Acquisition and Divestiture - The company completed the acquisition of Newtek Technology Solutions, Inc. on January 2, 2025, and divested its telecommunications services provider, Vumber, along with the Paltalk and Camfrog applications[18]. - The company completed the acquisition of NTS on January 2, 2025, for a total consideration of $4,000,000 in cash and 4,000,000 shares of Series A Preferred Stock, with potential earn-out payments of up to $5,000,000 based on future performance[194]. - The company also completed the divestiture of certain assets to Meteor Mobile for $1,350,000 in cash, with additional earn-out payments based on future revenue from the divested business[196]. Financial Performance - Revenue for the year ended December 31, 2025 increased by 2050% to approximately $23.6 million compared to $1.1 million for the year ended December 31, 2024, due to the Acquisition[153]. - Revenue for the three months ended December 31, 2025 increased by 2092% to approximately $6.1 million compared to $0.3 million for the same period in 2024, attributed to the Acquisition[154]. - Operating loss from continuing operations for the year ended December 31, 2025 was $4.7 million, a decrease from $5.1 million for the year ended December 31, 2024[155]. - Net loss from continuing operations for the year ended December 31, 2025 totaled $2.0 million, a significant improvement from a net loss of $4.3 million for the year ended December 31, 2024[155]. - Adjusted EBITDA for the three months ended December 31, 2025 was positive $5.0 thousand, compared to negative $1.5 million for the same period in 2024, marking a 100% improvement[155]. - Cash provided by operations was $1.1 million for the year ended December 31, 2025, compared to cash used in operations of $3.0 million for the year ended December 31, 2024[155]. - Total revenue increased by 2,049.9% to $23,612,459 for the year ended December 31, 2025, compared to $1,098,280 for the year ended December 31, 2024[179]. - Managed information technology revenue was $14,813,411, accounting for 62.7% of total revenue for the year ended December 31, 2025[180]. - Total costs and expenses increased by $22,111,809, or 355.5%, to $28,331,638 for the year ended December 31, 2025[182]. - Cost of revenue increased by $11,010,041, or 4,188.1%, primarily due to expenses related to new revenue streams acquired in connection with the Acquisition[183]. Cybersecurity and Regulatory Compliance - The company is subject to periodic examinations by regulators under the authority of the Federal Financial Institutions Examination Council, covering various subjects including cybersecurity and disaster preparedness[43]. - Company faces significant cybersecurity risks due to remote work policies and increasing cyberattack frequency, which could adversely affect its reputation and financial condition[47]. - Company may incur significant costs related to cybersecurity breaches, which could increase insurance costs and adversely impact financial results[49]. - The company has implemented a multi-layered defense strategy for cybersecurity, including continuous threat monitoring and zero trust security architecture[102]. - The company has not experienced any material adverse effects from cybersecurity threats to date[107]. - The company is subject to regulatory oversight by the FFIEC, and non-compliance could result in adverse actions impacting operations[72]. - Evolving government regulations may impose additional costs and operational challenges, affecting financial results[73]. - Concerns regarding AI technologies may lead to regulatory restrictions that could limit product offerings and negatively impact business[74]. Intellectual Property - The company has a portfolio of eight issued patents and intends to continue defending its intellectual property rights while generating revenue through licensing fees[36]. - The company holds eight patents and aims to protect intellectual property, but challenges in enforcement may arise[75]. - The company is actively involved in defending against patent infringement claims from Cisco regarding its ManyCam software[116]. - The company received a jury award of $65.7 million in a patent infringement lawsuit against Cisco, with the final judgment entered on October 8, 2024[112]. - The company estimates it will receive no more than one third of the gross proceeds from the jury award due to litigation-related expenses[115]. Employee and Operational Insights - The company had 53 full-time employees and one part-time employee as of March 13, 2026, emphasizing the importance of hiring and retaining qualified personnel for future success[32]. - Company’s ability to attract and retain customers is critical, with high customer churn rates possible if needs are not met[59]. - Company’s future success is dependent on the performance of key executives, with potential