{"id":755158,"date":"2023-05-04T16:25:05","date_gmt":"2023-05-04T20:25:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/"},"modified":"2023-05-04T16:25:05","modified_gmt":"2023-05-04T20:25:05","slug":"cps-technologies-corporation-announces-first-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/","title":{"rendered":"CPS Technologies Corporation Announces First Quarter 2023 Financial Results"},"content":{"rendered":"<h2>\nRecord Revenue; Margin Expansion; Strong Book-to-Bill<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"justify\">NORTON, Mass., May  04, 2023  (GLOBE NEWSWIRE) &#8212; CPS Technologies Corporation (NASDAQ:CPSH) (\u201cCPS\u201d or the \u201cCompany\u201d) today announced financial results for the fiscal first quarter ended April 1, 2023.<\/p>\n<p align=\"justify\">\n        <u>First Quarter Highlights<\/u>\n      <\/p>\n<ul type=\"disc\">\n<li>Revenue of $7.1 million for the first quarter of 2023 versus $6.7 million in the prior-year period<\/li>\n<li>Gross margin of 31.6 percent, up 210 basis points from the first quarter of 2022<\/li>\n<li>Operating profit of $0.7 million for the quarter ended April 1, 2023 versus $0.5 million in the prior-year period<\/li>\n<\/ul>\n<p align=\"justify\">\u201cI\u2019m pleased to announce that this period marked a new level of top line performance for the Company, with revenue of $7.1 million surpassing the previous record set during the second quarter of 2022,\u201d said Chuck Griffith, CFO and acting President. \u201cWhile the 7% increase in sales year-over-year was significant, the fact that the first quarter of 2022 was a longer, 14 week quarter \u2013 which only happens every five or six years \u2013 makes this growth even more impressive. In addition, gross margins expanded year-over-year, and our operating profit rose by 27%, to $0.7 million. Fiscal 2023 is clearly off to a great start.<\/p>\n<p align=\"justify\">\u201dGiven a first quarter book-to-bill ratio of 112%, significant wins with a leading aerospace customer, a new Small Business Innovative Research (SBIR) contract, and a strong backlog, we expect to continue a pattern of robust and sustainable growth over the coming quarters. In addition, to meet the increasing demands of our operations, we have expanded our team by adding key roles in business development and quality, with more to come. Based on our current pipeline of opportunities and ongoing demand, I anticipate the Company will set additional records for revenue and profit as we move forward in 2023.\u201d<\/p>\n<p align=\"justify\">\n        <u>Results of Operations<\/u><br \/>\n        <br \/> CPS reported revenue of $7.1 million for the first quarter of fiscal 2023 versus $6.7 million in the prior-year period, reflecting higher product shipments. Gross profit rose to $2.2 million, or 31.6 percent of revenue, from $2.0 million, or 29.5 percent of revenue, in the fiscal 2022 first quarter. The higher gross margin year-over-year reflects increased operating leverage and improved product mix.<\/p>\n<p align=\"justify\">Operating profit rose to $0.7 million in the fiscal 2023 first quarter from $0.5 million in the prior-year period. Reported net income was $0.5 million, or $0.03 per diluted share, versus $0.4 million, or $0.03 per diluted share, in the quarter ended April 2, 2022.<\/p>\n<p align=\"justify\">\n        <u>Conference Call<\/u><br \/>\n        <br \/> The Company will be hosting its first quarter 2023 earnings call at 4:30 pm on Thursday, May 4. Those interested in participating in the conference call should dial:<\/p>\n<p align=\"justify\">Call in Number: 1-844-943-2942 <br \/> Conference ID: 503680<\/p>\n<p align=\"justify\">The Company encourages those who wish to participate to call in 10 minutes before the scheduled start time to ensure the operator can connect all participants.<\/p>\n<p align=\"justify\">\n        <u>About CPS<\/u><br \/>\n        <br \/> CPS is a technology and manufacturing leader in producing high-performance energy management components that facilitate the electrification of the economy. Our products and intellectual property include critical pieces of the technology puzzle for electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, the smart electric grid, 5G infrastructure, and others. CPS&#8217; armor products provide exceptional ballistic protection and environmental durability at a very lightweight. CPS is committed to innovation and to supporting our customers in building solutions to this planet&#8217;s problems.<\/p>\n<p align=\"justify\">\n        <u>Safe Harbor<\/u><br \/>\n        <br \/> Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2023 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as &#8220;will,&#8221; &#8220;intends,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;anticipates&#8221; and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company&#8217;s expectation. Additional information concerning risk factors is contained from time to time in the company&#8217;s SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.<\/p>\n<p align=\"start\">CPS Technologies Corporation \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <br \/> 111 South Worcester Street <br \/> Norton, MA 02766 <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=c2GfBBH7KJbmxigjUI88f4dkHpE-VePJCwUvDyeey4Kyi80COK3jPRBYZff9XtytOKf93xugcn3PRWd12TtXTBgwHUdaKvS8JDso7Q5Ao66cfnTdmNLMlrCOXKssShta\" rel=\"nofollow noopener\" target=\"_blank\"><u>www.cpstechnologysolutions.com<\/u><\/a><\/p>\n<p align=\"start\">Investor Relations: <br \/> Chris Witty <br \/> 646-438-9385 <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=D5yi1x2dhm8ZJQuhVPhtZYKmXYPe9i6gkbbChXsuPpCz5_zXj80hXxnlg12zfYEURzPoUUKIZed1gCP6KOqUYI6KBjMsrDGREsoxoabwf4I=\" rel=\"nofollow noopener\" target=\"_blank\"><u>cwitty@darrowir.com<\/u><\/a><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle\">\n            <strong>CPS TECHNOLOGIES CORP.