Financial Performance - Proficient's total operating revenue for the three months ended March 31, 2025, was $95,206,021, a significant increase from $27,826,592 for the same period in 2024[17] - The net loss for Proficient for the three months ended March 31, 2025, was $3,191,685, compared to a net income of $1,184,632 for the same period in 2024[17] - Proficient's operating loss for the three months ended March 31, 2025, was $(2,362,506), compared to an operating income of $2,025,900 for the same period in 2024[17] - The company reported a loss per share of $(0.12) for the three months ended March 31, 2025[17] - For the three months ended March 31, 2025, the net loss was $3,191,685 compared to a net income of $1,184,632 for the same period in 2024[24] - Total operating revenue for the three months ended March 31, 2025, was $95,206,000, a decrease of 6.1% from $102,345,000 in the same period of 2024[63] - The company reported a total operating loss of $2,363,000 for the three months ended March 31, 2025, compared to an operating income of $6,062,000 in the prior year[63] Cash and Assets - Cash and cash equivalents decreased to $10,910,825 as of March 31, 2025, down from $15,398,714 as of December 31, 2024[15] - Accounts receivable increased to $47,161,777 as of March 31, 2025, compared to $37,394,656 as of December 31, 2024[15] - Total current assets rose to $69,269,300 as of March 31, 2025, from $67,687,442 as of December 31, 2024[15] - Cash flows provided by operating activities were $1,633,024, a significant increase from a cash outflow of $382,135 in the prior year[24] - Cash and cash equivalents at the end of the period were $10,910,825, down from $15,398,714 at the beginning of the period[24] - The company reported cash paid for interest was $1,558,106 during the period, highlighting its financing costs[24] Liabilities and Debt - Total liabilities decreased slightly to $169,300,048 as of March 31, 2025, from $170,107,421 as of December 31, 2024[15] - Total long-term debt decreased to $52,953,684 as of March 31, 2025, from $56,336,911 at the end of 2024[73] - The company had $8,000,000 outstanding on its revolving line of credit as of March 31, 2025, with $12,000,000 available to be drawn[72] - Future maturities of long-term debt for the year ending December 31, 2025, are projected to be $14,516,189[74] Acquisitions and Growth Strategy - The company completed its IPO on May 13, 2024, and acquired five operating businesses as part of its growth strategy[29] - Subsequent to the IPO, the company acquired Auto Transport Group for approximately $28.9 million and Utah Truck & Trailer Repair for $4.5 million, expanding its geographic presence[30] - Proficient Auto Logistics, Inc. completed the acquisition of five operating businesses, including Delta, Deluxe, Sierra, Proficient Transport, and Tribeca, on May 13, 2024, concurrent with its IPO[48] - The total purchase price for all acquisitions recognized was $289,275,386, with cash consideration of $183,448,307 and stock consideration of $102,731,965[58] - The acquisition of Auto Transport Group resulted in a total purchase price of $49,480,431, with cash consideration of $28,938,295 and stock consideration of $20,542,136[59] - The company is focused on expanding its market presence through strategic acquisitions and enhancing operational capabilities[48] Goodwill and Intangible Assets - The acquisition of Delta resulted in recognized goodwill of $27,558,000[50] - The acquisition of Deluxe resulted in recognized goodwill of $34,555,987[52] - The acquisition of Proficient Transport resulted in recognized goodwill of $58,332,452[53] - Goodwill from the acquisitions totaled $141,946,652, primarily due to expected synergies and workforce value[58] - The total balance of goodwill increased to $170,900,127 from $169,056,675 as of December 31, 2024, reflecting adjustments of $1,843,452[64] - The company recognized intangible assets totaling $114,900,000 across various acquisitions, including customer relationships and trade names[58] Operational Segments - The company’s CODM includes the CEO, CFO, and COO, who evaluate performance based on operational results from services provided by Company Drivers and Subhaulers[44] - The company’s operating segments include Drivers and Subhaulers, with the latter focusing on an asset-light model for transportation services[93] - For the three months ended March 31, 2025, total revenue was $95,206,021, with segment revenue from Drivers at $32,674,418 and Subhaulers at $62,531,603[94] Legal and Compliance Matters - Sierra Mountain Group, Inc. reached a settlement agreement for approximately $4,000,000 related to the misclassification of independent contractors, with final approval for $3,947,725 granted by the court[104] - Deluxe Auto Carriers, Inc. is evaluating a class action claim regarding unpaid meal and rest periods, with potential liabilities included in accrued liabilities as of December 31, 2024[105] - Deluxe Auto Carriers, Inc. was delinquent in its filings with the Department of Labor for Retirement Plan Information Returns from 2019 to 2022, but all filings were completed by December 31, 2024[106]

Spruce Power Reports First Quarter 2025 Results DENVER, COLORADO (May 14, 2025) – Spruce Power Holding Corporation (NYSE: SPRU) ("Spruce" or the "Company"), a leading owner and operator of distributed solar energy assets across the United States, today reported financial results for the first quarter ended March 31, 2025. First Quarter 2025 Business Highlights Management Commentary and Outlook Spruce Power Chief Executive Officer Chris Hayes commented, "Our results reflected the positive impact of last year ...