adverse effects on operations if they leave[64]. - Company may face challenges in hiring and retaining qualified personnel, which could impact its ability to execute strategies and maintain customer relationships[63]. Market and Competitive Landscape - The company operates in a highly competitive industry, with pressure on prices potentially affecting gross margins if costs cannot be reduced accordingly[51]. - The company differentiates itself from competitors by offering a consultative approach that delivers personalized, expert-driven solutions rather than a one-size-fits-all model[41]. - Company relies on a limited number of customers, with Newtek accounting for 32.5% of revenue for the fiscal year ended December 31, 2025[52]. Future Plans and Strategic Initiatives - The company plans to launch an AI Data Readiness solution in Q2 2026, aimed at improving the reliability and security of adopting AI technologies[26]. - The company aims to drive growth by investing in proprietary solutions and expanding its sales and marketing efforts, particularly in cloud infrastructure and cybersecurity sectors[33]. - The company plans to continue exploring strategic opportunities, including potential mergers or acquisitions that are synergistic to its business[155]. Financial Position and Capital Management - As of December 31, 2025, the company had $8.4 million of cash and cash equivalents, including $1.0 million of restricted cash, with no long-term debt[155]. - The company has a secured revolving line of credit of up to $1 million, maturing on April 10, 2026, with no amounts outstanding as of the report date[144]. - The company expects long-term liquidity to be sufficient to meet its needs, but may require additional liquidity if business conditions change[191]. - The company approved a Stock Repurchase Plan on May 8, 2025, for up to $400,000 of common stock, with 151,258 shares repurchased for approximately $304,887 as of December 31, 2025[193]. - Future minimum lease payments as of December 31, 2025, totaled approximately $1,181,617, with $789,270 due within the next twelve months[204].

Financial Performance - Total revenues for Q4 2025 reached $6.1 million, a significant increase of 2091.6% compared to $279,879 in Q4 2024[3] - For the full year 2025, total revenues were $23.6 million, up 2049.9% from $1,098,280 in 2024[3] - Total revenue for the year ended December 31, 2025, was $23,612,459, a significant increase from $1,098,280 in 2024[17] - Managed information technology revenue reached $14,813,411, including $7,309,250 from related party revenue, compared to $0 in 2024[17] Net Loss and EBITDA - Net loss improved by 88.5% in Q4 2025, totaling $631,968 compared to a net loss of $5,490,501 in the same period last year[3] - The company reported a net loss of $1,956,536 for the full year 2025, a 76.8% improvement from a net loss of $8,426,209 in 2024[3] - Net loss from continuing operations for 2025 was $1,956,536, an improvement from a loss of $4,268,675 in 2024[19] - Adjusted EBITDA for Q4 2025 was positive at $4,630, a turnaround from a loss of $1,548,947 in Q4 2024[3] - Adjusted EBITDA for the year ended December 31, 2025, was $(1,116,037), an improvement from $(4,431,852) in 2024[22] Cash Flow and Assets - Cash flow from operations was positive at $1.1 million for the full year 2025, compared to a cash outflow of $2.7 million in 2024[3] - As of December 31, 2025, the company had cash and cash equivalents of $8.4 million and no long-term debt[3] - Total assets increased to $26,040,517 in 2025, up from $15,872,530 in 2024, reflecting a growth of approximately 64%[15] - Cash and cash equivalents decreased to $5,597,014 in 2025 from $10,588,534 in 2024, a decline of approximately 47%[19] Liabilities and Equity - Total liabilities rose to $7,854,589 in 2025, compared to $3,972,868 in 2024, marking an increase of about 97%[15] - The balance of stockholders' equity increased to $18,185,928 in 2025, up from $11,899,662 in 2024, reflecting a growth of approximately 53%[15] Strategic Initiatives - The acquisition of Newtek Technology Solutions was completed on January 2, 2025, marking a strategic shift towards cybersecurity and cloud infrastructure[4] - The company aims to grow revenue both organically and through potential acquisitions in 2026, while optimizing expenses[2] - The company acquired NTS for $4,000,000 during the year, impacting cash flows from investing activities[19] Operational Growth - The company managed over 10,000 devices under management as of December 31, 2025, indicating growth in its managed services[6] - The company incurred litigation expenses of $717,780 related to the Cisco ManyCam Litigation in 2025[22]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 001-38717 INTELLIGENT PROTECTION MANAGEMENT CORP. (Exact name of registrant as specified in its charter) | Delaware | 20- ...

