☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2025 For the transition period from to Commission file number: 001-42414 Dynamix Corporation | (Exact Name of Registrant as Specified in Its Charter) | | | --- | --- | | Cayman Islands | 00-0000000 | | (Stat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarter ended June 30, 2025 ☐ 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: 001-42414 Dynamix Corporation | (Exact Name of Registrant as Specified in Its Charter) | | | --- | --- | | Cayman Islands | 00-0000000 | | (State or other jurisdiction | (I.R.S. Employer | | of incorporation or organization) | Identification No.) | | 1980 ...

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) [Management Commentary](index=1&type=section&id=Management%20Commentary) The company returned to profitability in the second quarter, driven by a significant software deal, and anticipates further growth from its 'Go IPO' business - The company **returned to profitability in Q2 2025**, a result attributed to the resilience of the software business and a significant deal with a major infrastructure company[3](index=3&type=chunk) - An existing **'Go IPO' client is expected to list on the Nasdaq Stock Market** in the near-term, which is anticipated to strengthen Q3 2025 financial results[3](index=3&type=chunk) - The company signed its **15th and 16th 'Go IPO' contracts** and plans to host an event in Korea to expand its presence in that market[3](index=3&type=chunk) [Second Quarter 2025 Financial & Operational Results](index=1&type=section&id=Second%20Quarter%202025%20Financial%20%26%20Operational%20Results) The company achieved a significant turnaround in Q2 2025, returning to profitability with strong revenue and gross profit growth while regaining Nasdaq compliance Q2 2025 Financial Performance vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $4.7 million | $4.1 million | +16.7% | | Gross Profit | $2.2 million | $0.8 million | +175.2% | | Operating Expenses | $2.1 million | $2.3 million | -8.7% | | Net Income (Loss) | $1.1 million | ($2.2 million) | N/A | | Adjusted EBITDA | $0.1 million | ($1.2 million) | N/A | - Revenue growth was primarily driven by increased sales of **on-premise CMS licenses** and expansion of the traditional SaaS business in Japan[4](index=4&type=chunk) - **Gross profit margin expanded significantly** due to high-margin, independently developed software sales and reduced outsourcing costs in the customized software segment[6](index=6&type=chunk) - As of June 30, 2025, total shareholders' equity was **$3.5 million**, satisfying the Nasdaq's **$2.5 million minimum requirement**[5](index=5&type=chunk) - Key operational achievements include signing **two new 'Go IPO' contracts** and forming strategic partnerships with Silver Egg Technology and NEC Solutions Innovators[5](index=5&type=chunk) [Six Months Ended June 30, 2025 Financial Results](index=2&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Financial%20Results) For the first half of 2025, revenues declined, but gross profit increased and the net loss narrowed due to improved cost management and a strategic shift Six Months 2025 Financial Performance vs. Six Months 2024 | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $8.3 million | $9.1 million | -8.8% | | Gross Profit | $3.3 million | $2.8 million | +16.9% | | Operating Expenses | $4.4 million | $5.0 million | -12.0% | | Net Loss | ($2.1 million) | ($3.7 million) | +43.2% | | Adjusted EBITDA | ($1.1 million) | ($1.6 million) | +31.3% | - The revenue decline was primarily caused by a slowdown in the **Sigmaways customized software business** and decreased Go IPO consulting services revenue[10](index=10&type=chunk) - Gross profit increased due to a strategic focus on **higher-margin on-premise software** and cost reductions from ending cooperation with costly vendors[11](index=11&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Net Loss to Adjusted EBITDA](index=3&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) The company's Adjusted EBITDA showed significant improvement for both the second quarter and the first six months of 2025 compared to the prior year Q2 Adjusted EBITDA Reconciliation (in millions) | Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net income (loss) | $1.1 | ($2.2) | | Adjustments | ($1.0) | $1.0 | | **Adjusted EBITDA** | **$0.1** | **($1.2)** | Six Months Adjusted EBITDA Reconciliation (in millions) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net loss | ($2.1) | ($3.7) | | Adjustments | $1.0 | $2.1 | | **Adjusted