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 March 31, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36366 Fundamental Global Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 46-111 ...

☒ 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File Number: 001-36366 Fundamental Global Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 46-111 ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) For the three months ended March 31, 2025, Arbutus Biopharma reported a net loss of $24.5 million, an increase from the $17.9 million net loss in the same period of 2024, primarily driven by a $12.4 million restructuring charge Condensed Consolidated Balance Sheets As of March 31, 2025, total assets were $117.0 million, a decrease from $131.7 million at December 31, 2024, mainly due to reduced marketable securities and property and equipment, while total liabilities increased to $37.9 million from $34.3 million, and total stockholders' equity decreased to $79.2 million from $97.4 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $37,076 | $36,330 | | Investments in marketable securities, current | $75,631 | $86,293 | | Total current assets | $116,808 | $127,316 | | **Total assets** | **$117,010** | **$131,707** | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $19,431 | $15,618 | | **Total liabilities** | **$37,853** | **$34,341** | | **Total stockholders' equity** | **$79,157** | **$97,366** | Condensed Consolidated Statements of Operations and Comprehensive Loss For the first quarter of 2025, the company reported a net loss of $24.5 million, or ($0.13) per share, compared to a net loss of $17.9 million, or ($0.10) per share, for the same period in 2024, primarily due to a one-time restructuring charge of $12.4 million, partially offset by a $6.4 million decrease in R&D expenses Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total Revenue | $1,764 | $1,532 | | Research and development | $8,959 | $15,403 | | General and administrative | $5,832 | $5,312 | | Restructuring | $12,373 | $0 | | Total operating expenses | $27,463 | $20,895 | | Loss from operations | ($25,699) | ($19,363) | | **Net loss** | **($24,526)** | **($17,875)** | | **Loss per share (basic and diluted)** | **($0.13)** | **($0.10)** | Condensed Consolidated Statements of Cash Flows Net cash used in operating activities for the first quarter of 2025 was $13.4 million, a decrease from $19.3 million in the prior-year period, reflecting cost-saving measures, while net cash provided by investing activities was $11.3 million, mainly from net dispositions of marketable securities, and net cash from financing activities was $2.8 million, primarily from stock option exercises Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($13,391) | ($19,295) | | Net cash provided by investing activities | $11,349 | $11,694 | | Net cash provided by financing activities | $2,784 | $24,430 | | **Increase in cash and cash equivalents** | **$746** | **$16,816** | | **Cash and cash equivalents, end of period** | **$37,076** | **$43,101** | Notes to Condensed Consolidated Financial Statements The notes detail the company's business focus on infectious diseases, particularly cHBV with imdusiran and AB-101, and its ongoing patent litigation against Moderna and Pfizer/BioNTech, along with key accounting policies, revenue recognition, fair value measurements, and details of the March 2025 restructuring, with the company believing its cash resources of $112.7 million are sufficient for at least the next 12 months - The company is a clinical-stage biopharmaceutical firm focused on developing treatments for chronic hepatitis B (cHBV), specifically imdusiran (AB-729) and AB-101[22](index=22&type=chunk) - Arbutus is engaged in ongoing patent infringement lawsuits against Moderna and Pfizer/BioNTech concerning its lipid nanoparticle (LNP) delivery technology used in their COVID-19 vaccines. A trial date against Moderna in the U.S. is set for September 29, 2025[23](index=23&type=chunk) - In March 2025, the company implemented a significant restructuring, reducing its workforce by **57% to 19 employees**, exiting its corporate headquarters, and discontinuing in-house research, resulting in a one-time charge of **$12.4 million**[49](index=49&type=chunk)[81](index=81&type=chunk) - The company believes its cash, cash equivalents, and marketable securities of **$112.7 million** as of March 31, 2025, are sufficient to fund operations for at least the next 12 months[24](index=24&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's strategic focus on its cHBV pipeline (imdusiran and AB-101) and the monetization of its LNP technology through patent litigation, with a major restructuring in Q1 2025, including a 57% workforce reduction, expected to significantly lower the net cash burn, while net loss for Q1 2025 increased