Exhibit 99.1 Jason Katz, Chairman and Chief Executive Officer of IPM, said, "Since the completion of the acquisition of NTS on January 2, 2025, we are three quarters into our integration of NTS's business into our operations, and we are making great progress. From an operating perspective, the third quarter for IPM was very good. Total revenues for Q3 2025 increased 9% to $6.2 million, from $5.7 million in Q2 2025, and although net loss increased slightly by 3% over the prior quarter, we saw a 31% improveme ...

Revenue Performance - Total revenue for the three months ended June 30, 2025, was $5,722,599, a significant increase from $271,409 in the same period of 2024[18] - Managed information technology revenue was $3,506,754 for the three months ended June 30, 2025, compared to $0 in 2024, indicating a strong growth in this segment[18] - Revenue for the six months ended June 30, 2025, reached $11.2 million compared to $0.6 million for the same period last year[160] - Total revenue for the six months ended June 30, 2025 increased by 1970.2% to $11,240,637 from $542,981 for the same period in 2024[196] - Subscription revenue for the three months ended June 30, 2025 was $278,629, reflecting a 2.7% increase from $271,409 in the same period of 2024, primarily due to an increase in new subscribers to ManyCam software[188] - Subscription revenue increased by $16,867, or 3.1%, primarily driven by new subscribers to ManyCam software[197] Financial Position - Total current assets increased to $13,369,400 as of June 30, 2025, up from $11,312,583 at the end of December 2024, reflecting improved liquidity[16] - Total liabilities rose to $9,946,092 as of June 30, 2025, compared to $3,972,868 at the end of December 2024, indicating increased financial obligations[16] - The company’s accumulated deficit increased to $23,552,275 as of June 30, 2025, from $23,310,777 at the end of December 2024[16] - Total stockholders' equity increased to $19,890,755 as of June 30, 2025, up from $11,899,662 at the end of December 2024, reflecting a stronger equity position[16] - As of June 30, 2025, cash and cash equivalents were $8,301,692, including $1,014,714 of restricted cash[205] Operating Results - The company reported an operating loss of $1,129,699 for the three months ended June 30, 2025, compared to a loss of $1,051,051 in the same period of 2024[18] - The net loss for the three months ended June 30, 2025, was $1,050,028, compared to a net loss of $934,151 in the same period of 2024[18] - For the six months ended June 30, 2025, the net loss from continuing operations was $241,498, a significant improvement compared to a net loss of $1,547,368 for the same period in 2024[22] - The company reported cash flows from operating activities of $856,105 for the six months ended June 30, 2025, compared to a cash outflow of $772,045 in the prior year[22] - Adjusted EBITDA for the three months ended June 30, 2025, was negative $0.4 million, an improvement from negative $0.9 million in the prior year[164] Acquisitions and Divestitures - The acquisition of Newtek Technology Solutions, Inc. was completed on January 2, 2025, for a total consideration of $12,200,000, which included $4,000,000 in cash and 4,000,000 shares of Series A Preferred Stock[28] - The divestiture of the "Vumber," "Paltalk," and "Camfrog" applications was completed on January 2, 2025, generating $1,350,000 in cash for the company[30] - The Company acquired NTS for a total purchase price of $12,904,000, which included $4,000,000 in cash and 4,000,000 shares of Series A Preferred Stock valued at $8,200,000[72] - The Company completed the Divestiture on January 2, 2025, receiving $1,350,000 in cash and assuming liabilities related to the Transferred Assets[89] Expenses and Costs - Total costs and expenses for the three months ended June 30, 2025 increased by $5,529,838, or 418.1%, to $6,852,298 compared to $1,322,460 for the same period in 2024[189] - Cost of revenue for the three months ended June 30, 2025 was $2,857,449, an increase of $2,784,412, or 3812.3%, compared to $73,037 in the same period of 2024[190] - General and administrative expenses for the three months ended June 30, 2025 rose by $1,695,359, or 215.6%, totaling $2,481,801 compared to $786,442 in the same period of 2024[192] - Total costs and expenses for the six months ended June 30, 2025, increased by $11,105,222, or 427.3%, compared to the same period in 2024, totaling $13,704,263[198] - General and administrative expenses increased by $3,889,683, or 254.2%, totaling $5,419,698, driven