EBITDA** | **($1.1)** | **($1.6)** | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The company's balance sheet as of June 30, 2025, shows total assets of $13.5 million and an increase in shareholders' equity Key Balance Sheet Items | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,347,622 | $2,121,089 | | Total Assets | $13,525,320 | $13,965,034 | | Total Liabilities | $9,966,303 | $10,503,019 | | Total Shareholders' Equity | $3,559,017 | $3,462,015 | [Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the first six months of 2025, the company reported an improved net loss per share compared to the prior-year period Six Months Statement of Operations Highlights | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $8,331,272 | $9,113,120 | | Gross Profit | $3,317,879 | $2,838,070 | | Loss from operations | ($1,136,692) | ($2,190,159) | | Net loss attributable to common shareholders | ($1,987,701) | ($3,284,450) | | Net loss per share (Basic & Diluted) | ($0.09) | ($0.16) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The company experienced a net increase in cash for the first six months of 2025, driven by investing and financing activities Six Months Cash Flow Summary | Cash Flow Activity | Six Months Ended June 30, 2025 | | :--- | :--- | | Net cash used in operating activities | ($2,674,892) | | Net cash provided by investing activities | $1,091,636 | | Net cash provided by financing activities | $1,770,767 | | **Net change in cash and cash equivalents** | **$226,533** | | **Cash and cash equivalents - end of period** | **$2,347,622** | [About the Company & Other Information](index=3&type=section&id=About%20the%20Company%20%26%20Other%20Information) [About HeartCore Enterprises, Inc.](index=3&type=section&id=About%20HeartCore%20Enterprises%2C%20Inc.) HeartCore Enterprises is a Tokyo-based software and consulting firm specializing in SaaS, CXM, and 'GO IPO' services for Japanese companies - Offers **SaaS solutions, a CXM Platform, and data analytics services** to enterprise customers[14](index=14&type=chunk) - Operates a digital transformation business utilizing **robotics process automation (RPA)**[14](index=14&type=chunk) - Provides **'GO IPO' consulting services** to help Japanese companies go public in the U.S[14](index=14&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements that are subject to risks and uncertainties and are not guarantees of future performance - The report includes **forward-looking statements** subject to risks, uncertainties, and other factors that could cause actual results to differ materially[20](index=20&type=chunk) - Investors are cautioned **not to place undue reliance** on these statements as they are based on current views and are not a guarantee of future performance[20](index=20&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ 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:001-42646 Churchill Capital Corp X (Exact name of registrant as specified in its charter) Cayman Islands 86-1946291 (S ...

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) As a newly formed special purpose acquisition company (**SPAC**), the company's financial statements for the period ended **June 30, 2025**, primarily reflect the results of its **Initial Public Offering** (**IPO**) in **May 2025**. The balance sheet shows significant assets held in a **Trust Account**, while the statement of operations reports **net income** generated from interest on these funds, offset by general and administrative costs. The company had no operating revenue as it has not yet commenced business operations or completed a **business combination** [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Balance Sheet Overview (as of June 30, 2025) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Cash | **$1,232,392** | **$0** | | Cash and marketable securities held in **Trust Account** | **$416,158,518** | **$0** | | **Total Assets** | **$418,059,568** | **$157,937** | | Total Liabilities | **$3,102,760** | **$184,847** | | Class A Ordinary Shares subject to possible redemption | **$415,158,518** | **$0** | | **Total Shareholders' Deficit** | **($201,710)** | **($26,910)** | - The **significant increase in assets** from **December 2024** to **June 2025** is primarily due to the consummation of the **Initial Public Offering** in **May 2025**, with proceeds placed into the **Trust Account**[11](index=11&type=chunk)[31](index=31&type=chunk)[34](index=34&type=chunk) [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) Operating Results (Unaudited) | Period | General & administrative costs | Income from Trust Account | Net Income (Loss) | | :--- | :--- | :--- | :--- | | **Three Months Ended June 30, 2025** | **($185,232)** | **$2,158,518** | **$1,973,286** | | **Six Months Ended June 30, 2025** | **($203,432)** | **$2,158,518** | **$1,955,086** | | **Three Months Ended June 30, 2024** | **($7,230)** | **$0** | **($7,230)** | | **Period from Jan 4, 2024 (Inception) to June 30, 2024** | **($51,841)** | **$0** | **($51,841)** | - The company's **net income** in **2025** is **entirely driven by non-operating income** earned on cash and marketable securities held in the **Trust Account** following the **IPO**, as the company has not yet commenced operations[15](index=15&type=chunk)[29](index=29&type=chunk) [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Six Months Ended June 30, 2025 | Cash Flow Activity | Amount | | :--- | :--- | | Net cash used in operating activities | **($757,617)** | | Net cash used in investing activities | **($414,000,000)** | | Net cash provided by financing activities | **$415,990,009** | | **Net Change in Cash** | **$1,232,392** | - **Financing activities** provided **significant cash inflows** from the sale of **Public and Private Placement Units**. The **majority of this cash was used in investing activities**, specifically for the investment of **$414,000,000** into the **Trust Account**[25](index=25&type=chunk) [Notes to Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) - The company is a **blank check company** incorporated on **January 4, 2024**, for the purpose of effecting a **business combination**. It has a **24-month period** (extendable to **27 months**) from its **IPO** to complete a **business combination**[28](index=28&type=chunk)[35](index=35&type=chunk) - On **May 15, 2025**, the company consummated its **IPO** of **41,400,000 units** at **$10.00 per unit**, generating **gross proceeds** of **$414,000,000**. Simultaneously, it sold **300,000 private placement units** to its Sponsor for **$3,000,000**[31](index=31&type=chunk)[32](index=32&type=chunk) - The company has a **deferred underwriting fee** of **up to $3,000,000**, which is payable only upon the completion of an initial **Business Combination**[90](index=90&type=chunk) - Subsequent to the quarter end, on **July 7, 2025**, the **Public Shares and Warrants** began separate trading on Nasdaq. The company also appointed **two new directors**, Paul Lapping and Stephen Murphy, effective **August 1, 2025**[116](index=116&type=chunk)[117](index=117&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's status as a **blank check company** with **no current operations**, focusing on activities related to its formation and the **May 2025 IPO**. The results of operations are straightforward, with **net income** derived from interest on the **Trust Account**. The company's liquidity is strong, consisting of cash held outside the trust for operational needs and a substantial amount of marketable securities within the **Trust Account** designated for a future **business combination**. Management confirms **sufficient funds for at least one year of operations** [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Net Income (Loss) Summary | Period | Net Income (Loss) | Key Drivers | | :--- | :--- | :--- | | **Three Months Ended June 30, 2025** | **$1,973,286** | **$2.16M Trust income offset by** **$185K** G&A costs | | **Six Months Ended June 30, 2025** | **$1,955,086** | **$2.16M Trust income offset by** **$203K** G&A costs | | **Period from Jan 4, 2024 to June 30, 2024** | **($51,841)** | **G&A costs only** | [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) - As of **June 30, 2025**, the company had **$1,232,392** in cash held outside the **Trust Account** for **working capital purposes**[136](index=136&type=chunk) - The **Trust Account** held **$416,158,518** in marketable securities as of **June 30, 2025**, which is intended to be used for a future **Business Combination**[135](index=135&type=chunk) - The Sponsor may provide **Working Capital Loans** **up to $1,500,000**, which can be converted into units post-**business combination**. As of **June 30, 2025**, **no such loans were outstanding**[137](index=137&type=chunk) - The company has **sufficient funds** for its **working capital needs for at least one year** from the date of the financial statement issuance[139](index=139&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is a **smaller reporting company** and is therefore not required to provide quantitative and qualitative disclosures about market risk - As a **smaller reporting