Exhibit 99.2
CPS TECHNOLOGIES CORPORATION
Statements of Operations (Unaudited)
|
Three Months Ended |
Six Months Ended |
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|
June 28, |
June 29, |
June 28, |
June 29, |
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|
2025 |
2024 |
2025 |
2024 |
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|
Product sales |
$ | 8,078,657 | $ | 5,030,313 | $ | 15,584,578 | $ | 10,942,947 | ||||||||
|
Cost of product sales |
6,742,341 | 5,260,305 | 13,017,261 | 10,266,629 | ||||||||||||
|
Gross profit |
1,336,316 | (229,992 | ) | 2,567,317 | 676,318 | |||||||||||
|
Selling, general, and administrative expenses |
1,199,389 | 1,084,995 | 2,300,739 | 2,250,917 | ||||||||||||
|
Income (loss) from operations |
136,927 | (1,314,987 | ) | 266,578 | (1,574,599 | ) | ||||||||||
|
Other income, net |
19,025 | 90,851 | 69,501 | 170,021 | ||||||||||||
|
Net income (loss) before income taxes |
155,952 | (1,224,136 | ) | 336,079 | (1,404,578 | ) | ||||||||||
|
Income tax provision (benefit) |
52,119 | (269,832 | ) | 136,284 | (307,120 | ) | ||||||||||
|
Net income (loss) |
$ | 103,833 | $ | (954,304 | ) | $ | 199,795 | $ | (1,097,458 | ) | ||||||
|
Other comprehensive income |
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|
Net unrealized gains on available for sale securities |
8,169 | 8,701 | 10,206 | 8,701 | ||||||||||||
|
Reclassification adjustment for gains included in net income |
- | - | (16,237 | ) | - | |||||||||||
|
Total other comprehensive income |
8,169 | 8,701 | (6,031 | ) | 8,701 | |||||||||||
|
Comprehensive income (loss) |
112,002 | (945,603 | ) | 193,764 | (1,088,757 | ) | ||||||||||
|
Net income (loss) per basic common share |
$ | 0.01 | $ | (0.07 | ) | $ | 0.01 | $ | (0.08 | ) | ||||||
|
Weighted average number of basic common shares outstanding |
14,525,960 | 14,519,215 | 14,525,960 | 14,519,215 | ||||||||||||
|
Net income (loss) per diluted common share |
$ | 0.01 | $ | (0.07 | ) | $ | 0.01 | $ | (0.08 | ) | ||||||
|
Weighted average number of diluted common shares outstanding |
14,577,433 | 14,519,215 | 14,560,672 | 14,519,215 | ||||||||||||
CPS TECHNOLOGIES CORP.
Balance Sheets (Unaudited)
|
June 28, 2025 |
December 28, 2024 |
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|
ASSETS |
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|
Current assets: |
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|
Cash and cash equivalents |
$ |
2,374,037 |
$ |
3,280,687 |
||||
|
Marketable securities, at fair value |
1,044,925 |
1,031,001 |
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|
Accounts receivable-trade |
5,602,703 |
4,858,208 |
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|
Accounts receivable-other |
416,029 |
177,068 |
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|
Inventories, net |
5,198,246 |
4,331,066 |
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|
Prepaid expenses and other current assets |
263,636 |
480,986 |
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|
Total current assets |
14,899,576 |
14,159,016 |
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|
Property and equipment: |
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|
Production equipment |
10,659,948 |
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 |
12,568,088 |
12,272,130 |
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|
Accumulated depreciation and amortization |
(10,698,945 |
) |
(10,377,756 |
) |
||||
|
Construction in progress |
78,834 |
108,874 |
||||||
|
Net property and equipment |
1,947,977 |
2,003,248 |
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|
Intangible assets |
21,363 |
- |
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|
Right-of-use lease asset |
108,000 |
186,000 |
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|
Deferred taxes, net |
2,392,854 |
2,528,682 |
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|
Total Assets |
$ |
19,369,770 |
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 |
3,286,223 |
3,053,712 |
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|
Accrued expenses |
1,036,463 |
913,279 |
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|
Deferred revenue |
30,384 |
172,429 |
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|
Lease liability, current portion |
108,000 |
160,000 |
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|
Total current liabilities |
4,461,070 |
4,307,550 |
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|
Deferred revenue – long term |
31,277 |
31,277 |
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|
Long term lease liability |
- |
26,000 |
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|
Total liabilities |
4,492,347 |
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 14,661,487 shares; outstanding 14,525,960 shares at each June 28, 2025 and December 28, 2024 |
146,615 |
146,615 |
||||||
|
Additional paid-in capital |
40,751,927 |
40,580,387 |
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|
Accumulated other comprehensive income |
9,469 |
15,500 |
||||||
|
Accumulated deficit |
(25,690,450 |
) |
(25,890,245 |
) |
||||
|
Less cost of 135,527 common shares repurchased at each June 28, 2025 and December 28, 2024 |
(340,138 |
) |
(340,138 |
) |
||||
|
Total stockholders’ equity |
14,877,423 |
14,512,119 |
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|
Total liabilities and stockholders’ equity |
$ |
19,369,770 |
$ |
18,876,946 |
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