UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x 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 o 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 001-40760 ATLANTIC INTERNATIONAL CORP. (Exact name of registrant as specified in its charter) Delaware 46-5319744 (State or ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o 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 001-40760 ATLANTIC INTERNATIONAL CORP. (Exact name of registrant as specified in its charter) (State or other j ...

Financial Performance - Service revenue for Q1 2025 was $102.81 million, an increase of $2.19 million or 2.2% compared to $100.62 million in Q1 2024, primarily driven by a strong sales initiative in temporary placement services [159]. - Gross profit for Q1 2025 was $11.19 million, reflecting a $720,740 increase or 6.9% from $10.47 million in Q1 2024, with a gross profit margin of 10.9% [161]. - The net loss for Q1 2025 was $10.74 million, compared to a net loss of $4.87 million in Q1 2024, marking an increase in loss of $5.88 million [158]. - Selling, general and administrative expenses surged to $19.40 million in Q1 2025, an increase of $9.06 million or 87.6% from $10.34 million in Q1 2024, largely due to stock compensation and merger-related costs [163]. Cash Flow and Liquidity - For the three months ended March 31, 2025, net cash provided by operating activities was $14,568,690, an increase of 30.8% compared to $11,234,774 for the same period in 2024 [173]. - Atlantic's liquidity is primarily supported by cash generated from operations and borrowings under its revolving credit agreement, with a focus on meeting working capital needs for the next 12 months [169]. - The total balance on the Revolver as of March 31, 2025, was $40,793,199, down from $53,983,962 as of December 31, 2024, indicating a reduction of approximately 24.4% [177]. - The Company recorded a liability of $28,739,104 on the Revolver as of March 31, 2025, compared to $42,508,379 as of December 31, 2024, reflecting a decrease of 32.5% [177]. - Cash used in financing activities for the three months ended March 31, 2025, was $13,769,275, an increase from $11,599,192 in the same period of 2024 [173]. Debt and Financing - Interest expense decreased significantly by $3.74 million or 74.4%, from $5.02 million in Q1 2024 to $1.28 million in Q1 2025, attributed to the deconsolidation of joint debt obligations [165]. - Total interest expense for the three months ended March 31, 2025, was $1,284,822, a decrease from $5,022,230 in the same period of 2024 [199]. - Total cash paid for interest for the three months ended March 31, 2025, was $1,458,889, down from $2,306,490 in 2024 [199]. - The Term Note, originally for $30,300,000, matures on February 28, 2026, with no scheduled principal payments prior to maturity [180]. - The Merger Note, issued for $35,000,000, has been extended to March 31, 2027, and does not bear interest unless an event of default occurs [195][197]. - The Company has not made principal and interest payments due on the Seller Notes and Earnout Notes during 2023 or the first six months of 2024, resulting in defaults [190][191]. - The Seller Notes, totaling $15,750,000, require quarterly installments of $1,575,000, with $3,150,000 due at amended maturity dates of April 30, 2024 [186]. - The Company expects to refinance or satisfy joint and several indebtedness, with the Merger Note's maturity extended to March 31, 2027 [172][196]. Tax and Deferred Assets - The company reported a valuation allowance on deferred tax assets, resulting in an income tax expense of $(9,617) for Q1 2025, compared to a benefit of $1.29 million in Q1 2024 [167]. - The company assesses deferred tax assets quarterly, establishing a valuation allowance when it is more likely than not that some portion will not be realized [223]. Company Operations and Strategy - Atlantic's management believes it has established a strong reputation as a premier workforce solutions partner in the U.S. staffing industry, with over 100 locations nationwide [153]. - The company closed on a new ABL lender on April 29, 2025, converting its existing Revolver into a term loan with a maturity date of April 29, 2028 [170]. - The company closed on a new ABL lender credit facility on April 29, 2025, with an increased borrowing capacity of up to $70 million [200]. - The company has not entered into any off-balance sheet arrangements and does not have holdings in variable interest entities [209]. - The company’s identifiable intangible assets as of March 31, 2025, included customer relationships and tradenames, with no impairments recognized during the period [218][220]. Other Financial Metrics - The weighted average shares outstanding increased from 25.42 million in Q1 2024 to 53.98 million in Q1 2025, reflecting a significant rise of 28.55 million shares [158]. - As of March 31, 2025, total committed resources available were $1,593,549, compared to a negative $620,787 as of December 31, 2024 [200]. - Amounts payable to IDC, including taxes, totaled $1,379,210 as of March 31, 2025, down from $2,091,035 as of December 31, 2024 [206]. - The company recorded a liability payable to IDC for taxes amounting to $548,432 as of March 31, 2025, consistent with the previous period [205]. - Interest expense incurred on the Earnout Notes to LMH was $0 for the three months ended March 31, 2025, compared to $173,737 in 2024 [203].