company** defined by Rule 12b-2 of the Exchange Act, the company is not required to provide the information under this item[146](index=146&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's **disclosure controls and procedures** and concluded that they were effective as of **June 30, 2025**. This ensures that information required for SEC reports is recorded, processed, and reported in a timely manner - Based on an evaluation conducted by management, the company's Certifying Officers **concluded that disclosure controls and procedures were effective** as of **June 30, 2025**[147](index=147&type=chunk) Part II. Other Information [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that there is **no material litigation** currently pending or contemplated against the company, its officers, or its directors - To the knowledge of management, there is **no material litigation** currently pending or contemplated against the company[151](index=151&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) The company highlights several key risks, including the potential need to extend its **24-27 month Combination Period**, which could reduce funds in the **Trust Account** due to **shareholder redemptions**. It also notes the risk of its securities being **suspended from trading and delisted from Nasdaq** if a **business combination** is not completed by **May 13, 2028**, per Nasdaq's **36-month requirement** for **SPACs**. Additionally, there is a risk that the share price of the post-**business combination** company could fall below the **redemption price** offered to public shareholders - The company may need to extend its **Combination Period**, which would require shareholder approval and offer redemption rights, potentially reducing the amount in the **Trust Account**[153](index=153&type=chunk) - If a **business combination** is not consummated by **May 13, 2028**, the company's securities will likely be **suspended from trading and delisted from Nasdaq**, per the exchange's **36-month requirement** for **SPACs**[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - There is a risk that the share price of the post-**Business Combination** company may be less than the **redemption price** (**approx. $10.03 per share**), and shareholders who hold their shares could see the value of their investment decline[158](index=158&type=chunk)[160](index=160&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details the sale of **300,000 Private Placement Units** to its Sponsor at **$10.00 per unit**, generating **gross proceeds** of **$3,000,000**. This sale was conducted simultaneously with the **IPO** and was **exempt from registration** under the Securities Act. The use of proceeds from the **IPO** and private placement is confirmed, with **$414,000,000** placed into the **Trust Account** - Simultaneously with the **IPO**, the company sold **300,000 Private Placement Units** to the Sponsor at **$10.00 per unit** for **gross proceeds** of **$3,000,000** in a sale **exempt from registration**[164](index=164&type=chunk) - Following the **IPO** and Private Placement, a total of **$414,000,000** was placed in the **Trust Account**[167](index=167&type=chunk) [Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports **no defaults upon senior securities** - **None**[171](index=171&type=chunk) [Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is **not applicable** to the company - **Not applicable**[172](index=172&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) The company reports **no other material information** for the quarter. It also confirms that **no directors or officers adopted or terminated any Rule 10b5-1 trading arrangements** during the period - During the quarter ended **June 30, 2025**, **none** of the company's directors or officers adopted or terminated any **Rule 10b5-1 trading arrangement** or **non-Rule 10b5-1 trading arrangement**[172](index=172&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section provides a list of **Exhibits** filed as part of the Form 10-Q, including the Underwriting Agreement, Amended and Restated Memorandum and Articles of Association, various warrant and trust agreements, and officer certifications - Lists all **Exhibits** filed with the report, including **key agreements** related to the **IPO** and **company governance**[174](index=174&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ 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: 001-42540 Live Oak Acquisition Corp. V (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 61-2235506 | | --- | - ...