<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle\">\n            <strong>Statements of Operations (Unaudited)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle\">Fiscal Quarters Ended<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">April 1,<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">April 2,<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:72%;width:72%;min-width:72%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">2023<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">2022<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Revenues:<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Product sales<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">7,100,267<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">6,652,714<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Total revenues<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">7,100,267<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">6,652,714<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Cost of product sales<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">4,855,564<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">4,689,224<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Gross Profit<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">2,244,703<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">1,963,490<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Selling, general, and<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">administrative expense<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">1,550,522<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">1,416,393<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Income from operations<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">694,181<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">547,097<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Other income (expense), net<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">15,590<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">(1,913<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Income before taxes<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">709,771<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">545,184<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Income tax provision<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">250,570<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">125,748<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Net income<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: left;vertical-align: middle\">$<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle\">459,201<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: left;vertical-align: middle\">$<\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle\">419,436<\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Net income per<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">basic common share<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle\">0.03<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle\">0.03<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"8\" style=\"text-align: center;vertical-align: middle\">\n            <strong>CPS TECHNOLOGIES CORPORATION<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" style=\"text-align: center;vertical-align: middle\">\n            <strong>BALANCE SHEET (UNAUDITED)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">December 31,<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">December 31,<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:251px;min-width:251px;text-align: left;vertical-align: middle\">ASSETS\u00a0<\/td>\n<td style=\"max-width:3px;min-width:3px;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:99px;min-width:99px;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">2022<\/td>\n<td style=\"max-width:3px;min-width:3px;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:3px;min-width:3px;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:8px;min-width:8px;padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:86px;min-width:86px;padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">2022<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:73%;width:73%;min-width:73%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Current assets:<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Cash and cash equivalents<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">7,369,863<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">8,266,753<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Accounts receivable-trade, net<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">4,714,138<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">3,777,975<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Accounts Receivable &#8211; other<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">700,703<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">685,668<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Inventories, net<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">4,692,655<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">4,875,901<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Prepaid expenses and other current assets<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">299,601<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">211,242<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px\">Total current assets<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">17,776,960<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">17,817,539<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Net property and equipment<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">1,378,679<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">1,326,968<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Right-of-use lease asset<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">433,000<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">466,000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Deferred taxes, net<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">1,842,992<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">2,069,436<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Total Assets<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt\">$<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt\">21,431,931<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt\">$<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt\">21,679,943<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">LIABILITIES AND STOCKHOLDERS\u2019<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">EQUITY<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px\">Current liabilities:<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Note payable, current portion<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">44,424<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">43,711<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Accounts payable<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">2,046,893<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">1,836,865<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Accrued expenses<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">731,454<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">820,856<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Deferred revenue<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">1,828,068<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">2,521,128<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px\">Lease