Acquisition Strategy - Atlantic completed the acquisition of Lyneer Investments LLC on June 18, 2024, marking a significant expansion of its business operations[19]. - Atlantic's acquisition strategy targets companies with over $50 million in revenue and EBITDA margins of at least 10%[24]. - Atlantic is focusing on high-demand fields such as medical, legal, and financial services for its acquisition targets[22]. - Atlantic plans to pursue both "cornerstone" and "tuck-in" acquisitions to enhance its service offerings and market reach[24]. - The staffing industry is experiencing fragmentation and economic uncertainty, presenting opportunities for strategic consolidation[23]. - Lyneer's growth strategy involves organic expansion and strategic acquisitions, but may strain its management systems and resources[100]. - Lyneer's acquisition strategy may not be executed effectively, and there are no definitive agreements with potential targets[103]. Financial Performance - Lyneer reported a net loss of $135,479,890 for the year ended December 31, 2024, with previous losses of $15,252,020 and $3,221,058 for 2023 and 2022 respectively[66]. - Service revenue for the year ended December 31, 2024, was $442,609,814, an increase of $41,235,113 or 10.3% compared to $401,374,701 in 2023, primarily driven by a 10.6% increase in temporary placement services revenue[178]. - Cost of revenue increased to $395,431,491 in 2024 from $354,496,441 in 2023, reflecting an increase of $40,935,050 or 11.5% due to higher service revenue[180]. - Gross profit for 2024 was $47,178,323, a slight increase of $300,063 or 0.6% from $46,878,260 in 2023, with gross profit as a percentage of service revenue decreasing to 10.7% from 11.7%[181]. - Selling, general and administrative expenses rose to $64,021,052 in 2024, an increase of $18,579,393 or 40.9% compared to $45,441,659 in 2023, primarily due to higher transaction costs related to the merger[183]. - The net loss for the year ended December 31, 2024, was $135,479,890, compared to a net loss of $15,252,020 in 2023, reflecting an increase in losses of $120,227,870[177]. Debt and Financing - Lyneer has approximately $104,045,357 in total debt obligations as of December 31, 2024, including a $35 million Merger Note to IDC[67][68]. - The company faces substantial risks from competition, with competitors having greater financial and marketing resources, and low barriers to entry in the staffing industry[74]. - Lyneer has been required to seek at least $20 million in future financing prior to September 15, 2024, to restructure outstanding indebtedness[76]. - The company relies on its ability to raise additional funds to support its operations and repay outstanding debts, which may not be available on favorable terms[77]. - The Company issued shares and entered into additional debt obligations during the year ended December 31, 2024[200]. - The Company has received conditional approval for a new credit facility expected to close by the end of April 2025[204]. Market and Industry Trends - The U.S. Bureau of Labor Statistics anticipates a 6% annual growth in demand for licensed and vocational nurses through 2031, with about 9,600 open positions annually[51]. - 82.4% of hiring managers in public companies struggle with talent retention, indicating a significant need for effective staffing solutions[51]. - The alternative legal service providers market is valued at $14 billion, highlighting a growing sector within staffing services[51]. - The staffing industry is highly competitive, with no single company dominating the market, reflecting trends such as increasing demand for skilled labor and flexible working models[58]. - Talent shortages persist in several disciplines, which could adversely affect Lyneer's ability to meet employer demands[99]. Legal and Compliance Risks - Lyneer faces risks associated with litigation, including class action lawsuits related to wage and hour violations, which could result in substantial liabilities[83]. - The company has accrued $300,000 for a pending settlement related to a wage and hour class action lawsuit, which is awaiting court approval[159]. - The company has accrued $650,000 for a settlement related to another class action wage and hour complaint, also pending court approval[161]. - Lyneer's contracts are largely terminable for convenience, making revenue unpredictable and vulnerable to sudden decreases[89]. - The company is subject to various U.S. and foreign trade laws, which if violated, could result in substantial fines and reputational harm[122]. Cybersecurity and Technology - The company acknowledges the increasing importance of cybersecurity and is in the process of developing appropriate measures to enhance its cybersecurity posture[148]. - The company is increasingly dependent on digital technology, facing growing cybersecurity risks that could potentially damage business operations[117]. - Cybersecurity incidents have occurred with third-party vendors, but none have had a material impact on the company to date[121]. - The company has obtained cybersecurity insurance, but it may not be sufficient to cover all potential losses from cyberattacks[121]. Corporate Governance - The principal stockholder, IDC, owns approximately 43% of Lyneer's common stock, which may lead to conflicts of interest and affect corporate governance[104]. - Anti-takeover provisions in the company's charter may hinder stockholder attempts to change management or control[134][135]. - The exclusive forum provision in the company's charter may limit stockholders' ability to bring claims in preferred jurisdictions, potentially increasing litigation costs[138]. Stock Performance and Future Outlook - The company does not anticipate paying any cash dividends on its common stock in the foreseeable future, with capital appreciation being the sole source of gain for investors[139]. - The high and low closing bid price of the company's common stock from June 18, 2024, to December 31, 2024, was $8.97 and $2.36 respectively[164]. - As of March 21, 2025, the closing stock price for the company's common stock on the Nasdaq Global Select Market was $6.20[165]. - The company has changed its corporate name from SeqLL Inc. to Atlantic International Corp. and its trading symbol to ATLN, with common stock trading on the Nasdaq Global Select Market starting December 11, 2024[164].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR o 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 001-40760 (Address of principal executive offices) (Zip Code) (201) 899-4470 (Registrant's telephone numbe ...