Spire Global, Inc. Form 8-K Filing (August 13, 2025) [Item 2.02 Results of Operations and Financial Condition](index=4&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) Spire Global, Inc. announced preliminary Q2 2025 revenue and cash balance, with the information furnished for liability purposes - The company announced preliminary financial results for the quarter ended June 30, 2025[7](index=7&type=chunk) - The disclosed information includes preliminary revenue and the balance of cash, cash equivalents, and marketable securities[7](index=7&type=chunk) - The information provided in this item and the attached exhibit is not deemed "filed" for the purposes of Section 18 of the Exchange Act, which limits certain legal liabilities[8](index=8&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=4&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits attached to the Form 8-K filing, primarily the news release with preliminary financial results List of Exhibits | Exhibit | Description | | :--- | :--- | | 99.1 | News release of Spire Global, Inc., dated August 13, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ 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: 001-42540 Live Oak Acquisition Corp. V (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 61-2235506 | | --- | - ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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, 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: 001-38365 HYPERION DEFI, INC. (Exact name of Registrant as Specified in Its Charter) | Delaware | | 47-1178401 | | --- | --- | ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Interlink Electronics reported strong Q2 2025 results, driven by growth in key product lines, strategic wins, and a focus on M&A [Q2 2025 and Recent Highlights](index=1&type=section&id=Q2%202025%20and%20Recent%20Highlights) Interlink Electronics achieved strong Q2 2025 results with **18%** revenue growth, improved gross margins, and positive net income, driven by strategic wins and M&A focus - Revenue increased **18%** year-over-year to **$3.4 million**[1](index=1&type=chunk)[6](index=6&type=chunk) - Gross margin improved to **45%**, driving **$323,000** of adjusted EBITDA (non-GAAP) and positive net income of **$100,000**[1](index=1&type=chunk)[6](index=6&type=chunk) - Secured an integrated sensing solution program with a division of a top-10 global company, with approximately **$1 million** of revenue expected in 2026[1](index=1&type=chunk)[6](index=6&type=chunk) - Received a **$280,000** SBIR Phase 1 award from the National Institute of Environmental Health Sciences (NIEHS) to develop a high-resolution, hyper-local air quality monitoring system[1](index=1&type=chunk)[6](index=6&type=chunk) - The Company is actively evaluating a growing pipeline of strategic acquisition opportunities that align with long-term goals and enhance shareholder value[5](index=5&type=chunk)[6](index=6&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Steven N. Bronson emphasized progress towards sustainable, profitable growth, driven by strong product lines and strategic M&A, anticipating continued improvements into 2026 - Revenue increased **18%** year-over-year, driven by higher gas-sensor shipments, stronger printed electronics demand through Calman Technology, and contributions from the Conductive Transfers acquisition[4](index=4&type=chunk) - Sequential gross margin improved to **45%**, reflecting disciplined execution and a favorable product mix[4](index=4&type=chunk) - Management expects continued year-over-year revenue and gross margin improvements in the second half of 2025 and into 2026[4](index=4&type=chunk) - Momentum in gas-sensor and printed electronics product-lines is encouraging, with an anticipated rebound in the force-sensing business[5](index=5&type=chunk) - The company is actively evaluating a robust M&A pipeline and believes 2026 will be a defining year characterized by accelerating top-line growth, expanding gross margins, and consistent profitability[5](index=5&type=chunk)[6](index=6&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) Interlink Electronics demonstrated significant financial improvements in Q2 2025, marked by revenue growth, improved profitability, and positive Adjusted EBITDA [Q2 2025 Financial Results Summary](index=2&type=section&id=Q2%202025%20Financial%20Results%20Summary) Interlink Electronics achieved strong Q2 2025 financial improvements, with revenue growing **17.8%** to **$3.414 million**, returning to profitability with **$100,000** net income and positive Adjusted EBITDA Q2 2025 Financial Results (in