# EDGAR Filing Document

**Accession Number:** 0000814676
**File Stem:** 0001437749-23-005770
**Filing Date:** 2023-3
**Character Count:** 18409
**Document Hash:** f0978017a7bb385306531988709a78b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-005770.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001437749-23-005770

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230307

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CPS TECHNOLOGIES CORP/DE/
- **CENTRAL INDEX KEY:** 0000814676
- **STANDARD INDUSTRIAL CLASSIFICATION:** POTTERY & RELATED PRODUCTS [3260]
- **IRS NUMBER:** 042832509
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1225

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36807
- **FILM NUMBER:** 23715427

**BUSINESS ADDRESS:**
- **STREET 1:** 111 SOUTH WORCESTER STREET
- **CITY:** NORTON
- **STATE:** MA
- **ZIP:** 02766
- **BUSINESS PHONE:** 508-222-0614

**MAIL ADDRESS:**
- **STREET 1:** 111 SOUTH WORCESTER STREET
- **CITY:** NORTON
- **STATE:** MA
- **ZIP:** 02766

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CERAMICS PROCESS SYSTEMS CORP/DE/
- **DATE OF NAME CHANGE:** 19920703

cpsh20230308_8k.htm

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

 **Washington, D.C. 20549**

**FORM **8-K**

**Current Report**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 7, 2023

**CPS TECHNOLOGIES CORP.**

 *(Exact Name of Registrant as Specified in its Charter)*

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-16088** | **04-2832509** |
| *(State or other jurisdiction of incorporation)* | *(Commission File Number)* | *(IRS Employer Identification No.)* |
| **111 South Worcester Street**, **Norton**, **Massachusetts** | **111 South Worcester Street**, **Norton**, **Massachusetts** | **02766** |
| *(Address of principal executive offices)* | *(Address of principal executive offices)* | *(Zip Code)* |
| *Registrant*'*s telephone number, including area code* | *Registrant*'*s telephone number, including area code* | **508**-**222-0614** |
| *(Former name or former address, if changed since last report.)* | *(Former name or former address, if changed since last report.)* | *(Former name or former address, if changed since last report.)* |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange Act (17 CFR 240.13e-4(c)).

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value | CPSH | Nasdaq Capital Market |

---

------

**Item 2.02 Results of Operations and Financial Condition**

On March 7, 2023, the Company issued a press release announcing its financial results for the quarter ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein in its entirety by reference.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (The "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Cautionary Note Regarding Forward-Looking Statements.

Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.

I**tem 8.01 Other Events**

Exhibit 99.2 is incorporated herein in its entirety by reference.

**Item 9.01 Financial Statements and Exhibits**

---

| | |
|:---|:---|
| EXHIBIT<br> NUMBER | DESCRIPTION |
| 99.1 | [<u>Press release dated March 7, 2023 of CPS Technologies Corp. announcing its financial results for the fiscal year ended December 31, 2022</u>](ex_485551.htm) |
| 99.2 | [<u>Financial results for the fiscal year ended December 31, 2022</u>](ex_485552.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| **<u>CPS Technologies Corp.</u>**<br> *(Registrant)* | **<u>CPS Technologies Corp.</u>**<br> *(Registrant)* |
| Date: March 8, 2023 | /s/ Charles K. Griffith, Jr.<br> Charles K. Griffith Jr.<br> Chief Financial Officer<br>|

---

------

EXHIBIT INDEX

---

| | |
|:---|:---|
| EXHIBIT<br> NUMBER | DESCRIPTION |
| 99.1 | Press release dated March 7, 2023 of CPS Technologies Corp. announcing its financial results for the fiscal year ended December 31, 2022 |
| 99.2 | Financial results for the fiscal year ended December 31, 2022 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo01.jpg](logo01.jpg)

FOR RELEASE: IMMEDIATE

***CPS Technologies Corporation Announces Fourth Quarter and Year End 2022 Results***

Norton, Massachusetts, March 7, 2023. CPS Technologies Corporation (NASDAQ:CPSH) today announced revenues of $6.1 million and an operating profit of $309 thousand for the quarter ended December 31, 2022. This compares with revenues of $6.2 million and an operating profit of $312 thousand for the quarter ended December 25, 2021. For the year ended December 31, 2022 revenues were $26.6 million with an operating profit of $2.2 million. This compares to revenue of $22.4 million and operating profit of $513 thousand for the year ended December 25, 2021.