to $24.5 million due to restructuring costs, though R&D spending decreased, and the company ended the quarter with $112.7 million in cash and investments, deemed sufficient for at least the next year Overview and Strategy Arbutus is a clinical-stage biopharma company focused on developing a functional cure for chronic hepatitis B (cHBV) with its candidates imdusiran and AB-101, with a key part of its strategy involving defending and monetizing its lipid nanoparticle (LNP) delivery technology through patent infringement lawsuits against Moderna and Pfizer/BioNTech, and following significant restructuring, the company aims to reduce its cash burn while advancing its clinical programs - The company's strategy focuses on maximizing opportunities for its cHBV development programs and its LNP delivery technology[96](index=96&type=chunk) - Arbutus has filed patent infringement lawsuits against Moderna and Pfizer/BioNTech for unlicensed use of its LNP technology in their COVID-19 vaccines. The U.S. trial against Moderna is scheduled for September 29, 2025[94](index=94&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - The company's cHBV strategy aims to develop a functional cure using imdusiran as a cornerstone therapy in combination with other agents to suppress HBsAg and boost immune response[99](index=99&type=chunk) - Recent restructuring actions, including a **57% workforce reduction** in Q1 2025, are expected to significantly reduce net cash burn in 2025 compared to 2024[95](index=95&type=chunk) Our Product Candidates The company's pipeline features two main cHBV candidates: imdusiran (AB-729), an RNAi therapeutic, and AB-101, an oral PD-L1 inhibitor, with imdusiran showing meaningful HBsAg reduction and leading to functional cures in eight patients in combination therapies, and AB-101 demonstrating good tolerability and high receptor occupancy in its Phase 1a/1b trial - Imdusiran (RNAi therapeutic) has achieved functional cure in **8 cHBV patients** to date in combination therapies[103](index=103&type=chunk) - The IM-PROVE I trial (imdusiran + IFN) showed a **50% (3/6) functional cure rate** in patients with baseline HBsAg <1000 IU/mL[104](index=104&type=chunk)[115](index=115&type=chunk) - The IM-PROVE II trial (imdusiran + VTP-300 + nivolumab) showed a **25% (2/8) functional cure rate** in patients with baseline HBsAg <1000 IU/mL[104](index=104&type=chunk) - AB-101 (oral PD-L1 inhibitor) is in a Phase 1a/1b trial and has shown to be well-tolerated with evidence of high receptor occupancy in healthy subjects and cHBV patients[103](index=103&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) Other Collaborations, Royalty Entitlements and Intellectual Property Litigation Arbutus has a licensing agreement with Qilu for imdusiran in Greater China, which included a $40 million upfront payment and potential for $245 million in milestones plus royalties, and receives two royalty streams on Alnylam's ONPATTRO sales, one of which was partially sold to OMERS and is close to reverting back to Arbutus, while its LNP platform was licensed to Genevant, entitling Arbutus to sublicensing revenues and a share of litigation proceeds, with detailed updates on the patent infringement lawsuits against Moderna and Pfizer/BioNTech in the U.S. and internationally - Collaboration with Qilu for imdusiran in Greater China includes up to **$245 million in milestones** and double-digit royalties[123](index=123&type=chunk) - The company has two royalty entitlements on Alnylam's ONPATTRO. A portion sold to OMERS for **$20 million** is expected to revert to Arbutus after OMERS receives **$30 million in royalties** (**$25.3 million** earned as of March 31, 2025)[126](index=126&type=chunk) - Arbutus and Genevant filed five international lawsuits against Moderna in March 2025, targeting infringing activities in **30 countries** and seeking monetary relief and injunctions[135](index=135&type=chunk) - In the U.S. lawsuit against Pfizer/BioNTech, the claim construction hearing occurred in December 2024, with a court ruling and trial schedule expected in 2025[137](index=137&type=chunk) Results of Operations For Q1 2025, total revenue increased to $1.8 million from $1.5 million in Q1 2024, driven by higher revenue from the Qilu collaboration, while total operating expenses rose to $27.5 million from $20.9 million, primarily due to a $12.4 million restructuring charge, partially offset by a $6.4 million decrease in R&D expenses, and general and administrative expenses saw a slight increase of $0.5 million due to higher legal fees Revenue Comparison (in thousands) | Revenue Source | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Royalties from sales of ONPATTRO | $504 | $695 | | Qilu Pharmaceutical Co., Ltd. | $812 | $244 | | Non-cash royalty revenue (ONPATTRO) | $448 | $593 | | **Total