by legal, accounting, and salary-related costs[201] Tax and Compliance - The Company has prepared its financial statements in accordance with GAAP and SEC regulations, ensuring that the information presented is not misleading[33] - The effective tax rate for the six months ended June 30, 2025, was 89.2%, significantly higher than the statutory rate of 21% due to a reduction in the Company's valuation allowance[99] - The company recorded an income tax provision of $72,007 for the three months ended June 30, 2025, down from $532,502 for the same period in 2024[194] Strategic Initiatives - The company aims to continue integrating its IT-related solutions and explore strategic opportunities, including potential mergers or acquisitions[164] - The company is actively investing in sales and marketing to expand its footprint across strategic verticals[173] - The strategic vision includes delivering scalable and compliant infrastructure through advanced cloud hosting and managed services[172] - The company plans to incorporate AI features into its secure private cloud offerings in the future[151] Legal Matters - The Company was awarded $65.7 million in a patent infringement lawsuit against Cisco, with an estimated net amount to be received of no more than one third of the gross proceeds[132][133] - The Company has not recorded any liability for the ManyCam litigation as it does not believe a loss is probable[134]

Financial Performance - Q2 2025 total revenue was $5.7 million, a 4% increase from Q1 2025, and $11.2 million for the first half of 2025 compared to $0.5 million in the prior year period[1][8] - Net loss for Q2 2025 increased by 230% to $1.1 million compared to a net income of $0.8 million in Q1 2025, while Adjusted EBITDA improved 22% to negative $0.4 million[7][10] - Total revenue for the three months ended June 30, 2025, was $5,722,599, compared to $271,409 for the same period in 2024, representing a significant increase[20] - Subscription revenue increased to $278,629 for the three months ended June 30, 2025, from $271,409 in the same period of 2024[20] - Operating loss from continuing operations for the six months ended June 30, 2025, was $(2,463,626), compared to $(2,056,060) for the same period in 2024[20] - Net loss from continuing operations for the six months ended June 30, 2025, was $(241,498), a decrease from $(1,547,368) in the same period of 2024[23] - Adjusted EBITDA for the three months ended June 30, 2025, was $(378,289), compared to $(936,227) for the same period in 2024[27] - The company reported a net loss per share of $(0.08) for both basic and diluted shares for the three months ended June 30, 2025[20] Cash and Assets - Cash and cash equivalents totaled $8.3 million as of June 30, 2025, with no long-term debt reported[10] - As of June 30, 2025, accounts receivable totaled $2.4 million, reflecting business consummated since the acquisition[7][10] - The balance of cash and cash equivalents at the end of the period was $8,301,692, down from $12,796,004 at the end of June 30, 2024[23] - Cash flows from operating activities for the six months ended June 30, 2025, provided $856,105, compared to $(772,045) for the same period in 2024[23] Business Developments - The acquisition of Newtek Technology Solutions, Inc. was completed on January 2, 2025, refocusing the company's business on cybersecurity and cloud infrastructure[2][3] - The company aims to become a leading managed technology solutions provider in cybersecurity and cloud infrastructure, with a focus on growth opportunities in the second half of 2025 and into 2026[6] - The company launched Aura, an AI-powered online safety solution aimed at minimizing the impact of data breaches and online threats[5] Revenue Breakdown - Managed information technology revenue for Q2 2025 was $3.5 million, while procurement revenue was $1.2 million, and professional services revenue was $0.7 million[10] - The company reported deferred revenue of $3.9 million in Q2 2025, which will be recognized in future quarters as products and services are installed[10] Stock Activity - The company initiated a stock repurchase plan for up to $400,000, purchasing 104,600 shares during the quarter[4] - The company recognized stock-based compensation expense of $245,389 for the six months ended June 30, 2025, compared to $91,561 for the same period in 2024[23]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 001-38717 INTELLIGENT PROTECTION MANAGEMENT CORP. (Exact name of registrant as specified in its charter) | Delaware | 20-3191 ...

