains included in net income |
- | - | -16,237 | - | ||||||||||||
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Total other comprehensive income (loss) |
(2,293 | ) | 8,745 | -8,324 | 17,446 | |||||||||||
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Comprehensive income (loss) |
205,671 | (1,034,094 | ) | 399,435 | (2,122,851 | ) | ||||||||||
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Net income (loss) per basic common share |
$ | 0.01 | $ | (0.07 | ) | $ | 0.03 | $ | (0.15 | ) | ||||||
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Weighted average number of basic common shares outstanding |
14,527,126 | 14,525,664 | 14,526,349 | 14,521,365 | ||||||||||||
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Net income (loss) per diluted common share |
$ | 0.01 | $ | (0.07 | ) | $ | 0.03 | $ | (0.15 | ) | ||||||
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Weighted average number of diluted common shares outstanding |
14,674,384 | 14,525,664 | 14,598,576 | 14,521,365 | ||||||||||||
CPS TECHNOLOGIES CORP.
Balance Sheets (Unaudited)
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September 27, 2025 |
December 28, 2024 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 3,234,142 | $ | 3,280,687 | ||||
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Marketable securities, at fair value |
1,054,079 | 1,031,001 | ||||||
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Accounts receivable-trade |
5,400,080 | 4,858,208 | ||||||
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Accounts receivable-other |
376,652 | 177,068 | ||||||
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Inventories, net |
5,383,680 | 4,331,066 | ||||||
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Prepaid expenses and other current assets |
328,249 | 480,986 | ||||||
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Total current assets |
15,776,882 | 14,159,016 | ||||||
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Property and equipment: |
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Production equipment |
10,599,479 | 10,382,379 | ||||||
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Furniture and office equipment |
910,310 | 891,921 | ||||||
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Leasehold improvements |
997,830 | 997,830 | ||||||
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Total cost |
12,507,619 | 12,272,130 | ||||||
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Accumulated depreciation and amortization |
(10,737,391 | ) | (10,377,756 | ) | ||||
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Construction in progress |
216,193 | 108,874 | ||||||
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Net property and equipment |
1,986,421 | 2,003,248 | ||||||
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Net intangible assets |
23,746 | - | ||||||
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Right-of-use lease asset |
370,000 | 186,000 | ||||||
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Deferred taxes, net |
2,279,253 | 2,528,682 | ||||||
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Total Assets |
$ | 20,436,302 | 18,876,946 | |||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Note payable, current portion |
- | 8,130 | ||||||
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Accounts payable |
3,530,052 | 3,053,712 | ||||||
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Accrued expenses |
1,298,268 | 913,279 | ||||||
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Deferred revenue |
74,257 | 172,429 | ||||||
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Lease liability, current portion |
161,000 | 160,000 | ||||||
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Total current liabilities |
5,063,577 | 4,307,550 | ||||||
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Deferred revenue – long term |
31,277 | 31,277 | ||||||
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Long term lease liability |
209,000 | 26,000 | ||||||
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Total liabilities |
5,303,854 | 4,364,827 | ||||||
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Commitments & Contingencies |
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Stockholders’ equity: |
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Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,666,987 and 14,661,487 shares; outstanding 14,529,277 and 14,525,960 shares at September 27, 2025 and December 28, 2024, respectively |
146,670 | 146,615 | ||||||
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Additional paid-in capital |
40,809,151 | 40,580,387 | ||||||
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Accumulated other comprehensive income |
7,176 | 15,500 | ||||||
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Accumulated deficit |
(25,482,486 | ) | (25,890,245 | ) | ||||
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Less cost of 137,710 and 135,527 common shares repurchased at September 27, 2025 and December 28, 2024, respectively |
(348,063 | ) | (340,138 | ) | ||||
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Total stockholders’ equity |
15,132,448 | 14,512,119 | ||||||
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Total liabilities and stockholders’ equity |
$ | 20,436,302 | $ | 18,876,946 | ||||