Exhibit 99.2
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CPS TECHNOLOGIES CORPORATION Statements of Operations (Unaudited) |
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Fiscal Quarters Ended |
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March 28, 2026 |
March 29, 2025 |
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Product sales |
$ | 7,028,748 | $ | 7,505,921 | ||||
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Cost of product sales |
6,421,870 | 6,274,920 | ||||||
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Gross profit |
606,878 | 1,231,001 | ||||||
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Selling, general, and administrative expenses |
1,129,512 | 1,101,350 | ||||||
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Operating income (loss) |
(522,634 | ) | 129,651 | |||||
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Other income, net |
146,205 | 50,476 | ||||||
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Income (loss) before income taxes |
(376,429 | ) | 180,127 | |||||
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Income tax provision (benefit) |
(82,250 | ) | 84,165 | |||||
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Net income (loss) |
$ | (294,179 | ) | $ | 95,962 | |||
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Other comprehensive income |
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Net unrealized gains (losses) on available for sale securities |
(4,757 | ) | 2,037 | |||||
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Reclassification adjustment for gains included in net income |
- | (16,237 | ) | |||||
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Total other comprehensive income |
(4,757 | ) | (14,200 | ) | ||||
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Comprehensive income (loss) |
(298,936 | ) | 81,762 | |||||
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Net income (loss) per basic common share |
$ | (0.02 | ) | $ | 0.01 | |||
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Weighted average number of basic common shares outstanding |
17,997,088 | 14,525,960 | ||||||
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Net income (loss) per diluted common share |
$ | (0.02 | ) | $ | 0.01 | |||
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Weighted average number of diluted common shares outstanding |
17,997,088 | 14,543,911 | ||||||
CPS TECHNOLOGIES CORP.
Balance Sheets (Unaudited)
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March 28, 2026 |
December 27, 2025 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 5,724,339 | $ | 4,466,198 | ||||
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Marketable securities, at fair value |
6,797,952 | 8,769,363 | ||||||
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Accounts receivable-trade |
3,779,089 | 5,235,307 | ||||||
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Accounts receivable-other |
201,013 | 380,948 | ||||||
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Inventories, net |
7,143,727 | 5,598,407 | ||||||
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Prepaid expenses and other current assets |
331,411 | 299,829 | ||||||
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Total current assets |
23,977,531 | 24,750,052 | ||||||
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Property and equipment: |
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Production equipment |
10,528,733 | 10,647,170 | ||||||
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Furniture and office equipment |
910,310 | 910,310 | ||||||
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Leasehold improvements |
997,830 | 997,830 | ||||||
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Total cost |
12,436,913 | 12,555,310 | ||||||
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Accumulated depreciation and amortization |
(10,801,044 | ) | (10,877,927 | ) | ||||
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Construction in progress |
828,107 | 459,671 | ||||||
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Net property and equipment |
2,463,976 | 2,137,054 | ||||||
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Net intangible assets |
20,794 | 21,778 | ||||||
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Right-of-use lease asset |
300,000 | 336,000 | ||||||
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Deferred taxes, net |
2,349,560 | 2,266,854 | ||||||
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Total Assets |
$ | 29,111,861 | 29,511,738 | |||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
3,337,589 | 3,363,233 | ||||||
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Accrued expenses |
577,219 | 907,910 | ||||||
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Deferred revenue |
450,579 | 238,044 | ||||||
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Lease liability, current portion |
163,000 | 162,000 | ||||||
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Total current liabilities |
4,528,387 | 4,671,187 | ||||||
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Deferred revenue – long term |
31,277 | 31,277 | ||||||
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Long term lease liability |
137,000 | 174,000 | ||||||
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Total liabilities |
4,696,664 | 4,876,464 | ||||||
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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 18,151,767 and 18,132,767 shares; outstanding 18,006,963 and 17,988,634 shares at each March 28, 2026 and December 27, 2025 |
181,510 | 181,320 | ||||||
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Preferred stock, no shares issued or outstanding |
– | – | ||||||
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Additional paid-in capital |
50,377,081 | 50,295,019 | ||||||
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Accumulated other comprehensive income |
(4,618 | ) | 139 | |||||
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Accumulated deficit |
(25,764,070 | ) | (25,469,891 | ) | ||||
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Less cost of 144,804 and 144,133 common shares repurchased at each March 28, 2026 and December 27, 2025 |
(374,706 | ) | (371,313 | ) | ||||
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Total stockholders’ equity |
24,415,197 | 24,635,274 | ||||||
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Total liabilities and stockholders’ equity |
$ | 29,111,861 | $ | 29,511,738 | ||||