Exhibit 99.1 Intelligent Protection Management Corp. Reports First Quarter 2025 Financial Results Reflecting Transition to Managed Technology Solutions Provider Focused on Cybersecurity and Cloud Infrastructure $5.5 Million Revenue for First Quarter 2025; Cash Balance of $9.7 Million at March 31, 2025 Jericho, NY – May 14, 2025 – (ACCESS Newswire) – Intelligent Protection Management Corp. ("IPM," the "Company," "we," "our" or "us") (Nasdaq: IPM), a managed technology solutions provider focused on cybersecur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38717 INTELLIGENT PROTECTION MANAGEMENT CORP. (Exact name of registrant as specified in its charter) | Delaware | 20-3191847 | | --- | --- | | (State or other jurisdiction of | (I.R.S. ...

Business Overview and Strategic Transformation [Corporate Actions and Strategic Refocus](index=1&type=section&id=Corporate%20Actions%20and%20Strategic%20Refocus) IPM completed a strategic transformation in January 2025 by acquiring NTS and divesting applications, refocusing on cybersecurity and cloud infrastructure solutions - Completed the acquisition of Newtek Technology Solutions, Inc. (NTS) in January 2025[2](index=2&type=chunk) - Simultaneously sold its 'Paltalk', 'Camfrog', and 'Vumber' applications and related assets[2](index=2&type=chunk) - The company's new business focus is on server hosting, cloud hosting, data storage, managed security, and backup/disaster recovery services[3](index=3&type=chunk) [Management Commentary](index=3&type=section&id=Management%20Commentary) CEO Jason Katz expressed optimism about the company's strategic shift to cloud and cybersecurity, anticipating growth from new partnerships and M&A - The acquisition of NTS and divestiture of communication platforms officially moves the company into the cloud infrastructure and cybersecurity sectors[7](index=7&type=chunk) - A new referral arrangement with NewtekOne is expected to be a significant source of new customers[7](index=7&type=chunk) - The company sees ample merger and acquisition (M&A) opportunities to further scale growth in the technology sector[7](index=7&type=chunk) Financial Performance [Fourth Quarter 2024 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Financial%20Highlights) Q4 2024 revenue from continuing operations rose 9.1% to $0.3 million, but net loss significantly widened to $5.5 million due to impairment Q4 2024 vs Q4 2023 Financial Results (in thousands) | Metric | Q4 2024 | Q4 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | $280 | $256 | +9.1% | | Net loss from continuing operations | $(1,415) | $(585) | +141.8% | | (Loss) income from discontinued operations | $(4,075) | $302 | -1448.5% | | **Net loss** | **$(5,491)** | **$(283)** | **+1839.5%** | | Adjusted EBITDA loss | $(1,549) | $(223) | +593.9% | - The increase in net loss from continuing operations was driven by $0.6 million in professional fees and increased compensation expenses related to the NTS acquisition and asset sale[4](index=4&type=chunk) - Loss from discontinued operations included a one-time impairment loss of $3.8 million on the divested assets (Paltalk, Camfrog, Vumber)[6](index=6&type=chunk) [Full Year 2024 Financial Highlights](index=2&type=section&id=Full%20Year%202024%20Financial%20Highlights) Full year 2024 revenue from continuing operations grew 14% to $1.1 million, but net loss expanded to $8.4 million due to impairment Full Year 2024 vs 2023 Financial Results (in thousands) | Metric | FY 2024 | FY 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | $1,098 | $962 | +14.2% | | Net loss from continuing operations | $(4,269) | $(2,687) | +194.6% | | (Loss) income from discontinued operations | $(4,157) | $1,620 | -356.7% | | **Net loss** | **$(8,426)** | **$(1,067)** | **+689.5%** | | Adjusted EBITDA loss | $(4,432) | $(1,013) | +337.5% | - The company ended 2024 with **$10.6 million in cash** and no long-term debt on its balance sheet[6](index=6&type=chunk) - Total revenue, including discontinued operations, decreased by **17% to $9.1 million** from $10.9 million in 2023, mainly due to lower subscription and virtual gift revenue from the divested Paltalk and Camfrog applications[6](index=6&type=chunk) [Balance Sheet and Cash Flow