Michael McCormack, President and CEO, said: "2022 marks another record year for CPS. Our team has exceeded all goals for 2022 and accomplished the highest revenue year in the company's 39-year history, with a 19% increase over 2021 revenues. More importantly, this marks the highest operating income in company history and an over 300% increase from 2021 operating income. Additionally, we achieved record gross margins at more than 27%, a 6% increase over our 2021 gross margin. We are continuing to implement our strategic initiatives to drive efficient growth with an emphasis on top and bottom-line growth. I expect this positive momentum to continue through 2023 with more record results in line with the organization's revenue objectives."

Over the past two years, CPS has continued to invest in people, processes, and tools in line with the company's strategic plans and growth objectives. The record performance this year is a direct result of the team's ability to effectively operationalize the strategic plan with an emphasis on tactical actions for progress. CPS has implemented a new integrated MRP/ERP system, reorganized the business development team with new leadership, and reenergized the contract R&D services business driving new product, and most importantly, new IP development.

McCormack continued, "We are pleased with our recent FY22 performance and the continued financial support of our ever-growing shareholder base. We expect that we will continually and incrementally improve as we move forward, quarter to quarter and year to year. We are aware of the unpredictability of the global marketplace, but have positioned the business so that we have more diversification in our product offerings and customer base. We believe that this diversification will lead to consistent and growing results in the future. The company has many additional opportunities today, both small and large, that has our entire staff focused on finding the ideal innovative material solution for a customer's needs – which is what we do best."

------

The Company will be hosting its 2022 earnings call at 4:30pm on Tuesday, March 7. Those interested in participating in the conference call should dial:

Call in Number: 1-844-943-2942

Conference ID: 693433

We encourage those who wish to participate, to call in 10 minutes before the scheduled start time to ensure the operator can connect you prior to the start of the call.

About CPS<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' 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's problems.

Safe Harbor<br> Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2022 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 "will," "intends," "believes," "expects," "plans," "anticipates" 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's expectation. Additional information concerning risk factors is contained from time to time in the company'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.

CPS Technologies Corporation <br> 111 South Worcester Street<br> Norton, MA 02766

<u>www.cpstechnologysolutions.com</u>

David Costello<br> (617) 875-2492

david@risingtidemhd.com

------

---

| |
|:---|
| **CPS TECHNOLOGIES CORPORATION** |
| **Statements of Operations (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
|  | December 31, | December 25, | December 31, | December 25, |
|  | 2022 | 2021 | 2022 | 2021 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Product sales | $6115352 | $6206303 | $26586926 | $22449065 |
| &nbsp;&nbsp;&nbsp; Total revenues | $6115352 | $6206303 | $26586926 | $22449065 |
| Cost of product sales | 4489640 | 4851502 | 19285846 | 17659347 |
| &nbsp;&nbsp;&nbsp; Gross Margin | 1625712 | 1354801 | 7301080 | 4789718 |
| Selling, general, and administrative expense | 1316530 | 1042407 | 5066660 | 4276751 |
| &nbsp;&nbsp;&nbsp; Income from operations | 309182 | 312394 | 2234420 | 512967 |
| Interest/Other income (expense) | 9866 | (2021) | 635248 | (4068) |
| Net income before income tax | 319048 | 310373 | 2887668 | 508899 |
| Income tax provision (benefit) | 50057 | 92563 | 756268 | -2706978 |
| &nbsp;&nbsp;&nbsp; Net income | $268991 | $217810 | $2131400 | $3215877 |
| Wtd. Avg. basic common shares outstanding - diluted | 14649719 | 14727442 | 14675646 | 14590725 |
| Net income per basic common share | $0.02 | $0.01 | $0.15 | $0.22 |