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 June 30, 2024 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 001-40760 ATLANTIC INTERNATIONAL CORP. (Exact name of registrant as specified in its charter) Delaware 46-5319744 (State or other jurisdiction o ...

Financial Performance - The company incurred net losses of $1,095,580 for the three months ended March 31, 2024, a decrease of 36% compared to a net loss of $1,718,366 for the same period in 2023[87]. - Total operating expenses for Q1 2024 were $1,065,821, down from $1,757,827 in Q1 2023[90]. - The company recognized $10,061 in investment income for Q1 2024, a decrease from $56,267 in Q1 2023 due to reduced cash equivalents and marketable securities[93]. Expenses - Research and development expenses decreased by $460,457, or 59%, from $776,720 in Q1 2023 to $316,263 in Q1 2024 due to reduced research activities[91]. - General and administrative expenses decreased by $231,549, or 24%, from $981,107 in Q1 2023 to $749,558 in Q1 2024, primarily due to prior inventory and bad debt write-offs[92]. - The company had negative cash flow from operating activities of $991,039 for Q1 2024, compared to $1,122,036 for Q1 2023[96]. Cash Position - Cash and cash equivalents were $1,688,926 as of March 31, 2024, with an accumulated deficit of $25,231,855[96]. - The weighted average common shares outstanding increased from 355,648 in Q1 2023 to 382,151 in Q1 2024[90]. Merger Agreement - The company entered into a merger agreement on May 29, 2023, with Atlantic and Lyneer, subject to stockholder approval, which has been obtained[84]. - The company will need additional capital to fund operations for the next 12 months if the merger is not completed, raising concerns about its ability to continue as a going concern[97].

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, 2023 ☐ 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 333-254886 SeqLL Inc. (Exact name of registrant as specified in its charter) | Delaware | 46-5319744 | | --- | --- | | (State ...

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, 2023 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 No. 001-40760 SEQLL INC. (Exact name of registrant as specified in its charter) | Delaware | 46-5319744 | | --- | -- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SEQLL INC. (Exact name of registrant as specified in its charter) | Delaware | 46-5319744 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | incorporation or organization) Identification No.) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE A ...