revenue** | **$1,764** | **$1,532** | Operating Expenses Comparison (in thousands) | Expense Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Research and development | $8,959 | $15,403 | | General and administrative | $5,832 | $5,312 | | Restructuring | $12,373 | $0 | | **Total operating expenses** | **$27,463** | **$20,895** | - R&D expenses decreased by **$6.4 million** YoY due to ceasing discovery efforts, discontinuing the IM-PROVE III trial, and workforce reductions[151](index=151&type=chunk) - A one-time restructuring charge of **$12.4 million** was incurred in Q1 2025, related to workforce reduction, facility exit, and asset impairments[155](index=155&type=chunk) Liquidity and Capital Resources As of March 31, 2025, the company had $112.7 million in cash, cash equivalents, and marketable securities with no outstanding debt, with net cash used in operations decreasing to $13.4 million in Q1 2025 from $19.3 million in Q1 2024, reflecting cost-saving initiatives, and the company terminated its Open Market Sale Agreement in March 2025, having raised no funds through it in Q1 2025, compared to $21.8 million in Q1 2024, while management believes current cash is sufficient to fund operations for at least the next year but notes that substantial additional funds will be required for future development - The company had cash, cash equivalents, and investments of **$112.7 million** as of March 31, 2025, with no debt[164](index=164&type=chunk) - Net cash used in operating activities decreased by **$5.9 million** YoY, from **$19.3 million** in Q1 2024 to **$13.4 million** in Q1 2025[161](index=161&type=chunk) - The Open Market Sale Agreement with Jefferies was terminated on March 26, 2025. No shares were sold under this agreement in Q1 2025[165](index=165&type=chunk)[166](index=166&type=chunk) - Future funding needs are substantial and depend on litigation costs, clinical development progress, and potential partnership revenue[169](index=169&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company has indicated that this information is not required to be provided as it qualifies as a smaller reporting company - As a smaller reporting company, Arbutus is not required to provide disclosures about market risk[173](index=173&type=chunk) [Controls and Procedures](index=36&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the principal executive and financial officers, evaluated the company's disclosure controls and procedures as of March 31, 2025, and concluded that these controls were effective at a reasonable assurance level, with no material changes in internal control over financial reporting during the quarter - Management concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective at the reasonable assurance level[174](index=174&type=chunk) - No changes in internal control over financial reporting occurred during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, these controls[175](index=175&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section details the company's significant ongoing patent litigation, with Arbutus and its partner Genevant suing Moderna and Pfizer/BioNTech in the U.S. for infringing on LNP technology patents with their COVID-19 vaccines, and the U.S. trial against Moderna set for September 2025, while five new international lawsuits were filed against Moderna across 30 countries in March 2025, and the company is also involved in European patent opposition proceedings with Moderna and Merck - U.S. lawsuit against Moderna: Trial is scheduled for September 29, 2025. The court's claim construction ruling in April 2024 was largely favorable to Arbutus's positions[177](index=177&type=chunk) - International lawsuits against Moderna: In March 2025, Arbutus and Genevant filed five lawsuits in Canada, Japan, Switzerland, and the Unified Patent Court, targeting Moderna's COVID-19 and RSV vaccines in **30 countries**[178](index=178&type=chunk) - U.S. lawsuit against Pfizer/BioNTech: A claim construction hearing was held in December 2024, with a ruling and trial schedule expected in 2025. Fact discovery is ongoing[180](index=180&type=chunk) - European Patent Oppositions: The company is engaged in ongoing opposition and appeal proceedings with Moderna and Merck regarding European patents EP 2279254 and EP 4 241 767[181](index=181&type=chunk)[182](index=182&type=chunk) [Risk Factors](index=39&type=page&id=ITEM%201A.%20RISK%20FACTORS) The company reports that there have been no material changes to its risk factors from those disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - No material changes in risk factors were reported since the last Annual Report on Form 10-K[184](index=184&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities during the period - None[185](index=185&type=chunk) [Other Information](index=39&type=section&id=ITEM%205.