Analysis](index=7&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Analysis) As of Dec 31, 2024, total assets decreased to $15.9 million, with cash at $10.6 million; net cash used in operations rose to $3.0 million Key Balance Sheet Items (as of Dec 31, in millions) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $10.6 | $13.6 | | Total current assets | $11.2 | $14.8 | | Total assets | $15.9 | $23.9 | | Total current liabilities | $3.5 | $3.1 | | Total liabilities | $4.0 | $3.8 | | Total stockholders' equity | $11.9 | $20.1 | Key Cash Flow Items (Year Ended Dec 31, in millions) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(3.0) | $(1.1) | | Net cash used in investing activities | $0.0 | $(0.085) | | Net cash provided by (used in) financing activities | $0.04 | $(0.007) | Future Outlook and Other Developments [2025 Business Objectives](index=2&type=section&id=2025%20Business%20Objectives) IPM's 2025 objectives include integrating IT solutions, incorporating ManyCam, optimizing cross-selling, exploring M&A, and defending IP - Key business objectives for 2025 include: * Continuing the integration of IT-related solutions * Incorporating ManyCam as an offering for new customers and optimizing cross-selling * Exploring strategic opportunities, including potential mergers or acquisitions * Continuing to defend the company's intellectual property[6](index=6&type=chunk) [Patent Litigation Update](index=3&type=section&id=Patent%20Litigation%20Update) A jury awarded IPM's subsidiary $65.7 million in a patent lawsuit against Cisco, with net proceeds estimated at one-third after fees - A jury awarded the company **$65.7 million** in a patent infringement lawsuit against Cisco Systems, Inc[9](index=9&type=chunk) - The company estimates it will receive no more than **one-third of the gross proceeds** after deducting litigation expenses and legal fees[10](index=10&type=chunk) - No gain contingency related to the award has been recorded in the financial statements[10](index=10&type=chunk) [Potential Earn-Out from Divestiture](index=4&type=section&id=Potential%20Earn-Out%20from%20Divestiture) IPM is eligible for future earn-out payments from the divestiture of its applications, contingent on revenue generated through 2028 - IPM is eligible for earn-out payments based on cash revenue from the assets sold to Meteor Mobile Holdings, Inc[12](index=12&type=chunk) - The earn-out is structured across **four periods**, from July 1, 2025, to December 31, 2028[13](index=13&type=chunk)[15](index=15&type=chunk) - Payments are calculated as a percentage (**30% or 40%**) of revenue generated above specified thresholds during each period[15](index=15&type=chunk) Financial Statements and Non-GAAP Reconciliation [Reconciliation of GAAP to Non-GAAP Financial Measures](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) Adjusted EBITDA, a non-GAAP measure, reconciles net loss by excluding non-cash and one-time items to assess operational performance - Adjusted EBITDA is a non-GAAP measure defined as net loss excluding stock-based compensation, depreciation, amortization, impairment loss, net interest income, other income, and taxes[23](index=23&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net loss** | **$(5,491)** | **$(283)** | **$(8,426)** | **$(1,067)** | | Stock-based compensation | $27 | $65 | $151 | $235 | | Depreciation and amortization | $205 | $206 | $822 | $822 | | Impairment loss | $3,850 | $0 | $3,850 | $0 | | Interest income, net | $(115) | $(177) | $(569) | $(640) | | Other income, net | $0 | $0 | $(146) | $(343) | | Income tax benefit | $(25) | $(34) | $(113) | $(20) | | **Adjusted EBITDA** | **$(1,549)** | **$(223)** | **$(4,432)** | **$(1,013)** | [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) This section presents IPM's detailed consolidated financial statements, including Balance Sheets, Statements of Operations, and Cash Flows for 2023-2024 - The report includes the full Consolidated Balance Sheets as of December 31, 2024 and 2023[27](index=27&type=chunk) - The report includes the full Consolidated Statements of Operations for the years ended December 31, 2024 and 2023[29](index=29&type=chunk) - The report includes the full Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023[31](index=31&type=chunk)