liability, current portion<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">157,000<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">157,000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Total current liabilities<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">4,807,839<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">5,379,560<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Note payable less current portion<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">43,439<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">54,847<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Deferred revenue \u2013 long term<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">&#8212;<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">231,020<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Long term lease liability<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">276,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">309,000<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Total liabilities<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">5,127,278<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle\">5,974,427<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Total stockholders\u2019 equity<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">16,304,653<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">15,705,516<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">Total liabilities and stockholders\u2019<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle\">equity<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt\">$<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt\">21,431,931<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt\">$<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;border-bottom: double 15px 3pt\">21,679,943<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMjMyNSM1NTc1OTQzIzIwMTk4Njk=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/ZjEyMzc2NzMtYTUwOS00ZDI0LWE1NzMtYWFiNDFhZGZmNTBlLTEwMzE0NDE=\/tiny\/CPS-Technologies-Corp-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Record Revenue; Margin Expansion; Strong Book-to-Bill NORTON, Mass., May 04, 2023 (GLOBE NEWSWIRE) &#8212; CPS Technologies Corporation (NASDAQ:CPSH) (\u201cCPS\u201d or the \u201cCompany\u201d) today announced financial results for the fiscal first quarter ended April 1, 2023. First Quarter Highlights Revenue of $7.1 million for the first quarter of 2023 versus $6.7 million in the prior-year period Gross margin of 31.6 percent, up 210 basis points from the first quarter of 2022 Operating profit of $0.7 million for the quarter ended April 1, 2023 versus $0.5 million in the prior-year period \u201cI\u2019m pleased to announce that this period marked a new level of top line performance for the Company, with revenue of $7.1 million surpassing the previous record set during the second &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;CPS Technologies Corporation Announces First Quarter 2023 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-755158","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CPS Technologies Corporation Announces First Quarter 2023 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CPS Technologies Corporation Announces First Quarter 2023 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Record Revenue; Margin Expansion; Strong Book-to-Bill NORTON, Mass., May 04, 2023 (GLOBE NEWSWIRE) &#8212; CPS Technologies Corporation (NASDAQ:CPSH) (\u201cCPS\u201d or the \u201cCompany\u201d) today announced financial results for the fiscal first quarter ended April 1, 2023. First Quarter Highlights Revenue of $7.1 million for the first quarter of 2023 versus $6.7 million in the prior-year period Gross margin of 31.6 percent, up 210 basis points from the first quarter of 2022 Operating profit of $0.7 million for the quarter ended April 1, 2023 versus $0.5 million in the prior-year period \u201cI\u2019m pleased to announce that this period marked a new level of top line performance for the Company, with revenue of $7.1 million surpassing the previous record set during the second &hellip; Continue reading &quot;CPS Technologies Corporation Announces First Quarter 2023 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-04T20:25:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMjMyNSM1NTc1OTQzIzIwMTk4Njk=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"CPS Technologies Corporation Announces First Quarter 2023 Financial Results\",\"datePublished\":\"2023-05-04T20:25:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\\\/\"},\"wordCount\":840,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODgzMjMyNSM1NTc1OTQzIzIwMTk4Njk=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\\\/\",\"name\":\"CPS Technologies Corporation Announces First Quarter 2023 Financial Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"CPS Technologies Corporation Announces First Quarter 2023 Financial Results - Market Newsdesk","og_description":"Record Revenue; Margin Expansion; Strong Book-to-Bill NORTON, Mass., May 04, 2023 (GLOBE NEWSWIRE) &#8212; CPS Technologies Corporation (NASDAQ:CPSH) (\u201cCPS\u201d or the \u201cCompany\u201d) today announced financial results for the fiscal first quarter ended April 1, 2023. First Quarter Highlights Revenue of $7.1 million for the first quarter of 2023 versus $6.7 million in the prior-year period Gross margin of 31.6 percent, up 210 basis points from the first quarter of 2022 Operating profit of $0.7 million for the quarter ended April 1, 2023 versus $0.5 million in the prior-year period \u201cI\u2019m pleased to announce that this period marked a new level of top line performance for the Company, with revenue of $7.1 million surpassing the previous record set during the second &hellip; Continue reading \"CPS Technologies Corporation Announces First Quarter 2023 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2023-05-04T20:25:05+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMjMyNSM1NTc1OTQzIzIwMTk4Njk=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"CPS Technologies Corporation Announces First Quarter 2023 Financial Results","datePublished":"2023-05-04T20:25:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/"},"wordCount":840,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzMjMyNSM1NTc1OTQzIzIwMTk4Njk=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/cps-technologies-corporation-announces-first-quarter-2023-financial-results\/","name":"CPS Technologies Corporation Announces First Quarter 2023 Financial Results - 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