---

------

CPS TECHNOLOGIES CORPORATION <br> BALANCE SHEET (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | December 31, | December 25, |
|  | 2022 | 2021 |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $8266753 | $5050312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable-trade, net | 3777975 | 4870021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Receivable - other | 685668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | 4875901 | 3911602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 211242 | 225873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 17817539 | 14057808 |
| Net property and equipment | 1326968 | 1332933 |
| Right-of-use lease asset | 466000 | 586000 |
| Deferred taxes, net | 2069436 | 2823978 |
| &nbsp;&nbsp;&nbsp; Total Assets | $21679943 | $18800719 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note payable, current portion | 43711 | 55906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 1836865 | 2100251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 820856 | 1086429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 2521128 | 1707138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liability, current portion | 157000 | 155000 |
| &nbsp;&nbsp;&nbsp; Total current liabilities | 5379560 | 5104724 |
| &nbsp;&nbsp;&nbsp; Note payable less current portion | 54847 | 98684 |
| &nbsp;&nbsp;&nbsp; Deferred revenue – long term | 231020 |  |
| &nbsp;&nbsp;&nbsp; Long term lease liability | 309000 | 431000 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 5974427 | 5634408 |
| &nbsp;&nbsp;&nbsp; Total stockholders' equity | 15705516 | 13166311 |
| &nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $21679943 | $18800719 |

---

## Exhibit 99.2

**Exhibit 99.2**

**CPS TECHNOLOGIES CORPORATION**

**Statements of Operations (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
|  | December 31, | December 25, | December 31, | December 25, |
|  | 2022 | 2021 | 2022 | 2021 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Product sales | $6115352 | $6206303 | $26586926 | $22449065 |
| &nbsp;&nbsp;&nbsp; Total revenues | $6115352 | $6206303 | $26586926 | $22449065 |
| Cost of product sales | 4489640 | 4851502 | 19285846 | 17659347 |
| &nbsp;&nbsp;&nbsp; Gross Margin | 1625712 | 1354801 | 7301080 | 4789718 |
| Selling, general, and administrative expense | 1316530 | 1042407 | 5066660 | 4276751 |
| &nbsp;&nbsp;&nbsp; Income from operations | 309182 | 312394 | 2234420 | 512967 |
| Interest/Other income (expense) | 9866 | (2021) | 635248 | (4068) |
| Net income before income tax | 319048 | 310373 | 2887668 | 508899 |
| Income tax provision (benefit) | 50057 | 92563 | 756268 | (2706978) |
| &nbsp;&nbsp;&nbsp; Net income | $268991 | $217810 | $2131400 | $3215877 |
| Wtd. Avg. basic common shares outstanding - diluted | 14649719 | 14727442 | 14675646 | 14590725 |
| Net income per basic common share | $0.02 | $0.01 | $0.15 | $0.22 |

---

------

CPS TECHNOLOGIES CORPORATION <br> BALANCE SHEET (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | December 31, | December 25, |
|  | 2022 | 2021 |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $8266753 | $5050312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable-trade, net | 3777975 | 4870021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Receivable - other | 685668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | 4875901 | 3911602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 211242 | 225873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 17817539 | 14057808 |
| Net property and equipment | 1326968 | 1332933 |
| Right-of-use lease asset | 466000 | 586000 |
| Deferred taxes, net | 2069436 | 2823978 |
| &nbsp;&nbsp;&nbsp; Total Assets | $21679943 | $18800719 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note payable, current portion | 43711 | 55906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 1836865 | 2100251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 820856 | 1086429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 2521128 | 1707138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liability, current portion | 157000 | 155000 |
| &nbsp;&nbsp;&nbsp; Total current liabilities | 5379560 | 5104724 |
| &nbsp;&nbsp;&nbsp; Note payable less current portion | 54847 | 98684 |
| &nbsp;&nbsp;&nbsp; Deferred revenue – long term | 231020 |  |
| &nbsp;&nbsp;&nbsp; Long term lease liability | 309000 | 431000 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 5974427 | 5634408 |
| &nbsp;&nbsp;&nbsp; Total stockholders' equity | 15705516 | 13166311 |
| &nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $21679943 | $18800719 |

---