%20OTHER%20INFORMATION) During the first quarter of 2025, the company's Chief Financial Officer, Tuan Nguyen, entered into a Rule 10b5-1 trading arrangement, which provides for the automatic sale of common shares upon the vesting of restricted stock units (RSUs) to cover applicable tax withholding obligations - On March 28, 2025, CFO Tuan Nguyen entered into a Rule 10b5-1 trading plan to automatically sell shares to cover tax obligations upon the vesting of RSUs[188](index=188&type=chunk) [Exhibits](index=40&type=section&id=ITEM%206.%20EXHIBITS) This section provides an index of the exhibits filed with the Form 10-Q, including employment and separation agreements, certifications by the CEO and CFO, and the XBRL data files - The Exhibit Index lists various legal documents and certifications filed with the report, including new executive employment agreements and separation agreements[190](index=190&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 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: 001-41248 Knightscope, Inc. (Exact name of registrant as specified in its charter) Delaware 46-2482575 (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 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: 001-41141 GLUCOTRACK, INC. (Exact name of registrant as specified in its charter) Delaware 98-0668934 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 301 Route 17 North, Suite 800 Rutherford, ...

Financial Performance - Cash earnings for the three months ended March 31, 2025, were a loss of $490,000 compared to a loss of $271,000 for the same period in 2024, indicating a worsening of 80.8%[12] - The Trust's administrative expenses increased to $532,000 in the first quarter of 2025 from $338,000 in the same quarter of 2024, marking a rise of 57.5%[12] - There were no royalty revenues distributed in either the first quarter of 2025 or the first quarter of 2024, resulting in a cash loss of $490, an increase of 80.8% from the previous year[83] - The average Per Barrel Royalty for the fourth quarter of 2024 was negative $23.19, primarily due to increased Adjusted Chargeable Costs and decreased Average WTI Price[80] Asset and Liability Changes - As of March 31, 2025, total assets decreased to $3,669,000 from $4,159,000 as of December 31, 2024, representing a decline of approximately 11.8%[10] - The Trust corpus at the end of the period was $3,081,000, down from $4,475,000 at the end of the same period in 2024, reflecting a decrease of 31.1%[15] - The Trust's total liabilities increased to $588,000 as of March 31, 2025, compared to $532,000 as of December 31, 2024, an increase of 10.5%[10] Revenue and Royalty Issues - No royalty revenues were recorded for the quarters ended in 2023, 2024, and the first quarter of 2025, leading to a total of zero revenues for these periods[30] - The Trust did not receive any revenues attributable to any of the four quarters of 2023 and 2024, leading to its termination on December 31, 2024[48] - The Trust has not received any revenues from the Royalty Interest since the first quarter of 2021 until July 2021, when it received approximately $3.2 million[60] Termination and Future Outlook - The Trust's termination process commenced on December 31, 2024, due to the absence of revenues for two consecutive years[25] - The Trust's termination process will incur costs related to professional evaluations, legal fees, and other necessary expenses[63] - HNS's average net production of oil and condensate allocated to the Trust was less than 90,000 barrels per day from 2020 through the first quarter of 2025, and is expected to remain below this threshold in future years[69] Oil Price and Production Insights - For the quarter ended March 31, 2025, the average WTI price was $71.50, while average adjusted chargeable costs were $98.89, resulting in an average per barrel royalty of $(29.85)[52] - The average WTI crude oil spot price for the fourth quarter of 2024 was $70.32, a decrease of 10.4% compared to $78.47 in the fourth quarter of 2023[80] - The average net production from the 1989 Working Interest declined by 4.9% from 67.9 mb/d in the fourth quarter of 2023 to 64.6 mb/d in the fourth quarter of 2024[80] - The U.S. Energy Information Administration forecasts WTI prices to average $60.85 per barrel in Q2 2025 and $58.00 per barrel in Q3 2025[73] Cash Reserves and Distributions - The Trust has not made any cash distributions since the first quarter of 2023, maintaining a cash reserve to cover administrative expenses[12] - The Trust's cash reserve was evaluated to be approximately $6,000,000 in 2021, but has since been drawn down due to lack of revenue[29] - The Trust's cash reserve was increased to approximately $6.0 million to cover administrative expenses and potential termination costs[64] - The Trustee paid all accrued expenses