thousands) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | $ Change | % Change | | :--------------------------- | :---------------------------------------------- | :---------------------------------------------- | :------- | :------- | | Revenue | $3,414 | $2,898 | $516 | 17.8% | | Gross profit | $1,538 | $1,305 | $233 | 17.9% | | Gross margin | 45.0% | 45.0% | 0.0% | 0.0% | | Income (loss) from operations | $66 | $(313) | $379 | N/A | | Net income (loss) | $100 | $(307) | $407 | N/A | | Adjusted EBITDA | $323 | $(80) | $403 | N/A | - The year-over-year revenue growth was driven by higher shipments of gas-sensor products, increased sales of printed electronics through Calman Technology (benefiting in part from a stronger Pound Sterling), and contributions from the recently acquired Conductive Transfers subsidiary, partially offset by lower sales of force-sensor products[7](index=7&type=chunk) [Gross Margin and Net Income Analysis](index=2&type=section&id=Gross%20Margin%20and%20Net%20Income%20Analysis) Q2 2025 gross margin remained strong at **45.0%**, with sequential improvement, and net income reached **$100,000**, driven by higher revenue and reduced operating expenses - Gross margin for the quarter was **45.0%**, flat compared to the second quarter of last year, and up from **35.6%** in the first quarter of 2025[8](index=8&type=chunk) - The sequential improvement in gross margin primarily reflects higher revenue and favorable product mix[8](index=8&type=chunk) - Net income totaled **$100,000**, compared to a net loss of **$307,000** in the year-ago period[8](index=8&type=chunk) - The improvement in net income was driven by higher revenue and lower operating expenses, reflecting reduced headcount and related compensation costs[8](index=8&type=chunk) [Adjusted EBITDA Performance](index=2&type=section&id=Adjusted%20EBITDA%20Performance) Interlink Electronics reported a positive Adjusted EBITDA of **$323,000** for Q2 2025, a significant turnaround reflecting improved operational efficiency and profitability - Adjusted EBITDA, a non-GAAP financial measure, was **$323,000**, compared to **$(80,000)** in the prior-year period[9](index=9&type=chunk) [Company Overview](index=2&type=section&id=Company%20Overview) Interlink Electronics is a global leader in sensor and printed electronic solutions, operating internationally with specialized expertise and manufacturing capabilities [About Interlink Electronics, Inc.](index=2&type=section&id=About%20Interlink%20Electronics%2C%20Inc.) Interlink Electronics is a 40-year leader in sensor and printed electronic solutions, delivering mission-critical technologies across diverse markets through specialized expertise - Interlink Electronics is a leading provider of sensors and printed electronic solutions, boasting **40 years** of success in delivering mission-critical technologies[10](index=10&type=chunk) - Products and solutions span various markets, including medical, industrial, automotive, wearables, IoT, and other specialty markets[10](index=10&type=chunk) - Expertise in materials science, manufacturing, embedded electronics, firmware, and software enables the creation of custom solutions tailored to customer needs[10](index=10&type=chunk) [Global Operations](index=2&type=section&id=Global%20Operations) Interlink Electronics operates globally with headquarters in Fremont, California, a development center in Camarillo, and manufacturing facilities across China and the UK - The company's corporate headquarters and proprietary gas sensor production and product development facility are located in Fremont, California[11](index=11&type=chunk) - A Global Product Development and Materials Science Center and distribution and logistics center are in Camarillo, California[11](index=11&type=chunk) - Advanced printed-electronics manufacturing facilities are located in Shenzhen, China; Irvine, Scotland; and Barnsley, England[11](index=11&type=chunk) [Forward-Looking Statements & Non-GAAP Measures](index=3&type=section&id=Forward-Looking%20Statements%20%26%20Non-GAAP%20Measures) This section addresses the inherent uncertainties of forward-looking statements and clarifies the definition, use, and limitations of non-GAAP financial measures [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) Forward-looking statements are subject to inherent uncertainties and risks that may cause actual results to differ materially, with no obligation for public updates - Forward-looking statements are identified by phrases such as 'thinks,' 'anticipates,' 'believes,' 'estimates,' 'expects,' 'intends,' 'plans,' and similar words[13](index=13&type=chunk) - These statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially[13](index=13&type=chunk) - Risks and uncertainties include success in predicting new markets, efficient infrastructure management, technological developments, changes in customer ordering patterns, product quality, intellectual property protection, raw material availability, disruptions in manufacturing, risks of international sales and operations, and compliance with regulatory requirements[13](index=13&type=chunk) - The company expressly disclaims any obligation to publicly update or revise any forward-looking statements[13](index=13&type=chunk) [Non-GAAP Financial Measure Definition and Use](index=3&type=section&id=Non-GAAP%20Financial%20Measure%20Definition%20and%20Use) Adjusted EBITDA is a non-GAAP measure used by management and investors to assess core performance, supplementing GAAP statements for financial and operational decisions - Adjusted EBITDA is a non-GAAP financial measure used to supplement condensed consolidated financial statements prepared in accordance with GAAP[14](index=14&type=chunk) - Adjusted EBITDA is defined as net income (loss) before interest, taxes, depreciation and amortization, and as further adjusted for stock-based compensation expense[15](index=15&type=chunk) - This non-GAAP measure is used for financial and operational decision-making, period-to-period comparisons, and to evaluate performance by excluding items not indicative of core business operating results, such as amortization expense related to recent acquisitions[16](index=16&type=chunk) - It provides greater transparency with respect to key metrics used by management and helps investors analyze the health of the business[16](index=16&type=chunk) [Limitations of Non-GAAP Financial Measures](index=3&type=section&id=Limitations%20of%20Non-GAAP%20Financial%20Measures) The company acknowledges non-GAAP measure limitations, providing GAAP exclusions and emphasizing their evaluation alongside relevant GAAP financial measures - There are a number of limitations related to the use of non-GAAP financial measures[17](index=17&type=chunk) - The company compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures[17](index=17&type=chunk) - Non-GAAP financial measures are evaluated together with their relevant financial measures in accordance with GAAP[17](index=17&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and reconciliation of net loss to Adjusted EBITDA [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the unaudited condensed consolidated balance sheets for Interlink Electronics as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $2,329 | $2,950 | | Accounts receivable, net | $2,022 | $1,612 | | Inventories | $1,651 | $2,009 | | Total current assets | $6,424 | $6,899 | | Total assets | $12,510 | $13,116 | | Accounts payable | $501 | $573 | | Total current liabilities | $1,422 | $1,390 | | Total liabilities | $2,471 | $2,623 | | Total stockholders' equity | $10,039 | $10,493 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section provides the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2025, and 2024 Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $3,414 | $2,898 | $6,078 | $6,022 | | Cost of revenue | $1,876 | $1,593 | $3,591 | $3,464 | | Gross profit | $1,538 | $1,305 | $2,487 | $2,558 | | Engineering, research and development | $363 | $510 | $797 | $1,086 | | Selling, general and administrative | $1,109 | $1,108 | $2,473 | $2,536 | | Total operating expenses | $1,472 | $1,618 | $3,270 | $3,622 | | Income (loss) from operations | $66 | $(313) | $(783) | $(1,064) | | Net income (loss) | $100 | $(307) | $(705) | $(1,048) | | Earnings (loss) per common share – diluted | $0.00 | $(0.04) | $(0.09) | $(0.13) | [Reconciliation of Consolidated Net Loss to Consolidated Adjusted EBITDA](index=5&type=section&id=Reconciliation%20of%20Consolidated%20Net%20Loss%20to%20Consolidated%20Adjusted%20EBITDA) This section provides the unaudited reconciliation of consolidated net loss to consolidated Adjusted EBITDA for the three and six months ended June 30, 2025, and 2024 Reconciliation of Consolidated Net Loss to Consolidated Adjusted EBITDA (in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $100 | $(307) | $(705) | $(1,048) | | Interest (income) | $(7) | $(14) | $(13) | $(32) | | Income tax expense (benefit) | $(9) | $10 | $(48) | $32 | | Depreciation expense | $47 | $37 | $94 | $77 | | Amortization expense | $185 | $189 | $358 | $378 | | EBITDA | $316 | $(85) | $(314) | $(593) | | Stock-based compensation expense | $7 | $5 | $14 | $5 | | Adjusted EBITDA | $323 | $(80) | $(300) | $(588) |