of the Trust through March 31, 2025, totaling $531,612 from the cash reserve[51] Internal Controls and Risk Management - The Trust's internal control over financial reporting was deemed effective as of March 31, 2025, based on the COSO criteria[87] - The Trust has no foreign operations and holds no long-term debt instruments, minimizing exposure to interest rate and foreign currency risks[84] - The Trustee has the authority to borrow or establish a cash reserve under limited circumstances as per the Trust Agreement[57] Market Influences - The Trust's revenues and results of operations are significantly affected by fluctuations in oil prices, which are influenced by global supply and demand and geopolitical events[66]

Financial Performance - Net sales for the nine months ended March 31, 2025, increased by 14% to $95.994 million compared to $84.307 million for the same period in 2024[98] - Private-label contract manufacturing sales rose by 16% during the nine months ended March 31, 2025, primarily due to increased orders from a larger customer and new customer shipments[98] - Patent and trademark licensing revenue decreased by 9% to $6.0 million for the nine months ended March 31, 2025, down from $6.6 million in the prior year[99] - The company experienced a net loss of $6.359 million for the nine months ended March 31, 2025, compared to a net loss of $5.343 million for the same period in 2024, representing a 19% increase in loss[106] - Selling, general, and administrative expenses increased by 9% to $12.470 million for the nine months ended March 31, 2025, compared to $11.455 million in the prior year[110] - The gross profit margin for the nine months ended March 31, 2025, was 6.0%, a decrease from 6.5% in the prior year[106] Cash Flow and Liquidity - Net cash provided by operating activities was $2.6 million for the nine months ended March 31, 2025, compared to $1.2 million in the prior year[113] - Cash used in investing activities increased to $2.2 million for the nine months ended March 31, 2025, compared to $2.0 million in the prior year, mainly due to capital expenditures for solar energy generation equipment[118] - Cash used in financing activities rose to $1.8 million for the nine months ended March 31, 2025, compared to $0.4 million in the prior year, reflecting increased usage of the credit facility[119] - As of March 31, 2025, the company had $10.6 million in cash and cash equivalents, with $10.0 million held by NAIE, sufficient to fund current working capital needs for at least the next 12 months[122] Credit Facility and Debt - As of March 31, 2025, the company had $8.5 million of borrowing capacity available on its credit facility, with outstanding borrowings of $2.0 million[120] - The company anticipates non-compliance with financial covenants related to net income requirements and fixed charge coverage ratio in the fourth quarter of fiscal 2025[122] - A tentative agreement with Wells Fargo is in place regarding proposed amended terms to the credit facility, which may include waiving current and past covenant violations[122] - The maturity date of the credit facility was extended from May 23, 2025, to June 23, 2025, allowing time to finalize negotiations for an amended credit agreement[122] - As of March 31, 2025, the company had no off-balance sheet debt or significant transactions that could materially affect its financial condition[123] Operational Focus - The company plans to continue focusing on expanding the commercialization of its beta-alanine patent estate and developing new sales distribution channels[107] - The company incurred litigation and patent compliance expenses of approximately $0.3 million during the nine months ended March 31, 2025[101] Sales Metrics - Days sales outstanding increased to 41 days during the nine months ended March 31, 2025, compared to 30 days in the prior year[114] - Private-label contract manufacturing gross profit margin increased by 1.2 percentage points to a percentage of consolidated net sales for the three months ended March 31, 2025, primarily due to increased sales volume and a favorable product sales mix[116] - Patent and trademark licensing gross profit margin decreased by 2.5 percentage points during the three months ended March 31, 2025, attributed to decreased net sales in this segment[116]

Exhibit 99.1 Glucotrack Reports First Quarter 2025 Financial Results and Recent Corporate Highlights On track to implant first patients in long-term, multicenter feasibility study of the fully implantable continuous blood glucose monitor (CBGM) system in Australia in Q3 2025 Investigational Device Exemption (IDE) approval for novel CBGM technology from FDA expected in Q4 2025 Rutherford, NJ, May 14, 2025 (GLOBE NEWSWIRE) — Glucotrack, Inc. (Nasdaq: GCTK) ("Glucotrack" or the "Company"), a medical technology ...